Summary of Key Points Core Viewpoint - The report highlights the top short-selling stocks in the market, indicating significant investor sentiment and potential market movements based on short-selling ratios and amounts. Group 1: Top Short-Selling Ratios - The top three stocks with the highest short-selling ratios are New World Development (100.00%), Hang Seng Bank (95.70%), and JD.com (92.60%) [1][2] - Other notable stocks with high short-selling ratios include Lenovo Group (90.03%) and Xiaomi Group (89.73%) [2] Group 2: Top Short-Selling Amounts - Tencent Holdings leads in short-selling amount with 2.243 billion, followed by Xiaomi Group at 1.941 billion and Alibaba at 1.288 billion [1][2] - Other significant short-selling amounts include Meituan (842 million) and Ctrip Group (815 million) [2] Group 3: Top Short-Selling Deviation Values - Hang Seng Bank has the highest deviation value at 47.89%, followed by Xiaomi Group at 40.17% and Lenovo Group at 35.95% [1][2] - Other stocks with notable deviation values include JD.com (35.62%) and New World Development (35.46%) [2]

Core Viewpoint - The China Securities Hong Kong 300 Infrastructure Index (H300 Infrastructure) has shown positive performance, with a 2.81% increase over the past month, a 5.08% increase over the past three months, and an 11.50% increase year-to-date [2] Group 1: Index Performance - The H300 Infrastructure Index is currently reported at 1935.88 points [1] - The index reflects the overall performance of listed companies in various sectors such as banking, transportation, resources, infrastructure, logistics, and leisure [2] Group 2: Index Composition - The top ten weighted companies in the H300 Infrastructure Index are: China Mobile (33.75%), Cheung Kong (8.46%), CLP Holdings (8.25%), China Telecom (5.48%), Hong Kong and China Gas (4.88%), Power Assets Holdings (4.68%), China Unicom (3.86%), ENN Energy (3.12%), China Resources Power (2.53%), and CK Infrastructure Holdings (2.48%) [2] - The index is composed entirely of companies listed on the Hong Kong Stock Exchange, with a sector breakdown of 53.10% in telecommunications services, 41.42% in utilities, 4.22% in construction and decoration, and 1.27% in transportation [2] Group 3: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December [3] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3]

Investment Rating - The report initiates coverage with a "Buy" rating for Hong Kong and China Gas Company Limited [5] Core Views - The company has a robust profit and cash flow base from its Hong Kong gas business, while its growth-oriented businesses provide new momentum for expansion [2][18] - The flexible pricing adjustment mechanism is a key reason for the high profit margins in the Hong Kong gas business [2][34] - The company is expanding its gas business in mainland China, with significant growth in sales volume and recovery of profit margins [4][57] Summary by Sections Hong Kong Gas Business - The gas tariff consists of an effective charging table and fuel adjustment fee, with a tiered pricing model that encourages higher consumption [2][28] - Hong Kong's natural gas consumption has remained stable, with a projected consumption of 27,159 TJ (approximately 730 million cubic meters) in 2024, reflecting a year-on-year increase of 0.1% [3][35] - The EBIT for the Hong Kong utility business has been stable, with a projected increase to nearly HKD 50 billion in 2024, resulting in an EBIT margin of 46.3% [3][48] Mainland Gas Business - The company has expanded its mainland gas business since 1994, with sales volume increasing from 19.5 billion cubic meters in 2017 to 36.36 billion cubic meters in 2024, representing a CAGR of 9.3% [4][51] - The unit sales price difference in the mainland gas business has improved to HKD 0.52 per cubic meter by the end of 2024 [4][60] Growth-Oriented Businesses - The renewable energy business, primarily through the subsidiary Honghua Smart Energy, has seen rapid growth, with a compound annual growth rate of 154% in distributed photovoltaic installations from 2021 to 2024 [74] - The company is actively developing green methanol and hydrogen fuel supply, with significant production targets set for 2028 [81][84] Financial Projections - The company is expected to achieve revenues of HKD 578.1 billion, HKD 605.6 billion, and HKD 632.8 billion from 2025 to 2027, with respective year-on-year growth rates of 4.2%, 4.7%, and 4.5% [5][92] - The net profit forecast for the same period is HKD 61.6 billion, HKD 65.9 billion, and HKD 69.4 billion, with year-on-year growth rates of 7.9%, 6.9%, and 5.4% [5][92]

Core Viewpoint - The Chinese natural gas industry is playing an increasingly important role in ensuring energy security and promoting green transformation amid the global energy transition and "dual carbon" goals. The domestic production is steadily increasing, import scale is expanding, and infrastructure is improving, leading to a more competitive market structure [1]. Group 1: Supply Chain and Resource Management - The diversification of gas supply and the lowering of trade barriers are becoming important trends in the industry, enhancing resource security and storage capacity [3]. - Hong Kong and China Gas has set a basic goal of "ensuring supply and reducing costs" to stimulate internal dynamics for urban gas business development through an integrated and diversified business model [1][5]. - The company is actively expanding its medium- and long-term resource scale through cooperation with upstream partners like PetroChina, Sinopec, and CNOOC, optimizing resource structure and matching demand [5][7]. Group 2: Infrastructure and Storage Capacity - The LNG receiving stations play a crucial role in the natural gas supply chain, and the company is expanding its import procurement channels to enhance the stability and risk resistance of the gas supply chain [5][7]. - The underground gas storage facilities are vital for seasonal peak shaving and emergency supply, with the company supplying over 700 million cubic meters of gas to 35 urban gas enterprises [13]. - The company plans to increase its gas well scale to 40 and storage capacity to over 1.8 billion cubic meters by 2030, establishing itself as a key emergency peak-shaving base in the Yangtze River Delta [13]. Group 3: Market Strategy and Business Model Innovation - The company is implementing a "one enterprise, one policy" differentiated strategy to assist downstream enterprises in overcoming challenges and enhancing efficiency [9]. - The company is focusing on external cooperation with various gas companies and large urban gas groups to enhance resource sharing and business innovation [11]. - The company is innovating its business model by introducing a "gas storage bank" concept, allowing for flexible resource flow through various transactions [17][19]. Group 4: Future Outlook - The company aims to leverage the national energy structure transformation and natural gas market reform to build an integrated platform for production, supply, storage, and sales, enhancing supply chain resilience and supporting high-quality development in the natural gas industry [19].

Core Viewpoint - Hong Kong and China Gas Company Limited (00003.HK) has shown resilience in its stock performance, reaching a near one-year high, while also demonstrating significant net inflow of capital, indicating investor confidence in the company's future prospects [1] Company Overview - Established in 1862, Hong Kong and China Gas Company is the oldest public utility in Hong Kong and one of the largest energy suppliers in the region, with world-class management and operations [1] - The company has evolved from supplying gas for street lighting to providing safe and reliable energy solutions across various sectors in Hong Kong [1] Market Expansion - The company entered the mainland market in 1994 and currently operates over 970 projects across 29 provincial regions in China, including renewable energy solutions such as solar photovoltaic systems, urban pipeline gas, and water supply [1] - Recent initiatives focus on clean energy solutions, including hydrogen energy, marine green methanol, and sustainable aviation fuel, aligning with the company's vision for carbon neutrality [1]

粤港澳即将共同承办第十五届全国运动会(十五运会)和全国第十二届残疾人运动会暨第九届特殊奥林匹克运动会(残特奥会)，香港中华煤气大力支持及赞 助，并提供氢能相关方案，为区域体育和绿色城市发展作出积极贡献。 日前，香港中华煤气营运总裁—香港业务郑晓光出席十五运会和残特奥会倒计时100日香港赛区活动，与香港特区行政长官李家超、中央人民政府驻香港 特区联络办公室主任周霁、及十五运会组织委员会副主任兼秘书长、广东省委常委王曦等嘉宾共同迎接此次国家体育盛事。 香港中华煤气营运总裁 — 香港业务郑晓光 ( 左七 ) 出席第十五届全国运动会和全国第十二届残疾人运动会暨第九届特殊奥林匹克运动会倒计时 100 日活动 ( 香 港赛区 ) 。 ( 香港特区政府新闻处图片 ) 作为十五运会和残特奥会香港赛区银贡献机构，香港中华煤气全力支持赛事，提供低碳能源方案，实践大会「绿色办赛」理念，推动香港迈向可持续发展 的绿色城市。 ...

Core Viewpoint - Bid International Holdings (01949) has announced the sale of 159,000 shares of CLP Holdings (00002) and 1,292,000 shares of Hong Kong and China Gas (00003) on August 8, 2025, to optimize its surplus funds for better returns [1] Group 1 - The company sold 159,000 shares of CLP Holdings and 1,292,000 shares of Hong Kong and China Gas [1] - The sale is part of the company's strategy to maintain a certain level of surplus funds to meet operational needs [1] - The company aims to invest in highly liquid and low-volatility listed securities to ensure immediate liquidity when necessary [1] Group 2 - The company is actively seeking investment opportunities with potential value to provide stable returns and long-term capital gains [1]

Core Viewpoint - Bid International Holdings (01949) announced the sale of certain listed securities on the Hong Kong Stock Exchange, including 159,000 shares of CLP Holdings (00002) and 1,292,000 shares of Hong Kong and China Gas (00003) on August 8, 2025 [1] Group 1 - The company maintains a certain level of surplus funds during its operational period to meet operational needs [1] - To maximize returns on surplus funds and for inventory purposes, the company invests in highly liquid and low-volatility listed securities, allowing for immediate liquidation when necessary [1] - The company is actively seeking investment opportunities with potential value to provide stable returns and long-term capital gains for the group [1]

Core Viewpoint - The meeting held on August 4 focused on strategic layout to seize new market opportunities and establish a solid foundation for business collaboration in the electricity sales sector [1][6]. Group 1: Business Collaboration Strategy - The meeting gathered over a hundred participants, including executives from Hong Kong and mainland gas companies, to comprehensively deploy electricity sales collaboration strategies in Jiangsu, Guangdong, Shandong, and Anhui provinces [4][6]. - The company emphasized that collaboration is essential for adapting to the evolving electricity market, with a focus on economic benefits and supporting energy storage and solar power businesses [6][13]. Group 2: Pilot Projects and Initial Success - A pilot project in the East China region commenced in June 2025, involving three companies from Jiangsu, which quickly achieved significant results in electricity sales collaboration [10][18]. - As of August 3, the signed electricity sales volume from gas enterprises in Jiangsu exceeded 2.5 billion kilowatt-hours, showcasing the effectiveness of the collaboration [10][18]. Group 3: Future Growth and Development - The company aims to leverage its operational advantages in the gas sector to enhance customer relationships and overall energy management capabilities [13][18]. - There is a strong belief in the potential for significant growth in new business areas, with a commitment to creating value through collaboration across various energy sectors [21][22].

格隆汇8月6日丨香港中华煤气(00003.HK)宣布，公司将于2025年8月20日（星期三）举行董事会会议， 董事会将于会议上通过议案（其中包括）批准公司及其附属公司截至2025年6月30日止六个月的未经审 核综合中期业绩及其发布，以及考虑派发中期股息（如有）。 ...