英国国家统计局：与去年同期因英国能源监管机构（Ofgem）能源价格上限调整而大幅下降的情况相 比，本月燃气和电费有所上涨。 ...

Core Insights - The 29th World Gas Conference opened in Beijing on May 20, marking a significant event with direct revenue exceeding 200 million yuan [1] - Beijing's natural gas consumption accounts for over 35% of its energy structure, making it the second-largest city globally in terms of natural gas consumption [3] Group 1: Conference Overview - The conference attracted over 3,000 participants from more than 70 countries, with international representatives making up 40% of attendees [2] - A total of 1,500 companies participated, with foreign enterprises constituting 53.4% of the attendees [2] - The event featured 71 parallel forums and 8 main forums focusing on global energy transition and financial aspects [1][2] Group 2: Beijing's Energy Landscape - Beijing is enhancing its natural gas supply system, establishing a multi-source supply framework with improved emergency storage capabilities [3] - The city has updated over 1,400 kilometers of old gas pipelines in the past five years to ensure safe operation [3] - Beijing aims to build a clean, low-carbon, and efficient new energy system, integrating renewable energy sources into its heating supply [4] Group 3: Technological Innovations - The Beijing Gas Group showcased advanced technologies, including a robotic inspection dog designed for community gas inspections, enhancing safety and efficiency [5] - New equipment for pipeline inspection and welding was also presented, demonstrating the integration of AI and robotics in gas infrastructure [5] Group 4: Green Development Initiatives - The "Green Beijing Reception Hall" was established to showcase the city's achievements in ecological and energy sectors over the past decade [6] - The hall serves as a platform for government and enterprise interactions, focusing on energy technology innovation and green transformation [6]

Core Insights - The 29th World Gas Conference (WGC2025) is being held in Beijing, marking the first time the event has taken place in China in over 90 years, which is significant for the development of the Chinese gas industry [1] - The theme of the conference is "Empowering a Sustainable Future," with over 3,000 representatives from 70 countries and regions participating to discuss advanced topics such as smart energy systems [1] - Natural gas accounts for 24% of the global energy structure and is considered a strategic choice for ensuring energy security, supporting economic development, and improving quality of life [1] Industry Developments - Global natural gas consumption has maintained an average annual growth rate of 3% over the past three years, with China emerging as a key driver, increasing its annual consumption from less than 200 billion cubic meters to over 400 billion cubic meters in the past decade, achieving an average growth rate of 9% [1] - The Chinese government is focusing on the natural gas industry as part of its overall energy transition strategy, emphasizing the need for digital and intelligent upgrades to enhance the efficiency of the energy system [2] - China National Petroleum Corporation (CNPC) has made significant breakthroughs in deep oil and gas exploration and is committed to accelerating the integration of oil, gas, and renewable energy to create a complementary and efficient energy system [2]

9 型在 470 4% 29th 第29 20 May 在本届世界燃气大会上，北京市发展和改革委员会、市投资促进服务中心、北京节能环保中心专门设立"绿色北京会客厅"。据悉，会客厅将全面呈现过去十 年北京在生态、产业、能源、交通等十个领域绿色发展取得的突出成效，以及未来十年北京打造国际绿色经济标杆城市工作目标和建设路径，朝阳、房山、 昌平、大兴和经开区也将结合各自优势，宣传推介各具特色的产业支持政策。 5月20日，第29届世界燃气大会（WGC2025）在北京国家会议中心二期正式开幕。本届世界燃气大会以"赋能可持续未来"为主题，于5月20日至23日举行， 将举办以全球能源转型、能源与金融等为主题的8场主论坛，包括时事辩论、行业洞见、技术创新等内容的70余场平行论坛，来自70多个国家和地区的3000 余名政府官员、能源企业高管、国际组织代表及专家学者将齐聚北京。 首次落地中国 据悉，世界燃气大会是国际燃气联盟旗下三大旗舰会展活动之一，每三年举办一届，被誉为全球燃气行业的"奥林匹克大会"。世界燃气大会于1931年首次亮 相英国伦敦，至今已成功举办28届。第29届世界燃气大会首次落地中国，并选择在北京举办。 开幕式上， ...

Group 1: Event Overview - The 29th World Gas Conference is being held in Beijing from May 20 to 23, with the theme "Empowering a Sustainable Future" [1] - The conference features 8 main forums and over 70 parallel sessions focusing on global energy transition and finance, attended by over 3,000 representatives from more than 70 countries [1] - This is the first time in over 90 years that the World Gas Conference is hosted in China, with a record exhibition area of 50,000 square meters [1][5] Group 2: Technological Innovations - New gas technologies showcased include the "Inspection Spirit" robotic dog, which enhances community gas inspection efficiency and safety by detecting gas leaks [2] - The "Self-Driving Electromagnetic Ultrasonic Internal Inspection Equipment" can identify weld seams and detect deformations in gas pipelines without interrupting gas flow [2] - A white intelligent welding robot is under development, designed to perform welding tasks in hazardous environments, improving quality and efficiency through laser guidance [3] Group 3: Industry Contributions - Beijing Gas Group has established a global procurement network with over 600 partners and has a gas supply capacity exceeding 24 billion cubic meters annually [4] - The company aims to deepen global partnerships and promote technological innovation and green transformation in the gas sector [4] - Beijing is recognized as the second-largest city globally in natural gas consumption, with over 35% of its energy structure relying on natural gas [7]

编者按：第29届世界燃气大会于5月19日至23日在北京国家会议中心举行，这是大会自1931年创办以来首次落户中国。围绕国内外天然气行业发展趋势，中 国经济信息社推出系列报道，敬请关注。 新华财经北京5月20日电（薛尚文）由国际燃气联盟主办的第29届世界燃气大会（简称"WGC2025"）展览于5月20日在北京国家会议中心正式开幕。本次展 览将持续4天，来自世界各地的300家展商将在展区内展示行业前沿科技与创新成果。 同时，展览创新性开辟制造业专区，全球高端制造和工程设计类企业将集中展示行业先进技术和设备，为产业配套发展和技术合作搭建平台。 各大展商还将展示各自在甲烷控排，二氧化碳捕集、利用和封存（CCUS），以及低碳零碳、新燃气、燃气与可再生能源耦合、数字化智能化等领域的最新 实践和研究成果，共同探索燃气未来。 科技引领是本次展览的重要特色。大会创新应用AI技术打造信息咨询小程序，让参展者轻松了解展会动态。大会还精心设计了充满象征意义的"燃空间"，寓 意能源开发与自然生态的和谐共生，并特别设置"密立方"空间，保障外宾支付与通信顺畅。 同时，本次展览还充分体现了绿色环保理念。场馆内大量搭建的设备、展具均采用环保材 ...

Core Points - The 29th World Gas Conference (WGC2025) is being held in Beijing, marking the first time the event has taken place in China in over 90 years, with significant participation from global energy companies and a high percentage of international speakers [1][3] - The conference aims to promote the development of China's gas industry and facilitate international cooperation, showcasing China's achievements and fostering dialogue with global counterparts [3][4] Group 1: Conference Overview - The conference is organized by the International Gas Union (IGU), which has been a key player in promoting gas as a sustainable energy source since its establishment in 1931 [1] - The event will feature over 80 forums and activities, including financial, digital, women's, and youth forums, attracting more than 3,000 representatives from around 70 countries [1][3] - The exhibition area spans 50,000 square meters, the largest in WGC history, with around 300 companies expected to participate [1][4] Group 2: Industry Significance - The conference serves as a platform for China to demonstrate its development philosophy and achievements in the gas sector, promoting high-quality and sustainable development globally [3] - It facilitates deep exchanges and idea sharing between China's gas industry and international peers, enhancing mutual understanding [3] - The event is expected to strengthen international cooperation in the gas sector, leading to win-win outcomes [3] Group 3: Participation and Exhibitors - Over 200 companies are participating in the conference, with more than 50% of the exhibition space occupied by international firms, including major players like ExxonMobil, Shell, and BP [4][8] - Chinese exhibitors include key state-owned enterprises such as China National Petroleum Corporation (CNPC), China Petroleum & Chemical Corporation (Sinopec), and China National Offshore Oil Corporation (CNOOC) [4] Group 4: Technological Innovations - The National Pipeline Network Group showcased an open service and trading platform that enhances resource allocation efficiency and supports a growing number of downstream users [7][9] - The "Deep Sea No. 1" project represents a significant advancement in China's offshore oil and gas exploration capabilities, utilizing innovative technologies [10][11] - The CCUS project by Sinopec demonstrates China's commitment to low-carbon energy solutions, with the capacity to reduce CO2 emissions significantly [15]

Group 1: Financial Management and Cash Flow - The company adopts a prudent cash flow management strategy to ensure safety amidst high capital expenditures in the industry, including controlling capital expenditure scale and optimizing profit structure [2] - Future plans for issuing bonds or policy loans will depend on specific circumstances [2] - The company has seen a significant increase in gross margin in Q1, primarily driven by gas sales growth and timely price linkage [3] Group 2: Market Position and Competition - The company maintains a competitive advantage in Shaanxi Province due to its infrastructure and service capabilities, despite pressure from leading companies expanding into the region [3] - The company is exploring opportunities for regional integration and collaboration with new energy and power grid companies to strengthen its competitive position [3] Group 3: Project Management and Future Planning - The delay in the construction of the Shenmu LNG emergency peak-shaving station project was based on a comprehensive assessment of industry trends and regional resource supply [4] - The company is focused on strategic layout for new business areas, such as smart integrated energy services, which are still in the cultivation phase and expected to have limited impact on overall performance in the short term [4] Group 4: Risk Management and Internal Controls - The company has established a robust internal control system focused on compliance and risk prevention, continuously optimizing governance efficiency [4] - The effectiveness of internal controls is influenced by execution strength and external environmental changes, and the company will maintain dynamic supervision mechanisms [4] Group 5: ESG and Sustainable Development - The company has developed a comprehensive ESG governance system and released its 2024 Social Responsibility Report, detailing initiatives in emissions reduction, tax contributions, and employee development [6] - The company emphasizes sustainable high-quality development and resource integration to maintain market competitiveness [6] Group 6: Pricing and Market Dynamics - The company has established a basic price transmission mechanism in response to international gas price fluctuations and domestic pricing policy adjustments [6] - The company’s operating area has implemented a "gate station price + distribution fee" linkage mechanism, although there are delays in price transmission in some regions due to local government considerations [6] Group 7: Shareholder Relations and Value Management - The company is committed to balancing short-term shareholder returns with long-term development funding needs through its dividend policy [6] - Future stock buyback shares will be used for equity incentives or employee stock ownership plans, with specific plans under active research [6]

国家会议中心总经理孙晓芳在WGC2025展览开幕式上介绍，展览分为三个展区，涵盖燃气产业链的十多个领域，参展的中外企业共计200余家，包含埃克森 美孚、壳牌、道达尔、BP、马石油、卡塔尔能源等全球顶级能源企业，国际企业展览面积占比超过50%，为国际化高端交流与合作搭建了平台。预计吸引 逾3万名中外观众参观交流。 中国经济网北京5月20日讯（记者王婉莹）第29届世界燃气大会（WGC2025）20日在国家会议中心开幕，以"赋能可持续未来"为主题，吸引来自全球70个国 家和地区的3000余名代表，这也是世界燃气大会自创办近百年来首次在中国举办。WGC2025同期举办的展览面积约5万平方米，创下历届世界燃气大会配套 展览面积之最。 以"赋能可持续未来"为主题的第29届世界燃气大会在京举办。中国经济网记者王婉莹/摄 作为国际燃气联盟（IGU）三大旗舰活动之一，世界燃气大会每三年举办一届，被誉为全球燃气行业的"奥林匹克大会"。世界燃气大会于1931年首次亮相英 国伦敦，至今已成功举办28届。本届WGC2025由国际燃气联盟主办、北京燃气集团承办、首都会展集团独家运营。 本届WGC2025将举办80余场高规格专题论坛，涵盖 ...

Investment Rating - The report maintains an "Outperform" rating for the public utilities and environmental sectors [4][18]. Core Views - The report highlights the introduction of detailed rules in Guangdong and Shandong provinces regarding the sustainable development pricing settlement mechanism for new energy projects, marking a significant step towards market-driven reforms in the new energy sector [2][15]. - It emphasizes that coal and electricity prices are declining simultaneously, which is expected to maintain reasonable profitability for thermal power companies [18]. - The report suggests that the continuous support from national policies for new energy development will lead to gradually stable profitability for new energy generation [18]. - It notes that the growth in installed capacity and generation will help offset the downward pressure on electricity prices, predicting stable profitability for nuclear power companies [18]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.12%, while the public utilities index increased by 0.08%. The environmental index remained unchanged, with relative weekly returns of -1.04% and -1.12% respectively [1][21]. - Among the sub-sectors, thermal power decreased by 0.89%, hydropower increased by 0.87%, and new energy generation rose by 0.08% [1][21]. Important Policies and Events - Guangdong's electricity trading center issued draft rules for the sustainable development pricing settlement mechanism for new energy projects, with the first competitive trading scheduled for mid-2025 [2][14]. - The rules stipulate that projects must be approved and operational by December 31, 2025, to participate in the first auction [2][14]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading new energy firms such as Longyuan Power and Three Gorges Energy [18]. - The report also suggests investing in nuclear power operators like China Nuclear Power and China General Nuclear Power, and highlights the defensive attributes of hydropower stocks amid a global interest rate decline [18][19]. Key Company Earnings Forecasts and Investment Ratings - The report provides a detailed table of investment ratings for various companies, all rated as "Outperform," including Huadian International, Longyuan Power, and China Nuclear Power, with projected earnings per share (EPS) growth for 2024 and 2025 [7][18].