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]

| 证券代码：601139 | 证券简称：深圳燃气 | | | 公告编号：2025-030 | | --- | --- | --- | --- | --- | | 债券代码：113067 | 债券简称：燃 | 23 | 转债 | | 深圳燃气2025年上半年业绩快报 天然气代输气量 4.38 亿立方米，较上年同期 3.40 亿立方米增长 28.82%。 三、风险提示 一、主要财务数据和指标（合并） 单位：万元 二、经营业绩和财务状况情况说明 报告期内，营业收入 1,543,155 万元,同比增长 11.99%，主要是燃气资源及综合能 源收入增长所致；归属于上市公司股东的净利润 63,768 万元,同比下降 13.61%，主要 是智慧服务利润减少所致；归属于上市公司股东的扣除非经常性损益的净利润 61,789 万元，同比下降 12.12%。 天然气销售量 33.88 亿立方米，较上年同期 27.36 亿立方米增长 23.83%。其中管 道天然气销售量 26.30 亿立方米，较上年同期 24.88 亿立方米增长 5.71%；天然气批发 量 7.58 亿立方米，较上年同期 2.48 亿立方米增长 205.65%。管 ...

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]

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]

专利摘要显示，本申请涉及阀门技术领域，具体提供了一种单向自闭阀，所述单向自闭阀包括：自闭阀 本体，所述自闭阀本体包括相对设置的进气通道和出气通道；单向阀，所述单向阀设置在进气通道中， 所述单向阀设置有单向隔板、弹性件和闭合件；其中，所述闭合件套设在所述单向隔板的中部，所述单 向隔板内设置有若干通气孔，所述弹性件背离所述出气通道设置在所述闭合件和所述单向隔板之间，所 述闭合件用于闭合所述单向隔板中的若干所述通气孔，有效防止了因热水器启动等外部因素导致的管道 内压力骤降而引起的单向自闭阀误切断，降低了用户要在使用热水器后需要手动复位自闭阀的频率，进 一步提高了所述单向自闭阀使用的实用性和便捷性。 金融界2025年7月5日消息，国家知识产权局信息显示，深圳市燃气集团股份有限公司取得一项名为"一 种单向自闭阀"的专利，授权公告号CN223063237U，申请日期为2024年09月。 天眼查资料显示，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。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 ...

Core Viewpoint - The announcement details the conversion results of the "燃23转债" convertible bonds issued by Shenzhen Gas Group, highlighting the limited conversion activity and the remaining outstanding bonds. Summary by Sections 1. Convertible Bond Issuance Overview - The company issued 30 million convertible bonds with a total value of RMB 300 million on July 27, 2023, with a maturity of six years until July 26, 2029 [3] - The bonds were approved for trading on the Shanghai Stock Exchange starting August 18, 2023, under the name "燃23转债" and code "113067" [3] - The latest conversion price for the bonds is set at RMB 7.40 per share, with conversion starting from February 2, 2024 [3] 2. Conversion Status of Convertible Bonds - As of June 30, 2025, a total of RMB 80,000 has been converted into 10,448 shares, representing 0.000363% of the company's total shares before conversion [2][4] - During the period from April 1, 2025, to June 30, 2025, RMB 3,000 was converted into 402 shares, accounting for 0.000014% of the total shares before conversion [2][4] - The remaining unconverted bonds amount to RMB 2,999,920,000, which is 99.9973% of the total issuance [2][4] 3. Share Capital Changes - The document indicates changes in share capital due to the conversion of bonds, although specific details are not provided [5]

证券代码：601139 证券简称：深圳燃气 公告编号：2025-029 转债代码：113067 转债简称：燃 23 转债 深圳燃气可转债转股结果暨股份变动公告 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： 累计转股情况：深圳市燃气集团股份有限公司（以下简称"公司"）向 不特定对象发行可转换公司债券"燃 23 转债"自 2024 年 2 月 2 日开始转股。截 至 2025 年 6 月 30 日，"燃 23 转债"共有人民币 80,000 元已转换为公司股票， 转股数量为 10,448 股，占"燃 23 转债"转股前公司已发行股份总额的 0.000363%。 未转股可转债情况：截至 2025 年 6 月 30 日，"燃 23 转债"尚未转股的 可转债金额为人民币 2,999,920,000.00 元，占"燃 23 转债"发行总量的 99.9973%。 本季度转股情况：2025 年 4 月 1 日至 2025 年 6 月 30 日期间，"燃 23 转债"共有人民币 3,000 元已转换为公司股票，转股数量为 ...

Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Insights - The easing of Middle East tensions has led to a decline in European gas prices, while high temperatures have driven up US gas prices, with domestic prices remaining stable [4][9] - The supply-demand dynamics indicate a slight increase in US gas supply and demand, with total supply rising by 0.2% week-on-week to 1,125 billion cubic feet per day, and total demand increasing by 6.3% to 1,047 billion cubic feet per day [16][24] - The report highlights the ongoing price adjustments in the domestic market, with a gradual implementation of pricing reforms across various cities [40] Price Tracking - As of June 27, 2025, US HH gas prices increased by 4.1% week-on-week, while European TTF prices decreased by 17.8% [9][14] - The domestic LNG ex-factory price was reported at 4,416 CNY per ton, with a slight week-on-week increase of 0.2% [14][29] Supply and Demand Analysis - The report notes that the average total supply of natural gas in the US has increased by 4.0% year-on-year, while total demand has grown by 1.6% year-on-year [16][24] - European gas consumption for the first quarter of 2025 was 160 billion cubic meters, reflecting an 8.9% year-on-year increase [19] Pricing Mechanism Progress - The report indicates that 64% of cities have implemented residential pricing adjustments, with an average increase of 0.21 CNY per cubic meter [40] Important Events - The US gas import tariff has been reduced from 140% to 25%, enhancing the economic viability of US gas imports [47][49] - The European Parliament has agreed to provide greater flexibility regarding gas storage targets, allowing for a deviation of 10% from the 90% storage goal [52] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from pricing reforms, highlighting New Energy, China Gas, and Kunlun Energy as key investment opportunities [53][54] - It also suggests monitoring companies with quality long-term contracts and flexible scheduling capabilities, such as Jiufeng Energy and New Energy [54]

Core Viewpoint - Shenzhen Gas Group Co., Ltd. is issuing convertible bonds to unspecified objects, maintaining a stable credit rating of AAA, supported by strong regional market position and backing from the Shenzhen State-owned Assets Supervision and Administration Commission [4][6][11]. Financial Overview - Total assets reached 442.70 billion in 2023, with total liabilities at 269.98 billion, and total debt at 165.65 billion [7]. - Operating revenue for 2023 was 309.29 billion, with a net profit of 16.42 billion [7]. - The EBITDA for 2023 was 37.53 billion, with a cash flow from operating activities of 25.43 billion [7]. Business Performance - The company has a strong regional market position as the sole operator of pipeline gas in Shenzhen, with gas sales volume increasing by 1.27% in 2024 [13][14]. - The gas procurement volume increased by 7.84% in 2024, with a procurement average price decrease of 7.40% [14]. - The company’s gas sales revenue showed a slight increase in 2024, despite a decline in liquid petroleum gas sales due to the "bottle-to-pipe" project [14][24]. Industry Context - The natural gas market is expected to maintain a stable outlook in 2024, with a balanced supply and demand situation supporting profitability for urban gas companies [10][11]. - The photovoltaic industry is facing challenges with supply-demand imbalances, leading to price declines and increased competition, impacting the performance of the company's subsidiary, Swick [10][19]. Strategic Direction - The company aims to optimize its layout and innovate, focusing on a dual business model of gas and clean energy, with plans for high-quality transformation and growth [12][21]. - The company is actively expanding its gas wholesale business and has plans for new projects in the clean energy sector [15][21]. Credit Rating and Monitoring - The credit rating of AAA is maintained based on the company's strong market position and support from the Shenzhen State-owned Assets Supervision and Administration Commission [4][5]. - Regular monitoring and tracking of the company's credit status will continue throughout the bond's lifespan [3][4].