公用事业 2026年02月09日 若研究知 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 傅浩玮 A0230522010001 fuhw@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 ● 累计成交量 8.65 亿吨，累计成交额 576.63 亿元。2025 年全年配额成交量 2.35 亿吨，同比增长 约 24%，交易规模持续扩大。但受价格回落影响，成交均价 62.36 元/吨，成交额 146.3 亿元，同 比下降 19.23%。2025 年，纳入全国碳市场配额管理的重点排放单位共计 3378 家，其中发电、钢 铁、水泥和铝冶炼行业重点排放单位分别为 2087 家、232 家、962 家和 97 家。全国碳市场重点 排放单位碳减排意识持续加强，配额清缴完成情况保持在高水平，全国温室气体自愿减排交易市 场支持领域讲一步扩大，市场迎来快速扩容。自 2025 年 10 月 20 日至 ...

行 业 及 产 业 公用事业 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 傅浩玮 A0230522010001 fuhw@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 朱赫 A0230524070002 zhuhe@swsresearch.com 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 - 2026 年 02 月 09 日 碳交易市场规模持续扩大 全球气价 回落 看好 —— 申万公用环保周报(26/2/02~26/2/06) 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 ⚫ 电力：2025 年碳市场交易规模持续扩大。截至 2025 年 12 月 31 日，全国碳排放权交易市场配额 累计成交量 8.65 亿吨，累计成交额 576.63 亿元。2025 年全 ...

证券研究报告·行业跟踪周报·燃气Ⅱ 燃气Ⅱ行业跟踪周报 气温回暖，欧美气价高位回落，国内气价平稳 2026 年 02 月 09 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 谷玥 执业证书：S0600524090002 guy@dwzq.com.cn 行业走势 -8% -3% 2% 7% 12% 17% 22% 27% 32% 37% 2025/2/10 2025/6/10 2025/10/8 2026/2/5 燃气Ⅱ 沪深300 相关研究 增持（维持） [Table_Tag] [投资要点 Table_Summary] 《寒潮退潮，美气价格高位回落；欧 洲&国内气价相对平稳》 2026-02-02 《供暖需求+供应中断担忧，全球气价 上涨；关注商业航天可回收路径中稀 缺耗材，九丰能源推进剂特气份额& 价值量提升》 2026-01-25 东吴证券研究所 1 / 14 请务必阅读正文之后的免责声明部分 ◼ 价格跟踪：气温回暖，欧美气价高位回落，国内气价平稳 。截至 2026/02/06,美国 HH/欧洲 TTF/东亚 JKM ...

证券代码：600803 证券简称：新奥股份 公告编号：临 2026-006 新奥天然气股份有限公司 关于公司股东部分股份质押的公告 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： 新奥天然气股份有限公司（以下简称"公司"）控股股东 ENN GROUP INTERNATIONAL INVESTMENT LIMITED（中文名称为"新奥集团国际投资有 限公司"，以下简称"新奥国际"）持有 1,370,626,680 股公司股份，占公司总股 本的 44.27%。新奥国际本次股份质押股数为 110,000,000 股，占其持有公司股份 总数的 8.03%，占公司总股本的 3.55%。截至本公告披露日，新奥国际累计质押 110,000,000股公司股份，占其持有公司股份总数的8.03%，占公司总股本的3.55%。 公司股东新奥控股投资股份有限公司（以下简称"新奥控股"）持有 374,737,451 股公司股份，占公司总股本的 12.10%。新奥控股本次股份质押股数 为 30,000,000 股，占其持有公司股份总数的 8 ...

新奥股份公告称，公司于2026年2月5日、2月6日收到控股股东新奥国际、股东新奥控股股份质押告知 函。新奥国际持有13.71亿股，占总股本44.27%，本次质押1.1亿股，占其持股8.03%，占总股本3.55%； 新奥控股持有3.75亿股，占总股本12.10%，本次质押3000万股，占其持股8.01%，占总股本0.97%。截至 公告披露日，新奥国际及其一致行动人合计持有22.43亿股，占总股本72.47%，累计质押5.95亿股，占 其合计持股26.54%，占总股本19.23%。 ...

Group 1 - The U.S. State Department issued a security warning on February 5, urging American citizens to leave Iran due to ongoing tensions and to prepare for self-reliant exit plans [1] - China Galaxy Securities forecasts that Brent crude oil prices will range between $60-70 per barrel by February 2026, with short-term price volatility expected due to regional uncertainties [1] - As of February 6, 2026, the National Petroleum and Natural Gas Index (399439) increased by 0.51%, with notable gains from stocks such as Potential Energy (up 6.68%) and Intercontinental Oil and Gas (up 5.20%) [1] Group 2 - The National Petroleum and Natural Gas Index reflects the price changes of publicly listed companies in the oil and gas sector on the Shanghai and Shenzhen stock exchanges [1] - As of January 30, 2026, the top ten weighted stocks in the National Petroleum and Natural Gas Index include China National Petroleum, China National Offshore Oil, and China Petroleum & Chemical, collectively accounting for 66.76% of the index [1]

Group 1 - Trump announced that Mexico will stop supplying oil to Cuba as part of increased pressure on the country, although he did not provide specific details on this decision [1] - As of January, WTI crude oil prices increased by 14% month-on-month but decreased by 11% year-on-year. OPEC+ is adjusting its production strategy between market share and price stability, with an increase in production expected starting in 2025, but facing challenges from weak demand and oversupply [1] - By early 2026, geopolitical risks affecting oil prices are expected to rise, leading to potential supply constraints [1] Group 2 - As of January 30, 2026, the National Petroleum and Natural Gas Index (399439) had its top ten weighted stocks, including China National Petroleum, China National Offshore Oil, and Sinopec, which collectively account for 66.76% of the index [2] - The Petroleum ETF Penghua closely tracks the National Petroleum and Natural Gas Index, reflecting the price changes of listed companies in the oil and gas sector on the Shanghai and Shenzhen stock exchanges [2]

1、底层资产：新奥天津以其下属子公司新奥管道持有的舟山LNG管道资产项目作为底层资产。 2、产品规模：拟发行规模不超过人民币45亿元，最终发行规模以监管机构审批为准。 3、产品期限：不超过18年。 4、发行利率：根据发行时市场情况确定。 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。 为积极响应国家政策号召，改善资本结构，优化经营模式，提高资产运营效率，促进基础设施高质量发 展，新奥天然气股份有限公司（以下简称"公司"）全资子公司新奥（天津）能源投资有限公司（以下简 称"新奥天津"）拟以其下属子公司新奥（舟山）天然气管道有限公司（以下简称"新奥管道"）持有的舟 山LNG管道资产项目作为底层资产（以下简称"底层资产"）向上海证券交易所申请注册发行资产支持专 项计划（以下简称"类REITs"/"专项计划"）。公司于2026年2月2日召开第十一届董事会第七次会议，审 议通过了《关于申报发行资产支持专项计划的议案》，本议案无需提交股东会审议。具体情况如下： 一、类REITs发行方案概况 （一）方案要素 5、发行方式：面值发行。 6、交 ...

证券代码：600803 证券简称：新奥股份 公告编号：临2026-005 新奥天然气股份有限公司 关于申报发行资产支持专项计划的公告 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。 为积极响应国家政策号召，改善资本结构，优化经营模式，提高资产运营效率，促进基础设施高质量发 展，新奥天然气股份有限公司（以下简称"公司"）全资子公司新奥（天津）能源投资有限公司（以下简 称"新奥天津"）拟以其下属子公司新奥（舟山）天然气管道有限公司（以下简称"新奥管道"）持有的舟 山LNG管道资产项目作为底层资产（以下简称"底层资产"）向上海证券交易所申请注册发行资产支持专 项计划（以下简称"类REITs"/"专项计划"）。公司于2026年2月2日召开第十一届董事会第七次会议，审 议通过了《关于申报发行资产支持专项计划的议案》，本议案无需提交股东会审议。具体情况如下： 一、类REITs发行方案概况 （一）方案要素 1、底层资产：新奥天津以其下属子公司新奥管道持有的舟山LNG管道资产项目作为底层资产。 2、产品规模：拟发行规模不超过人民币45亿元，最 ...

Investment Rating - The report provides a positive outlook on the electricity and natural gas sectors, highlighting stable revenue mechanisms and growth potential in consumption and pricing [1][10]. Core Insights - The report emphasizes the importance of a refined capacity pricing mechanism for electricity generation, which aims to stabilize revenue and ensure fair compensation for various power sources [4][6]. - It notes that natural gas consumption is expected to grow, supported by favorable weather conditions and improved economic indicators, despite short-term price fluctuations [10][29]. Summary by Sections 1. Electricity: Improved Capacity Pricing Mechanism - The National Development and Reform Commission and the National Energy Administration have issued a notification to enhance the capacity pricing mechanism for electricity generation, addressing mismatches in supply and demand within the new power system [4]. - The new mechanism aims to ensure that different types of power generation, including coal, gas, and new energy sources, receive fair compensation based on their peak supply capabilities [6][7]. - The report highlights that the refined pricing structure will lead to more predictable revenue for power generation companies, reducing volatility in earnings [7]. 2. Natural Gas: Continued Growth in Consumption - The report indicates that the apparent consumption of natural gas in China is projected to grow by 0.1% in 2025, with December consumption reaching 38.57 billion cubic meters, a year-on-year increase of 1.9% [29]. - It notes that the recent cold weather has supported high natural gas prices, with the U.S. Henry Hub spot price at $7.18/mmBtu, while European prices remain elevated due to low inventory levels and geopolitical tensions [10][12]. - The report suggests that the natural gas sector will benefit from a combination of lower costs and improved pricing mechanisms, leading to a recovery in profitability for city gas companies [31]. 3. Investment Recommendations - For coal-fired power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their stable revenue sources [8]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are highlighted for their potential to improve profit margins through reduced capital expenditures [8]. - In the nuclear sector, China National Nuclear Power and China General Nuclear Power are suggested for their growth potential as new units are approved [8]. - The report also recommends focusing on integrated natural gas companies like ENN Energy and China Gas Holdings, which are expected to benefit from lower costs and increased sales [31].