证券日报网讯2月24日，佛燃能源（002911）在互动平台回答投资者提问时表示，截至2026年2月13日， 公司的股东人数为1.5万余户。 ...

燃气Ⅱ行业跟踪周报 证券研究报告·行业跟踪周报·燃气Ⅱ 气温回暖&美伊局势紧张，美国气价回落，欧 洲气价微涨 增持（维持） [Table_Tag] [投资要点 Table_Summary] 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 谷玥 执业证书：S0600524090002 guy@dwzq.com.cn 行业走势 2026 年 02 月 24 日 2026-02-02 -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 2025/2/24 2025/6/22 2025/10/18 2026/2/13 燃气Ⅱ 沪深300 东吴证券研究所 1 / 13 请务必阅读正文之后的免责声明部分 ◼ 价格跟踪：气温回暖&美伊局势紧张，美国气价回落，欧洲气价微涨。 截至 2026/02/20,美国 HH/欧洲 TTF/东亚 JKM/中国 LNG 出厂/中国 LNG 到岸价周环比变动-3.4%/+1.1%/+1.4%/0%/+3.9%至 0.8/2.8/2.7/2.5/2.7 元 /方。 ◼ 供需分析 ...

Price Movements in Domestic and International Gold Markets - The price of gold jewelry from major domestic brands has dropped below the psychological threshold of 1500 yuan per gram, with prices reported at 1499 yuan from Chow Tai Fook and 1510 yuan from Lao Feng Xiang, reflecting a decrease of 61 yuan per gram in just one day [1][7] - In contrast, international gold prices have surged, with spot gold rising from 4878.89 USD to 5042.20 USD, marking a daily increase of 2.39% [3][8] - The domestic gold market is experiencing a lag in price adjustments compared to international markets, influenced by fixed costs such as brand premiums and processing fees [11] Geopolitical Influences on Gold Prices - The recent progress in US-Iran negotiations has reduced the likelihood of military conflict, leading to a withdrawal of some safe-haven funds from the gold market [13] - Despite the positive developments, uncertainties remain as Iran refuses to discuss its ballistic missile program, complicating the potential for a formal agreement [9][13] Federal Reserve's Monetary Policy Outlook - Federal Reserve officials have expressed differing views on interest rate adjustments, with some indicating a potential for 75 basis points of rate cuts, while others advocate for maintaining stable rates for a period [5][9][13] - The latest survey from Bank of America shows that 50% of fund managers consider "going long on gold" as the most crowded trade, indicating a strong interest in gold as an investment [5][6] Market Sentiment and Investment Trends - The allocation towards commodities has reached its highest level since May 2022, with a net 28% overweight in commodities among surveyed fund managers [6][11] - The cash levels among investors have slightly increased from a record low, indicating a cautious approach amidst market volatility [11]

Group 1 - The company, Fuan Energy (002911), announced that it has no overdue guaranteed loans [1] - There are no amounts related to litigation guarantees or losses due to judgments against the company [1]

证券代码：002911 证券简称：佛燃能源 公告编号：2026-009 佛燃能源集团股份有限公司 关于为子公司提供担保的进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、担保情况概述 佛燃能源集团股份有限公司（以下简称"公司"）分别于 2025 年 3 月 21 日、2025 年 4 月 11 日召开的第六届董事会第十七次会议、2024 年年度股东大会 审议通过了《关于公司 2025 年度向子公司提供担保的议案》，其中同意公司为 全资子公司佛燃能源（海南）有限公司下属全资子公司新加坡华源能国际能源贸 易有限公司（以下简称"新加坡华源能"）提供总计不超过人民币(或等值外币） 100,000 万元的担保额度（不含新加坡华源能开展套期保值业务的担保额度）。 具体内容详见公司于 2025 年 3 月 22 日刊登在《证券时报》《中国证券报》《证 券日报》《上海证券报》和巨潮资讯网（http://www.cninfo.com.cn）上的《关 于 2025 年度向子公司提供担保的公告》（公告编号：2025-027）。 二、担保进展情况 近日，公司与交通银行股份有限 ...

Group 1 - The Shenzhen State-Owned Enterprises Shareholder Return Index (470064) closed at 2441.55 points, down 0.46%, with a trading volume of 28.0 billion yuan and a turnover rate of 0.99% [1] - Among the constituent stocks of the index, 14 stocks rose, with Zhongyuan Media leading with a 2.71% increase, while 33 stocks fell, with Fuan Energy leading the decline at 2.76% [1] Group 2 - The net outflow of main funds from the Shenzhen State-Owned Enterprises Shareholder Return Index constituent stocks totaled 1.776 billion yuan, while the net inflow of speculative funds was 570 million yuan, and the net inflow of retail funds was 1.206 billion yuan [2]

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]

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The thermal power sector shows strong performance with stable capacity pricing contributing to profitability [1] - The average earnings growth for 31 public utility companies is projected to increase by 28% year-on-year for 2025, with notable growth from thermal power companies [7] - The introduction of a new capacity pricing mechanism is expected to enhance revenue for thermal power plants, with an estimated increase of 0.016 CNY per kWh in 2026 compared to 2025 [17][21] - The shift towards capacity and auxiliary service revenues is redefining the profitability model for thermal power, moving away from traditional energy pricing [7] Summary by Sections 1. 2025 Earnings Forecast - 31 companies reported earnings forecasts, with significant growth from thermal power companies such as Jinkong Power (+446%), Jiantou Energy (+253%), and Jingneng Power (+104%) [15] - Water power companies like Qianyuan Power saw a nearly 175% increase, while leading hydropower company Yangtze Power maintained a steady 5% growth [15] 2. Capacity Pricing Mechanism - The new capacity pricing mechanism will raise the standard to at least 165 CNY per kW per year, with some provinces like Gansu and Yunnan increasing it to 330 CNY per kW per year [17][21] - The overall capacity compensation market is projected to reach 188 billion CNY in 2026, significantly boosting thermal power revenue [21] 3. Industry Trends - The report highlights a transition in the thermal power sector towards a model that emphasizes capacity and auxiliary services, which are becoming core profit sources [7] - The focus on market capitalization management and dividend commitments from companies like Guodian Power is expected to enhance the valuation of thermal power assets [7] 4. Recent Policy Developments - Recent announcements regarding local electricity pricing mechanisms indicate a trend towards more competitive pricing structures in the market [25][26] - The implementation of new trading rules in various provinces aims to stabilize and enhance the efficiency of electricity markets [25][26] 5. High-Frequency Data Tracking - Recent data shows stable coal prices at Qinhuangdao, with a slight decrease in inventory levels at northern ports [31] - The report notes fluctuations in natural gas prices, with domestic prices remaining higher than at the beginning of the year while international prices have shown volatility [31]

Group 1 - The stock price of Fuan Energy increased by 0.69%, reaching a new high of 14.69 yuan per share [1] - The total market capitalization of Fuan Energy surpassed 19.073 billion yuan [1] - The trading volume amounted to 8.7611 million yuan [1]

Group 1 - The core point of the article is that 佛燃能源 (Furnace Energy) has seen its stock price increase by 1.47%, reaching a historical high of 14.470 yuan, with a total market capitalization of 18.788 billion yuan [1]