中港股市短期展望 恒指短期支持參考 25,000 點關口：聯儲局 10 月再次鷹派減息，2026 年 減息空間少於預期。官員意見分歧，減息路徑未明。中美元首 10 月會面 取得成果，美方取消 10%芬太尼關稅，暫停一年 24%對等關稅。兩國緊 張局勢暫時緩和，核心矛盾延後解決。內地第三季經濟進一步降溫，十五 五規劃提出擴大內需及促進科技自立自強，方向符合預期。但短期政策加 碼訊號欠奉，港股企業盈利難有明顯改善。加上近期美國科技股趨向波動， AI 產業鏈估值惹關注，而港股年內至今累積升幅較大，年底獲利誘因較 大。恒指短期支持參考 25,000 點關口。 每日港股評析 港股早晨快訊 2025 年 12 月 1 日星期一 2012-01- 17 市場回顧 OPEC+確定2026年第一季暫停增產； 短期看好板塊 企業消息 ➢ 美團(3690)第三季經調整轉蝕160億人民幣遜預期，料末季續虧損； 百度集團(9888)傳開始大規模裁員； 中國燃氣(0384)中期盈利跌24%，收入跌2%； 宏觀焦點 中證監就推出商業不動產投資信託基金試點草案公開徵求意見，明 確商業不動產REITs監管職責； 標普降萬科企業(2202)評級 ...

智通财经APP获悉，中金发布研报称，考虑到中国燃气(00384)现金流情况向好，股息分配有望维持稳 定，1HFY26公司拟派发中期股息0.15港元/股，同比持平。维持跑赢行业评级和10港元目标价，对应 FY26/FY27 18.4x/17.3x P/E(5%股息收益率)，较当前股价有16.3%的上行空间。当前股价对应 FY26/FY27 15.8x/14.9x P/E。 向前看，考虑到2025/2026采暖季气温或有望恢复常态，管理层指引2HFY26气量增速出现修复，全年气 量同比增速有望修复至+0-2%。毛差方面，基于居民顺价比例提升，公司维持全年毛差0.55元/方 (YoY+0.01元/方)指引不变。 公司公布1HFY26业绩 2HFY26气量增速或迎边际改善 1HFY26公司收入345亿港元，归母净利润13.3亿港元，天然气零售量91.9亿方，其中工业气量48.9亿 方，商业气量15.5亿方，零售气毛差0.58元/方;新增居民接驳67.6万户;增值业务经营性利润10亿港元， 同比基本持平。自由现金流方面，1HFY25公司自由现金流26亿港元，YoY+3.8亿港元，主因公司完成 部分低效资产处置，1HFY ...

Core Viewpoint - The report highlights a decline in China's liquefied petroleum gas (LPG) production, indicating potential challenges for companies in the sector and suggesting a need for strategic adjustments to navigate the changing market landscape [1] Industry Summary - As of September 2025, China's LPG production was 4.46 million tons, reflecting a year-on-year decrease of 1.5% [1] - From January to September 2025, the cumulative LPG production in China reached 39.748 million tons, showing a cumulative decline of 2% compared to the previous year [1] - The report from Zhiyan Consulting provides an analysis of the competitive landscape and investment development in the LPG industry from 2026 to 2032, indicating a focus on future market dynamics [1] Company Summary - Listed companies in the LPG sector include Xin'ao Co., Ltd. (600803), Fuan Energy (002911), Guizhou Gas (600903), Chongqing Gas (600917), Changchun Gas (600333), and Shaanxi Natural Gas (002267), which may be impacted by the declining production trends [1]

中华燃气(08246)发布截至2025年9月30日止6个月中期业绩，该集团取得收益653.6万元(人民币，下 同)，同比减少10.6%;公司拥有人应占亏损1345.4万元，同比减少38.5%;每股基本亏损0.003元。 ...

Group 1 - The company reported a revenue of 6.536 million RMB for the six months ending September 30, 2025, representing a year-on-year decrease of 10.6% [1] - The loss attributable to the company's owners was 13.454 million RMB, which is a year-on-year decrease of 38.5% [1] - The basic loss per share was 0.003 RMB [1]

Core Insights - The urgent need for the renovation of aging gas pipelines in China is highlighted, with nearly 100,000 kilometers of pipelines showing varying degrees of aging, some exceeding 20 years in operation [1][2] - The government has set a target to complete the renovation of approximately 100,000 kilometers of old pipelines by the end of 2025, emphasizing the importance of safety for millions of urban residents [1][2] - Companies are facing significant financial pressures to fund these renovations, with around 70% of the costs needing to be self-raised by enterprises [2][3] Group 1: Renovation Efforts - Fuzhou's Fuda Yiyuan community completed a 5,600-meter gas pipeline renovation involving 24 buildings and 1,021 households [1] - Shanghai completed over 700 kilometers of gas pipeline renovations last year and plans to complete at least 750 kilometers this year [2] - China Resources Gas has invested approximately 17 billion yuan in upgrading old pipelines and community gas facilities [2] Group 2: Financial Challenges - Companies like Sheneng Group have raised around 10 billion yuan for pipeline renovations, indicating the high costs involved [2] - The cost of redesigning the gas pipelines in Fuda Yiyuan alone was 1.5 million yuan within two months [2] - The industry is experiencing profit pressure due to factors like "gas price inversion" and declining revenue from gas engineering [3] Group 3: Policy Recommendations - The industry suggests a multi-funding mechanism involving central subsidies, local government support, enterprise contributions, and user payments for the renovation of old gas pipelines [3] - Recommendations include increasing subsidy ratios based on regional differences and simplifying the subsidy application process [3] Group 4: Technological Advancements - Companies are adopting advanced technologies like drones for pipeline inspections, significantly improving efficiency and safety [4] - New smart monitoring systems are being implemented to continuously track pipeline pressure and detect potential hazards [4]

智通财经APP讯，滨海投资(02886)发布公告，公司全资附属公司泰达清洁能源于2025年11月28日与泰达 建安(泰达之间接非全资附属公司)订立磁梯度检测服务协议，据此泰达建安应为泰达清洁能源提供工程 勘察服务，检测于淮河东道项目区域内的天然气管道之位置及埋深，以确保淮河东道项目后续建设顺利 完工。根据磁梯度检测服务协议，泰达清洁能源应向泰达建安支付人民币7.5万元，作为工程勘察服务 的代价。 ...

格隆汇11月28日丨滨海投资(02886.HK)公告，公司全资附属公司泰达清洁能源于2025年11月28日与泰达 建安(泰达之间接非全资附属公司)订立磁梯度检测服务协议，据此泰达建安应为泰达清洁能源提供工程 勘察服务，检测于淮河东道项目区域内的天然气管道之位置及埋深，以确保淮河东道项目後续建设顺利 完工。根据磁梯度检测服务协议，泰达清洁能源应向泰达建安支付人民币7.5万元，作为工程勘察服务 的代价。 ...

01 02 03 04 05 Business FY2025/26 Interim Results 2025.04.01 – 2025.09.30 Contents BBB A 1HFY2024/25 1HFY2025/26 +17.2% 1HFY2024/25 1HFY2025/26 +693.5% 3 • Free cash flow remains stable. • Capacity in operation increased significantly, defining the company as a front-runner in the business, and forming synergies with PV, electricity sales, and green power to deliver integrated energy solutions. • MSCI ESG rating upgraded to A, driven by strong ESG governance, consistent investment in safety and digital- int ...

于期内，集团共销售174.1亿立方米天然气，较去年同期增加1.7%。其中，通过城市与乡镇管网共销售 91.9亿立方米天然气，贸易与直供管道业务共销售82.2亿立方米天然气，较去年同期增加5.4%。 为把握全球能源转型与国家"双碳"目标机遇，集团在热电联产、电芯、碳酸锂及果渣掺烧等多元场景实 现从0到1突破，开劈出全新增长极，并在国家构建现代能源体系中积极扮演先行者角色。 期内，工商业用户侧储能项目新增投运规模达410.6MWh，累计已投运617.7MWh，累计签约装机容量 已达1.2GWh;光伏项目累计投建70.8MW;售配电业务交易电量达36亿度。 面对不断变化的新形势，集团秉持"数智驱动、战略重构，筑牢护城河，开启科技转型新纪元"的核心经 营理念，积极稳健发展各项业务。上半财年，安全生产工作平稳有序、燃气业务紧抓政策机遇、挖掘用 户燃气需求、增值业务推动产品创新与新业务落地、液化石油气业务提速拓展、贸易模式创新取得突 破。储能、售电及生物质业务实现多点开花并逐步开拓海外市场，为综合能源业务发展奠定基础。集团 在战略层面纵深推进组织变革，大力推动人工智能融入业务场景的深化应用，加速集团数智科技转型的 进程。 ...