Summary of Shouhua Gas Conference Call Company Overview - **Company**: Shouhua Gas - **Industry**: Natural Gas Production Key Points and Arguments 2025 Performance and 2026 Outlook - Shouhua Gas significantly improved its performance in 2025, reversing the substantial losses of 2024, with natural gas production achieving a historic breakthrough of over 900 million cubic meters, and a daily output exceeding 3 million cubic meters for the first time since its establishment 17 years ago [2][3] - The company anticipates annual production capacity to exceed 1 billion cubic meters in 2026, with a target of around 1.2 billion cubic meters [2][3] Future Production Goals - The company aims for natural gas production to reach 1.4 to 1.5 billion cubic meters by 2027, with long-term goals of 2 to 2.5 billion cubic meters by 2031-2033, contingent on capital expenditure levels [2][4][5] - Resource reserves include 88.7 billion cubic meters of coalbed methane and 120 billion cubic meters of tight gas, indicating substantial growth potential [2][5] Cost Management and Efficiency - The company plans to reduce natural gas production costs by approximately 10% in the new accounting year, targeting costs between 1.2 to 1.0 yuan per cubic meter [2][12] - Cost reductions are attributed to technological advancements, contract optimization, and increased production leading to a dilution effect [2][12] Impact of Tax Policies - The cancellation of the coalbed methane VAT rebate has no significant impact on the company due to high unclaimed VAT credits from previous capital expenditures [2][13] Market Conditions and Pricing - Domestic natural gas prices are expected to remain stable, supported by the import LNG landing price, with limited downside potential [2][14][15] - The company maintains a competitive edge with its wellhead prices compared to the expected costs in eastern coastal regions [14][15] Supply Chain and Partnerships - The primary suppliers include PetroChina Coalbed Methane Company and drilling companies, with revenues already accounting for the share owed to PetroChina [2][10][11] Asset Impairment and Financial Health - The significant losses in 2023 and 2024 were primarily due to asset impairments, including goodwill and contract rights, linked to declining natural gas prices [2][17] - The company expects a stabilization in natural gas prices in 2025, which should reduce future impairment risks [4][17] Future Expansion and Strategic Direction - Shouhua Gas is exploring external growth opportunities in the natural gas and other resource sectors, having previously abandoned an alumina project due to high costs [2][16] - There are potential plans for equity changes to increase control, depending on shareholder agreements [4][18] Production Challenges and Historical Context - The decline in natural gas production from 2019 to 2022 was influenced by risk control measures and underperformance in tight gas development [2][19] - Recent breakthroughs in deep coalbed gas production have led to a doubling of output from late 2024 to early 2025 [19] Long-term Outlook - The company is optimistic about its long-term development, anticipating a combination of production increases, cost reductions, and potential equity enhancements to drive profitability [2][20]

新天然气 20260109 摘要 三塘湖煤炭资源开发项目勘探报告已通过新疆自然资源厅评审，完成 169 口井的钻探，总进尺约 11 万米，覆盖 32 平方公里，探明 19 亿吨 浅层煤炭资源，含油量显著高于其他区域，正加速采矿审批。 公司规划 1,500 万吨和 1,000 万吨长焰煤分级分质综合利用项目，以及 20 亿方末煤热解气体气化一体化煤制气项目，旨在延长产业链，提高附 加值，并寻求战略合作伙伴共同投资。 甘肃庆阳深部地下煤制气项目稳步推进，已完成 6 个区块资源的获取， 探矿权面积约 462 平方公里，预测储量 28 亿吨，一期计划年采煤 80 万吨，预计生产 3 亿方蓝氢和 1.35 亿吨 LNG。 三棵树煤矿完全成本约为每吨 200 元，未来 1,500 万吨指标中，800 万吨块煤和 700 万吨末煤将用于下游分质分级综合利用项目，煤制气成 本预计控制在每立方米 1 元以内。 公司提高对中能控股持股比例至 52.97%并计划私有化，旨在获取更多 上游资源权益，确保未来投资建设达产后的收益，是天然气能源全产业 链布局的重要一步。 Q&A 请介绍一下新天然气公司 2025 年的整体经营情况。 20 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the environmental and public utility sector [7] Core Insights - The report highlights significant price increases for second and third-generation biodiesel (HVO and SAF) in 2025, with HVO reaching a peak of $2853.38 per ton and SAF at $2900.95 per ton, reflecting increases of 69.2% and 69.1% from their lowest points respectively [1][17] - The demand for SAF is driven by the EU's ReFuelEU Aviation Regulation, which mandates a gradual increase in SAF content in aviation fuel, leading to an estimated demand increase of approximately 1.4 million tons in 2025 [1][19] - The report emphasizes the scarcity of used cooking oil (UCO) as a raw material for HVO and SAF, suggesting that companies with waste oil resources and production capacity should be closely monitored [3][39] Summary by Sections 1. Special Research - The report discusses the upward trend in biodiesel prices due to downstream demand, particularly for SAF and HVO, with significant price increases observed in 2025 [1][17] - It notes that multiple countries are implementing policies to increase biodiesel blending ratios, with global biodiesel consumption expected to exceed 75.77 million tons by 2030 [2][25] - UCO is identified as a critical raw material with limited supply, highlighting the need to focus on companies that can efficiently utilize waste oil resources [3][39] 2. Market Review - The report provides a market performance overview, indicating that the Shanghai Composite Index rose by 4.06% from December 26 to January 9, with various sector performances detailed [4][42] 3. Industry Dynamics - The report outlines recent legislative progress in the EU regarding renewable energy, particularly the RED III directive, which aims to increase the share of renewable energy in the EU's energy consumption to 42.5% by 2030 [19][20] - It highlights the growing demand for advanced biofuels and the expected increase in biodiesel consumption in developing countries, which may take over as the main growth area for biofuels [2][23] 4. Investment Portfolio and Recommendations - The report suggests focusing on companies with strong capabilities in waste oil production and technology, such as Shanhigh Environmental, Longkun Technology, and Zhuoyue New Energy, due to the anticipated growth in SAF and HVO demand [3][39]

2026年1月10日，全球目睹了一场令人震惊的事件，乌克兰利沃夫市遭到了俄罗斯军队的猛烈打击。此次袭击使用的是著名的"榛树"高超音速中程弹道导 弹。令人意外的是，这枚导弹并未携带爆炸弹头，而是凭借其极高的速度和巨大的动能，对目标造成了毁灭性的伤害。 攻击的目标是位于乌克兰西部、至关重要的斯特雷地下天然气储存基地。这一设施的设计容量为170.5亿立方米，占据乌克兰所有储气库总容量的一半以 上。近年来，随着乌克兰与欧盟国家的紧密合作，该地区储存的大量天然气成为了欧洲能源安全的重要支柱。德国和罗马尼亚等国在此储存了从美国进口的 天然气，以备即将到来的冬季供暖需求。 尽管俄军的这次"精准袭击"未造成明显爆炸，但却对整个储气库造成了不可逆转的损失。报道显示，由于"榛树"导弹的高速撞击，库房内天然气大量泄漏， 为乌克兰及其欧洲邻国带来了巨大的经济冲击和不安。从某种程度来看，这不仅是一次军事行动，更是一场深刻影响国际关系和全球能源市场的政治博弈。 此次袭击的背景愈加复杂。不久前，乌克兰无人机袭击普京官邸的消息引发了俄罗斯的强烈反应。在这样的情况下，利用高超音速武器打击关键基础设施， 显然是一种富有象征性的反击。正如俄罗斯所 ...

日前，上海石油天然气交易中心首次发布基于线上交易的管道天然气现货价格，首发价格为2.47元/立 方米。截至2025年12月26日当周，最新的管道天然气现货价格为2.31元／立方米。 据介绍，"中国管道天然气现货价格"基于上海石油天然气交易中心的管道天然气现货交易，反映的是当 月或下月交付到国内各省区市天然气长输管道起始点(交付点)的管道天然气现货的价格。这一数字并非 来自政府定价或企业报价，而是通过对交易平台上实际成交价格加权平均计算得出的结果，标志着我国 天然气定价机制从"政府主导"转向"市场发现"迈出了关键一步。 这一价格形成机制，将如何改变中国天然气市场的游戏规则？又将如何影响上下游企业以及普通消费 者？上海石油天然气交易中心总经理助理奚炜给出解答。 ■■供需关系"晴雨表" 中国管道天然气现货价格，是基于上海交易中心平台上管道天然气线上交易的成交价格，通过加权平均 计算形成。 奚炜表示，首发价格2.47元/立方米，是当前国内天然气市场供需关系的集中体现，体现了现阶段市场 供需的基本平衡态势。 这一价格形成机制的核心优势在于其市场基础和透明度，它不再依赖企业自主报价或成本加成定价，而 是真实反映了市场参与 ...

Core Viewpoint - The Trump administration's new energy policy, which imposes a 500% punitive tariff on countries importing Russian oil, gas, or uranium, aims to reshape global energy trade and exert economic pressure on nations like China, India, and Brazil [1][10][11]. Group 1: U.S. Policy and Its Implications - The U.S. aims to use tariffs to force countries to align with its geopolitical interests, particularly targeting those circumventing the dollar system [9][10]. - The legislation is seen as an attempt to reconstruct global energy flows through unilateral sanctions, potentially freezing assets of countries maintaining energy trade with Russia [10][11]. - The U.S. strategy includes not only weakening Russia but also deterring emerging powers like China and India from deviating from U.S. influence [11][23]. Group 2: China's Response - China has firmly rejected the U.S. tariffs, emphasizing its right to engage in energy cooperation with Russia as a sovereign nation [2][12]. - The rapid and strong response from China reflects its strategic interests and energy security, as it is the world's largest energy importer [15][19]. - China's energy transactions with Russia are increasingly conducted in local currencies, bypassing the SWIFT system, which diminishes the impact of U.S. sanctions [17][19]. Group 3: India's Dilemma - India faces a complex situation, balancing its need for affordable Russian oil against U.S. pressure to reduce imports [20][21]. - Despite U.S. threats, India has not fully committed to halting Russian oil purchases, indicating a cautious approach to U.S. demands [20][21]. - The U.S. has pressured India to increase energy imports from the U.S., but the high costs and logistical challenges make this a temporary solution [21][22]. Group 4: Global Energy Dynamics - The U.S. is attempting to regain control over global energy pricing and supply chains, but countries are increasingly prioritizing their own interests [38][39]. - The unilateral sanctions by the U.S. are facing resistance, as many countries continue to engage in trade with Russia despite the political rhetoric [28][29]. - The evolving energy landscape is characterized by a shift towards multipolarity, with countries like China and Russia strengthening their economic ties [46][58]. Group 5: Future Outlook - The ongoing geopolitical tensions are likely to lead to more negotiations and alternative trading arrangements, as countries seek to protect their energy security [48][50]. - The trend towards de-dollarization and the establishment of local currency transactions is expected to accelerate, challenging the U.S. dollar's dominance [54][56]. - The global energy order is shifting towards a more collaborative and multipolar framework, where no single nation can dictate terms [58].

（来源：中科院之声） ▲我国硫化氢清洁处理技术取得新突破（视频来源：中央广播电视总台） 作为一种剧毒化合物，硫化氢容易被氧化为二氧化硫并形成酸雨，危害生态环境和人体健康。 从实验室到工厂的"跨越" 基于"离场电催化全分解硫化氢制氢和硫磺技术"，研究团队合作在煤化工领域开展了10万方/年硫化氢消除与资源化利用的工业示范项目。 经过十余年研发，中国科学院大连化学物理研究所李灿团队成功解决了规模化分解硫化氢工程放大问题，研发出具有我国自主知识产权的"离场电催化全 分解硫化氢制氢和硫磺技术"。1月6日，"离场电催化全分解硫化氢制氢和硫磺技术"通过科技成果评价。 01 硫化氢消除之困 "离场电催化全分解硫化氢制氢和硫磺技术"在反应空间上解耦化学反应和电荷传输，利用电子介导将电极表面反应移离电极，在电极外的反应器中分别完 成硫化氢氧化制硫磺和质子还原产氢。 这一设计避免了硫磺在电极表面沉积及污染电池隔膜的难题，排除了催化剂表面气泡粘附对析氢反应的影响，发明了电催化制化学品的新反应模式。 该技术为天然气、石化、煤化工等行业提供了关键绿色转型方案，也为高含硫化氢资源开发与工业绿色低碳发展提供了坚实支撑。 02 ▲离场电催化全 ...

（文章来源：证券日报） 证券日报网1月9日讯 ，新天绿能在接受调研者提问时表示，根据公司2025年半年度报告，唐山LNG项 目二阶段9#、10#、15#、16#储罐工程已完成机械完工验收；温海水利用工程完成竣工验收；唐山LNG 项目接收站二阶段（工艺区第一标段）累计完成46.7%。结合项目整体建设规划，唐山LNG项目二阶段 预计于2025年底前建成。 ...

Core Viewpoint - The U.S. is intensifying sanctions against Russia by targeting seven major countries that continue to purchase Russian oil, including China, India, and Brazil, with a focus on legislative measures to enforce these restrictions [1][3][5]. Group 1: U.S. Sanctions Strategy - The U.S. aims to disrupt Russia's cash flow by pressuring these seven countries to reduce or cease their oil imports from Russia [5][9]. - The strategy involves not only financial sanctions but also potential tariffs on countries that do not comply with the new restrictions [5][9]. - Historical precedents, such as sanctions against Iran and Venezuela, illustrate the U.S. approach of combining energy issues with financial and trade pressures to create a costly dilemma for targeted nations [5][11]. Group 2: Global Energy Market Dynamics - Russia has shifted its focus to Asian and Global South countries for oil exports, with China and India absorbing significant portions of its oil supply [3][9]. - The U.S. seeks to position itself as a reliable alternative supplier by capitalizing on any Russian oil supply disruptions, promoting its own oil and gas exports [5][7]. - The competition for energy market dominance is not merely about sanctions but also about establishing pricing power and influence over global energy transactions [7][19]. Group 3: China's Position and Response - China has firmly opposed unilateral sanctions imposed by the U.S., emphasizing the importance of maintaining normal energy cooperation with Russia [17][22]. - As the world's largest energy importer, China's role is critical for many oil-exporting countries, making it a key player in the global energy landscape [19][23]. - China's strategy focuses on ensuring energy security, diversifying supply sources, and maintaining control over critical resources to avoid dependency on any single country [23][25].

Core Viewpoint - Xinjiang Kailong Clean Energy Co., Ltd. has received acceptance for its IPO application from the Beijing Stock Exchange, aiming to raise 400 million yuan for enhancing natural gas purification and recovery capabilities [2][5] Group 1: Company Overview - Kailong Clean Energy was established in 2011, primarily engaged in the purification and recovery of natural gas from oil and gas fields, as well as natural gas power generation and transmission [5] - The company has faced issues in the past, including undisclosed major matters related to shareholder entrustment during its time on the New Third Board from July 2016 to April 2019 [5] Group 2: Financial Performance - In 2024, Kailong Clean Energy reported revenue of 537 million yuan, a year-on-year decline of 9.92%, and a net profit of 44 million yuan, down 8.14% year-on-year, marking the first instance of both revenue and net profit decline since 2016 [6] - For the first three quarters of 2025, the company achieved revenue of 577 million yuan, a year-on-year increase of 44.24%, while net profit remained at 44 million yuan, reflecting an ongoing decline in profitability metrics since 2022 [6] Group 3: Regulatory and Compliance Issues - During the IPO preparation, two subsidiaries of Kailong Clean Energy faced administrative penalties totaling 1.15 million yuan for various compliance issues, including safety and environmental violations [2] - The company has also encountered delays in accounting for fixed assets that have been accepted [2]