以化债促发展，城投债融资边际改善 ——2025 年三季度城投债市场分析与展望 联合资信 公用评级四部 |马玉丹 |王文燕 靠前使用化债额度，财政部加码助力隐债化解。9 月 12 日，财政部在国新办举 行的新闻发布会上表示，将提前下达部分 2026 年新增地方政府债务限额，靠前使用 化债额度，多措并举化解存量隐性债务。截至 2025 年 10 月底，用于置换隐性债务的 特殊再融资债券已累计披露发行 1.993 万亿元，发行进度 99.67%。特殊新增专项债券 发行节奏自 5 月开始明显提速，三季度累计发行 7381 亿元，截至 9 月底发行总额已 超过 1.2 万亿，超额完成年度 8000 亿发行目标。10 月 13 日，河北省财政厅率先披露 已提前获得 2026 年置换存量隐性债务限额 280 亿元，目前处于待分配状态。 5000 亿新型政策性金融工具落地，缓释地方投资压力。9 月 29 日，国家发展改 革委召开新闻发布会，宣布设立规模达 5000 亿元的新型政策性金融工具，全额用于 补充重大项目建设资本金。同日，国开行、农发行、进出口银行同步成立专项公司， 标志该稳投资举措进入实质性落地阶段。截至 10 月 ...

和远气体今日跌停，全天换手率7.98%，成交额4.61亿元，振幅11.10%。龙虎榜数据显示，机构净卖出 2078.96万元，营业部席位合计净卖出2715.35万元。 深交所公开信息显示，当日该股因日跌幅偏离值达-8.64%上榜，机构专用席位净卖出2078.96万元。 具体来看，今日上榜的营业部中，共有2家机构专用席位现身，即卖四、卖五，合计买入金额589.90万 元，卖出金额2668.86万元，合计净卖出2078.96万元。 资金流向方面，今日该股主力资金净流出2757.65万元，其中，特大单净流出2393.34万元，大单资金净 流出364.31万元。近5日主力资金净流入4190.65万元。（数据宝） 和远气体11月14日交易公开信息 | 买/卖 | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | | 买一 | 中信证券股份有限公司杭州凤起路证券营业部 | 1821.95 | 3.26 | | 买二 | 中信证券股份有限公司大连分公司 | 1495.62 | 43.75 | | 买三 | 中信建投证券股份有限公司深圳香梅路证券营业部 | 9 ...

11月11日，光大证券股份有限公司研究员赵乃迪、胡星月发布研报《和远气体：打造建设电子气体-化 学品集中生产基地新增产能持续放量》称，维持公司25-26年盈利预测，新增27年的盈利预测。预计25- 27年公司归母净利润分别为1.02/1.11/1.21亿元。我们看好公司电子气体-化学品集中生产基地的发展前 景，维持公司"增持"评级。 中国经济网北京11月14日讯和远气体（002971）(002971.SZ)今日跌停，收报35.21元，跌幅9.99%。 ...

11月13日，和远气体涨5.1%，截至发稿，报40.79元/股，成交9618.92万元，换手率1.52%，总市值86.39 亿元。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，湖北和远气体股份有限公司位于湖北省宜昌市伍家岗区伍临路33号鑫鼎大厦3楼，成立日期 2003年11月20日，上市日期2020年1月13日，公司主营业务涉及各类气体产品的研发、生产、销售、服 务以及工业尾气回收循环利用。主营业务收入构成为：大宗气体49.40%，工业级化学品30.51%，清洁 能源12.30%，其他项目3.79%，电子特气及电子化学品3.32%，尾气回收0.68%。 银华专精特新量化优选股票发起式A（014668）基金经理为杨腾。 截至发稿，杨腾累计任职时间3年351天，现任基金资产总规模27.53亿元，任职期间最佳基金回报 29.56%， 任职期间最差基金回报-33.78%。 从基金十大重仓股角度 数据显示，银华基金旗下1只基金重仓和远气体。银华专精 ...

泰和泰（武汉）律师事务所 关于湖北和远气体股份有限公司 2025年第四次临时股东会 之 www.tahota.com 泰和泰（武汉）律师事务所关于湖北和远气体股份有限公司 2025 年第四次临时股东会之法律意见书 泰和泰（武汉）律师事务所 关于湖北和远气体股份有限公司 2025年第四次临时股东会 之 法律意见书 致：湖北和远气体股份有限公司 法律意见书 中国 • 武汉市硚口区京汉大道 688 号武汉恒隆广场办公楼 51 层 51/F, The Office Tower of Heartland 66, No.688 jinghan Avenue qiaokou District, Wuhan, People's Republic of China 电话| TEL: 86-27-88706388 传真| FAX: 86-27-88706388 泰和泰（武汉）律师事务所（以下简称"泰和泰""本所"或"我们"）是 在中华人民共和国境内合法执业的专业法律服务机构。作为湖北和远气体股份有 限公司（以下简称"和远气体"或"公司"）的常年法律顾问，泰和泰受公司委 托，就公司召开2025年第四次临时股东会（以下简称"本次股东 ...

1、 本次股东会不存在否决议案的情形。 2、 本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开的时间： 2025 年第四次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示 现场会议时间：2025 年 11 月 11 日（星期二）14:30 证券代码：002971 证券简称：和远气体 公告编号：2025-079 湖北和远气体股份有限公司 通过深圳证券交易所互联网投票系统（http://wltp.cninfo.com.cn）投票 的具体时间为 2025 年 11 月 11 日 9:15-15:00 期间的任意时间。 2、会议召开的地点：宜昌市伍家岗区伍临路33号鑫鼎大厦3楼3号会议室 3、会议召集人：董事会 4、会议主持人：董事长兼总经理 杨涛先生 5、会议召开方式：本次股东会采用现场表决与网络投票相结合的方式 6、公司于2025年10月27日在《证券时报》《证券日报》《中国证券报》和 巨潮资讯网（http://www.cninfo.com.cn）上披露了《关于召开2025年第四次临 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [5]. Core Views - The company is expanding its electronic gas and chemical production capacity, with new capacities expected to ramp up [3]. - The company has initiated financing leasing and other financing methods to optimize its capital structure, with a total external guarantee balance of approximately 2.6 billion [2]. - The company's net profit for the first three quarters of 2025 decreased slightly year-on-year, but the performance is expected to improve as new capacities come online [2][3]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.232 billion, a year-on-year increase of 3.33%, and a net profit of 58 million, a year-on-year decrease of 1.86% [1]. - In Q3 2025, revenue was 426 million, a year-on-year increase of 1.42% but a quarter-on-quarter decrease of 5.47%. The net profit was 9 million, a year-on-year decrease of 43.36% and a quarter-on-quarter decrease of 64.42% [1]. Capacity Expansion - The company is developing two major industrial parks, with products such as electronic-grade ultra-pure ammonia and high-purity hydrogen already in production, aiming for stable and full production by 2025 [2]. - The company has established a joint venture to expand its presence in the electronic gas market, targeting various industries including semiconductors and robotics [3]. Profit Forecast and Valuation - The company’s projected net profits for 2025, 2026, and 2027 are 102 million, 111 million, and 121 million respectively, indicating a positive growth outlook [3]. - The report provides a detailed financial forecast, including revenue and profit growth rates, with expected revenue of 1.609 billion in 2025, reflecting a growth rate of 4.93% [4][9].

Group 1 - The core viewpoint of the news is that Huan Yuan Gas has seen a 5% increase in stock price, reaching 38.41 CNY per share, with a trading volume of 120 million CNY and a turnover rate of 1.98%, resulting in a total market capitalization of 8.135 billion CNY [1] - Huan Yuan Gas, established on November 20, 2003, and listed on January 13, 2020, is primarily engaged in the research, production, sales, and service of various gas products, as well as industrial waste gas recovery and recycling [1] - The revenue composition of Huan Yuan Gas includes bulk gases at 49.40%, industrial chemicals at 30.51%, clean energy at 12.30%, other projects at 3.79%, electronic specialty gases and chemicals at 3.32%, and waste gas recovery at 0.68% [1] Group 2 - Among the top ten circulating shareholders of Huan Yuan Gas, Huaxia Fund holds a position with its Huaxia Industry Prosperity Mixed A Fund (003567), maintaining 4.8037 million shares, which accounts for 2.98% of the circulating shares [2] - The Huaxia Industry Prosperity Mixed A Fund has achieved a year-to-date return of 55.43%, ranking 703 out of 8147 in its category, and a one-year return of 48.95%, ranking 674 out of 8056 [2] - The fund manager, Zhong Shuai, has been in position for 5 years and 108 days, with the fund's total asset size at 13.26 billion CNY and a best return of 180.49% during his tenure [3]

Group 1 - The chemical raw materials sector experienced a significant upward movement on November 11, with Haike Xinyuan rising over 12% [2] - Sanfu Co., Ltd. reached its daily limit up, indicating strong investor interest [2] - Other stocks such as Huaheng Biological, Jinjing Technology, Hualitai, Heyuan Gas, and Kaisheng New Materials also saw gains, reflecting a broader positive trend in the sector [2]

Group 1: Company Overview and Development - Hubei Yuanyuan Gas Co., Ltd. has maintained growth in major gases such as oxygen, nitrogen, and argon while leveraging resources from Yichang and Qianjiang chemical parks [2] - The company has invested over 3 billion CNY to establish two electronic specialty gas industrial parks in Yichang and Qianjiang, focusing on six business directions: electronic specialty gases, electronic chemicals, silicon-based functional materials, bulk gases, industrial chemicals, and clean energy [2] Group 2: Project Progress and Goals - The Qianjiang Electronic Specialty Gas Industrial Park, established in 2020, has fully launched all planned products, aiming for stable production, mass production, and full production by 2025 [2] - The Yichang Electronic Specialty Gas and Functional Materials Industrial Park, initiated in 2022, is in the trial production phase for its planned products, with expectations to achieve stable production by the end of the year [2] Group 3: Investor Communication and Risk Management - The company emphasizes the importance of long-term efforts for growth and encourages investors to focus on the company's mid-to-long-term value while being aware of investment risks [2] - Risks include potential delays in project production due to technical complexity, safety audits, long certification cycles for electronic products, and market fluctuations affecting product prices [2][3]