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].

Core Viewpoint - Xinjiang Torch plans to acquire 100% equity of Yushan Litai Natural Gas Co., Ltd. for 125 million yuan, marking a significant move under the new actual controller, Yong Zhijun [1][3][5] Group 1: Acquisition Details - The acquisition price of 125 million yuan represents a 203.2% premium over the assessed value of Yushan Litai's equity, which is 42.698 million yuan [4] - Yushan Litai's total assets as of March 31, 2025, are reported at 123 million yuan, with an expected net profit of at least 10 million yuan in 2025 [4][3] - The transaction is classified as a related party transaction due to the ownership structure involving Jiangxi Zhongran and Jiangxi Zhongjiu [3][4] Group 2: Financial Performance - Xinjiang Torch reported a revenue of 1.478 billion yuan in 2024, a year-on-year increase of 35.49%, and a net profit of 157 million yuan, up 16.88% [1][6] - In Q1 2025, the company achieved a revenue of 467 million yuan, reflecting a 10.63% growth, and a net profit of approximately 45.48 million yuan, which is a 24.86% increase [2][6] - The natural gas sales business, which constitutes 70% of the company's total revenue, generated 1.081 billion yuan in 2024, marking a 28.54% increase [6] Group 3: Strategic Implications - The acquisition aligns with the company's strategic development plan to enhance its core gas business and expand its operational scale [1][4] - The company aims to leverage existing customer resources and explore external growth opportunities through acquisitions to ensure sustainable development [7]

今年"好房子"首次写入《政府工作报告》。燃气安全是公共安全的重要组成部分，与居民生活品质息息 相关，更是"好房子"建设的关键一环。 近日，《中国经营报》记者就燃气行业高质量发展等相关话题，采访了中国城市燃气协会副秘书长张春 田。他表示，燃气行业正处于转型升级关键期，延伸业务尤其是燃气美装领域已成为行业新焦点。 除了向企业科普先进的技术。在使用端，用户安全用气意识与防护措施的落实，对保障燃气安全至关重 要。值得一提的是，当前不少燃气事故发生在用户端，暴露出用户安全用气意识薄弱的问题。"我们不 能要求普通用户像专业人员一样精通燃气知识，但至少要了解基础的安全常识，比如灶具使用年限、金 属软管更换要求等。"张春田表示。 为此，中国城市燃气协会大力推广"本质安全"理念，推动户内本质安全措施落地。倡导为用户换装金属 软管、自闭阀，安装燃气泄漏报警器，并期望未来燃气表能具备异常报警切断功能，从硬件设施层面提 升安全防护能力。 近年来，燃气企业积极开展燃气安全进社区、进课堂、进工厂等活动，通过发放宣传手册、入户巡检讲 解等方式，持续提升用户安全用气意识，营造"燃气安全人人有责"的社会氛围。 张春田谈道，燃气安全与"好房子" ...

Group 1 - The 29th World Gas Conference (WGC2025) is being held in Beijing from May 19 to 23, attracting over 2,700 registered participants, with more than 40% coming from overseas [1] - The conference features over 80 events, including plenary sessions, industry insights, and specialized forums such as finance, digitalization, and youth [1] - A record 50,000 square meters of exhibition space is set up, with 300 companies showcasing their latest products and services [1] Group 2 - Major Chinese oil companies, including Sinopec, PetroChina, and CNOOC, are participating in the conference, highlighting their advancements in shale gas exploration and development [2] - The National Pipeline Network Group is debuting at the conference, showcasing its open service trading platform and the operation of nearly 60% of China's 100,000 kilometers of natural gas pipelines [2] - The Beijing Gas Group is presenting innovative technologies, including a robotic dog designed for community gas inspections, capable of detecting gas leaks [2][3] Group 3 - Beijing Gas Group is also introducing two new devices: a self-propelled electromagnetic ultrasonic internal inspection equipment for pipeline defect detection and an intelligent welding equipment that combines robotic arms with AI algorithms to enhance welding quality [3]

Core Viewpoint - The article summarizes significant announcements from various listed companies in the Shanghai and Shenzhen stock markets, providing insights for investors on recent corporate actions and developments. Group 1: Corporate Announcements - Kweichow Moutai's shareholders approved a profit distribution plan for 2024, proposing a cash dividend of 276.24 yuan per 10 shares, totaling 34.672 billion yuan [3] - Weir Shares plans to change its name to "Haowei Group" and its stock abbreviation to "Haowei Group," pending shareholder approval [4] - Weili intends to transfer 100% equity of its subsidiary Dunhua Zhongneng to Chengfa Environment for a total consideration of approximately 323 million yuan [6] - Wanrun New Energy signed a business cooperation agreement with CATL to supply lithium iron phosphate products, with an estimated total supply of about 1.3231 million tons from 2025 to 2030 [7] - Shouhua Gas plans to purchase bauxite resources through market means, with a financing application of up to 2 billion yuan [8] Group 2: Regulatory and Compliance - Gao Neng Environment received an administrative regulatory decision from the Beijing Securities Regulatory Bureau due to insufficient impairment testing and inaccurate disclosures [9] - ST Shilong applied to revoke its other risk warning status, indicating compliance with relevant regulations [14] Group 3: Mergers and Acquisitions - Huixin Electronics plans to acquire 67.91% of Baode Computer through a combination of cash and stock issuance, enhancing its position in the IT infrastructure sector [19] - Kangping Technology intends to acquire 100% of Sulu Electronics for 198 million yuan to expand its electric tools business [23] - Xinjiang Haoyuan plans to change its name to "Wanqing Energy" to better reflect its business structure [26] Group 4: Financing and Investments - Shanghai Xinyang plans to invest 30 million yuan in the establishment of the Qixin Fund, focusing on high-tech sectors [12] - Taihe Co. intends to invest up to 150 million USD (approximately 1.082 billion yuan) in a pesticide and functional chemicals project in Egypt [28] Group 5: Strategic Partnerships and Contracts - Dongzhu Ecology signed a 3.5 billion yuan EPC contract for land consolidation in Laos [30] - Youa Co. signed a strategic cooperation framework agreement with Changsha Guokong Capital and Tsinghua Electronics Institute to promote the semiconductor industry [32] Group 6: Shareholder Actions - Wanfeng Co. plans to reduce its stake by up to 1.75% through block trading [35] - Tuoershi's controlling shareholder intends to reduce its stake by up to 2% [36]

Core Viewpoint - Hong Kong and China Gas Company Limited's subsidiary, Mingqi Tong Telecommunications Limited, has signed a memorandum of cooperation with Ant Group's Ant Digital Technology to explore the integration of AI technology in enhancing data center services and developing solutions in the Real World Assets (RWA) sector [1][2]. Group 1: Partnership Details - The collaboration aims to leverage AI capabilities to improve data center services, focusing on areas such as Internet Data Center (IDC) RWA cooperation and AI transformation for the gas company's related businesses [1][2]. - A joint team will be established to oversee the progress of the collaboration, highlighting the increasing importance of AI and Web3 technologies in transforming traditional infrastructure services [1][4]. Group 2: Future Plans - The partnership plans to deepen cooperation across the gas company's seven business segments, which include urban gas operations in Hong Kong and mainland China, water and environmental services, renewable energy, B2C extensions, green methanol, and sustainable aviation fuel (SAF) [2]. - The gas company intends to adopt AI to enhance internal management and establish an integrated control system across finance, human resources, procurement, operations, and master data [2].