12月1日，中国燃气（00384.HK）低开3.49%后，持续低迷震荡，盘中最大跌幅近6%。股价下跌主要因为公司公布的上半财年的营收和净利润均 出现下降，盈利能力的弱化仍引发市场担忧。 中国燃气营收和利润双降 近日，中国燃气发布截至2025年9月30日止6个月的中期业绩。报告期内，公司营收为344.81亿港元，同比减少1.8%；毛利为55.06亿港元，同比 下降6.0%；归母净利润为13.34亿港元，同比下降24.2%。 近日，部分港股公用事业板块公司在业绩公布后，引发股价出现明显下跌。 该业绩发布后，中国水务11月28日的股价跌近4%，12月1日的股价有所企稳。 中国燃气是中国最大的跨区域综合能源供应及服务企业之一，通过二十余年的发展，中国燃气成功构建了以管道天然气业务为主导，液化石油 气、液化天然气、智慧能源服务、燃气设备及厨房用具、网格私域"店商"新零售并举的全业态发展结构。 在管理层讨论与分析中，中国燃气表示，国内燃气行业在政策支持与市场挑战并存的环境下迎来深刻变革，集团主动参与国家推进城镇燃气管 道更新改造的基础建设工作，同时积极推动深化天然气价格机制改革，持续助力完善居民气价联动机制，夯实非居民气 ...

莫迪不敢做的事中国做，大批俄罗斯石油源源不断运往东方，就连特朗普政府也对此束手无策。 根据路透社援引多名行业内部人士的消息，就在印度对俄罗斯石油的进口需求显著放缓的同时，中国的 炼油企业迅速行动，在本月内已累计购入多达15批的俄罗斯原油。 【外媒：印度放缓进口俄油，中方低价大量购入】 这些油轮预计将在10月至11月陆续交付，每批装载量介于70万至100万桶之间，总量达到千万桶级别， 规模相当可观。 有美国媒体指出，这批原油原本是俄罗斯为印度市场准备的，但最终被中国以更优惠的价格"接盘"。不 过需要说明的是，相关报道尚未得到中方官方证实，目前仍属于外媒的"单方面说法"。 而从中国的立场来看，扩大俄罗斯石油进口完全属于正常商业行为，既有助于保障国家能源安全，也符 合不承认西方对俄单边制裁的一贯立场。更何况俄罗斯原油价格确实很有吸引力，加大采购符合中国的 经济利益。 国际舆论却倾向于将中国的举动，与印度近期的退缩联系起来看。此前不少业内人士注意到，在7月 份，印度国有炼油厂曾一度暂停从俄罗斯采购石油，转而寻求国际市场上的现货交易。 而从更宏观的角度看，此举进一步巩固了中俄之间的能源合作纽带，凸显出中国作为俄罗斯稳定 ...

Core Viewpoint - Recent fluctuations in domestic oil prices in China are largely attributed to the new tariff policy announced by the U.S. on July 24, which imposes tariffs of up to 500% on energy products imported from certain "non-friendly" countries, aiming to increase China's energy purchasing costs [1][3]. Group 1: Impact on Domestic Economy - The rise in oil prices has significantly affected the daily expenses of the public, particularly impacting drivers and transportation costs for businesses [1]. - A truck driver expressed that the continuous increase in oil prices has pushed his transportation costs close to the brink of loss [1]. Group 2: International Reactions - U.S. energy companies have expressed concerns that the tariff policy may lead to a loss of market share and jobs due to potential withdrawal of Chinese buyers [3]. - A Texas oil executive highlighted that China is a crucial customer, and the tariff policy could severely damage their business [3]. Group 3: China's Response and Strategies - China has actively pursued a diversification strategy for energy imports, establishing multiple supply channels from regions including the Middle East, Africa, Russia, and South America [4]. - Notable projects include a cross-border pipeline from Myanmar and new transportation routes in the Arctic with Russia, enhancing China's energy security and ability to counter external pressures [4]. Group 4: Developments in Renewable Energy - In the renewable energy sector, Chinese companies have responded swiftly to U.S. tariffs on solar panels and hydrogen equipment by securing large orders with an EU country and planning new factories in Southeast Asia to bypass tariff barriers [6]. - China has also made progress in regional energy cooperation, exemplified by a meeting with ASEAN energy ministers to expedite the construction of a natural gas pipeline expected to be operational by the end of 2024, which will supply significant natural gas resources to southern China [6]. Group 5: Future Outlook - China's energy import diversification strategy has shown significant results, with non-U.S. channel imports exceeding 70%, indicating substantial future growth potential [8]. - China's position in the global crude oil import market remains strong, suggesting that any attempts to undermine China's energy security through tariffs will face serious challenges [8].

Core Viewpoint - The recent news highlights that China has not imported U.S. crude oil for two consecutive months, significantly impacting the international energy market and reflecting the ongoing trade tensions between the U.S. and China [1][3][9]. Group 1: Changes in U.S.-China Energy Trade - The U.S. has historically been a major player in the global energy market, becoming the largest crude oil and LNG exporter due to the shale oil revolution [1]. - The trade conflict initiated by the U.S. imposing high tariffs on Chinese goods has led to a drastic change in energy trade dynamics, with U.S. crude oil losing its competitive pricing advantage in China due to increased costs from tariffs [3][5]. - Data indicates a significant decline in U.S. crude oil exports to China, with a loss of approximately 18 million barrels in just two months, translating to billions of dollars in potential revenue loss for U.S. energy companies [3][5]. Group 2: Impact on U.S. Energy Sector - The refusal of China to purchase U.S. crude oil has severely impacted the U.S. energy sector, leading to reduced revenues for energy companies that rely on international markets [5]. - Many U.S. energy firms are facing financial difficulties, resulting in cost-cutting measures such as layoffs and reduced exploration and development investments, which could adversely affect future crude oil production [5][6]. - The situation has led to significant job losses in the energy sector, particularly in Texas's shale oil regions, where many drilling platforms have ceased operations due to decreased orders [5][6]. Group 3: China's Energy Strategy - China's reduction in reliance on U.S. crude oil is part of a broader strategy to diversify its energy imports, strengthening ties with countries like Russia, Saudi Arabia, and Iran [6][8]. - This diversification not only mitigates supply risks but also enhances China's leverage in the international energy market [6]. - China's advancements in energy storage and technology, along with the rapid growth of its new energy vehicle sector, have contributed to a decrease in overall crude oil demand [8]. Group 4: Future Implications - The ongoing situation serves as a wake-up call for the U.S. to reassess its trade policies and energy strategies, as continued reliance on threats and sanctions may lead to further losses in the global energy market [9]. - China is expected to continue its energy strategy adjustments to ensure national energy security and play a more significant role in the international energy arena [9].