【责任编辑：王少晨 】 随着西气东输四线吐鲁番到中卫段贯通投产，虎林—长春天然气管道干线完成主体焊 接，川气东送二线首段投产进气，国家能源基础设施建设进一步提速。目前，我国天然气一 次管输能力突破4000亿立方米，天然气管道输气能力实现跨越式提升。国家管网集团建设项 目管理公司副总经理赵事表示，2025年还将新建成管道超2000公里，新增一次管输能力250 亿立方米，顺利完成"十四五"规划的1.65万公里目标。"十四五"以来，全国累计建成油气管 道超1.3万公里，油气管道总里程已突破19万公里，"全国一张网"日供气能力提升到11.1亿立 方米。目前，我国将基本形成横跨东西、纵贯南北、覆盖全国、联通海外的天然气"全国一 张网"。 ...

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]

Core Viewpoint - The National Pipeline Group is making significant progress in the construction of a unified national pipeline network, with a strong focus on safety, quality, and timely completion of projects as it approaches the halfway mark of its 2025 goals [1]. Group 1: Major Pipeline Projects - The "West-to-East Gas Transmission Project" Phase III has a total length of 2,090 kilometers, with the middle section completed and expected to be operational by September this year [4]. - The "West-to-East Gas Transmission Project" Phase IV has a total length of 3,340 kilometers and an annual gas transmission capacity of 15 billion cubic meters, with the section from Turpan to Zhongwei already completed and operational [6]. - The "Hulin-Changchun Natural Gas Pipeline" project spans 2,073 kilometers and is designed for an annual gas transmission capacity of 10 billion cubic meters, with the main welding completed and expected to be operational by the end of this year [8]. - The "Zhangzhou LNG Receiving Station" Phase I has been put into operation, while Phase II is under construction and expected to be operational by the end of August this year [9]. - The "Guangxi LNG Export Pipeline" project has a total length of 346.8 kilometers and an annual gas transmission capacity of 1 billion cubic meters, with 217 kilometers of welding completed [11]. - The "Tianjin LNG Export Pipeline" project has a total length of 136.84 kilometers and an annual gas transmission capacity of 15.6 billion cubic meters, with the Hebei section already operational [13]. - The "Lianyungang to Yizheng Crude Oil Pipeline" project spans 435 kilometers and has an annual oil transmission capacity of 18.5 million tons, with over 85% of the pipeline laid [15]. - The "Jintan Gas Storage Facility Expansion" project has made significant progress in the first half of this year, with key systems installed and successfully powered [17]. Group 2: Provincial Key Projects - The "Longkou Nanshan LNG Receiving Station" project has a pipeline length of 29.4 kilometers and a daily gas transmission capacity of 8.9 million cubic meters, currently completed and ready for operation [20]. - The "Shenzhen LNG Emergency Peak Shaving Station" project features two 200,000 cubic meter underground LNG storage tanks, with the first phase completed [22]. - The "Hainan LNG Receiving Station" Phase II is under construction, with three 220,000 cubic meter LNG storage tank foundations completed [24]. - The "Nanning-Pingxiang Branch Line" has successfully commenced operations, connecting the city of Chongzuo to the national natural gas main pipeline network [26]. - The "Nenjiang Direct Natural Gas Pipeline" project spans 194 kilometers and is designed for an annual transmission capacity of 863 million cubic meters, with the entire line completed and expected to be operational by September [28].

Core Viewpoint - The successful commissioning of the Turpan to Zhongwei section of the West-to-East Gas Transmission Project Line 4 marks a significant advancement in China's energy infrastructure, enhancing the reliability and flexibility of the national gas supply network [3][5][7]. Group 1: Project Overview - The West-to-East Gas Transmission Line 4 spans 1,745 kilometers, with a pipeline diameter of 1,219 millimeters and a design pressure of 12 MPa, capable of an annual gas transmission capacity of 15 billion cubic meters [5]. - This new line will operate in conjunction with Lines 2 and 3, improving the energy corridor in Northwest China and facilitating the transport of gas from Central Asia and Xinjiang to the Bohai Rim, Central, and Southeast coastal regions [5][7]. Group 2: Strategic Importance - The West-to-East Gas Transmission Line 4 is part of China's major natural resource allocation projects, alongside the South-to-North Water Diversion, West-to-East Power Transmission, and North Coal South Transport initiatives [9]. - The project enhances the gas supply system's capacity, providing stable supplies of clean natural gas to surrounding areas, which is crucial for optimizing regional energy structures and improving air quality [7][9]. Group 3: Technological Innovations - The project features significant technological advancements, including the use of 18-meter long pipes, the development of 33-millimeter thick high-strain steel pipes, and the application of automated welding and digital radiographic testing techniques [9]. - Upon completion, the annual gas transmission volume is expected to reach 15 billion cubic meters, replacing over 27 million tons of standard coal and reducing carbon emissions by approximately 50 million tons [9].

Core Insights - The National Pipeline Group has successfully transported over 400 million tons of crude oil in the Yangtze River Delta during the 14th Five-Year Plan period, ensuring energy supply for high-quality development in the region [1][2] - The company aims to establish itself as a world-class enterprise while implementing the "Four Revolutions, One Cooperation" energy security strategy proposed by President Xi Jinping [1][2] - The East Crude Oil Transportation Company has delivered over 97 million tons of crude oil to refining enterprises in Jiangsu Province during the 14th Five-Year Plan, supporting over 85% of the production capacity of along the Yangtze River [2][3] Energy Infrastructure Development - The company operates key national projects such as the Ningbo-Shanghai-Nanjing pipeline and the Yizhang pipeline, connecting refineries and ports across five provinces [3] - The company has a total of 16 operational long-distance crude oil pipelines and storage facilities, with a combined length exceeding 6,000 kilometers, contributing significantly to the energy needs of the Yangtze River Economic Belt [3] Technological Innovation - The company has implemented smart technologies in its operations, including the use of domestically produced PLC equipment and a self-control system for pipeline management [4][5] - Innovations include the development of a monitoring and emergency command center platform, real-time sensing of pipeline parameters, and the use of drones for intelligent pipeline inspections [4][5] Environmental Responsibility - The company emphasizes environmental protection, having won awards for ecological restoration projects related to oil and gas pipelines [6][7] - It has established a comprehensive environmental management system covering the entire lifecycle of pipeline operations, employing multiple safeguards to minimize ecological impact [7] Strategic Goals - The National Pipeline Group is committed to serving national strategies and public needs while fostering market-oriented, platform-based, and technology-driven innovations [7]