8月27日，今年以来，我国全面推进骨干管网、支线管网、储气调峰设施和互联互通项目建设，我国天 然气管网"五纵五横"的新格局正加速构建。随着西气东输四线吐鲁番到中卫段贯通投产，虎林—长春天 然气管道干线完成主体焊接，川气东送二线首段投产进气，国家能源基础设施建设进一步提速。目前， 我国天然气一次管输能力突破4000亿立方米，天然气管道输气能力实现跨越式提升。 ...

Core Insights - The S&P 500's dividend yield is declining, nearing 1.2%, which is close to its record low last seen in 2000, resulting in lower dividend income for new investments [1] - Real estate and energy sectors currently offer higher average dividend yields of 3.4%, making them attractive for investors seeking better payouts [2] Energy Sector - Many energy stocks provide higher dividend yields, with Kinder Morgan (KMI) offering above 4% backed by a strong financial profile, including take-or-pay contracts securing 69% of cash flows [6] - Kinder Morgan maintains a conservative payout ratio of 44% of its cash flow from operations in 2025, allowing for substantial excess free cash flow for expansion and consistent dividend increases [6] - Brookfield Renewable (BEPC) yields around 4.5%, supported by stable cash flow from long-term fixed-rate power purchase agreements, with 70% of revenue linked to inflation [7][8] - Brookfield aims to increase its dividend by 5% to 9% annually, having grown its payout at a 6% compound annual rate since 2001 [8] Real Estate Sector - The REIT sector is a strong source of dividend income, with NNN REIT yielding over 5%, focusing on freestanding retail properties secured by triple net leases [10] - NNN REIT has a history of increasing its dividend for 35 consecutive years, supported by a conservative payout strategy [11] - Mid-America Apartment Communities (MAA) has a dividend yield of around 4%, driven by strong rental demand in the Sun Belt region, and has increased its dividend for 15 straight years [12] Investment Opportunities - Despite the overall decline in average dividend yields, energy stocks and REITs present lucrative opportunities for investors seeking higher income streams without incurring additional risk [13]

Summary of the Conference Call Transcript Industry Overview - The report focuses on the **energy sector** in the **Asia Pacific**, specifically on **gas pipeline, coal haulage, refining, and convenience retail companies** referred to as "energy movers" [1][3][6]. - The **Future of Energy** is identified as one of four key themes for **Morgan Stanley Research** in 2025, highlighting the underperformance of Australian midstream and downstream energy stocks compared to the **ASX200** [3][6]. Company Analysis - **Preferred Companies**: - **Ampol Ltd (ALD)**: Upgraded to **Overweight (OW)** with a projected total shareholder return (TSR) of **33%** [1][22]. - **APA Group (APA)**: Rated **Equal-Weight (EW)** with a TSR estimate of **10.5%** [1][22]. - **Downgraded Companies**: - **Aurizon Holdings (AZJ)**: Downgraded to **Underweight (UW)** with a TSR estimate of **7%** [1][22]. - **Viva Energy Group Ltd (VEA)**: Rated **Equal-Weight (EW)** with a TSR estimate of **35%** [1][22]. Performance Metrics - **Stock Performance**: - APA has shown a total shareholder return of **13.5%** year-to-date (CYTD) in 2025, while ALD has a return of **-10.3%** [5][20]. - AZJ has underperformed with a **1.6%** return CYTD, and VEA has a **-30.4%** return [5][20]. - **Financial Metrics**: - APA's **debt/EBITDA** ratio is **7.0x**, indicating a highly leveraged balance sheet [44]. - ALD has the least leverage with a **debt/EBITDA** of **3.3x** [44]. Investment Framework - The investment framework integrates various metrics including **macro, operating, balance sheet, return, energy transition, and valuation metrics** to rank the energy mover stocks [9][10]. - The report emphasizes the importance of **energy transition** and its impact on stock valuations, with a focus on **Climate Transition Action Plans (CTAPs)** and investment in new energy projects [11][13][32]. Key Risks and Opportunities - **Regulatory Risks**: The upcoming **Australian Federal Election** and reviews of the **Gas Code of Conduct** present uncertainties but could also provide opportunities for the fossil fuel sector [9][43]. - **Tobacco Excise Impact**: ALD and VEA face headwinds from tobacco-related sales due to high excise charges and increased black market activity [43]. Conclusion - The report concludes with a recommendation to favor ALD and APA while being cautious with AZJ and VEA due to their respective challenges and market conditions [22][28]. - The analysis suggests that the energy sector's performance will be influenced by regulatory changes, market dynamics, and the ongoing energy transition [16][43].