智通财经网·2026-02-26 06:31Group 1 - Morgan Stanley maintains a cautious outlook on the Chinese gas utility sector, expecting disappointing full-year performance and limited improvement this year due to weak gas sales growth, declining new residential connections, and stable gas profit margins [1] - The industry is anticipated to sustain low growth this year [1] Group 2 - Kunlun Energy (00135) is the preferred choice in the sector, with an expected shareholder return rate of 6% considering dividends and buybacks, and an opportunity to increase the dividend payout ratio in March along with a new dividend plan; the rating is "Overweight" with a target price raised from HKD 7.8 to HKD 9 [1] - New Hope Energy (02688) also receives an "Overweight" rating due to a 33% discount on its A-shares and H-shares; if privatization progresses, the discount is expected to narrow; the target price for New Hope Energy's H-shares is raised from HKD 66.5 to HKD 72.5, and the target price for its A-shares is raised from RMB 17 to RMB 18.5, with a "Neutral" rating [1] - Hong Kong and China Gas (00003) has its rating downgraded from "Overweight" to "Neutral," with a target price increased from HKD 7.25 to HKD 7.6, as its stock price has risen since last year's second half, making its valuation relatively reasonable [1]