7月30日，名气家2025年合作伙伴大会在苏州召开。本次大会以"初心如磐聚力升级"为主题，多位集团领导、各企业代表、合作伙伴及相关行业专家齐聚一堂，围绕延伸业务、市场及行业趋 势、业务创新、产品力提升等主题展开精彩分享与讨论。 共启延伸业务发展新篇 香港中华煤气行政总裁黄维义在致辞中指出："中华煤气早在60年前就开始探索延伸业务，凭借专业服务和优质产品，赢得了香港市场的良好口碑。2015年名气家成立以来，凭借香港 的成功经验和自身创新，一直致力于为内地用户提供线上线下一站式生活服务解决方案。面对内地和香港4500万家庭燃气用户，我们始终在思考燃气安全服务之外，如何为用户提供更多元 的服务。新的十年，希望名气家继续结合香港市场经验，充分挖掘市场潜力，创新业务，为更多家庭提供安全、优质的产品及服务。" 香港中华煤气执行董事暨首席投资总裁陈英龙表示，名气家十年创业路经历了很多的创新与变革，也遇到过重重挑战。站在战略融资的新起点，期待名气家继续保持初心，为4500万 家庭客户提供更优质的产品与服务，真正成为值得用户托付的家庭生活管家。 名气家于７月完成首轮战略融资，领投方元禾辰坤和方源资本也出席了本次大会。作为投资方 ...

证券之星消息，8月5日燃气板块较上一交易日上涨0.53%，洪通燃气领涨。当日上证指数报收于 3617.6，上涨0.96%。深证成指报收于11106.96，上涨0.59%。燃气板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 从资金流向上来看，当日燃气板块主力资金净流出1.92亿元，游资资金净流出3047.16万元，散户资金净 流入2.23亿元。燃气板块个股资金流向见下表： ...

Core Insights - Zhuhai Port Holding Group Co., Ltd. has increased its registered capital from approximately 3.52 billion RMB to about 4.43 billion RMB, representing a growth of around 26% [1] Company Overview - The company was established in December 2008 and is legally represented by Zou Binghong [1] - Its business scope includes port operations, ordinary cargo transportation by water, hazardous cargo transportation by water, gas operations, corporate headquarters management, and investment activities using its own funds [1] - Shareholder information indicates that the company is jointly held by Zhuhai Transportation Holding Group Co., Ltd. and the Guangdong Provincial Department of Finance [1]

人民财讯8月5日电，据九丰能源（605090）消息，8月4日18时21分，长征十二号运载火箭于海南商业航 天发射场二号工位顺利发射，成功将卫星互联网低轨07组卫星送入预定轨道。公司为此次发射提供了液 氧、液氮、氦气等特种燃料和气体。 ...

Summary of Jiufeng Energy Conference Call Industry Overview - The natural gas industry is undergoing significant market-oriented reforms in 2025, with the National Development and Reform Commission (NDRC) establishing unified standards for provincial gas pipeline transportation fees, linked to the 10-year government bond rate, which lowers costs for downstream gas sales companies [2][3][6]. Company Insights Core Business and Strategy - Jiufeng Energy has diversified resources, including offshore LNG, LPG sales, and land-based natural gas resources in Sichuan, enhancing its competitive edge through mergers and acquisitions [2][7]. - The company is committed to a cash dividend of 850 million yuan in 2025 and 1 billion yuan in 2026, translating to a dividend yield of approximately 4% in 2025 and 5% in 2026, indicating strong dividend value [2][7][22][23]. - Jiufeng Energy has established a comprehensive natural gas industry chain covering commercial, industrial, power plants, transportation, and overseas clients, focusing on clean energy, energy services, and specialty gases [2][9]. Financial Performance and Projections - The company’s current P/E ratio is around 12, with a projected compound annual growth rate (CAGR) of 15% over the next three years due to stock incentives [8][21]. - Expected net profit for 2025 is 1.56 billion yuan, increasing to 1.8 billion yuan in 2026 and 2.13 billion yuan in 2027, reflecting a steady growth trajectory [21]. - Jiufeng Energy's cash flow is robust, with annual operating cash flow between 2 to 2.5 billion yuan and a debt ratio of just over 30%, supporting its strong dividend capacity [22][24]. Market Position and Competitive Advantages - The company benefits from a stable production capacity utilization rate of over 90% across its four core projects in Sichuan, with future growth reliant on new project developments [4][18]. - Jiufeng Energy's helium production capacity has increased to 1 million cubic meters, representing about 3% of domestic consumption, providing a significant cost advantage in the market [4][19][20]. - The company is actively involved in the Hainan commercial satellite launch site project, supplying fuel and specialty gases, which is expected to contribute approximately 50 million yuan in profit if 32 launches occur annually [20]. Challenges and Market Dynamics - The natural gas sector is experiencing weak overall demand growth in 2025, despite some monthly recovery, which has affected the performance of the gas sector [4][6]. - The market-oriented reforms are expected to benefit companies with diversified resource capabilities, allowing them to reduce costs and increase supply [6][8]. Future Outlook - Jiufeng Energy's strategic focus on expanding its LNG and LPG receiving capacity, projected to double from 3 million tons to 6 million tons, positions it well for future growth [14][18]. - The company is also exploring new long-term contracts and expanding its logistics capabilities to ensure stable profitability amid market fluctuations [12][13][14]. Conclusion - Jiufeng Energy demonstrates strong growth potential and a solid financial foundation, making it an attractive investment opportunity in the evolving natural gas market. The company's diversified resource base, commitment to dividends, and strategic positioning in the industry suggest a favorable outlook for long-term investors [24].

东吴证券近日发布燃气Ⅱ行业跟踪周报：美俄关于俄乌冲突停火期限问题尚存矛盾，引 发天然气供应前景担忧，欧洲气价上涨截至2025/08/01，美国HH/欧洲TTF/东亚JKM/中国 LNG出厂/中国LNG到岸价周环比变动-4.4%/+4.9%/+1.1%/-1.1%/+5.1%至0.7/2.9/3.1/3/3.1元/ 方，国内外气价倒挂。 以下为研究报告摘要： 投资要点 价格跟踪：美俄关于俄乌冲突停火期限问题尚存矛盾，引发天然气供应前景担忧，欧洲 气价上涨截至2025/08/01，美国HH/欧洲TTF/东亚JKM/中国LNG出厂/中国LNG到岸价周环比 变动-4.4%/+4.9%/+1.1%/-1.1%/+5.1%至0.7/2.9/3.1/3/3.1元/方，国内外气价倒挂。 【责任编辑：杨梓安 】 顺价进展：2022~2025M7，全国64%(187个)地级及以上城市进行了居民顺价，提价幅度 为0.21元/方。2024年龙头城燃公司价差0.53~0.54元/方，配气费合理值在0.6元/方以上，价差 仍存10%修复空间，顺价仍将继续落地。 省内天然气管道运价机制发布，助力实现"全国一张网"、促进下游降本放量。202 ...

Investment Rating - The report maintains an investment rating of "Leading the Market - A" [6] Core Insights - The fusion energy industry is experiencing a "race-like development" with significant capital influx, as it is viewed as a long-term solution for clean and stable energy [1] - Approximately 50 private fusion companies globally have raised over $9 billion, with several projects aiming for grid connection by around 2035 [1] - The commercial vision of fusion energy is driving intense competition among governments and enterprises in technology, capital, and policy [1] Summary by Sections 1. Fusion Energy Development - The fusion energy sector is transitioning from scientific research to engineering validation and industrial promotion, with notable advancements in both domestic and international projects [1][2] - In the U.S., Commonwealth Fusion Systems (CFS) has partnered with Google to optimize fusion control and has established the largest fusion power purchase agreement globally [1] - Helion Energy plans to construct the world's first fusion power plant, aiming to supply 50 MW to Microsoft's data center by 2028 [1] 2. Market Performance - The report notes that from July 19 to August 1, the Shanghai Composite Index rose by 0.72%, while the public utilities index fell by 2.34% [3] 3. Industry Dynamics - China's fusion energy industry is driven by a collaboration between state-owned enterprises and private companies, forming a multi-faceted research and development ecosystem [2] - The "national team" focuses on large Tokamak devices, while private enterprises are accelerating commercialization through modular and miniaturized technologies [2] 4. Investment Portfolio and Recommendations - The report suggests focusing on key players in the thermal power sector, such as Sheneng Co., Zhejiang Energy, and Anhui Energy, which are expected to perform well despite slight coal price increases [13] - In the green energy sector, it recommends quality operators like Fuzhou Energy and Zhongmin Energy, as well as virtual power plants like Hekang New Energy and Guoneng Rixin [13] - For gas companies, it highlights the importance of monitoring domestic gas pricing policies and suggests focusing on national gas companies like China Gas and upstream-downstream integrated firms like Jiufeng Energy and Xin'ao Co. [13] 5. Pricing Trends - In August 2025, the average transaction price for electricity in Jiangsu was 393.8 RMB/MWh, up 0.72% from the benchmark price, while in Guangdong, it was 372.32 RMB/MWh, down 17.81% [11] - The average price of thermal coal in the Bohai Rim region was reported at 665 RMB/ton, with coal inventories at key power plants increasing slightly [11] 6. Future Outlook - The report anticipates that by 2050, China will achieve commercial fusion power stations, with significant advancements expected in the 2030s [44][46]

Market Overview - In July, the Shanghai and Shenzhen 300 Index increased by 3.54%, while the public utility index decreased by 0.77% and the environmental index increased by 2.10%. The relative returns for public utilities and environmental sectors were -4.32% and -1.94%, respectively [1][15][23]. - Among the sub-sectors, the environmental sector rose by 1.60%, with thermal power increasing by 1.21%, hydropower decreasing by 4.35%, and new energy generation rising by 0.80% [1][15][24]. Important Policies and Events - The Guangdong Provincial Development and Reform Commission announced adjustments to the capacity pricing for coal and gas power plants, effective from January 1, 2026, with coal power set at 165 yuan per kilowatt per year and gas power varying from 165 to 396 yuan depending on the type of gas used [2][16][17]. - The Ningxia Hui Autonomous Region proposed a market-oriented reform plan for new energy pricing, setting a benchmark price for coal-fired power at 0.2595 yuan per kilowatt-hour [2][17]. Sector Research - The National Development and Reform Commission and the National Energy Administration issued guidelines to improve the pricing mechanism for domestic natural gas pipeline transportation, aiming for a unified pricing model and a permitted return rate of approximately 5.7%, down from 8% [3][18][20]. - This new regulation is expected to lower transportation costs for natural gas, benefiting urban gas companies [3][20]. Investment Strategy - Public Utilities: Recommendations include large thermal power companies like Huadian International and Shanghai Electric, as coal and electricity prices are expected to decline [4][21]. - New Energy: Continued government support for new energy development is anticipated to stabilize profitability, with recommendations for leading companies such as Longyuan Power and Three Gorges Energy [4][21]. - Nuclear Power: Expected stable profitability due to growth in installed capacity and generation, with recommendations for China Nuclear Power and China General Nuclear Power [4][21]. - Hydropower: High-dividend hydropower stocks are highlighted for their defensive attributes, with Longjiang Power recommended [4][21]. - Gas: Recommendations include China Resources Gas and Jiufeng Energy, which have strong pricing power and strategic advantages [4][21]. Sector Performance - In July, the public utility sector ranked 30th among 31 sectors, while the environmental sector ranked 22nd [1][15][23]. - The performance of various sub-sectors showed mixed results, with water utilities and gas sectors generally performing better than thermal and hydropower sectors [1][15][24]. Key Company Earnings Forecasts - Huadian International (600027.SH): EPS forecast for 2024A at 0.46 yuan, PE ratio at 11.5 [9]. - Longyuan Power (001289.SZ): EPS forecast for 2024A at 0.75 yuan, PE ratio at 21.8 [9]. - China Nuclear Power (601985.SH): EPS forecast for 2024A at 0.46 yuan, PE ratio at 19.9 [9]. - Longjiang Power (600900.SH): EPS forecast for 2024A at 1.33 yuan, PE ratio at 21.0 [9].

Investment Rating - The report maintains an "Accumulate" rating for the gas industry [1] Core Insights - The ongoing concerns regarding the ceasefire timeline in the Russia-Ukraine conflict have led to supply worries, resulting in a rise in European gas prices [1] - Domestic natural gas pipeline pricing mechanisms have been released, which are expected to lower costs and increase volume for urban gas companies [1] Price Tracking - As of August 1, 2025, the week-on-week changes in gas prices are as follows: US HH -4.4%, European TTF +4.9%, East Asia JKM +1.1%, China LNG ex-factory -1.1%, and China LNG CIF +5.1% [10][11] - The domestic and international gas price disparity is noted, with domestic prices showing a decline [10][11] Supply and Demand Analysis - The average total supply of natural gas in the US increased by 0.3% week-on-week to 1,132 billion cubic feet per day, while total demand rose by 4.6% to 1,096 billion cubic feet per day [14] - In Europe, natural gas consumption for the first four months of 2025 was 192 billion cubic meters, a year-on-year increase of 7.4% [17] - Domestic natural gas apparent consumption in China decreased by 0.2% year-on-year to 210.3 billion cubic meters for the first half of 2025 [26] Pricing Progress - Nationwide pricing adjustments are gradually being implemented, with 64% of cities having undergone residential pricing adjustments, resulting in an increase of 0.21 yuan per cubic meter [35] Important Announcements - The National Development and Reform Commission and the National Energy Administration issued guidelines to improve the pricing mechanism for provincial natural gas pipeline transportation, aiming to facilitate high-quality industry development [48][49] Investment Recommendations - The report suggests focusing on companies that can optimize costs and benefit from the new pricing mechanisms, particularly recommending New Hope Energy, China Resources Gas, and Kunlun Energy among others [1]

截至发稿，陕天然气市值为88亿元。 每经头条（nbdtoutiao）——"我们也深陷残酷价格战"！德资巨头中国区高管警告：智驾绝不能免费， 否则会给全行业带来灾难 （记者 胡玲） 每经AI快讯，陕天然气（SZ 002267，收盘价：7.93元）8月4日晚间发布公告称，公司第六届第二十次 董事会会议于2025年8月1日以通讯方式召开。会议审议了《关于提名第六届董事会独立董事候选人的议 案》等文件。 2024年1至12月份，陕天然气的营业收入构成为：管道运输收入占比62.23%，城市燃气销售占比 37.77%。 ...