顶层定调层层加码，从总书记定调新增长点，到能源局细化试点先行 【东吴公用】碳市场大幅扩容，版图清晰 【国金电新】两会在即 双碳高度再提，氢能再强调投资机会！_260227 2月26日，#生态环境法典首次将绿色低碳发展独立成编，并专设"应对气候变化"章节，明确了碳核算体系、碳市 场交易监管、产品碳足迹管理等核心制度；同时能源局再提非电利用目标，#推动可再生能源制氢氨醇等非电利用 规模跃升。 【东吴公用】碳市场大幅扩容，版图清晰 【国金电新】两会在即 双碳高度再提，氢能再强调投资机会！_260227 2月26日，#生态环境法典首次将绿色低碳发展独立成编，并专设"应对气候变化"章节，明确了碳核算体系、碳市 场交易监管、产品碳足迹管理等核心制度；同时能源局再提非电利用目标，#推动可再生能源制氢氨醇等非电利用 规模跃升。 顶层定调层层加码，从总书记定调新增长点，到能源局细化试点先行，#氢能产业已站在重要节点！从12月底我们 反复提示投资窗口期已经打开，重点布局政策下投资密集度最高、率先跑通经济性弹性方向。 绿醇：国内外氢能政策共振打开需求，率先投产、能保障销售渠道的绿醇生产商：#嘉泽新能、电投绿能、中 集安瑞科、中国天 ...

当丹麦马士基集团的集装箱巨轮准备加注第一滴中国绿氨，当上海港的湿垃圾变身航空燃料飞向欧洲， 这不是科幻场景，而是2025年中国能源革命的真实切片。 绿色氢氨醇，这个曾经陌生的化学组合，正在成为全球能源转型的"终极答案"。 它既是风光弃电的"蓄水池"，又是钢铁航运的"脱碳剂"，更是中国重塑全球能源话语权的新筹码。 一场静默的产业海啸，已然来临。 01. 政策"组合拳" 从蓝图到施工图的速度战 中国氢能政策的演进速度，堪称产业政策的"深圳速度"。 2024年7月，中央定调"制储输用"全链条发展，看似常规的顶层设计，实则为后续风暴埋下伏笔。 短短三个月后，国家发改委、能源局联合"亮剑"。《关于大力实施可再生能源替代行动的指导意见》 首次明确：合成氨必须用低碳氢，风光氢氨醇一体化基地要建起来。 这意味着，传统煤制氨的"舒适区"被正式打破。 更具杀伤力的是2024年6月的"煤电改造令"：到2027年，所有改造后的煤电机组必须能掺烧10%以上绿 氨。 你别小看这10%，它直接创造了数千万吨级的绿氨刚需市场，相当于给产业发了一张" guaranteed purchase order"（保底订单）。 2025年的政策精准度更 ...

2026 年 2 月 27 日 晨会速递 分析师点评 市场数据 总量研究 【宏观】特朗普能否开启"黄金时代"？——解构美国系列第十九篇 2 月 25 日，特朗普发布第二任期内首份国情咨文演讲，为 2026 年的中期选举拉开帷 幕，关税，民生、电力是三大重点议题。关税方面，将尽量维持现有关税税率，但尚 未透露退税、232 调查等具体安排；民生方面，为美国工人提供类似 401K 账户的退 休金计划是亮点，但面临财政和国会的约束；电力方面，要求美国大型科技公司自建 电厂，缓解电价担忧，费用由科技公司自行承担。 【电新】碳排放双控转型推动碳成本重估，看好绿电的非电应用——碳中和深度报告 （十四）(买入) 国内从能耗双控向碳排放双控的考核机制转变、欧盟碳关税实质落地，具备低碳或负 碳属性的资产（绿铝、绿氢氨醇、零碳园区等）将获得绿色溢价。综合考虑下游支付 溢价能力、替代经济性等因素，航运燃料绿醇、储氢固碳绿氨、氢冶金领域的非电应 用有望受益。建议关注：1）上游制氢：布局绿色氢醇氨制造的企业：电投绿能、嘉 泽新能、金风科技（A+H）、中国天楹、佛燃能源等。2）化工转型：ST 嘉澳、东华 科技。3）中游设备：华电科工、双良 ...

环境成本将显性化为碳成本，嵌入工业品定价。具备"负碳"或"低碳"属性的 资产（绿铝、绿氢氨醇、零碳园区等）将获得绿色溢价；而高碳资产（工艺落后 的火电、钢铁、水泥、电解铝等）将面临利润的侵蚀。 2026 年 2 月 26 日 行业研究 碳排放双控转型推动碳成本重估，看好绿电的非电应用 ——碳中和深度报告（十四） 要点 在全球能源转型进入深水区的当下，过去十年的主题是绿电替代火电逻辑下风光 装机的增长，那么未来十年的核心逻辑将是绿电的"非电化应用"——即通过绿 氢、绿氨、绿醇等载体，将不稳定的可再生能源转化为稳定的工业原料和热能， 从而解决钢铁、化工、航运等行业的脱碳难题。 国内从"能耗双控"向"碳排放双控"的考核机制转变，使得高能耗不再是发展 的红线，高碳排才是；欧盟碳边境调节机制（CBAM）的实质性落地，迫使中国 出口型制造企业必须寻找绿电之外的脱碳路径。这种剪刀差效应将催生出巨大的 "绿电转化"市场。我们判断，2026-2030 年将是绿氢氨醇从工程示范走向平价 商业化的关键窗口期。 绿氢是绿电的核心非电应用，是碳双控政策转向的受益方向。在钢铁（氢冶金）、 化工（绿氨、绿甲醇）行业，绿氢可替代煤炭或天然气 ...

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。 ...

Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Insights - The report highlights that warmer weather and tensions in the US-Iran situation have led to a decline in US gas prices, while European gas prices have seen a slight increase [5][10] - It notes that the domestic gas prices remain stable during the Spring Festival holiday, with a year-on-year increase in China's apparent gas consumption of 2.3% to 433.2 billion cubic meters in 2025 [28] - The report emphasizes the ongoing progress in price adjustment mechanisms across cities, which is expected to enhance profitability and valuation recovery for city gas companies [40] Price Tracking - As of February 20, 2026, the week-on-week changes in gas prices are as follows: US HH down 3.4%, European TTF up 1.1%, East Asia JKM up 1.4%, and China's LNG ex-factory price stable at 2.5 yuan/cubic meter [10][12] - The report indicates that the US gas market price has decreased due to warmer weather, with storage levels dropping by 1.5% year-on-year [15][17] Supply and Demand Analysis - The report states that European gas consumption from January to November 2025 was 396.4 billion cubic meters, reflecting a year-on-year increase of 3.5% [17] - It also mentions that the average daily gas generation in Europe has decreased significantly, with a week-on-week drop of 34.1% and a year-on-year decline of 61.9% [17] Investment Recommendations - The report recommends focusing on city gas companies that are optimizing costs and promoting price adjustments, highlighting companies such as Xinao Energy, China Resources Gas, and Kunlun Energy [52] - It suggests paying attention to companies with quality long-term contracts and flexible scheduling, such as Jiufeng Energy and Xinao Shares [52] - The report emphasizes the importance of energy independence and recommends companies with gas production capabilities like Shouhua Gas [52]

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 core viewpoint of the articles indicates that the ongoing regional tensions are driving up oil prices, with OPEC's monthly report projecting global demand for OPEC+ oil to average 42.6 million barrels per day in Q1 2026 and 42.2 million barrels per day in Q2 2026, unchanged from previous forecasts [1] - Strong demand for air travel and stable road traffic are expected to support oil demand, while the depreciation of the US dollar provides additional support for oil consumption [1] - The situation in Venezuela and Iran has escalated, leading to a sharp increase in demand for compliant oil transportation, while the supply of compliant fleet capacity is limited, pushing VLCC freight rates higher [1] Group 2 - As of February 12, 2026, the National Petroleum and Natural Gas Index (399439) rose by 1.29%, with significant increases in component stocks such as China Merchants Energy rising by 9.98%, COSCO Shipping Energy rising by 8.16%, and China Merchants South Oil rising by 5.98% [1] - The oil ETF Penghua (159697) increased by 1.32%, marking its fifth consecutive rise, with the latest price reported at 1.38 yuan [1] - The National Petroleum and Natural Gas Index reflects the price changes of publicly listed companies related to the oil and gas industry on the Shanghai and Shenzhen stock exchanges [1] Group 3 - As of January 30, 2026, the top ten weighted stocks in the National Petroleum and Natural Gas Index (399439) include China National Petroleum, China National Offshore Oil, Sinopec, and others, collectively accounting for 66.76% of the index [2]