证券研究报告 | 朝闻国盛 gszqdatemark 2026 02 02 年 月 日 朝闻国盛 美联储迎来沃什，4 大关键点 今日概览 ◼ 重磅研报 【宏观】美联储迎来沃什，4 大关键点——20260201 【宏观】物价回升如何影响税收收入？—2025 年财政回顾与 2026 年展 望——20260131 【宏观】1 月 PMI 超季节性回落的背后——20260131 【策略】月度高胜率窗口的经验与应对——20260201 【海外】优选地产、大宗和科技——2026 年 2 月海外金股推荐—— 20260131 【金融工程】短期调整不足为惧——20260201 【金融工程】择时雷达六面图：本周拥挤度指标明显弱化——20260131 【固定收益】联储换帅、市场波动与债市逻辑——20260201 【固定收益】赎纯债、降久期、增信用——债基 2025Q4 季报分析—— 20260201 【固定收益】资金平稳跨月，存单偿还地方债放量——流动性和机构行 为跟踪——20260131 【固定收益】固收+继续扩张，增配科技化工——25Q4 基金转债持仓分 析——20260131 【电新】低轨星座竞赛与太空算力革命，引爆太空光 ...

Market Overview - The Federal Reserve maintained interest rates, voting 10 to 2 to keep the federal funds rate in the range of 3.5%-3.75%[13] - The Shanghai Composite Index rose by 0.27% to 4151.24 points, while the Shenzhen Component increased by 0.09%[1] - The Hang Seng Index surged by 2.58% to 27826.91 points, marking its highest level since August 2021[1] Economic Indicators - The U.S. economy shows signs of improvement, with the Fed indicating a more cautious approach to future rate adjustments[13] - Unemployment rates are stabilizing, as noted in the Fed's policy statement[13] - The Hong Kong Monetary Authority reported a record investment return of HKD 331 billion (approximately USD 424 million) for the year 2025, with an 8% return rate[13] Geopolitical Developments - Former President Trump warned Iran to reach a nuclear agreement quickly or face severe military consequences, leading to a spike in oil prices[1] - The U.S. Treasury Secretary denied any intervention in the yen's exchange rate, reaffirming a strong dollar policy, which caused the yen to depreciate by approximately 0.7%[13] Sector Performance - Precious metals, mining, and non-ferrous metals sectors showed strong performance, with significant gains in related stocks[1] - The Hang Seng Technology Index rose by 2.53%, reflecting positive sentiment in the tech sector[1]

华润燃气(01193)发布公告，于2026年1月28日，本公司的全资附属公司华润燃气投资(中国)有限公司(华 润燃气投资(中国))已于中国发行第一期中期票据。已发行的第一期中期票据本金总额为人民币10亿元， 期限为三年，票面利率为每年1.71%。发行第一期中期票据所得募集资金将用于补充华润燃气投资(中 国)或其附属公司的流动资金。 ...

Group 1 - The core point of the article is that China Resources Gas (01193.HK) announced the issuance of its first tranche of medium-term notes amounting to RMB 1 billion, with a maturity of three years and an annual interest rate of 1.71% [1] Group 2 - The funds raised from the issuance of the medium-term notes will be used to supplement the working capital of China Resources Gas Investment (China) or its subsidiaries [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） （股份代號：1193） 內幕消息 本公告乃根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條及 香港法例第571章證券及期貨條例第XIVA部之內幕消息條文（定義見上市規則）之 規定而發出。 茲提述華潤燃氣控股有限公司（「本公司」）日期為二零二五年十二月三十一日的公 告（「該公告」），內容有關（其中包括）於中華人民共和國（「中國」）註冊擬議發行 中期票據。 本公司董事會（「董事會」）欣然宣佈，於二零二六年一月二十八日，本公司的全資 附屬公司華潤燃氣投資（中國）有限公司（「華潤燃氣投資（中國）」）已於中國發行 第一期中期票據（「第一期中期票據」）。已發行的第一期中期票據本金總額為人民 幣10億元，期限為三年，票面利率為每年1.71%。發行第一期中期票據所得募集 資金將用於補充華潤燃氣投資（中國）或其附屬公司的流動資金。 香港，二零二六年一月二十八日 於本公告 ...

Group 1: Offshore Wind Power - In 2022, the procurement capacity of offshore wind power units in mainland China reached 8.42 gigawatts, with Mingyang Smart Energy (601615.SH) leading at 2.1 gigawatts and Goldwind Technology (02208) ranking fourth at 1.2 gigawatts [1] - The stock prices of Mingyang Smart Energy and Goldwind Technology have significantly risen at the beginning of this year, driven by positive sentiment surrounding commercial aerospace and solar energy in space [1] - The report suggests investors shift their focus to Dongfang Cable (603606.SH) in the upstream wind power sector [1] Group 2: Photovoltaic Industry - The A-share photovoltaic industry index has significantly outperformed the market, driven by optimistic sentiment regarding solar energy in space and commercial aerospace [1] - The report recommends stock selection to focus on companies with strong profit growth prospects, such as Dongfang Cable, Daqo New Energy (DQ.US), and Xiexin Technology (03800) [1] - In 2022, the installed capacity of energy storage systems in China surged by 73%, with Sungrow Power Supply (300274.SZ) expected to benefit from policy reforms and rising demand in the high-end market [1] Group 3: Gas Utility Sector - The outlook for the Chinese gas utility sector is cautious due to weak growth in industrial gas consumption, limited margin improvement, and a continuous decline in new connections [2] - The warm winter in the fourth quarter of last year resulted in only slight growth in natural gas sales, with expectations that some companies may not meet their 2025 annual gas consumption guidance [2] - Kunlun Energy (00135) is identified as the only company actively engaging in capital recovery within the sector and is considered the industry favorite [2] - Caution is advised regarding China Resources Gas (01193) due to slow progress in share buybacks and weak operational trends [2]

舜宇光学科技回购数量85.00万股，回购金额5415.15万港元，回购最高价为64.000港元，最低价为63.150 港元，年内累计回购金额8.20亿港元；华润燃气回购数量105.24万股，回购金额2280.22万港元，回购最 高价为22.000港元，最低价为21.480港元，年内累计回购金额4346.61万港元；碧桂园服务回购数量 210.00万股，回购金额1317.36万港元，回购最高价为6.330港元，最低价为6.210港元，年内累计回购金 额7408.18万港元。 以金额进行统计，1月23日回购金额最多的是舜宇光学科技，回购金额为5415.15万港元；其次是华润燃 气，回购金额为2280.22万港元；回购金额居前的还有碧桂园服务、快手-W等。回购数量上看，1月23 日回购股数最多的是碧桂园服务，当日回购量为210.00万股；其次是华润燃气、中国恒有源集团等，回 购数量分别为105.24万股、100.00万股。（数据宝） 1月23日港股公司回购一览 | 代码 | 简称 | 回购股数 | 回购金额（万 | 回购最高价 | 回购最低价 | 年内累计回购金额 | | --- | --- | --- | --- ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment for renewable energy and gas companies [2][3]. Core Insights - The report highlights a slight increase in overall power generation in 2025, primarily driven by wind and solar energy contributions, while traditional coal power generation shows a decline [8][9]. - The extreme cold weather in the U.S. has led to a significant spike in natural gas prices due to increased demand and supply constraints [18][22]. - The report suggests various investment opportunities across different segments of the energy sector, including coal power, hydropower, nuclear power, renewable energy, and gas companies [18][43]. Summary by Sections 1. Power Generation - In December 2025, total power generation was 858.6 billion kWh, a year-on-year increase of 0.1%. Coal power generation decreased by 3.2%, while renewable sources like wind and solar saw significant growth [10][11]. - For the entire year of 2025, total power generation reached 9715.9 billion kWh, up 2.2% from the previous year, with coal power down by 1.0% and solar power up by 24.4% [15][19]. 2. Natural Gas - As of January 23, 2026, the Henry Hub spot price surged to $30.72/mmBtu, reflecting a week-on-week increase of 903.53%. European gas prices also rose significantly due to low inventory levels and increased demand [20][28]. - The report notes that the extreme cold weather has tightened supply and demand dynamics, leading to higher global gas prices, particularly in Europe and Northeast Asia [22][37]. 3. Investment Recommendations - For coal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their integrated coal and power operations [18]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are favored due to favorable conditions for energy storage and reduced capital expenditures [19]. - Nuclear power companies like China National Nuclear Power and China General Nuclear Power are highlighted for their stable cost structures and growth potential [18]. - Renewable energy operators such as Xinte Energy and Longyuan Power are recommended as new market rules enhance the stability of returns [18]. - Gas companies like Kunlun Energy and New Hope Liuhe are suggested for their potential recovery in profitability due to cost reductions and improved pricing mechanisms [43].

证券研究报告 公用事业 行业定期报告 hyzqdatemark 2026 年 01 月 25 日 投资评级： 看好（维持） 证券分析师 联系人 12 月进口煤量同比转正，价差扩大致进口短期回升。据海关总署数据，2025 年 12 月我国煤及褐煤进口 量为 5860 万吨，同比+11.9%，较 11 月回升 31.8pct；2025 年 1-12 月累计进口煤及褐煤 49027 万吨， 同比-9.6%，跌幅较 1-11 月缩窄 2.4pct。国内煤价于 11 月中旬快速回升，进口煤价格优势显著，订单 短暂增加，此外印尼将于 2026 年征收煤炭出口关税，一定程度上促使进口煤年底抢运，上述原因导致 12 月到港进口煤同比转正，但 12 月以来国内煤价显著下跌，进口煤价格优势已经显著缩窄，进口积极 性或再次下降，预计 2026 年 1 月进口煤同环比均有望下降。 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@hu ...

Core Viewpoint - China Resources Gas (01193.HK) announced a share buyback on January 23, spending HKD 22.802 million to repurchase 1.052 million shares at a price range of HKD 21.48 to 22 per share [1] Related Events - On January 22, China Resources Gas spent HKD 20.664 million to buy back 947,600 shares [1]