本周二开始，美国大部分地区已被严寒笼罩。这场极端寒潮预计将推动居民和商业取暖需求大幅激增， 电力发电需求也将同步上升，天然气价格当天大幅飙升26%。 这场寒潮打破了今年原本偏暖的冬季格局。受哈得逊湾上空高空低压系统影响，北极冷空气持续向南扩 散，超2亿美国民众将遭遇冰点以下的严寒，明尼苏达州等地区的体感温度甚至会降至零下30华氏度 （近零下35摄氏度）。 目前北极冷空气已经席卷美国东半部，同时，一场强冬季风暴的风险持续攀升，预计从得克萨斯州一路 蔓延至中大西洋地区。美国国家气象局表示，一股 "极寒"的北极气团将导致东北部和中西部地区的气 温较常年偏低15华氏度-25华氏度（约合8摄氏度-13摄氏度），且截至1月末的天气展望仍为严寒。 美国国家气象局预报，本周五前，落基山脉南部、大平原地区和南部各州将遭遇强冬季风暴，出现强降 雪、冻雨天气，风暴后续将在周末向东部海岸移动。零度以下的严寒天气将深入得克萨斯州并席卷整个 南部地区，同时当地还面临冰雹和强降雪的风险。 市场担忧重现1996年暴雪灾情， 值得注意的是，随着得克萨斯州当地气温将降至冰点以下，油田或因冻害停工，进而导致天然气产量下 降。此前，阿巴拉契亚和二叠 ...

Industry Developments - China's electric vehicle charging facilities have surpassed 20 million, establishing the world's largest electric vehicle charging network capable of supporting over 40 million new energy vehicles [2] - In 2025, the total electricity consumption in the Southern Power Grid region is expected to reach 1.7994 trillion kWh, marking a 5.4% year-on-year increase and a 37.8% increase compared to the end of the 13th Five-Year Plan [2] - By 2025, the renewable energy utilization rate of green computing facilities in China is projected to exceed 70% [3] - The sales revenue of high-energy-consuming manufacturing industries in China is expected to decrease by 1.1 percentage points compared to the previous year, indicating ongoing optimization of the industrial structure [3] - The sales revenue of the new energy vehicle manufacturing industry is expected to grow by 14.3%, while the lithium-ion battery manufacturing industry is projected to grow by 25.1% [3] Company News - Huaneng Shidao Bay Nuclear Power Company is offering a 20% stake for transfer, with a base price of approximately 152.37 million yuan [7]

Core Viewpoint - The company has approved a guarantee limit of up to 36 billion RMB for the year 2025 to support financing and daily procurement needs of its subsidiaries and joint ventures [1] Group 1: Guarantee Approval - The company's board of directors and shareholders have approved the proposal for the 2025 guarantee limit during the 22nd meeting of the 10th board and the third extraordinary general meeting of 2024 [1] - The approved guarantee limit is based on the previous year's balance and is intended for the company's subsidiaries, joint ventures, and affiliated companies [1] Group 2: Guarantee Implementation - As of December 31, 2025, the company and its subsidiaries have provided a total external guarantee balance of 20.132 billion RMB, with no overdue guarantees reported [5] - The guarantees provided to related parties amount to 0 RMB, while the company has provided a joint liability guarantee of 2.3 million RMB to a joint venture [5] Group 3: Necessity and Reasonableness of Guarantees - The guarantees are deemed necessary and reasonable based on the normal operational needs of subsidiaries and joint ventures, with stable operations and good credit status of the guaranteed parties [5] - The guarantees do not harm the interests of the company or minority shareholders and will not adversely affect the company's normal operations and business development [5]

据哥伦比亚《新世纪》1月20日报道，哥国家石油公司正在评估在美国可 能放松对委内瑞拉制裁的前提下，重启从邻国进口天然气的可行性。报道称 称，哥国家石油公司正等待美国总统特朗普与哥总统佩特罗下月会晤的结果， 再决定是否与委内瑞拉方面展开直接谈判。分析指出，美国目前的制裁政策曾 阻碍哥委之间的天然气合作，若美方调整对委内瑞拉的制裁措施，哥委有望重 新启动合作。 （原标题：哥伦比亚考虑重启从委内瑞拉进口天然气） ...

Group 1 - A widespread winter storm is expected to hit the United States, leading to a significant increase in demand for heating and power generation fuels, which has caused a surge in U.S. natural gas futures prices [1][3] - The National Weather Service has issued winter storm warnings, blizzard warnings, and alerts for low temperatures and ice across multiple regions, resulting in a spike in natural gas prices, with February futures rising approximately 26% to $3.907 per million British thermal units [3] - Analysts predict that the severe cold weather may lead to a notable increase in heating bills for U.S. households, with the National Energy Assistance Directors Association estimating that average winter heating costs could approach $1,000, significantly higher than previous years [5]

Group 1 - Pinduoduo was fined 100,000 yuan by the Shanghai tax authority for failing to submit tax information as required by regulations [1] - The tax violation involved not reporting tax information for platform operators and employees for the third quarter of 2025 [1] - Pinduoduo was given a deadline to rectify the issue but failed to comply, leading to the fine [1] Group 2 - The U.S. stock market saw a decline, with the Dow Jones falling by 1.82%, Nasdaq by 2.42%, and S&P 500 by 2.07% [7] - Major tech stocks like Nvidia, Google, Apple, and Amazon experienced significant drops, with Nvidia falling over 4% [7] - The market's downturn was attributed to rising geopolitical tensions and increased tariffs proposed by the U.S. government [7] Group 3 - The Science and Technology Innovation Board (STAR Market) index surged by 3.53%, driven by strong performances in the gold and semiconductor sectors [10] - The total trading volume in the Shanghai and Shenzhen markets reached 26,236 billion yuan, indicating a slight decrease from the previous day [10] - Gold and resource stocks saw substantial gains, with several stocks hitting their daily limit up [10] Group 4 - The number of 5G users in China has exceeded 1.2 billion, with 483.8 million 5G base stations built [15] - China holds a 42% share of global essential patent declarations for 5G technology [15] - The second phase of 6G technology trials has recently commenced, following the completion of the first phase [15]

Core Viewpoint - ST Jin Hong (Jin Hong Holdings) is facing significant financial pressure due to a overdue loan of 76 million yuan, which constitutes 205.12% of the company's latest audited net assets, indicating a critical liquidity issue [1][2] Financial Condition - The overdue loan of 76 million yuan exceeds the company's net assets, which were reported at 37.05 million yuan at the end of 2024 and further declined to -11.1 million yuan by the end of Q3 2025, indicating insolvency [2] - The company's debt-to-asset ratio has been increasing, reaching 86.47% at the end of 2023 and further rising to 94.06% by the end of 2024, significantly above the industry average of 46.36% as of Q3 2025 [2] - For the first three quarters of 2025, the company reported a net loss of 46.23 million yuan, although this was a 51.43% reduction year-on-year, with total revenue of 910 million yuan reflecting a 4.38% decline [2] Debt Issues - Historical debt issues remain unresolved, including the "15 Jin Hong Bond" issued in 2015, which defaulted in 2018, with some principal and interest still unpaid as of December 2025 [3] - The company has provided guarantees for its subsidiaries, accumulating a total of 1.574 billion yuan in guarantees, all of which are overdue, exacerbating liquidity pressures [3] Operational Performance - The profitability of the core business, natural gas transportation, has weakened, with an overall gross margin of only 8.02% for the first three quarters of 2025, down from 14.94% in the same period of 2024 [3] - Research and development expenditures have sharply decreased, falling by 42.05% to 3.1215 million yuan in 2024, representing only 0.24% of revenue, limiting the company's technological competitiveness [3] Industry Environment - The natural gas industry is significantly affected by energy price fluctuations and policy regulations, with ST Jin Hong, as a regional gas company, having limited bargaining power [3] - The net cash flow from operating activities was 72.94 million yuan for the first three quarters of 2025, maintaining positive inflow but down 50.94% year-on-year, indicating a declining ability to cover debts with cash flow [3] - There is a risk of entering a vicious cycle of declining revenue, worsening cash flow, and increasing debt defaults if future collections do not meet expectations [3]

1月20日，管网单日供气量达到1 0.67亿立方米， 创新高 。 在山东，多地最低气温已跌破- 10 ℃ ，管网工作人员重点强化场站及管线冰堵防范措施，最大限度降低极端天气对管网运行造成的风 险，确保输气系统安全稳定运行。 国家管网集团山东公司市场部经理 马云飞： 受寒潮影响，山东天然气管道日下载量迅速攀升至超7900万立方米，单日增幅38%，刷新 了我们单日天然气下载量历史纪录。 在位于河南的南阳作业区，工作人员对关键场站、阀室及埋地管道进行全覆盖排查，针对低温天气可能引发的设备冻堵风险，运维人员 对阀门、仪表等易冻部位加装伴热装置，开展预防性维护。 在国家管网调控中心，工作人员通过压缩机效率监测平台实时监测机组运行效率，及时调整运行流程和机组配置，确保天然气管网超 150台压缩机组运行平稳，提前将管网管存提升至36亿立方米以上。 最近，寒潮导致我国多地出现断崖式降温，我国主干天然气管网迎峰保供压力加大。 来源：央视新闻客户端 1月2 0日，管网单日供气量达到了创新高的1 0.67亿立方米，各地也忙着做好管网巡检维护，保障居民用气。 End 欢迎分享给你的朋友！ 出品 | 中国能源报（c ne ne rgy ...

Core Viewpoint - The announcement details the upcoming natural gas auction by CNOOC Bohai (Binzhou) Energy Co., Ltd. in collaboration with the Shanghai Petroleum and Natural Gas Exchange, scheduled for January 22, 2026, in response to national market-oriented reforms in the natural gas sector [1][9]. Group 1: Auction Details - The auction will take place on January 22, 2026, from 14:00 to 15:00 [1][9]. - Registration for the auction is open from January 21 to January 22, 2026 [1][9]. - The product being auctioned is natural gas, with delivery scheduled from January 31, 2026, to February 28, 2026 [1][9]. Group 2: Transaction Parameters - The auction will utilize a bidding model, with a minimum bid quantity of 280,000 cubic meters and a maximum bid increment of 0.03 yuan per cubic meter [3][12]. - The bidding process will follow a price and time priority rule, where higher bids are prioritized, and in case of ties, the earlier bid is favored [3][13]. - The transaction price will be inclusive of taxes, and the final settlement price will be based on the actual transaction price [3][12]. Group 3: Financial Requirements - A deposit of 10% of the bid amount is required, along with a transaction service fee of 0.1% [2][11]. - Both the deposit and service fee must be paid by the day before the auction [2][11]. - Successful bidders must promptly complete prepayment after winning the auction [2][11]. Group 4: Eligibility Criteria - Participants must have signed a natural gas sales contract with the Binzhou pipeline and possess a good performance record without major breaches [5][14]. - Companies must be members of the Shanghai Exchange and have completed third-party bank custody agreements [5][14]. - Interested companies must submit an application form and relevant certification materials by January 22, 2026, at 11:30 [5][15]. Group 5: Transaction Process - The settlement price will be executed based on the actual transaction price, with an electronic contract generated post-transaction [6][15]. - Participants are advised to familiarize themselves with the trading system and ensure sufficient funds for deposits and fees [6][16]. - The auction will adhere to principles of fairness, justice, and openness, with the interpretation rights held by the Binzhou pipeline and the Shanghai Exchange [7][16].

SHPGX导读：1月21日，海关总署全球贸易监测分析中心和上海石油天然气交易中心联合发布的中国LNG综合进口到 岸价格指数显示，1月12日-18日中国LNG综合进口到岸价格指数为128.74，环比上涨0.95%，同比下跌18.64%。 从LNG综合进口到岸价格指数来看，1月12日-18日中国LNG综合进口到岸价格指数为128.74点，近期指数窄幅波动。 主要原因是，占进口体量绝大多数的中长协部分，定价所挂钩对应计价期内的国际原油价格波幅较小；而对于小部分 的进口现货而言，因计价周期的缘故，目前的到岸价格指数中现货部分的定价周期主要在2025年12月中旬，该时间段 内现货价格震荡下跌，但现货采购需求较为低迷。综合影响下，LNG综合进口到岸价格震荡运行。 中国LNG综合进口到岸价格指数编制由海关总署全球贸易监测分析中心和上海石油天然气交易中心合作完成，于2019 年10月16日首次面世，以价格形式发布，自2020年9月23日起调整为以指数形式发布，该指数以2018年第一日历周为 基期（当周中国LNG综合进口到岸价格为2853元/吨，价格指数为100），综合反映上周我国LNG进口到岸的价格水 平。 本文来源 | 上 ...