智通财经APP讯，华润燃气(01193)发布重庆燃气集团股份有限公司(重庆燃气)(600917.SH)前三季度业 绩，实现营业总收入73.84亿元，同比增长2.97%;净利润为1.62亿元，同比减少40.84%。 ...

重慶燃氣 截至2025年9月30日止九個月的未經審核財務業績 於2025年10月24日，重慶燃氣公佈其截至2025年9月30日止九個月的季度報告。 重慶燃氣集團股份有限公司（「重慶燃氣」）為一家於中華人民共和國註冊成立的公 司。重慶燃氣的股份於上海證券交易所上市。截至本公告日期，重慶燃氣由華潤 燃氣控股有限公司（「本公司」，連同其附屬公司合稱為「本集團」）間接持有39.43% 的權益，並為本公司的附屬公司。 於2025年10月24日，重慶燃氣公佈其截至2025年9月30日止九個月的未經審核財 務業績（「重慶燃氣未經審核財務資料」）。下表載列重慶燃氣未經審核財務資料的 主要財務資料： 截至9月30日止九個月 | | 2025年 | 2024年 | | --- | --- | --- | | | （人民幣） | （人民幣） | | | （未經審核） | （未經審核） | | 營業總收入 | 7,383,821,059.14 | 7,170,749,623.76 | | 淨利潤 | 162,371,012.73 | 274,457,444.97 | | 現金及現金等價物淨增加額 | -164,163,901.96 ...

国元国际发布研报称，予华润燃气(01193)"买入"评级，更新盈利预测并给予公司26.6港元/股目标价， 对应2025年和2026年16倍和14.6倍PE，目标价较现价有24%的涨幅空间。2024年公司派息率为53%， 2025年中期派息同比增长20%，全年派息指引为全年派息额不下降。根据公司全年股份回购计划，接下 来的2个月将是股份回购的重要窗口期。公司通过分红提升股东回报，回购有利提振市场信心。 2025年上半年，公司零售天然气量207.6亿方，同比下降0.69%;销气毛差上升至0.55元/方(同比+0.01元/ 方);公司预计2025年全年销气量低单位数增长，销气毛差同比增长1分钱。综合判断，国际天然气价格 维持在相对低位，国内2025年新政策将推进省内与跨省管输价格机制有效衔接，而公司持续推进在河 南、湖南等地区的居民顺价工作，预期销气毛差将持续改善。此外，受整体经济下行影响，公司综合服 务和综合能源业务受到不同程度的下滑和放缓。而在绿色低碳转型大形势下，公司布局氢能产业链，推 进绿色燃料加注业务，开展氨燃料技术研发和储备，积极培育绿色能源新增长点。 10月18日以来，北方"速冻式"降温，太原、内蒙古 ...

智通财经APP获悉，国元国际发布研报称，予华润燃气（01193）"买入"评级，更新盈利预测并给予公 司26.6港元/股目标价，对应2025年和2026年16倍和14.6倍PE，目标价较现价有24%的涨幅空间。2024年 公司派息率为53%，2025年中期派息同比增长20%，全年派息指引为全年派息额不下降。根据公司全年 股份回购计划，接下来的2个月将是股份回购的重要窗口期。公司通过分红提升股东回报，回购有利提 振市场信心。 10月18日以来，北方"速冻式"降温，太原、内蒙古等地已提前供暖。根据世界气象组织和美国气候预测 中心预测，2025年11月至2026年3月，中国气候将受到厄尔尼诺和拉尼娜现象共同影响，冬季气温骤 变，春季整体偏暖，强降温与强回温交替的极端事件发生概率较大。与此同时，2025年多气源支撑下我 国天然气供应预计较为充足，气候不确定性对城镇燃气及发电用气的影响最为显著，对比前8月天然气 表观消费量同比下降0.1%，预计2025年采暖季全国天然气消费量环比将快速回升。 2025年上半年，公司零售天然气量207.6亿方，同比下降0.69%;销气毛差上升至0.55元/方(同比+0.01元/ 方);公司 ...

$${\mathfrak{H}}\lambda$$ 华润燃气（1193.HK） 2025-10-24 星期五 | 目标价： | | 26.6 | 港元 | | --- | --- | --- | --- | | 现 | 价： | 21.5 | 港元 | | 预计升幅： | | 24% | | 重要数据 | 日期 | 2025-10-23 | | --- | --- | | 收盘价（港元） | 21.5 | | 总股本（亿股） | 23.14 | | 总市值（亿港元） | 498 | | 净资产（亿港元） | 672 | | 总资产（亿港元） | 1,385 | | 52 周高低（港元） | 31.77/18.67 | | 每股净资产（港元） | 18.75 | 数据来源: Wind 、国元证券经纪(香港)整理 主要股东 中国华润有限公司 (61.46%) 【投资要点】 ➢ 北方"速冻式"降温，部分地区提前供暖，预期天然气需求快速回升 10 月 18 日以来，北方"速冻式"降温，太原、内蒙古等地已提前供暖。根据 世界气象组织和美国气候预测中心预测，2025 年 11 月至 2026 年 3 月，中 国气候将受到 ...

Group 1: Market Reactions and Economic Data - The Hong Kong stock market showed a strong rebound, with the Hang Seng Index rising by 2.42% [1] - The U.S. government shutdown continues, leading to increased public dissatisfaction, highlighted by a nationwide protest involving approximately 7 million participants [1] - China's economic data for the first three quarters of 2025 shows a GDP of 10,150.36 billion yuan, with a year-on-year growth of 5.2%, although consumption and investment have declined [3] Group 2: Robotics and Technology Developments - Yubiquitous Technology secured a contract worth 126 million yuan for the procurement of humanoid robots, adding to its significant order backlog of over 630 million yuan for the Walker series [4] - The robotics sector is experiencing growth, with companies like Yushutech reporting substantial sales figures and aiming for increased production in the coming year [3][4] Group 3: Stock Buybacks and Market Performance - Companies engaging in significant stock buybacks, such as China Resources Gas, are seeing positive market reactions, with shares rising over 4% [5] - Sanhua Intelligent Control announced an increase in its share repurchase price cap, leading to an 8% rise in its stock price [4] Group 4: Shipping and Aviation Industry Trends - The global shipping industry is undergoing a significant reshuffle due to new port fees, benefiting companies like COSCO Shipping Energy, which saw an 8% increase in stock price [6] - The aviation sector is also thriving, with China Eastern Airlines reporting a 9% increase in stock price, driven by a strategic focus on international routes [6] Group 5: IPOs and Investment in Technology - The rapid IPO process for Muxi Integrated Circuit indicates strong regulatory support for technology firms, with related companies experiencing stock price increases [7] - MINIEYE's successful bid for an autonomous driving project marks a significant step in the commercialization of its technology, leading to a 7% rise in its stock price [7] Group 6: Tourism and Hospitality Sector Insights - The tourism industry shows steady demand, with hotel average daily rates and revenue per available room experiencing positive growth, although supply pressures remain [8] - Analysts are optimistic about the Macau gaming sector, particularly for companies like Sands China and Galaxy Entertainment, due to low revenue baselines [8] Group 7: Company Performance and Global Expansion - Shenzhou International reported a revenue increase of 15.3% year-on-year, driven by strong performance in leisure and overseas markets [9] - The company is expanding its global production capacity, with overseas factories accounting for approximately 53% of total garment output [9][10]

Investment Rating - The report provides a "Buy" rating for several companies in the power and gas sectors, indicating a positive outlook for their performance [41]. Core Insights - The report highlights the recent adjustments in the value-added tax (VAT) policies for wind and nuclear power, which may impact profitability for operators in these sectors [9][10]. - It notes the competitive pricing results for electricity in Xinjiang and Gansu, with Xinjiang's prices nearing the upper limit of the bidding range, suggesting a favorable environment for renewable energy operators [8]. - The report discusses the decline in global LNG prices, with China's comprehensive LNG import price reaching a four-year low, which could benefit domestic gas companies [12][27]. Summary by Sections 1. Power Sector - Xinjiang's mechanism electricity bidding results show a scale of 36 billion kWh for solar and 185 billion kWh for wind, with prices at 0.235 CNY/kWh and 0.252 CNY/kWh respectively, indicating a competitive market [5][8]. - The VAT policy changes will eliminate the 50% VAT refund for onshore wind from November 1, 2025, while maintaining it for offshore wind until the end of 2027 [9][10]. - Recommendations include focusing on companies like Guodian Power, China Nuclear Power, and Longyuan Power due to their stable growth prospects [11]. 2. Gas Sector - Global gas prices have shown slight declines, with the US Henry Hub price at $2.82/mmBtu, reflecting a 2.90% weekly drop [12][15]. - China's LNG import price has dropped to 2852 CNY/ton, the lowest since mid-2021, driven by lower oil prices affecting long-term contracts [27][29]. - The report suggests a positive outlook for gas companies like Kunlun Energy and New Hope Energy, as cost reductions and economic recovery may enhance profitability [29]. 3. Environmental Sector - The report emphasizes the benefits of debt-for-equity swaps and the increasing stability of returns for green energy operators, recommending companies like China Everbright Environment and Hongcheng Environment [11]. - It highlights the ongoing rise in SAF (Sustainable Aviation Fuel) prices, suggesting investment opportunities in related companies [11]. 4. Key Company Valuations - The report includes a valuation table for key companies, with several rated as "Buy," indicating strong expected performance in the coming years [41].

Investment Rating - The report maintains a positive outlook on the power and gas sectors, highlighting potential investment opportunities in renewable energy and gas companies [3][12]. Core Insights - The report emphasizes the recent adjustments in value-added tax policies for wind and nuclear power, which may impact profitability in the short to medium term [10][11]. - It notes the significant drop in LNG import prices, reaching a four-year low, which could benefit gas companies and consumers [13][29]. - The report suggests that the competitive bidding results for electricity prices in Xinjiang and Gansu indicate varying strategies among renewable energy operators, which could lead to improved profit margins [9][12]. Summary by Sections 1. Power Sector - Xinjiang's competitive bidding results show a mechanism electricity price of 0.252 CNY/kWh for wind power, close to the upper limit, while Gansu's price is 0.1954 CNY/kWh, near the lower limit [5][9]. - The adjustment of the value-added tax policy for onshore wind power, effective November 1, 2025, will eliminate the 50% refund policy, while offshore wind will retain it until the end of 2027 [10][11]. - Recommendations include focusing on companies like Guodian Power, Sichuan Investment Energy, and China Nuclear Power due to their stable growth prospects [12]. 2. Gas Sector - The report highlights a slight decline in global gas prices, with the US Henry Hub price at $2.82/mmBtu, down 2.90% week-on-week, and LNG import prices in China dropping to 2852 CNY/ton, the lowest since mid-2021 [13][29]. - It suggests that the cost reduction in upstream resources and the recovery of the macro economy will benefit Hong Kong gas companies like Kunlun Energy and New Hope Energy [31]. - The report anticipates that the LNG prices may stabilize as demand increases with the onset of colder weather [29][31]. 3. Weekly Market Review - The public utility, power, gas, and environmental protection sectors outperformed the CSI 300 index during the week of October 13-17, 2025 [35]. - The report notes that the power equipment sector lagged behind the index, indicating potential investment opportunities in other sectors [35]. 4. Company and Industry Dynamics - The report discusses the upcoming competitive bidding for renewable energy projects in Anhui, with a bidding range set between 0.2 CNY/kWh and 0.3844 CNY/kWh [41][42]. - It highlights the performance of major companies, such as China General Nuclear Power and Longyuan Power, which reported varying results in their electricity generation [43][44].

Core Viewpoint - Hong Kong stock of China Resources Gas (01193.HK) increased nearly 5%, reaching a price of 21.48 HKD with a trading volume of 164 million HKD [2] Group 1 - The stock price rose by 4.78% as of the time of reporting [2] - The trading volume was reported at 164 million HKD [2]

Core Viewpoint - China Resources Gas (01193) has seen a nearly 5% increase in stock price, attributed to positive catalysts from share buybacks and improved profitability expectations [1] Group 1: Stock Performance - China Resources Gas shares rose by 4.78%, reaching HKD 21.48, with a trading volume of HKD 164 million [1] Group 2: Analyst Insights - Citigroup initiated a 30-day positive catalyst observation on China Resources Gas, highlighting potential upside from share buybacks [1] - The company has set aside sufficient cash for buybacks, planning to repurchase approximately 60 million shares, which represents 2.6% of the total issued shares [1] Group 3: Financial Performance Expectations - The company's profitability is expected to improve, with a forecasted year-on-year increase in net profit for Q3, recovering from a 30.5% decline in the first half of the year [1] - Retail gas sales volume is anticipated to grow by 1% to 2% year-on-year in Q3 [1]