2025.07. 21 以2004年"西气东输"全线贯通为发端，中国城市燃气行业经历了跑马圈地的黄金十年，到"十三五"末 形成以五大城燃、省燃气公司为龙头，数千家中小企业分散的格局。但随着"十四五"国内天然气市场 化改革加快、老旧管网改造安全监管力度加大，以及终端电气化激烈竞争，城燃行业进入深度调整 期，企业发展面临更多挑战。 不过国内"双碳"目标下正催生出新的机会，城燃企业也从此前的"卖气郎"悄然蜕变为综合能源服务 商，新一轮跑马圈地大幕徐徐拉开。 新业态下，早前城市燃气特许经营权的牌照限制被打破，企业在这一轮角逐中拼的将是什么？"双 碳"目标下，综合能源市场前景几何，企业如何评估项目投资收益，又将给行业转型带来哪些启示？ 城燃角色生变 在广东省肇庆市四会市一家纺织染整厂内，一条条彩色棉布从染缸中拉出，传输到足有两人高的定型 机中，导布辊滚动间烘干后的布匹便规整地堆叠在手推车上。整个印染过程鲜有人工干预，唯二常见 的是在厂房间运输布匹的染整厂工人，以及身穿黄色工服、操作智能一体机控制柜的新奥员工。 这家年产能3万多吨的墩煌纺织染整公司主要从事服装印花、加工、销售针织衣服务，是当地规模较 大的民企。由于印染行 ...

综合能源业态下，燃气特许经营权牌照限制被打破，行业预计这一轮跑马圈地将更加激烈，拼的是从资源驱动转为服务能力输出。 "转型综合能源、拥抱智能化、探索出海路径成为城市燃气行业当前统一共识。"近日在接受第一财经记者采访时，新奥能源（02688.HK）副总裁、泛能业 务负责人程路这样表示。 以2004年"西气东输"全线贯通为发端，中国城市燃气行业经历了跑马圈地的黄金十年，到"十三五"末形成以五大城燃、省燃气公司为龙头，数千家中小企业 分散的格局。但随着"十四五"国内天然气市场化改革加快、老旧管网改造安全监管力度加大，以及终端电气化激烈竞争，城燃行业进入深度调整期，企业发 展面临更多挑战。 不过国内"双碳"目标下正催生出新的机会，城燃企业也从此前的"卖气郎"悄然蜕变为综合能源服务商，新一轮跑马圈地大幕徐徐拉开。 新业态下，早前城市燃气特许经营权的牌照限制被打破，企业在这一轮角逐中拼的将是什么？"双碳"目标下，综合能源市场前景几何，企业如何评估项目投 资收益，又将给行业转型带来哪些启示？ 城燃角色生变 在广东省肇庆市四会市一家纺织染整厂内，一条条彩色棉布从染缸中拉出，传输到足有两人高的定型机中，导布辊滚动间烘干后的布匹 ...

行 业 及 产 业 公用事业 2025 年 07 月 21 日 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 联系人 朱赫 (8621)23297818× zhuhe@swsresearch.com 雅江水电正式开工 欧亚气价回落 看好 ——申万公用环保周报(25/07/14~25/07/18) 本期投资提示： 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 研究支持 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 本研究报告仅通过邮件提供给 中庚基金 使用。1 - ⚫ 电力：雅鲁藏布江下游水电站开工，水电设备双寡头有望直接受益。7 月 19 日国资委发布公告， 经国务院批准，组建中国雅江集团有限公司。同日，雅鲁藏布江下游水电工程 ...

AI基金鹏扬红利优选混合A（009102）披露2025年二季报，第二季度基金利润56.89万元，加权平均基金份额本期利润0.0041元。报告期内，基金净值增长率 为0.62%，截至二季度末，基金规模为1.66亿元。 该基金属于偏股混合型基金。截至7月17日，单位净值为1.213元。基金经理是李人望，目前管理8只基金近一年均为正收益。其中，截至7月17日，鹏扬核心 价值混合A近一年复权单位净值增长率最高，达21.5%；鹏扬景兴混合A最低，为4.75%。 基金管理人在二季报中表示，操作方面，本基金本报告期内根据风险收益比进行组合调整。4月初我们清仓了部分受关税影响较大的公司，建仓了音乐平台 公司，逐步加仓了短期盈利受损但长期壁垒不受影响、空间很大的外卖公司。同时，我们在创新药公司中做了一些仓位调整。另外，我们趁着贸易战带来的 下跌进行布局，加仓了有色中的铜和铝、石油装备公司。目前，组合持仓相比1季度变化不大，我们依然秉承从长期角度出发，淡化边际变化影响，从企业 未来的自由现金流角度出发来选股，在股票波动中不断地根据风险收益比调整持仓。 截至7月17日，鹏扬红利优选混合A近三个月复权单位净值增长率为8.89%，位于 ...

Investment Rating - The investment rating for the industry is "Positive" [2]. Core Insights - Qatar has significant natural gas resources, with proven reserves of 24.7 trillion cubic meters, accounting for 13.1% of global reserves, ranking third worldwide. Qatar's LNG export capacity is expected to double by 2030, with an annualized growth rate of 13% anticipated from 2025 to 2030 [4][11]. - Qatar's production costs are extremely low, with extraction costs ranging from $0.3 to $0.5 per million British thermal units (MMBtu) and liquefaction costs around $1.8 per MMBtu, making it one of the most competitive suppliers globally [4][43]. - The majority of Qatar's LNG exports are secured through long-term contracts, primarily targeting the Asian and European markets, which could lead to downward pressure on spot prices if global demand weakens [4][52]. Summary by Sections 1. Qatar's Natural Gas Resource Endowment - Qatar's natural gas reserves are substantial, with a stable production rate. As of 2024, Qatar's natural gas production is projected to be 179.45 billion cubic meters, representing 4.35% of global production [11][30]. - A new wave of capacity expansion is expected from 2026 to 2030, with over 60 million tons of liquefaction capacity anticipated to come online, potentially doubling Qatar's LNG export capacity [4][30]. 2. Low-Cost Competitive Advantage - Qatar's gas field production costs are significantly lower than those of other major producers, with extraction costs at $0.3 to $0.5 per MMBtu, compared to $0.5 to $1 for Russia and $1.6 to $3.1 for the U.S. [43][44]. - The liquefaction cost for Qatar's LNG is approximately $1.8 per MMBtu, positioning it favorably in the global market [48]. 3. Qatar LNG Pricing Model - Qatar's LNG exports are primarily directed towards Asia and Europe, with 80% and 14% of exports respectively in 2024. Long-term contracts dominate the sales model, with over 90% of existing capacity locked in [52][58]. - The pricing of Qatar's long-term contracts is linked to oil prices, with a competitive edge when oil prices are below $70 per barrel [67]. 4. High Long-Term Contract Volumes from Chinese Enterprises - Chinese companies have secured significant long-term contracts with Qatar, totaling 15.9 million tons per year, with additional investments locking in 11 million tons per year expected to be released between 2026 and 2027 [4][64]. 5. Investment Strategy - Qatar is undergoing a large-scale expansion of its LNG capacity, with expectations of a 61% increase in export capacity by 2030. The low extraction and liquefaction costs position Qatar as a key player in the global LNG market [4][30]. - The report suggests focusing on domestic gas companies that have secured advantageous gas sources and diversified supply pools, particularly in a potential downtrend in global gas prices [4][36].

此外，新奥今年还启动了氢硼聚变研究基金，吸引19所机构的160名研究人员提交27份提案，最终18个 开创性项目获得资助，以生态合力加速技术突破。这也将助力中国在2024年规模达3314.9亿美元的全球 可控核聚变市场中加速前行，以技术突破撬动从"能源补充"到"产业革命"的跨越。 2025年7月14日，由新奥集团主办的第三届氢硼聚变研讨会在河北廊坊启幕。这场以"聚智氢硼，生态共 赢"为主题的国际盛会，汇聚了中、法、德、美等11国近50家顶尖科研机构专家及国际热核聚变实验堆 计划（ITER）特派代表，聚焦氢硼聚变前沿探索、成果交流和应用前瞻等话题，旨在以创新方案激发 全球人才活力。 作为极具发展潜力的未来能源方向，氢硼聚变凭借燃料来源广泛、成本低廉、无放射性废料及可以直接 发电且高效等优势，展现出广阔的商业化前景。值得关注的是，主办方新奥集团近期在该领域实现了多 项重大突破，其"玄龙-50U"装置首次达成百万安培氢硼等离子体放电，并创下秒级1.2特斯拉以上球形 环中心磁场的世界纪录，为技术进阶筑牢关键根基。 生态合作涌动：聚变成全球能源新风口 聚变正成为全球能源发展的亮点。氢硼聚变也以其独特优势，正在形成聚变领域 ...

Summary of Key Points Core Viewpoint - The company, Changsha Xinao Gas Co., Ltd., is implementing gas supply interruptions in specific areas to ensure the safety and stability of the gas pipeline network and to cooperate with municipal construction projects. Residents and commercial users are advised to prepare in advance for these interruptions. Group 1: Scheduled Gas Supply Interruptions - Gas supply interruptions will occur on July 12, 14, and 15, with specific time slots and affected areas detailed [1][3][5] - July 12: 14:00-17:00, affected area: Lianfeng Road (Xiangzui Road - Tanzhou Avenue) [1] - July 14: 14:00-17:00, affected area: Linglan Road (Naqiu Road - Xuesong Road) [3] - July 15: 13:30-17:30, affected area: Yindouble Road (Yinpen South Road - Xiangyue Road) [5] Group 2: Affected Residents and Commercial Users - Affected residential communities include Shui'an Yuyuan, Xiangshu Bay, Zhonghai International Community, and Weize Garden for July 12 [2] - Affected commercial users include Hunan Yongbang Property, various kindergartens, and schools along the affected areas [2] - For July 14, affected residential communities include Hekang Garden, Yuexiu Qinaili, and Zhonghai Hairun Jiayuan [4] - Affected commercial users include several schools and kindergartens in the vicinity [4] - For July 15, affected residential communities include Aixu Plaza and multiple villages [6] - Affected commercial users include Hunan Education Construction Group and various educational institutions [6] Group 3: Safety Precautions and Contact Information - The company emphasizes the importance of safety during the gas supply interruptions, advising users to close gas appliances and valves before the interruption [6] - Users are instructed not to use gas facilities during the interruption and to ventilate their homes after gas supply restoration [6] - In case of any issues, users can contact the 24-hour service hotline or follow the company's official WeChat account for assistance [6]

Investment Rating - The investment rating for the natural gas industry is "Positive" (first-time rating) [4] Core Viewpoints - Natural gas is recognized as a clean, low-carbon, and flexible fossil energy source, serving as a crucial bridge for energy transition. It is expected to support global energy transformation for an extended period [4][7] - The "14th Five-Year Plan" has shown significant achievements in supply-side development, with infrastructure construction accelerating. By the end of 2024, China's natural gas production is projected to reach 246.451 billion cubic meters, a 28% increase from 2020 [4][14] - The consumption growth rate of natural gas during the "14th Five-Year Plan" has slowed compared to the previous five years, but the price mechanism is gradually being rationalized. The apparent consumption of natural gas in China is expected to reach 426.05 billion cubic meters in 2024, an 8% year-on-year increase [4][36] - The report anticipates a continued downward trend in natural gas costs, with stable demand growth expected before 2030. The demand for LNG in the transportation sector is projected to reach 40-55 billion cubic meters by 2030 [4][14] Summary by Sections Industry Overview - Natural gas is positioned as a transitional energy source to achieve carbon peak goals by 2030, with a target of 15% of total energy consumption by that year [4][7] - The "14th Five-Year Plan" emphasizes energy security, energy conservation, and carbon reduction, with a clear trend of increasing natural gas consumption in provincial plans [8] Supply and Infrastructure - Significant progress has been made in increasing domestic gas production, with a focus on conventional and unconventional gas sources. The total length of natural gas pipelines reached 126,000 kilometers by the end of 2023 [14][25] - By the end of 2024, 31 LNG receiving stations will be operational, with a total receiving capacity exceeding 15 million tons per year [25][26] Consumption Trends - The natural gas consumption structure includes urban gas, industrial fuel, power generation, and chemical use, with urban gas and industrial fuel maintaining stable proportions [36] - The report highlights the impact of geopolitical factors on gas prices, with a notable increase in the average import price of LNG in 2022 [4][19] Investment Recommendations - The report suggests focusing on upstream exploration companies like Xin Natural Gas, integrated companies like ENN Energy and Jiufeng Energy, and downstream city gas companies such as China Resources Gas and Kunlun Energy [4]

Core Viewpoint - The emergency drill conducted by Changsha Newao Gas Company effectively tested its emergency response capabilities in handling a gas leak incident caused by construction activities in the Wuyi business district [1][3][5] Group 1: Emergency Response Execution - The emergency command center was activated promptly at 9:40 AM following reports of a gas pipeline damage due to excavation work [1] - The command center utilized a smart operation platform to identify the location of the pipeline damage and monitor the surrounding gas network [3] - A two-level response was initiated based on the comprehensive emergency plan, with various emergency teams mobilized for public safety and logistical support [3][5] Group 2: On-Site Operations - On-site emergency teams established a command post, controlled the area, and coordinated with local authorities to ensure public safety [5] - Firefighters were deployed to dilute gas concentration in the air, while inspection vehicles monitored the spread of the leaked gas [5] - By 10 AM, the emergency teams reported successful completion of their tasks, restoring gas supply after sealing the damaged pipeline [5] Group 3: Evaluation and Future Improvements - The drill was observed by experts, including the deputy director of the Changsha Gas and Heat Affairs Center, who praised the organization and execution of the emergency response [5] - The exercise aimed to refine emergency plans, enhance rescue capabilities, and provide robust support for real gas incident responses [5]

Core Viewpoint - New Hope Group has been awarded the "Corporate Social Responsibility Leader Enterprise" at the 20th China Corporate Social Responsibility/ESG International Forum for its outstanding practices in corporate social responsibility and innovation in energy transition [1][3]. Group 1: Award and Recognition - The "Golden Bee Corporate Social Responsibility China List" is an important evaluation system in the field of corporate social responsibility and sustainable development in China, having assessed over 4,000 enterprises since its inception in 2008 [3]. - New Hope Group's recognition reflects its significant contributions in energy transition, green development, and industrial empowerment, receiving unanimous approval from expert reviews [3]. Group 2: Innovation in Energy Transition - Under the "dual carbon" goals, the global energy structure is rapidly transitioning to green and low-carbon, with New Hope Group proposing the concept of "pan-energy" as early as 2008, focusing on user needs and the comprehensive development of the energy value chain [4]. - The company utilizes intelligent technology to create a pan-energy network platform, providing customized energy-carbon integrated solutions for various industries and scenarios [4]. Group 3: Value Points of Pan-Energy Business - The pan-energy business offers tailored solutions for high-energy-consuming factories, including "equipment transformation + intelligent management" for industries like dyeing and food [5]. - It enhances energy efficiency through the precise identification and intelligent matching of energy quality, significantly improving system efficiency by converting low-quality energy into usable energy [5]. - The multi-energy complementary model stabilizes the energy supply system by dynamically adjusting gas energy and storage systems to address the volatility of renewable energy generation [5]. Group 4: Impact and Future Directions - The pan-energy network has connected over 50,000 devices, facilitating low-carbon transitions for more than 9,000 energy users and over 200 industrial parks, achieving energy savings exceeding 1 billion kWh [6]. - The award is a recognition of New Hope's long-term commitment to social responsibility, and the company aims to continue leading innovation and contributing to global sustainable development goals [6].