Group 1 - Kunlun Energy (00135.HK) experienced a nearly 3% increase in stock price, reaching 7.65 HKD per share [1] - The trading volume for Kunlun Energy was reported at 25.8052 million HKD [1]

Investment Rating - The report maintains an "Accumulate" rating for the gas industry [1] Core Viewpoints - The report highlights that heating demand and escalating US-Iran tensions have led to a significant increase in overseas gas prices, with US HH prices rising by 10.2% and European TTF prices soaring by 32.4% as of January 16, 2026 [5][10] - The report emphasizes the importance of the commercial aerospace sector in enhancing the value and market share of specialty gases, particularly for companies like Jiufeng Energy [5] Price Tracking - As of January 16, 2026, the week-on-week changes in gas prices are as follows: US HH +10.2%, European TTF +32.4%, East Asia JKM +16.6%, China LNG ex-factory +0.9%, and China LNG CIF +10.1%, with prices reaching 0.8, 3.3, 2.8, 2.6, and 2.6 yuan per cubic meter respectively [10][11] Supply and Demand Analysis - The report notes that the US gas price has increased due to heightened tensions in the Middle East, with a week-on-week decrease in storage levels of 710 billion cubic feet, bringing total storage to 31,850 billion cubic feet, a year-on-year increase of 2.2% [16] - European gas prices have surged due to significantly lower temperatures compared to previous years, with a reported consumption increase of 4.1% year-on-year for the first nine months of 2025, totaling 313.8 billion cubic meters [17] Domestic Market Overview - The report indicates that domestic gas prices have increased by 0.9% week-on-week, with a total apparent consumption of 392 billion cubic meters in China for the first eleven months of 2025, reflecting a year-on-year increase of 1.5% [21][26] - The domestic LNG import price averaged 3,384 yuan per ton in November 2025, showing a year-on-year decrease of 18.3% [26] Pricing Mechanism Progress - The report states that 67% of cities have implemented residential pricing adjustments, with an average increase of 0.22 yuan per cubic meter, indicating ongoing efforts to optimize costs for city gas companies [36] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the ongoing pricing adjustments, highlighting New Hope Energy, China Resources Gas, and Kunlun Energy as key investment opportunities [5] - It also suggests monitoring companies with quality long-term contracts and flexible operations, such as Jiufeng Energy and New Hope Holdings, for their potential in the commercial aerospace sector [5]

董事会认为，鉴于集团的业务及财务表现，其股份的交易价格未能充分反映其内在价值。购回股份可望 提升每股盈利及资本回报率，因此符合公司及股东的整体利益，同时亦反映董事会对集团未来发展的信 心。 昆仑能源(00135)涨近3%，截至发稿，涨2.96%，报7.65港元，成交额2580.52万港元。 消息面上，1月16日，昆仑能源发布公告，董事会已议决，其将根据现有购回授权的条款且受限公司将 于2026年举行的股东周年大会上更新购回授权，可能于本公告日期起至公司将于2027年举行的股东周年 大会结束为止期间，不时在公开市场购回最多8659万股股份(相当于截至本公告日期公司已发行股本约 1%)。公司将以现有现金资源拨付股份购回。预期任何购回的股份将于适当时候注销。根据上市规则， 每股股份的实际购回价不得高于紧接每次购回前五个交易日股份平均收市价的5%以上。 ...

董事会认为，鉴于集团的业务及财务表现，其股份的交易价格未能充分反映其内在价值。购回股份可望 提升每股盈利及资本回报率，因此符合公司及股东的整体利益，同时亦反映董事会对集团未来发展的信 心。 消息面上，1月16日，昆仑能源发布公告，董事会已议决，其将根据现有购回授权的条款且受限公司将 于2026年举行的股东周年大会上更新购回授权，可能于本公告日期起至公司将于2027年举行的股东周年 大会结束为止期间，不时在公开市场购回最多8659万股股份(相当于截至本公告日期公司已发行股本约 1%)。公司将以现有现金资源拨付股份购回。预期任何购回的股份将于适当时候注销。根据上市规则， 每股股份的实际购回价不得高于紧接每次购回前五个交易日股份平均收市价的5%以上。 智通财经APP获悉，昆仑能源(00135)涨近3%，截至发稿，涨2.96%，报7.65港元，成交额2580.52万港 元。 ...

董事会认为，监于集团的业务及财务表现，其股份的交易价格未能充分反映其内在价值。董事会认为， 购回股份可望提升每股盈利及资本回报率，因此符合公司及股东整体利益，同时亦反映董事会对集团未 来发展的信心。 格隆汇1月16日丨昆仑能源(00135.HK)公告，董事会已议决，其将根据现有购回授权条款且受限于公司 将于2026年举行股东周年大会上更新购回授权，可能于本公告日期起至公司将于2027年举行股东周年大 会结束为止期间，不时在公开市场购回最多86,590,000股股份(相当于截至本公告日期本公司已发行股本 约1%)。公司将以现有现金资源拨付股份购回。预期任何购回股份将于适当时候注销。根据上市规则， 每股股份实际购回价不得高于紧接每次购回前五个交易日股份平均收市价5%以上。 ...

Group 1 - The company, Kunlun Energy (00135), has announced a share buyback plan to repurchase up to 86.59 million shares, which represents approximately 1% of the total issued share capital as of the announcement date [1] - The buyback will be funded using existing cash resources and is expected to enhance earnings per share and capital return, reflecting the board's confidence in the company's future development [1] - The actual buyback price per share will not exceed 5% above the average closing price of the shares over the preceding five trading days [1] Group 2 - The board plans to update the buyback authorization at the shareholders' annual meeting in 2026, with the buyback period extending until the end of the annual meeting in 2027 [1] - The company believes that the current trading price of its shares does not adequately reflect its intrinsic value, prompting the decision for the buyback [1]

Core Viewpoint - Kunlun Energy (00135) has announced a share buyback plan, indicating that the board believes the current trading price does not reflect the company's intrinsic value [1] Group 1: Share Buyback Details - The company plans to repurchase up to 86.59 million shares, which is approximately 1% of the total issued share capital as of the announcement date [1] - The buyback will be funded using existing cash resources, and any repurchased shares are expected to be canceled at an appropriate time [1] - The actual repurchase price per share will not exceed 5% above the average closing price of the shares over the five trading days preceding each buyback [1] Group 2: Rationale Behind the Buyback - The board believes that the share buyback will enhance earnings per share and capital return, aligning with the overall interests of the company and its shareholders [1] - The decision reflects the board's confidence in the future development of the group [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 之 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 就 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 之 任 何 損 失 承 擔 任 何 責 任。 昆 侖 能 源 有 限 公 司 KUNLUN ENERGY COMPANY LIMITED (incorporated in Bermuda with limited liability) （股份代號：00135.HK） 內幕消息 擬進行場內股份購回 就 股 份 購 回 而 言，本 公 司 將 遵 守《上 市 規 則》、《公 司 收 購、合 併 及 股 份 回 購 守 則》（「收購守 則」）、《證 券 及 期 貨 條 例》以 及 所 有 其 他 適 用 法 律 及 法 規。預 期 股 份 購 回 將 不 會 根 據《收 購 守 則》觸 發 任 何 強 制 性 要 約 責 任。 股 東 及 潛 在 投 資 者 務 請 注 意 ...

Core Viewpoint - The report emphasizes the critical role of Sustainable Aviation Fuel (SAF) in aviation decarbonization, highlighting the scarcity and price increase of waste oil resources during the SAF production expansion cycle [1][3]. Investment Recommendations - Key recommendations include companies such as Huanlan Environment (600323), Longjing Environmental Protection (600388), and others in the environmental sector [2]. - Companies to watch include Dayu Water-saving (300021) and Lian Tai Environmental Protection (603797) [2]. Industry Insights - SAF is identified as the only feasible solution for aviation decarbonization, with a focus on the HEFA route using waste oil (UCO) as raw material. The EU mandates increasing SAF blending ratios from 2% in 2025 to 70% by 2050, with projected SAF demand reaching 3,662 million tons by 2050 [3]. - By the end of 2025, domestic SAF production capacity is expected to reach 1.2 million tons per year, with total planned capacity of 4.4 million tons per year [3]. - The price of SAF is projected to rise significantly due to supply constraints, with a potential increase of over 50% from the beginning of the year [3]. Policy Tracking - The government is set to invest over 1 billion yuan in the Yangtze River protection projects from 2025 to 2027, with a focus on sewage pipeline construction and ecological restoration [4]. - Investment suggestions include companies involved in water treatment and sewage management, such as Bihui Source and Energy Conservation Guozhen (300388) [4]. Strategic Outlook for 2026 - The strategy focuses on value and growth, emphasizing the importance of marketization and efficiency improvements in the solid waste sector, with potential dividend increases [5]. - The report highlights the significance of the dual carbon drive, with recommendations for companies involved in renewable resources and waste oil production [6]. Industry Tracking - In the sanitation equipment sector, sales of new energy sanitation vehicles increased by 64.01% year-on-year, with a penetration rate of 18.60% [7]. - The price of biodiesel has decreased, leading to a decline in profit margins, while lithium battery recycling shows improved profitability due to rising lithium prices [7].

Core Viewpoint - The report indicates a recovery in temperatures to normal levels, leading to a decline in gas prices in Europe and the US, with significant week-on-week changes in various gas price indices as of January 9, 2026 [1][2]. Price Tracking - Gas prices have decreased significantly, with US HH prices down by 27.5%, European TTF down by 5.7%, East Asia JKM down by 1.4%, and China's LNG ex-factory and import prices down by 1.4% and 4.8%, respectively, reaching 0.7, 2.4, 2.4, 2.6, and 2.3 yuan per cubic meter [1][2]. Supply and Demand Analysis - The US natural gas market saw a week-on-week price drop of 27.5% due to rising temperatures, with storage levels decreasing by 119 billion cubic feet to 32,560 billion cubic feet, a year-on-year decline of 3.5% [3]. - European gas prices fell by 5.7% as temperatures are expected to rise, with gas consumption in Europe for January to September 2025 at 3,138 billion cubic meters, a year-on-year increase of 4.1% [3]. - European gas supply increased by 5% to 112,234 GWh, with significant contributions from inventory consumption and LNG receiving stations [3]. - Domestic gas prices in China decreased by 1.4%, with apparent consumption for January to November 2025 at 3,920 billion cubic meters, a year-on-year increase of 1.5% [3]. Pricing Progress - From 2022 to 2025, 67% of cities in China implemented residential pricing adjustments, with an average increase of 0.22 yuan per cubic meter [4]. Investment Recommendations - The report suggests a favorable supply environment and cost optimization for city gas companies, with ongoing price mechanism adjustments and increasing demand [5]. - Key recommendations include companies like Xinao Energy, China Resources Gas, and Kunlun Energy, which are expected to benefit from these trends [5]. - Attention is drawn to companies with US gas sources and those involved in provincial pipeline businesses, highlighting potential risks and opportunities in the current market [5].