（编辑 王雪儿） 证券日报网讯 1月30日，新奥股份在互动平台回答投资者提问时表示，公司构建了稳定多元且具有竞争 力的资源池，气源主要来自国内三大石油公司、自有LNG工厂以及国际长协、现货资源。公司气源采 购合同采用多指数挂钩的定价模式，且气源交付方式具备高度灵活性，可有效平抑各类潜在风险，地缘 政治因素对公司气源供应的影响相对有限。 ...

证券研究报告 制造业天然气需求分化重塑城燃定位 华泰研究 2026 年 1 月 29 日│中国内地 专题研究 制造业天然气需求结构性分化，城燃公司转型突围机遇凸显 我们预测 2026-2028 年中国制造业天然气需求将保持温和增长（年均增速 2%），但结构性分化显著：新兴制造业、汽车制造等领域需求持续扩容（年 均增速最高 7.8%），传统高耗能行业需求逐步收缩（年均降幅 2.8%-3.1%）。 这一变化推动城燃行业从"资源分销"向"综合能源服务"转型，客户结构 优化、增值服务拓展与顺价效率提升构成核心机遇，同时替代能源竞争与区 域博弈加剧行业分化，具备转型能力的企业将充分享受结构性红利。投资主 线聚焦转型能力与结构红利：1）全国性城燃龙头（昆仑能源、中国燃气）， 依托跨区域资源与管网优势捕捉新兴需求；2）区域龙头（深圳燃气、佛燃 能源），深耕本地新兴产业集群，绑定零碳园区建设；3）能源服务平台型 企业（新奥股份），凭借 LNG 资源优势对接大型新兴制造业项目。 需求端：结构性分化成核心主线 根据中国能源统计年鉴数据，2022 年制造业天然气消费量 1550 亿方，占 终端能源消费比 8.56%。2023-20 ...

证券代码：600803 证券简称：新奥股份 公告编号：临2026-004 新奥天然气股份有限公司 关于反担保事项的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 公司参股公司重庆龙冉能源科技有限公司（以下简称"重庆龙冉"）向银行申请15,500万元融资，其控 股股东重庆涪陵能源实业集团有限公司（以下简称"涪陵能源"）为其提供全额连带责任保证担保，公司 拟按持股比例向涪陵能源提供2,170万元连带责任保证反担保。2026年1月29日，公司与涪陵能源签署了 《反担保协议》。 本次反担保事项已经公司于2025年12月10日召开第十一届董事会第六次会议、2025年12月26日召开的 2025年第三次临时股东会审议通过。 二、被担保人基本情况 ■ 三、主债务人基本情况 ■ ● 被担保人名称：重庆涪陵能源实业集团有限公司。 ● 截至本公告披露日，公司为重庆龙冉按持股比例向涪陵能源提供人民币0.23亿元连带责任保证反担保 （不含本次，下同）。 ● 本次担保属于反担保。 ● 累计担保情况 ■ 一、反担保情况概述 ...

证券代码：600803 证券简称：新奥股份 公告编号：临2026-004 新奥天然气股份有限公司 关于反担保事项的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司参股公司重庆龙冉能源科技有限公司（以下简称"重庆龙冉"）向银 行申请 15,500 万元融资，其控股股东重庆涪陵能源实业集团有限公司（以下简 称"涪陵能源"）为其提供全额连带责任保证担保，公司拟按持股比例向涪陵能 源提供 2,170 万元连带责任保证反担保。2026 年 1 月 29 日，公司与涪陵能源签 署了《反担保协议》。 被担保人名称：重庆涪陵能源实业集团有限公司。 截至本公告披露日，公司为重庆龙冉按持股比例向涪陵能源提供人民币 0.23 亿元连带责任保证反担保（不含本次，下同）。 | 对外担保逾期的累计金额（亿元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股子公 司对外担保余额（亿元） | 232.74 | | 对外担保余额占上市公司最近一期经 审计净资产的比例（%） | 99.18 | | 特别风险 ...

数据显示，截至2025年12月31日，国证石油天然气指数(399439)前十大权重股分别为中国石油、中国石 化、中国海油、杰瑞股份、广汇能源、招商轮船、新奥股份、九丰能源、中远海能、大众公用，前十大 权重股合计占比67.11%。 石油ETF鹏华(159697)，场外联接(A：019827；C：019828；I：022861) 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 消息面上，受伊朗局势、美国恶劣天气以及美元走软提振，油价周二走高。WTI3月原油期货收于每桶 62.39美元，涨幅为2.9%；布伦特3月原油期货收于每桶67.57美元，涨幅为3.02%。 华泰证券指出，据IEA 1月21日发布的原油市场月报，考虑宏观经济和贸易前景改善，叠加油价下跌及 美元走弱，上调25/26年全球石油需求增量预测为85/93万桶/天（上月预测为83/86万桶/天），其中石化 原料需求持续修复，燃料产品的需求增长依然由航煤引领，同时非OECD国家预计将贡献26年全部增 量。 截至2026年1月28日 09:31，国证石油天然气指数(399439)强势上涨1.90%，成分股中曼石油上涨4.29%， 石化 ...

Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1] Core Insights - The report emphasizes the growth potential in waste incineration and the opportunities for companies to expand overseas, particularly in Southeast Asia and India, where there is a projected increase in waste incineration capacity [10][15] - The report highlights the significant increase in sales of new energy sanitation vehicles and the growth of unmanned sanitation projects, indicating a shift towards automation and electrification in the industry [17][20] - The 2026 strategy focuses on the dual drivers of value and growth, emphasizing the importance of marketization and efficiency improvements in the environmental sector [24][28] Industry Trends - Waste Incineration Growth: The report estimates a potential increase of approximately 500,000 tons/day in waste incineration capacity in ASEAN countries and India, corresponding to an investment scale of about 250 billion yuan [10] - Unmanned Sanitation Equipment: In 2025, the total amount of contracts for unmanned sanitation projects exceeded 12.6 billion yuan, with a year-on-year increase of over 150% [17] - New Energy Sanitation Vehicles: Sales of new energy sanitation vehicles increased by 70.9% in 2025, with a penetration rate of 21.11%, reflecting a growing trend towards electrification in the sanitation sector [20][30] Company Recommendations - Key companies recommended for investment include Longjing Environmental, Gao Neng Environment, Sains, and others, focusing on their growth potential in both domestic and international markets [4][15] - The report suggests that companies like Weiming Environmental and Sanfeng Environment are expected to benefit significantly from overseas expansion and high-value projects [15][24] - The report also highlights the importance of dividend increases and return on equity (ROE) improvements for companies such as Huanlan Environment and Green Power [15][24] Market Dynamics - The report notes that the profitability of waste incineration projects in Indonesia is significantly higher than in China due to favorable pricing and operational conditions [12][15] - The report indicates that the market for lithium battery recycling is improving, with rising metal prices and better margins for recycling projects [38][39]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment for renewable energy and gas companies [2][3]. Core Insights - The report highlights a slight increase in overall power generation in 2025, primarily driven by wind and solar energy contributions, while traditional coal power generation shows a decline [8][9]. - The extreme cold weather in the U.S. has led to a significant spike in natural gas prices due to increased demand and supply constraints [18][22]. - The report suggests various investment opportunities across different segments of the energy sector, including coal power, hydropower, nuclear power, renewable energy, and gas companies [18][43]. Summary by Sections 1. Power Generation - In December 2025, total power generation was 858.6 billion kWh, a year-on-year increase of 0.1%. Coal power generation decreased by 3.2%, while renewable sources like wind and solar saw significant growth [10][11]. - For the entire year of 2025, total power generation reached 9715.9 billion kWh, up 2.2% from the previous year, with coal power down by 1.0% and solar power up by 24.4% [15][19]. 2. Natural Gas - As of January 23, 2026, the Henry Hub spot price surged to $30.72/mmBtu, reflecting a week-on-week increase of 903.53%. European gas prices also rose significantly due to low inventory levels and increased demand [20][28]. - The report notes that the extreme cold weather has tightened supply and demand dynamics, leading to higher global gas prices, particularly in Europe and Northeast Asia [22][37]. 3. Investment Recommendations - For coal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their integrated coal and power operations [18]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are favored due to favorable conditions for energy storage and reduced capital expenditures [19]. - Nuclear power companies like China National Nuclear Power and China General Nuclear Power are highlighted for their stable cost structures and growth potential [18]. - Renewable energy operators such as Xinte Energy and Longyuan Power are recommended as new market rules enhance the stability of returns [18]. - Gas companies like Kunlun Energy and New Hope Liuhe are suggested for their potential recovery in profitability due to cost reductions and improved pricing mechanisms [43].

1. Report Industry Investment Rating - The investment rating for the utilities industry is "Bullish" [2] 2. Core Viewpoints of the Report - The power sector is expected to see improved profitability and value re - evaluation after multiple rounds of power supply - demand contradictions. Coal - fired power's peak - shaving value is prominent, electricity prices may rise slightly, and the cost of coal - fired power enterprises is controllable. The performance of power operators is likely to improve significantly. For the natural gas sector, with the decline in upstream gas prices and the recovery of domestic consumption, the urban gas business can achieve stable gross margins and high growth in sales volume. Traders with low - cost long - term contract gas sources and receiving terminal assets may increase profits [5][98] 3. Summary by Relevant Catalogs 3.1 This Week's Market Performance - As of January 23rd, the utilities sector rose 2.3%, outperforming the market (CSI 300 fell 0.6% to 4,702.50). The top three industries in terms of gains and losses were building materials (9.2%), petroleum and petrochemicals (7.7%), and steel (7.3%), while the bottom three were banks (-2.7%), communications (-2.1%), and non - bank finance (-1.5%) [12] - The power sector rose 1.72%, and the gas sector rose 7.21%. Among sub - industries, thermal power generation rose 2.71%, hydropower generation fell 0.89%, nuclear power generation rose 0.33%, thermal services rose 2.09%, comprehensive power services rose 4.56%, photovoltaic power generation rose 7.21%, and wind power generation rose 2.82% [14] - In the power sector, the top three gainers were Nanwang Energy (16.26%), Shanghai Electric Power (11.95%), and Zhongmin Energy (7.76%); the bottom three were Yangtze Power (-1.96%), Huaneng Power International (-1.47%), and Huaneng Hydropower (-0.87%). In the gas sector, the top three gainers were Zhongtai Co., Ltd. (23.02%), Jiufeng Energy (14.70%), and Furan Energy (13.15%); the bottom three were Shuifa Gas (0.00%), ENN Energy (1.45%), and Dazhong Public Utilities (2.26%) [17] 3.2 Power Industry Data Tracking 3.2.1 Thermal Coal Prices - In January, the annual long - term contract price of Qinhuangdao Port thermal coal (Q5500) was 684 yuan/ton, a month - on - month decrease of 10 yuan/ton. As of January 23rd, the market price of Shanxi - produced thermal coal (Q5500) at Qinhuangdao Port was 686 yuan/ton, a week - on - week decrease of 11 yuan/ton [23] - As of January 23rd, the pit - mouth price of Shaanxi Yulin thermal lump coal (Q6000) was 770 yuan/ton, a week - on - week decrease of 15 yuan/ton; the pit - mouth price (tax - included) of Datong南郊 coking coal (Q5500) was 626.08 yuan/ton, a week - on - week decrease of 1.82 yuan/ton; the wagon - loading price of Inner Mongolia Dongsheng large - sized clean coal (Q5500) was 564 yuan/ton, a week - on - week decrease of 5 yuan/ton [23] - As of January 22nd, the FOB spot price of Newcastle NEWC 5500 kcal thermal coal was 73.55 US dollars/ton, a week - on - week increase of 0.05 US dollars/ton; the ARA 6000 kcal thermal coal spot price was 101.5 US dollars/ton, a week - on - week increase of 4.80 US dollars/ton; the Richards Bay thermal coal FOB spot price was 80 US dollars/ton, a week - on - week increase of 3.95 US dollars/ton. As of January 23rd, the Newcastle NEWC index price was 108.4 US dollars/ton, a week - on - week increase of 1.2 US dollars/ton. The ex - warehouse price of Indonesian coal (Q5500) at Guangzhou Port was 731.9 yuan/ton, a week - on - week decrease of 3.81 yuan/ton; the ex - warehouse price of Australian coal (Q5500) at Guangzhou Port was 737.15 yuan/ton, a week - on - week decrease of 3.36 yuan/ton [26] 3.2.2 Thermal Coal Inventory and Power Plant Daily Consumption - As of January 23rd, the coal inventory at Qinhuangdao Port was 582 tons, a week - on - week increase of 32 tons [30] - As of January 22nd, the coal inventory of 17 inland provinces was 9,010.4 tons, a week - on - week decrease of 290.3 tons (3.12%); the daily consumption of power plants in 17 inland provinces was 445.9 tons, a week - on - week increase of 33.7 tons/day (8.18%); the available days were 20.2 days, a decrease of 2.4 days compared to last week [32] - As of January 22nd, the coal inventory of 8 coastal provinces was 3,299.4 tons, a week - on - week decrease of 49.5 tons (1.48%); the daily consumption of power plants in 8 coastal provinces was 241.7 tons, a week - on - week increase of 23.9 tons/day (10.97%); the available days were 13.7 days, a decrease of 1.7 days compared to last week [32] 3.2.3 Hydropower Inflow Situation - As of January 23rd, the Three Gorges outbound flow was 9,180 cubic meters per second, a year - on - year increase of 13.05%, and flat week - on - week [45] 3.2.4 Key Power Market Transaction Electricity Prices - In the Guangdong day - ahead spot market, as of January 16th, the weekly average price was 349.15 yuan/MWh, a week - on - week increase of 10.85% and a year - on - year decrease of 6.2%. In the real - time spot market, the weekly average price was 291.58 yuan/MWh, a week - on - week decrease of 0.83% and a year - on - year decrease of 22.2% [52] - In the Shanxi day - ahead spot market, as of January 22nd, the weekly average price was 377.70 yuan/MWh, a week - on - week increase of 253.77% and a year - on - year increase of 15.9%. In the real - time spot market, the weekly average price was 385.26 yuan/MWh, a week - on - week increase of 194.3% and a year - on - year increase of 7.5% [59] - In the Shandong day - ahead spot market, as of January 18th, the weekly average price was 221.85 yuan/MWh, a week - on - week increase of 9.59% and a year - on - year decrease of 15.4%. In the real - time spot market, the weekly average price was 275.45 yuan/MWh, a week - on - week increase of 50.11% and a year - on - year increase of 11.9% [60] 3.3 Natural Gas Industry Data Tracking 3.3.1 Domestic and International Natural Gas Prices - As of January 23rd, the national index of LNG ex - factory prices at the Shanghai Oil and Gas Trading Center was 3,992 yuan/ton (about 2.85 yuan/cubic meter), a year - on - year decrease of 7.44% and a month - on - month increase of 3.72%. In November 2025, the average import price of domestic LNG was 490.97 US dollars/ton (about 2.48 yuan/cubic meter), a year - on - year decrease of 17.25% and a month - on - month increase of 2.80%. As of January 23rd, the CIF price of imported LNG in China was 11.32 US dollars/million British thermal units (about 2.93 yuan/cubic meter), a year - on - year decrease of 19.80% and a month - on - month increase of 9.58% [58] - As of January 21st, the European TTF spot price was 13.79 US dollars/million British thermal units, a year - on - year decrease of 10.3% and a week - on - week increase of 21.0%; the US HH spot price was 4.98 US dollars/million British thermal units, a year - on - year increase of 12.9% and a week - on - week increase of 68.8%; the Chinese DES spot price was 10.6 US dollars/million British thermal units, a year - on - year decrease of 22.6% and a week - on - week increase of 6.5% [61] 3.3.2 EU Natural Gas Supply, Demand, and Inventory - In the third week of 2026, the EU's natural gas supply was 6.34 billion cubic meters, a year - on - year increase of 14.8% and a week - on - week increase of 4.6%. Among them, LNG supply was 3.21 billion cubic meters, a week - on - week increase of 12.6%, accounting for 50.6% of the natural gas supply; imported pipeline gas was 3.13 billion cubic meters, a year - on - year increase of 4.2% and a week - on - week decrease of 2.6%. From January to March 2026, the EU's cumulative natural gas supply was 18.28 billion cubic meters, a year - on - year increase of 11.2% [65] - In the fourth week of 2026, the EU's natural gas inventory was 54.489 billion cubic meters, a year - on - year decrease of 14.60% and a week - on - week decrease of 4.45%. As of January 21st, 2026, the EU's natural gas inventory level was 47.6% [73] - In the third week of 2026, the EU's estimated natural gas consumption was 11.82 billion cubic meters, a week - on - week increase of 0.8% and a year - on - year increase of 6.2%. From January to March 2026, the EU's estimated cumulative natural gas consumption was 33.49 billion cubic meters, a year - on - year increase of 13.4% [75] 3.3.3 Domestic Natural Gas Supply and Demand - In November 2025, the apparent domestic natural gas consumption was 36.28 billion cubic meters, a year - on - year increase of 4.1%. From January to November 2025, the cumulative apparent domestic natural gas consumption was 388 billion cubic meters, a cumulative year - on - year decrease of 0.1% [78] - In December 2025, the domestic natural gas production was 22.98 billion cubic meters, a year - on - year increase of 5.4%. The LNG import volume was 8.48 million tons, a year - on - year increase of 18.8% and a month - on - month increase of 22.2%. The PNG import volume was 4.97 million tons, a year - on - year increase of 12.7% and a month - on - month decrease of 0.8%. From January to December 2025, the cumulative domestic natural gas production was 261.89 billion cubic meters, a cumulative year - on - year increase of 6.3%. The cumulative LNG import volume was 68.43 million tons, a cumulative year - on - year decrease of 10.7%. The cumulative PNG import volume was 59.43 million tons, a cumulative year - on - year increase of 8.0% [79] 3.4 This Week's Industry News 3.4.1 Power Industry - Related News - In December 2025, the power generation of above - scale industrial enterprises was 858.6 billion kWh, a year - on - year increase of 0.1%. From January to December 2025, it was 9,715.9 billion kWh, a year - on - year increase of 2.2%. In December 2025, the decline of thermal power narrowed, and the growth rates of hydropower, nuclear power, wind power, and solar power generation slowed down [87] - Facing the severe test of winter power supply, the national energy system took multiple measures to ensure stable supply. After winter 2026, the national electricity load increased rapidly, exceeding 1.4 billion kilowatts for the first time on January 20th, reaching 1.417 billion kilowatts and setting three consecutive winter records. The daily electricity consumption also exceeded 30 billion kWh for the first time in winter, reaching 30.47 billion kWh on January 19th [87] 3.4.2 Natural Gas Industry - Related News - From January to December 2025, the natural gas production of above - scale industrial enterprises was 261.9 billion cubic meters, a year - on - year increase of 6.2%. In December, the production was 23 billion cubic meters, a year - on - year increase of 5.1% [88] 3.5 This Week's Important Announcements - Shenergy Co., Ltd.: In 2025, the power generation of its controlled power plants was 57.654 billion kWh, a year - on - year decrease of 1.7%. The on - grid electricity was 55.376 billion kWh, with an average on - grid electricity price of 0.494 yuan/kWh (tax - included). In the fourth quarter of 2025, it added 2.0672 million kilowatts of controlled installed capacity. As of the end of 2025, its controlled installed capacity was 20.6611 million kilowatts, a year - on - year increase of 15.1% [89] - Shanghai Electric Power Co., Ltd.: From January to December 2025, its combined power generation was 78.232 billion kWh, a year - on - year increase of 1.41%. The on - grid electricity was 74.979 billion kWh, a year - on - year increase of 1.49%. The average on - grid electricity price was 0.58 yuan/kWh. As of the end of December 2025, its controlled installed capacity was 26.3213 million kilowatts, and clean energy accounted for 62.59% of the installed capacity [90] - Hubei Energy Group Co., Ltd.: As of the end of 2025, its total assets were 100.081 billion yuan, a year - on - year increase of 1.83%. The attributable net profit was 1.896 billion yuan, a year - on - year increase of 4.51% [91] - SDIC Power Holdings Co., Ltd.: From October to December 2025, the power generation of its controlled enterprises was 33.142 billion kWh, and the on - grid electricity was 32.229 billion kWh, a year - on - year decrease of 14.22% and 14.43% respectively. From January to December 2025, the power generation was 158.093 billion kWh, and the on - grid electricity was 154.209 billion kWh, a year - on - year decrease of 8.12% and 8.06% respectively. In the fourth quarter, it added 2.1471 million kilowatts of controlled installed capacity. As of the end of the fourth quarter, its installed controlled capacity was 46.8956 million kilowatts [92] - Guanghui Energy Co., Ltd.: It is estimated that the attributable net profit in 2025 will be between 1.32 billion yuan and 1.47 billion yuan, a year - on - year decrease of 50.03% - 55.13% [93] - Furan Energy Group Co., Ltd.: In 2025, its natural gas supply was 4.931 billion cubic meters, and its operating revenue was 33.754 billion yuan, a year - on -

从资金流向上来看，当日燃气板块主力资金净流出3.24亿元，游资资金净流出2029.14万元，散户资金净 流入3.44亿元。燃气板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000593 | 德龙汇能 | 7883.55万 | 28.56% | -1275.82万 | -4.62% | -6607.73万 | -23.94% | | 002259 | 升达林业 | 3803.31万 | 10.63% | -4040.78万 | -11.29% | 237.47万 | 0.66% | | 001331 | 胜通能源 | 3625.51万 | 4.12% | -4596.25万 | -5.22% | 970.74万 | 1.10% | | 002267 | 陕天然气 | 778.75万 | 6.81% | -569.72万 | -4.98% | -209.03万 | -1.83% | | 00 ...

Group 1 - The oil sector is experiencing fluctuations, with funds entering the market at lower prices, as evidenced by the net subscription of 23 million units for the Penghua Oil ETF (159697) [1] - A cold wave in the U.S. has led to a significant increase in natural gas prices [1] - From 2022 to 2025, 67% (195 cities) of cities at the prefecture level and above in China have implemented residential pricing adjustments, with an increase of 0.22 yuan per cubic meter [1] Group 2 - The price difference for leading city gas companies in 2024 is projected to be between 0.53 and 0.54 yuan per cubic meter, with a reasonable distribution fee expected to exceed 0.6 yuan per cubic meter, indicating a potential 10% recovery space [1] - Cost optimization for city gas companies is expected due to relaxed supply conditions, and the pricing mechanism is being refined while demand is anticipated to increase [1] - There is a focus on companies with quality long-term contracts, flexible scheduling, and long-term cost advantages, as well as the importance of energy self-sufficiency due to increased uncertainty in U.S. gas imports [1] Group 3 - As of January 23, 2026, the National Oil and Gas Index (399439) shows mixed performance among its constituent stocks, with Intercontinental Oil and Gas leading at a 3.29% increase, followed by Fuan Energy at 2.73% and Hupoo Co. at 1.96% [1] - The latest price for the Penghua Oil ETF (159697) is 1.29 yuan, which closely tracks the National Oil and Gas Index [1] - The top ten weighted stocks in the National Oil and Gas Index (399439) as of December 31, 2025, include major companies such as China National Petroleum, Sinopec, and China National Offshore Oil, collectively accounting for 67.11% of the index [2]