Core Viewpoint - The overall profitability of the A-share public utility industry is expected to continue improving in 2024 and Q1 2025, despite emerging supply growth impacts on electricity prices and utilization hours, leading to potential performance divergence among sectors [1] Group 1: Industry Overview - The A-share public utility industry is projected to see a slight revenue decline of 0.1% year-on-year in 2024, primarily due to falling market electricity prices driven by reduced fuel costs [1] - The industry’s net profit attributable to shareholders is expected to grow by 11.3% year-on-year, with ROE increasing by 0.4 percentage points to 8.6%, indicating a recovery to historical normal levels [1] - Capital expenditure in the industry is anticipated to rise by 20.8% year-on-year in 2024, supported by strong cash flow generation capabilities [1] Group 2: Sector Performance - **Thermal Power**: The domestic thermal coal price is expected to decrease by 11.4% year-on-year in 2024, improving profitability for thermal power companies. Despite supply shocks leading to lower market electricity prices in Q1 2025, further declines in fuel costs are projected to support profit growth [2] - **Hydropower**: The national hydropower utilization hours are expected to increase by over 200 hours year-on-year in 2024, resulting in a 17.4% profit growth. The continued improvement in water inflow is expected to provide a basis for further profit growth in 2025 [3] - **Nuclear Power**: New units like Fangchenggang Unit 4 are expected to drive a 2.9% increase in nuclear power generation in 2024. However, a one-time tax payment in Q4 2024 is projected to lead to a decline in net profit [4] - **Renewable Energy**: Investment in renewable energy is expected to grow by 12.5% year-on-year to 754.5 billion yuan in 2024, but challenges in resource adjustment and transmission capacity are anticipated to negatively impact profitability, with net profit expected to decline by 14.3% in 2024 [5] - **Gas**: The gas sector is expected to see steady demand growth and a decline in gas prices, leading to stable performance. However, individual company factors may cause slight overall profit declines [6]

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating a positive outlook compared to the broader market [7]. Core Insights - In April, the total electricity consumption in China increased by 4.7%, with hydropower shifting from growth to decline, while the decline in thermal power remained stable [3][20]. - The Inner Mongolia Energy Bureau has solicited opinions on a competitive allocation management method for renewable energy projects, which will allow all grid-connected electricity to enter the power market [4][64]. - Shanghai is accelerating its green fuel transition, focusing on biomass fuel research and the establishment of green methanol production bases [5][71]. Summary by Sections Electricity Consumption and Generation - In April, total electricity consumption reached 772.1 billion kWh, a year-on-year increase of 4.7%, with industrial consumption showing varied growth rates across sectors [3][20]. - The first industry saw a significant increase in electricity consumption by 13.8%, while the second industry grew by 3.0% and the third industry by 9.0% [19][20]. - Hydropower generation decreased by 6.5% year-on-year, while nuclear power and wind power saw increases of 12.4% and 12.7%, respectively [20][40]. Policy Developments - The Inner Mongolia competitive allocation management method aims to standardize the pricing and allocation of renewable energy projects, enhancing market efficiency and encouraging participation from various enterprises [4][64][65]. - Shanghai's initiatives include the development of biomass fuel and the integration of agricultural waste into green methanol production, supported by new technology research guidelines [5][71][74]. Investment Recommendations - The report recommends specific companies within the thermal power sector, such as Jiangsu Guoxin, and suggests cautious investment in others like Sheneng Co. and Zhejiang Energy [5]. - For the hydropower sector, it recommends companies like Yangtze Power and suggests cautious investment in Huaneng Hydropower and Qianyuan Power [5].

协议具体内容包括，双方约定属地政府对企业购销气价倒挂进行补贴，补贴款按双方约定时间节点分批 落实到位，同时约定属地政府进行优质气源协调、推动气价联动疏导企业购气和运营成本；燃气企业则 需承担气源稳定、安全运营等责任。 在大气污染防治攻坚战的大背景下，2017年全国两会正式提出"保卫蓝天战"概念，"煤改气"清洁取暖就 是核心举措之一。彼时，京津冀大气污染传输通道"2+26"城市被列为北方冬季清洁取暖规划首批实施范 围，北方农村"煤改气"自此展开。 庞大的改造项目需要大规模投入。企业投入方面，以中国燃气（00384.HK）为例，该公司在全国推 动"煤改气"力度最大，华北是其业务投资最大的地区。据相关负责人介绍，公司华北区覆盖京津冀及山 西四个省市，占当地煤改气用户总量比重约四成，总投资额已超500亿元。政府投资方面，以天津市静 海区为例，当地政府既要拨付每户1万元左右的管网工程、壁挂炉等基础设施改造费用，还要在价格上 给予每方气超过1元的用气补贴。 为保障"煤改气"项目的可持续性，中国燃气首创"保供协议"模式，推动政企责任共担，解决管制气资源 协调、气价倒挂补贴、居民用气稳定供应等问题。 上述问题导致，在2021 ...

第29届世界燃气大会于5月23日在北京落下帷幕。作为全球燃气行业的顶级盛会，本届大会吸引了来自70余个国家 和地区的3000多名代表参会。多国专家在会议期间高度评价中国在能源转型领域的创新实践与国际贡献,认为中国 为全球可持续发展提供了重要示范。 在北京的街头巷尾，新型能源的使用已经融入人们的日常生活，这让来自各国的能源专家和从业者们感叹不已。 奥伊达能源首席执行官埃梅卡·埃内注意到："北京实现了可再生能源部署的平衡，街头电动摩托车的普及率给人 留下深刻印象。"国际燃气联盟秘书长迈内劳斯·伊德里奥斯则惊叹于北京电动汽车的规模化应用："中国的交通领 域正在实现一场意义深远的转型。" 多国行业领袖肯定中国在推动全球能源治理中的积极作用。哥伦比亚燃气协会主席卢兹·斯特拉·穆尔加什指出，中 国在拉美能源领域的投资与技术输出，正帮助当地实现资源可持续开发。埃及燃气协会秘书长穆罕默德·福阿德认 为，中国凭借技术实力和市场信誉，"正在将全球能源转型引向正确轨道"。 大会发布的《WGC2025 北京宣言》为燃气行业的发展指明方向。马来西亚燃气协会秘书长凯鲁安华·宾·扎卡里亚 表示，中国从首都到全国范围的清洁能源实践，让国际社 ...

Core Insights - The 29th World Gas Conference, referred to as the "Olympic Games of the global gas industry," was held in Beijing, marking the first time the event has taken place in China since its inception in 1931 [1] - The conference gathered over 3,000 participants from more than 70 countries to discuss energy security and green transition [1] Industry Overview - Natural gas is the third-largest energy source globally, with an annual consumption exceeding 4 trillion cubic meters, accounting for 24% of the energy structure, and is crucial for achieving low-carbon energy transition [2] - Over the past decade, China's increase in natural gas consumption has represented one-third of global growth, positioning the country as a key driver in the global gas market [2] - China's 14th Five-Year Plan aims for natural gas production to exceed 230 billion cubic meters by 2025, with accelerated construction of storage facilities and pipelines to enhance energy security [2] LNG Market Dynamics - The International Gas Union (IGU) reported a 2.4% year-on-year increase in global LNG trade volume for 2024, indicating resilience in the industry [3] - LNG is expected to play a significant role in alternative fuels for shipping, carbon capture utilization and storage (CCUS), and methane emission reduction, as the industry transitions from traditional high-carbon energy to green clean energy [3] Energy Transition Strategies - A consensus emerged at the conference advocating for a comprehensive energy transition path that balances renewable energy with the utilization of multiple energy sources to ensure stability, affordability, and sustainability [4] - Experts emphasized that a diversified energy approach, incorporating natural gas, is more beneficial for energy security compared to a singular reliance on renewable sources [4] - The Asian Infrastructure Investment Bank's president highlighted the importance of clean, just, and sustainable energy investment principles to address the core issues faced by developing countries [4] Technological Innovations - The oil and gas pipeline industry is undergoing a dual mission of achieving safe, green development and intelligent upgrades, with technological innovation being a key driver for sustainable industry growth [5] - The National Pipeline Group's development of a large-scale online simulation system for long-distance natural gas pipelines addresses technical challenges and supports intelligent pipeline construction and energy transition [6] - Natural gas is seen as both a means to ensure energy security and a platform for fostering low-carbon technologies, emphasizing the need for a balanced approach in energy transition [6]

Group 1 - The 29th World Gas Conference was held in Beijing from May 19 to 23, marking the first time the event has taken place in China since its inception in 1931 [1] - The conference concluded successfully, with significant collaboration between the Chinese team and the International Gas Union (IGU) leadership, providing valuable insights for the global gas industry [1] Group 2 - During the closing ceremony, awards were presented for outstanding research and innovative practices in the gas industry, with 659 papers from 54 countries evaluated, highlighting the importance of these contributions to the energy sector [2] - Three awards were established: WGC2025 Regional Award, WGC2025 Industry Award, and IGU Global Gas Award, with a total of 13 papers recognized [2] Group 3 - The "WGC2025 Beijing Declaration" was released, emphasizing the critical role of gas in ensuring global energy security, promoting green and low-carbon transitions, and addressing climate change [5] - The declaration aims to guide the development of the gas industry and advocates for global cooperation in sustainable energy development, receiving widespread acclaim from attendees [5] Group 4 - The conference featured over 80 specialized forums, with more than 400 speakers sharing insights, and attracted over 30,000 visitors, making it the largest and most successful event in IGU's history [5] - The transition of IGU presidency took place, with Andrea Stegher succeeding Li Yalan, who expressed gratitude for the Chinese team's efforts and emphasized the importance of gas in future global development [6]

陕西省西安市太白南路 139 号云图中心十五层 邮编：710065 传真/Fax:029-88360129 北京市康达（西安）律师事务所 关于陕西省天然气股份有限公司 之 本所根据《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》"） 和中国证券监督管理委员会发布的《上市公司股东大会规则》（以下 简称"《股东大会规则》"）等有关法律、法规、规范性文件和《陕 西省天然气股份有限公司章程》（以下简称"《公司章程》"）的规 定，基于本法律意见书出具日之前发生的事实及本所对该等事实的了 解及对有关法律的理解发表法律意见。 在本法律意见书中，本所仅对本次股东大会的召集、召开程序、 陕西省西安市太白南路 139 号云图中心十五层 邮编：710065 传真/Fax:029-88360129 出席会议的人员资格和召集人资格、会议的表决程序和表决结果事项 发表法律意见，并不对有关会计、审计和资产评估等非法律专业事项 或非法律问题发表意见。 法律意见书 （2025）北京康达法意字 981 号 致：陕西省天然气股份有限公司 北京市康达（西安）律师事务所（以下简称"本所"）接受陕西 ...

Core Viewpoint - The event held in Zhengzhou on May 22 aimed to enhance communication between investors and executives of listed companies in Henan, focusing on annual reports, risk management, investor protection, and sustainable development [3][4]. Group 1: Financial Performance - In 2024, Henan A-share listed companies achieved a total operating revenue of 10,559.35 billion yuan, marking a year-on-year increase of 6.01%, and this is the first time their revenue exceeded 1 trillion yuan [6]. - The net profit attributable to shareholders reached 720.80 billion yuan, reflecting a year-on-year growth of 31.91% [6]. - Among 111 listed companies, 87 reported profits, resulting in a profitability rate of 78.38% [6]. Group 2: Investor Returns - A total of 82 listed companies in Henan distributed cash dividends amounting to 41.688 billion yuan in 2024, an increase of 10.131 billion yuan or 32.10% compared to the previous year [6]. - 47 companies had a cash dividend payout ratio exceeding 40%, and there is a growing trend of companies opting for multiple dividends within a year [6]. Group 3: Investor Engagement - The event recorded a response rate of 87.89%, with 1,230 questions posed by investors and 1,081 answered by company representatives [9]. - Key topics of interest included stock prices, dividends, buybacks, and market value management [9]. Group 4: Market Strategies - Companies like Tianma New Materials and XJ Electric are focusing on enhancing market value management and operational efficiency to address stock price declines [10][11]. - The merger and acquisition landscape is becoming increasingly active, with companies like Chengfa Environment and Jiaozuo Wanfang engaging in strategic acquisitions to enhance market presence and operational capabilities [12][13]. Group 5: Future Outlook - Zheng Coal Machine plans to invest in market growth areas and new industries to sustain revenue and profit increases [15]. - Blue Sky Gas reported a revenue decline of 3.87% to 4.755 billion yuan and a net profit drop of 16.98% to 503 million yuan, attributing this to a sluggish real estate market and pricing issues [16]. - Ankai High-Tech aims to implement four key strategies in 2025, including market expansion, cost control, project focus, and resource acquisition to enhance competitiveness [17].

Group 1: Company Strategy and Development - The company aims to expand its natural gas sales scale and may enter the gas field exploration sector, supported by the Shen'an mainline and its upstream and downstream connections [1] - The company plans to enhance its natural gas pipeline coverage and strengthen comprehensive utilization in the downstream sector [1] - The company is committed to becoming a clean energy service group integrating upstream gas source development, pipeline investment, and downstream supply [1] Group 2: Environmental and Social Responsibility - The company emphasizes environmental protection and social responsibility, planning to increase investments in these areas to enhance profitability and contribute to sustainable development [2] Group 3: Market and Financial Performance - In 2024, the company achieved operating revenue of CNY 384,386.68 million and a net profit attributable to shareholders of CNY 12,481.10 million [6] - The company has conducted two share buybacks totaling 21,510,000 shares, amounting to CNY 129,216,908.57, to enhance market value [6] Group 4: Challenges and Responses - The company is addressing the pressure of traditional gas industry transformation by focusing on clean energy and leveraging national policies supporting the natural gas sector [2] - The company is actively working to diversify its gas supply sources to ensure upstream gas availability [3] - The company acknowledges the impact of market price fluctuations on profit margins and aims to improve pricing strategies [4] Group 5: Future Outlook - The natural gas industry is expected to maintain steady growth, playing a crucial role in China's energy transition towards a low-carbon economy [7] - The company is exploring new business growth points, including expanding into the Shandong market and enhancing pipeline connections [6]

Group 1: Event Overview - The 29th World Gas Conference took place in Beijing from May 20 to 23, marking the first time the event has been held in China since its inception in 1931, with over 3,000 registered representatives and participation from 298 exhibiting companies and nearly 1,500 attending companies [1][5] - The conference focused on six core topics related to global energy dynamics, energy transition, and regional gas development, under the theme of "Empowering a Sustainable Future" [1] Group 2: Technological Innovations - Beijing Beikong Beidou Technology Investment Co., Ltd. launched the world's first L4 level unmanned detection vehicle for gas pipeline leakage, capable of detecting gas leaks at a precision of one part per billion [2][4] - The vehicle is equipped with high-precision detection equipment and a Beidou satellite navigation system, enhancing both detection accuracy and autonomous driving technology [2] Group 3: China's Energy Transition - Since 2012, China has achieved an average energy consumption growth rate of 3.3%, supporting an average economic growth rate of 6%, making it one of the fastest countries in reducing energy intensity globally [5] - Beijing has reduced its coal consumption from 21.8 million tons in 2012 to less than 600,000 tons by 2024, with clean energy accounting for less than 1% of its energy consumption [5] Group 4: Natural Gas Consumption - By 2025, Beijing is projected to become the largest city in China for natural gas consumption and the second largest globally, with a pipeline network of approximately 36,000 kilometers supplying 17 to 18 billion cubic meters of natural gas annually [6][8] - Natural gas now accounts for over 35% of Beijing's energy consumption structure [6] Group 5: International Collaboration - TotalEnergies' CEO expressed the expectation of finding more Chinese partners, noting that China is now the world's third-largest natural gas consumer, with significant future demand anticipated from Asia [8][9] - Snam Group's strategic analyst highlighted the long-term growth potential for natural gas in China and the importance of collaboration with Chinese companies [9] Group 6: Green Development Initiatives - The "Green Beijing Salon" showcased Beijing's achievements in green transformation over the past decade and outlined future development paths, emphasizing the city's goal to become a global benchmark for digital and green economies [11] - Beijing is actively engaging with over 180 companies to promote investment and collaboration in green development initiatives [11]