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].

Investment Rating - The report maintains an "Accumulate" rating for the gas industry, specifically recommending New World Energy for its stable profits and high dividend yield [1]. Core Insights - The report highlights the upward trend in European gas prices due to ongoing storage developments, while high temperatures have led to a decline in U.S. gas prices. Domestic gas prices are showing weak performance [5][10]. - The supply-demand analysis indicates that U.S. natural gas prices decreased by 3.5% week-on-week, with total supply down by 0.7% and total demand up by 0.8% as of July 9, 2025. In Europe, gas prices increased by 4.6% week-on-week, with a total consumption of 192 billion cubic meters in the first four months of 2025, up 7.4% year-on-year [5][17][19]. - The report emphasizes the importance of the recent reduction in U.S. LNG import tariffs from 140% to 25%, which enhances the economic viability of U.S. gas imports [45][51]. Price Tracking - As of July 11, 2025, the week-on-week price changes for various gas prices are as follows: U.S. HH gas price decreased by 3.5%, European TTF increased by 4.6%, and domestic LNG prices increased by 1.1% [10][15]. - The average total supply of natural gas in the U.S. was 1,125 billion cubic feet per day, with a year-on-year increase of 3.4% [17]. Supply and Demand Analysis - The report notes that the average total demand for natural gas in the U.S. increased by 2% year-on-year, with residential and commercial consumption rising by 2.3% week-on-week [17]. - In Europe, the gas supply decreased by 6% week-on-week, with significant contributions from inventory consumption and LNG receiving stations [19]. Investment Recommendations - The report recommends focusing on companies with stable profit structures and high dividend yields, such as New World Energy (2025 dividend yield of 5.3%), China Gas (2025 dividend yield of 6.4%), and Blue Sky Gas (TTM dividend yield of 8.9%) [51][52]. - It suggests monitoring companies with quality long-term contracts and cost advantages, such as New World Holdings and Jiufeng Energy [52]. Important Events - The report mentions that the European Parliament and EU member states have agreed to provide greater flexibility regarding gas storage targets, allowing for a deviation of 10 percentage points from the 90% storage target [50].

Financial Performance - Total operating revenue for the first half of 2025 reached 1,543,155 million yuan, representing a year-on-year increase of 11.99% primarily due to growth in gas resources and comprehensive energy revenue [2] - Operating profit was 87,666 million yuan, showing a decrease of 5.54% compared to the same period in 2024 [2] - Total profit amounted to 88,446 million yuan, down 5.08% year-on-year [2] - Net profit attributable to shareholders of the listed company was 63,768 million yuan, reflecting a decline of 13.61% year-on-year, mainly due to reduced profits from smart services [2] - Net profit attributable to shareholders after deducting non-recurring gains and losses was 61,789 million yuan, a decrease of 12.12% compared to the previous year [2] - Basic earnings per share were 0.22 yuan, down 15.38% from 0.26 yuan in the same period last year [2] - Diluted earnings per share were 0.19 yuan, a decrease of 20.83% from 0.24 yuan [2] - The weighted average return on net assets was 4.02%, down from 5.00% [2] Sales and Operations - Natural gas sales volume reached 3.388 billion cubic meters, an increase of 23.83% compared to 2.736 billion cubic meters in the same period last year [3] - Pipeline natural gas sales volume was 2.630 billion cubic meters, up 5.71% from 2.488 billion cubic meters [3] - Wholesale natural gas volume surged to 0.758 billion cubic meters, a significant increase of 205.65% from 0.248 billion cubic meters [3] - Sales volume in the Greater Bay Area reached 0.763 billion cubic meters, a growth of 4.66% year-on-year [3] - Sales volume in other regional cities was 1.119 billion cubic meters, up 2.57% from 1.091 billion cubic meters [3] - Power plant sales volume increased to 0.748 billion cubic meters, reflecting an 11.98% growth from 0.668 billion cubic meters [3] - Gas transmission volume was 0.438 billion cubic meters, a rise of 28.82% from 0.340 billion cubic meters [3] Assets and Equity - Total assets at the end of the reporting period were 4,672,347 million yuan, an increase of 3.32% from 4,522,084 million yuan at the beginning of the period [2] - The equity attributable to shareholders of the listed company remained stable with a slight increase in share capital [2]

[Shenzhen Gas H1 2025 Performance Snapshot Analysis](index=1&type=section&id=Shenzhen%20Gas%20H1%202025%20Performance%20Snapshot%20Analysis) [Financial Performance Overview](index=1&type=section&id=I.%20Key%20Financial%20Data%20and%20Indicators%20(Consolidated)) The company's H1 2025 total operating revenue increased by 11.99%, while net profit attributable to shareholders declined by 13.61% due to reduced smart service profits, with total assets showing a modest 3.32% increase from the period's start Key Financial Indicators (Consolidated) | Key Financial Indicators | H1 2025 (Million CNY) | H1 2024 (Million CNY) | Change (%) | | :--- | :--- | :--- | :--- | | **Total Operating Revenue** | 15,431.55 | 13,779.77 | 11.99% | | **Operating Profit** | 876.66 | 928.10 | -5.54% | | **Net Profit Attributable to Shareholders** | 637.68 | 738.13 | -13.61% | | **Net Profit Attributable to Shareholders (Excluding Non-recurring Items)** | 617.89 | 703.12 | -12.12% | | **Basic Earnings Per Share (CNY)** | 0.22 | 0.26 | -15.38% | | **Weighted Average Return on Net Assets (%)** | 4.02% | 5.00% | Decrease of 0.98 percentage points | | **Total Assets (Million CNY)** | 46,723.47 | 45,220.84 | 3.32% (vs. beginning of period) | | **Shareholders' Equity Attributable to Parent Company (Million CNY)** | 15,740.69 | 15,560.40 | 1.16% (vs. beginning of period) | [Operating Performance and Financial Condition Analysis](index=2&type=section&id=II.%20Explanation%20of%20Operating%20Performance%20and%20Financial%20Condition) During the reporting period, the company's revenue growth was primarily driven by gas resources and integrated energy businesses, while the decline in net profit was attributed to reduced profits from smart services, with total natural gas sales achieving a significant 23.83% increase, and wholesale volume surging by 205.65% as a key growth driver [Overall Performance Attribution Analysis](index=2&type=section&id=2.1%20Overall%20Performance%20Attribution%20Analysis) The company's 11.99% revenue growth was primarily driven by gas resources and integrated energy income, while the 13.61% decline in net profit attributable to shareholders was due to reduced smart service profits - Total operating revenue increased by **11.99%** year-on-year, primarily driven by growth in gas resources and integrated energy income[6](index=6&type=chunk) - Net profit attributable to shareholders decreased by **13.61%** year-on-year, mainly due to reduced profits from the smart services business[6](index=6&type=chunk) [Natural Gas Business Volume Analysis](index=2&type=section&id=2.2%20Natural%20Gas%20Business%20Volume%20Analysis) Total natural gas sales volume increased by 23.83% to 3.388 billion cubic meters, with pipeline gas sales growing steadily by 5.71%, while natural gas wholesale volume surged by 205.65%, indicating strong growth momentum, and natural gas transmission volume also saw a rapid 28.82% increase Natural Gas Business Volume | Business Segment | H1 2025 (Billion m³) | H1 2024 (Billion m³) | Year-on-Year Growth (%) | | :--- | :--- | :--- | :--- | | **Total Natural Gas Sales Volume** | **3.388** | **2.736** | **23.83%** | | Pipeline Natural Gas Sales Volume | 2.630 | 2.488 | 5.71% | |    - Greater Bay Area City Gas | 0.763 | 0.729 | 4.66% | |    - Other Regions City Gas | 1.119 | 1.091 | 2.57% | |    - Power Plant Sales | 0.748 | 0.668 | 11.98% | | Natural Gas Wholesale Volume | 0.758 | 0.248 | 205.65% | | **Natural Gas Transmission Volume** | **0.438** | **0.340** | **28.82%** | - Natural gas wholesale business was the primary growth driver during the reporting period, with sales volume significantly increasing by **205.65%** year-on-year[6](index=6&type=chunk) [Risk Disclosure and Reference Documents](index=2&type=section&id=III.%20Risk%20Disclosure) The company states there are no significant uncertainties affecting the accuracy of this performance snapshot and has prepared comparative financial statements signed and sealed by management for reference - The company confirms no uncertain factors exist that would affect the accuracy of this performance snapshot[7](index=7&type=chunk) - Reference documents include comparative balance sheets and income statements signed and sealed by the company's legal representative, chief accountant, and other senior management[7](index=7&type=chunk)

Core Insights - Shenzhen Gas (601139) reported a revenue of 15.432 billion yuan for the first half of 2025, representing a year-on-year increase of 11.99% [1] - The net profit attributable to shareholders decreased to 638 million yuan, down 13.61% year-on-year [1] - Basic earnings per share fell to 0.22 yuan, a decline of 15.38% compared to the previous year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 618 million yuan, down 12.12% year-on-year [1] - Natural gas sales volume reached 3.388 billion cubic meters, showing a year-on-year growth of 23.83% [1]