Core Viewpoint - As of January 19, a total of 144 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Significant Net Buying - The stock with the longest consecutive net buying days is Fenglong Co., which has seen net buying for 14 consecutive trading days [1] - Other notable stocks with significant net buying days include Anhui Heli, Shanghai Airport, Yong'an Forestry, *ST Guohua, Neway Group, Kangchen Pharmaceutical, Shentong Metro, and Qibin Group [1]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending various companies within these industries for investment opportunities [1]. Core Insights - The report highlights that China's total electricity consumption is projected to exceed 10 trillion kWh in 2025, reaching 10.4 trillion kWh, with a year-on-year growth of 5% [7][8]. - The growth in electricity consumption is driven primarily by the secondary and tertiary industries, which together contribute nearly 80% of the total increase in electricity demand [8]. - The report notes significant growth in electricity consumption from high-end manufacturing, digital economy, and new infrastructure projects, such as charging stations and 5G base stations, which are expected to see growth rates exceeding 30% [8]. Summary by Sections 1. Electricity Sector - In 2025, the total electricity consumption is expected to reach 10.4 trillion kWh, with a 5% year-on-year increase. The first, second, and third industries, along with urban and rural residential electricity consumption, are projected to grow by 9.9%, 3.7%, 8.2%, and 6.3% respectively [7][9]. - The second industry remains the largest consumer of electricity, contributing 48% to the growth, while the third industry contributes 31% [9][13]. - The report recommends investments in coal-fired power companies like Guodian Power and Inner Mongolia Huadian, as well as large hydropower companies such as Yangtze Power and State Power Investment [15][16]. 2. Gas Sector - The report indicates that colder temperatures are expected to increase heating demand, leading to a rebound in gas prices across Europe and Asia. As of January 16, the Henry Hub spot price was $3.06/mmBtu, with a weekly increase of 6.77% [17][24]. - The report highlights that European gas prices have surged due to low inventory levels and increased heating demand, with the TTF spot price reaching €38.10/MWh, up 31.38% week-on-week [17][24]. - Recommendations include investing in integrated gas companies like Kunlun Energy and New Hope Energy, as well as gas trading companies like New Hope and New Energy [38]. 3. Market Performance - The report notes that the public utility, power, and environmental sectors outperformed the Shanghai and Shenzhen 300 index during the week of January 12 to January 16, 2026 [40]. 4. Company and Industry Dynamics - Recent initiatives in various provinces aim to enhance green energy and environmental standards, including the establishment of green mining standards in Guangxi and guidelines for industrial microgrid construction [46][47]. - The report also mentions significant corporate announcements, including mergers and acquisitions in the energy sector, which may impact market dynamics [50].

Investment Rating - The report maintains an "Accumulate" rating for the gas industry [1] Core Viewpoints - The report highlights that heating demand and escalating US-Iran tensions have led to a significant increase in overseas gas prices, with US HH prices rising by 10.2% and European TTF prices soaring by 32.4% as of January 16, 2026 [5][10] - The report emphasizes the importance of the commercial aerospace sector in enhancing the value and market share of specialty gases, particularly for companies like Jiufeng Energy [5] Price Tracking - As of January 16, 2026, the week-on-week changes in gas prices are as follows: US HH +10.2%, European TTF +32.4%, East Asia JKM +16.6%, China LNG ex-factory +0.9%, and China LNG CIF +10.1%, with prices reaching 0.8, 3.3, 2.8, 2.6, and 2.6 yuan per cubic meter respectively [10][11] Supply and Demand Analysis - The report notes that the US gas price has increased due to heightened tensions in the Middle East, with a week-on-week decrease in storage levels of 710 billion cubic feet, bringing total storage to 31,850 billion cubic feet, a year-on-year increase of 2.2% [16] - European gas prices have surged due to significantly lower temperatures compared to previous years, with a reported consumption increase of 4.1% year-on-year for the first nine months of 2025, totaling 313.8 billion cubic meters [17] Domestic Market Overview - The report indicates that domestic gas prices have increased by 0.9% week-on-week, with a total apparent consumption of 392 billion cubic meters in China for the first eleven months of 2025, reflecting a year-on-year increase of 1.5% [21][26] - The domestic LNG import price averaged 3,384 yuan per ton in November 2025, showing a year-on-year decrease of 18.3% [26] Pricing Mechanism Progress - The report states that 67% of cities have implemented residential pricing adjustments, with an average increase of 0.22 yuan per cubic meter, indicating ongoing efforts to optimize costs for city gas companies [36] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the ongoing pricing adjustments, highlighting New Hope Energy, China Resources Gas, and Kunlun Energy as key investment opportunities [5] - It also suggests monitoring companies with quality long-term contracts and flexible operations, such as Jiufeng Energy and New Hope Holdings, for their potential in the commercial aerospace sector [5]

Market Performance - The public utility sector increased by 0.1% as of January 16, outperforming the broader market, with the electricity sector rising by 0.20% and the gas sector declining by 1.17% [2][8]. Electricity Industry Data Tracking - The price of thermal coal at Qinhuangdao Port rose by 1 CNY/ton week-on-week, reaching 697 CNY/ton as of January 16. Meanwhile, Indonesian coal prices fell by 5.71 CNY/ton to 735.71 CNY/ton, and Australian coal prices decreased by 6.53 CNY/ton to 740.51 CNY/ton [3]. - Coal inventory at Qinhuangdao Port increased by 150,000 tons week-on-week, totaling 5.5 million tons as of January 16. Inland power plants' daily coal consumption rose by 96,000 tons/day to 4.147 million tons, a week-on-week increase of 2.37% [3]. - The outflow from the Three Gorges Dam increased by 19.22% year-on-year and 23.55% week-on-week, reaching 9,180 cubic meters/second as of January 16 [4]. Natural Gas Industry Data Tracking - The LNG ex-factory price index in Shanghai was 3,854 CNY/ton as of January 15, showing a week-on-week increase of 1.29% but a year-on-year decrease of 13.53% [5]. - The European TTF spot price rose by 18.6% week-on-week to 11.4 USD/million BTU, while the US HH spot price increased by 2.8% to 2.95 USD/million BTU [5]. - Domestic natural gas consumption in November was 36.280 billion cubic meters, a year-on-year increase of 4.1%, with production at 21.880 billion cubic meters, up 5.9% year-on-year [6]. Key Industry News - The State Grid Corporation plans to invest 4 trillion CNY in fixed assets during the 14th Five-Year Plan, a 40% increase from the previous plan, focusing on green transformation and enhancing grid functionality [7]. - Multiple provinces have highlighted natural gas as a key strategic energy source in their 14th Five-Year Plans, emphasizing its role in connecting traditional and new energy systems without setting consumption caps [7]. Investment Recommendations - The electricity sector is expected to see profit improvements and value reassessment due to ongoing supply-demand tensions, with a focus on coal power companies like Guodian Power and Huaneng International [8]. - The natural gas sector is anticipated to benefit from stable margins in city gas businesses and opportunities for traders with low-cost long-term gas sources [8].

Core Viewpoint - The gas sector experienced a decline of 1.24% on January 15, with Shengtong Energy leading the drop, while the Shanghai Composite Index fell by 0.33% and the Shenzhen Component Index rose by 0.41% [1] Group 1: Market Performance - The gas sector's individual stock performance showed mixed results, with notable gainers including Delong Huineng (up 5.00% to 18.28) and Shuifa Gas (up 3.46% to 7.18) [1] - Conversely, significant decliners included Gantong Energy (down 10.01% to 52.43) and Jiufeng Energy (down 5.37% to 45.10) [2] Group 2: Trading Volume and Value - The trading volume for Delong Huineng reached 819,000 shares with a transaction value of 142.5 million yuan, while Shuifa Gas had a trading volume of 158,900 shares and a transaction value of 112 million yuan [1] - Gantong Energy had a trading volume of 111,200 shares and a transaction value of 601 million yuan, indicating significant market activity despite the price drop [2] Group 3: Capital Flow - The gas sector saw a net outflow of 342 million yuan from main funds, while retail investors contributed a net inflow of 324 million yuan [2] - Notable stocks like Shengda Forestry experienced a net inflow of 16.09 million yuan from main funds, while it faced a net outflow of 11.13 million yuan from retail investors [3]

Group 1 - The oil sector is experiencing a capital inflow despite market conditions, with the Penghua Oil ETF (159697) seeing a net subscription of 10 million units, marking five consecutive days of net inflow [1] - Political tensions in Venezuela and Iran are increasing, contributing to a rise in regional political risk premiums for oil prices, while OPEC+ has decided to temporarily halt its production growth plan for the first quarter of 2026 [1] - As of January 15, 2026, the National Securities Oil and Gas Index (399439) shows mixed performance among its constituent stocks, with Hengtong Co. leading at a 3.61% increase, while Jiufeng Energy is down 4.45% [1] Group 2 - As of December 31, 2025, the top ten weighted stocks in the National Securities Oil and Gas Index (399439) include major companies such as China National Petroleum, Sinopec, and CNOOC, collectively accounting for 67.11% of the index [2]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600803 证券简称：新奥股份 公告编号：临2026-001 新奥天然气股份有限公司 关于2021年及2025年限制性股票激励计划部分股票回购注销实施的公告 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： ● 回购注销原因 1、新奥天然气股份有限公司（以下简称"公司"）2021年限制性股票激励计划中首次授予的9名激励对象 第四个解除限售期（即2024年度）个人绩效评价结果为"不合格"，2名激励对象因离职已不符合激励对 象条件，上述合计95.25万股由公司以授予价格加上银行同期存款利息之和回购注销；预留授予的2名激 励对象第四个解除限售期（即2024年度）个人绩效评价结果为"不合格"，其对应第四个解除限售期可解 除限售的限制性股票5.00万股不得解除限售，由公司以授予价格加上银行同期存款利息之和回购注销。 2、公司2025年限制性股票激励计划中首次授予的1名激励对象因离职已不符合激励对象条件，1名激励 对象因工作岗位调整已不符合激励对象条件，上述合计3 ...

北京国枫律师事务所 关于新奥天然气股份有限公司 2025 年限制性股票激励计划之 部分限制性股票回购注销实施情况的法律意见书 国枫律证字[2025] AN009-6 号 GRANDWAY 北京国枫律师事务所 Grandway Law Offices 北京市东城区建国门内大街26号新闻大厦７层、8层 邮编:100005 电话（Tel）: 010-88004488/66090088 传真（Fax）: 010-66090016 北京国枫律师事务所 关于新奥天然气股份有限公司 2025 年限制性股票激励计划之 部分限制性股票回购注销实施情况的法律意见书 国枫律证字[2025] AN009-6 号 致:新奥天然气股份有限公司 北京国枫律师事务所(以下简称"本所")接受新奥天然气股份有限公司 委托,根据《公司法》《证券法》《管理办法》《律师事务所从事证券法律业务管 理办法》和《律师事务所证券法律业务执业规则(试行)》等有关法律、法规、 规章及规范性文件的规定,就新奥股份 2025年限制性股票激励计划(以下简称 "本次激励计划")的回购注销的相关事宜出具《北京国枫律师事务所关于新 奥天然气股份有限公司 2025 年限制性股 ...

证券代码：600803 证券简称：新奥股份 公告编号：临 2026-001 回购注销原因 1、新奥天然气股份有限公司（以下简称"公司"）2021 年限制性股票激励计 划中首次授予的 9 名激励对象第四个解除限售期（即 2024 年度）个人绩效评价 结果为"不合格"，2 名激励对象因离职已不符合激励对象条件，上述合计 95.25 万股由公司以授予价格加上银行同期存款利息之和回购注销；预留授予的 2 名激 励对象第四个解除限售期（即 2024 年度）个人绩效评价结果为"不合格"，其 对应第四个解除限售期可解除限售的限制性股票 5.00 万股不得解除限售，由公 司以授予价格加上银行同期存款利息之和回购注销。 2、公司 2025 年限制性股票激励计划中首次授予的 1 名激励对象因离职已不 符合激励对象条件，1 名激励对象因工作岗位调整已不符合激励对象条件，上述 合计 30.00 万股由公司以授予价格加上银行同期存款利息之和回购注销。 新奥天然气股份有限公司 关于 2021 年及 2025 年限制性股票激励计划 部分股票回购注销实施的公告 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 ...

北京国枫律师事务所 北京国枫律师事务所 Grandway Law Offices 北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 邮编: 100005 电话（Tel）: 010-88004488/66090088 传真(Fax): 010-66090016 北京国枫律师事务所 关于新奥天然气股份有限公司 2021 年限制性股票激励计划首次授予及预留授予 关于新奥天然气股份有限公司 2021 年限制性股票激励计划首次授予及预留授予 部分限制性股票回购注销实施情况的法律意见书 国枫律证字[2021] AN010-14 号 GRANDWAY 3. 本次激励计划首次授予及预留授予回购注销的实施情况; 4. 本所律师认为需要审查的其他文件。 部分限制性股票回购注销实施情况的法律意见书 国枫律证字[2021] AN010-14 号 致:新奥天然气股份有限公司 北京国枫律师事务所(以下简称"本所")接受新奥天然气股份有限公司委 托,已根据《公司法》《证券法》《管理办法》《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则(试行)》等有关法律、法规、 规章及规范性文件的规定,就新奥股份首次授 ...