香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） （股份代號：1193） 截至二零二五年六月三十日止六個月的中期業績 華潤燃氣錄得中期主要業績指標如下： 二零二五年 二零二四年 上半年 上半年 增加╱（減少） 營收（百萬港元） 49,785 52,076 (4.4%) 本公司擁有人應佔溢利（百萬港元） 2,403 3,457 (30.5%) 每股基本盈利（港元） 1.05 1.52 (30.9%) 燃氣總銷量（百萬立方米） 20,755 20,901 (0.7%) 累計已接駁客戶總數（百萬） 61.37 58.84 4.3% 華潤燃氣控股有限公司（「本公司」或「華潤燃氣」）董事（「董事」）會（「董事會」）欣 然宣佈本公司及其附屬公司（「本集團」）截至二零二五年六月三十日止六個月（「期 間」）的未經審核綜合業績連同二零二四年的比較數字如下： 1 綜合損益及其他綜合收益表 截至二零二五年六月三十日止六個月 | | | 截至六 ...

Group 1 - The city emphasizes the importance of implementing Xi Jinping's important discourse on urban work and aims to promote the connotative development of cities, focusing on building a modern, innovative, livable, beautiful, resilient, civilized, and smart people's city [1] - The Zhenjiang China Resources Gas Dispatch and Emergency Command Center is highlighted as a core hub for ensuring the safe and stable supply of urban gas, with a fully integrated and intelligent gas management system [1] - The transformation of the space under the Jiefang Bridge into a multifunctional sports area is aimed at activating idle resources and beautifying the urban environment to better meet the cultural, leisure, and fitness needs of the public [1] Group 2 - The Xiangshan Street Xiangjiamen Enjoy Garden project enhances the existing park by adding fitness trails and facilities, creating a high-quality, multifunctional urban park for residents [2] - The comprehensive governance project for the overflow pollution of Jinshan Lake aims to address drainage and water environment issues using advanced technical solutions, emphasizing the importance of facility management and maintenance [2]

Group 1: Report Overview - Industry: Asphalt [1] - Date: August 27, 2025 [2] Group 2: Market Review and Operation Suggestions - BU2510 opened at 3517 yuan/ton, closed at 3523 yuan/ton, with a high of 3540 yuan/ton, a low of 3512 yuan/ton, a daily increase of 0.54%, and a trading volume of 16.04 million lots. BU2511 opened at 3490 yuan/ton, closed at 3497 yuan/ton, with a high of 3510 yuan/ton, a low of 3483 yuan/ton, a daily increase of 0.78%, and a trading volume of 6.6 million lots [6] - Spot prices in North China, Shandong, South China, and Sichuan-Chongqing markets increased, while prices in other regions were generally stable. The significant increase in crude oil prices at the close yesterday boosted the sentiment of the asphalt spot market [6] - Hebei Xinhai plans to increase asphalt production at the end of the month, but Zhenhai Refining & Chemical may suspend asphalt production temporarily. Some local refineries in Shandong, such as Shengxing Petrochemical, may switch to producing residual oil. It is expected that the asphalt plant operating rate will decline [6] - Demand has not been significantly boosted. Rigid demand is restricted by funds and weather, market sentiment is pessimistic, and speculative demand is released cautiously [6] - Overall, the asphalt market continues to have weak supply and demand with few highlights. The unilateral price mainly follows the upward movement of oil prices. As oil prices stop falling and rebound, asphalt crack spread long positions should temporarily take profits and wait and see [6] Group 3: Industry News - In the Shandong market, the mainstream transaction price of 70 A-grade asphalt is 3490 - 3800 yuan/ton, up 20 yuan/ton from the previous trading day. International oil prices closed higher, asphalt futures fluctuated higher during the session, and some local refineries in Shandong switched to producing residual oil, leading to a decrease in local asphalt supply. Local refineries and traders pushed up asphalt prices, driving up the market price [7] - In the South China market, the mainstream transaction price of 70 A-grade asphalt is 3490 - 3510 yuan/ton, up 10 yuan/ton from the previous trading day. The sales of major refineries are good, and after the futures price rose, spot-futures traders have no low-price contracts for sale, increasing the sentiment of traders to push up prices and driving up the market price [7] Group 4: Data Overview - The report presents multiple data charts, including asphalt daily operating rate (%), Shandong asphalt comprehensive profit (yuan/ton), asphalt crack spread (yuan/ton), asphalt social inventory (tons), Shandong asphalt spot price (yuan/ton), Shandong asphalt basis (yuan/ton), asphalt manufacturer inventory (10,000 tons), and asphalt warehouse receipts (tons), all sourced from Wind and the Research and Development Department of CCB Futures [8][13][16]

Core Viewpoint - Changchun Zhiyuan New Energy Equipment Co., Ltd. reported a slight increase in revenue for the first half of 2025, but significant declines in net profit and earnings per share, indicating challenges in profitability despite revenue growth [6][7]. Financial Performance - Revenue for the first half of 2025 was approximately 815.21 million yuan, a 1.09% increase compared to 806.45 million yuan in the same period of 2024 [6]. - Net profit attributable to shareholders decreased by 66.77% to approximately 19.73 million yuan from 59.39 million yuan year-on-year [6]. - Basic earnings per share fell by 54.84% to 0.1596 yuan from 0.3534 yuan in the previous year [6]. - The net cash flow from operating activities improved by 57.13%, reaching approximately -191.06 million yuan compared to -445.64 million yuan in the previous year [6]. Business Overview - The company focuses on high-end equipment manufacturing in the new energy sector and the processing of lithium battery anode materials [7]. - Main products include vehicle LNG supply systems and LNG power ship fuel systems, which are essential for heavy-duty trucks and engineering vehicles [7][8]. - The company operates within the metal products industry, specifically in the manufacturing of low-temperature insulated pressure vessels for LNG [7]. Industry Trends - The LNG heavy-duty truck market is growing due to its environmental benefits, including reduced emissions compared to traditional diesel trucks [8][9]. - Recent policies from the National Development and Reform Commission and other governmental bodies have prioritized LNG vehicles, providing subsidies and support for the replacement of older vehicles with LNG models [9][10]. - The LNG supply chain, including infrastructure for refueling stations, is expanding, enhancing the competitiveness of LNG trucks in long-haul logistics [12][14]. Product Details - The company's main products include various types of LNG supply systems, which are designed for different vehicle capacities and applications [11][20]. - The LNG supply systems are critical for reducing pollution and meeting modern environmental standards, aligning with national low-carbon energy goals [8][9].

Core Viewpoint - The 11th China Smart Gas Development Forum emphasizes the integration of resilience construction and industrial collaboration, focusing on the digital empowerment of the gas system to enhance safety and reliability in the gas industry [1][9]. Group 1: Forum Overview - The forum was held in Zhengzhou, Henan, with nearly 500 representatives from gas industry authorities, experts, and business leaders participating [1][3]. - The theme of the forum was "Resilience Construction × Industrial Collaboration: Digital Empowerment of the New Paradigm of Gas Systems," aligning with the central urban work conference's spirit [1][9]. Group 2: Key Presentations and Insights - Zhang Hongmei, Deputy Director of the Ministry of Housing and Urban-Rural Development, highlighted the importance of safety and the integration of data, technology, and scenarios in the gas industry [9]. - Liu Heping, President of the China Urban Gas Association, emphasized the need for high-quality development in the gas sector, balancing opportunities and challenges [10]. - The forum featured discussions on the digital transformation of the gas industry, with a focus on practical needs, demonstration leadership, and continuous innovation [9][10]. Group 3: Technological Innovations - The forum showcased advancements in smart gas technologies, including the use of micro-nano sensors for environmental perception and decision-making in gas management [12][13]. - A report on the smart management platform for gas pipeline corrosion was presented, demonstrating real-time data collection and risk assessment capabilities [13]. Group 4: Industry Development and Future Directions - The forum discussed the construction of a resilient gas ecosystem, integrating digital technologies to enhance supply and service adaptability [14]. - The focus on digital transformation in safety management was highlighted, with companies like China Resources Gas leading initiatives to improve operational safety through technology [15]. - The event also featured a roundtable discussion on enhancing user service experience and safety through technological innovation [16]. Group 5: Exhibition and Participation - The forum included the "China Intelligent Manufacturing · Gas Digital Experience Exhibition," showcasing over 20 companies presenting the latest smart gas products and solutions [17].

Investment Rating - The report provides a positive investment outlook for the electricity and natural gas sectors, recommending specific companies for investment based on their performance and market conditions [4][16]. Core Insights - In July, the national electricity consumption exceeded 1 trillion kWh for the first time, reaching 10,226 billion kWh, a year-on-year increase of 8.6% [4][7]. - The increase in electricity consumption was primarily driven by urban and rural residents, contributing 38% to the total growth, with significant contributions from the secondary and tertiary industries as well [8][9]. - The report highlights the impact of high temperatures on electricity demand, noting that July was the hottest month since 1961, which significantly boosted residential electricity usage [8][9]. - Natural gas prices in Europe have rebounded due to geopolitical tensions, while prices in Asia and the US have decreased, indicating a mixed market environment [16][20]. - The report emphasizes the potential for improved profitability in the biomass energy sector following the introduction of new methodologies for carbon emissions reduction [4][16]. Summary by Sections Electricity - July's total electricity consumption reached 10,226 billion kWh, marking a historic milestone with an 8.6% year-on-year growth [4][7]. - The first, second, and third industries, along with urban and rural residents, contributed to the overall electricity consumption growth, with the second industry showing a recovery in electricity usage [8][9]. - Recommendations include investing in hydropower, green energy, nuclear power, and thermal power companies such as Guodian Power and Huaneng International [14][15]. Natural Gas - The report notes a stable supply-demand balance in the natural gas market, with US prices dropping to $2.76/mmBtu, while European prices have seen fluctuations due to geopolitical risks [16][20]. - Recommendations for investment include companies in the city gas sector and integrated natural gas traders, highlighting firms like Kunlun Energy and New Hope Energy [41][42]. Environmental Sector - The introduction of new methodologies for biomass energy projects is expected to enhance profitability, with a focus on companies like Evergreen Group and China Everbright [4][16]. Market Performance - The report reviews market performance from August 18 to August 22, indicating that the gas, public utility, electricity, and environmental sectors underperformed compared to the Shanghai and Shenzhen 300 index [43][44].

Investment Rating - The report maintains a positive outlook on the electricity and gas sectors, indicating a favorable investment environment [5]. Core Insights - In July, the national electricity consumption exceeded 1 trillion kWh for the first time, reaching 10,226 billion kWh, a year-on-year increase of 8.6% [10][11]. - The increase in electricity consumption was primarily driven by urban and rural residents, contributing 38% to the total growth, while the secondary and tertiary industries contributed 33% and 25%, respectively [11]. - The report highlights the impact of high temperatures in July, which were 1.3°C above the historical average, leading to increased electricity demand from residential sectors [11]. - In the gas sector, European gas prices have rebounded due to geopolitical tensions, while Asian and US gas prices have declined [19][30]. - The report suggests that the gas supply-demand balance remains loose, with US gas production at historical highs, contributing to lower prices [22][23]. Summary by Sections 1. Electricity: July National Electricity Consumption Exceeds 1 Trillion kWh - The national electricity consumption reached 10,226 billion kWh in July, marking a historic milestone [10]. - The first industry saw a 20.2% increase in electricity consumption, while the second and third industries grew by 4.7% and 10.7%, respectively [12]. - Cumulative electricity consumption from January to July was 58,633 billion kWh, a 4.5% year-on-year increase [14]. 2. Gas: Gas Supply-Demand Remains Loose, Geopolitical Tensions Affect European Gas Prices - As of August 22, the Henry Hub spot price in the US was $2.76/mmBtu, a weekly decrease of 7.19% [19]. - The TTF spot price in Europe rose to €33.10/MWh, reflecting an 8.17% increase due to geopolitical tensions [20]. - The report notes that European gas inventories are significantly lower than last year and the five-year average, raising concerns about supply stability [30]. 3. Weekly Market Review - The report indicates that the gas, public utilities, electricity, and environmental sectors underperformed relative to the CSI 300 index during the period from August 18 to August 22 [47]. 4. Company and Industry Dynamics - The report mentions the release of a notice regarding the bidding arrangement for new energy projects in Gansu Province, indicating ongoing developments in the renewable energy sector [54]. - Key announcements from companies such as Guodian Power and Kunlun Energy highlight their financial performance and strategic initiatives [55][58]. 5. Key Company Valuation Table - The report includes a valuation table for key companies in the public utility sector, indicating buy ratings for several firms, including China Nuclear Power and Huaneng International [59].

Investment Rating - The report maintains an "Accumulate" rating for the gas industry [1] Core Viewpoints - The report highlights a cooling trend in temperatures leading to a decrease in US gas prices, while European storage efforts are pushing prices up. Domestic gas prices are also experiencing a decline due to slow demand recovery [5][10] - The supply-demand analysis indicates a slight increase in total gas supply in the US, while demand has decreased slightly. European gas prices have risen due to storage efforts, and domestic gas prices have also fallen [15][16] - The report emphasizes the ongoing progress in price adjustments across various cities, which is expected to enhance profitability for city gas companies and support valuation recovery [35] Summary by Sections Price Tracking - As of August 22, 2025, US HH gas prices decreased by 3.1%, while European TTF prices increased by 7.6%. Domestic LNG prices fell by 1.7% [10][12] Supply and Demand Analysis - US total gas supply increased by 0.4% week-on-week to 1,126 billion cubic feet per day, while total demand decreased by 1.2% to 1,061 billion cubic feet per day. European gas consumption for the first five months of 2025 was 2,180 billion cubic meters, up 6.6% year-on-year [15][16] Price Adjustment Progress - Nationwide, 64% of cities have implemented residential price adjustments, with an average increase of 0.21 yuan per cubic meter. The report suggests that there is still a 10% room for price gap recovery [35] Important Announcements - The report notes significant mid-year performance announcements from various gas companies, indicating mixed results in revenue and profit growth [41] Important Events - The report mentions a reduction in the US LNG import tariff from 140% to 25%, enhancing the economic viability of US gas imports [42][44] - It also discusses the EU's agreement to provide greater flexibility in natural gas storage targets, allowing for a 10% deviation from the 90% storage goal [49] Investment Recommendations - The report suggests focusing on companies that can optimize costs and benefit from the ongoing price mechanism adjustments, particularly those with strong long-term contracts and flexible operations [5][35]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [6][9]. Core Views - The report highlights a significant increase in electricity consumption, with a year-on-year growth of 8.6% in July 2025, reaching 1,022.6 billion kWh [3][16]. - The total installed power generation capacity in China reached 367.367 million kW by July 2025, with an increase of 32.505 million kW compared to the end of 2024 [3][17]. - The new energy storage capacity has seen substantial growth, with a cumulative installed capacity of 101.3 GW by mid-2025, marking a 110% increase year-on-year [16][18]. Summary by Sections Market Review - The Shanghai Composite Index rose by 4.18%, while the public utility index increased by 1.89% and the environmental index by 1.33% [15][29]. - Within the electricity sector, thermal power increased by 3.38%, hydropower by 1.05%, and new energy generation by 1.91% [15][32]. Important Events - In July 2025, the total electricity consumption reached 1,022.6 billion kWh, with the first industry showing a 20.2% increase, the second industry a 4.7% increase, and the third industry a 10.7% increase [3][16]. - The installed capacity for various power sources as of July 2025 includes hydropower at 44.161 million kW, thermal power at 148.66 million kW, nuclear power at 6.094 million kW, wind power at 57.487 million kW, and solar power at 110.96 million kW [3][17]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading new energy firms such as Longyuan Power and Three Gorges Energy [5][26]. - The report suggests that the nuclear power sector will maintain stable profitability, recommending companies like China Nuclear Power and China General Nuclear Power [5][26]. - In the environmental sector, it highlights opportunities in water and waste incineration industries, recommending companies like China Everbright Environment and Zhongshan Public Utilities [5][27]. Key Company Earnings Forecasts - Huadian International is rated "Outperform" with an expected EPS of 0.46 for 2024 and 0.62 for 2025 [9]. - Longyuan Power is also rated "Outperform" with an expected EPS of 0.75 for 2024 and 0.85 for 2025 [9]. - China Nuclear Power is rated "Outperform" with an expected EPS of 0.46 for 2024 and 0.50 for 2025 [9].

Core Viewpoint - China Resources Gas (01193.HK) announced that Chongqing Gas (600917.SH) achieved an operating revenue of 5.224 billion yuan in the first half of 2025, representing a year-on-year growth of 5.10% [1] - However, the net profit attributable to shareholders of Chongqing Gas was 105 million yuan, showing a year-on-year decline of 28.90% [1] - The net profit attributable to shareholders after excluding non-recurring gains and losses was 97.5424 million yuan, also down by 28.75% year-on-year [1] - The basic earnings per share stood at 0.068 yuan [1] Summary by Category Financial Performance - Operating revenue for the first half of 2025 reached 5.224 billion yuan, up 5.10% year-on-year [1] - Net profit attributable to shareholders decreased to 105 million yuan, down 28.90% year-on-year [1] - Net profit after excluding non-recurring items was 97.5424 million yuan, a decline of 28.75% year-on-year [1] - Basic earnings per share reported at 0.068 yuan [1]