燃气Ⅱ行业点评报告：省内天然气管道运价机制发布，助力实现“全国一张网”、促进下游降本放量

Investment Rating - The report maintains an "Accumulate" rating for the gas industry [1] Core Insights - The release of the provincial natural gas pipeline transportation pricing mechanism by the National Development and Reform Commission and the National Energy Administration aims to facilitate the realization of a "national unified network" and promote cost reduction in downstream operations [4] - The new pricing mechanism will transition from "one line one price" and "one enterprise one price" to a zonal pricing or province-wide unified price, effectively linking with the cross-province natural gas pipeline transportation pricing mechanism [4] - The effective asset return rate cap proposed in the new guidelines is lower than the current levels in various provinces, which is expected to lead to a decrease in pipeline transportation fees [4] - The report anticipates that the reduction in transportation costs will benefit downstream city gas companies, allowing for price gap restoration for residential users and increased gas volume for non-residential users [4] Summary by Sections Industry Trends - The report highlights a 64% increase in residential pricing adjustments across 187 cities from 2022 to mid-2025, with an average increase of 0.21 CNY per cubic meter [4] Investment Recommendations - The report recommends focusing on companies such as Xin'ao Energy (with a dividend yield of 5.3%), China Resources Gas, Kunlun Energy, and China Gas, all of which have a dividend yield of around 4.6% to 6.1% [4] - It suggests paying attention to Shenzhen Gas and Honghua Smart Energy as potential investment opportunities [4]