| --- | --- | --- | --- | --- | |------------------------------------------|-------|-------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | | www.ccxi.com.cn | | | | | | 特别评论 | | | | 中诚信国际 基础设施投融资行业 | | 2024 年 9 月 | | | | 非重点省份城投产业化转型启示：如何实 现优势产业导入 | | 目录 | | | ...

| --- | --- | --- | --- | --- | |-------------------|---------------------------------|-------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

| --- | --- | --- | |-------------------------------------------------------------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | www.ccxi.c ...

| --- | |--------------------------------------------------------------| | | | 双双回落，通胀压力处于可控范围 --12 年展望 ,2022年1 月12日 | | --- | --- | |---------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 1 2 20 02 24 4 年 年第 9 月 48 10 期 日 | 月价格数据点评 通胀水平延续回落、物价稳中 进出口数据点评 宏观经济 | | | 外需韧性及抢出口支撑出口小幅回升， 进口增速 ...

| --- | --- | --- | --- | |-----------------|---------------------------------|-------|--------------------------------------------------------------------------------------------------------------------------------------| | www.ccxi.com.cn | | | | | | 特别评论 | | 中诚信国际 交通运输行业 | | | 2024 年 9 月 | | 交通运输行业中期信用观察：稳中有进，仍具潜力 | | 目录 | | | 要点 | | 要点 | | 1 | | | | | | 2024 年上半年我国航空客货运输均延续较好增长态势，其中 | | 主要关注因素 | 2 | | 国内客运在全面复苏后仍保持稳健增长、国际客运约恢复至 | | 航空运输行业 | | 2 | 2019 年同期八成，货运量达到历史最好水平；主要航空公司 | | 机场行业 | | 6 | 经营业绩进一步改善， ...

| --- | --- | --- | --- | --- | --- | |-------------|------------------|-----------------------------------------------------------|-------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | www.ccxi.com.cn | | | | 中诚信国际特别评论 | | | | | | | 中诚信国际 | | | 2024 | 年 9 月 特别评论 | | | 中国电子行业 | | | | | | | 中国消费电子产 ...

www.ccxi.com.cn 2024 年 9 月 目录 要点 1 主要关注因素 2 结论 8 附表 12 联络人 作者 柯 维 027-87339288 wke@ccxi.com.cn 李转波 027-87339288 zhbli@ccxi.com.cn 其他联络人 龚天璇 027-87339288 txgong@ccxi.com.cn 中诚信国际 特别评论 中国城市燃气行业 中国城市燃气行业中期信用观察——天然 气价格重回俄乌冲突前水平，供需两旺叠 加上下游定价政策调整支撑城燃企业盈利 修复 要点 全球天然气市场深度调整后逐渐走向再平衡，2024 年上半年供需整体 宽松，国际天然气价格已恢复至俄乌冲突爆发前水平。中诚信国际预 计 2024 年下半年，全球天然气市场供需延续相对宽松态势，但地缘 政治紧张、极端气候等不确定性因素犹存。 2024 年上半年，我国天然气进口依存度仍较高，随着国际天然气价格 走低，进口气恢复式增长，国产气继续发挥"压舱石"作用；工业用 气快速增长拉动国内天然气消费量重回高增长轨道，国内市场呈"供 需两旺"局面。中诚信国际认为，2024 年下半年，多气源补充下我国 天然气供应预计相 ...

| --- | --- | --- | |------------------|--------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | www.ccxi.com.cn | | | | | | | | | 特别评论 | 中诚信国际 监管趋严之下，小贷行业将何去何从？ | | | 2024 年 8 月 | ——小贷《新规》解读 | ...

www.ccxi.com.cn 特别评论 2024 年 09 月 目录 | --- | --- | |--------------|-------| | | | | | | | 要点 1 | | | 主要关注因素 | 2 | | 结论 6 | | 联络人 作者 企业评级部 刘 莹 010-66428877 yliu02@ccxi.com.cn 其他联络人 刘 洋 010-66428877 yliu01@ccxi.com.cn 中诚信国际 中国钢铁行业 2024 年钢铁行业：凛冬已至，孰能星河长明？ 钢铁行业 2024 年以来延续供需两弱的格局，钢企盈利情况明显分化，对外部 融资依赖度升高。但得益于资金面较为宽松的大背景，上半年债券发行和银 行融资渠道较为通畅，目前流动性压力可控。考虑到行业景气度复苏仍然存 在较大不确定性，现阶段产品结构一般、成本控制能力弱、债务期限结构不 合理或在建拟建项目投资规模大的钢企面临的流动性压力或将进一步加大。 要点 2024 年以来，钢铁行业主要下游消费领域需求仍整体处于"弱复 苏"状态，主要原燃料成本虽震荡下降，但相较于钢价，原燃料 价格仍较为坚挺，且需求不及预期和原燃料价格下 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The global natural gas market is gradually rebalancing after deep adjustments, with overall supply and demand being loose in the first half of 2024, and international natural gas prices have returned to pre-conflict levels [2][18] - China's natural gas import dependence remains high, with imports recovering as international prices decline, while domestic production continues to play a stabilizing role [5][18] - The domestic market is experiencing a "supply and demand boom," driven by rapid growth in industrial gas consumption [5][18] Summary by Sections Global Natural Gas Market - The global LNG supply is expected to grow by 2.3% year-on-year in the first half of 2024, with a strong recovery in demand, particularly from the Asian industrial sector, leading to a 3% increase in global natural gas consumption [2][5] - Major market prices have returned to pre-conflict levels, with North American HH prices averaging $1.98 per million British thermal units, down 28.3% year-on-year [2][5] Domestic Natural Gas Supply and Demand - In the first half of 2024, China's natural gas import volume reached 90.2 billion cubic meters, a year-on-year increase of 14.8%, with pipeline gas imports at 37.7 billion cubic meters and LNG imports at 52.5 billion cubic meters [5][7] - Domestic natural gas production was 123.5 billion cubic meters, a year-on-year increase of 4.4%, accounting for about 5% of global production [5][7] Pricing and Policy Adjustments - The pricing policy of China National Petroleum Corporation (CNPC) has been adjusted to unify pricing for residential and non-residential gas, with expected stable procurement prices for city gas companies [9][10] - The implementation of a price linkage mechanism has improved the purchase and sale price difference for city gas companies [11][18] Financial Performance of Gas Companies - In the first half of 2024, 13 out of 18 sample companies reported a year-on-year increase in total revenue, with an overall revenue growth of 3.99% [15][18] - The profitability of city gas companies is gradually recovering, with an increase in the purchase and sale price difference contributing to improved financial performance [14][18] Capital Expenditure and Debt Management - The overall debt scale of the industry remained stable compared to the beginning of the year, with a slight decrease in total assets and debts [16][18] - Capital expenditures are primarily concentrated in large gas companies, with many firms reducing their capital spending [14][18]