Investment Rating - The report initiates coverage with a "Buy" rating for Hong Kong and China Gas Company Limited [5] Core Views - The company has a robust profit and cash flow base from its Hong Kong gas business, while its growth-oriented businesses provide new momentum for expansion [2][18] - The flexible pricing adjustment mechanism is a key reason for the high profit margins in the Hong Kong gas business [2][34] - The company is expanding its gas business in mainland China, with significant growth in sales volume and recovery of profit margins [4][57] Summary by Sections Hong Kong Gas Business - The gas tariff consists of an effective charging table and fuel adjustment fee, with a tiered pricing model that encourages higher consumption [2][28] - Hong Kong's natural gas consumption has remained stable, with a projected consumption of 27,159 TJ (approximately 730 million cubic meters) in 2024, reflecting a year-on-year increase of 0.1% [3][35] - The EBIT for the Hong Kong utility business has been stable, with a projected increase to nearly HKD 50 billion in 2024, resulting in an EBIT margin of 46.3% [3][48] Mainland Gas Business - The company has expanded its mainland gas business since 1994, with sales volume increasing from 19.5 billion cubic meters in 2017 to 36.36 billion cubic meters in 2024, representing a CAGR of 9.3% [4][51] - The unit sales price difference in the mainland gas business has improved to HKD 0.52 per cubic meter by the end of 2024 [4][60] Growth-Oriented Businesses - The renewable energy business, primarily through the subsidiary Honghua Smart Energy, has seen rapid growth, with a compound annual growth rate of 154% in distributed photovoltaic installations from 2021 to 2024 [74] - The company is actively developing green methanol and hydrogen fuel supply, with significant production targets set for 2028 [81][84] Financial Projections - The company is expected to achieve revenues of HKD 578.1 billion, HKD 605.6 billion, and HKD 632.8 billion from 2025 to 2027, with respective year-on-year growth rates of 4.2%, 4.7%, and 4.5% [5][92] - The net profit forecast for the same period is HKD 61.6 billion, HKD 65.9 billion, and HKD 69.4 billion, with year-on-year growth rates of 7.9%, 6.9%, and 5.4% [5][92]

Core Viewpoint - The stock of Xinjiang Hongtong Gas Co., Ltd. has experienced significant abnormal fluctuations, with a cumulative increase of 74.03% since August 4, 2025, prompting the company to remind investors of potential risks in the secondary market [1][4]. Group 1: Stock Trading Abnormalities - The company's stock price deviated significantly, with a cumulative price deviation exceeding 20% on August 12 and 13, 2025, qualifying as abnormal trading behavior under Shanghai Stock Exchange regulations [2]. - The stock's price-to-earnings ratio (TTM) is 28.90 and the price-to-book ratio is 2.98, both higher than the industry averages of 17.11 and 1.80, respectively [1][4]. Group 2: Company Operations and Financial Health - The company confirmed that its production and operations are normal, with no significant changes in market conditions, industry policies, or internal operations [2][4]. - There are no undisclosed major events affecting the stock price, and the company has not identified any media reports or market rumors that could impact stock trading [2][3]. Group 3: Management Actions - The company’s senior management, including Mr. Zhao Yong, has completed a share reduction plan, selling 119,600 shares, which is 0.04% of the total share capital, due to personal financial needs [2][4]. - The company plans to disclose its 2025 semi-annual report on August 29, 2025, and is currently preparing this report as scheduled [3][4].

证券日报网讯德龙汇能（000593）8月13日在互动平台回答投资者提问时表示，公司始终秉持开放态 度，积极寻求各类有利于公司长远发展的合作机会，若未来有符合公司战略规划的优质资源注入计划， 公司将严格按照相关法律法规的要求，及时履行信息披露义务。 ...

证券之星消息，8月13日燃气板块较上一交易日上涨0.65%，佛燃能源领涨。当日上证指数报收于 3683.46，上涨0.48%。深证成指报收于11551.36，上涨1.76%。燃气板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002911 | 佛燃龍源 | 11.51 | 10.04% | 17.94万 | 1.98亿 | | 605169 | 洪通燃气 | 19.77 | 10.02% | 27.74万 | 5.26亿 | | 605090 | 九丰能源 | 30.60 | 3.90% | 19.32万 | 5.94亿 | | 601139 | 深圳燃气 | 6.72 | 1.51% | 1 22.69万 | 1.51亿 | | 600903 | 贵州燃气 | 7.09 | 0.57% | 17.05万 | 1.21亿 | | 600635 | 大众公用 | 4.12 | 0.49% | 31.06万 | 1.27亿 | | 831010 | 凯添燃气 | 13.43 | ...

近日，天壕能源（300332.SZ）发布消息，公司重点工程兴县东门站上载项目，于6月30日实现工程高质 量竣工，首日2万立方米气量成功注入国家管网。 据悉，兴县东门站上载项目于2024年11月20日获得国网正式开口批复。天壕能源管理团队从上游气质组 分精准分析、设计方案科学编制、设备选型严格把控到分包选商全流程优化，全方位对标国家管网标准 建设综合性场站。6月30日，伴随着压缩机轰鸣启动， 2万立方米气量成功注入国家管网——这标志着 天壕能源首个国家级管网气源上载点正式投运，不仅为开拓全国燃气销售市场奠定关键基础，更突破了 原有神安管道仅覆盖晋冀区域的局限，构建起辐射新增终端用户的战略通道，在天壕能源发展历程中铸 就了里程碑式的突破。 ...

金融界8月13日消息，有投资者在互动平台向德龙汇能提问：国家近期推动城市地下管网改造，公司作 为多区域燃气运营商，是否已参与相关项目招标？预计未来3年管网业务收入占比能否提升？ 公司回答表示：尊敬的投资者，您好！公司一直密切关注国家推动城市地下管网改造相关政策及项目招 标信息，并寻求机会拓展公司业务；公司工程业务团队结合自身项目经验、管理能力，在业务优势区域 已参与部分项目。公司会持续努力提升综合竞争能力，积极参与地下管网改造，助力城市更新。感谢您 的关注。 ...

Core Viewpoint - The company, Shui Fa Gas Co., Ltd., has revised its half-year performance forecast for 2025, indicating a significant expected loss compared to the previous forecast [2][5]. Group 1: Performance Forecast - The company anticipates a net loss attributable to shareholders of between -57.91 million yuan and -61.91 million yuan for the first half of 2025 [2][5]. - The forecasted net profit, excluding non-recurring gains and losses, is expected to be between -12 million yuan and -16 million yuan [2][5]. Group 2: Previous Forecast Comparison - The prior forecast, issued on July 15, 2025, estimated a net loss of between -8 million yuan and -12 million yuan [4]. - The previous forecast also projected a net profit, excluding non-recurring gains and losses, of between -12 million yuan and -16 million yuan [4]. Group 3: Reasons for Revision - The revision is primarily due to a court ruling related to a technology infringement case, where the company is liable for damages amounting to 49.91 million yuan [10][11]. - The company had not accounted for the impact of this ruling in its earlier forecasts, as the judgment was not yet issued at that time [10][11].

Core Viewpoint - Chongqing Gas's stock price showed a slight increase, reflecting market interest and ongoing corporate governance activities [1] Group 1: Stock Performance - As of August 12, 2025, Chongqing Gas's stock price was 5.81 yuan, up 0.17% from the previous trading day [1] - The opening price for the day was 5.78 yuan, with a high of 5.84 yuan and a low of 5.78 yuan [1] - The trading volume for the day was 0.34 million yuan, with a turnover rate of 0.38% [1] Group 2: Business Overview - Chongqing Gas's main business includes natural gas sales, installation, and other services, with natural gas sales accounting for 81.58% of total revenue [1] - The company operates in sectors related to gas, local stocks in Chongqing, and natural gas concepts [1] Group 3: Corporate Governance - On August 12, 2025, Chongqing Gas held the 26th meeting of its fourth board of directors, where it approved the adjustment of the company's annual salary plan [1] - The supervisory board also approved related proposals on the same day [1] Group 4: Capital Flow - On August 12, 2025, there was a net outflow of 1.9385 million yuan in main funds, with a cumulative net outflow of 13.2215 million yuan over the past five days [1]

Core Viewpoint - Water Development Gas Co., Ltd. expects a significant net loss for the first half of 2025, with projected losses ranging from 57.91 million to 61.91 million yuan [1][2]. Performance Forecast - The company anticipates a net profit attributable to shareholders of the listed company to be between -57.91 million yuan and -61.91 million yuan for the first half of 2025 [1][2]. - The expected net profit after deducting non-recurring gains and losses is projected to be between -12 million yuan and -16 million yuan [1][2]. Previous Performance Comparison - In the previous forecast issued on July 15, 2025, the company estimated a net profit of -8 million to -12 million yuan, indicating a worsening financial outlook compared to the current forecast [1][2]. - The adjusted net profit for the first half of 2024 was reported as 51.60 million yuan, with a total profit of 118.24 million yuan after retrospective adjustments [2]. Reasons for Performance Revision - The revision in performance forecast is primarily due to a legal case involving the company, where it is required to pay 49.91 million yuan in damages related to a technology infringement dispute [2][3]. - The company has recognized this liability and loss as non-recurring, following a court ruling that mandates joint compensation with other defendants [3][4].

（原标题：克罗地亚6月工业从业人员减少） 克通社8月6日报道，根据克罗地亚统计局的数据，今年6月工业就业总人数与5月相比下降了 0.2%，与去年6月相比下降了2.8%。采矿业和采石业就业人数占该行业就业人数的比重略高于2%，与上 月持平。电力、燃气、蒸汽和空调供应业就业人数占该行业就业人数的比重略高于6%，但比上月下降 了0.2%。加工制造业就业人数同比下降3.2%，其中，服装生产行业就业人数降幅最大，为23%；其他交 通运输工具生产行业就业人数降幅为13.7%；皮革及制品生产行业就业人数降幅为11.1%。今年上半 年，工业总就业人数比去年同期下降2.5%。 ...