| 证券代码：601139 | 证券简称：深圳燃气 | | 公告编号：2025-036 | | --- | --- | --- | --- | | 转债代码：113067 | 转债简称：燃 23 | 转债 | | 深圳市燃气集团股份有限公司 2025 年上半年募集资金存放与实际使用情况的专项报告 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。 一、募集资金基本情况 截至2025年6 月30日止，公司累计使用募集资金计人民币50,120.71万元(其 中以前年度累计使用人民币 45,189.55 万元，2025 年上半年使用人民币 4,931.16 万元)，尚未使用募集资金余额计人民币 247,904.00 万元。于 2025 年 6 月 30 日， 募集资金存放专项账户的余额人民币 38,848.95 万元，与尚未使用募集资金余额 的差异为人民币 209,055.05 万元，其中：(1)尚未使用的募集资金余额转出以定 期存款方式存放计人民币 100,000.00 万元；(2)使用募集资金暂时补充流动资金 计人民币 115,0 ...

Core Viewpoint - The company operates with a dual focus on "gas + clean energy," developing a comprehensive natural gas supply chain and actively expanding into clean energy sectors like photovoltaics [1][3]. Group 1: Business Operations - The company has established a full industry system for natural gas, including exploration, transportation, storage, and sales, while also expanding into clean energy such as photovoltaics [1]. - The gas-fired power generation business is primarily managed by its subsidiary, Shenran Thermal Power, which has two operational 9E gas-steam combined cycle units with a capacity of 2×180MW and plans to launch a 470MW 9F unit by June 2024 [1]. - The first 9F unit has generated approximately 1.02 billion kilowatt-hours of electricity since its launch, and the second unit is expected to contribute additional revenue [1]. Group 2: Supply Chain and Innovation - The company has secured natural gas supply agreements with major suppliers like PetroChina, Sinopec, and BP China, ensuring stable and secure gas supply through various infrastructure [2]. - A long-term agreement with PetroChina guarantees a contract volume of 9.69 billion cubic meters over ten years, while another agreement with Guangdong Dapeng Company ensures an annual supply of 271,000 tons of natural gas [2]. - The company has established a robust innovation ecosystem, with 7 national high-tech enterprises and 6 specialized enterprises, and has developed various gas control equipment and energy devices [2]. Group 3: Financial Outlook - The company has 53 gas business operating rights across 11 provinces, with a projected pipeline gas sales volume of 4.975 billion cubic meters in 2024, reflecting a year-on-year growth of 2.78% [3]. - The subsidiary, Swick, is the second-largest photovoltaic encapsulation film manufacturer globally, with an annual production capacity exceeding 1 billion square meters across four production bases [3]. - The company maintains a "buy" rating, with expected earnings per share of 0.52 yuan for 2025 and 2026, and 0.53 yuan for 2027, corresponding to a PE valuation of 13 times [3].

Group 1 - The core viewpoint of the article is that Dongguan Securities has given a "buy" rating to Shenzhen Gas (601139.SH) based on several positive factors [1] - The company operates with a dual focus on "gas + clean energy," promoting synergistic development [1] - The commissioning of gas power generation units is expected to contribute additional revenue [1] - The company has a rich supply chain ensuring natural gas supply [1] - Shenzhen Gas is actively building an innovative industrial ecosystem and corporate innovation team [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [59]. Core Viewpoints - The company operates with a dual focus on "gas + clean energy," developing a comprehensive natural gas supply chain while actively expanding into the photovoltaic sector [6][13]. - The gas power generation units are expected to contribute incremental revenue, with the second 9F gas-steam combined cycle unit officially launched in June 2025 [6][48]. - The company has established rich supply channels for natural gas, securing long-term agreements with major suppliers, ensuring stable supply [6][40]. - The company is committed to innovation, having developed numerous patents and technology standards, enhancing its competitive edge [6][51]. Summary by Sections 1. Dual Business Model - The company integrates "gas + clean energy" as its dual main business, having established a full industry chain for natural gas and actively expanding into clean energy [6][13]. - As of the end of 2024, the company holds 53 gas business operating rights across 11 provinces, with a natural gas supply of 6.576 billion cubic meters, a 5.06% increase year-on-year [16][17]. 2. Gas Price Linkage - The report highlights the orderly advancement of natural gas price linkage, which aids the company in managing procurement costs effectively [31]. 3. Vertical Integration and Competitive Strength - The company has signed resource supply agreements with major oil and gas suppliers, ensuring a stable supply of natural gas [40]. - The company’s LNG and LPG wholesale business is managed by a subsidiary, enhancing its resource procurement and storage capabilities [42]. - The gas power generation business is expected to generate additional revenue, with significant capacity from newly launched units [48]. 4. Investment Recommendations - The report projects earnings per share of 0.52 yuan for 2025 and 0.53 yuan for 2027, maintaining a price-to-earnings ratio of 13 times [59][60].

Investment Rating - The report provides a positive investment outlook for the electricity and natural gas sectors, recommending specific companies for investment based on their performance and market conditions [4][16]. Core Insights - In July, the national electricity consumption exceeded 1 trillion kWh for the first time, reaching 10,226 billion kWh, a year-on-year increase of 8.6% [4][7]. - The increase in electricity consumption was primarily driven by urban and rural residents, contributing 38% to the total growth, with significant contributions from the secondary and tertiary industries as well [8][9]. - The report highlights the impact of high temperatures on electricity demand, noting that July was the hottest month since 1961, which significantly boosted residential electricity usage [8][9]. - Natural gas prices in Europe have rebounded due to geopolitical tensions, while prices in Asia and the US have decreased, indicating a mixed market environment [16][20]. - The report emphasizes the potential for improved profitability in the biomass energy sector following the introduction of new methodologies for carbon emissions reduction [4][16]. Summary by Sections Electricity - July's total electricity consumption reached 10,226 billion kWh, marking a historic milestone with an 8.6% year-on-year growth [4][7]. - The first, second, and third industries, along with urban and rural residents, contributed to the overall electricity consumption growth, with the second industry showing a recovery in electricity usage [8][9]. - Recommendations include investing in hydropower, green energy, nuclear power, and thermal power companies such as Guodian Power and Huaneng International [14][15]. Natural Gas - The report notes a stable supply-demand balance in the natural gas market, with US prices dropping to $2.76/mmBtu, while European prices have seen fluctuations due to geopolitical risks [16][20]. - Recommendations for investment include companies in the city gas sector and integrated natural gas traders, highlighting firms like Kunlun Energy and New Hope Energy [41][42]. Environmental Sector - The introduction of new methodologies for biomass energy projects is expected to enhance profitability, with a focus on companies like Evergreen Group and China Everbright [4][16]. Market Performance - The report reviews market performance from August 18 to August 22, indicating that the gas, public utility, electricity, and environmental sectors underperformed compared to the Shanghai and Shenzhen 300 index [43][44].

Investment Rating - The report maintains a positive outlook on the electricity and gas sectors, indicating a favorable investment environment [5]. Core Insights - In July, the national electricity consumption exceeded 1 trillion kWh for the first time, reaching 10,226 billion kWh, a year-on-year increase of 8.6% [10][11]. - The increase in electricity consumption was primarily driven by urban and rural residents, contributing 38% to the total growth, while the secondary and tertiary industries contributed 33% and 25%, respectively [11]. - The report highlights the impact of high temperatures in July, which were 1.3°C above the historical average, leading to increased electricity demand from residential sectors [11]. - In the gas sector, European gas prices have rebounded due to geopolitical tensions, while Asian and US gas prices have declined [19][30]. - The report suggests that the gas supply-demand balance remains loose, with US gas production at historical highs, contributing to lower prices [22][23]. Summary by Sections 1. Electricity: July National Electricity Consumption Exceeds 1 Trillion kWh - The national electricity consumption reached 10,226 billion kWh in July, marking a historic milestone [10]. - The first industry saw a 20.2% increase in electricity consumption, while the second and third industries grew by 4.7% and 10.7%, respectively [12]. - Cumulative electricity consumption from January to July was 58,633 billion kWh, a 4.5% year-on-year increase [14]. 2. Gas: Gas Supply-Demand Remains Loose, Geopolitical Tensions Affect European Gas Prices - As of August 22, the Henry Hub spot price in the US was $2.76/mmBtu, a weekly decrease of 7.19% [19]. - The TTF spot price in Europe rose to €33.10/MWh, reflecting an 8.17% increase due to geopolitical tensions [20]. - The report notes that European gas inventories are significantly lower than last year and the five-year average, raising concerns about supply stability [30]. 3. Weekly Market Review - The report indicates that the gas, public utilities, electricity, and environmental sectors underperformed relative to the CSI 300 index during the period from August 18 to August 22 [47]. 4. Company and Industry Dynamics - The report mentions the release of a notice regarding the bidding arrangement for new energy projects in Gansu Province, indicating ongoing developments in the renewable energy sector [54]. - Key announcements from companies such as Guodian Power and Kunlun Energy highlight their financial performance and strategic initiatives [55][58]. 5. Key Company Valuation Table - The report includes a valuation table for key companies in the public utility sector, indicating buy ratings for several firms, including China Nuclear Power and Huaneng International [59].

Investment Rating - The report maintains an "Accumulate" rating for the gas industry [1] Core Viewpoints - The report highlights a cooling trend in temperatures leading to a decrease in US gas prices, while European storage efforts are pushing prices up. Domestic gas prices are also experiencing a decline due to slow demand recovery [5][10] - The supply-demand analysis indicates a slight increase in total gas supply in the US, while demand has decreased slightly. European gas prices have risen due to storage efforts, and domestic gas prices have also fallen [15][16] - The report emphasizes the ongoing progress in price adjustments across various cities, which is expected to enhance profitability for city gas companies and support valuation recovery [35] Summary by Sections Price Tracking - As of August 22, 2025, US HH gas prices decreased by 3.1%, while European TTF prices increased by 7.6%. Domestic LNG prices fell by 1.7% [10][12] Supply and Demand Analysis - US total gas supply increased by 0.4% week-on-week to 1,126 billion cubic feet per day, while total demand decreased by 1.2% to 1,061 billion cubic feet per day. European gas consumption for the first five months of 2025 was 2,180 billion cubic meters, up 6.6% year-on-year [15][16] Price Adjustment Progress - Nationwide, 64% of cities have implemented residential price adjustments, with an average increase of 0.21 yuan per cubic meter. The report suggests that there is still a 10% room for price gap recovery [35] Important Announcements - The report notes significant mid-year performance announcements from various gas companies, indicating mixed results in revenue and profit growth [41] Important Events - The report mentions a reduction in the US LNG import tariff from 140% to 25%, enhancing the economic viability of US gas imports [42][44] - It also discusses the EU's agreement to provide greater flexibility in natural gas storage targets, allowing for a 10% deviation from the 90% storage goal [49] Investment Recommendations - The report suggests focusing on companies that can optimize costs and benefit from the ongoing price mechanism adjustments, particularly those with strong long-term contracts and flexible operations [5][35]

Group 1 - Recent rumors suggest that small institutions may face restrictions on bond quoting, but multiple sources indicate no new notifications have been received [1] - The top three credit rating agencies captured nearly 70% of the market share in Q2 2025, highlighting a significant concentration in the credit rating industry [1] - The green bond market in China saw the issuance of 477 green bonds in 2024, showing a slight increase in quantity but a decrease in issuance amount compared to the previous year [3] Group 2 - The People's Bank of China announced a 600 billion MLF operation to maintain liquidity in the banking system, marking a net injection of 300 billion for August [5] - A reverse repurchase operation of 361.2 billion was conducted, resulting in a net injection of 123.2 billion for the day [7] - Japan's long-term government bond yields surged to their highest levels since 1999, driven by concerns over fiscal conditions and inflation [8] Group 3 - Jiangxi Province plans to issue 6.7 billion special new bonds for government investment projects [10] - Guizhou Province's recent local bond auctions saw bid multiples exceeding 24 times, indicating strong demand [10] - Zhengzhou Public Transport Group successfully issued 1 billion medium-term notes at a rate of 3.16% [11] Group 4 - Luoyang Science and Technology Group is set to issue 1 billion yuan in corporate bonds, while Luoyang Industrial Holding Group plans to issue 4 billion yuan in public bonds [13] - Nanyang Industrial Investment Group completed the issuance of 1 billion yuan in corporate bonds at a rate of 2.45% [15] - Hangzhou Urban Investment Group received approval for a 16 billion yuan corporate bond registration, enhancing its financial capabilities [17] Group 5 - Guangzhou Times Holdings announced a suspension of all outstanding corporate bonds starting August 25, 2025, for debt repayment arrangements [21] - Longxiang Investment Group faced corrective measures due to incomplete disclosures and data errors in annual reports [21] - Shandong Commercial Group is involved in a lawsuit concerning a contract dispute, with the amount in question being 97.86 million yuan [22] Group 6 - The second batch of Sci-Tech Innovation Bond ETFs is expected to launch in September, with a projected fundraising scale between 32 billion to 42 billion yuan [23] - Current market sentiment is weak, suggesting caution in extending durations, but the new ETFs may create structural opportunities [23] - Financial data indicates a trend of "deposit migration," likely due to declining deposit yields and a growing interest in capital markets [23]

Market Overview - The gas sector experienced a decline of 1.07% on August 19, with Hongtong Gas leading the drop [1] - The Shanghai Composite Index closed at 3727.29, down 0.02%, while the Shenzhen Component Index closed at 11821.63, down 0.12% [1] Stock Performance - Key gainers in the gas sector included: - KAITIAN Gas: Closed at 15.05, up 9.61% with a trading volume of 234,500 shares and a turnover of 342 million yuan [1] - Shaanxi Natural Gas: Closed at 9.30, up 6.77% with a trading volume of 522,200 shares and a turnover of 474 million yuan [1] - Water Development Gas: Closed at 6.97, up 3.26% with a trading volume of 191,000 shares and a turnover of 132 million yuan [1] - Notable decliners included: - Hongtong Gas: Closed at 17.45, down 8.88% with a trading volume of 303,100 shares and a turnover of 535 million yuan [2] - Fuan Energy: Closed at 12.30, down 7.66% with a trading volume of 566,300 shares and a turnover of 705 million yuan [2] - ST Jinj Chicken: Closed at 3.18, down 5.07% with a trading volume of 228,100 shares and a turnover of 73.59 million yuan [2] Capital Flow - The gas sector saw a net outflow of 166 million yuan from institutional investors, while retail investors contributed a net inflow of 250 million yuan [2] - The capital flow for specific stocks showed: - Shaanxi Natural Gas: Institutional net outflow of 37.69 million yuan, retail net outflow of 3.12 million yuan [3] - Changchun Gas: Institutional net inflow of 23.22 million yuan, retail net outflow of 10.83 million yuan [3] - Water Development Gas: Institutional net inflow of 20.99 million yuan, retail net inflow of 18.98 million yuan [3]

Market Performance - The gas sector increased by 1.92% on August 18, with Shengda Forestry leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Top Gainers in Gas Sector - Shengda Forestry (002259) closed at 5.10, up 7.59% with a trading volume of 925,300 shares and a turnover of 475 million yuan [1] - Shaanxi Natural Gas (002267) closed at 8.71, up 7.53% with a trading volume of 584,500 shares and a turnover of 506 million yuan [1] - Other notable gainers include Teris (834014) at 14.01 (+2.86%), Kaitan Gas (831010) at 13.73 (+2.39%), and Guizhou Gas (600903) at 7.11 (+0.85%) [1] Top Losers in Gas Sector - ST Jinjii (000669) closed at 3.35, down 2.90% with a trading volume of 180,600 shares and a turnover of 60.48 million yuan [2] - Shenzhen Gas (601139) closed at 6.96, down 2.79% with a trading volume of 963,800 shares and a turnover of 683 million yuan [2] - Other notable losers include Hongtong Gas (605169) at 19.15 (-2.15%) and Xinjiang Torch (603080) at 21.87 (-1.71%) [2] Capital Flow in Gas Sector - The gas sector experienced a net outflow of 180 million yuan from main funds, while retail investors saw a net inflow of 142 million yuan [2] - Speculative funds had a net inflow of 37.76 million yuan [2]