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final rule will be 30 days after publication in the Federal Register [1] - Additionally, the Department of Energy has withdrawn four proposed energy conservation standards and simplified water conservation standards [1]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 ...

势银研究： 势银产业研究服务 势银数据： 势银数据产品服务 势银咨询： 势银咨询顾问服务 重要会议： 2025势银绿氢产业大会（7月16-17日，江苏·无锡） 点此报名 "宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 添加文末微信，加 燃料电池 群 在燃气领域，天然气因具有高安全性、高热值、成本优势等特点，已得到广泛应用。然而，天然气燃 烧会排放大量CO₂，难以契合低碳发展趋势，因此亟需在燃气领域找到降低碳排放的替代方案。 掺氢 天然气融合了天然气与氢气的优势，能够优化燃料的燃烧特性和排放性能，成为燃气领域实现 "双碳" 目标的有效途径。 目前，掺氢天然气已在民用燃气、工业燃气轮机、车用发动机等领域开展试验示范 应用。 据了解，我国天然气掺氢正从技术验证阶段转向规模化示范阶段。尽管发展前景广阔，但仍面临 技术 瓶颈突破、政策体系完善、经济性竞争力提升以及全产业链协同生态构建 等挑战。短期内，可推进低 比例掺氢（如5%-30%）试点验证；长期则需依托绿氢规模化制备与终端设备适应性改造，逐步向更高 比例掺氢或纯氢管网过渡。 进入 2025 年以来， 东德氢能、华电集团、武汉市燃 ...

Investment Rating - The industry investment rating is "Positive" and maintained [6] Core Viewpoints - The public utility market reform is progressing, which is beneficial for industry profitability and cash flow improvement. The report highlights a valuation recovery logic and is optimistic about quality targets in the waste incineration, water, and gas sectors [2][9] Summary by Sections Event Description - On April 29, 2025, the Guangzhou Development and Reform Commission announced a water price reform, effective June 1, with the first, second, and third tier prices set at 2.55, 3.82, and 7.65 yuan per cubic meter respectively [4] Event Commentary - The report emphasizes the necessity of price adjustments due to rising operational costs for water supply companies, which have seen losses increase from -447 million yuan in 2020 to -653 million yuan in 2022. The price adjustments reflect a balance between profitability and public affordability, with increases of 28.8%, 28.6%, and 93.2% for the respective tiers [9] - Shenzhen is also moving forward with water price adjustments, indicating a broader trend in public utility reforms [9] Market Trends - The report notes that major cities are implementing or considering water price adjustments, which will enhance the profitability of water companies. The waste incineration sector is also expected to benefit from new revenue models and fee structures, while gas pricing reforms are anticipated to improve margins for city gas companies [9] - The report recommends several companies in the waste incineration, water, and gas sectors, including Hanlan Environment, Weiming Environmental, and China Gas, as quality investment targets [9]

Investment Rating - The report assigns a "Buy" rating to the company, New Energy (2688 HK), with a target price of HKD 74.60, indicating a potential upside of 21.4% from the current price of HKD 61.45 [4][9]. Core Insights - The first quarter of 2025 saw gas sales remain stable, influenced by a warm winter, with retail gas volume showing a year-on-year increase of 0.3%, outperforming the mainland's natural gas apparent consumption decline of 2.2% [2][7]. - The management indicated that the warm winter impacted gas sales by approximately 2-3 percentage points, with residential gas sales increasing by 1.1% year-on-year [2][7]. - The privatization plan is progressing steadily, with expectations to seek shareholder approval in the fourth quarter of this year [7][8]. Financial Overview - Revenue projections for the company are as follows: - 2023: RMB 113,858 million - 2024: RMB 109,853 million - 2025E: RMB 116,552 million (6.1% YoY growth) - 2026E: RMB 122,701 million - 2027E: RMB 129,239 million [3][11]. - Net profit estimates are: - 2023: RMB 6,816 million - 2024: RMB 5,987 million - 2025E: RMB 7,174 million (3.2% YoY growth) - 2026E: RMB 7,782 million - 2027E: RMB 8,098 million [3][11]. - The company is expected to maintain moderate profit growth over the next three years, with a compound annual growth rate of approximately 5% from 2024 to 2027 [7][8]. Operational Performance - The company’s retail gas sales volume is projected to grow as follows: - 2023: 25,145 million cubic meters - 2024: 26,200 million cubic meters - 2025E: 26,782 million cubic meters (2.2% growth) - 2026E: 27,588 million cubic meters - 2027E: 28,421 million cubic meters [8]. - The company has also seen a 9.9% year-on-year increase in its diversified energy sales volume, reaching 100 billion kWh in the first quarter [7][8]. Market Position - The company’s market capitalization is approximately HKD 68,286.31 million, with a 52-week high of HKD 79.30 and a low of HKD 45.25 [6][9]. - The stock has shown a year-to-date change of 10.03% [6].

Financial Performance - The company reported a basic earnings per share of 0.8900 yuan for Q1 2025, an increase of 14.1% compared to 0.7800 yuan in Q1 2024, and significantly higher than 0.3500 yuan in Q1 2023 [1] - The net profit for Q1 2025 was 3.77 billion yuan, reflecting a 13.55% increase from 3.32 billion yuan in Q1 2024 and a substantial rise from 1.46 billion yuan in Q1 2023 [1] - The company's operating revenue for Q1 2025 was 10.64 billion yuan, down 5.92% from 11.31 billion yuan in Q1 2024, but up from 10.18 billion yuan in Q1 2023 [1] - The return on equity (ROE) for Q1 2025 was 4.53%, slightly up from 4.43% in Q1 2024 and significantly higher than 2.77% in Q1 2023 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 23,875.79 million shares, accounting for 56.51% of the circulating shares, with an increase of 580.91 million shares compared to the previous period [1] - The largest shareholder, Ming Zai Yuan, holds 17,409.04 million shares, representing 41.20% of the total share capital, with no change in holdings [2] - The second-largest shareholder, Yin Xian Feng, holds 1,468.35 million shares (3.48%), also unchanged [2] - The National Social Security Fund's 503 combination saw a significant decrease of 49.99% in holdings, while the 406 combination entered the top ten shareholders for the first time [2] Dividend Policy - The company has decided not to distribute dividends or transfer shares in the current period [3]