证券研究报告 Energy Transfer (ET US) 核心能源基建，构筑价值护城河 2025 年 7 月 02 日│美国 燃气及分销 首次覆盖 Energy Transfer 并给予"买入"评级，目标价 23.34 美元（25 年 10x EV/EBTIDA）。ET 凭借全产业链布局、Permian 核心地位及出口龙头 优势，在能源转型中占据"基础设施红利"。财务稳健+分红增长+管理层执 行力构成抗风险壁垒，美国电力需求增长与 LNG 全球化机遇提供上行弹性， 其不可替代的资产网络、高可预见性现金流及新兴业务布局，使其成为兼顾 防御性与成长性的能源基础设施核心标的。 不可替代的资产网络：全美能源流动的"基础设施骨干" 2024 年末 ET 拥有全美 18%油气管道网络，控制 Permian Basin 28%原油 外输量及 25%天然气收集量，NGL 分馏能力占全美 30%，全球最大 Mont Belvieu 枢纽处理成本较行业低 20%。能源转型下，IEA 预测美国 LNG 出口 量 2030 年或翻倍至 240 MTPA，ET 在手产能 16.5 MTPA、已签 20 年长约 锁定 80%以上产能 ...

Core Insights - In June, the total market value of 83 state-owned listed companies in Shandong increased by 17.286 billion yuan, with 54 companies experiencing growth, 1 remaining stable, and 28 seeing a decrease [1] Market Value Changes - Shandong Gold (600547.SH) led the market value increase with a growth of 6.976 billion yuan, followed by Inspur Information (000977.SZ) with 2.841 billion yuan and Zhongtai Securities (600918.SH) with 2.369 billion yuan [1] - The top ten companies by market value increase included Weichai Power (000338.SZ) with 2.303 billion yuan and Weichai Heavy Machinery (000880.SZ) with 1.875 billion yuan [1] Stock Price Performance - Shandong Melon (002490.SZ) had the highest stock price increase in June, with a rise of 61.42%, followed by Meichen Technology (300237.SZ) at 28.24% and Hongxing Development (600367.SH) at 23.24% [2][3] - Other notable performers included Weichai Heavy Machinery (000880.SZ) with a stock price increase of 17.6% and Haizhu Co. (301262.SZ) at 15.21% [3] Company Announcements and Developments - Inspur Information announced a share buyback plan with a total fund of no less than 200 million yuan and not exceeding 300 million yuan, with a maximum buyback price of 75.59 yuan per share [4] - Zhongtai Securities reported that Inspur Information is expected to see sustained growth in revenue and profit due to the GenAI wave [5] Performance Declines - Yanzhou Coal (600188.SH) experienced the largest market value decline in June, losing 4.173 billion yuan, followed by Shandong Expressway (600350.SH) with a decrease of 3.786 billion yuan and Qingdao Beer (600600.SH) with a drop of 3.34 billion yuan [6][7] - Other companies with significant market value losses included Shanjin International (000975.SZ) and Qingdao Port (601298.SH), both losing over 2 billion yuan [8] Additional Company Insights - Yanzhou Coal is recognized as a leading coal producer in East China, focusing on coal production, processing, and sales, with a strong outlook due to rising coal prices [9] - Luyuan Pharmaceutical (600789.SH) has shown consistent revenue growth, with projected revenues of 5.621 billion yuan, 6.147 billion yuan, and 6.233 billion yuan from 2022 to 2024 [9][10]

Core Viewpoint - The Asian Infrastructure Investment Bank (AIIB) is positioned as a new multilateral development bank headquartered in Beijing, focusing on green and low-carbon infrastructure, digital infrastructure, and cross-city connectivity among other areas for future investments [1][5]. Group 1: AIIB Overview - AIIB was established in 2015 and began operations in 2016, growing from 57 founding members to 110 members, covering 81% of the global population and 65% of global GDP [3][11]. - As of June 24, 2025, AIIB has approved 322 projects with total financing exceeding $60 billion, mobilizing over $200 billion for infrastructure development, benefiting 38 members both within and outside Asia [3][11]. - In China, AIIB has approved 22 projects with a total investment of $4.6 billion, focusing on key areas such as green transportation, clean energy, and public health [3][11]. Group 2: Advantages of Beijing - Beijing's location facilitates efficient communication and collaboration with host countries, enhancing AIIB's operational effectiveness [4]. - The city’s high level of internationalization, with numerous embassies and multinational corporate headquarters, provides a conducive environment for multilateral dialogue and global cooperation [4]. - Beijing boasts strong financial and technological foundations, leading in green finance and digital infrastructure, which supports innovative financing and technology-driven projects for AIIB [4]. - The rich talent pool and think tank resources in Beijing, particularly from top universities, enhance policy research capabilities beneficial for AIIB's diverse projects [4]. - Beijing's status as a transportation hub allows for efficient organization of international meetings and events, facilitating global business interactions [4]. Group 3: Key Investment Areas - Future investments in Beijing will focus on six major areas: 1. Green and low-carbon infrastructure, including projects for green transportation and renewable energy [8]. 2. Digital infrastructure, enhancing smart city capabilities through advanced technologies [8]. 3. Social infrastructure, addressing public health and education needs [8]. 4. Climate resilience and disaster prevention, improving urban adaptability to climate change [8]. 5. Technology-driven and innovative projects, promoting replicable models for national and international application [8]. 6. Cross-city connectivity, enhancing infrastructure integration across regions [9]. Group 4: Recognition and Governance - AIIB has gained widespread international recognition due to its transparent governance, aligning with multilateral development bank standards [11][12]. - The bank has maintained a robust operational framework, with a total of 322 projects approved and financing exceeding $60 billion, while adhering to the Paris Agreement [11][12]. - AIIB holds a AAA credit rating from three major international agencies, positioning itself as a key player in global infrastructure development and governance [12].

山东墨龙石油机械股份有限公司的主营业务是能源装备行业所需产品的设计研发、加工制造、销售服务 与出口贸易。公司的主要产品是石油钻采机械装备、石油天然气输送装备、油气开采装备。公司在能源 装备专用设备领域具有较强的研发能力，已承担国家级、省级有关科研项目80余项，拥有山东省级企业 技术中心、山东省石油专用管工程技术研究中心、国家认可实验室（CNAS）及潍坊市石油机械工程技 术研究中心等创新平台，是高新技术企业、中国能源装备基地龙头企业；2023年，公司被评为寿光市唯 一一家国家知识产权示范企业。 6月10日，山东墨龙今日收盘3.99元，下跌2.44%，最新市净率6.40，总市值31.83亿元。 资金流向方面，6月10日，山东墨龙主力资金净流出436.29万元，近5日总体呈流出状态，5日共流出 955.96万元。 序号股票简称PE(TTM)PE(静)市净率总市值(元)55山东墨龙-12.47-72.856.4031.83亿行业平均 60.5369.554.1460.60亿行业中值49.5649.743.1440.37亿1中船应急-1691.09878.182.9275.89亿2利和 兴-773.05587.644. ...

陕西省天然气股份有限公司章程 陕西省天然气股份有限公司 二〇二五年五月 陕 西 省 天 然 气 股 份 有 限 公 司 章程 | | 目 录 | | --- | --- | | 第一章 | 总则……………………………………………………………………… 1 | | 第二章 | 经营宗旨和范围………………………………………………………… 3 | | 第三章 | 股份……………………………………………………………………… 3 | | 第一节 | 股份发行…………………………………………………………… 3 | | 第二节 | 股份增减和回购…………………………………………………… 4 | | 第三节 | 股份转让…………………………………………………………… 5 | | 第四章 | 股东和股东会………………………………………………………………7 | | 第一节 | 股东………………………………………………………………… 7 | | 第二节 | 控股股东和实际控制人……………………………………………10 | | 第三节 | 股东会的一般规定…………………………………………………12 | | 第四节 | 股东会的召集……… ...

Core Viewpoint - Shandong Molong's stock closed at 4.0 yuan, down 2.44%, with a latest price-to-book ratio of 6.41 and a total market capitalization of 3.191 billion yuan [1] Financial Performance - In Q1 2025, the company achieved operating revenue of 291 million yuan, a year-on-year increase of 50.51%, while net profit was 5.4232 million yuan, reflecting a year-on-year decrease of 97.50% with a sales gross margin of 9.33% [1] Market Activity - On May 23, 2023, Shandong Molong experienced a net outflow of 5.226 million yuan in principal funds, with a total outflow of 36.8326 million yuan over the past five days [1] Company Overview - Shandong Molong specializes in the design, research and development, manufacturing, sales services, and export trade of products required for the energy equipment industry, primarily focusing on oil drilling machinery, oil and gas transportation equipment, and oil and gas extraction equipment [1] - The company has strong R&D capabilities in the field of specialized energy equipment, having undertaken over 80 national and provincial scientific research projects, and is recognized as a high-tech enterprise and a leading enterprise in China's energy equipment base [1] - In 2023, the company was recognized as the only national intellectual property demonstration enterprise in Shouguang City [1] Industry Comparison - Shandong Molong's price-to-earnings ratio (TTM) is -12.51, with a static PE of -73.03, and a market capitalization of 3.191 billion yuan, compared to the industry average PE of 60.58 and a median PE of 47.95 [2]

Core Viewpoint - Shandong Molong's stock closed at 4.24 yuan on May 19, with a 1.68% increase, and a market capitalization of 3.383 billion yuan, indicating a challenging financial performance despite a strong revenue growth in the latest quarter [1]. Company Overview - Shandong Molong Petroleum Machinery Co., Ltd. specializes in the design, research and development, manufacturing, sales, and export of products required for the energy equipment industry, primarily focusing on oil drilling machinery, natural gas transportation equipment, and oil and gas extraction equipment [1]. - The company has a strong research and development capability in the field of specialized energy equipment, having undertaken over 80 national and provincial scientific research projects, and is recognized as a high-tech enterprise and a leading enterprise in China's energy equipment base [1]. Financial Performance - In the first quarter of 2025, the company reported a revenue of 291 million yuan, representing a year-on-year increase of 50.51%, while the net profit was 5.4232 million yuan, showing a significant decline of 97.50% year-on-year, with a sales gross margin of 9.33% [1]. Market Metrics - The company's price-to-earnings (PE) ratio (TTM) is -13.26, with a static PE of -77.41 and a price-to-book (PB) ratio of 6.80, compared to the industry average PE of 62.46 and PB of 4.28 [2]. - The total market capitalization of Shandong Molong is 3.383 billion yuan, which is lower than the industry median market cap of 3.929 billion yuan [2].

Group 1 - The core business of Shandong Molong Petroleum Machinery Co., Ltd. includes the design, research and development, manufacturing, sales services, and export trade of products required for the energy equipment industry [1] - The company has a strong research and development capability in the field of energy equipment, having undertaken over 80 national and provincial scientific research projects [1] - As of the first quarter of 2025, the company reported a revenue of 291 million yuan, a year-on-year increase of 50.51%, while net profit was 5.42 million yuan, a year-on-year decrease of 97.50% [1] Group 2 - The latest closing price of Shandong Molong is 4.19 yuan, down 4.56%, with a current price-to-book ratio of 6.72 and a total market value of 3.343 billion yuan [1] - The company is recognized as a high-tech enterprise and a leading enterprise in China's energy equipment base, and it was awarded as the only national intellectual property demonstration enterprise in Shouguang City in 2023 [1] - The average price-to-earnings ratio (PE) for the industry is 60.39, while Shandong Molong has a TTM PE of -13.10, indicating a significant deviation from industry norms [2]

消息上， 一方面，山东墨龙股票于4月30日停牌1天，5月6日开市起复牌并撤销其他风险警示，证券简称由"st墨龙"变更为"山东墨龙"。另一方 面，深交所5月6日发布公告，因山东墨龙在深交所上市的A股被撤销其他风险警示，将山东墨龙调入深港通下的港股通标的证券名单，并自2025年 5月6日起生效。 "摘帽"及重返港股通标的证券名单后，山东墨龙股价连续拉升，H股两天最大涨幅一度超476%。 在此背景下，山东墨龙却在三日内遭遇大股东暴力减持约17%的总股本！一起来看具体情况。 01 成功"摘帽" 山东墨龙单日飙升200%！ 5月6日，正式"脱帽"的山东墨龙高开高走。其中，A股股票在早盘开盘后不久就强势涨停，H股则在午后大幅拉升，一度涨幅超过200%。 相关公告显示，最近六年，山东墨龙扣非后净利润连续为负值。2023年公司财务报告被年审会计师出具带持续经营重大不确定性段落的无保留意见 审计报告，公司股票交易因此被实施其他风险警示。 2024年亏损大幅收窄，公司成功"摘帽"。从财务数据来看，2024年公司实现营业总收入13.56亿元，较上一年增长约3%。归属于上市公司股东的 净利润虽仍处于亏损状态，但与2023年的亏损5. ...

序号股票简称PE(TTM)PE(静)市净率总市值(元)54山东墨龙-13.60-79.426.9734.71亿行业平均 59.8770.404.1459.93亿行业中值47.7547.022.9839.12亿1中船应急-1666.90865.622.8874.80亿2利和 兴-819.96623.305.2644.13亿3卓兆点胶-668.26-126.104.5126.17亿4开勒股份-566.67-343.304.7336.15亿5博 杰股份-523.46212.332.3247.25亿6至纯科技-484.59430.672.12101.63亿7爱司凯-362.38-1052.716.6131.95亿 8花溪科技-300.52656.195.2410.25亿9蓝英装备-280.96-337.378.2973.41亿10舜禹股 份-269.03154.541.4421.09亿11展鹏科技-164.77218.612.2521.78亿 来源：金融界 5月6日，山东墨龙今日收盘4.35元，上涨10.13%，最新市净率6.97，创312天以来新低，总市值34.71亿 元。 截至2025年一季报，共有2家机构持仓山 ...