Group 1 - The core viewpoint of the news is that China National Petroleum Corporation (CNPC) has applied for a patent related to a method for calculating the amount of carbon dioxide injected into shale oil wells, which aims to improve the efficiency and scientific basis for CO2 injection in shale oil development [1] Group 2 - The patent application was published under the number CN119884535A and was filed on October 2023 [1] - The invention falls within the field of shale oil development technology and provides a method, device, equipment, and storage medium for calculating the amount of CO2 injected into shale oil wells [1] - The method involves several steps, including obtaining initial data, calculating the length of CO2 absorption segments, determining the spatial volume of CO2 effects, and calculating the optimal CO2 injection amount for the well [1] Group 3 - CNPC was established in 1999 and is primarily engaged in gas production and supply, with a registered capital of 18,302,097,000 RMB [2] - The company has made investments in 1,281 enterprises and has participated in 508 bidding projects [2] - CNPC holds 5000 patent records and has 169 administrative licenses, indicating a strong presence in intellectual property and regulatory compliance [2]

证券研究报告·行业跟踪周报·燃气Ⅱ 燃气Ⅱ行业跟踪周报 淡季到来、欧洲储库目标或放松，全球气价 回落 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 04 月 28 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% 2024/4/29 2024/8/27 2024/12/25 2025/4/24 燃气Ⅱ 沪深300 相关研究 《关税引发经济衰退担忧美国气价大 跌，关税暂缓欧洲气价回升，国内气 价平稳》 2025-04-21 《关税扰动下美国气价大跌；淡季来 临欧洲&中国气价回落，国内外价格 倒挂结束》 2025-04-14 东吴证券研究所 1 / 13 ◼ 价格跟踪：淡季到来、欧洲储库目标或放松，全球气价回落截至 2025/04/25,美 ...

中国经济网4月28日讯据甘肃省统计局消息，根据地区生产总值统一核算结果，一季度，全省地区生产 总值3118.7亿元，按不变价格计算，同比增长6.2%。其中，第一产业增加值199.1亿元，增长6.6%；第 二产业增加值1022.7亿元，增长8.1%；第三产业增加值1896.9亿元，增长5.2%。 一、农业生产形势良好，畜牧业较快发展 一季度，全省农林牧渔业增加值同比增长6.8%。蔬菜种植面积、产量预计分别增长5.5%和6.5%。猪牛 羊禽肉产量44.5万吨，增长4.6%。其中，猪肉、牛肉、羊肉、禽肉产量分别增长0.8%、6.4%、8.3%和 23.4%。一季度末，生猪、牛存栏分别下降2.5%、1.0%，羊、家禽存栏分别增长4.4%、10.2%；一季 度，生猪、牛、羊、家禽出栏分别增长0.3%、6.4%、8.3%、23.4%。 二、工业生产快速增长，企业效益持续向好 一季度，全省规模以上工业增加值同比增长11.0%。分三大门类看，采矿业增长6.7%，制造业增长 12.4%，电力、热力、燃气及水生产和供应业增长14.0%。全省规模以上工业有生产活动的38个行业大 类中，28个行业实现增长。其中，有色金属冶炼和压延加 ...

Economic Overview - The GDP of Shanxi Province in Q1 reached 561.128 billion yuan, with a year-on-year growth of 4.5% [1] - The primary industry added value was 17.012 billion yuan, growing by 3.5%; the secondary industry added value was 219.670 billion yuan, growing by 5.2%; and the tertiary industry added value was 324.446 billion yuan, growing by 4.0% [1] Agriculture - The agricultural, forestry, animal husbandry, and fishery sector achieved an added value of 17.875 billion yuan, with a year-on-year growth of 3.6% [2] - The pig inventory at the end of Q1 was 8.718 million heads, up by 7.8% year-on-year; however, pig slaughter decreased by 1.7% [2] Industrial Production - The industrial added value for large-scale enterprises grew by 7.7% year-on-year, with mining increasing by 9.3% and manufacturing by 4.7% [3] - New energy equipment manufacturing surged by 250% [3] - The added value of high-tech manufacturing increased by 130% in the computer and office equipment sector [3] Service Sector - The service sector's added value grew by 4.0% year-on-year, with accommodation and catering increasing by 5.7% [4] - The information transmission, software, and IT service sector saw a significant growth of 13.1% [4] Investment - Fixed asset investment rose by 7.9% year-on-year, with high-tech industry investment increasing by 33.6% [5] - New residential property sales area reached 4.139 million square meters, growing by 4.1% [5] Consumer Market - The total retail sales of consumer goods reached 192.75 billion yuan, with a year-on-year growth of 5.9% [6] - Sales of smart phones surged by 60.3%, and new energy vehicles increased by 44.1% [7] Fiscal and Financial Performance - The general public budget revenue was 90.49 billion yuan, growing by 1.2% year-on-year [8] - The balance of deposits in financial institutions reached 63.7397 trillion yuan, up by 6.4% year-on-year [8] Price Stability - The consumer price index remained stable, with food prices decreasing by 0.9% [9] - The producer price index for industrial producers fell by 7.0% year-on-year [9] Income and Employment - The per capita disposable income reached 8,484 yuan, growing by 5.2% year-on-year [10] - Urban employment increased by 112,000, achieving 24.8% of the annual target [10]

Economic Overview - The province achieved a GDP of 823.57 billion yuan in Q1, with a year-on-year growth of 5.6% at constant prices [1] - The primary industry added value was 25.40 billion yuan, growing by 2.8%; the secondary industry added value was 333.44 billion yuan, increasing by 6.5%; the tertiary industry added value was 464.72 billion yuan, rising by 5.1% [1] Agriculture - The agricultural, forestry, animal husbandry, and fishery sector's added value grew by 2.8% year-on-year [2] - Crop production showed good performance with a 4.1% increase in added value; vegetable and edible fungus output reached 3.41 million tons, up by 4.3% [2] - Livestock production remained stable, with total meat output at 403,000 tons, down by 4.1%; pig production decreased by 4.7%, while beef and lamb production increased by 3.9% and 3.5%, respectively [2] Industrial Production - The industrial added value for large-scale enterprises grew by 9.9% year-on-year, accelerating by 2.1 percentage points compared to the previous year [3] - Mining industry added value increased by 11.9%, manufacturing by 9.0%, and electricity, heat, gas, and water supply by 3.2% [3] - Energy industry maintained rapid growth with an 8.8% increase; coal mining and washing grew by 12.3%, while oil and gas extraction rose by 8.3% [3] - Non-energy industries achieved double-digit growth, with added value increasing by 11.8%; equipment manufacturing led this growth with a 14.4% increase [3] Service Sector - The service sector's added value grew by 5.1% year-on-year [4] - Wholesale and retail trade increased by 6.6%, accommodation and catering by 6.1%, and transportation, warehousing, and postal services by 6.0% [4] - Modern service industries showed strong growth, with leasing and business services revenue up by 19.5% and cultural, sports, and entertainment sectors growing by 17.0% [4] Investment - Fixed asset investment increased by 5.8% year-on-year, with the first industry investment rising by 30.7% and the second industry by 19.2% [5] - Industrial investment grew by 21.7%, with manufacturing investment up by 28.8% and industrial technological transformation investment increasing by 22.8% [5] - Private investment saw a significant rise of 21.3%, while real estate development investment grew by 1.6% [5] Consumer Market - The total retail sales of consumer goods reached 290.41 billion yuan, growing by 5.4% year-on-year [6] - Urban retail sales were 257.59 billion yuan, increasing by 5.3%, while rural retail sales reached 32.82 billion yuan, up by 6.1% [6] - Significant growth in the sales of household appliances and audio-visual equipment, with a 30.4% increase; communication equipment sales surged by 78.2% [6] Foreign Trade - The total import and export value was 111.28 billion yuan, down by 1.5% year-on-year; exports were 77.35 billion yuan, up by 2.8%, while imports fell by 10.0% [8] - The trade surplus was 43.43 billion yuan, with mechanical and electrical products exports growing by 5.2%, accounting for 85.3% of total exports [8]

Core Insights - The industrial economy in Heilongjiang Province is showing signs of recovery, with a total industrial added value growth rate of 5.3% in the first quarter, accelerating by 7.1 percentage points compared to the previous year [1] - The growth rate of industrial added value for large-scale industries reached 6.1%, exceeding the initial target by 2.6 percentage points [1] - The manufacturing Purchasing Managers' Index (PMI) for March was reported at 50.5, indicating a positive production outlook [1] Industrial Performance - The mining sector's added value growth rate was 6.3%, slightly above the national average by 0.1 percentage points [2] - The manufacturing sector's added value growth rate was 6.2%, marginally higher than the provincial large-scale industrial growth rate by 0.1 percentage points [2] - The electricity, heat, gas, and water supply sector recorded a growth rate of 5.4%, surpassing the national average by 3.5 percentage points [2] Sectoral Highlights - The equipment manufacturing industry experienced the fastest growth at 18.9%, exceeding the national average by 8 percentage points [2] - The energy sector showed significant support with a growth rate of 5.9%, particularly in coal mining and washing, which reached 10.1% [2] - The construction materials industry also performed well, achieving a growth rate of 31.5% [2] Future Outlook - The Heilongjiang Provincial Department of Industry and Information Technology plans to focus on stabilizing industrial growth, transforming methods, adjusting structures, improving quality, and increasing efficiency [2] - Emphasis will be placed on key regions, industries, projects, market expansion, and providing better services to enterprises [2]

Group 1 - The political bureau meeting emphasized the "Four Stabilities" to stabilize the economy, indicating a strong signal for new employment stabilization and enterprise relief policies to be accelerated [1][2][8] - In the first quarter, profits of industrial enterprises above designated size turned from a year-on-year decline of 3.3% to a growth of 0.8%, marking a recovery from the continuous decline since the third quarter of the previous year [1][3] - The revenue of industrial enterprises above designated size increased by 3.4% year-on-year in the first quarter, with a faster growth rate compared to the previous months [3][4] Group 2 - The profit situation among different ownership enterprises showed reduced disparity, with state-controlled enterprises' profits totaling 559.95 billion yuan, a decline of 1.4%, while foreign and Hong Kong, Macao, and Taiwan-invested enterprises saw a profit increase of 2.8% to 388.35 billion yuan [4][5] - Manufacturing profits improved significantly, with a growth rate of 7.6% in the first quarter, an acceleration of 2.8 percentage points compared to the previous months [4][5] - The equipment manufacturing industry became a key support for profit growth, with profits increasing by 6.4% year-on-year, contributing 2.0 percentage points to the overall profit growth of industrial enterprises [5][6] Group 3 - High-tech manufacturing profits turned from a decline of 5.8% to a growth of 3.5% in the first quarter, indicating a strong recovery in this sector [5][6] - The aerospace industry saw a profit increase of 23.9%, while sectors related to artificial intelligence and medical devices also experienced significant profit growth [6][7] - Policies promoting equipment updates and consumption upgrades positively impacted profits in various sectors, with wearable smart devices and kitchen appliances seeing profit increases of 78.8% and 21.7%, respectively [7][8]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company demonstrates strong operational resilience, with a high dividend yield leading to a potential revaluation of its value [1] - The privatization transaction is progressing normally, with the current stock price implying a potential discount of 41% for the company's H shares [4] - The expected dividend yield for 2025 is 5.4% [1] Summary by Relevant Sections Retail Gas Volume - In Q1 2025, the company achieved retail gas volume of 7.258 billion cubic meters, a year-on-year increase of 0.3%, outperforming the national natural gas consumption growth rate of -2.2% [2] - The company expects a 6% year-on-year growth in gross profit from retail gas in 2025 [2] Comprehensive Energy Sales - The company reported a comprehensive energy sales volume of 10.039 billion kWh in Q1 2025, a year-on-year increase of 9.9% [3] - The expected gross profit growth for comprehensive energy in 2025 is projected to be 12% [3] Smart Home Services - The penetration rate for smart home services reached 3.7% in Q1 2025, a decrease of 0.3 percentage points year-on-year [3] - The expected gross profit growth for smart home services in 2025 is projected to be 10% [3] Financial Forecasts - The company slightly adjusted its profit forecasts, with core profits for 2025-2027 expected to be 7.220 billion, 7.655 billion, and 8.039 billion RMB respectively, reflecting a CAGR of 5% over three years [5] - The target price has been slightly revised down to 68.6 HKD, based on a 10x PE for 2025E [5] Key Financial Metrics - The company’s revenue for 2025 is projected at 113.873 billion RMB, with a year-on-year growth of 3.66% [6] - The expected EPS for 2025 is 6.38 RMB [6]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company demonstrates strong operational resilience, with a high dividend yield leading to a potential revaluation of its value [1] - The privatization transaction is progressing normally, with the current stock price implying a potential discount of 41% for the company's H shares [4] Summary by Sections Sales and Revenue - In Q1 2025, the company achieved a total gas sales volume of 7.258 billion cubic meters, representing a year-on-year increase of 0.3%, outperforming the national natural gas consumption growth rate of -2.2% [2] - The company expects a 6% year-on-year growth in gross profit for retail gas in 2025 [2] Energy Sales and Smart Home Services - The company reported a 9.9% year-on-year increase in comprehensive energy sales volume, reaching 100.39 billion kWh in Q1 2025 [3] - The penetration rate for smart home services decreased to 3.7%, with a year-on-year decline of 0.3 percentage points [3] - The company anticipates a gross profit growth of at least 10% for smart home services in 2025 [3] Financial Projections - The company slightly adjusted its profit forecasts, with core profits for 2025-2027 expected to be 7.220 billion, 7.655 billion, and 8.039 billion RMB, respectively [5] - The target price is set at 68.6 HKD, based on a 10x 2025E PE ratio [5] Key Financial Metrics - The company is projected to have a revenue of 113.873 billion RMB in 2025, with a year-on-year growth of 3.66% [6] - The expected EPS for 2025 is 6.38 RMB, with a projected ROE of 15.32% [6]

Core Insights - National scale industrial enterprises in China achieved a total profit of 15,093.6 billion yuan in the first quarter, marking a year-on-year increase of 0.8% [1] - The profit growth in March was 2.6%, reversing a decline of 0.3% in January-February, indicating an improvement in corporate profits [1] - The overall industrial profit trend shifted from a 3.3% decline in the previous year to a positive growth of 0.8% in the first quarter, ending a continuous decline since the third quarter of the previous year [1] Group 1: Profit by Industry - In the first quarter, the mining industry reported a total profit of 2,204.4 billion yuan, a year-on-year decrease of 25.5% [3] - The manufacturing sector achieved a profit of 10,826.4 billion yuan, reflecting a growth of 7.6% [3] - The electricity, heat, gas, and water production and supply sector saw profits of 2,062.8 billion yuan, increasing by 5.4% [3] Group 2: Sector Performance - Out of 41 major industrial categories, 24 experienced year-on-year profit growth, indicating a growth rate of nearly 60% [3] - The equipment manufacturing sector emerged as a significant contributor to profit growth, with a 6.4% increase in profits, accounting for 32.0% of total profits among large-scale industrial enterprises [3] - The contribution of the equipment manufacturing sector to overall profit growth was 2.0 percentage points, showing an increase in its impact compared to earlier months [3] Group 3: Policy Impact - The "two new" policies significantly boosted profits, with specialized and general equipment industries seeing profit increases of 14.2% and 9.5%, respectively, surpassing the average industrial profit growth [4] - Specific sectors such as electronic and electrical machinery manufacturing experienced rapid profit growth rates of 56.3% and 24.6% [4] - The consumer goods sector benefited from policies promoting the replacement of old products, with industries like wearable smart devices and kitchen appliances seeing profit increases of 78.8% and 21.7% [4] Group 4: Financial Metrics - The profit margin for large-scale industrial enterprises was 4.70% in the first quarter, a decrease of 0.12 percentage points year-on-year [5] - As of the end of March, accounts receivable for large-scale industrial enterprises totaled 25.59 trillion yuan, a year-on-year increase of 9.9% [6] - The average collection period for accounts receivable increased to 70.9 days, reflecting a rise of 4.0 days year-on-year [6]