证券代码：002911 证券简称：佛燃能源 佛燃能源集团股份有限公司投资者关系活动记录表 编号：2025002 | |  特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观  其他(东吴证券 2025 年经济与投资峰会) | | 活动参与人员 | 东吴人寿、东吴证券、东方财富证券、东方证券自营、岙夏投资、兴证 | | | 全球基金、朱雀基金、富国基金 | | 时间 | 2025 年 5 月 8 日 | | 地点 | 上海 | | 形式 | 线下 | | 上市公司接待人 员姓名 | 副总裁兼财务负责人：谢丹颖；IR 负责人：潘攀 | | | 1、请问贵司上市以来经营表现怎么样？ | | | 答：近年来公司在围绕燃气供应业务展开精细化运作的同时，持续 | | | 推动供应链业务、延伸业务、新能源业务的发展，业绩保持稳定增长， | | | 营业收入从 2017 年的 42.92 亿元增长至 2024 年的 315.89 亿元，年复 | | | 合增速33.00%，归母净利润从2017年的 ...

证券研究报告 | 2025年05月07日 公用环保 2025 年 5 月投资策略 优于大市 国常会核准 10 台核电机组，广州中心城区自来水价 6 月 1 日上调 风险提示：环保政策不及预期；用电量增速下滑；电价下调；竞争加剧 核心观点 行业研究·行业月报 公用事业 优于大市·维持 证券分析师：黄秀杰 证券分析师：郑汉林 huangxiujie@guosen.com.cn zhenghanlin@guosen.com.cn 专题研究：近期自来水调价城市梳理。随着我国经济不断发展，水资源需 求激增，而供水成本亦因设施老化与水质提升工程而大幅攀升。据不完 全统计，除近期宣布调整的广州和深圳外，全国亦有 20 余个城市地区 自 2024 年起相继对水价进行了调整，旨在平衡资源稀缺性、供水成本 与企业运营压力，推动水务行业健康发展，在本周的专题研究中，我们 对这部分城市的调价情况进行了梳理。 投资策略：公用事业：1.煤价电价同步下行，火电盈利有望维持合理水 平，推荐全国大型火电企业华电国际以及区域电价较为坚挺的上海电 力；2.国家持续出台政策支持新能源发展，新能源发电盈利有望逐步趋 于稳健，推荐全国性新能源发电龙头企 ...

Group 1 - The State Council's Safety Committee Office issued a notice emphasizing the need for enhanced safety measures to prevent major accidents, highlighting the importance of political, ideological, and action awareness in safety production work [1][2] - The notice calls for strict supervision of safety in transportation, including rigorous checks on vehicles and vessels, and addressing violations such as overloading and illegal operations [1][2] - It stresses the importance of safety management in construction projects during adverse weather conditions and the need for effective monitoring and early warning systems [1][2] Group 2 - The notice mandates increased safety oversight in crowded venues, urging businesses to address potential hazards in tourist transport facilities and to implement emergency measures during extreme weather [2] - It highlights the need for comprehensive risk management in key industries, particularly in mining and chemical sectors, with a focus on enforcing strict safety regulations and addressing illegal activities [2] - The document emphasizes the importance of emergency response readiness, requiring 24-hour duty systems for key positions and ensuring that rescue teams are prepared for immediate action in case of emergencies [3]

Core Viewpoint - The Hong Kong 300 Local Stock Index has shown a slight decline over the past month but has increased over the last three months and year-to-date, indicating a mixed performance in the market [1]. Group 1: Index Performance - The Hong Kong 300 Local Stock Index reported a value of 1327.85 points, with a decrease of 0.93% over the past month, an increase of 8.63% over the past three months, and a year-to-date increase of 6.30% [1]. - The index is designed to reflect the overall performance of mainland and local Hong Kong listed companies, with a base date of December 31, 2004, set at 1000.0 points [1]. Group 2: Index Holdings - The top ten weighted stocks in the Hong Kong 300 Local Stock Index include AIA Group (26.77%), Hong Kong Exchanges and Clearing (18.38%), Bank of China (Hong Kong) (5.79%), CLP Holdings (5.7%), CK Hutchison Holdings (4.99%), Sun Hung Kai Properties (4.54%), Link REIT (3.98%), Hang Seng Bank (3.47%), Hong Kong and China Gas (3.33%), and Power Assets Holdings (3.26%) [1]. - The index's holdings are entirely composed of stocks listed on the Hong Kong Stock Exchange [2]. Group 3: Sector Allocation - The sector allocation of the index shows that financials account for 54.40%, real estate for 17.47%, utilities for 13.97%, communication services for 6.69%, consumer staples for 3.22%, consumer discretionary for 1.53%, industrials for 1.48%, information technology for 0.64%, and healthcare for 0.60% [2]. - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2].

Core Points - The U.S. Department of Energy has announced that miscellaneous gas products will no longer be classified as consumer products covered by the Energy Policy and Conservation Act [1] - Miscellaneous gas products will now be exempt from a range of regulations regarding their production and sale [1] - The effective date of this final rule will be 30 days after publication in the Federal Register [1] - Additionally, the Department of Energy has withdrawn four proposed energy conservation standards and simplified water conservation standards [1]

Group 1 - Taiyuan City will focus on key areas such as gas, fire safety, culture, tourism, transportation, and coal mines to conduct comprehensive risk inspections and rectifications across the city [1] - The city aims to enhance the safety of urban gas by accelerating the renovation of old gas pipelines and increasing inspection efforts in densely populated areas like markets, schools, and hospitals [1] - Continuous safety rectifications will be implemented for electric bicycles, hot work in crowded places, and building insulation materials, with a focus on schools, training institutions, nursing homes, and large commercial complexes [1] Group 2 - During the "May Day" holiday, Taiyuan City will implement measures to strengthen coal mine safety supervision, including full coverage of safety supervisors at coal mines and remote monitoring of gas levels and personnel [2] - The city’s cultural and tourism departments will enhance safety checks on special equipment like cable cars and amusement facilities, ensuring proper maintenance and safety signage [2] - The fire rescue team has conducted inspections at major event venues and tourist attractions, ensuring compliance with fire safety measures and deploying standby teams for on-site support [2]

Core Viewpoint - The digital economy is becoming a core engine for global economic growth, with data as a new production factor that empowers traditional industries and opens new scenarios. The safe circulation and trustworthy sharing of data are crucial for achieving high-quality development in the gas industry, which plays a significant role in energy security and urban resilience [1][2]. Group 1: Challenges in Data Circulation - The gas industry faces a balance challenge between data security and circulation, as sensitive information could lead to systemic risks if leaked or tampered with. Some companies opt for closed systems due to security concerns, preventing the release of data value [2]. - There is a problem of data silos and insufficient standardization, with long-standing issues of non-unified data standards and poor system compatibility, leading to low efficiency in cross-entity and cross-regional data collaboration [2]. - A disconnect exists between technology implementation and business scenarios, where the release of data value relies on actual industry needs and scenarios, such as pipeline scheduling optimization and equipment fault prediction [2]. Group 2: Proposed Solutions - The establishment of a trustworthy data space based on data element technology is seen as key to overcoming the aforementioned challenges. This includes reconstructing trust mechanisms through technologies that ensure data is usable but not visible, and traceable throughout its lifecycle [3]. - High standards are needed to connect value chains, including the establishment of data circulation standards and rules tailored to the gas industry's characteristics, as well as mechanisms for fair data operation and revenue distribution [3]. - An ecosystem that activates innovation is essential, promoting information sharing among industry stakeholders and attracting various parties to jointly explore data value, thereby fostering a sustainable and intelligent development of the gas industry [3].

月度策略/A 股市场 2025 年 4 月 30 日 继续企稳修复 2025 年 5 月份投资策略报告 分析师：费小平 SAC 执业证书编号： S0340518010002 电话：0769-22111089 邮箱：fxp@dgzq.com.cn 分析师：尹炜祺 SAC 执业证书编号： S0340522120001 电话：0769-22118627 邮箱： yinweiqi@dgzq.com.cn 分析师：曾浩 SAC 执业证书编号： S0340523110001 电话：0769-22119276 邮箱： zenghao@dgzq.com.cn | 市场主要指数 | 4 | 月份表现 | | --- | --- | --- | | | 收盘点位 | 涨跌幅 | | 上证指数 | 3279.03 | -1.70% | | 深证成指 | 9899.82 | -5.75% | | 沪深 300 | 3770.57 | -3.00% | | 创业板指 | 1948.03 | -7.40% | | 北证 50 | 1331.13 | 4.72% | | 科创 50 | 1012.42 | -1.01% | 资料来源：东莞 ...

Group 1: Company Performance Overview - The company experienced challenges in the Hebei market, with revenue not meeting expectations due to misjudgments in price and demand [3] - The completion of the Shen'an Line is crucial for establishing the company's position in the gas industry, connecting upstream resources and downstream markets [3] - The company executed two buybacks in 2024, totaling 2,151,000 shares, indicating stable cash flow from core operations [3] Group 2: Strategic Focus for 2025 - The company aims to diversify gas sources and has received a price adjustment of over 50% for pipeline transportation fees from the Shanxi Development and Reform Commission [3] - Expansion into the Shandong market is planned, with a gas supply project expected to commence in Q2 2025 [3] - Future capital expenditures will focus on resource and market connection lines, avoiding heavy asset projects like the Shen'an Line [4] Group 3: Investor Relations and Market Strategy - The company prioritizes price differentials over pure sales volume growth, with a current gas transmission volume of approximately 400,000 cubic meters per day [4] - Plans for stock buybacks are contingent on cash flow and market conditions, with no specific timeline provided [4] - The total gas volume for Q1 2025 was approximately 3.4 billion cubic meters, showing a slight decrease compared to Q1 2024 [4]

转自：新华网 WGC2025国家组织委员会主席曹育军表示，在中国举办一次世界燃气大会不仅是全球燃气从业者的共 同期望，也是中国几代燃气人的共同梦想，更是中国能源行业积极参与全球治理的具体体现。"这场盛 会将成为观察全球能源转型的最佳窗口，也将为构建清洁低碳、安全高效的能源体系提供'中国方 案'与'全球智慧'"。 曹育军表示，本次大会为中国燃气行业提供了一个向全球展示发展理念和发展成果，助力全球燃气行业 高质量可持续发展的珍贵平台。同时，能让全球燃气行业将目光聚焦中国，全面、深入地了解中国燃气 行业的实力、能力与活力，提升中国燃气行业在全球舞台上的地位和影响力。此外，大会还将为中外产 业发展交流和先进技术合作搭建平台，为中国燃气行业的国际化发展带来难得的机遇。 在大会保障方面，首都会展（集团）有限公司党委副书记、总经理郑忠链介绍，首都会展集团前期准备 充分，积极对接了参会各方需求，并组织演练检查，反复打磨执行细节，且团队经验丰富。郑忠链表 示，世界燃气大会是世界能源领域的"奥运会"，也是第一个全馆使用国家会议中心二期的高能级国际展 会，首都会展集团有信心向世界呈现一场高水平顶级燃气盛会。 新华财经北京4月30日 ...