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]

補充公告 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份 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。 （於香港註冊成立之有限公司） （股份代號：00270） 除上文披露的內容外，該公告中披露的所有其他資料維持不變。 承董事會命 粤海投資有限公司 執行董事、董事會主席及提名委員會主席辭任；及 未能符合上市規則第 3.27A 條之規定 茲提述粤海投資有限公司（「本公司」）日期為 2026 年 1 月 6 日的公告 （「該公告」），內容有關（其中包括）執行董事、董事會主席及提名委 員會主席辭任。除另有界定者外，本公告內所用詞彙應與該公告所界定者 具有相同涵義。 未能符合上市規則第 3.27A 條之規定 董事會進一步注意到，本公司執行董事、董事會主席及提名委員會主席白 女士辭任後，由於尚未委任新的提名委員會主席，提名委員會主席的職位 將懸空，因此本公司未能符合《香港聯合交易所有限公司證券上市規則》 （「上市規則」）第 3.27A 條之規定，其訂明發行人必須設立提名委員 會，由董事會主席或獨立非執行董事 ...

Core Viewpoint - Yuehai Investment (00270) announced that Ms. Bai Tao has submitted her resignation as the company's executive director, and consequently, she will no longer serve as the chairman of the board and the chairman of the nomination committee, effective from January 6, 2026 [1] Company Summary - Ms. Bai Tao's resignation will take effect on January 6, 2026 [1]

Core Viewpoint - Yuehai Investment (00270.HK) announced that Bai Tao has submitted his resignation as the company's executive director, and consequently, he will no longer serve as the chairman of the board and the chairman of the nomination committee, effective from January 6, 2026 [1] Company Summary - Bai Tao's resignation will take effect on January 6, 2026 [1]

董事名單與其角色和職能 自 2026 年 1 月 6 日起，粤海投資有限公司董事會及董事委員會的成員如 下： | | | 董事委員會 | 審核 | 薪酬 | 提名 | | --- | --- | --- | --- | --- | --- | | 董事會 | | | 委員會 | 委員會 | 委員會 | | 執行董事 | | | | | | | 曠 虎先生 | （董事總經理） | | - | - | - | | 曾翰南先生 | （副總經理） | | - | - | - | | 梁元娟女士 | （財務總監） | | - | - | - | | 非執行董事 | | | | | | | 王 閔先生 | | | - | - | - | | 李文昌先生 | | | - | - | - | | 賀志鋒先生 | | | - | - | - | | 獨立非執行董事 | | | | | | | 陳祖澤博士 | | | M | C | M | | 金紫荊星章、太平紳士 | | | | | | | 馮華健先生 | | | M | M | M | | 銀紫荊星章、御用大律師、資深大律師、太平紳士 | | | | | | | 鄭慕智博士 ...

Group 1 - The company announced that Ms. Bai Tao has resigned as an executive director and will no longer serve as the chairman of the board and the chairman of the nomination committee, effective from January 6, 2026 [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份 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。 曾翰南 白女士確認彼與董事會並無意見分歧，亦無任何有關彼辭任之事宜須知會 本公司股東或香港聯合交易所有限公司。 董事會衷心感謝白女士於彼在任期間為本公司所作出的寶貴貢獻。 白女士辭任後，本公司的提名委員會由四名獨立非執行董事組成，而提名 委員會主席懸空。本公司正物色合適人選以填補相關空缺，藉以遵守《香 港聯合交易所有限公司證券上市規則》的相關規定。本公司將於適當時候 就有關委任另行發出公告。 1 承董事會命 粤海投資有限公司 （於香港註冊成立之有限公司） （股份代號：00270） 執行董事、董事會主席及提名委員會主席辭任 董事會宣佈白濤女士已提出辭任本公司執行董事，並因此不再擔任本 公司董事會主席及提名委員會主席，自 2026 年 1 月 6 日起生效。 粤海投資有限公司（「本公司」）董事會（「董事會」）宣佈白濤女士 （「白女士」）因其他工作安排，已提出辭任本公司執行董事，並因此不 再擔任本公司董事會主 ...

FF301 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: | 2025年12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: | 粤海投資有限公司 | | | 呈交日期: | 2026年1月5日 | | | I. 法定/註冊股本變動 | 不適用 | | 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 00270 | 說明 | 不適用 | | | | | | | | 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 | | | 6,537,821,440 | | 0 | | 6,537,821,440 | | 增加 / 減少 (-) | | | ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating potential investment opportunities in these areas [1]. Core Insights - The 2026 long-term electricity prices are under pressure, with significant declines observed in transaction prices across various provinces, reflecting a shift in the power generation model from reliance on thermal power to a more diversified income structure [6][7]. - Natural gas consumption saw a year-on-year increase of 5.1% in November 2025, indicating a recovery in demand, particularly due to heating needs during the winter season [34]. - The report highlights the importance of optimizing the electricity market mechanism and restructuring the power generation mix as key future trends [7]. Summary by Sections 1. Electricity: 2026 Long-term Electricity Prices - The annual transaction results for 2026 show a total transaction volume of 2,724.81 billion kWh in Jiangsu, with a weighted average price of 344.19 yuan/MWh, down 16.55% from the previous year [6][8]. - Similar trends are observed in Guangdong and Anhui, with prices decreasing by 5.03% and 10.09% respectively [6][8]. - The report suggests that coastal provinces will face significant pricing pressure in 2026, as the role of thermal power shifts from being the main energy source to a regulatory support role [7]. 2. Gas: November Natural Gas Consumption - In November 2025, the apparent consumption of natural gas reached 362.8 billion m³, marking a 5.1% increase year-on-year, while the total consumption from January to November was 3,880 billion m³, a slight decline of 0.1% [34]. - The report notes that the increase in consumption is attributed to a low base from the previous year and a recovery in industrial gas demand [34]. - The report also highlights a favorable trend in natural gas pricing, with a decrease in costs due to lower international oil prices and improved supply conditions [36]. 3. Investment Analysis Recommendations - For thermal power, the report recommends companies with integrated coal and power operations, such as Guodian Power and Inner Mongolia Huadian, as well as those with significant large unit ratios like Datang Power and Huaneng International [10]. - In the hydropower sector, companies like Yangtze Power and Guotou Power are recommended due to their sufficient capacity and expected improvements in profit margins [10]. - The report suggests focusing on nuclear power companies like China Nuclear Power and China General Nuclear Power, which have stable cost structures and high utilization hours [10]. - For green energy, companies such as Xintian Green Energy and Longyuan Power are highlighted for their stable returns and increasing operational benefits from environmental value releases [10].

Core Viewpoint - The company Tianqi Materials (002709) forecasts a significant increase in net profit for 2025, projecting a range of 1.1 billion to 1.6 billion yuan, representing a growth of 127.31% to 230.63% compared to 2024 [1][3]. Financial Performance - The net profit attributable to shareholders is expected to be between 1.1 billion and 1.6 billion yuan, with a year-on-year growth of 127.31% to 230.63% [1][3]. - The net profit after deducting non-recurring gains and losses is projected to be between 1.05 billion and 1.55 billion yuan, reflecting a growth of 175.16% to 306.18% compared to the previous year [3]. - Basic earnings per share are expected to be 0.57 yuan to 0.83 yuan, up from 0.25 yuan in the previous year [3]. Market Position and Product Demand - The company has maintained a leading position in the global market for lithium-ion battery electrolytes, with a market share increasing from 28.8% in 2021 to 36.4% in 2023, producing over 390,000 tons in 2023 [4]. - The company has established 15 production bases in China, with the largest located in Jiujiang, Jiangxi Province, which is also the world's largest manufacturing base for liquid lithium hexafluorophosphate [4]. - The company has signed significant procurement contracts for electrolytes with major battery manufacturers, totaling nearly 3 million tons for the second half of 2025 [4]. Recent Trends and Future Outlook - The company's revenue has fluctuated in recent years, declining from 22.317 billion yuan in 2022 to 12.518 billion yuan in 2024, with net profit dropping from 5.714 billion yuan to 484 million yuan during the same period [4]. - Since the third quarter of this year, the price of lithium hexafluorophosphate has increased by over 240% from its low point earlier in the year, contributing to a revenue increase of 22.34% to 10.843 billion yuan and a net profit increase of 24.33% to 421 million yuan for the first three quarters of 2025 [4]. - The company currently has an electrolyte production capacity of approximately 850,000 tons and lithium hexafluorophosphate capacity of about 110,000 tons, with production nearing full capacity due to rising demand, particularly in the energy storage market [5].