Market Overview - In June 2025, the stock market experienced an overall rise due to the easing of Middle Eastern tensions and multiple thematic catalysts, while bond market interest rates declined [4][7] - The average parity of convertible bonds reached a near-high level, with significant valuation increases for bond-like convertible bonds [5][7] - The China Securities Convertible Bond Index closed at 442.1 points on June 27, marking a 2.68% increase for the month [7] Convertible Bond Market Analysis - As of June 27, the arithmetic average parity of convertible bonds was 103.14 yuan, up 3.77% from the previous month, placing it in the 98th percentile since 2023 [7][23] - The average conversion premium rate for bonds in the price range of 90 to 125 yuan was 21.13%, also in the 48th percentile for 2023 [7][23] - The average yield to maturity (YTM) for bond-like convertible bonds fell below zero, indicating a shift in market sentiment [7][29] Recommended Convertible Bonds - The "Top Ten Convertible Bonds" for July 2025 include: - **Shenzhen Gas Convertible Bond (113067.SH)**: High balance and stable profitability, rated AAA [31][32] - **Hongcheng Convertible Bond (110077.SH)**: Stable operations and high dividend payout, rated AA+ [31][43] - **Weir Convertible Bond (113616.SH)**: Strong growth in consumer electronics and automotive sectors, rated AA+ [31][55] - **Jingce Convertible Bond (123176.SZ)**: Urgent need for domestic semiconductor testing equipment, rated AA- [31][66] - **Haoyuan Convertible Bond (118051.SH)**: Recovery trend in innovative drug development, rated AA- [31][79] - **Huakang Convertible Bond (111018.SH)**: Leading position in functional sugar alcohols, rated AA- [31][90] - **Bohai Convertible Bond (113069.SH)**: Steady growth in special alloy materials, rated AA [31][101] - **Dongcai Convertible Bond (113064.SH)**: Increased demand for high-frequency resin materials driven by AI server construction, rated AA [31][113] Industry Insights - The gas industry, represented by Shenzhen Gas, is experiencing steady growth in natural gas sales, with a 5.06% year-on-year increase in supply volume [36] - The environmental governance sector, led by Hongcheng Environment, shows stable revenue growth from water supply and treatment services, with a focus on expanding its business footprint [46] - The semiconductor industry, highlighted by Weir Group, is benefiting from increased demand in automotive electronics and consumer electronics, with significant revenue growth projected [58] - The healthcare sector, represented by Haoyuan Pharmaceutical, is positioned to capitalize on the recovery of innovative drug research and development [82]

Core Insights - The "Shenzhen State-owned Enterprises New Media Information Release Observation List" was launched to evaluate the information dissemination of state-owned enterprises and listed companies in Shenzhen, focusing on reading volume as a key indicator of influence [1] - The May 2025 report shows a slight decline in reading volume for state-owned enterprise accounts, while overall activity remains stable [2][4] - The top three accounts by article volume are Shenzhen Bus Group (90), Special Development Group (72), and Shenzhen Eastern Bus (67) [2][3] Group 1: Article Volume and Performance - The total number of articles published by state-owned enterprise accounts increased in May compared to April, with Shenzhen Bus Group leading with 90 articles [2][3] - The reading volume for the top three accounts includes Shenzhen Metro (42.2W+), Shenzhen Eastern Bus (17.2W+), and Shenzhen Gas (11.4W+) [5][6] - Special Development Group saw a significant increase in article volume, nearly doubling its output [2] Group 2: Engagement Metrics - The top three accounts by likes are Shenzhen Metro (2492), Shenzhen Bus Group (2112), and Shenzhen Eastern Bus (650) [7] - In terms of recommendations, Shenzhen Bus Group leads with 1407, followed by Shenzhen Metro (1020) and Shenzhen Eastern Bus (411) [9] - Despite lower article output, Guoxin Securities maintains a strong reading volume, indicating high content appeal [4][5] Group 3: Content Strategy and User Engagement - Shenzhen Metro's content strategy focuses on timely information, event-driven campaigns, and user-centric topics, achieving high engagement during key holidays [10][11] - Shenzhen Eastern Bus employs a modular content approach, emphasizing heartwarming stories and internal communications, but lacks strong user interaction [15] - Shenzhen Gas focuses on providing evergreen content related to gas safety and services, resulting in high repeat engagement [18] Group 4: Company-Specific Insights - Shenzhen State-owned Enterprises listed companies show a notable increase in article output, with Deep Special Power and Special Development Information leading the way [21] - The overall performance of state-owned enterprise accounts indicates a competitive landscape, with top accounts maintaining strong positions in terms of content dissemination and user engagement [21]

接驳业务继续承压，降幅同比有所收窄。2024/25 财年公司新增居民用户140.05 万户，同比下滑15.5% （去年同比下滑28%）。在接驳用户增量中，存量用户占比达到34.5%，同比增长2.7 个百分点。 2024/25 财年接驳及工程业务合计税前利润仅占公司全部业务税前利润的16.4%，接驳业务对利润贡献 度持续下降。根据公司业绩指引，2025/26 财年新增接驳用户数量小幅下降至100-120 万户，接驳用户 数有望降幅进一步收窄，接驳业务未来对公司整体业绩影响可控。 增值业务与综合能源稳健成长，打造公司成长新动能。2024/25 财年，公司增值业务收入达37.32 亿港 元，同比增长2.1%，经营利润17.5 亿港元，同比增长10.6%。公司以"壹品慧"平台业务作为增值服务业 务主要服务载体，通过增加服务范围及网格精细化管理，盈利能力持续提升。综合能源业务方面，公司 全年供能规模达77.6 亿KWh，切入工商业用户侧储能、绿电、综合能效等业务领域，为客户打绿色低 碳综合能源服务生态，提供多元能源解决方案。 机构：申万宏源研究 研究员：王璐/朱赫 中国燃气发布2024/25 财年业绩。2024/25 ...

Investment Rating - The report maintains a "Buy" rating for China Gas [2][7][8] Core Views - The company reported a revenue of HKD 79.26 billion for the fiscal year 2024/25, a decrease of 2.6% year-on-year, while the net profit attributable to shareholders was HKD 3.25 billion, an increase of 2.1% [7] - Free cash flow reached a record high of HKD 4.66 billion, up 8.7% year-on-year, supporting a dividend of HKD 0.50 per share, resulting in a dividend yield of 6.8% [7] - The retail sales volume of natural gas showed a slight increase, with a total sales volume of 39.96 billion m³, down 4.2% year-on-year, but the gross margin improved to HKD 0.537 per m³, an increase of HKD 0.036 per m³ [7] - The connection business faced challenges, with new residential users decreasing by 15.5% year-on-year, but the decline is expected to narrow in the future [7] - Value-added services and comprehensive energy solutions are growing steadily, with revenue from value-added services reaching HKD 3.73 billion, a year-on-year increase of 2.1% [7] Financial Data and Profit Forecast - Revenue projections for the next fiscal years are as follows: HKD 78.49 billion for 2025/26, HKD 75.36 billion for 2026/27, and HKD 76.31 billion for 2027/28 [6] - Net profit forecasts are HKD 3.51 billion for 2025/26, HKD 3.89 billion for 2026/27, and HKD 4.33 billion for 2027/28, reflecting a growth trend [6] - The earnings per share (EPS) are projected to be HKD 0.64 for 2025/26, HKD 0.71 for 2026/27, and HKD 0.79 for 2027/28 [6] - The price-to-earnings (PE) ratio is expected to be 11 for 2025/26, 10 for 2026/27, and 9 for 2027/28, indicating a favorable valuation compared to industry peers [7][8]

Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Insights - The easing of Middle East tensions has led to a decline in European gas prices, while high temperatures have driven up US gas prices, with domestic prices remaining stable [4][9] - The supply-demand dynamics indicate a slight increase in US gas supply and demand, with total supply rising by 0.2% week-on-week to 1,125 billion cubic feet per day, and total demand increasing by 6.3% to 1,047 billion cubic feet per day [16][24] - The report highlights the ongoing price adjustments in the domestic market, with a gradual implementation of pricing reforms across various cities [40] Price Tracking - As of June 27, 2025, US HH gas prices increased by 4.1% week-on-week, while European TTF prices decreased by 17.8% [9][14] - The domestic LNG ex-factory price was reported at 4,416 CNY per ton, with a slight week-on-week increase of 0.2% [14][29] Supply and Demand Analysis - The report notes that the average total supply of natural gas in the US has increased by 4.0% year-on-year, while total demand has grown by 1.6% year-on-year [16][24] - European gas consumption for the first quarter of 2025 was 160 billion cubic meters, reflecting an 8.9% year-on-year increase [19] Pricing Mechanism Progress - The report indicates that 64% of cities have implemented residential pricing adjustments, with an average increase of 0.21 CNY per cubic meter [40] Important Events - The US gas import tariff has been reduced from 140% to 25%, enhancing the economic viability of US gas imports [47][49] - The European Parliament has agreed to provide greater flexibility regarding gas storage targets, allowing for a deviation of 10% from the 90% storage goal [52] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from pricing reforms, highlighting New Energy, China Gas, and Kunlun Energy as key investment opportunities [53][54] - It also suggests monitoring companies with quality long-term contracts and flexible scheduling capabilities, such as Jiufeng Energy and New Energy [54]

Summary of Key Points Core Viewpoint The company, Shuifa Paisi Gas Co., Ltd., is preparing for its first extraordinary general meeting of shareholders in 2025, focusing on the adjustment of its stock issuance plan for 2023, which involves issuing shares to specific investors, primarily its controlling shareholder, Shuifa Group. This move aims to alleviate the company's debt pressure and enhance its capital strength. Group 1: Meeting Procedures and Regulations - The meeting will maintain order and efficiency, with only authorized personnel allowed to attend [1][2][3] - Shareholders have the right to speak, inquire, and vote during the meeting, with a registration process for those wishing to speak [2][3] - Voting will be conducted through a named ballot system, with each share representing one vote [3][4] Group 2: Stock Issuance Plan Adjustments - The adjusted issuance price is set at 5.29 yuan per share, which is not less than 80% of the average trading price over the previous 20 trading days [10][17] - The number of shares to be issued is capped at 94,517,958 shares, not exceeding 30% of the total share capital before issuance [24][26] - The issuance will be conducted by the controlling shareholder, Shuifa Group, which will subscribe to the shares in cash [23][26] Group 3: Financial Context and Objectives - The company aims to use the funds raised from the stock issuance to repay interest-bearing debts, thereby reducing operational risks and enhancing its debt repayment capacity [23][24] - The company has faced high debt levels, with interest expenses reported at 10,068.26 million yuan, 9,047.47 million yuan, and 8,680.20 million yuan for the years 2022, 2023, and 2024 respectively [21][23] - The issuance is expected to improve the company's capital structure and operational efficiency, contributing to long-term sustainable development [23][24] Group 4: Regulatory Compliance and Approval - The stock issuance plan has undergone necessary approvals from the board and requires further approval from the shareholders' meeting and regulatory bodies [29][30] - The controlling shareholder's commitment to the stock subscription reflects confidence in the company's future development [23][24]

Group 1 - The company issued a total of 870 million yuan in convertible bonds, with a maturity of six years and a face value of 100 yuan per bond [1][12][14] - The coupon rates for the bonds are set at 0.30% for the first year, increasing to 2.00% by the sixth year [1][12] - The initial conversion price for the bonds is set at 10.13 yuan per share, with adjustments based on future corporate actions [1][22] Group 2 - In 2024, the company achieved a revenue of 4.755 billion yuan and a net profit of 503 million yuan, indicating a decline in profitability compared to the previous year [12][14] - The total assets of the company decreased by 7.47% year-on-year, amounting to 621.6 million yuan at the end of 2024 [12][14] - The company’s net assets attributable to shareholders decreased by 5.81% to 3.614 billion yuan [12][14] Group 3 - The company has utilized 29.46 million yuan of the raised funds for various projects, including natural gas pipeline construction and debt repayment [12][14] - The company has not provided any guarantees for the bonds, as its net assets exceed the required threshold [10][14] - The company has a credit rating of AA, with a stable outlook, as assessed by Zhongzheng Pengyuan [10][16] Group 4 - The company has adjusted the conversion price of the bonds multiple times due to profit distributions, with the latest adjustment reducing the price to 8.83 yuan per share [4][23] - The company has the right to redeem the bonds if the stock price exceeds 130% of the conversion price for a specified period [6][18] - The company has not exercised its right to redeem the bonds early, despite meeting the conditions for doing so [18][19]

证券研究报 告 【策略专题】 分红能力盘点：周期&公用篇 ——自由现金流资产系列 12 工业金属：25Q1 现金流比例 33%，具备较大股东回报提升空间 石化：25Q1 现金流比例 26%，盈利周期熨平、现金流稳定 港口： 25Q1 现金流比例 33%，市场或已充分认知其稳定现金创造能力 2）行业逻辑演变带来现金流改善：航运受益于近年来地缘事件频繁、运价 大波动的时代背景，农业则正发生开支周期转向平稳阶段的积极变化： 航运：25Q1 现金流比例 41%，地缘事件频繁、运价大波动时代 农业：25Q1 现金流比例 34%，开支周期进入平稳阶段 3）景气周期承压：虽然资本开支力度下降，但 EPS 压力较大，包括煤炭、 钢铁、建材、航空机场、地产： 煤炭：25Q1 现金流比例 25%，煤价下跌与开支高位持续矛盾 钢铁：25Q1 现金流比例 42%，去库影响显著 建材：25Q1 现金流比例 28%，股东回报提升空间有限 航空机场：25Q1 现金流比例 64%，盈利规模与疫情前接近 地产：25Q1 现金流阶段性修复，去库补充现金流 4）仍处高资本开支阶段：资本开支力度均在 2 以上，行业逻辑仍以扩张为 主，包括贵金属、能 ...

Group 1 - The Shanghai Composite Index opened lower but rose throughout the day, with the CSI 300 Utilities (secondary industry) index reported at 2669.83 points [1] - The CSI 300 Utilities index has decreased by 1.10% over the past month, increased by 5.80% over the past three months, and has declined by 1.36% year-to-date [1] - The CSI 300 index categorizes its 300 sample stocks into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing a comprehensive analysis tool for investors [1] Group 2 - The top ten holdings in the CSI 300 Utilities index are: Changjiang Electric (49.31%), China Nuclear Power (10.16%), Three Gorges Energy (8.03%), Guodian Power (5.52%), State Power Investment (4.65%), Huaneng International (4.17%), Chuanwei Energy (4.09%), China General Nuclear Power (3.81%), Zhejiang Energy (2.82%), and Huadian International (2.5%) [1] - The market share of the CSI 300 Utilities index is dominated by the Shanghai Stock Exchange at 95.87%, while the Shenzhen Stock Exchange accounts for 4.13% [2] - In terms of industry composition, hydropower constitutes 60.36%, thermal power 15.01%, nuclear power 13.97%, wind power 8.36%, and gas power 2.31% of the index [2] Group 3 - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are adjusted in accordance with the regular sample adjustments, which occur at the same time as the index sample adjustments [2] - Temporary adjustments to the index samples occur when the CSI 300 index undergoes changes, and special events affecting sample companies may also lead to corresponding adjustments in the CSI 300 industry index [2]

1. Report Industry Investment Rating - No relevant information provided 2. Core Views - In the bond market, the central bank conducted 4065 billion yuan of 7 - day reverse repurchase operations yesterday, with 1973 billion yuan of reverse repurchases maturing. On June 25, it will conduct 3000 billion yuan of 1 - year MLF operations. The central bank adheres to a supportive monetary policy stance, and the transformation of the monetary policy framework is a continuous process [4]. - In the stock index market, due to the easing of the geopolitical conflict between Iran and Israel and the expectation of expanded market liquidity, the stock index rose with heavy volume yesterday, and the Shanghai Composite Index broke through the previous high of 3417. In the short term, the market liquidity is acceptable, and with the alleviation of macro - negatives, the stock index is expected to run strongly [5]. 3. Summary by Related Catalogs Bond Market - **Price and Change**: DRO01 closed at 1.37 with a 0.04 bp change, DR007 at 1.67 with a 16.09 bp change, GC001 at 1.60 with a 7.50 bp change, GC007 at 1.90 with a 12.00 bp change, SHBOR 3M at 1.63 with no change, LPR 5 - year at 3.50 with no change, 1 - year treasury at 1.36 with a 0.71 bp change, 5 - year treasury at 1.52 with a 0.97 bp change, 10 - year treasury at 1.65 with a 0.80 bp change, and 10 - year US treasury at 4.34 with a - 4.00 bp change [4]. - **Market Operation**: This week, there are 9603 billion yuan of reverse repurchases maturing in the central bank's open market, with 1563 billion, 2035 billion, and 1612 billion yuan maturing from Wednesday to Friday respectively. The central bank governor said that the central bank has introduced multiple monetary policy measures in the past year [4]. Stock Index Market - **Index Price and Change**: At yesterday's close, the CSI 300 rose 1.2% to 3904, the SSE 50 rose 1.16% to 2715.9, the CSI 500 rose 1.62% to 5765.8, and the CSI 1000 rose 1.92% to 6194.7. The trading volume of the Shanghai and Shenzhen stock markets reached 14146 billion yuan, a significant increase of 2920 billion yuan from the previous day [5]. - **Sector Performance**: Most industry sectors rose. The motor, battery, auto parts, game, and packaging materials sectors led the gains, while the mining, petroleum, gas, shipping port, and precious metals sectors led the losses [5]. - **Contract Information**: The trading volume and open interest of IF, IH, IC, and IM contracts all increased. The IF contract had a trading volume increase of 22.6% and an open interest increase of 4.3%, the IH contract had a trading volume increase of 14.9% and an open interest increase of 3.2%, the IC contract had a trading volume increase of 23.3% and an open interest increase of 3.1%, and the IM contract had a trading volume increase of 16.6% and an open interest increase of 1.6%. The IF, IH, IC, and IM contracts also have different levels of premium and discount rates [5]. - **Market Driver**: The rapid reversal of the Iran - Israel situation and the expectation of interest rate cuts in the US led to the rise of the stock index with heavy volume. The Shanghai Composite Index broke through the previous high [5].