《信使邮报》12月2日报道，澳大利亚与新西兰银行(ANZ)太平洋地区经济学家基什蒂.森指出，巴新政 府需推动Papua LNG项目上线，以拯救国家经济。 关于2026年的预测，基什蒂.森指出，政府计划2026年名义GDP增长9.2%,以实现280亿美元收入目标。 但这280亿美元收入，并不是指银行里的钱，而是从税收和经济增长中获取的收入。基什蒂.森表示，大 型资源项目，特别是Papua LNG项目将于2026年4月启动，有望助力实现经济增长9.2%的目标，Papua LNG项目的启动对于实现目标至关重要。 关于2026年预算，基什蒂.森认为，巴新政府在2022年提出10年预算修复计划，并明确相关措施，修复 计划指出2026年将是预算赤字最后一年，2027年政府将实现预算盈余，并持续保持到2028年偿清所有公 共部门债务，此后盈余将被存入主权财富基金。巴新政府坚持将2026年的赤字控制在160亿基那，约等 于名义GDP的1%，以在2027年实现预算盈余。 ...

Core Insights - The Jiangsu Coastal Natural Gas Pipeline, with an annual transmission capacity of 28 billion cubic meters, is set to be fully operational by the end of this year, significantly enhancing the energy infrastructure in the Yangtze River Delta region [1][2] Group 1: Pipeline Development - The pipeline's construction has reached over 500 kilometers, with a total operational length expected to exceed 1,000 kilometers by year-end, bolstering natural gas supply security in Jiangsu province [2] - The successful commissioning of the Huai'an-Jianhu-Yancheng section, which is 150 kilometers long, connects key gas storage facilities and enhances the integration with the national pipeline network [1][2] Group 2: Strategic Partnerships and Infrastructure - A cooperation agreement between Guoxin Group and the National Pipeline Group aims to deepen the integration of provincial and national gas networks through a "three-network" model [1] - The Guoxin LNG receiving station project, with an investment of approximately 7.7 billion yuan, is under construction and will be the first large-scale storage and peak-shaving project independently built by Jiangsu [2] Group 3: Future Prospects - Guoxin Group is expanding its natural gas supply chain by investing in upstream projects and aims to create a comprehensive energy system that includes wind, solar, water, fire, gas, and storage [2] - The anticipated natural gas supply capacity is expected to account for about 15% of Jiangsu's energy supply, comparable to the electricity supply capacity [2]

Group 1 - The core viewpoint suggests that Europe is the biggest loser in the aftermath of the Russia-Ukraine conflict, as it has been manipulated by U.S. interests for three years [1] - The energy crisis in Europe has been exacerbated by the reduction of Russian gas imports from 40% to 8% over three years, with U.S. LNG imports replacing it at prices three times higher than before the conflict [1] - The energy crisis has led to significant economic damage in Europe, with rising living costs and increasing social tensions as a result of the energy supply disruption [1] Group 2 - While Ukraine suffers the most from the conflict, with severe violations of sovereignty and destruction of infrastructure, Europe still has some room for maneuver compared to Ukraine [2] - The argument is made that the situation for Ukraine is dire, but Europe, despite being used by U.S. interests, is not in as critical a position as Ukraine [2]

Group 1 - Middle Eastern countries are accelerating their natural gas industry layout, with Saudi Arabia and Qatar planning to increase production by 60% and 44% respectively by 2030, while large gas field developments continue to advance [1] - The natural gas industry in the Middle East has significant development potential, with 80% of supply directed towards regional economic demand and 20% for net exports, primarily in the form of Qatar's LNG exports [1] - The demand for natural gas in the Middle East is expected to rise due to large-scale economic growth plans and infrastructure investments, with core countries projected to maintain economic growth above 3% in the coming years [1] Group 2 - The natural gas industry encompasses the entire process from extraction to application, involving EPC engineering projects and the use of various equipment such as compressors, valves, cryogenic equipment, and gas turbines [2] - The Middle East and North Africa's oil and gas projects are projected to reach $101.2 billion in contracts in 2024, a 112% increase from 2022, with Chinese enterprises expected to see a 116.7% year-on-year increase in project contracting [2] - The demand for natural gas compressors is anticipated to remain high due to the expansion of natural gas extraction in the Middle East, with specific types of compressors required for different stages of the process [2] Group 3 - Companies to watch include Jereh Group, Zhongtai Co., and Yingliu Co. [3]

Group 1 - The core viewpoint of the article highlights the reasons behind Delong Huineng's stock surge, including state-owned capital entry, governance optimization, and new energy layout [1] Group 2 - Delong Huineng is undergoing a significant transformation, with Dongyang Nuoxin's indirect 49% stake bringing government resource support and a transaction amount of 1 billion yuan, indicating the new shareholder's recognition of the company's value [1] - The company has revised its articles of association and decision-making rules, eliminating the supervisory board to enhance decision-making efficiency [1] - Delong Huineng has proactively mitigated risks by fully provisioning for a 222 million yuan impairment related to Guojun's advance payments, thereby reducing future financial risks [1] - New regulations have strengthened the management of raised funds, improving transparency in fund usage [1] - The company primarily engages in clean energy supply, focusing on natural gas, while also actively expanding into hydrogen energy and photovoltaic sectors, aligning with current energy transition trends [1] Group 3 - The energy sector has recently attracted capital attention, with some natural gas and new energy-related stocks performing actively, contributing to Delong Huineng's stock limit-up potentially due to sector linkage [1] - Data from Dongfang Caifu indicates a certain inflow of funds into the energy sector on the day of the stock surge [1] Group 4 - On the technical front, if the MACD indicator forms a golden cross or breaks through the upper Bollinger Band, it may attract technical investors' attention, further driving up the stock price [1] - Tonghuashun's capital monitoring shows that large orders presented a net buying state on that day, with main funds flowing in to support the stock price limit-up [1]

Core Points - Angola is accelerating its energy diversification strategy with the launch of a $4 billion natural gas processing plant, marking a shift from its traditional focus on oil production [1] - The facility, built by the Angola New Gas Consortium (NCG), has a processing capacity of 400 million cubic feet of gas per day and will supply energy to the national grid, industrial users, and liquefied natural gas exports [1] - The project was completed several months ahead of schedule and is expected to enhance Angola's energy security and industrial capacity [1] Industry Impact - The NCG consortium includes key players such as Azule Energy, Angola's National Oil Company, Chevron, and TotalEnergies, indicating strong industry collaboration [1] - The project is set to promote the use of natural gas in power generation, petrochemicals, ammonia, and urea production, helping to optimize Angola's energy structure and reduce reliance on oil [1] - The CEO of Azule Energy highlighted the transformative impact of this project on Angola's natural gas sector, suggesting significant future developments in both offshore and onshore gas resources [1]

Group 1: Industry Overview - The Middle East is accelerating its natural gas development, with Saudi Arabia and Qatar expected to increase production by 60% and 44% respectively by 2030, driven by the development of large gas fields like Jafurah and North Field [1] - 80% of the natural gas supply in the Middle East is for regional economic demand, while 20% is for net exports, predominantly in the form of liquefied natural gas (LNG) from Qatar [1] - Natural gas is crucial for electricity generation in the region, accounting for 45% of domestic demand, with the remaining used for industrial and hydrogen applications [1] Group 2: Economic Growth and Demand - Major Middle Eastern countries are pursuing large-scale economic growth plans, with expected economic growth rates above 3% in the coming years, which will increase electricity supply demand and subsequently natural gas demand [1] - The Asia-Pacific region is the primary export market for Middle Eastern natural gas, with projected annual demand reaching 1186 billion cubic meters (bcm) by 2030, a 32% increase from 2023, driven by significant growth in China and India [1] Group 3: Equipment and EPC Market - The natural gas industry encompasses the entire process from extraction to application, requiring various equipment such as compressors, valves, and turbines [2] - The Middle East and North Africa's oil and gas projects are projected to reach $101.2 billion in contracts in 2024, a 112% increase from 2022, with Chinese companies expected to see a 116.7% year-on-year increase in project contracts [2] - The demand for natural gas compressors is expected to remain high due to the expansion of natural gas extraction in the region, with specific types of compressors needed for different stages of the process [2] Group 4: Investment Recommendations - Companies with established channel layouts and those positioned in capacity-constrained segments are likely to benefit significantly from the ongoing expansion in Middle Eastern natural gas production [3] - Recommended companies to watch include Jereh Group, Zhongtai Co., and Yingliu Co. [3]

市公司 公用事业 2025 年 12 月 01 日 气量毛差承压 自由现金流再创新高 报告原因: 有业绩公布需要点评 (维持) | 市场数据: | 2025 年 11 月 28 日 | | --- | --- | | 收盘价（港币） | 8.60 | | 恒生中国企业指数 | 9130.18 | | 52 周最高/最低（港币） | 8.85/5.97 | | H 股市值（亿港币） | 468.54 | | 流通 H 股（百万股） | 5.448.15 | | 汇率（港币/人民币） | 0.9100 | 一年内股价与基准指数对比走势: 37% 资料来源：Bloomberg 证券分析师 朱赫 A0230524070002 zhuhe@swsresearch.com 申万宏源研究微信服务号 王璐 A0230516080007 wanglu@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 投资要点: 财务数据及盈利预测 | 2023/24 | | 2024/25 | 2025/26E | 2026/27E | 2027/28E | | --- | ...

王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 傅浩玮 A0230522010001 fuhw@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 站玩人行业 证券分析师 联系人 朱赫 A0230524070002 zhuhe@swsresearch.com 申万宏源研究微信服务号 — 申万公用环保周报(25/11/24~25/11/28) 本期投资提示: 公用事亦 2025 年 12 月 01 日 相关研究 多地规范售电批零价差 欧亚 第12年 请务必仔细阅读正文之后的各项信息披露与声明 电力：广东发函规范售电批零价差。广东电力交易中心发布关于征求广东电力零售市场交易结算 有关事项意见的函（广东交易函〔2025〕11 号)。自 2026 年起，拟对各售电公司月度平均度电 批零差价高于差价收益上限 0.01 元/千瓦时的部分，按照 1:9 比例由售电公司与零售用户分享。今 年以陕西、安徽、四川、山东、新疆为代表的多个省区相继出台针对售电公 ...

天然气管道工程穿越大漠戈壁。陈士兵 摄 近年来，塔里木油田在向西气东输平稳供气的同时，加大天然气勘探开发力度，加快"气化南疆"步伐， 天然气保供能力不断增强，已在南疆建成超5200公里主干天然气管网，累计供气超700亿立方米，为南 疆经济社会高质量发展作出重要贡献。(完) 中新网乌鲁木齐12月1日电 (王成凯)全长378公里的气化南疆天然气管道工程——英买力至三岔天然气管 道(简称"英三线")11月30日全线投产。来自塔里木油田的清洁天然气穿越戈壁山峦，直抵天山南麓五县 市千家万户。 作为气化南疆天然气管道工程第一批项目中工程量最大、里程最长的管道，英三线于今年3月10日打火 开焊，东起阿克苏地区英买力输气站，西至喀什地区三岔分输站，沿途新建11座阀室和分输站，扩建3 座天然气站场，将克拉、克深等大中型气田和沿途县市紧紧连在一起。 英三线每日最大供气能力达720万立方米，与已建南疆利民天然气管道形成"双线"供气格局，极大缓解 周边县市供气紧张局面，对冬季保供、民生改善和推动地方经济社会发展具有重大意义。 气化南疆 气化南疆天然气管道工程规划全长2108公里，计划分三批次实施。待后续轮南至上库高新技术产业开发 ...