《完善省内天然气管输价格机制》指导意见出台，或有利于下游城燃公司降本

Investment Rating - Industry rating is "Outperform the Market" (maintained rating) [6] Core Insights - The release of the "Guiding Opinions on Improving the Pricing Mechanism for Natural Gas Pipeline Transportation within Provinces" is expected to benefit downstream city gas companies by reducing costs [1][5] - The new pricing mechanism will be set by provincial development and reform departments, transitioning to a unified pricing model that aligns with the cross-provincial pricing mechanism, aiming to create a "national network" [2] - The guiding opinions stipulate that the allowable return rate for natural gas pipelines should not exceed the 10-year government bond yield plus 4 percentage points, resulting in an estimated return rate of approximately 5.75% based on current bond yields, which is lower than most domestic pipeline return rates [3] Summary by Sections - Pricing Mechanism: The guiding opinions require a unified pricing model for natural gas pipeline transportation, moving from "one line one price" to a zonal or provincial unified price, which is expected to enhance efficiency and reduce costs [2][4] - Cost Parameters: The opinions set parameters for pricing, including a depreciation period of 40 years for pipeline assets and a minimum load factor of 50% for gas transportation, aimed at improving pipeline utilization [3] - Market Management: The report emphasizes optimizing pipeline planning and investment management to avoid redundant construction and ensure compliance with government pricing [4] - Investment Opportunities: The policy is anticipated to lower transportation costs for city gas companies, with specific companies such as Kunlun Energy, New Hope Energy, and China Gas recommended for attention [5]