在西部这片热土耕耘、追梦，需要奋斗，也需要奉献。奋斗的人生更精彩，奉献的岁月有收获。本期大 家谈，我们选刊3篇来稿，与读者一起分享3名作者投身西部发展建设的所感所悟、所思所得。 ——编 者 "授鱼"更"授渔" 清晨，我站在阴山南麓的燃气调压站前，看朝阳将输气管道"镀"成金色。作为一名燃气安全管理人员， 自1993年入行以来，这样的"日出观测"已持续30余年。正是在日复一日的巡检中，我对燃气管道运行需 要注意的问题更加熟稔于心，也对责任二字有了更深刻的认识。 难以忘记，去年除夕，我们在黄河岸边的应急值守点过年。屋里，同事们包着饺子，达斡尔族安全员阿 古达木唱起歌曲；窗外，新铺设的燃气管道映着月光，像一条银色哈达，连接千家万户。当新年钟声响 起，坚守的意义在这一刻具象化：我们守护的不仅是燃气安全，更是草原儿女对美好生活的向往。 何虎翼 作为一名乡村科技特派员，多年的下乡经历，让我养成了一个习惯，每到一个地方都要问"三问"。 一问农作物品种。种子是农业的"芯片"，好的品种往往意味着好的收成。有的老品种产量低、抗病性 差、经济效益低，在走村串户中，我会详细介绍不同品种的品质差异。引进、推广农作物新品种，能帮 助种植户 ...

证券代码：603318 证券简称：水发燃气 公告编号：2025-038 水发派思燃气股份有限公司 2024年年度权益分派实施公告 重要内容提示： 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 ● 每股分配比例 A股每股现金红利0.068元 本次利润分配方案经公司2025年5月28日的2024年年度股东大会审议通过。 2.分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分公司（以下简 称"中国结算上海分公司"）登记在册的本公司全体股东。 3.分配方案： 本次利润分配以方案实施前的公司总股本459,070,924股为基数，每股派发现金红利0.068元（含税）， 共计派发现金红利31,216,822.83元。 三、相关日期 ■ 四、分配实施办法 1.实施办法 二、分配方案 1.发放年度：2024年年度 公司股东水发集团有限公司、山东水发控股集团有限公司、水发燃气集团有限公司、大连派思投资有限 公司、Energas Ltd.的现金红利由公司自行派发。 3.扣税说明 （1）无限售条件流通股的红利委 ...

Core Points - The company announced a cash dividend of 0.068 CNY per share for its A shares [1][2] - The dividend distribution plan was approved at the annual general meeting on May 28, 2025 [1] - The record date for the dividend is July 14, 2025, with the last trading day and ex-dividend date also on July 15, 2025 [1] Dividend Distribution Details - The total share capital used for the dividend calculation is 459,070,924 shares [1] - Cash dividends will be distributed through China Securities Depository and Clearing Corporation Limited, Shanghai Branch [1][2] - For individual shareholders and securities investment funds, no personal income tax will be withheld at the time of cash dividend distribution [2] Tax Implications - For individual shareholders with a holding period of one month or less, the actual tax burden is 20% on the dividend income [2] - For those holding shares for more than one month but less than one year, the tax burden is reduced to 10% [2] - For shareholders holding shares for over one year, the dividend income is exempt from personal income tax [2] Special Considerations for Foreign Investors - For Qualified Foreign Institutional Investors (QFII), a 10% corporate income tax will be withheld, resulting in a net cash dividend of 0.0612 CNY per share [3][4] - Hong Kong market investors will also have a 10% tax withheld, with the same net cash dividend of 0.0612 CNY per share [4] - Other institutional investors are responsible for their own tax payments, with the gross cash dividend remaining at 0.068 CNY per share [4]

证券研究报告 固收定期报告 hyzqdatemark 2025 年 07 月 07 日 高票息信用债行情兑现 ——信用分析周报（2025/6/30-2025/7/4） 投资要点： 本周（6/30-7/4）市场概览： 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 3）负面舆情。主体负面：本周潍坊公信国有资产经营有限公司、联储证券股份有限 公司、登封市建设投资集团有限公司、聊城市安泰城乡投资开发有限责任公司列入 主体观察名单；黑龙江创达集团有限公司主体评级调低。债项负面：中燃投资有限 公司所发行的 10 只银行间债项隐含评级调低；康佳集团股份有限公司所发行的 6 只 公司债隐含评级调低；其他债项负面包括"融茂优 B"隐含评级调低，"H20 方圆 1" 展期，"23 创 01EB"债项评级调低，"23 联储一"列入债项观察名单。转债负面： 双良节能系统股份有限公司主体评级调低，其所发行的"双良转债"债项评级调低。 本周市场分析：本周公开市场共有 20275 亿元逆回购到期，本周央行累计开展 6522 亿元逆回购操作，实现全周净回笼 13753 亿 ...

Core Viewpoint - Chengdu Gas (603053) has announced a cash dividend of 0.300 yuan per share for the fiscal year 2024, with the record date set for July 4, 2025 [1][2] Company Announcement Summary - Chengdu Gas reported a closing price of 9.63 yuan as of July 4, 2025, reflecting a 0.52% increase from the previous week [1] - The company reached a market capitalization of 8.56 billion yuan, ranking 9th in the gas sector and 1900th among all A-shares [1] - The cash dividend distribution plan was approved at the annual shareholders' meeting held on May 9, 2025, with a total cash dividend payout of 266.67 million yuan [2] - The dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation as of the close of trading on the record date [2] - The implementation of the dividend distribution will occur on July 7, 2025, which is the ex-dividend date and the date of cash dividend payment [2] Taxation Details - For individual shareholders holding unrestricted shares for over one year, the actual cash dividend received will be 0.300 yuan per share [2] - Qualified Foreign Institutional Investors (QFII) and "Shanghai Stock Connect" investors will have a 10% withholding tax applied, resulting in an actual cash dividend of 0.270 yuan per share [2] - Other institutional investors and corporate shareholders will receive the full cash dividend of 0.300 yuan per share [2]

经过紧张有序地处置，泄漏管道成功修复，演练圆满结束。此次演练，各部门及企业响应迅速、分工明 确，展现出良好的应急协作能力和专业素养，有效检验了应急预案的科学性与可操作性。同时，也暴露 出个别环节衔接不够紧密等方面的些许不足。 此次演练模拟由于共和地区长时间降水导致山体滑坡自然灾害，造成天然气长输管线焊口破损、燃气泄 漏的事故场景。中油燃气有限公司分输站调度中心接到报警后，逐级上报信息、迅速启动应急预案，第 一时间通知抢险队伍赶赴现场开展现场处置。各部门按照预定方案紧密配合，迅速设立警戒区域，疏散 周边群众；抢险人员身着专业防护装备，利用检测仪器精准定位泄漏点，随后有条不紊地进行管道抢 修。市场监管局着重对特种设备安全进行把控，住建局协调市政资源保障救援顺利进行，应急局则统筹 指挥，确保各环节高效衔接。 下一步，各部门将针对演练中发现的问题，进一步完善应急预案，加强部门间沟通协作，提升应急队伍 技能培训，强化物资储备管理，持续提升燃气安全事故应急处置能力，全力守护城镇燃气安全，为居民 生命财产安全保驾护航。（供稿：青海省市场监管局） 中国质量新闻网讯 日前，青海省海南州州县应急管理局、市场监管局、住房和城乡建设 ...

国证国际证券提到，根据国家统计局，1-4月份全国规模以上工业增加值同比增长6.4%;根据白银市政 府，白银市规模以上工业增加同比增长15.5%，煤炭、化工、有色、电力等四大主导行业完成高速增 长。随着中西部承接东部工业转移，白银公司售气量有望快速增长。白银靖远售气规模2024年占公司总 售气量的3.5%，未来占比有望进一步增长。另外，白银地处中国西北部，上游资源充足且工商业占比 大，而工商业通常能比较好的顺价，毛差可观，预计未来甘肃公司有望成为公司售气业务的一大增长 极。 天伦燃气全年指引零售销气量4%-5%的增长，销气毛差小幅恢复至0.48-0.50元/方，增值业务收入10- 15%的增长，新增城燃居民用户数20-22万户。1-5月全国天然气表观消费量为1758.9亿立方米，同比下 降1.3%。在行业增速不佳的背景下，预计公司一季度销气量增速在行业当中表现亮眼。去年南玻停产 影响一部分供气，料今年4月份南玻一条产线已经恢复供气。在气源较为充裕的背景下，今年毛差预计 也有小幅恢复。 国证国际证券表示，天伦燃气负债结构不断优化。截至2024年底，公司拥有总负债96.48亿人民币，资 产负债率60.6%，平均融资 ...

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-07-02 宏观策略 [Table_MacroStrategy] 宏观量化经济指数周报 20250630：内需延续结构分化，外需保持总量平 稳 货币政策对"资金空转"的关注度依然较高，仍然偏重提高资金使用效率 海外周报 20250629：特朗普《大美丽法案》开始闯关参议院 核心观点：本周以伊冲突与贸易谈判局势缓和令美股大涨，美联储理事 Waller 与 Bowman 的鸽派发言与经济数据走弱令美债利率大幅走低，10 年期美债利率下至 4.277%，美元指数下行至 97.4；黄金与原油价格在避 险情绪大幅降温的情况下分别下跌 2.79%和 12.56%。在美国部分批发商 "抢进口"行为告一段落后，本月分析师大幅上修 Q2 美国 GDP 增速预 期，同时维持美联储 Q3 首次降息，全年降息 2 次的预期不变。向前看， 特朗普《大美丽法案》本周已于参议院进入最终审议阶段，在于 8 月中 下旬来临的 X Date 前提高债务上限的需要或令法案最终通过的 "Deadline"为 7 月 31 日。 风险提示：特朗普政策超预期；美联储降息 幅度过大引发通胀反弹甚 ...

Core Viewpoint - The company's FY25 earnings fell below expectations, with a revenue of HKD 79.3 billion, a year-on-year decrease of 3%, and a net profit of HKD 3.25 billion, a year-on-year increase of 2% [1] Financial Performance - FY25 revenue was HKD 79.3 billion, down 3% year-on-year - FY25 net profit was HKD 3.25 billion, up 2% year-on-year, but below expectations - The decline in performance was primarily due to underperformance in joint venture earnings, which fell 37% year-on-year to HKD 441 million, and a 31% increase in income tax expenses to HKD 993 million due to reduced tax refunds [1] - The company plans to distribute a final dividend of HKD 0.35 per share, maintaining the same level as the previous year, with a total annual dividend of HKD 0.50 per share [1] Sales and Margins - FY25 urban gas sales were 23.52 billion cubic meters, remaining stable year-on-year - Residential gas sales decreased by 2.1%, while commercial and industrial gas sales increased by 3.7% and 1.0%, respectively - The gross margin was HKD 0.537 per cubic meter, an increase of HKD 0.036 year-on-year - The company added 1.4 million residential connections, a decrease of 16.5% year-on-year [1] Cash Flow and Investments - FY25 investment cash outflow was HKD 1.78 billion, down 74.8% year-on-year, mainly due to the recovery of loans from joint ventures and a reduction in capital expenditures by approximately HKD 1.4 billion [1] Future Outlook - The trend of improving gross margins is expected to continue until FY27 - For FY26, the company anticipates a 2% year-on-year increase in urban gas sales and a gross margin of HKD 0.55 per cubic meter, driven by an increase in residential pricing ratios [1] Debt and Financial Management - As of the end of FY25, the company's net debt (excluding trade-related financing) was approximately HKD 47.8 billion, showing a slight decrease from FY24 - The company is expected to maintain control over capital expenditures, indicating that the debt level has likely peaked [2] - FY25 saw an increase in receivables provision of HKD 568 million, with ongoing pressure expected in FY26 due to uncertainties in the real estate sector [2] Dividend and Valuation - The company maintained a dividend payout ratio of 83.3% in 2024, with expectations for stable dividends of HKD 0.50 per share over the next 2-3 years, translating to a dividend yield of approximately 6.8% based on the closing price on June 27 [2] - Earnings forecasts for FY26 have been revised down by 32% to HKD 3.285 billion, with FY27 earnings projected at HKD 3.449 billion [2] - The current stock price corresponds to a P/E ratio of 12.2x for FY26 and 11.6x for FY27, with a target price adjustment of 9.1% down to HKD 8, indicating an upside potential of 8.8% [2]

机构：交银国际 研究员：郑民康/文昊 较多一次性项目影响2025 财年盈利，自由现金流有较大改善。中燃2025财年报表盈利同比增2.1%，核 心盈利同比降约14%，低于我们预期，主因：1）下半财年零售气量同比下滑1% ，因公司受暖冬影响约 5 个月，导致居民售气同比下跌4%；2）由于船舶出售，期內减少2.6 亿港元的租赁收入；3）2024 财年 有1.5 亿港元的一次性的退税没有在2025 财年再出现。 虽然如此，公司售气毛差同比增约4 分至每方0.54 元人民币，新增居民接驳同比仅下跌15%至150 万 戶，仍高于我们预期的125 万戶，增值业务经营利润同比增长10.6%，合乎预期。同时公司自由现金流 达到新高46.6 亿港元，末期分红亦维持在0.35 港元，合乎预期。 公司目前6.8%的股息率为我们覆盖的燃气分销商中最高，但我们认为目前公司约10 倍2026 财年市盈率 已是合理水平。目前我们认为提高评级仍需要等待盈利/现金流稳定度再提高，从而在股息率和估值上 有更好的平衡点。维持中性评级。 2026/27 财年自由现金流仍有望覆盖目前年度分红。公司2026 财年指引偏向保守：1）零售气增长2%， 售气毛 ...