Group 1 - The company Shenzhen Gas announced the completion of a registration for a super short-term financing bond amounting to 15 billion RMB on February 25, 2025 [2] - The company issued its second phase of technology innovation bonds for the year 2025 on August 11, 2025 [2]

Group 1 - The company has approved the issuance of super short-term financing bonds with a total principal amount not exceeding 15 billion RMB within 24 months [1] - The company completed the registration of 15 billion RMB of super short-term financing bonds on February 25, 2025, and issued the second phase of technology innovation bonds on August 11, 2025 [1] - The issued technology innovation bonds have a face value of 100 RMB, a coupon rate of 1.52%, and a maturity date of December 12, 2025 [1] Group 2 - The main underwriter for the bond issuance is Industrial Bank Co., Ltd., with Huaxia Bank Co., Ltd. as the co-underwriter [1] - The relevant documents for the bond issuance have been announced on the China Money website and the Shanghai Clearing House website [1]

| 证券代码：601139 | 证券简称：深圳燃气 | | 公告编号：2025-033 | | --- | --- | --- | --- | | 债券代码：113067 | 债券简称：燃 转债 | 23 | | 深圳燃气2025年度第二期科技创新债券发行结果公告 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。 深圳市燃气集团股份有限公司（以下简称"公司"）第五届董事会第二十二次会议 （临时会议）审议通过注册发行超短期融资券的议案，同意公司于董事会批准之日起24 个月内，向中国银行间市场交易商协会申请注册并在中国境内注册发行本金总额不超过 150亿元人民币的超短期融资券，注册有效期为2年，并在有效期内，根据市场情况、利 率变化及公司自身资金需求在中国境内一次或分期、部分或全部发行，每期发行期限不 超过270天（含270天）。 公司于2025年2月25日完成150亿元人民币的超短期融资券注册，并在2025年8月11 日完成发行2025年度第二期科技创新债券，发行结果如下： | 名称 | 深圳市燃气集团股份有限公司 | 简称 | ...

资金流向方面，今日主力资金净流出1297.64万元，占比成交额18.06%。其中，超大单净流出1022.40万 元、占成交额14.23%，大单净流出275.24万元、占成交额3.83%，中单净流出流入39.12万元、占成交额 0.54%，小单净流入1258.52万元、占成交额17.52%。 通过天眼查大数据分析，深圳市燃气集团股份有限公司共对外投资了32家企业，参与招投标项目5000 次，知识产权方面有商标信息92条，专利信息592条，此外企业还拥有行政许可1807个。 来源：金融界 深圳燃气最新一期业绩显示，截至2025一季报，公司营业总收入75.13亿元、同比增长9.48%，归属净利 润2.33亿元，同比减少15.47%，扣非净利润2.29亿元，同比减少15.02%，流动比率0.791、速动比率 0.730、资产负债率58.76%。 天眼查商业履历信息显示，深圳市燃气集团股份有限公司，成立于1996年，位于深圳市，是一家以从事 燃气生产和供应业为主的企业。企业注册资本287676.7544万人民币，实缴资本229204.622万人民币。公 司法定代表人为王文杰。 金融界消息 截至2025年8月12日收盘， ...

Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Viewpoints - The report anticipates a rise in US gas prices due to warmer temperatures in August, while domestic gas prices are expected to decline amid slow demand recovery and intensified competition between sea and land sources [5][10] - The report highlights the ongoing adjustments in pricing mechanisms and the potential for cost reductions in downstream gas companies, which may lead to improved profitability and valuation recovery [37][50] Price Tracking - As of August 8, 2025, US HH gas prices increased by 1.5% week-on-week, while European TTF prices decreased by 2.7%, and domestic LNG prices fell by 3.8% [5][10] - The average total supply of natural gas in the US decreased by 1.1% week-on-week to 1,119 billion cubic feet per day, while total demand fell by 6.5% to 1,025 billion cubic feet per day [14][27] Supply and Demand Analysis - The report notes that China's apparent natural gas consumption decreased by 0.2% year-on-year to 2,103 billion cubic feet in the first half of 2025, attributed to warmer winter conditions in 2024 affecting heating demand [27][28] - Domestic LNG import prices averaged 3,819 yuan per ton in June 2025, reflecting a 3.3% increase month-on-month but an 8% decrease year-on-year [27][31] Pricing Mechanism Progress - The report indicates that 64% of cities have implemented residential pricing adjustments, with an average increase of 0.21 yuan per cubic meter [37] - The new pricing mechanism for provincial natural gas pipeline transportation aims to reduce costs and enhance efficiency, with a permitted return rate lower than current provincial levels [50][51] Investment Recommendations - The report recommends focusing on companies that can benefit from cost reductions and pricing adjustments, such as Xin'ao Energy, China Resources Gas, and Kunlun Energy, among others [53] - It also suggests monitoring companies with quality long-term contracts and flexible scheduling capabilities, such as Jiufeng Energy and Xin'ao Shares [53]

Group 1 - The core viewpoint of the report indicates that China's gas production is projected to decline slightly in June 2025, with a year-on-year decrease of 0.2% to 143.3 billion cubic meters [1] - In the first half of 2025, China's cumulative gas production reached 850.81 billion cubic meters, reflecting a cumulative growth of 1.9% [1] Group 2 - The report is published by Zhiyan Consulting, a leading industry consulting firm in China, which has been deeply engaged in industry research for over a decade [2] - Zhiyan Consulting provides comprehensive industry research reports, business plans, feasibility studies, and customized services, focusing on delivering complete industry solutions to empower investment decisions [2]

| 601139 | 深圳燃 | 0.92 | 0.30 | 6.57 | 6.61 | 0.63 | | --- | --- | --- | --- | --- | --- | --- | | | 气 | | | | | | | 002813 | 路畅科 | 1.36 | 2.69 | 24.37 | 24.52 | 0.63 | | | 技 | | | | | | | 000966 | 长源电 | 0.66 | 0.71 | 4.58 | 4.60 | 0.45 | | | 力 | | | | | | | 601158 | 重庆水 | 0.43 | 0.12 | 4.70 | 4.72 | 0.35 | | | 务 | | | | | | | 000875 | 吉电股 | 1.35 | 0.84 | 5.24 | 5.25 | 0.25 | | | 份 | | | | | | | 002032 | 苏泊尔 | 0.21 | 0.08 | 51.32 | 51.39 | 0.14 | | 002157 | 正邦科 | 0.70 | 0.38 | 2.87 | 2.87 | 0.12 | | | 技 | | ...

Market Overview - The Shanghai Composite Index is at 3636.69 points, slightly down by 0.08%, with a total trading volume of 802.9 billion yuan [1] - 21 A-shares have surpassed their annual line today, with notable stocks showing significant deviation rates [1] Stocks with Significant Deviation Rates - *ST Yitong has a deviation rate of 2.59%, with a price increase of 4.74% and a turnover rate of 2.93% [1] - Landun Optoelectronics shows a deviation rate of 1.97%, with a price increase of 6.14% and a turnover rate of 10.07% [1] - Guodian Power has a deviation rate of 1.53%, with a price increase of 1.52% and a turnover rate of 0.48% [1] Stocks with Smaller Deviation Rates - Pumen Technology and Jinlang Technology have just crossed the annual line with minor deviation rates of 0.06% and 0.13% respectively [2] - Longi Green Energy has a deviation rate of 0.20%, with a price increase of 0.25% [2]

证券之星消息，8月4日，深圳燃气（601139）融资买入486.18万元，融资偿还358.65万元，融资净买入 127.53万元，融资余额2.01亿元，近3个交易日已连续净买入累计711.67万元。 小知识 | 交易日 | 两融余额(元) | 余额变动(元) | 变动幅度 | | --- | --- | --- | --- | | 2025-08-04 | 2.03亿 | 118.81万 | 0.59% | | 2025-08-01 | 2.02亿 | 98.97万 | 0.49% | | 2025-07-31 | 2.01亿 | 486.12万 | 2.48% | | 2025-07-30 | 1.96亿 | -118.22万 | -0.60% | | 2025-07-29 | 1.97亿 | 242.17万 | 1.24% | | 交易日 | 融资净买入(元) | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | | 2025-08-04 | 127.53万 | 2.01亿 | 1.08% | | 2025-08-01 | 92.74万 | 1.99亿 | 1.07 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the power and gas sectors, including China Power, Huaneng International, and Kunlun Energy, among others [49][51]. Core Insights - The adjustment of capacity prices for coal and gas power plants in Guangdong is expected to improve profitability for gas power plants significantly, with capacity prices increasing by 65% to 296% depending on the type of gas plant [4][10]. - The rapid development of renewable energy installations in Guangdong has increased the reliance on coal power for flexible peak regulation, with renewable energy capacity reaching 59.13 million kW by the end of 2024, accounting for 26.6% of the total installed capacity [9][10]. - The report highlights the geopolitical factors affecting natural gas prices, with European gas prices experiencing a slight increase due to renewed geopolitical tensions, while U.S. gas prices remain stable [13][20]. Summary by Sections 1. Power Sector - Guangdong has raised the capacity price for coal power plants to 165 RMB per kW per year starting January 1, 2026, and for gas power plants, prices will range from 165 to 396 RMB per kW per year starting August 1, 2025 [8][10]. - The increase in capacity prices is expected to provide annual revenue boosts of 1.72 billion RMB for Guangdong Power A and 350 million RMB for Guangzhou Development [11]. 2. Gas Sector - As of August 1, 2025, the Henry Hub spot price is $3.00/mmBtu, while the TTF spot price in Europe is €32.95/MWh, reflecting a week-on-week increase of 2.74% [13][14]. - The report notes that the domestic LNG price is 4388 RMB per ton, showing a week-on-week decrease of 1.06% [32]. 3. Market Review - The gas sector outperformed the Shanghai and Shenzhen 300 index, while the public utility, power, and environmental sectors lagged behind [39]. 4. Company and Industry Dynamics - The National Energy Administration has released guidelines to enhance the management of natural gas pipeline transportation prices, promoting transparency and optimizing resource allocation [37]. - The report discusses the performance of key companies, including Huaneng International and Inner Mongolia Huadian, with varying revenue and profit trends [44].