公司通过投资控股乐胜科技获得国家高新技术企业认证，获批专利 5 项 及软件著作 8 项，加大创新要素投入，推进创新成果转换，科技创新能 力增强。 乐山电力内部控制评价报告显示，公司不存在财务报告内部控制重大缺 陷，内部控制有效运行，但仍需加强制度建设与日常监管，提高内控管 理水平。 司实施六大攻坚行动，包括安全稳基、三网强基、新兴赛道改革深化、效益提 升和环境培优等。此外，公司进一步提出准确把握战略引领、发展能力和治理 体系三大关键点，并深刻认识到水电气一体化是生产经营的基本盘，转型发展 的策源地。 乐山电力 20250526 摘要 乐山电力 2024 年营收 31.96 亿元，但 2025 年 Q1 利润总额为- 187.09 万元，净利润为-120.38 万元，扣非后净利润为-271.28 万元， 盈利能力面临挑战，需关注成本控制和业务转型效果。 公司售气量同比下降 2.34%至 1.72 亿立方米，但受水量同比增长 7.66%至 6,594 万立方米，反映出水务业务增长抵消了部分燃气业务的 下滑，水电气业务结构需进一步优化。 乐山电力积极推进三网建设，新建改造 110 千伏变电站 5 座、输配线路 10 ...

日前，54家佛山A股上市企业已全部披露2024年年报及报告期内支付给董监高的薪酬。谁是佛山最 强"金领"？相关企业年报透露了答案。 同花顺i问财数据显示，2024年，佛山54家A股上市公司合计为董事长们发放了8874.47万元薪酬，人均 薪酬达到167.44万元。 其中，美的集团董事长方洪波继续蝉联佛山年薪最高的A股上市公司董事长，去年年薪达到1378万元， 比2023年还涨了24万元。 | 序号 | - | 股票代码 | 营业总收入(元) 7 股票简称 | 所属同花顾行业 2024.12.31 | 童事长薪酬(元)。董事长姓名 | | | --- | --- | --- | --- | --- | --- | --- | | 1 | | 000333 | 美的集团 | 4.090.84 Z 家用电器-白色家电-空调 | 1,378.00万 | 方洪波 | | 2 | | 603288 | 海天味亚 | 269.01亿 食品饮料-食品加工制造-调味发酵品 | 913 48万 | 程雷 | | 3 | | 002611 | 东方精工 | 47.78亿 机械设备-专用设备-印刷包装机械 | 435.07万 | 唐 ...

Group 1 - The forum "Natural Gas Pipeline Operation Mechanism" focused on the safe operation of natural gas pipelines and resource coordination, featuring key industry leaders [1] - The establishment of the National Pipeline Group has significantly changed the natural gas market in China, enhancing gas flow and promoting high-quality industry development [3] - Hong Kong and China Gas has over 160 years of history, providing gas services to over 4.2 million customers in mainland China and operating more than 130,000 kilometers of pipelines [5][6] Group 2 - Hong Kong and China Gas integrates safety culture into all business operations, establishing a comprehensive safety management system and training over 50,000 employees [5] - The company employs advanced technologies like AI and unique methods such as "dog-scent detection" for efficient pipeline leak detection [8] - The company has a significant focus on environmental protection, with hydrogen accounting for about half of the pipeline gas in Hong Kong, and has never experienced hydrogen embrittlement incidents [10] Group 3 - The domestic natural gas market reform in China has achieved remarkable results, and there is a call for global energy companies to strengthen cooperation to build a low-carbon and efficient energy system [11]

证券研究报告·行业跟踪周报·燃气Ⅱ 燃气Ⅱ行业跟踪周报 库存大幅增长美国气价回落，需求偏弱国内 气价回落，库存偏低欧洲气价微增 增持（维持） [Table_Tag] [投资要点 Table_Summary] ◼ 风险提示：经济增速不及预期、极端天气、国际局势变化、安全经营风险。 2025 年 05 月 26 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 谷玥 执业证书：S0600524090002 guy@dwzq.com.cn 行业走势 -13% -10% -7% -4% -1% 2% 5% 8% 11% 14% 17% 2024/5/27 2024/9/24 2025/1/22 2025/5/22 燃气Ⅱ 沪深300 相关研究 《需求偏弱美国&国内气价回落，库 存同比偏低欧洲气价微增；对美 LNG 关税降至 25%》 2025-05-19 《产量或下降美国气价提升，库存同 比偏低欧洲气价提升》 2025-05-12 东吴证券研究所 1 / 13 请务必阅读正文之后的免责声明部分 ◼ 价格跟踪：库存大幅增长美国气价回落 ...

1. 【中国航发2MW级纯氢燃气轮机连续稳定运行时长再创新高】日前，中国航发燃机"太行2"纯氢燃 气轮机首台机组在山东泰和科技股份有限公司已累计运行突破7000小时，第二台机组也已累计运行突 破5000小时，标志着2MW级纯氢燃气轮机商业化运行取得成功。"太行2"纯氢燃气轮机设计功率 2MW，具有完全自主知识产权，结构紧凑、热效率高、维护简单，稳定性好，年发电量达1600万 kWh，可补充工厂日常运行用电需求。(证券时报） 2. 【美国猎鹰9火箭发射23颗星链卫星】5月25日消息，美国东部时间5月24日，美国太空探索技术公 司（SpaceX）从佛罗里达州卡纳维拉尔角太空军基地发射"猎鹰9"火箭，将23颗"星链"卫星送入轨 道。据悉，一颗"星链"卫星的寿命约为五年，美国太空探索技术公司希望能向太空发射42000颗"星 链"卫星。（CCTV国际时讯） 3. 【绿电占比达98%，我国首个大型锂钠混合储能站投产】5月25日，我国首个大型锂钠混合储能站 ——南方电网宝池储能站今日在云南投产。宝池储能站占地面积有5个足球场大小，装机容量达到400 兆瓦时，每年可调节电量5.8亿度，相当于27万户居民一年的用电量，其中绿电 ...

Group 1 - The 29th World Gas Conference (WGC2025) successfully concluded in Beijing, showcasing significant collaboration between the Chinese team and the International Gas Union leadership [1] - A total of 659 papers from 54 countries and regions were submitted for evaluation, covering important areas of the gas industry, with 13 papers awarded in three categories: WGC2025 Regional Award, WGC2025 Industry Award, and IGU Global Gas Award [1] - The introduction of the "Regional Award" and "Industry Award" aims to promote diverse regional research and encourage innovation in specific sectors of the gas industry [1] Group 2 - The WGC2025 Beijing Declaration was released, emphasizing the critical role of gas in ensuring global energy security, facilitating green and low-carbon transitions, and addressing climate change [2] - The declaration serves as a core outcome of the conference, providing direction for the gas industry's development and advocating for global cooperation in promoting sustainable energy [2] - The incoming president of the International Gas Union, Andrea Stegall, expressed gratitude for the Chinese team's efforts and emphasized the importance of integrating natural gas with renewable energy for inclusive and sustainable growth [2]

导读 ： 为解决公用事业领域垄断案件多发问题，除了持续完善法规建设、严格监管处罚之外，还需要针对其自身特 点研究出台更有针对性的措施，努力从根本上解决问题。 作者 | 一财评论员 2025.05. 26 本文字数：1647，阅读时长大约3分钟 23日，国家市场监督管理总局召开公用事业领域反垄断合规指导会，对公用事业领域经营者加强反 垄断合规开展指导。会议指出，公用事业领域垄断案件较为多发，部分企业利用垄断优势向上下游竞 争性环节延伸，损害其他经营者和人民群众的合法权益，市场监管部门将加强公用事业领域反垄断监 管执法。 水电气热等公用事业是居民生产生活的重要保障，与居民切实利益密切相关，也具有高度敏感性。近 年来，虽然市场监管等部门对公用事业领域垄断行为进行了持续规范，公布了一些相关处罚典型案 例，但当前这一领域垄断案件仍处在多发阶段。 监管执法基础，为公用企业提供明确预期和清晰的行为指引。 其次是要进一步加强监管。 上述国家市场监督管理总局的会议强调，一方面，公用事业领域经营者要切实增强责任意识，高度重 视反垄断合规工作，坚持依法合规经营，自觉维护公平竞争市场秩序；另一方面，要加强公用事业领 域反垄断监管执法 ...

Core Viewpoint - China Gas's major shareholder is Beijing Enterprises Group, and the company has transformed its business model from engineering connections to a dual-driven approach of pipeline gas sales and value-added services. The pipeline gas sales business is expected to benefit from the continuous growth of domestic gas consumption and the ongoing improvement of pricing mechanisms for residential users, enhancing gas sales margins. The value-added services have upgraded from kitchen scenarios to family scenarios, indicating long-term growth potential. The company's current PE/PB valuations are at the 29% and 6% percentiles of the past decade, respectively, with dividend yields for fiscal years 2022, 2023, and 2024 at 5.48%, 4.52%, and 7.08%, showcasing a clear advantage of high dividends and low valuations. The company forecasts net profits attributable to shareholders for fiscal years 2025, 2026, and 2027 to be HKD 3.921 billion, HKD 4.316 billion, and HKD 4.755 billion, respectively, initiating coverage with a "Buy" rating [1][6]. Company Background - The major shareholder of the company is Beijing Enterprises Group, holding approximately 23.5% of the shares. The company has rapidly expanded its urban gas business operations across 27 provinces, municipalities, and autonomous regions in China through both organic growth and acquisitions. Additionally, the company is actively developing value-added services to create new performance growth points [1]. Business Transition - The company's main business has shifted from engineering connections to pipeline gas sales, with a noticeable slowdown in performance decline. In the first half of 2025, the company achieved revenue of HKD 35.11 billion, a year-on-year decrease of 2.62%, and a net profit attributable to shareholders of HKD 1.761 billion, down 3.81% year-on-year. The segment profit from pipeline gas sales reached HKD 1.658 billion, accounting for 42.99% of total profits, while value-added services contributed 25.99% [2]. Residential User Impact - The company has a high proportion of residential users, which enhances its revenue elasticity. The trend of natural gas consumption in China has shown consistent growth over the past decade, with a return to growth in 2022. The company expects steady growth in gas consumption in the future. With the gradual decline in overseas natural gas prices, the company anticipates a moderate decrease in contract gas prices, which will strengthen its pricing advantage [3]. Connection Business Decline - The company's connection business has seen a rapid decline due to the post-real estate cycle downturn and slow progress in coal-to-gas conversions. The contribution of connection business to overall profits has decreased significantly, with operating profit from this segment accounting for only 19.43% in fiscal year 2024. Despite the decline, the company has connected 48.37 million pipeline gas users, with a residential user penetration rate of 70.9% [4]. Value-Added Services Growth - The company focuses on value-added services through its subsidiary, Yipinhui, which operates in the family living technology sector. As of March 2024, Yipinhui's business has expanded to 27 provinces and municipalities, covering over 600 cities. The revenue from value-added services reached HKD 3.655 billion in fiscal year 2024, a year-on-year increase of 5.78%, indicating a successful strategic upgrade from kitchen to family scenarios [5]. Profit Forecast and Investment Rating - The company is expected to see steady growth in pipeline gas sales, contributing to long-term profit increases. The residential pricing mechanism is anticipated to help restore gas sales margins, while the rapid development of value-added services is expected to create a second growth curve. The company forecasts revenues of HKD 82.293 billion, HKD 85.958 billion, and HKD 89.909 billion for fiscal years 2025, 2026, and 2027, with net profits of HKD 3.921 billion, HKD 4.316 billion, and HKD 4.755 billion, respectively, initiating coverage with a "Buy" rating [6].

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating a positive outlook compared to the broader market [7]. Core Insights - In April, the total electricity consumption in China increased by 4.7%, with hydropower shifting from growth to decline, while the decline in thermal power remained stable [3][20]. - The Inner Mongolia Energy Bureau has solicited opinions on a competitive allocation management method for renewable energy projects, which will allow all grid-connected electricity to enter the power market [4][64]. - Shanghai is accelerating its green fuel transition, focusing on biomass fuel research and the establishment of green methanol production bases [5][71]. Summary by Sections Electricity Consumption and Generation - In April, total electricity consumption reached 772.1 billion kWh, a year-on-year increase of 4.7%, with industrial consumption showing varied growth rates across sectors [3][20]. - The first industry saw a significant increase in electricity consumption by 13.8%, while the second industry grew by 3.0% and the third industry by 9.0% [19][20]. - Hydropower generation decreased by 6.5% year-on-year, while nuclear power and wind power saw increases of 12.4% and 12.7%, respectively [20][40]. Policy Developments - The Inner Mongolia competitive allocation management method aims to standardize the pricing and allocation of renewable energy projects, enhancing market efficiency and encouraging participation from various enterprises [4][64][65]. - Shanghai's initiatives include the development of biomass fuel and the integration of agricultural waste into green methanol production, supported by new technology research guidelines [5][71][74]. Investment Recommendations - The report recommends specific companies within the thermal power sector, such as Jiangsu Guoxin, and suggests cautious investment in others like Sheneng Co. and Zhejiang Energy [5]. - For the hydropower sector, it recommends companies like Yangtze Power and suggests cautious investment in Huaneng Hydropower and Qianyuan Power [5].

Core Insights - The 29th World Gas Conference, referred to as the "Olympic Games of the global gas industry," was held in Beijing, marking the first time the event has taken place in China since its inception in 1931 [1] - The conference gathered over 3,000 participants from more than 70 countries to discuss energy security and green transition [1] Industry Overview - Natural gas is the third-largest energy source globally, with an annual consumption exceeding 4 trillion cubic meters, accounting for 24% of the energy structure, and is crucial for achieving low-carbon energy transition [2] - Over the past decade, China's increase in natural gas consumption has represented one-third of global growth, positioning the country as a key driver in the global gas market [2] - China's 14th Five-Year Plan aims for natural gas production to exceed 230 billion cubic meters by 2025, with accelerated construction of storage facilities and pipelines to enhance energy security [2] LNG Market Dynamics - The International Gas Union (IGU) reported a 2.4% year-on-year increase in global LNG trade volume for 2024, indicating resilience in the industry [3] - LNG is expected to play a significant role in alternative fuels for shipping, carbon capture utilization and storage (CCUS), and methane emission reduction, as the industry transitions from traditional high-carbon energy to green clean energy [3] Energy Transition Strategies - A consensus emerged at the conference advocating for a comprehensive energy transition path that balances renewable energy with the utilization of multiple energy sources to ensure stability, affordability, and sustainability [4] - Experts emphasized that a diversified energy approach, incorporating natural gas, is more beneficial for energy security compared to a singular reliance on renewable sources [4] - The Asian Infrastructure Investment Bank's president highlighted the importance of clean, just, and sustainable energy investment principles to address the core issues faced by developing countries [4] Technological Innovations - The oil and gas pipeline industry is undergoing a dual mission of achieving safe, green development and intelligent upgrades, with technological innovation being a key driver for sustainable industry growth [5] - The National Pipeline Group's development of a large-scale online simulation system for long-distance natural gas pipelines addresses technical challenges and supports intelligent pipeline construction and energy transition [6] - Natural gas is seen as both a means to ensure energy security and a platform for fostering low-carbon technologies, emphasizing the need for a balanced approach in energy transition [6]