Core Insights - The completion of the Turpan to Zhongwei section of the West-to-East Gas Pipeline Phase IV and the main welding of the Hulin-Changchun natural gas pipeline marks a significant advancement in China's energy infrastructure [1] - The country's natural gas transmission capacity has surpassed 400 billion cubic meters, indicating a substantial enhancement in pipeline gas transmission capabilities [1] - By 2025, over 2,000 kilometers of new pipelines are expected to be constructed, adding 25 billion cubic meters of transmission capacity, in line with the 14th Five-Year Plan's target of 16,500 kilometers [1] - Since the beginning of the 14th Five-Year Plan, more than 13,000 kilometers of oil and gas pipelines have been built, bringing the total length to over 190,000 kilometers, with daily gas supply capacity reaching 1.11 billion cubic meters [1] - A comprehensive national gas network is being established, connecting east to west and north to south, as well as linking to overseas sources [1]

Core Points - The Shandong Provincial Development and Reform Commission has issued the "Shandong Natural Gas Pipeline Transportation Price Management Measures," transitioning the pricing management from fixed standards to a mechanism-based approach to promote high-quality development in the industry [1][2] - The new pricing management will implement a maximum price limit for natural gas pipeline transportation, with three pricing models based on different pipeline types: "same network same price" for provincial main pipelines, "same enterprise same price" for inter-city pipelines, and "same city same price" for intra-city pipelines [1][2] Pricing Model Changes - Previously, the pricing model for natural gas pipeline transportation was based on "one line one price" or "one enterprise one price," but the new measures introduce a standardized pricing approach for provincial main pipelines and adjust the pricing model for intra-city pipelines [2] - Cities will select representative enterprises based on load rates and gas transmission volumes to determine local benchmark prices, with participating enterprises adhering to these benchmark prices while non-participating enterprises will have their prices calculated based on specific rules [2] - Cities with similar benchmark price levels will be grouped into the same pricing zone, and both inter-city and intra-city pipelines within that zone will follow the benchmark pricing policy [2] Transitional Measures - For existing pipeline operating enterprises that experience significant price adjustments under the benchmark pricing policy, a reasonable transition period will be established, not exceeding one regulatory cycle (3 years) [2] - The pricing method will be based on "permitted costs + reasonable returns," determining the maximum allowable income by assessing permitted costs, regulatory permitted returns, and tax factors [2]

Company Overview - The company is a Hong Kong-based investment holding firm engaged in oil and gas-related businesses, operating through four main segments: crude oil trading, crude oil terminal services, ship leasing services, and natural gas pipeline transportation services [9]. Financial Performance - The company's revenue and net profit growth rates have shown fluctuations over the years, with significant changes noted in the first half of 2025 [11][16]. - In the first half of 2025, the average return on equity was 3.5%, a decrease of 0.88 percentage points compared to the same period last year [21]. Revenue Composition - The revenue composition for the first half of 2025 indicates a total revenue of 3.075 billion HKD from crude oil terminal and storage services [13][14]. - The revenue growth rates for the years 2021 to 2025 show varying trends, with specific attention to the changes in revenue and net profit [11][14]. Asset and Liability Changes - As of the first half of 2025, significant changes in assets include a 2.53% decrease in long-term equity investments and a 252.74% increase in receivables [28]. - On the liabilities side, there was a 248.2% increase in payables, indicating a shift in the company's financial structure [32]. Financial Ratios - The company reported a current ratio of 15.15 and a quick ratio of 15.14 in the first half of 2025, reflecting a strong liquidity position [35]. - The historical asset-liability ratio has shown a downward trend, with the latest figure being 2.33% [34].

为贯彻落实党的二十届三中全会精神和党中央、国务院关于深化石油天然气市场体系改革、完善价格治 理机制的决策部署，加强自然垄断环节价格监管，提升天然气管道运输效率，国家发展改革委、国家能 源局日前印发《关于完善省内天然气管道运输价格机制促进行业高质量发展的指导意见》(以下简称 《指导意见》)。 《指导意见》要求各地完善省内天然气管道运输价格机制。一是明确省内天然气管道运输价格由省级发 展改革部门制定，原则上不再下放定价权限。二是明确实行统一定价模式，由"一线一价"、"一企一 价"向分区定价或全省统一价格过渡，实现与跨省天然气管道运输价格机制有效衔接，助力形成"全国一 张网"。三是明确按照"准许成本加合理收益"的方法核定省内天然气管道运输价格，并对相关定价参数 作了规定。 《指导意见》要求各地加强省内天然气管道建设运营管理。一是要求省级能源主管部门统一负责省内天 然气管道规划，优化管道布局，减少运输层级，避免重复建设。二是要求加强投资项目审核把关，严格 控制增设不必要中间环节、不利于资源有效利用的项目，促进集中整合经营，提高管网运行效率。此 外，《指导意见》还对压减供气环节降低供气成本、规范市场秩序促进公平开放等方 ...

2025.08. 06 本文字数：1675，阅读时长大约3分钟 作者 | 第一财经 郭霁莹 为加强自然垄断环节价格监管，提升天然气管道运输效率，国家发改委、国家能源局近日发布《关于 完善省内天然气管道运输价格机制促进行业高质量发展的指导意见》（下称"《意见》"）。 《意见》明确，省内天然气管道运输价格由省级发展改革部门通过核定准许成本、监管准许收益确定 准许收入，同时向分区定价或全省统一价格过渡。要求综合施策推动压缩供气环节，减少层层加价， 降低下游用气成本。鼓励上游供气企业与城镇燃气企业、大用户开展直购直销。要求各省尽快制定完 善省内天然气管道运输价格管理办法，明确价格机制改革过渡期和过渡方式。 "意见的核心目标是建立科学、透明、高效的管道运输价格形成机制， 解决行业长期存在的价格机制 不统一、成本传导不畅、资源配置低效等问题 。"清燃智库总经理兼首席信息官黄庆告诉第一财经记 者，新规遵循"管住中间、放开两头" 原则，既对具有自然垄断属性的中间管道运输环节实施严格的 政府定价监管，也推动了上游气源采购和下游终端销售的市场化改革，最终建立"管输服务高效透 明、气源采购充分竞争、终端消费公平普惠"的天然气产业生 ...

由"一线一价""一企一价"向分区定价或全省统一价格过渡 中化新网讯 月1日，国家发改委、国家能源局发布《关于完善省内天然气管道运输价格机制促进行业高 质量发展的指导意见》(下称《意见》)，提出省内天然气管道运输价格应当实行统一定价模式，由"一 线一价""一企一价"向分区定价或全省统一价格过渡，以实现与跨省天然气管道运输价格机制有效衔 接，助力形成"全国一张网"。过渡期内可采取制定标杆价格等方式，引导管道经营企业优胜劣汰、资源 整合，提升管网运行效率。 据介绍，国家发展改革委、国家能源局下一步将指导各地系统评估省内天然气管道建设运营和价格管理 情况，加快完善相关政策，稳妥有序组织实施。 有业内人士表示，针对省内天然气管道，《意见》进一步允许其分区或实行单一价格，这样各个企业之 间在选择不同路径和不同服务商时比较容易处理。而且其原则是参照国家管网现有的定价方法，这将有 利于实现与跨省天然气管道运输价格机制有效衔接。 "区域管网是全国管网的一部分，《意见》的出台有利于将各省内天然气管道纳入国内管网整体系统之 中，从而为将来'全国一张网'的统一运行打下基础。"该人士指出。 《意见》提出，首先要科学核定价格水平。省级发 ...

行业报告 | 行业点评 石油石化 证券研究报告 《完善省内天然气管输价格机制》指导意见出台，或 有利于下游城燃公司降本 国家发改委、能源局发布省内天然气管输指导意见 2025 年 8 月 1 日，国家发展改革、国家能源局发布《关于完善省内天然气 管道运输价格机制促进行业高质量发展的指导意见》。《指导意见》的推出贯 彻落实了党的二十届三中全会精神和党中央、国务院关于深化石油天然气市 场体系改革、完善价格治理机制的决策部署，有利于加强自然垄断环节价格 监管，提升天然气管道运输效率，促进行业高质量发展。 《指导意见》要求各地完善省内天然气管道运输价格机制 明确省内天然气管道运输价格由省级发展改革部门制定，原则上不再下放定 价权限。 明确实行统一定价模式，由"一线一价"、"一企一价"向分区定价或全省统 一价格过渡，实现与跨省天然气管道运输价格机制有效衔接，助力形成"全 国一张网"。根据发改委规定，目前我国跨省天然气管道运输价格已经从 2024年起执行"一区一价"，即核定西北价区运价率为0.1262元/千立方米·公 里（含 9%增值税，下同），东北价区运价率为 0.1828 元/千立方米·公里，中 东部价区运价率为 0 ...

Core Viewpoint - The document outlines guidelines for improving the pricing mechanism of natural gas pipeline transportation within provinces, aiming to enhance industry efficiency and promote high-quality development [3]. Group 1: Pricing Authority and Model - Provincial development and reform departments are responsible for setting natural gas pipeline transportation prices, with no further delegation of pricing authority [4]. - A unified pricing model will be implemented, transitioning from "one line one price" and "one enterprise one price" to either zonal pricing or a province-wide uniform price, facilitating integration with inter-provincial pricing mechanisms [5]. Group 2: Price Level Determination - Pricing will be based on a "permitted cost plus reasonable return" method, with a focus on cost monitoring and considering gas throughput to determine transportation prices [6]. - The depreciation period for pipeline assets is set at 40 years, and the permitted return rate should not exceed the 10-year government bond yield plus 4 percentage points [6]. - A regulatory cycle for price adjustments is established at three years, with provisions for early reviews if significant changes occur [7]. Group 3: Pipeline Planning and Investment Management - Provinces are encouraged to enhance the management of natural gas pipeline construction and operation, ensuring economic viability and efficient operation [8]. - Investment projects must be carefully reviewed to avoid unnecessary intermediate links and ensure effective resource utilization [9]. Group 4: Reducing Supply Chain Costs - Efforts will be made to evaluate and compress supply chain costs, encouraging direct purchasing between upstream suppliers and end-users [10]. - The document emphasizes the need to eliminate unnecessary supply chain layers and regulate service pricing strictly [10]. Group 5: Market Order Regulation - Pipeline operators must adhere to government pricing policies and avoid circumventing regulations through alternative fees [11]. - The document mandates fair access to pipeline facilities and outlines the need for strict supervision of pricing practices to maintain market order [11]. Group 6: Implementation and Monitoring - Provinces are required to compile a comprehensive list of natural gas pipelines subject to government pricing and continuously update it [12]. - A systematic evaluation of pipeline planning and pricing management will be conducted to ensure compliance with the new guidelines [12].

新华社北京8月1日电（记者魏弘毅、魏玉坤）记者8月1日从国家发展改革委获悉，为加强自然垄断环节 价格监管，提升天然气管道运输效率，国家发展改革委、国家能源局近日印发《关于完善省内天然气管 道运输价格机制促进行业高质量发展的指导意见》。 意见要求各地完善省内天然气管道运输价格机制。一是明确省内天然气管道运输价格由省级发展改革部 门制定，原则上不再下放定价权限。二是明确实行统一定价模式，由"一线一价""一企一价"向分区定价 或全省统一价格过渡，实现与跨省天然气管道运输价格机制有效衔接，助力形成"全国一张网"。三是明 确按照"准许成本加合理收益"的方法核定省内天然气管道运输价格，并对相关定价参数作了规定。 意见还要求各地加强省内天然气管道建设运营管理。一是要求省级能源主管部门统一负责省内天然气管 道规划，优化管道布局，减少运输层级，避免重复建设。二是要求加强投资项目审核把关，严格控制增 设不必要中间环节、不利于资源有效利用的项目，促进集中整合经营，提高管网运行效率。此外，意见 还对压减供气环节降低供气成本、规范市场秩序促进公平开放等方面提出了相关要求。 据介绍，国家发展改革委、国家能源局下一步将指导各地系统评估省内 ...

《意见》还要求科学核定价格水平，包括统一定价方法和原则，合理设置定价参数，明确价格监管周 期。同时提出优化管道规划和投资管理、压减供气环节、规范市场秩序和强化组织实施。 关于完善省内天然气管道运输价格机制促进行业高质量发展的指导意见(发改价格〔2025〕1014号) （文章来源：新华财经） 新华财经北京8月1日电据国家发展改革委网站1日消息，国家发展改革委、国家能源局日前发布《完善 省内天然气管道运输价格机制促进行业高质量发展的指导意见》。 《意见》提出，明确定价权限和范围。省（自治区、直辖市，下同）内各级天然气管道（不含企业内部 自用管道）运输价格由省级发展改革部门制定，原则上不再下放定价权限。已经纳入国家统一定价的跨 省天然气管道系统省内段及配套支线，省级发展改革部门不再重复定价。 《意见》要求合理确定定价模式。省内天然气管道运输价格应当实行统一定价模式，由"一线一 价"、"一企一价"向分区定价或全省统一价格过渡，实现与跨省天然气管道运输价格机制有效衔接，助 力形成"全国一张网"。过渡期内可采取制定标杆价格等方式，引导管道经营企业优胜劣汰、资源整合， 提升管网运行效率。 ...