摩根大通发表报告，维持对中国燃气公用事业的审慎看法，因预计其覆盖公司的全年业绩或令人失望， 且今年展望改善空间有限。该行预期中国燃气公用事业行业今年将维持低增长，基于燃气销量增长疲 弱、新增住宅接驳持续下跌及燃气利润率稳定。该行的行业首选为昆仑能源，料股东回报率达6%(计及 股息及回购)，且3月有机会上调派息比率并公布新的股息计划；予"增持"评级，目标价由7.8港元上调至 9港元。 ...

Group 1: Offshore Wind Power - In 2022, the procurement capacity of offshore wind power units in mainland China reached 8.42 gigawatts, with Mingyang Smart Energy (601615.SH) leading at 2.1 gigawatts and Goldwind Technology (02208) ranking fourth at 1.2 gigawatts [1] - The stock prices of Mingyang Smart Energy and Goldwind Technology have significantly risen at the beginning of this year, driven by positive sentiment surrounding commercial aerospace and solar energy in space [1] - The report suggests investors shift their focus to Dongfang Cable (603606.SH) in the upstream wind power sector [1] Group 2: Photovoltaic Industry - The A-share photovoltaic industry index has significantly outperformed the market, driven by optimistic sentiment regarding solar energy in space and commercial aerospace [1] - The report recommends stock selection to focus on companies with strong profit growth prospects, such as Dongfang Cable, Daqo New Energy (DQ.US), and Xiexin Technology (03800) [1] - In 2022, the installed capacity of energy storage systems in China surged by 73%, with Sungrow Power Supply (300274.SZ) expected to benefit from policy reforms and rising demand in the high-end market [1] Group 3: Gas Utility Sector - The outlook for the Chinese gas utility sector is cautious due to weak growth in industrial gas consumption, limited margin improvement, and a continuous decline in new connections [2] - The warm winter in the fourth quarter of last year resulted in only slight growth in natural gas sales, with expectations that some companies may not meet their 2025 annual gas consumption guidance [2] - Kunlun Energy (00135) is identified as the only company actively engaging in capital recovery within the sector and is considered the industry favorite [2] - Caution is advised regarding China Resources Gas (01193) due to slow progress in share buybacks and weak operational trends [2]