Investment Rating - The report maintains a "Positive" outlook on the public utilities and environmental sectors, particularly in electricity and natural gas [1]. Core Insights - The report highlights a recovery in electricity consumption in June, driven by the tertiary sector and residential usage, with a total electricity consumption of 8,670 billion kWh, representing a year-on-year growth of 5.4% [15][17]. - Natural gas consumption showed a slight increase in June, with a total apparent consumption of 35.05 billion m³, up 1.4% year-on-year, indicating a recovery in industry sentiment [21][48]. - The report emphasizes the ongoing optimization of energy structure in China, with significant contributions from renewable energy sources, particularly solar and nuclear power [2][8]. Summary by Sections 1. Electricity: June Consumption Growth Accelerates - In June, the industrial electricity generation reached 7,963 billion kWh, a year-on-year increase of 1.7% [7][9]. - The breakdown of electricity generation types shows a decline in hydropower by 4.0%, while nuclear power grew by 10.3%, and solar power surged by 18.3% [9][15]. - The report notes that the second industry contributed significantly to the electricity increment, accounting for 38% of the total increase [16][17]. 2. Natural Gas: Global Price Decline and June Consumption Growth - The report states that the apparent consumption of natural gas in June was 35.05 billion m³, marking a 1.4% increase year-on-year [21][48]. - The average price of LNG in Northeast Asia decreased to $11.90/mmBtu, reflecting a broader trend of declining global gas prices [22][41]. - The report anticipates that the long-term outlook for natural gas will improve due to rising LNG export capacities from the US and the Middle East [48]. 3. Weekly Market Review - The public utilities and environmental sectors underperformed compared to the CSI 300 index, while the electrical equipment sector outperformed [50]. 4. Company and Industry Dynamics - The report mentions the increase in installed capacity for solar and wind energy, with solar capacity growing by 54.2% year-on-year [53]. - It highlights the ongoing construction of large seawater desalination projects in coastal provinces to support high water-consuming industries [53]. 5. Key Company Valuation Table - The report includes a valuation table for key companies in the public utilities and environmental sectors, indicating potential investment opportunities [60].

Core Viewpoint - Shenzhen Gas Group Co., Ltd. announced the interest payment details for its convertible bonds "燃23转债" which will commence on July 28, 2025, following the established schedule and terms outlined in the bond issuance documentation [2][4]. Summary by Sections Convertible Bond Issuance Overview - The company issued 30 million convertible bonds on July 27, 2023, with a total value of 300 million RMB, each with a face value of 100 RMB, and a maturity period of six years [2][3]. - The coupon rates are structured to increase annually: 0.20% for the first year, 0.40% for the second year, 0.80% for the third year, 1.20% for the fourth year, 1.80% for the fifth year, and 2.00% for the sixth year [2][3]. Interest Payment Plan - The bonds will pay interest annually, with the first interest payment covering the period from July 27, 2024, to July 26, 2025 [4]. - The interest calculation is based on the formula I = B × i, where I is the annual interest, B is the total face value of the bonds held, and i is the applicable coupon rate for that year [5][6]. Key Dates for Interest Payment - The bondholders' registration date for interest payment is July 25, 2025, with the ex-dividend date and interest payment date both set for July 28, 2025 [8]. Payment Method - The company has appointed China Securities Depository and Clearing Corporation Limited to handle the interest payment process, ensuring that funds are transferred to the designated accounts for distribution to bondholders [9]. Tax Implications for Investors - Individual investors are subject to a 20% tax on interest income, resulting in a net interest payment of 0.32 RMB per bond after tax [10]. - Resident enterprises are responsible for their own tax payments on interest income, while qualified foreign institutional investors are exempt from corporate income tax on interest income until December 31, 2025 [11].

Core Points - The announcement details the interest payment schedule for the "Ran 23 Convertible Bond" issued by Shenzhen Gas Group Co., Ltd. [1][2] - The bond was issued on July 27, 2023, with a total amount of 3 billion RMB, and a maturity period of six years [1][2] - The annual interest payment will be made once a year, with the first payment scheduled for July 28, 2025 [2][3] Summary by Sections Bond Issuance Overview - The company received approval from the China Securities Regulatory Commission to issue 30 million convertible bonds, each with a face value of 100 RMB, totaling 3 billion RMB [1][2] - The bonds are set to mature on July 26, 2029, with an annual interest rate specified in the offering document [1][2] Interest Payment Plan - The interest for the bonds will be calculated based on the formula: I = B × i, where I is the annual interest amount, B is the total face value held, and i is the annual interest rate [2] - Interest payments will be made within five trading days after the interest payment date [2] Key Dates - The bond interest payment record date is July 25, 2025, with the ex-dividend date and payment date both set for July 28, 2025 [3] Payment Method - The company has appointed China Securities Depository and Clearing Corporation Limited to handle the interest payments [4] - If the company fails to transfer the necessary funds on time, it will be responsible for subsequent payment arrangements [4] Taxation on Interest Income - Individual investors are subject to a 20% tax on interest income, resulting in a net payment of 0.32 RMB per bond after tax [5] - Resident enterprises are responsible for their own tax payments on bond interest, with the same net payment applicable [5] - Non-resident enterprises are exempt from corporate income tax on bond interest until November 7, 2025 [5] Contact Information - The issuer is Shenzhen Gas Group Co., Ltd., with contact details provided for further inquiries [6]

| 证券代码：601139 | 证券简称：深圳燃气 | 公告编号：2025-032 | | --- | --- | --- | | 转债代码：113067 | 转债简称：燃 转债 23 | | 深圳市燃气集团股份有限公司 关于"燃 23 转债"2025 年付息的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 深圳市燃气集团股份有限公司(以下简称"公司"或"本公司")于 2023 年 7 月 27 日向不特定对象发行的可转换公司债券（以下简称"可转债"）将于 2025 年 7 月 28 日开始支付自 2024 年 7 月 27 日至 2025 年 7 月 26 日期间的利息。根据公 司《向不特定对象发行可转换公司债券募集说明书》（以下简称"募集说明书"） 有关条款的规定，现将有关事项公告如下： 一、可转债发行上市概况 （一）经中国证券监督管理委员会《关于同意深圳市燃气集团股份有限公司 向不特定对象发行可转换公司债券注册的批复》（证监许可〔2023〕1354 号） 同意注册，公司于 2023 年 7 月 ...

Core Viewpoint - The urban gas industry is undergoing a transformation towards comprehensive energy services, embracing smart technologies and exploring international expansion opportunities, driven by the dual carbon goals and market reforms in China [1][5][9]. Industry Overview - The urban gas industry in China has evolved significantly since the "West-East Gas Pipeline" project in 2004, transitioning from a phase of rapid expansion to a period of deep adjustment due to market reforms and increased competition [1][7]. - The industry is now characterized by a fragmented structure with major players and numerous small enterprises, facing challenges such as aging infrastructure and intensified competition from electrification [1][7]. Transition to Comprehensive Energy Services - Urban gas companies are shifting from traditional gas sales to becoming comprehensive energy service providers, integrating electricity, gas, heat, and renewable energy sources [4][5]. - New opportunities are emerging under the dual carbon goals, prompting companies to innovate and adapt their business models to include energy efficiency and carbon reduction strategies [3][9]. Case Study: Dunhuang Textile - Dunhuang Textile has successfully reduced energy costs by 14% through energy efficiency upgrades and the implementation of a comprehensive energy management system, showcasing the potential benefits of transitioning to a comprehensive energy model [3][12]. - The company’s experience reflects a broader trend in the industry where traditional high-energy-consuming sectors are seeking to lower costs and improve competitiveness through integrated energy solutions [3][12]. Market Dynamics and Challenges - The demand for natural gas is declining, with a reported 1.3% year-on-year decrease in consumption from January to May, leading to financial pressures on urban gas companies [7][8]. - Companies are facing challenges from price fluctuations and regulatory constraints, which complicate their ability to maintain profitability in the face of rising operational costs [7][8]. Policy and Technological Support - Government policies are increasingly focused on establishing zero-carbon parks and promoting renewable energy integration, which is expected to drive the growth of comprehensive energy services [9][10]. - Technological advancements in renewable energy and energy management systems are reducing costs and enhancing the economic viability of comprehensive energy solutions [10][16]. Business Model Innovation - Urban gas companies are exploring different business models, including fixed-price and sharing models, to enhance profitability and align interests with customers [15][16]. - The shift towards a service-oriented approach requires companies to rethink their operational strategies, focusing on customer needs and collaborative value creation [15][16]. Future Outlook - The comprehensive energy market presents significant growth potential, particularly in energy efficiency retrofits and carbon reduction investments, estimated to be in the range of $0.7 trillion to $2.7 trillion for industrial sectors [14]. - As the market evolves, urban gas companies will need to enhance their operational and trading capabilities to remain competitive in the integrated energy landscape [16].

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending specific companies for investment based on their potential benefits from recent developments [3][4]. Core Insights - The commencement of the Yarlung Tsangpo River downstream hydropower project is expected to significantly boost demand for hydropower equipment, benefiting leading companies in the sector [4][14]. - The report highlights a decline in European and Asian gas prices due to varying supply and demand dynamics, suggesting a potential opportunity for gas companies [17][18]. Summary by Sections 1. Power: Yarlung Tsangpo Downstream Hydropower Project Commencement - The Yarlung Tsangpo River has substantial hydropower resources, with a theoretical capacity of 113 million kilowatts, making it one of the richest rivers in Tibet [8]. - The project involves the construction of five cascade power stations with a total investment of approximately 1.2 trillion yuan, primarily for power transmission outside Tibet [9][10]. - The project is expected to create a demand for hydropower equipment, with estimated annual orders of 4 billion yuan for Dongfang Electric and Harbin Electric, ensuring stable long-term performance for these companies [14][16]. 2. Gas: Global Supply and Demand Variations - As of July 18, the Henry Hub spot price in the US was $3.57/mmBtu, reflecting a weekly increase of 7.57%, while European gas prices showed a decline [17][19]. - The report notes that despite high temperatures increasing gas demand in the US, the overall supply remains stable, leading to a mixed outlook for gas prices [20][26]. - Recommendations include focusing on integrated gas companies like Kunlun Energy and New Hope Energy, which are expected to benefit from cost reductions and improved profitability [37]. 3. Weekly Market Review - The report indicates that the public utility, power, power equipment, environmental protection, and gas sectors underperformed compared to the CSI 300 index during the week [41]. 4. Company and Industry Dynamics - Recent government initiatives in Qingdao aim to accelerate the development of non-fossil energy and offshore wind projects, indicating a supportive policy environment for renewable energy [45]. - The report also highlights significant developments in nuclear power and energy storage projects in various provinces, showcasing ongoing investments in clean energy [47][48]. 5. Key Company Valuation Table - The report includes a valuation table for key companies in the public utility and environmental sectors, providing insights into their market positions and potential for growth [51].

Core Viewpoint - Shenzhen Gas (601139) is actively managing its financial resources by providing a loan to its associate company, Jiangxi Huadian Jiujiang Distributed Energy Co., Ltd, to support its operations and ensure stability in the natural gas industry chain [2][4]. Group 1: Trading Information - On July 18, Shenzhen Gas closed at 6.44 yuan, with a slight increase of 0.16% and a turnover rate of 0.25% [1]. - The trading volume was 71,000 shares, with a total transaction value of 45.63 million yuan [1]. - The net outflow of main funds was 142.3 thousand yuan, accounting for 3.12% of the total transaction value [2][4]. Group 2: Company Announcements - Shenzhen Gas announced a shareholder loan of 64.827 million yuan to Jiangxi Huadian Jiujiang Distributed Energy Co., Ltd, with a loan term of 3 years and an annual interest rate of 3% [2][4]. - This financial support was approved by the company's board and does not require shareholder meeting approval, ensuring no related party transactions [2]. - The total balance of financial assistance provided by Shenzhen Gas after this loan will be 2.183 billion yuan, which is 14.03% of the company's latest audited net assets [2].

Core Viewpoint - The company is providing financial assistance to its associate company, Jiangxi Huadian Jiujiang Distributed Energy Co., Ltd., in the form of a shareholder loan amounting to 64.827 million RMB, with a term of three years and an interest rate of 3% [2][3][11] Financial Assistance Overview - The financial assistance involves a loan of 64.827 million RMB to Jiangxi Huadian Jiujiang Company, aimed at meeting its operational and developmental funding needs [3] - The loan was approved by the company's board with unanimous support and does not require shareholder meeting approval, thus not constituting a related party transaction [2][3] - Other shareholders of Jiangxi Huadian Jiujiang Company are also providing loans under the same conditions, ensuring no infringement on the company's interests [2][3] Company and Financial Details - Jiangxi Huadian Jiujiang Company was established on March 25, 2011, and focuses on investment in distributed energy projects in Jiujiang City [5][6] - The company has a registered capital of 92.61 million RMB and is primarily engaged in natural gas power generation [5][6] - The financial assistance will be funded from the company's own resources and will not affect its normal business operations [3][11] Risk Control Measures - The company has appointed directors and financial personnel to monitor the operational and loan risks of Jiangxi Huadian Jiujiang Company [4][11] - In case of adverse developments, the company will take timely measures to ensure loan repayment and mitigate financial risks [4][11] Financial Assistance Agreement - The loan agreement specifies that the funds will be used for debt repayment and business operations, with a repayment structure of monthly interest payments and a lump-sum principal repayment at maturity [10] - The company retains the right to demand corrective actions or additional guarantees in case of borrower default [10] Cumulative Financial Assistance - After this loan, the total financial assistance provided by the company amounts to 2.183 billion RMB, representing 14.03% of the latest audited net assets [12] - The financial assistance to external entities amounts to 64.827 million RMB, which is 0.42% of the latest audited net assets, with no overdue amounts reported [12]

| 证券代码：601139 | 证券简称：深圳燃气 | | | 公告编号：2025-031 | | --- | --- | --- | --- | --- | | 债券代码：113067 | 债券简称：燃 | 23 | 转债 | | 深圳燃气关于向参股公司提供财务资助的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 1.参股公司华电九江公司成立于2011年3月25日，主营业务为九江市城东分 布式能源项目投资。为满足其经营及发展的资金需求，公司向华电九江公司提供 6,482.70万元人民币股东借款，期限为3年，年利率3%，按月付息，到期还本。 参股公司其他股东福建华电福瑞能源发展有限公司（以下简称"华电福瑞"）和 江西天然气能源投资有限公司（以下简称"江西天然气"）均按照其持有的华电 九江公司股份比例提供同等条件股东借款。 2.2025年7月18日，公司第五届董事会第三十五次会议（临时会议）以14票 赞成、0 票反对、0 票弃权审议通过了《关于向江西华电九江分布式能源有限公 1 公司向参股公司江西华电九江分布式能源有限公司 ...

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].