Core Insights - The breakthrough at the ZI201 well in Sichuan marks China's first successful extraction of high-yield commercial gas flow from Cambrian shale, indicating significant advancements in deep shale gas exploration [1][2] - China National Petroleum Corporation (CNPC) is enhancing its traditional oil and gas reserves while actively investing in renewable energy, aiming for sustainable growth through innovative technologies [1][3] Natural Gas Production Growth - Following the success of the ZI201 well, CNPC is accelerating exploration and evaluation in the area, with the establishment of the ZI201H2 platform for pilot testing development techniques [2] - The pilot tests achieved four significant milestones, including reducing drilling cycles to under 100 days and implementing advanced monitoring systems in deep shale gas wells [2] Industry Development and Trends - Sichuan Basin is recognized as China's most promising area for natural gas exploration, with the highest total resource volume, particularly in shale gas [3] - Natural gas is expected to play a crucial role in China's energy transition, with medium to long-term consumption projected to grow at a moderate to high rate, enhancing CNPC's profitability in this sector [3] Enhancing Industry Resilience - The Xiangguosi gas storage facility in Chongqing is part of a strategy to create a "Southwest 10 billion gas storage center," contributing significantly to national gas supply stability [4] - The facility has achieved a 15% actual peak shaving task against its design capacity, showcasing its operational efficiency and technological advantages [4] Digital Transformation and Efficiency - The gas storage facility has implemented digital operations, reducing inspection cycles by 60% and increasing efficiency by 200% through the use of automated systems and intelligent robots [5] - CNPC's Suining gas purification plant has become the largest in China, achieving rapid production milestones and adopting a smart management model for enhanced operational efficiency [5] Transition to Comprehensive Energy Stations - CNPC is transforming traditional gas stations into comprehensive energy stations, integrating various services such as refueling, charging, and retail [6] - The Yongquan comprehensive energy station in Chengdu exemplifies this transition, featuring advanced charging infrastructure and a diverse range of services [6][7] Future Outlook - CNPC aims to maintain its core oil and gas business while innovating in comprehensive energy services, focusing on long-term growth and value creation for shareholders [7]

能源是经济发展的"粮食"，是社会运行的"血液"，更是现代化进程的"引擎"。"十五五"规划建议提 出，建设能源强国。能源强国首次出现在五年规划里，这意味着，我国经济社会发展对能源的需求，已 不仅是保障供应那么简单，更要通过能源技术、产业链和系统能力的全面提升，增强国际竞争力，支撑 社会主义现代化强国建设。 当前，科技革命和大国博弈相互交织，全球能源供需格局深度重塑，能源绿色低碳转型步伐加快。 站在这一历史性节点，我们必须回答好3个核心问题：能源强国强在哪里？强什么？怎么强？ 强化技术突破与体制改革并进。技术是硬支撑，改革是软动力，两者缺一不可。在技术上，要加大 研发投入，集中力量攻克"卡脖子"技术；在体制上，要深化电力体制改革，加快全国统一电力市场建 设，推进电网、油气管网等基础设施互联互通，让能源要素自由流动，提高配置效率。 对标能源强国四维"强"度，"强什么"的目标也更加清晰。强供应链，核心是打造多元化、有韧性的 供给体系。"不把鸡蛋放在一个篮子里"，是保障能源安全的基本逻辑。我们既要深耕传统能源，通过清 洁高效利用，让煤炭、油气焕发新活力，也要大力发展新能源，形成新增量主体，更要建立充足的能源 战略储备， ...

能源是经济发展的"粮食"，是社会运行的"血液"，更是现代化进程的"引擎"。"十五五"规划建议提出， 建设能源强国。能源强国首次出现在五年规划里，这意味着，我国经济社会发展对能源的需求，已不仅 是保障供应那么简单，更要通过能源技术、产业链和系统能力的全面提升，增强国际竞争力，支撑社会 主义现代化强国建设。 当前，科技革命和大国博弈相互交织，全球能源供需格局深度重塑，能源绿色低碳转型步伐加快。站在 这一历史性节点，我们必须回答好3个核心问题：能源强国强在哪里？强什么？怎么强？ 能源强国的"强"，体现在安全保障的硬实力上。一个真正的能源强国，要能从容应对各类风险挑战。既 要有强健的体魄，确保国内能源供应充足稳定；更要有强大的免疫系统，抵御国际市场波动、极端天 气、地缘冲突等外部冲击。"手中有粮、心中不慌"的底气，才是能源强国最基本的画像。 能源强国的"强"，体现在绿色低碳高质量发展上。建设能源强国，不是追求能源消耗的"大"，而是追求 能源利用的"优"，让蓝天白云成为常态，让绿水青山滋养民生，在全球碳中和浪潮中，既占据绿色技术 制高点，也掌握低碳发展主动权。 能源强国的"强"，体现在科技自立自强的核心支撑上。就像电子 ...

中国石油大学(北京)校长金衍表示，中心将围绕海洋工程、深水油气开发、碳减排与能源绿色转型等领 域开展技术攻关，为全球深水油气开发降本增效提供新方案。 巴西里约热内卢联邦大学校长罗伯特表示，中心将为两国科研人员搭建技术交流的桥梁和成果共享的平 台，通过技术联合攻关、人才合作培养等方式，把两国科研优势转化为产业竞争力。 本报里约热内卢电(记者陈一鸣)近日，旨在推动能源绿色低碳转型与数字化发展的中国—巴西科技创新 中心在巴西里约热内卢联邦大学科技园正式启动。 中国驻里约热内卢总领事田敏在启动仪式上表示，在两国元首战略引领下，中巴关系处于历史最好时 期，双方正进入发展战略对接和共建中巴命运共同体的新阶段。成立中巴科技创新中心是两国企业和高 校深化合作的重要举措，希望中心发挥人才培养新平台、创新成果策源地、产业升级助推器作用，推出 一批具有示范意义和影响力的合作成果，为两国能源转型和产业升级注入新动力。 中国海洋石油集团有限公司副总经理俞进表示，中心将以绿色低碳发展为目标，探索传统能源清洁开 发、可再生能源高效利用等关键技术发展路径。 巴西国家石油公司副总裁安乔斯表示，四方合作优势互补，将让科技创新成为推动巴中能源领域 ...

人民财讯12月10日电，12月9日，国家能源集团党组书记、董事长邹磊在集团总部会见了山西省委副书 记、省长卢东亮一行，双方围绕深化战略合作、共同推动能源绿色低碳转型和高质量发展进行深入交 流。卢东亮指出，山西是国家重要综合能源基地，国家能源集团是能源行业的"国家队"和领军企业，双 方合作空间巨大。希望国家能源集团继续扎根山西、深耕山西，围绕提供综合能源系统解决方案、打 造"绿色能源+"新业态新模式、发展现代煤化工、深化能源科技创新、构建新型电力系统等方面加大投 资和布局力度，推动更多合作项目落地见效。 ...

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of 17.33 yuan based on a 14x PE for 2026 [5][16]. Core Insights - The company has experienced significant growth in natural gas production and sales, with production increasing by 116% year-on-year to 420 million cubic meters and sales rising by 109% to 640 million cubic meters in the first half of 2025 [1]. - The company benefits from a strong resource reserve and cost control, with proven reserves of coalbed methane reaching 88.7 billion cubic meters and economically recoverable reserves at 34.24 billion cubic meters [1]. - The company has improved its investment efficiency, reducing the single well investment cost to 29 million yuan and achieving a lower cost of 0.53 yuan per cubic meter, a 36.09% decrease from 2024 [1][10]. Revenue and Profit Forecast - Revenue is projected to grow significantly, with estimates of 2.802 billion yuan in 2025, 3.365 billion yuan in 2026, and 3.9 billion yuan in 2027, reflecting growth rates of 81.3%, 20.1%, and 15.9% respectively [4][10]. - The net profit is expected to turn positive, with forecasts of 36 million yuan in 2025, 336 million yuan in 2026, and 556 million yuan in 2027 [10][11]. Business Development - The company has expanded its pipeline network through strategic acquisitions, enhancing its "development-pipeline-sales" business model, which has led to an 85% year-on-year increase in transportation volume to 468 million cubic meters in the first half of 2025 [2]. - The company is positioned to benefit from favorable policies promoting unconventional oil and gas development, which are expected to enhance energy security and increase domestic natural gas supply [3]. Financial Metrics - The report highlights a significant improvement in gross margin, projected to reach 12.5% in 2025, 15% in 2026, and 20% in 2027 [10][11]. - The company’s earnings per share (EPS) is expected to improve from -0.85 yuan in 2023 to 2.04 yuan by 2027 [11][18].

转自：经济参考报 看用电侧，绿色低碳的能源消费方式深入人心。 生活中，"开绿车、用绿电"成为越来越多人的选择。截至今年10月底，我国电动汽车充电基础设施总数 达1864.5万个，同比增长54%。 当前，北方地区已进入供暖季。在内蒙古兴安盟科右前旗大坝沟小学，教室内暖意融融，师生们告别了 煤炉取暖的"煤烟味"。今年以来，当地27所中小学校完成清洁能源供暖改造。 工厂里，绿电为产业升级注入新活力。例如，惠达卫浴股份有限公司2024年消费绿电2560万千瓦时，折 合节约3146.24吨标准煤，减排二氧化碳8463.39吨。"使用绿电有助于满足国外客户的环保要求，突破贸 易壁垒。"惠达卫浴设备能源动力部副部长侯鑫说。 展望"十五五"，中国电力企业联合会常务副理事长杨昆表示，一方面要保障新建及存量新能源发电项目 的合理利用率，另一方面要拓展新能源非电多元化利用场景，如绿电制氢、新能源供暖等，加快各类消 纳技术的创新突破。 （责任编辑：刘芃） "十五五"规划建议提出，"持续提高新能源供给比重""着力构建新型电力系统，建设能源强国"。回 望"十四五"，我国逐光驭风、向"绿"而行，全社会用电量中，每3度电就有1度绿电。 "十 ...

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [4]. Core Insights - Coal prices are rapidly declining, and the enthusiasm for wind power development is higher than that for photovoltaic (PV) projects [2][7]. - The utility sector is expected to continue to be a valuable dividend asset, with low-priced utility assets worth attention [7]. - The report suggests that the profitability of the thermal power industry is expected to continue to grow, with improved commercial models [7]. Summary by Sections Coal Market - Coal prices have decreased across the board, with the Qinhuangdao port Shanxi Q5500 thermal coal price at 785 RMB/ton as of December 5, 2025, down 31 RMB/ton (3.8%) week-on-week [7][13]. - Coal inventories at ports and power plants are rising, leading to increased pressure on coal traders to lower prices [7][23]. Renewable Energy - The report anticipates a slowdown in new PV installations in 2026, while wind power investment enthusiasm is expected to be stronger due to higher project profitability [7]. - The report highlights that the current stage of wind power projects has higher returns compared to PV, leading to greater investment interest in wind energy [7]. Utility Sector Performance - The utility sector index rose by 0.1% but underperformed compared to the CSI 300 index, which increased by 1.3% [38]. - The report indicates that the utility sector is still a favorable long-term investment option, particularly in a low-interest-rate environment [7]. Investment Recommendations - The report recommends several stocks within the thermal power sector, including Huadian International, Guodian Power, and Huaneng International, among others [7]. - For hydropower, it suggests focusing on high-quality river basin projects, with specific stocks mentioned [7]. - The report also notes the long-term growth certainty in nuclear power and suggests companies like China General Nuclear Power [7].

新华财经北京12月5日电（记者王悦阳）"十五五"规划建议提出，"持续提高新能源供给比重""着力构建 新型电力系统，建设能源强国"。回望"十四五"，我国逐光驭风、向"绿"而行，全社会用电量中，每3度 电就有1度绿电。 "十四五"是我国能源绿色低碳转型最快的五年。如果把五年间全国新增的光伏板铺展开，总面积可以覆 盖53万座足球场；把新增的风机叶片依次连接，长度相当于从中国最东端到最西端走一个来回。 看发电侧，绿电正从曾经荒无人烟的"沙戈荒"出发，横跨千里，实现"闪送"。 生活中，"开绿车、用绿电"成为越来越多人的选择。截至今年10月底，我国电动汽车充电基础设施总数 达1864.5万个，同比增长54%。 当前，北方地区已进入供暖季。在内蒙古兴安盟科右前旗大坝沟小学，教室内暖意融融，师生们告别了 煤炉取暖的"煤烟味"。今年以来，当地27所中小学校完成清洁能源供暖改造。 工厂里，绿电为产业升级注入新活力。例如，惠达卫浴股份有限公司2024年消费绿电2560万千瓦时，折 合节约3146.24吨标准煤，减排二氧化碳8463.39吨。"使用绿电有助于满足国外客户的环保要求，突破贸 易壁垒。"惠达卫浴设备能源动力部副部长侯鑫说 ...

"十五五"规划建议提出，"持续提高新能源供给比重""着力构建新型电力系统，建设能源强国"。回望"十四五"，我国逐光驭风、向"绿"而行， 全社会用电量中，每3度电就有1度绿电。 11月13日拍摄的位于山东东营市的国华HG14海上光伏项目（无人机照片）。新华社发（周广学摄） 看用电侧，绿色低碳的能源消费方式深入人心。 生活中，"开绿车、用绿电"成为越来越多人的选择。截至今年10月底，我国电动汽车充电基础设施总数达1864.5万个，同比增长54%。 当前，北方地区已进入供暖季。在内蒙古兴安盟科右前旗大坝沟小学，教室内暖意融融，师生们告别了煤炉取暖的"煤烟味"。今年以来，当地 27所中小学校完成清洁能源供暖改造。 工厂里，绿电为产业升级注入新活力。例如，惠达卫浴股份有限公司2024年消费绿电2560万千瓦时，折合节约3146.24吨标准煤，减排二氧化 碳8463.39吨。"使用绿电有助于满足国外客户的环保要求，突破贸易壁垒。"惠达卫浴设备能源动力部副部长侯鑫说。 展望"十五五"，中国电力企业联合会常务副理事长杨昆表示，一方面要保障新建及存量新能源发电项目的合理利用率，另一方面要拓展新能源 非电多元化利用场景，如绿电制 ...