Macro Insights - The upcoming National People's Congress is expected to set the GDP growth target for 2026 at "4.5%-5%" and maintain a CPI target around 2%[6] - Key indicators to watch include whether the PMI can return to expansion territory and if the first quarter credit can achieve a "good start"[6] Market Performance - The overall market performance in January showed a 13.1% increase, while March saw a 31.4% rise, with a year-on-year increase of 82.3%[3] - The coal sector maintained a steady performance with a 11.3% increase in both January and March, and a 25.4% increase year-on-year[3] Investment Recommendations - Focus on sectors benefiting from price increases, such as chemicals, steel, and energy, as well as companies involved in AI and technology[9] - Recommended stocks include Yanzhou Coal Mining, Nanshan Aluminum, and Yanjing Beer, among others[9] Economic Indicators - The central bank's liquidity measures have led to a slight decline in deposit rates, maintaining a stable and loose monetary environment[14] - The carbon market saw a total transaction volume of 8.8 billion tons, with a cumulative transaction value of 587.2 billion yuan[23] Sector-Specific Trends - The environmental sector is expected to benefit from new policies in Zhejiang and Guangxi, promoting solid waste treatment and recycling[22] - The tourism market is projected to perform well throughout 2026, driven by ongoing policy support and consumer demand[26] Risks - Potential risks include unexpected changes in external environments, policy effectiveness, and geopolitical tensions[6] - The coal market faces risks from domestic production exceeding expectations and downstream demand not meeting projections[34]

产业链相关业务优势协同，福建LNG 接收站有望贡献增量。公司目前运营中石油旗下江苏如东和河北 唐山2 座LNG 接收站，另外福建LNG 接收站在建，根据福州发改委预计将于2027 年投产，有望贡献业 绩增量；基于中石油长协资源，接收站负荷率有望保持高位稳定。受益于产业协同优势，产业链相关业 务有望持续贡献稳定盈利；上游勘探与生产业务持续收缩，价格波动对公司盈利的影响或进一步弱化。 盈利预测与评级： 我们预计公司2025-2027 年分别实现归母净利润60.74/62.76/66.06 亿元，2025-2027 年 EPS 分别为0.70/0.72/0.76 元/股，按最新收盘价对应PE 分别为11/10/10 倍。公司2025 年计划派息比例 45%，当前股价对应股息率4.3%。可比公司华润燃气、新奥能源、中国燃气2025-2027 年平均PE分别为 12/12/11 倍。公司城燃量增利稳，产业链相关业务贡献稳健盈利，分红回购彰显发展信心。首次覆盖， 给予"买入"评级。 风险提示：销气量增长不及预期、上游气源成本波动风险、LNG 接收站加工费调整 机构：华源证券 研究员：查浩/刘晓宁/邹佩轩 中石油旗下唯一天 ...

证券研究报告 公用事业 | 燃气Ⅱ 港股|首次覆盖报告 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邹佩轩 SAC：S1350524070004 zoupeixuan01@huayuanstock.com 豆鹏超 doupengchao@huayuanstock.com 秦雨茁 qinyuzhuo@huayuanstock.com | 基本数据 | 年 | 02 | 月 24 | 日 | 2026 | | | --- | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | 8.35 | | | | | 一年内最高/最低（港 | | | 8.48/6.80 | | | | | 元） | | | | | | | | 总市值（百万港元） | | | 72,300.99 | | | | | 流通市值（百万港元） | | | 72,300.99 | | | | | 资产负债率（%） | | | | | | ...

摩根大通发布研报称，维持对中国燃气公用事业的审慎看法，因预计其复盖公司的全年业绩或令人失 望，且今年展望改善空间有限。该行预期行业今年将维持低增长，基于燃气销量增长疲弱、新增住宅接 驳持续下跌及燃气利润率稳定。 同时，该行将香港中华煤气(00003)评级由"增持"下调至"中性"，目标价由原先7.25港元升至7.6港元，因 其股价自去年下半年上升后，目前估值相对合理。 该行的行业首选为昆仑能源(00135)，料股东回报率达6%(计及股息及回购)，且3月有机会上调派息比率 并公布新的股息计划；予"增持"评级，目标价由原先7.8港元升至9港元。 另外，新奥能源(02688)亦获"增持"评级，因目前其A股及H股价折让达33%；如私有化取得更多进展， 折让有望收窄。予新奥能源H股目标价由原先66.5港元升至72.5港元，新奥股份（600803） (600803.SH)A股目标价由原先17元人民币升至18.5元人民币，评级"中性"。 ...

智通财经APP获悉，摩根大通发布研报称，维持对中国燃气公用事业的审慎看法，因预计其复盖公司的 全年业绩或令人失望，且今年展望改善空间有限。该行预期行业今年将维持低增长，基于燃气销量增长 疲弱、新增住宅接驳持续下跌及燃气利润率稳定。 该行的行业首选为昆仑能源(00135)，料股东回报率达6%(计及股息及回购)，且3月有机会上调派息比率 并公布新的股息计划；予"增持"评级，目标价由原先7.8港元升至9港元。 另外，新奥能源(02688) 亦获"增持"评级，因目前其A股及H股价折让达33%；如私有化取得更多进展， 折让有望收窄。予新奥能源H股目标价由原先66.5港元升至72.5港元，新奥股份(600803.SH) A股目标价 由原先17元人民币升至18.5元人民币，评级"中性"。 同时，该行将香港中华煤气(00003)评级由"增持"下调至"中性"，目标价由原先7.25港元升至7.6港元，因 其股价自去年下半年上升后，目前估值相对合理。 ...

摩根大通发表报告，维持对中国燃气公用事业的审慎看法，因预计其覆盖公司的全年业绩或令人失望， 且今年展望改善空间有限。该行预期中国燃气公用事业行业今年将维持低增长，基于燃气销量增长疲 弱、新增住宅接驳持续下跌及燃气利润率稳定。该行的行业首选为昆仑能源，料股东回报率达6%(计及 股息及回购)，且3月有机会上调派息比率并公布新的股息计划；予"增持"评级，目标价由7.8港元上调至 9港元。 ...

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 ...

| 数码通电讯(00315) | 5.190 | 5.200 | 0.97% | | --- | --- | --- | --- | | ＡＧＸ亚洲(03104) | 81.400 | 81.400 | 0.92% | | 力高健康生活(02370) | 0.990 | 1.180 | 0.85% | | 昆仑能源(00135) | 8.350 | 8.390 | 0.84% | | 鸿承环保科技(02265) | 1.190 | 1.210 | 0.83% | | 国药控股(01099) | 21.800 | 21.900 | 0.83% | | ＡＢＦ港债指数(02819) | 103.500 | 103.850 | 0.83% | | 易方达黄金矿(02824) | 14.580 | 14.720 | 0.82% | | ＰＰ新兴东盟(02810) | 80.620 | 80.620 | 0.78% | | 阳光房地产基金(00435) | 2.630 | 2.640 | 0.76% | | 港铁公司(00066) | 37.540 | 37.680 | 0.75% | | 置富产业信托(00778) ...

Group 1 - The core viewpoint of the news highlights the active performance of Hong Kong oil stocks, with notable increases in shares of China National Offshore Oil Corporation (CNOOC) and Sinopec, both rising over 2% [1] - CNOOC's stock reached a new high, while CNOOC Oilfield Services rose by 1.8%, and China Petroleum & Chemical Corporation (Sinopec) increased by over 1% [2] - The rise in oil stocks is attributed to traders' focus on the escalating tensions between the U.S. and Iran, overshadowing signals of increased supply, with WTI crude oil stabilizing around $65 per barrel [1] Group 2 - WTI crude oil prices had previously increased by over 1% on Wednesday, despite President Trump's comments aimed at reaching an agreement with Tehran following discussions with Netanyahu [1] - Traders remain concerned about potential military strikes and supply risks, indicating a cautious market sentiment [1] - The International Energy Agency (IEA) is set to release its monthly market outlook report, which may reiterate concerns about global supply surplus [1]

Group 1 - The core viewpoint of the news highlights the active performance of Hong Kong oil stocks, with notable increases in shares of China National Offshore Oil Corporation (CNOOC) and Sinopec, both rising over 2% [1] - CNOOC's stock price reached a new high since its listing, while CNOOC Oilfield Services rose by 1.8%, and China Petroleum & Chemical Corporation (Sinopec) increased by over 1% [1] - The rise in oil stocks is attributed to traders' focus on the escalating tensions between the US and Iran, overshadowing signals of increased supply, with WTI crude oil stabilizing around $65 per barrel [1] Group 2 - The report indicates that WTI crude oil prices had previously risen by over 1% on Wednesday, despite comments from Trump regarding potential agreements with Tehran [1] - Concerns about potential military strikes and supply risks continue to weigh on traders, indicating a cautious market sentiment [1] - The International Energy Agency (IEA) is set to release its monthly market outlook report, which may reiterate concerns about global supply surplus [1]