机构：东吴证券 研究员：袁理/谷玥 事件：2025 年11 月28 日，公司发布2025/2026 财年中期业绩。2025/26财年中期，公司实现营业总收入 344.8 亿港元，同比减少1.8%；归母净利润13.34 亿港元，同比下降24.2%；中期股息每股15 港仙，维持 稳定派息水平。 零售气、接驳业务承压，增值业务微增；补贴收入减少影响业绩。2025/26财年中期，公司实现分部利 润33.81 亿港元，同比下降10.3%；归母净利润13.34 亿港元，同比下降24.2%，除业务变化之外，补贴 收入减少影响业绩。分业务来看：1）天然气销售收入203.8 亿港元，同比增长3.8%；分部利润15.7 亿 港元，同比-5.3%。城镇燃气项目销气量91.9 亿立方米，同比下降1.5%；其中，居民用户气量微增0.1% 至25.9 亿方，工业/商业用户气量分别下降1.1%/2.2%至48.8/15.5 亿方，主要受房地产相关行业（钢铁 业、化工业、建材业）低迷及餐饮消费疲软影响，加气站气量下降24.6%至1.7 亿方。居民顺价比例从 25 财年的68%提升至74%，平均调价幅度0.20 元/立方米，带动居民用户整体气 ...

Core Viewpoint - China Gas and EVE Energy have signed a strategic cooperation agreement to enhance collaboration in three key areas: technology development, project development and market expansion, and green energy ecosystem construction [1] Group 1: Technology Development - The two companies will jointly develop energy storage systems and biomass energy coupling technology, aiming to promote the commercialization of low-carbon energy management platforms [1] Group 2: Project Development and Market Expansion - China Gas and EVE Energy plan to collaborate on projects in commercial and industrial energy storage, mobile energy storage, heavy-duty vehicle battery swapping, and zero-carbon parks, with a gradual expansion into overseas markets [1] Group 3: Green Energy Ecosystem Construction - China Gas will provide biomass gas, steam, and new energy power supply solutions to EVE Energy's factories in Yunnan, Hubei, and Malaysia, ensuring energy supply and support [1] Group 4: Previous Collaborations - The companies have successfully launched projects such as the 40MW/80MWh energy storage station at BASF Shanshan's Changsha base and the 20MW/45MWh energy storage station at Jiangyin Haida Rubber and Plastic [1]

Group 1 - The company has reported strong growth in its commercial user-side energy storage business, with a cumulative operational scale of 617.7 MWh and a signed installed capacity of 1.2 GWh as of September 30, 2025, driven by favorable government policies [1] - The company is leveraging artificial intelligence technology to enhance the accuracy of electricity trading and is utilizing innovative models like virtual power plants to aggregate distributed energy resources, thereby expanding profit channels in the renewable energy sector [1] Group 2 - The company is committed to its "green city operator" strategy, responding to national carbon neutrality goals by integrating distributed photovoltaics, charging stations, biomass energy, and energy-saving services into its core energy storage business [2] - A strategic cooperation agreement has been established with EVE Energy Co., Ltd., focusing on technology innovation in energy storage and biomass applications, aiming to support the national carbon neutrality goals [2][3] Group 3 - The partnership will involve joint project development in commercial energy storage, mobile energy storage, heavy-duty vehicle battery swapping, and zero-carbon parks, with plans to achieve 1 GWh of orders within a year [3] - The company will provide comprehensive energy support, including biomass gas, steam, and renewable electricity, to EVE Energy's production bases in Yunnan, Hubei, and Malaysia [3] Group 4 - The company aims to create zero-carbon cities by implementing a systematic layout across the entire energy industry chain, focusing on the synergy and closed-loop management of various energy systems [4] - The company is developing a digital management platform to create smart low-carbon industrial parks, integrating IoT and multi-energy coupling to build a unique dual-carbon business ecosystem [4]

Group 1 - The company is experiencing rapid growth in its energy storage business, driven by favorable government policies and a strong market demand from commercial users, with a cumulative operational scale of 617.7 MWh and a signed capacity of 1.2 GWh as of September 30, 2025 [1] - The company is leveraging artificial intelligence technology to enhance the accuracy of electricity trading and is exploring innovative models like virtual power plants to aggregate distributed energy resources, thereby expanding its profit channels in the renewable energy sector [1] Group 2 - The company is committed to its "green city operator" strategy, aligning with national carbon neutrality goals, and is integrating various energy services such as distributed photovoltaics, charging stations, and biomass energy to create a collaborative energy ecosystem [2] - A strategic partnership has been established with Yiwei Lithium Energy to focus on technology innovation in energy storage and biomass applications, aiming to support the national carbon goals through joint efforts in three core areas: technology development, project development, and green energy ecosystem construction [2][3] Group 3 - The partnership plans to develop projects in commercial energy storage, mobile storage, and zero-carbon parks, with a target of achieving 1 GWh of orders for battery or energy storage products within a year, covering both domestic and international markets [3] - The company aims to create a zero-carbon city by integrating various energy systems and providing comprehensive energy services throughout the lifecycle of buildings, while also utilizing digital management platforms to promote smart low-carbon industrial parks [4]

Group 1 - Guizhou Gas Group has established Guiyang Gas Co., Ltd. with a registered capital of 300 million yuan [2] - The business scope of the new company includes gas operations [2] - Guizhou Gas holds 100% ownership of the newly formed company [2]

Group 1 - The Hong Kong dividend sector showed resilience with Jiangnan Buyi rising over 6% and China Gas increasing over 4%, while the Hang Seng High Dividend Low Volatility Index rose by 1.5% [1] - In contrast, the A-share dividend sector remained volatile, with the CSI Dividend Value Index down by 0.01% and both the CSI Dividend Index and CSI Low Volatility Dividend Index down by 0.1% [1] - There is a clear trend of capital allocation, as the Hang Seng Low Dividend ETF (159545) saw a net subscription of over 100 million units throughout the day [1] Group 2 - E Fund is currently the only fund company offering all its dividend ETFs at a low fee rate, with management fees for various products including the Hang Seng Low Dividend ETF (159545) set at 0.15% per year [1] - The E Fund Dividend ETF (515180) tracks the CSI Dividend Index, which consists of 100 stocks with high cash dividend yields and stable dividends, with the banking, coal, and transportation sectors accounting for nearly 55% of the index [3] - The E Fund Low Volatility Dividend ETF (563020) tracks the CSI Low Volatility Dividend Index, composed of 50 stocks with good liquidity and continuous dividends, with the banking, transportation, and construction sectors making up a significant portion of the index [3][7]

贵州燃气（600903）集团贵安新区燃气有限公司工作人员表示，学校里面没有燃气管道泄漏，初步判定 气味来自校外的摊贩把液化气瓶中的气体倒在了绿化带上。燃气公司为保证安全，仍在继续排查学校附 近主管道的情况。 该工作人员还称，刚收到有关部门通知，已确定不是燃气泄漏，但具体是何原因需等待官方通报。 2日12时许，马场镇政府应急值班室工作人员表示，今早燃气公司已全部排查完毕，不是燃气管道泄 漏，而是在附近幼儿园门口摆摊的摊贩将使用的液化气瓶倒在了绿化带上，导致气体味道飘进了学校 中。 新京报讯（记者徐鸣）12月2日凌晨，贵州医科大学云漫湖校区出现疑似燃气的异味，学生深夜被紧急 疏散。2日上午10时许，新京报记者从该校宣传部获悉，经排查，校内并无燃气泄漏点，燃气公司仍在 排查原因。 2日上午11时许，贵州医科大学云漫湖校区保卫处工作人员称，事发于2日凌晨，云漫湖校区A区弥漫着 疑似燃气的味道，A区的学生全部疏散至图书馆、礼堂等地过夜。经各部门进校排查，校内并没有泄漏 点，味道系从校外传进校园，有关部门仍在校外排查中。学校已安排学生今日上午休息，下午正常上 课。 ...

Group 1 - The core point of the article is the establishment of Guizhou Gas Group Guiyang Gas Co., Ltd. on December 1, with a registered capital of 300 million RMB [1] - The legal representative of the new company is Xu Xiangjian, indicating a structured leadership [1] - The business scope of the company includes gas operation, construction engineering design, construction engineering contracting, and specialized construction operations [1] Group 2 - The company is wholly owned by Guizhou Gas, reflecting a consolidation of operations within the group [1]

天眼查App显示，近日，贵州燃气集团贵阳市燃气有限公司成立，法定代表人为徐向建，注册资本3亿 人民币，经营范围包括燃气经营、建设工程设计、建设工程施工、施工专业作业等。股东信息显示，该 公司由贵州燃气（600903）全资持股。 ...

执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券研究报告·海外公司点评·公用事业Ⅱ(HS) 中国燃气（00384.HK） 2025/2026 财年中报点评：业绩承压，自由现 金流持续改善 买入（维持） | [Table_EPS] 盈利预测与估值 | FY2024A | FY2025A | FY2026E | FY2027E | FY2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万港元） | 81,410 | 79,258 | 76,748 | 77,444 | 78,489 | | 同比(%) | (11.50) | (2.64) | (3.17) | 0.91 | 1.35 | | 归母净利润（百万港元） | 3,185 | 3,252 | 2,976 | 3,182 | 3,446 | | 同比(%) | (25.82) | 2.09 | (8.47) | 6.92 | 8.30 | | EPS-最新摊薄（港元/股） | 0.58 | 0.60 | 0.55 | 0.58 | 0.63 ...