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]

Core Viewpoint - The report from Daiwa upgrades the outlook for the mainland natural gas industry to "neutral," anticipating improvements in the fundamentals of companies by 2026 [1] Industry Summary - It is expected that the sales volume of major natural gas companies in mainland China will see low single-digit growth compared to last year's low base by 2026 [1] - The gas price margin is projected to increase by 1 to 2 cents year-on-year, assuming a mild winter and no significant deterioration in competition [1] - The new connection volume for major companies is expected to decline by low to mid-double digits year-on-year, although its impact is gradually diminishing [1] Company Summary - Major companies are expected to maintain stable or slightly increased dividends year-on-year [1] - The report favors high-yield stocks such as China Gas (00384) and Hong Kong and China Gas (00003), with target prices set at HKD 8.3 and HKD 7.7 respectively, both rated as "outperform" [1] - The rating for Hong Kong and China Gas has been upgraded from "hold" to "outperform" due to potential turnaround in its EcoCeres business [1]

Core Viewpoint - The establishment and operation of financial asset investment companies (AICs) by major banks in China, particularly by joint-stock banks, is accelerating, with significant investments in emerging industries such as semiconductors, lithium mining, and solar energy [1][6]. Group 1: Investment Activities - Xingyin Investment has invested over 6 billion yuan within 45 days of its operation, focusing on traditional industries and emerging sectors [1]. - Zhaoyin Investment participated in a capital increase for Deep Blue Automotive, investing 500 million yuan to acquire a 2.4187% stake [2]. - Xinyin Jintou invested 64.42 million yuan in Shenzhen Ganghua Dingshin Clean Energy, holding a 49% stake, focusing on solar power technology services [2][4]. Group 2: Strategic Focus - Joint-stock banks' AICs are prioritizing investments in technology and emerging industries, contrasting with large banks that focus on traditional and heavy asset sectors [5]. - The investment strategy of joint-stock banks is characterized by "early and small" investments, indicating a differentiated approach from larger banks [5]. Group 3: Market Trends - As of now, there are 9 approved AICs in China, including those from major state-owned banks and joint-stock banks, indicating a shift towards a more diversified financing structure in the financial system [6]. - The expansion of AICs is expected to enhance market vitality and provide resilient financial support for the transformation and upgrading of the real economy [6].

Core Viewpoint - Daiwa has upgraded its view on the mainland natural gas industry to "neutral," anticipating improvements in the fundamentals of companies by 2026 [1] Industry Summary - It is expected that the sales volume of major natural gas companies in the mainland will see low to mid-single-digit growth compared to last year's low base by 2026 [1] - The gas price differential is projected to increase by 1 to 2 cents year-on-year, assuming a mild winter and no significant deterioration in competition [1] - The new connection volume for major companies is expected to decline by low to mid-double digits year-on-year, although the impact is gradually diminishing [1] Company Summary - Major companies are expected to maintain stable or slightly increased dividends year-on-year [1] - The company prefers high-yield stocks such as China Gas and Towngas, with target prices set at HKD 8.3 and HKD 7.7 respectively, both rated as "outperform" [1] - Towngas's rating has been upgraded from "hold" to "outperform" due to potential turnaround in its EcoCeres business [1]

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: 香港中華煤氣有限公司 呈交日期: 2026年1月6日 I. 法定/註冊股本變動 不適用 FF301 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) | 00003 | 說明 | | | | | | | | | 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 | | | 18,659,870,098 | | 0 | | 18,659,870,098 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 18,659,870,098 | | 0 | | 18,659, ...

定息票据1指与中国联通及中国移动（600941）挂钩的定息票据;定息票据2指与煤气公司、港交所及阿 里巴巴挂钩的定息票据;定息票据3指与煤气公司、港交所及阿里巴巴挂钩的定息票据。 金辉集团(00137)发布公告，于2026年1月2日，买方AdvanceRichLimited为本公司拥有约55.69%权益的间 接附属公司，订立与股票挂钩的定息票据2及定息票据3，每份的本金金额为人民币700万元。 于2025年10月2日，买方为本公司拥有约55.69%权益的间接附属公司，订立一份与股票挂钩的定息票据 1，其本金金额为人民币1000万元。 ...

"定息票据1"指与中国联通及中国移动挂鈎定息票据；"定息票据2"指与煤气公司、港交所及阿里巴巴挂 鈎定息票据；"定息票据3"指与煤气公司、港交所及阿里巴巴挂鈎定息票据。 格隆汇1月5日丨金辉集团(00137.HK)公告，于2026年1月2日，买方Advance Rich Limited为公司拥有约 55.69%权益间接附属公司，订立与股票挂鈎定息票据2及定息票据3，每份本金金额为人民币七百万 元。于2025年10月2日，买方为公司拥有约55.69%权益间接附属公司，订立一份与股票挂鈎定息票据 1，其本金金额为人民币一千万元。 ...

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].

来源：中国能源网 投资要点 全球天然气市场供需格局重塑，预计2026年起全球LNG产能集中释放，而全球需求增速2025年或放 缓，2026年或略有回升，供需宽松背景下全球天然气价格有望持续下行周期。中石化经研院预测2026年 东北亚LNG现货均价9.5~11.5美元/百万英热，TTF均价8.5~10.5美元/百万英热，下行趋势明显；而美国 受到下游需求和出口增长驱动，预计HH均价小幅上涨至3.4~3.9美元/百万英热。同时原油价格有望延续 下行趋势，EIA预测2026年布伦特原油年平均价格为55美元/桶。 华源证券近日发布燃气行业2026年度投资策略：中石化经研院预测2026年东北亚LNG现货均价9.5~11.5 美元/百万英热，TTF均价8.5~10.5美元/百万英热，下行趋势明显；而美国受到下游需求和出口增长驱 动，预计HH均价小幅上涨至3.4~3.9美元/百万英热。同时原油价格有望延续下行趋势，EIA预测2026年 布伦特原油年平均价格为55美元/桶。 以下为研究报告摘要： 国际油气价格下行趋势有望促进城燃公司成本改善、需求释放。城燃公司气源结构主要来自三桶油、海 外长协及现货等，三桶油方面，低成本国产 ...

以下为研究报告摘要： 投资要点 华源证券近日发布燃气行业2026年度投资策略：中石化经研院预测2026年东北亚LNG现货均价9.5~11.5 美元/百万英热，TTF均价8.5~10.5美元/百万英热，下行趋势明显；而美国受到下游需求和出口增长驱 动，预计HH均价小幅上涨至3.4~3.9美元/百万英热。同时原油价格有望延续下行趋势，EIA预测2026年 布伦特原油年平均价格为55美元/桶。 全球天然气市场供需格局重塑，预计2026年起全球LNG产能集中释放，而全球需求增速2025年或放 缓，2026年或略有回升，供需宽松背景下全球天然气价格有望持续下行周期。中石化经研院预测2026年 东北亚LNG现货均价9.5~11.5美元/百万英热，TTF均价8.5~10.5美元/百万英热，下行趋势明显；而美国 受到下游需求和出口增长驱动，预计HH均价小幅上涨至3.4~3.9美元/百万英热。同时原油价格有望延续 下行趋势，EIA预测2026年布伦特原油年平均价格为55美元/桶。 国际油气价格下行趋势有望促进城燃公司成本改善、需求释放。城燃公司气源结构主要来自三桶油、海 外长协及现货等，三桶油方面，低成本国产气产量高增、占比提 ...