(2026年2月4日)香港能源转型迈出一步。香港中华煤气有限公司(煤气公司)、中石化(香港)有限公司(中石化香港)及中国石化集团新星石油有限责任公司(新星 公司)签署合作备忘录，三方建立战略合作伙伴关系，针对氢能、绿色甲醇及可持续航空燃料(SAF)等清洁能源，展开深度合作，为实践国家「双碳」战略及 香港的能源转型注入新动力。 三方协同 构建氢能产业生态圈 展望未来，煤气公司、中石化香港与新星公司将以是次签署合作备忘录为契机，全面深化在氢能及绿色燃料领域的务实合作。三方将致力发挥协同效应，以 科技创新驱动产业升级，加速构建香港氢能产业生态圈。是次合作不仅为香港市民及工商业界提供更具竞争力的低碳能源解决方案，亦将全力支持香港建设 成为国际绿色科技枢纽，为国家「双碳」战略及全球应对气候变化贡献实质力量。 关于香港中华煤气有限公司(煤气公司) 根据合作备忘录，三方合作将涵盖氢能业务推广、加氢站建设、液氢储运技术、氢能充电站、绿色甲醇船运应用，以及可持续航空燃料开发等关键领域。三 方更会探讨成立合资公司，旨在整合资源优势，加速氢能项目落地，完善香港氢能等基础设施，构建具竞争力的产业生态系统。 针对氢能方面合作，香港本地 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2026年1月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 香港中華煤氣有限公司 | | | 呈交日期: | 2026年2月5日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 1. 股份分類 普通股 股份類別 不適用 於香港聯交所上市 (註1) 是 證券代號 (如上市) 00003 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 18,659,870,098 0 18,659,870,098 增加 / 減少 (-) 0 0 本月底結存 18,659,870,098 0 18,659,870,098 足夠公眾持股量的確認(註4) | 根據《主板上市規則》第13.32D(1)條或第19A.28D(1)條 / 《GEM上市規則》第17.37D(1)條或第25 ...

多家A股上市公司2025年业绩大幅预增。 深南电A（000037）1月22日晚间发布2025年度业绩预告，预计归属于上市公司股东的净利润为1.50亿— 1.80亿元，比上年同期增长584.66%—721.59%。报告期内，公司控股子公司完成土地收储及发电机组设 备等资产转让，确认资产处置损益约2.8亿—2.9亿元；同时，报告期内，公司聚焦主业提质增效，强化 经营管理，主营业务经营业绩稳步提升。 | | | 立 秋 八 八 | | --- | --- | --- | | 项目 | 本报告期 | 上年同期 | | 归属于上市 公司股东的 | 盈利:15,000 万元—18,000 万元 | 盈利: 2,190.88 万 | | 净利润 | 比上年同期增长:584.66%- | 元 | | | 721. 59% | | | 扣除非经常 性损益后的 | 亏损:7,000万元-8,600万元 | 亏损:8,750.81 万 | | 净利润 | | 元 | | 基本每股收 | 盈利:0.2489元/股-0.2986元/ | 盈利:0.0363元/股 | | 益 | 股 | | 闰土股份（002440）发布2025年度业绩 ...

Core Viewpoint - Multiple A-share listed companies are expected to significantly increase their performance in 2025, with notable growth in net profits compared to the previous year. Group 1: Company Performance Forecasts - Shenzhen Nanshan Electric (深南电A) anticipates a net profit attributable to shareholders of 150 million to 180 million yuan, representing a growth of 584.66% to 721.59% year-on-year, driven by asset disposals and improved operational management [1][2] - Lantian Co., Ltd. (闰土股份) projects a net profit of 600 million to 700 million yuan, an increase of 181.05% to 227.89% from the previous year, attributed to higher profits from active dyes and basic chemicals, as well as investment gains of approximately 330 million yuan [2][3] - Qingsong Co., Ltd. (青松股份) expects a net profit of 130 million to 165 million yuan, reflecting a growth of 137.73% to 201.74% year-on-year, supported by a recovery in the domestic cosmetics market and a significant impact from non-recurring gains of about 34 million yuan [3][4] - Tianhe Co., Ltd. (天禾股份) forecasts a net profit of 41 million to 60 million yuan, indicating an increase of 84.35% to 169.78% compared to the previous year, achieved through effective risk management and operational improvements despite a challenging agricultural market [4][5]

Core Viewpoint - Bank of America Securities initiates coverage of Hong Kong and China Gas (00003) with an "underperform" rating and a target price of HKD 6.5, citing improved profit outlook due to lower gas costs but insufficient free cash flow to cover dividends [1] Group 1: Profit Outlook - The group's profit outlook has improved this year due to a decrease in gas costs [1] - However, the free cash flow is projected to be insufficient to cover dividend payments, limiting the potential for dividend increases in the coming years [1] Group 2: Dividend Forecast - The company is expected to maintain stable dividends in the future, with a maximum dividend payout of HKD 6.5 billion, which is not fully supported by the projected free cash flow of HKD 35 billion to HKD 47 billion [1] - The current dividend yield of approximately 4.9% is comparable to other Hong Kong utility peers but is considered unattractive by Bank of America Securities [1] Group 3: Market Environment - The company faces a challenging market environment, and its restructuring efforts are unlikely to provide significant short-term benefits [1] - Net profit forecasts for 2025 to 2027 are approximately 4% lower than market expectations, further constraining the company's ability to outperform the market [1]

Group 1 - The core viewpoint of the report is that Bank of America Securities initiates coverage of Hong Kong and China Gas (00003) with an "underperform" rating and a target price of HKD 6.5 [1] - The group's profit outlook has improved this year due to a decrease in gas costs, but the free cash flow is still insufficient to cover dividends, suggesting that dividends can only be maintained at current levels in the coming years [1] - The restructuring measures of the company may not provide significant short-term benefits, and the challenging market environment, along with weaker dividend prospects compared to peers, makes the current dividend yield of approximately 4.9% unattractive [1] Group 2 - Bank of America Securities forecasts the company's net profit for 2025 to 2027 to be 4% lower than the market consensus, with free cash flow expected to range between HKD 3.5 billion and HKD 4.7 billion, which is still insufficient to cover the HKD 6.5 billion in dividends [1] - The likelihood of the company increasing its per-share dividend is considered remote, which will limit the potential for the stock to outperform the market [1]

Core Viewpoint - Daiwa has upgraded the rating of Hong Kong and China Gas (00003) from "Hold" to "Outperform" based on higher free cash flow forecasts and has raised the 12-month target price from HKD 7.1 to HKD 7.7 [1] Group 1: Financial Projections - Earnings per share (EPS) forecasts for 2025 to 2026 have been increased by 2% due to improved profitability predictions for gas and green fuel businesses [1] - The company is expected to maintain its dividend commitment, with a projected annual dividend of HKD 0.35 per share in 2025, yielding approximately 4.9% [1] Group 2: Business Performance - The recovery in profitability from the green fuel business is expected to improve the fundamentals of Hong Kong and China Gas, alongside potential spin-off of Eco Ceres after 2026, which could enhance per-share dividends [1] - The net profit for the first half of last year was negatively impacted by a net loss of RMB 130 million from Eco Ceres, primarily due to weak prices of sustainable aviation fuel (SAF) [1] - It is anticipated that the company will turn profitable in the second half of 2025, driven by a rebound in sustainable aviation fuel prices and new production capacity [1] Group 3: Market Conditions - The green fuel business is expected to see a turnaround as sustainable aviation fuel prices rose in the second half of last year, with the potential for steady growth in the first half of this year due to a low base from the previous year [1]

Core Viewpoint - Daiwa has upgraded the rating of Hong Kong and China Gas (00003) from "Hold" to "Outperform" based on higher free cash flow forecasts and has raised the 12-month target price from HKD 7.1 to HKD 7.7 using a sum-of-the-parts valuation method [1] Group 1: Financial Projections - Earnings per share (EPS) forecasts for 2025 to 2026 have been increased by 2% due to revised profit expectations for gas and green fuel businesses [1] - The company is expected to maintain its dividend commitment, with a projected annual dividend of HKD 0.35 per share in 2025, yielding approximately 4.9% [1] Group 2: Business Performance - The recovery in profitability from the green fuel business is anticipated to improve the fundamentals of Hong Kong and China Gas, alongside potential spin-off of Eco Ceres post-2026, which could enhance dividend payouts [1] - The net profit for the first half of last year was negatively impacted by a net loss of RMB 130 million from Eco Ceres, primarily due to weak prices of sustainable aviation fuel (SAF) [1] - A turnaround to profitability is expected in the second half of 2025, driven by rising prices of sustainable aviation fuel and new production capacity [1] Group 3: Market Conditions - The green fuel business is projected to experience a turnaround as sustainable aviation fuel prices increased in the second half of last year, with steady growth anticipated in the first half of this year due to a low base from the previous year [1]

Group 1 - The core viewpoint of the report is that Citigroup has revised its earnings forecast for Hong Kong and China Gas (00003) for 2025 to 2027, expecting a growth range of 2% to 5% [1] - Citigroup maintains a target price of HKD 7 for the gas company, with a neutral rating, indicating a stable outlook despite the earnings forecast revision [1] - The report highlights that the gas company's earnings for the previous year were 8% lower than market expectations, with an anticipated year-on-year decline of 2%, although core earnings are expected to remain relatively stable when excluding foreign exchange impacts [1] Group 2 - Citigroup expects the gas company to maintain a dividend of HKD 0.35 per share for the previous year, resulting in a dividend yield of 5% [1] - The report emphasizes that investors are primarily focused on the gas company's dividends [1] - In the Hong Kong utilities sector, Citigroup prefers China Resources Gas (00270), assigning it a "buy" rating with an expected dividend yield of 4.9% for the previous year [1]

Core Viewpoint - Citigroup has revised its earnings forecast for Hong Kong and China Gas (00003) for 2025 to 2027, expecting a growth range of 2% to 5% [1] Earnings Forecast - The revision of earnings estimates for the gas company is relatively moderate, maintaining a target price of HKD 7 and a neutral rating [1] - The gas company's earnings last year were 8% lower than market expectations, with a projected year-on-year decline of 2%, even when excluding foreign exchange impacts [1] Dividend Expectations - Citigroup anticipates that the gas company will maintain its dividend per share at HKD 0.35, resulting in a dividend yield of 5% [1] - The focus for investors remains on the gas company's dividends [1] Industry Comparison - In the Hong Kong public utility sector, Citigroup prefers China Resources Gas (00270), assigning a "buy" rating with an expected dividend yield of 4.9% for the previous year [1]