Investment Rating - The report maintains an "Accumulate" rating for the gas industry [1] Core Views - The report highlights a warming trend in temperatures leading to a decline in gas prices in Europe and the US, while domestic gas prices remain stable [1][9] - It emphasizes the overall supply being relaxed, with domestic gas prices decreasing by 2.0% week-on-week [26] - The report suggests that the pricing mechanism is being rationalized, and demand is expected to increase [1] Price Tracking - As of February 6, 2026, the week-on-week changes in gas prices are as follows: US HH down 31.5%, European TTF down 11%, East Asia JKM down 3.6%, China LNG ex-factory down 2%, and China LNG CIF down 11.6% [9][10] - The report notes that the average gas consumption in Europe for the first ten months of 2025 was 349.5 billion cubic meters, a year-on-year increase of 4.6% [15] Supply and Demand Analysis - The report indicates that the US natural gas market price decreased by 31.5% week-on-week due to a high base, with storage levels at 28,230 billion cubic feet, a year-on-year increase of 9.8% [14] - In Europe, gas supply decreased by 5.2% week-on-week, with a notable drop in gas-fired power generation output by 10.9% week-on-week [15] - Domestic gas consumption for 2025 is projected to increase by 2.3% year-on-year to 433.2 billion cubic meters, attributed to warmer winter conditions affecting heating gas demand [26] Pricing Progress - The report states that 68% of cities have implemented residential pricing adjustments, with an average increase of 0.22 yuan per cubic meter [40] - The report anticipates continued pricing adjustments and improvements in profitability for city gas companies [40] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the ongoing pricing adjustments, such as Xin'ao Energy, China Resources Gas, and Kunlun Energy [1] - It also suggests monitoring companies with quality long-term contracts and flexible scheduling capabilities, such as Jiufeng Energy and Xin'ao Co. [1] - The report highlights the importance of energy independence and recommends companies with gas production capabilities, such as Shouhua Gas [1]

证券代码：600803 证券简称：新奥股份 公告编号：临 2026-006 新奥天然气股份有限公司 关于公司股东部分股份质押的公告 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： 新奥天然气股份有限公司（以下简称"公司"）控股股东 ENN GROUP INTERNATIONAL INVESTMENT LIMITED（中文名称为"新奥集团国际投资有 限公司"，以下简称"新奥国际"）持有 1,370,626,680 股公司股份，占公司总股 本的 44.27%。新奥国际本次股份质押股数为 110,000,000 股，占其持有公司股份 总数的 8.03%，占公司总股本的 3.55%。截至本公告披露日，新奥国际累计质押 110,000,000股公司股份，占其持有公司股份总数的8.03%，占公司总股本的3.55%。 公司股东新奥控股投资股份有限公司（以下简称"新奥控股"）持有 374,737,451 股公司股份，占公司总股本的 12.10%。新奥控股本次股份质押股数 为 30,000,000 股，占其持有公司股份总数的 8 ...

新奥股份公告称，公司于2026年2月5日、2月6日收到控股股东新奥国际、股东新奥控股股份质押告知 函。新奥国际持有13.71亿股，占总股本44.27%，本次质押1.1亿股，占其持股8.03%，占总股本3.55%； 新奥控股持有3.75亿股，占总股本12.10%，本次质押3000万股，占其持股8.01%，占总股本0.97%。截至 公告披露日，新奥国际及其一致行动人合计持有22.43亿股，占总股本72.47%，累计质押5.95亿股，占 其合计持股26.54%，占总股本19.23%。 ...

Group 1 - The U.S. State Department issued a security warning on February 5, urging American citizens to leave Iran due to ongoing tensions and to prepare for self-reliant exit plans [1] - China Galaxy Securities forecasts that Brent crude oil prices will range between $60-70 per barrel by February 2026, with short-term price volatility expected due to regional uncertainties [1] - As of February 6, 2026, the National Petroleum and Natural Gas Index (399439) increased by 0.51%, with notable gains from stocks such as Potential Energy (up 6.68%) and Intercontinental Oil and Gas (up 5.20%) [1] Group 2 - The National Petroleum and Natural Gas Index reflects the price changes of publicly listed companies in the oil and gas sector on the Shanghai and Shenzhen stock exchanges [1] - As of January 30, 2026, the top ten weighted stocks in the National Petroleum and Natural Gas Index include China National Petroleum, China National Offshore Oil, and China Petroleum & Chemical, collectively accounting for 66.76% of the index [1]

Group 1 - Trump announced that Mexico will stop supplying oil to Cuba as part of increased pressure on the country, although he did not provide specific details on this decision [1] - As of January, WTI crude oil prices increased by 14% month-on-month but decreased by 11% year-on-year. OPEC+ is adjusting its production strategy between market share and price stability, with an increase in production expected starting in 2025, but facing challenges from weak demand and oversupply [1] - By early 2026, geopolitical risks affecting oil prices are expected to rise, leading to potential supply constraints [1] Group 2 - As of January 30, 2026, the National Petroleum and Natural Gas Index (399439) had its top ten weighted stocks, including China National Petroleum, China National Offshore Oil, and Sinopec, which collectively account for 66.76% of the index [2] - The Petroleum ETF Penghua closely tracks the National Petroleum and Natural Gas Index, reflecting the price changes of listed companies in the oil and gas sector on the Shanghai and Shenzhen stock exchanges [2]

1、底层资产：新奥天津以其下属子公司新奥管道持有的舟山LNG管道资产项目作为底层资产。 2、产品规模：拟发行规模不超过人民币45亿元，最终发行规模以监管机构审批为准。 3、产品期限：不超过18年。 4、发行利率：根据发行时市场情况确定。 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。 为积极响应国家政策号召，改善资本结构，优化经营模式，提高资产运营效率，促进基础设施高质量发 展，新奥天然气股份有限公司（以下简称"公司"）全资子公司新奥（天津）能源投资有限公司（以下简 称"新奥天津"）拟以其下属子公司新奥（舟山）天然气管道有限公司（以下简称"新奥管道"）持有的舟 山LNG管道资产项目作为底层资产（以下简称"底层资产"）向上海证券交易所申请注册发行资产支持专 项计划（以下简称"类REITs"/"专项计划"）。公司于2026年2月2日召开第十一届董事会第七次会议，审 议通过了《关于申报发行资产支持专项计划的议案》，本议案无需提交股东会审议。具体情况如下： 一、类REITs发行方案概况 （一）方案要素 5、发行方式：面值发行。 6、交 ...

Core Viewpoint - The company plans to issue an asset-backed special plan (similar to REITs) to improve its capital structure and operational efficiency, utilizing the Zhoushan LNG pipeline assets as the underlying assets [1][11]. Group 1: Issuance Plan Overview - The proposed issuance scale is up to RMB 4.5 billion, subject to regulatory approval [2]. - The product duration will not exceed 18 years [3]. - The issuance interest rate will be determined based on market conditions at the time of issuance [4]. - The issuance will be conducted at face value [5]. - The trading venue for the securities will be the Shanghai Stock Exchange [6]. Group 2: Fund Utilization - The raised funds will be used for repaying bank loans and supplementing working capital, in compliance with national laws and regulations [6]. Group 3: Transaction Structure - The special plan will be established once the total subscription amount meets or exceeds the target fundraising scale [7]. - Investors will sign a subscription agreement to entrust their funds to the plan manager, who will manage the special plan [8]. - The plan manager will reach a custody agreement with a custodian to safeguard the assets of the special plan [8]. - The company will provide liquidity support for the priority asset-backed securities and cover any necessary fees to maintain rights [8]. - Newao Tianjin will have priority purchase rights over the underlying assets and securities [8]. - The plan manager will sign operational management service agreements with Newao Pipeline for business operations and asset management [8]. - The plan manager will also sign agreements for equity transfer and loans with Newao Tianjin [8]. - The assets will be registered and traded on the Shanghai Stock Exchange's electronic platform [9]. Group 4: Board Meeting and Authorization - The board of directors approved the issuance plan on February 2, 2026, deeming it beneficial for the company's business development and capital structure [11]. - The management team is authorized to handle all matters related to the special plan, including necessary legal documents and adjustments based on market conditions [11]. Group 5: Impact of the Issuance - The issuance is expected to optimize the company's asset-liability structure, enhance asset turnover efficiency, and broaden financing channels, contributing to sustainable development [12]. - The operation of the Zhoushan LNG receiving station will remain unaffected by this issuance [12].

Investment Rating - The report provides a positive outlook on the electricity and natural gas sectors, highlighting stable revenue mechanisms and growth potential in consumption and pricing [1][10]. Core Insights - The report emphasizes the importance of a refined capacity pricing mechanism for electricity generation, which aims to stabilize revenue and ensure fair compensation for various power sources [4][6]. - It notes that natural gas consumption is expected to grow, supported by favorable weather conditions and improved economic indicators, despite short-term price fluctuations [10][29]. Summary by Sections 1. Electricity: Improved Capacity Pricing Mechanism - The National Development and Reform Commission and the National Energy Administration have issued a notification to enhance the capacity pricing mechanism for electricity generation, addressing mismatches in supply and demand within the new power system [4]. - The new mechanism aims to ensure that different types of power generation, including coal, gas, and new energy sources, receive fair compensation based on their peak supply capabilities [6][7]. - The report highlights that the refined pricing structure will lead to more predictable revenue for power generation companies, reducing volatility in earnings [7]. 2. Natural Gas: Continued Growth in Consumption - The report indicates that the apparent consumption of natural gas in China is projected to grow by 0.1% in 2025, with December consumption reaching 38.57 billion cubic meters, a year-on-year increase of 1.9% [29]. - It notes that the recent cold weather has supported high natural gas prices, with the U.S. Henry Hub spot price at $7.18/mmBtu, while European prices remain elevated due to low inventory levels and geopolitical tensions [10][12]. - The report suggests that the natural gas sector will benefit from a combination of lower costs and improved pricing mechanisms, leading to a recovery in profitability for city gas companies [31]. 3. Investment Recommendations - For coal-fired power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their stable revenue sources [8]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are highlighted for their potential to improve profit margins through reduced capital expenditures [8]. - In the nuclear sector, China National Nuclear Power and China General Nuclear Power are suggested for their growth potential as new units are approved [8]. - The report also recommends focusing on integrated natural gas companies like ENN Energy and China Gas Holdings, which are expected to benefit from lower costs and increased sales [31].

证券代码：600803 证券简称：新奥股份 公告编号：临 2026-005 新奥天然气股份有限公司 关于申报发行资产支持专项计划的公告 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。 为积极响应国家政策号召，改善资本结构，优化经营模式，提高资产运营效 率，促进基础设施高质量发展，新奥天然气股份有限公司（以下简称"公司"）全 资子公司新奥（天津）能源投资有限公司（以下简称"新奥天津"）拟以其下属子 公司新奥（舟山）天然气管道有限公司（以下简称"新奥管道"）持有的舟山 LNG 管道资产项目作为底层资产（以下简称"底层资产"）向上海证券交易所申请注册 发行资产支持专项计划（以下简称"类 REITs"/"专项计划"）。公司于 2026 年 2 月 2 日召开第十一届董事会第七次会议，审议通过了《关于申报发行资产支持专 项计划的议案》，本议案无需提交股东会审议。具体情况如下： 一、类 REITs 发行方案概况 （一）方案要素 1、底层资产：新奥天津以其下属子公司新奥管道持有的舟山 LNG 管道资产 项目作为底层资产。 2、产品规模：拟发 ...

每经AI快讯，2月2日， 新奥股份公告，公司全资子公司新奥（天津）能源投资有限公司拟以其下属子 公司新奥（舟山）天然气管道有限公司持有的舟山LNG管道资产项目作为底层资产，向上海证券交易 所申请注册发行不超过45亿元的资产支持专项计划。 （文章来源：每日经济新闻） ...