智通财经APP获悉，花旗发布研报称，重申对粤海投资(00270)"买入"评级，因其昨日(28日)发盈喜，预 计公司净利润同比增长43%至44.93亿港元，高于市场预期约2%，主要因为利息支出低于预期。 花旗表示，基于上述原因，将粤投今明两年净利润预测上调2.1%至2.6%。基于盈利增长及估值向前滚 动，目标价上调10%，由原先8港元升至8.8港元。该集团预测2025年派息率达6.3%，具有吸引力且在同 行中最高，仍是花旗在香港公用股的首选。 ...

本报告期内，公司公用事业等主营业务保持稳定发展。公司通过联营公司持有的金融资产收益较上年同 期增加，导致公司业绩较上年同期有较大幅度上升。 格隆汇1月29日丨大众公用(600635.SH)公布，经财务部门初步测算，预计2025年年度实现归属于母公司 所有者的净利润为35,000万元到50,000万元，同比增加50.12%到114.46%。预计2025年年度实现归属于 母公司所有者的扣除非经常性损益的净利润为18,500万元到27,500万元，同比变动-10.44%到33.13%。 ...

大众公用1月29日公告，预计2025年度归母净利润3.5亿元-5亿元，同比增长50.12%-114.46%。本报告期 内，公司公用事业等主营业务保持稳定发展。公司通过联营公司持有的金融资产收益较上年同期增加， 导致公司业绩较上年同期有较大幅度上升。 ...

大众公用公告称，预计2025年年度归属于母公司所有者的净利润为3.5亿元到5亿元，同比增加1.17亿元 到2.67亿元，增幅为50.12%到114.46%；扣非净利润为1.85亿元到2.75亿元，与上年同期相比变 动-2157.05万元到6842.95万元，同比变动-10.44%到33.13%。业绩预增主要因公用事业等主营业务稳定 发展，联营公司持有的金融资产收益增加。本次业绩预告未经审计，具体以2025年年度报告为准。 ...

花旗发表研报指，粤海投资昨日发盈喜，预计净利润按年增长43%至44.93亿港元，高于市场预期约 2%，主要因为利息支出低于预期。集团预测2025年派息率达6.3%，具吸引力且在同行中最高。该行将 粤投今明两年净利润预测上调2.1%至2.6%，基于盈利增长及估值向前滚动，目标价由8港元升至8.8港 元，重申"买入"评级，仍是该行在香港公用股首选。 ...

2025年下半年，香港真实世界资产（RWA）进入实质性落地阶段。在金融机构率先推进链上国债、票据与基金通证化之后，实体产业开始成为RWA新的 扩展方向。其中，中华煤气旗下子公司"名气通"以境外银行授信为底层资产完成通证化结构搭建，成为香港公用事业领域首个制度化RWA样本。 与此前以金融资产为主的RWA项目不同，该案例的核心意义不在于单一融资创新，而在于验证了一条可复制的产业路径：即在成熟监管体系下，将传统 产业信用资产纳入链上金融系统，实现"产业信用+区块链金融"的协同运行。这一模式为公用事业、基础设施、新能源等长期资本密集型行业提供了新的 融资工具，也标志着RWA开始从金融机构主导阶段，迈入实体产业深度参与的新周期。 从行业演进角度看，中华煤气项目并非个别事件，而是2025年RWA由概念验证走向规模化应用的重要节点，其资产结构选择与技术路径设计具备清晰的 行业示范价值。 中华煤气本次RWA项目并未直接将燃气管网、数据中心或基础设施资产上链，而是选择以名气通获得的境外银行授信额度作为底层资产载体。这一设计 体现了产业RWA在早期阶段的现实路径：优先选择金融属性明确、权属结构清晰、现金流稳定的信用类资产作为起点 ...

Investment Rating - The industry investment rating is "Overweight" for both Utilities and Environmental sectors [8]. Core Insights - The carbon pricing market is undergoing a value reconstruction driven by both policy and market forces, with carbon prices expected to stabilize at 150-200 RMB/ton by 2030 [3][7]. - The green certificate market is currently underperforming, with prices at only 8% of the carbon price, indicating significant potential for value release [5][7]. - The upward pressure on electricity prices is anticipated from both carbon costs and green certificate revenues, with wholesale electricity prices projected to increase by 10% to 385 RMB/MWh [6]. Summary by Sections Carbon Price Trends - Carbon prices peaked at 98 RMB/ton by the end of 2024 but fell to a low of 38 RMB/ton in 2025 due to declining energy prices and increased renewable energy capacity [4]. - As of January 2026, carbon prices have stabilized at an average of 73 RMB/ton, supported by compliance demand from the power sector and the expansion of carbon markets in heavy industries [4]. Green Certificate Market - The average price of green certificates was 4.2 RMB per certificate in 2025 and increased to 5.5 RMB in 2026, still significantly lower than carbon prices [5]. - The low price of green certificates is attributed to the incomplete integration with the carbon market and insufficient market demand for green electricity [5]. Electricity Price Dynamics - Current carbon and green certificate prices are expected to push wholesale electricity prices from 350 RMB/MWh to 385 RMB/MWh, with further increases anticipated if carbon prices rise to 150-200 RMB/ton [6]. - If green certificate prices align with carbon prices, wholesale electricity prices could increase by 24-31% [6]. Future Outlook - The carbon market is expected to transition from "soft constraints" to "hard constraints" by 2027, with a gradual tightening of quotas and an increase in the proportion of paid allowances [7]. - Policies are being established to link the environmental value of green certificates with carbon reduction values, which may enhance the economic viability of green electricity [7].

智通财经APP获悉，中信证券发布研报称，展望2月，在港股业绩预期已有显著调整，叠加内外部资金 面的扰动因素也已告一段落，判断港股2025年12月下旬以来的春季行情或将延续，整体呈现春节前大盘 股有相对收益，政策方向支持的成长行业表现更优的态势。春季后需关注下一个解禁高峰期或对港股流 动性预期的影响。短期建议关注三大主线：1)"十五五"政策方向，包括生物制造、具身智能、6G等;2) 政策推动基本预期逆转的外卖平台和地产;3)受益于春季躁动的非银。 港股市场存在较为明显的春季躁动行情。 过去十一年港股的春季躁动行情中，恒指平均收益率为2.4%，期间平均周度胜率达70.8%。其中， 2019/2021/2023年表现较为亮眼，平均涨幅达10.6%。而2016年和2024年由于分别受熊市末端和流动性 冲击，春季躁动区间跌幅分别为12.0%和7.6%，直至春节后行情才逐步展开。对比而言，港股的春季躁 动更多集中在1月份，而A股的春季躁动更多集中在2月份。资金流维度，2015-2025年的十一年中，南 向历年1月和1+2月净流入占全年比例平均分别为19.3%和27.9%，但若剔除2018年(1+2月净流入体量超 过全年) ...

Group 1: Profit Trends - In 2025, the cumulative profit of national industrial enterprises increased by 0.6% year-on-year, reversing a three-year decline[3] - December 2025 saw a significant profit increase of 18.4% year-on-year, reaching 5.3%[4] - The profit margin improved by 15.5 percentage points compared to previous months, indicating a recovery in profitability[4] Group 2: Revenue and Costs - December 2025 revenue decreased by 3.2% year-on-year, a decline of 3.0 percentage points from the previous value[4] - The cost structure for every 100 yuan of revenue in December included costs of 83.6 yuan, expenses of 10.7 yuan, and profit contributions from investment income of 5.6 yuan[5] - The "investment income + other income" significantly improved, suggesting a strong performance in the stock market and commodity prices[5] Group 3: Sector Performance - The profit share of the midstream sector rose to 40.7%, while upstream and downstream sectors saw varying performance[6] - High-tech manufacturing sectors, such as integrated circuit manufacturing, showed remarkable growth rates of 172.6% and 128.0% respectively[6] - The profit growth gap between "anti-involution" and "non-anti-involution" industries narrowed to -2.6 percentage points, indicating a convergence in performance[6] Group 4: Inventory and Economic Outlook - The inventory-to-sales ratio increased, indicating a need for further domestic demand policies to stimulate the economy[7] - Overall, the industrial profit trend suggests a positive outlook for early 2026, supported by anticipated policy measures and a favorable base effect[7] - Risks include potential policy changes, geopolitical tensions, and unexpected economic downturns in the U.S.[7]

浙商国际表示，看好行业相对景气且受益于政策利好的新能源、创新药、AI科技等；业绩和股价走势 稳健且受益于政策利好的低估值国央企红利板块；基本面相对独立且受益于降息周期的香港本地银行、 电信及公用事业红利股。另外，我们认为港股2026春季表现将由"AI应用+PPI改善+扩大内需"三轮驱 动，建议关注相关优质标的。 值得关注的标的： 1月28日盘中，港股短线走高，恒生指数涨超1%创4年多新高，恒生科技指数涨超0.7%。消息面上，阿 里通义开源Qwen3-TTS，百度、腾讯先后宣布旗下AI应用春节发放数亿元现金。花旗预计阿里巴巴的 通义千问也将加入红包促销行列。从历史上看，春节活动能有效帮助互联网公司为其消费级应用吸引大 量关注。花旗预计2026年活动后，中国AI助手应用的采用将快速推进。 网罗港股消费核心资产：港股消费ETF（513230）； 全球医药全产业链代表：恒生医药ETF（159892）； 汇集中国AI科技概念公司：恒生互联网ETF（513330）。 港股核心宽基：恒生ETF（159920）； AI+平台经济：恒生科技指数ETF（513180）； ...