Core Viewpoint - The report emphasizes the critical role of Sustainable Aviation Fuel (SAF) in aviation decarbonization, highlighting the scarcity and price increase of waste oil resources during the SAF production expansion cycle [1][3]. Investment Recommendations - Key recommendations include companies such as Huanlan Environment (600323), Longjing Environmental Protection (600388), and others in the environmental sector [2]. - Companies to watch include Dayu Water-saving (300021) and Lian Tai Environmental Protection (603797) [2]. Industry Insights - SAF is identified as the only feasible solution for aviation decarbonization, with a focus on the HEFA route using waste oil (UCO) as raw material. The EU mandates increasing SAF blending ratios from 2% in 2025 to 70% by 2050, with projected SAF demand reaching 3,662 million tons by 2050 [3]. - By the end of 2025, domestic SAF production capacity is expected to reach 1.2 million tons per year, with total planned capacity of 4.4 million tons per year [3]. - The price of SAF is projected to rise significantly due to supply constraints, with a potential increase of over 50% from the beginning of the year [3]. Policy Tracking - The government is set to invest over 1 billion yuan in the Yangtze River protection projects from 2025 to 2027, with a focus on sewage pipeline construction and ecological restoration [4]. - Investment suggestions include companies involved in water treatment and sewage management, such as Bihui Source and Energy Conservation Guozhen (300388) [4]. Strategic Outlook for 2026 - The strategy focuses on value and growth, emphasizing the importance of marketization and efficiency improvements in the solid waste sector, with potential dividend increases [5]. - The report highlights the significance of the dual carbon drive, with recommendations for companies involved in renewable resources and waste oil production [6]. Industry Tracking - In the sanitation equipment sector, sales of new energy sanitation vehicles increased by 64.01% year-on-year, with a penetration rate of 18.60% [7]. - The price of biodiesel has decreased, leading to a decline in profit margins, while lithium battery recycling shows improved profitability due to rising lithium prices [7].

Investment Rating - The report rates the gaming industry as "high" for investment [1] Core Views - The report emphasizes the importance of the "Solid Waste Comprehensive Treatment Action Plan," which aims for significant improvements in solid waste management by 2030, including a target of 4.5 billion tons of comprehensive utilization of major solid waste and 510 million tons of recycling of key resources [2][5][7] - It highlights the shift in the energy sector towards diversified revenue models for thermal power companies, recommending several key players in the industry [8] - The report discusses the current trends in natural gas pricing, noting a general decline in global gas prices due to mild weather conditions and stable supply [10][29] - It outlines the transition of hydrogen energy towards becoming a "regulator" of the power grid, emphasizing its role in energy storage and management [31][33] Summary by Sections 1. Environmental Protection - The "Solid Waste Comprehensive Treatment Action Plan" was released on January 4, aiming to enhance solid waste management and promote a green economy [5] - By 2030, the plan targets a comprehensive utilization of 4.5 billion tons of major solid waste and 510 million tons of recycling of key resources [2][6] - The focus is on industrial, urban, and agricultural waste, with a comprehensive governance approach to illegal dumping and construction waste [6][7] 2. Natural Gas - As of January 9, the Henry Hub spot price in the U.S. was $2.87/mmBtu, reflecting a weekly decline of 28.24% [10][11] - The report notes that the European gas prices have also decreased, with the TTF spot price at €29.00/MWh, down 1.43% week-on-week [10][16] - The overall gas market is characterized by stable supply and mild weather, leading to lower demand and prices [10][29] 3. Hydrogen Energy - The report discusses the integration of hydrogen energy into the power grid, highlighting its potential for large-scale energy storage and management [31] - It emphasizes the role of hydrogen in addressing renewable energy challenges and improving grid stability [31][33] - The report recommends companies involved in hydrogen production and technology as key investment opportunities [33] 4. Weekly Market Review - The report notes that the electric power equipment, gas, and environmental protection sectors outperformed the Shanghai and Shenzhen 300 index during the week of January 5 to January 9 [34] - It provides insights into the performance of various sectors, indicating a positive trend for certain energy and environmental stocks [36][39] 5. Company and Industry Dynamics - The report highlights the establishment of national zero-carbon parks, which will receive significant support for green energy initiatives [39] - It mentions the successful completion of green power transactions in Gansu, indicating a growing market for renewable energy [40][43] - The report includes updates on major companies' performance and strategic developments in the energy sector [44]

Investment Rating - The report maintains a positive outlook on the industry, indicating a "Look Favorably" investment rating [1]. Core Insights - The report highlights the release of the "Comprehensive Solid Waste Management Action Plan," which aims to enhance solid waste management and promote a circular economy by 2030, targeting a comprehensive utilization of 4.5 billion tons of major solid waste and 510 million tons of recyclable resources annually [2][6][8]. - Global natural gas prices have generally declined, influenced by mild weather conditions, with significant drops in prices across various markets, including a 28.24% decrease in the US Henry Hub spot price [11][12][18]. - The hydrogen energy sector is evolving towards becoming a key regulator in the power grid, with initiatives to integrate clean hydrogen production and utilization into microgrid systems, enhancing energy storage capabilities [35][37]. Summary by Sections 1. Environmental Protection - The "Comprehensive Solid Waste Management Action Plan" aims for significant improvements in solid waste management by 2030, with specific targets for waste recycling and resource utilization [2][6]. - The plan emphasizes the need for a circular economy that does not rely on subsidies, focusing on industrial collaboration and technological innovation to create a sustainable waste management system [7][8]. 2. Natural Gas - Natural gas prices have seen a significant decline, with the US Henry Hub spot price at $2.87/mmBtu, reflecting a 28.24% week-over-week drop [11][12]. - The report notes that the demand for natural gas is expected to remain weak in Northeast Asia, contributing to a slight decrease in LNG prices [11][30]. - Recommendations include focusing on integrated natural gas companies that are expected to benefit from cost reductions and improved profitability [32]. 3. Hydrogen Energy - The report discusses the strategic positioning of hydrogen energy as a flexible load regulator within the power grid, highlighting its potential to enhance energy storage and consumption efficiency [35][37]. - It emphasizes the importance of hydrogen energy in achieving energy security and autonomy, recommending companies involved in hydrogen production [35][37]. 4. Weekly Market Review - The report indicates that the electricity equipment, gas, and environmental protection sectors outperformed the Shanghai and Shenzhen 300 index during the review period [38]. 5. Company and Industry Dynamics - The report outlines significant developments in the renewable energy sector, including the establishment of national zero-carbon parks and the increase in green electricity trading volumes, which are expected to enhance market opportunities for leading companies in the sector [44][48].

Investment Rating - The report maintains an "Accumulate" rating for the gas industry [1] Core Viewpoints - The temperature is expected to rise to normal levels, leading to a decrease in gas prices in Europe and the US [4][9] - The overall supply of gas is sufficient, with domestic gas prices showing a week-on-week decrease of 1.4% [21] - The report emphasizes the importance of optimizing costs for city gas companies and the ongoing adjustment of pricing mechanisms [50] Price Tracking - As of January 9, 2026, the week-on-week changes in gas prices are as follows: US HH -27.5%, European TTF -5.7%, East Asia JKM -1.4%, China LNG ex-factory -1.4%, and China LNG CIF -4.8% [4][10] - The average daily gas generation in Europe increased by 26.8% week-on-week and 109.7% year-on-year to 1635.8 GWh [16] Supply and Demand Analysis - The US natural gas market price decreased by 27.5% week-on-week due to rising temperatures, with storage levels down by 1190 billion cubic feet to 32560 billion cubic feet [14] - European gas consumption from January to September 2025 was 313.8 billion cubic meters, a year-on-year increase of 4.1% [16] - Domestic gas consumption from January to November 2025 increased by 1.5% year-on-year to 392 billion cubic meters [21] Pricing Progress - Nationwide pricing adjustments are gradually being implemented, with 67% of cities having executed residential pricing adjustments, averaging an increase of 0.22 yuan per cubic meter [34] - The report indicates that there is still a 10% room for price adjustment in city gas companies [34] 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, all with dividend yields around 4.8% [51] - It also highlights the importance of companies with quality long-term contracts and flexible scheduling, such as Jiufeng Energy and Xin'ao Shares [51] - The report suggests paying attention to companies with gas production capabilities, such as Shouhua Gas and New Natural Gas, due to the increasing uncertainty in US gas imports [51]

消息面上，全球区域局势持续推升油价，油运市场景气上行。国内方面，2025年，华北油田原油年产量 突破500万吨。这是自2024年以来，该油田原油年产量连续两年突破500万吨。 油气ETF紧密跟踪国证石油天然气指数，国证石油天然气指数反映沪深北交易所石油天然气产业相关上 市公司的证券价格变化情况。 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%。 油气ETF(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。 东方证券指出， 委内瑞拉短期原油出口或仍受限，长期出口或合法化提振合规市场油运需求。2025年 委内瑞拉原油产量约占全球1%，原油海运出口量约占全球2%。其中原油海运出口中约17%出口至美 国，五成以上通过影子船队出口至亚洲。短期看，2025年12月委内瑞拉原油海运量环比下降7%，影响 相对有限。长期看，若美国增加对委内瑞拉石 ...

三菱日联银行（中国）副行长兼环球企业及投资银行总经理林树文先生表示："在产业加速转型的背景下，此次协助新奥 股份完成可持续供应链融资的交易，是三菱日联银行支持中资企业可持续业务发展的积极举措，体现了三菱日联银行的可持续 金融的能力和决心。我们期待与新奥股份进一步深化合作关系，携手发展，并继续为企业的可持续业务发展目标提供支持"。 （CIS） 这次合作由三菱日联银行与新奥股份ESG团队及下属子公司保理团队密切协同推进，方案聚焦碳减排与供应链金融服务的 深度融合，是双方在绿色金融领域的创新实践，也是三菱日联银行在大中华区落地的首笔可持续供应链融资交易。 新奥股份董事长兼联席CEO蒋承宏先生表示："此次与三菱日联银行联合推出的绿色供应链金融产品，是公司践行高质量 发展责任的创新载体，通过链接银行与产业链各方，既能实现融资成本降低、深化合作共赢、加速绿色转型进程，又能推动银 行资源、企业信用与客户需求的高效聚合，进一步提升资金配置效率，以价值导向的创值实践推动生态协同共赢，为产业链可 持续发展注入持久动能"。 近日，新奥股份携手三菱日联银行成功落地绿色供应链金融产品。围绕供应链融资与可持续发展目标的深度融合，探索通 ...

Core Viewpoint - The collaboration between Xin'ao Co., Ltd. and MUFG Bank has successfully launched a green supply chain finance product aimed at integrating supply chain financing with sustainable development goals, thereby reducing financing costs and enhancing capital allocation efficiency [1][2]. Group 1: Product Overview - The "Sustainable Supply Chain Financing" comprehensive plan innovatively links financing pricing mechanisms with the sustainable performance of the supply chain, utilizing the CDP (Carbon Disclosure Project) scoring system to dynamically adjust financing interest rates based on suppliers' environmental performance and transparency in information disclosure [1]. - This mechanism not only provides cost reduction benefits to clients but also encourages supply chain partners to actively reduce carbon emissions and strengthen ESG capabilities, thereby enhancing overall information disclosure and promoting long-term sustainable development across the supply chain [1]. Group 2: Strategic Collaboration - The collaboration was closely coordinated between MUFG Bank and Xin'ao's ESG team along with its factoring subsidiary, focusing on the deep integration of carbon reduction and supply chain financial services, marking an innovative practice in the green finance sector [1]. - This transaction represents MUFG Bank's first sustainable supply chain financing deal in the Greater China region, highlighting the bank's commitment to supporting sustainable business development for Chinese enterprises [1]. Group 3: Leadership Insights - The Chairman and Co-CEO of Xin'ao, Jiang Chenghong, emphasized that the green supply chain finance product serves as an innovative vehicle for high-quality development, linking banks with various parties in the supply chain to lower financing costs and accelerate the green transformation process [2]. - The Vice President of MUFG Bank (China), Lin Shuwen, stated that assisting Xin'ao in completing the sustainable supply chain financing transaction reflects the bank's capabilities and determination in sustainable finance, and expresses the intention to deepen cooperation with Xin'ao [2].

Core Insights - In 2025, China's M&A market saw a total of 8,151 disclosed transactions, a slight decrease of 0.72% year-on-year, while the transaction scale increased to approximately 25,894 billion RMB, reflecting a growth of 16.12% year-on-year [1][2] M&A Market Overview - The total M&A transaction amount in 2025 increased by about 3,595 billion RMB compared to 2024, indicating a strong recovery in market demand driven by policy support and a positive response from the capital market [1] - The quarterly breakdown of M&A transaction scales for 2025 was 4,272 billion RMB, 4,610 billion RMB, 7,410 billion RMB, and 9,602 billion RMB [2] Regional Distribution - The most active region in China's M&A market in 2025 was Beijing, with a transaction scale of 10,930 billion RMB, up 48.59% year-on-year; Shanghai ranked second with 6,092 billion RMB, down 14.92%; and Guangdong ranked third with 4,593 billion RMB, down 17.89% [6] Industry Distribution - The top three industries by M&A transaction scale were: - Industrial sector: 7,605 billion RMB, up 11.67% - Real estate sector: 4,443 billion RMB, up 549.36% - Information technology sector: 2,855 billion RMB, up 35.84% [10] M&A Method Distribution - The distribution of M&A methods showed that: - Agreement acquisitions led with a scale of 10,681 billion RMB, accounting for 39.75% of the total scale - Issuing shares to purchase assets ranked second with 3,319 billion RMB, accounting for 12.35% - Auction-type acquisitions ranked third with 2,645 billion RMB, accounting for 9.84% [12] Purpose of M&A - The distribution of M&A purposes indicated that: - Horizontal integration M&A transactions accounted for 5,966 billion RMB, or 22.70% of the total transaction scale - Asset adjustment and strategic cooperation transactions accounted for 2,498 billion RMB and 2,059 billion RMB, or 9.51% and 7.84% respectively [13] M&A Scale Distribution - Transactions exceeding 100 billion RMB accounted for the highest proportion, at 42.14% of the total transaction amount, while transactions between 10 billion and 100 billion RMB accounted for 34.48% [16] Top 10 M&A Transactions - The largest M&A transactions in 2025 included: 1. Wantong Development's 12.63% equity judicial auction: 2,316.10 billion RMB 2. China Shenhua's private placement acquisition of Guoyuan Power and 12 other companies: 1,335.98 billion RMB 3. CICC's share swap merger with Dongxing Securities and Cinda Securities: 1,142.75 billion RMB [17][19]

Group 1 - The core viewpoint of the news is that the geopolitical situation is driving oil prices higher, with the Venezuelan oil supply being significantly disrupted, leading to a potential short-term increase in oil prices [1] - The China Securities report indicates that Venezuela's oil exports have essentially halted, creating a supply disruption in the global market, with a potential shortfall of around 1 million barrels per day [1] - The current global oil market remains in a supply surplus, with expectations that oil prices will fluctuate between $60 to $70 per barrel despite short-term upward pressure [1] Group 2 - The National Oil and Gas Index (399439) has seen a strong increase of 1.45%, with significant gains in constituent stocks such as Intercontinental Oil and Gas (600759) up 9.21% and Shanghai Petrochemical (600688) up 4.36% [1] - The top ten weighted stocks in the National Oil and Gas Index as of December 31, 2025, include major companies like China National Petroleum (601857) and China Petroleum & Chemical (600028), collectively accounting for 67.11% of the index [2] - The Oil and Gas ETF (159697) closely tracks the National Oil and Gas Index, reflecting the price changes of publicly listed companies in the oil and gas sector [2][3]

Market Performance - The gas sector increased by 0.94% on January 5, with Shengda Forestry leading the gains [1] - The Shanghai Composite Index closed at 4023.42, up 1.38%, while the Shenzhen Component Index closed at 13828.63, up 2.24% [1] Individual Stock Performance - Shengda Forestry (002259) closed at 4.16, up 10.05% with a trading volume of 268,900 shares and a turnover of 110 million yuan [1] - Zhongtai Co., Ltd. (300435) closed at 23.69, up 6.62% with a trading volume of 229,300 shares and a turnover of 538 million yuan [1] - Caohua Gas (300483) closed at 14.92, up 5.22% with a trading volume of 149,400 shares and a turnover of 219 million yuan [1] - Xinjiang Torch (603080) closed at 24.79, up 4.95% with a trading volume of 124,900 shares and a turnover of 303 million yuan [1] - Wanqing Energy (002700) closed at 6.98, up 4.02% with a trading volume of 102,400 shares and a turnover of 70.62 million yuan [1] - Jiufeng Energy (605090) closed at 44.63, up 3.55% with a trading volume of 455,500 shares and a turnover of 2.009 billion yuan [1] Capital Flow Analysis - The gas sector experienced a net outflow of 66.404 million yuan from institutional investors and 48.9981 million yuan from speculative funds, while retail investors saw a net inflow of 115 million yuan [2] - The detailed capital flow for individual stocks shows that Jiufeng Energy had a net outflow of 46.0278 million yuan from institutional investors [3] - Shengda Forestry had a net inflow of 28.1040 million yuan from institutional investors, indicating strong interest [3]