Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) announced the incentive income for executives of central enterprises for the 2022-2024 term, with a total of 87 enterprises disclosing their incentive income figures. Group 1: Incentive Income Overview - The total incentive income for central enterprise executives consists of annual salary and term incentive income, with the latter being distributed every three years [1]. - Notable figures include: - Jiao Houliang, Chairman of China National Petroleum Corporation, with an incentive income of 86.21 million RMB for the 2022-2024 term [1]. - Ma Yongsheng, Chairman of Sinopec, with an incentive income of 84.81 million RMB [3]. - Wang Dongjin, Chairman of China National Offshore Oil Corporation, with an incentive income of 86.06 million RMB [4]. Group 2: Specific Executive Incentive Income - Zhang Wei, Chairman of the National Oil and Gas Pipeline Group, has an incentive income of 78.17 million RMB [6]. - Meng Zhenping, Chairman of China Southern Power Grid, has an incentive income of 83.54 million RMB [8]. - Temperature of incentive income varies across different enterprises, with some executives like Liu Mingsheng from China Power Investment Corporation receiving 26.02 million RMB for the 2022-2024 term [13]. Group 3: Additional Notable Executives - Chen Zhongyue, Chairman of China Unicom, has an incentive income of 80.49 million RMB [17]. - Xu Peng, from China First Automobile Group, has an incentive income of 82.54 million RMB [23]. - Wang Xianming, Chairman of China Resources Group, has an incentive income of 82.44 million RMB [54].

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].

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 東方電氣股份有限公司 （「本公司」）(於中華人民共和國註冊成立的股份有限公司) 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01072 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 408,000,000 | RMB | | 1 RMB | | 408,000,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 408,000,000 | RMB | | 1 RMB | | 408,000,000 | ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment due to policy improvements and market dynamics [1]. Core Insights - The report highlights the recent improvements in the capacity pricing mechanism for power generation, which aims to stabilize revenue and enhance the profitability of various power sources [6][10]. - It notes a slight increase in natural gas consumption in 2025, with a projected growth of 0.1% year-on-year, indicating a stable demand outlook for the gas sector [32]. Summary by Sections 1. Power Sector: Capacity Pricing Mechanism Improvement - The National Development and Reform Commission and the National Energy Administration have issued a notification to enhance the capacity pricing mechanism for power generation, addressing mismatches in supply and demand within the new energy system [6]. - The new mechanism introduces differentiated pricing for various types of regulatory power sources, ensuring that their capacity value is adequately compensated [7]. - A unified compensation standard for peak capacity across different power sources is established, promoting rational investment and resource allocation in the power sector [8][10]. 2. Gas Sector: Continued Growth in Natural Gas Consumption - Natural gas consumption in China is expected to reach 385.7 billion cubic meters by December 2025, reflecting a year-on-year increase of 1.9% [32]. - The report emphasizes the impact of cold weather on gas prices, with global prices remaining high, particularly in the U.S. and Europe, which supports the profitability of gas companies [13][19]. - The report suggests that the gas sector will benefit from a combination of lower costs and improved demand, particularly for city gas companies, with recommendations for several key players in the market [34]. 3. Weekly Market Review - The report notes that the public utility, power, gas, and environmental sectors underperformed relative to the Shanghai and Shenzhen 300 index during the week of January 24 to January 30, 2026 [36]. 4. Company and Industry Dynamics - As of the end of 2025, the total installed power generation capacity in China reached 3.89 billion kilowatts, a year-on-year increase of 16.1%, with significant growth in solar and wind power installations [43]. - The report includes various company announcements, highlighting performance forecasts and operational updates from key players in the energy sector [44].

Core Viewpoint - The production of AC electric motors in China is projected to decline slightly in 2025, with a year-on-year decrease of 1.1% in December and a cumulative decrease of 0.5% for the entire year [1]. Group 1: Industry Overview - The total production of AC electric motors in China for the year 2025 is expected to reach 34,988.5 million kilowatts [1]. - The production volume in December 2025 is forecasted to be 33,220,000 kilowatts [1]. Group 2: Related Companies - Listed companies in the AC electric motor sector include Wolong Electric Drive (600580), Jiadian Co., Ltd. (000922), China Electric Motor (603988), Shanghai Electric (601727), and Dongfang Electric (600875) [1]. Group 3: Research Report - The report titled "2026-2032 China AC Electric Motor Industry Market Development Research and Investment Prospects" has been published by Zhiyan Consulting, a leading industry consulting firm in China [2].

Core Viewpoint - The report highlights significant target price increases for several listed companies from January 26 to February 1, with notable mentions including Baili Tianheng, Zexing Pharmaceutical, and Great Wall Motors, indicating strong bullish sentiment in the market for these stocks [1][2]. Target Price Increases - Baili Tianheng (688506) has a target price increase of 375.97%, with a highest target price set at 1322.00 yuan [2]. - Zexing Pharmaceutical (688266) shows a target price increase of 88.56%, with a highest target price of 166.16 yuan [2]. - Great Wall Motors (601633) has a target price increase of 83.66%, with a highest target price of 38.00 yuan [2]. - Other companies with notable target price increases include Industrial Fulian (601138) at 73.31% and CATL (300750) at 71.71% [2][3]. Broker Recommendations - A total of 265 listed companies received broker recommendations during the period, with Qingdao Bank receiving the highest number of recommendations at 8 [3][4]. - Other companies with multiple recommendations include Xian Dao Intelligent and Wancheng Group, each receiving 5 recommendations [3][4]. Rating Adjustments - Eight companies had their ratings upgraded, including Shanghai Jahwa (600315) from "Hold" to "Buy" and ZTE Corporation (000063) from "Cautious Buy" to "Buy" [5][6]. - Two companies had their ratings downgraded, including Jincheng Shares (603396) from "Buy" to "Hold" and Huasheng Group (603018) from "Buy" to "Hold" [6]. First-Time Coverage - During the same period, 75 instances of first-time coverage were reported, with notable ratings including Shaanxi Tourism (603402) receiving a "Outperform Industry" rating and Bichu Electronics (688188) receiving a "Buy" rating [7].

据了解，阿伊萨风电项目于2017年开始启动建设，东方电气与业主埃塞俄比亚电力公司签署总承包合 同。项目设计总装机容量120兆瓦，安装48台单机2.5兆瓦的风电机组。目前，第一阶段32台风电机组已 完成安装，开始并网发电。 埃塞俄比亚电力公司首席执行官阿谢比尔·巴尔查说，埃塞的索马里州地区拥有丰富的风能、太阳能和 天然气资源。阿伊萨风电项目作为埃塞重要绿色能源基础设施，投产后将为亚吉铁路经济走廊建设提供 可靠电力保障，并提升埃塞俄比亚对吉布提的电力出口能力。 新华社亚的斯亚贝巴2月1日电由中国企业承建的埃塞俄比亚阿伊萨风电项目1月31日在该国东部的索马 里州举行投产发电仪式，埃塞总理阿比、吉布提总统盖莱、索马里总统马哈茂德等出席。 阿比在活动现场表示，清洁能源对于埃塞的长期经济发展至关重要，阿伊萨风电项目体现了埃塞通过利 用当地资源实现自力更生的追求。"感谢埃塞俄比亚电力公司、承建该项目的中国东方电气集团以及该 地区的人民，感谢你们为项目第一阶段的完工所作的贡献。" 来源：新华社 作者: 刘方强 ...

新华社亚的斯亚贝巴2月1日电（记者刘方强）由中国企业承建的埃塞俄比亚阿伊萨风电项目1月31日在 该国东部的索马里州举行投产发电仪式，埃塞总理阿比、吉布提总统盖莱、索马里总统马哈茂德等出 席。阿比在活动现场表示，清洁能源对于埃塞的长期经济发展至关重要，阿伊萨风电项目体现了埃塞通 过利用当地资源实现自力更生的追求。"感谢埃塞俄比亚电力公司、承建该项目的中国东方电气集团以 及该地区的人民，感谢你们为项目第一阶段的完工所作的贡献。"据了解，阿伊萨风电项目于2017年开 始启动建设，东方电气与业主埃塞俄比亚电力公司签署总承包合同。项目设计总装机容量120兆瓦，安 装48台单机2.5兆瓦的风电机组。目前，第一阶段32台风电机组已完成安装，开始并网发电。埃塞俄比 亚电力公司首席执行官阿谢比尔·巴尔查说，埃塞的索马里州地区拥有丰富的风能、太阳能和天然气资 源。阿伊萨风电项目作为埃塞重要绿色能源基础设施，投产后将为亚吉铁路经济走廊建设提供可靠电力 保障，并提升埃塞俄比亚对吉布提的电力出口能力。（完） ...

Group 1 - The core viewpoint of the article highlights a decline in China's industrial boiler production, with a reported decrease of 12.8% year-on-year in December 2025, resulting in a total production of 18.8 million tons for the year, which is an 8.9% cumulative decline [1][2]. Group 2 - The listed companies in the industrial boiler sector include Huaguang Huaneng (600475), Chuanrun Co., Ltd. (002272), Hailu Heavy Industry (002255), Huaxi Energy (002630), and Dongfang Electric (600875) [1]. - The data source for the production statistics is the National Bureau of Statistics, and the analysis is provided by Zhiyan Consulting, a leading industry consulting firm in China [2].

Group 1 - The core viewpoint of the article highlights the recent expansion of energy storage companies in both domestic and international markets, with multiple orders being secured [2] - Zhiguang Electric has signed three orders for solar-storage-diesel microgrid projects in the Democratic Republic of the Congo, utilizing customized containerized energy storage solutions [3] - Zhiguang Electric has also entered the Malaysian market, signing a supply and service agreement to deliver 150 units of fully liquid-cooled integrated machines by 2026, indicating a strategic focus on overseas markets [5] Group 2 - Zhiguang Electric anticipates turning a profit in 2025, projecting a net profit of 110 million to 160 million yuan, a significant turnaround from a loss of 326 million yuan in the previous year, reflecting a year-on-year growth of 133.69% to 149.01% [5] - Dongfang Electric's subsidiary has successfully won a bid for a 200 MW/400 MWh independent energy storage project in Shandong, which is crucial for the development of a new energy system and green energy transition [6] - Dongfang Electric has also signed a contract for a solar-storage project in Uzbekistan, which is the largest integrated solar-storage project in the region, further emphasizing the company's growth in the energy storage sector [8]