Core Viewpoint - The commodity market is at a critical turning point influenced by geopolitical tensions and supply shortages, with specific forecasts for various commodities through 2026 [1][20]. Oil Market - The short-term oil market is driven by geopolitical premiums, with a price target of $70 per barrel for Brent crude, influenced by tensions in Iran and the Russia-Ukraine conflict, as well as export disruptions in Kazakhstan and Libya [3][6]. - However, the long-term outlook is bearish due to expected supply surplus and policy pressures, particularly from the U.S. government aiming for lower oil prices [6][20]. Precious Metals - In the precious metals sector, silver is expected to outperform gold, with target prices set at $100 per ounce for silver and $5,000 for gold, driven by current market momentum and capital flows [7][20]. - The report suggests that these high price levels may trigger hedging actions from producers and central banks [7]. Base Metals - Aluminum is identified as having the most structural opportunity, facing a significant supply deficit, with short-term price targets of $3,400 per ton and mid-term targets of $3,500 [8][20]. - In contrast, copper is forecasted to reach $14,000 per ton, but the confidence in this projection has weakened significantly since December, with a warning that January may be the peak for the year [11][20]. Lithium Market - The lithium market has seen a rebound of over 50%, primarily due to supply constraints from delays in mining operations and tightening policies [12][14]. - Citigroup has raised the three-month price target for lithium carbonate to $25,000 per ton, reflecting strong demand from battery manufacturers [13][20]. - Despite the short-term strength, there is a cautious long-term outlook for lithium prices, anticipating downward pressure as supply increases [14]. Natural Gas and Agriculture - The natural gas market is expected to face long-term supply surplus challenges, with bearish views on LNG and European TTF gas prices starting from 2027 [15][20]. - In agriculture, a bullish outlook is maintained for most commodities, with sugar prices expected to rebound in 2026 due to increased demand from China and changes in Brazilian production [19][20].

■■高碳能源替代的"主力军"， 夯实转型基础 相较于煤炭、石油等高碳化石能源，天然气碳排放强度优势显著，且几乎不产生颗粒物、二氧化硫等污 染物。相较于风电、光伏等可再生能源，天然气具备供应稳定、调节灵活、存储便捷等突出特点，能够 有效弥补新能源出力间歇性、随机性、波动性短板。 天然气作为近中期降低能源碳强度的重要抓手，在工业、民生、电力等重点领域的替代作用持续凸显。 在工业领域，冶金、石化、化工、建材等重化工行业是碳减排重点领域，天然气替代煤炭空间广阔。统 计数据显示，目前煤炭在我国工业终端用能消费量约为7.9亿吨/年，对应二氧化碳排放超过14亿吨。通 过天然气替代工业锅炉、工业窑炉燃料，既能显著降低碳排放，又能同步提升生产效率和产品质量。在 发电领域，"减煤增气"是降低电力行业碳排放的重要路径。在民生领域，北方清洁取暖工程深入推进, 天然气成为"煤改气"的能源品种,为空气质量改善提供了有力支撑。以北京市为例，通过大规模"煤改 气"，煤炭消耗量从2013年的2019万吨降至2024年的不足60万吨，同期天然气消费量实现翻番，增至195 亿立方米，占全市能源消费总量的1/3。规模化天然气消费推动空气质量持续改善 ...

| 企业(集团)名称 | 企业(集团)名称 | | --- | --- | | 中国石油天然气集团有限公司 | 中国诚通控股集团有限公司 | | 中国石油化工集团有限公司 | 中国中煤能源集团有限公司 | | 中国海洋石油集团有限公司 | 中国煤炭科工集团有限公司 | | 国家石油天然气管网集团有限公司 | 中国机械科学研究总院集团有限公司 | | 国家电网有限公司 | 中国钢研科技集团有限公司 | | 中国南方电网有限责任公司 | 中国化学工程集团有限公司 | | 中国华能集团有限公司 | 中国盐业集团有限公司 | | 中国大唐集团有限公司 | 中国建材集团有限公司 | | 中国华电集团有限公司 | 中国有色矿业集团有限公司 | | 国家电力投资集团有限公司 | 中国稀土集团有限公司 | | 中国长江三峡集团有限公司 | 中国有研科技集团有限公司 | | 国家能源投资集团有限责任公司 | 矿冶科技集团有限公司 | | 中国电信集团有限公司 | 中国国际技术智力合作集团有限公司 | | 中国联合网络通信集团有限公司 | 中国建筑科学研究院有限公司 | | 中国移动通信集团有限公司 | 中国中车集团有限公司 | ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600803 证券简称：新奥股份 公告编号：临2026-001 新奥天然气股份有限公司 关于2021年及2025年限制性股票激励计划部分股票回购注销实施的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 回购注销原因 1、新奥天然气股份有限公司（以下简称"公司"）2021年限制性股票激励计划中首次授予的9名激励对象 第四个解除限售期（即2024年度）个人绩效评价结果为"不合格"，2名激励对象因离职已不符合激励对 象条件，上述合计95.25万股由公司以授予价格加上银行同期存款利息之和回购注销；预留授予的2名激 励对象第四个解除限售期（即2024年度）个人绩效评价结果为"不合格"，其对应第四个解除限售期可解 除限售的限制性股票5.00万股不得解除限售，由公司以授予价格加上银行同期存款利息之和回购注销。 2、公司2025年限制性股票激励计划中首次授予的1名激励对象因离职已不符合激励对象条件，1名激励 对象因工作岗位调整已不符合激励对象条件，上述合计3 ...

Core Viewpoint - China Datang has taken on the political responsibility of energy supply security, achieving significant advancements in power generation capacity and supply during the "14th Five-Year Plan" period, contributing to national energy strategy and enhancing public welfare [1][2]. Group 1: Power Generation and Supply - The installed power generation capacity of China Datang has reached 220 million kilowatts, with a cumulative power generation of 30.4 trillion kilowatt-hours, accounting for approximately 7% of national electricity supply [1]. - The company has established a reliable and green energy supply system for Beijing, supplying over 50% of the capital's electricity and more than 13% of its natural gas [2]. - The renewable energy generation capacity has increased by over 50% year-on-year, with new energy installations reaching 5.49 million kilowatts, a 170% increase compared to the same period in 2023 [2]. Group 2: Heating Supply - China Datang operates 58 heating plants and 11 heating enterprises, providing heating for over 9.6 billion square meters, with a total heating volume of 16.48 billion gigajoules [3]. - The company has implemented innovative heating solutions, transitioning from traditional methods to low-carbon and smart heating systems, achieving a 5.98% year-on-year increase in total heating volume [4]. Group 3: Safety and Reliability - The company has conducted 59 major inspections and completed maintenance on 334 units, addressing 355 significant defects to ensure stable and economic operation [5][6]. - The non-stop operation count has decreased by 105 times, a reduction of 68.62%, while the equivalent availability factor of units has improved from 93.12% to 93.48% [6]. Group 4: Fuel Supply and Management - China Datang has maintained coal inventory levels between 16 to 17 million tons during peak seasons, with a winter inventory of 17.19 million tons, ensuring a supply duration of 31.7 days [8]. - The company has significantly increased its coal production from 11.2 million tons to 40 million tons during the "14th Five-Year Plan" period, enhancing self-sufficiency in coal supply [9].

每经AI快讯，1月14日，德龙汇能(000593.SZ)发布异动公告，近五年，公司燃气供应及其相关收入占总 收入比例均超过90%。目前公司经营情况及内外部经营环境未发生重大变化，公司仍聚焦天然气主业。 公司控股股东北京顶信瑞通科技发展有限公司于2025年10月28日与东阳诺信芯材企业管理合伙企业签订 了《股份转让协议》，拟通过协议转让方式向诺信芯材转让公司股份106,280,700股，占公司总股本的 29.64%。本次控制权变更事项正在推进中，尚未办理过户登记，存在不确定性，敬请投资者注意投资 风险。 ...

人民财讯1月14日电，德龙汇能(000593)1月14日发布股票交易异常波动公告称，公司股票交易价格连续 2个交易日收盘价格涨幅累计偏离21.76%，目前公司股价已严重偏离公司基本面，未来存在快速下跌的 风险。近五年，公司燃气供应及其相关收入占总收入比例均超过90%。目前公司经营情况及内外部经营 环境未发生重大变化，公司仍聚焦天然气主业。公司控股股东顶信瑞通拟通过协议转让方式向诺信芯材 转让公司股份1.06亿股，占公司总股本的29.64%。此次控制权变更事项正在推进中，尚未办理过户登 记，存在不确定性。 转自：证券时报 ...

德龙汇能公告称，公司股票交易价格连续2个交易日（2026年1月13日、1月14日）收盘价格涨幅累计偏 离21.76%，属于异常波动。目前公司经营及内外部环境未变，仍聚焦天然气主业。截至1月14日，公司 收盘价17.41元/股，静态市盈率327.81，市净率7.14，与行业差异大，股价或快速下跌。此外，控股股 东拟转让29.64%股份，控制权变更未过户，存在不确定性。 ...

Core Insights - The International Energy Agency (IEA) has released its latest report on global energy trends for 2024, highlighting significant growth in energy demand and the role of renewable energy in meeting this demand [2][3] Energy Demand Growth - Global energy demand is projected to grow by 2.2% in 2024, surpassing the average annual growth rate of 1.3% from 2013 to 2023 [2] - Emerging markets and developing economies account for 80% of the increase in energy demand, while developed economies show signs of recovery with nearly 1% growth after years of decline [2] Electricity Consumption - Global electricity consumption is expected to increase by nearly 1,100 terawatt-hours (TWh), representing a 4.3% year-on-year growth, which is double the average annual growth rate over the past decade [2] - Factors driving this surge include record high temperatures, increased industrial electricity use, accelerated electrification of transportation, and rapid growth in data centers and AI industries [2] Renewable Energy Capacity - Renewable energy is set to dominate the new electricity capacity additions, with an expected increase of around 700 gigawatts (GW) in 2024, marking the 22nd consecutive year of record growth [2] - In 2024, 80% of the increase in global electricity generation will be met through renewable energy and nuclear power, with both sources collectively surpassing a 40% share for the first time [3] Fossil Fuel Consumption Trends - Natural gas consumption has seen the highest growth among fossil fuels, with a year-on-year increase of 115 billion cubic meters, reflecting a 2.7% rise, significantly above the average growth of 75 billion cubic meters over the past decade [3] - In contrast, oil demand growth has slowed to just 0.8%, with its share of global energy demand falling below 30% for the first time, largely due to the active electric vehicle market [3] - Coal demand growth has also decreased to 1% in 2024 [3] Carbon Emissions and Clean Technology - The acceleration of clean energy technologies has effectively suppressed the growth of energy-related carbon dioxide emissions, with a slight increase of 0.8% in 2024, totaling 3.78 billion tons [4] - Since 2019, the large-scale adoption of technologies such as solar, wind, nuclear, electric vehicles, and heat pumps has led to an annual reduction of 2.6 billion tons of CO2, equivalent to 7% of global emissions [4] - Structural changes in global energy demand, including the slowdown in oil demand growth and the strengthening role of electricity, are reshaping the energy landscape and highlighting the impact of the clean technology revolution on traditional energy systems [4]

在数千米深的地下"穿针引线"。普光气田是我国首个投入规模开发的特大型深层高含硫气田，已高 效开发20年。为实现长期稳产目标，中国石化不断寻找新的资源补充，将目光锁定到普光二叠系。普光 探区二叠系超深层页岩气资源量丰富，但资源大都分布在埋深超过4500米的超深领域，地表、地下"双 复杂"导致地层速度变化快，追踪难度极大，被业界视为"深地禁区"。为攻克这一"重量级"难题，中国 石化持续展开攻关，探索形成创新处理技术，实现了水平段优质页岩钻遇率100%，钻探精度堪比"在千 米深的地下穿针引线"，最终，成功钻探铁北1侧HF井。 自主研发压裂装备，在高压地层中开辟出纵横交错的"人造气路"。针对铁北1侧HF井超深层页岩气 藏存在的地层压力高、应力差大及灰岩夹层多等改造难点，攻关团队应用中国石化自主研发的175兆帕 超高压压裂装备，采用超高压高排量穿层扩缝等改造模式，"一段一策"现场动态优化参数，在地下5300 米的高压地层中开辟出一条纵横交错的"人造气路"。超深水平井体积压裂的顺利实施，可将气藏最深、 最远处的资源全部收入囊中，助力实现气藏效益开发最大化。 中原油田首席专家彭君表示，目前，中原油田着手编制普光探区二叠系页 ...