国新能源公告，经财务部门初步测算，预计2025年度归属于上市公司股东的净利润为负值，公司2025年 度经营业绩将出现亏损。 ...

作为京津冀生态安全屏障的关键省份，河北农村清洁取暖工程历经八年深耕， 京 津 冀 地 区 细 颗 粒 物 （ PM2.5 ） 年 均 浓 度 为 37 微 克 / 立 方 米 ， 较 2013 年 下 降 63.7% 。 然 而，从"散煤主导"到"清洁全覆盖"的转变并非易事。今冬采暖季，河北部分农户"有 气 不 敢 烧 、 取 暖 成 本 高 " 的 现 实 困 境 表 明 ， 清 洁 取 暖 是 一 项 系 统 工 程 ， 既 要 算 环 保 账，更要守住民生温暖底线，消除政策与民生之间"温差"，这是对治理能力和治理智 慧的一次测试。 生态成果背后，民生张力逐渐显现。20 2 5年河北省两会期间，河北省人大代表杨辉 素 展 示 了 调 研 结 论 ： 过 去 烧 散 煤 一 冬 花 费 2 0 0 0—3 0 0 0 元 ， " 煤 改 气 " 后 费 用 飙 升 至 7 560—11 3 4 0 元 ， 占 2024 年 河 北 农 村 居 民 人 均 可 支 配 收 入 （ 2 2 0 2 2 元 ） 的 3 0%— 5 0%，成为农户沉重负担。 河北农村多数地区采暖气价高达3.15元/立方米，承德等地 ...

国家能源局关于印发《能源行业公共信用信息管理办法》的通知 国能发资质规〔2025〕109号 各省(自治区、直辖市)能源局、有关省(自治区、直辖市)及新疆生产建设兵团发展改革委、北京市城市管理委，各派出机 构，有关企业和协会： 为贯彻落实党中央、国务院决策部署，进一步强化能源行业公共信用信息管理，推动信用信息归集、共享和应用，我局研 究制定了《能源行业公共信用信息管理办法》,现予印发，自2026年5月1日起施行。 国家能源局 2025年12月4日 能源行业公共信用信息管理办法 目 录 第一章 总 则 第八章 附 则 第一章 总 则 第一条 为规范能源行业公共信用信息管理，推进能源行业信用体系建设，根据《中华人民共和国能源法》等法律法规，以 及《中共中央办公厅国务院办公厅关于健全社会信用体系的意见》等政策文件，结合能源行业实际，制定本办法。 第二条 本办法适用于能源行业公共信用信息的归集共享、公示、应用、修复、异议处理及相关监督管理活动。 本办法所称能源行业公共信用信息，是指国家能源局及其派出机构在履行法定职责、提供公共服务过程中产生和获取的， 或通过全国信用信息共享平台(信用中国)等共享地方能源主管部门及其他部 ...

Core Viewpoint - The report from Daiwa upgrades the outlook for the mainland natural gas industry to "neutral," anticipating improvements in the fundamentals of companies by 2026 [1] Industry Summary - It is expected that the sales volume of major natural gas companies in mainland China will see low single-digit growth compared to last year's low base by 2026 [1] - The gas price margin is projected to increase by 1 to 2 cents year-on-year, assuming a mild winter and no significant deterioration in competition [1] - The new connection volume for major companies is expected to decline by low to mid-double digits year-on-year, although its impact is gradually diminishing [1] Company Summary - Major companies are expected to maintain stable or slightly increased dividends year-on-year [1] - The report favors high-yield stocks such as China Gas (00384) and Hong Kong and China Gas (00003), with target prices set at HKD 8.3 and HKD 7.7 respectively, both rated as "outperform" [1] - The rating for Hong Kong and China Gas has been upgraded from "hold" to "outperform" due to potential turnaround in its EcoCeres business [1]

Core Viewpoint - The successful docking of the LNG carrier "Freight" at China National Offshore Oil Corporation's Yancheng "Green Energy Port" marks the commencement of LNG unloading tasks at the Yancheng port, set to continue until 2026 [1]. Group 1: LNG Operations and Statistics - In 2025, the Yancheng border inspection station efficiently facilitated the smooth passage of 52 LNG vessels, representing a year-on-year increase of 10.6% compared to 2024, achieving a new record of 4 vessels in 6 days [3]. - The total LNG unloading volume at China National Offshore Oil Corporation's Yancheng "Green Energy Port" reached 2.646 million tons, significantly contributing to energy supply in the East China region and supporting the national "dual carbon" goals [3]. - The Yancheng "Green Energy Port" has established 4 LNG storage tanks of 220,000 cubic meters and 6 tanks of 270,000 cubic meters, making it the largest LNG energy hub in China, integrating functions of ocean transportation, unloading, storage, gasification, and distribution [3]. Group 2: Efficiency Measures - The Yancheng border inspection station implemented a series of policies focused on "efficient customs clearance and seamless connection," including the "three zero measures" (zero waiting, zero obstacles, zero errors) and "rapid review and direct push" to streamline processes [3]. - These measures reduced nearly 70% of declaration items and shortened the average time vessels spend in port by 2-3 hours, maximizing the efficiency of clean energy operations [3].

Core Insights - The project marks the commencement of the construction of the largest land-based membrane LNG storage tank globally, located at the Guangdong Eastern LNG receiving station [1][2] - The project aims to enhance the LNG storage capacity in South China, filling a significant gap in large-scale membrane LNG storage facilities in the region [1] Group 1: Project Details - The project will involve the construction of three membrane LNG storage tanks, each with a diameter of nearly 100 meters and an effective volume of 240,000 cubic meters [1] - The new storage tanks will increase the total storage capacity of the Guangdong Eastern LNG receiving station to 780 million cubic meters, with an annual processing capacity of 6 million tons [2] Group 2: Technological and Economic Advancements - The project utilizes advanced membrane tank technology, achieving a 10% increase in effective tank capacity and a 5% reduction in construction costs compared to traditional full-containment tanks [1] - The core materials for the tanks will be fully sourced domestically, significantly improving land resource utilization and economic efficiency [1] Group 3: Environmental Impact - The steel usage for the inner wall protection system will be reduced by 90% compared to traditional tanks, leading to a reduction in overall carbon emissions by over 25% [1] - The design includes nitrogen protection and thermal insulation, ensuring stable cooling performance and significantly enhancing the reliability of the tanks throughout their lifecycle [1]

Core Viewpoint - By 2025, Russia's pipeline natural gas exports to Europe are projected to decline by 44% compared to 2018, marking the lowest level since the mid-1970s, primarily due to disruptions in exports through Ukraine and the EU's gradual reduction of fossil fuel imports from Russia [1] Group 1: Export Trends - In 2018-2019, Russia's pipeline natural gas exports to Europe reached a record high of 1750 to 1800 billion cubic meters per year, generating significant revenue for the state-owned Gazprom [1] - The only remaining pipeline route for Russian gas to Europe is the TurkStream subsea pipeline, following Ukraine's failure to renew its gas transit contract [1] Group 2: Alternative Supply Routes - Besides the TurkStream, countries such as Serbia, Hungary, and Slovakia also import Russian gas through this route [1] - Russia has also been exporting natural gas to Europe in the form of liquefied natural gas (LNG), making it the second-largest gas supplier to the EU after the United States [1] Group 3: Future Projections - The EU has announced plans to completely ban imports of Russian natural gas by the end of 2027, aiming to reduce its energy dependence on Russia [1]

Core Viewpoint - Daiwa has upgraded its view on the mainland natural gas industry to "neutral," anticipating improvements in the fundamentals of companies by 2026 [1] Industry Summary - It is expected that the sales volume of major natural gas companies in the mainland will see low to mid-single-digit growth compared to last year's low base by 2026 [1] - The gas price differential is projected to increase by 1 to 2 cents year-on-year, assuming a mild winter and no significant deterioration in competition [1] - The new connection volume for major companies is expected to decline by low to mid-double digits year-on-year, although the impact is gradually diminishing [1] Company Summary - Major companies are expected to maintain stable or slightly increased dividends year-on-year [1] - The company prefers high-yield stocks such as China Gas and Towngas, with target prices set at HKD 8.3 and HKD 7.7 respectively, both rated as "outperform" [1] - Towngas's rating has been upgraded from "hold" to "outperform" due to potential turnaround in its EcoCeres business [1]

Core Insights - Natural gas is becoming the only fossil fuel expected to see significant growth in global primary energy consumption due to its low-carbon transition attributes and flexible applications, particularly driven by rising demand in Asian markets [1] - The natural gas market in sub-Saharan Africa is reshaping the continent's development landscape, with the focus shifting from traditional hubs in North Africa to sub-Saharan regions, which hold over 70% of Africa's recoverable natural gas resources [1] Group 1 - Sub-Saharan Africa is projected to be the core engine for natural gas production growth, with LNG exports expected to surge from 35.7 billion cubic meters in 2024 to 98 billion cubic meters by 2034, representing an increase of nearly 175% [1] - The "Gas Decade" initiative in Nigeria is advancing with over $8 billion in final investment decisions for natural gas projects in the past 18 months, supported by significant infrastructure developments [2] - The cross-border gas field development between Senegal and Mauritania is expected to yield over 150 trillion cubic feet of recoverable reserves, with LNG production and exports anticipated to commence by 2025 [2] Group 2 - Mozambique is emerging rapidly with over 150 trillion cubic feet of recoverable reserves, as TotalEnergies plans to restart a $20 billion LNG project, with Indian companies holding a 40% stake and securing sales rights [2] - The Tanzanian LNG project, backed by Shell and Norway's Equinor, aims for a production capacity of 10 million tons per year, with a target operational date in 2029 [2] - The maturation of the sub-Saharan LNG market is attributed to a combination of resource endowment, market demand, policy optimization, technological innovation, and regional cooperation, despite challenges such as regional instability and weak infrastructure [3]

根据实际运行数据，此次国产化机组经济效益显著：单台采购价从1400万元降至709万元，12套机组可 节约设备购置费8292万元；12套机组年节电960万千瓦时、节约电费480万元。同时，机组供货周期缩 短、检修维护成本降低，为同类装置关键设备的国产化替代与自主可控积累了宝贵经验。 中化新网讯 日前，国内首套自主研发的贫胺液泵及液力透平机组在中原油田普光分公司天然气净化厂 投运，机组各项性能指标达到国际先进水平。 据介绍，普光气田天然气净化厂是我国首个百亿方级高含硫天然气净化基地，其中的贫胺液泵及液力透 平机组是天然气净化装置的核心设备。装置此前采用的进口机组已超期服役16年，设备老化严重，故障 隐患凸显，且因工艺参数调整长期偏离最优运行区间，贫胺液泵、液力透平流量仅为原高效点的57.5% 和68.3%，能耗居高不下。加之进口设备存在价格高、检修久、配件滞后等问题，严重制约装置高效稳 定运行。 为此，该公司积极响应国家节能降碳政策，抢抓高端装备国产化战略机遇，将该项目列为中国石化重点 科技攻关任务，组织专业团队展开自主研发。项目团队创新性地将泵反转运行理论与涡轮泵设计理念深 度融合，开发出具有自主知识产权的新型 ...