Core Viewpoint - The company operates with a dual focus on "gas + clean energy," developing a comprehensive natural gas supply chain and actively expanding into clean energy sectors like photovoltaics [1][3]. Group 1: Business Operations - The company has established a full industry system for natural gas, including exploration, transportation, storage, and sales, while also expanding into clean energy such as photovoltaics [1]. - The gas-fired power generation business is primarily managed by its subsidiary, Shenran Thermal Power, which has two operational 9E gas-steam combined cycle units with a capacity of 2×180MW and plans to launch a 470MW 9F unit by June 2024 [1]. - The first 9F unit has generated approximately 1.02 billion kilowatt-hours of electricity since its launch, and the second unit is expected to contribute additional revenue [1]. Group 2: Supply Chain and Innovation - The company has secured natural gas supply agreements with major suppliers like PetroChina, Sinopec, and BP China, ensuring stable and secure gas supply through various infrastructure [2]. - A long-term agreement with PetroChina guarantees a contract volume of 9.69 billion cubic meters over ten years, while another agreement with Guangdong Dapeng Company ensures an annual supply of 271,000 tons of natural gas [2]. - The company has established a robust innovation ecosystem, with 7 national high-tech enterprises and 6 specialized enterprises, and has developed various gas control equipment and energy devices [2]. Group 3: Financial Outlook - The company has 53 gas business operating rights across 11 provinces, with a projected pipeline gas sales volume of 4.975 billion cubic meters in 2024, reflecting a year-on-year growth of 2.78% [3]. - The subsidiary, Swick, is the second-largest photovoltaic encapsulation film manufacturer globally, with an annual production capacity exceeding 1 billion square meters across four production bases [3]. - The company maintains a "buy" rating, with expected earnings per share of 0.52 yuan for 2025 and 2026, and 0.53 yuan for 2027, corresponding to a PE valuation of 13 times [3].

长江基建集团(01038)发布2025年度中期业绩，营业额 203.59亿港元，同比增长6.6%;公司股东应占溢利 43.48亿港元，同比增长0.9%;每股基本盈利1.73港元，拟派中期股息每股0.73港元。 于2025年上半年度，集团表现稳健，尽管期内市场被多变政治局势、复杂利率前景、贸易壁垒及通胀压 力等地缘政治及经济不确定性笼罩。集团财务实力持续坚稳，不仅有助长江基建强化其抵御环球动荡市 况的韧力，亦提供灵活性以寻求增长机遇。 长江基建的财务根基持续雄厚，于2025年6月30日，集团持有现金港币47亿元，负债净额对总资本净额 比率维持10.6%的稳健水平，若以透视基准计入基建投资组合中的净负债，该比率为业界低水平的 48.7%。 此外，集团于英国及澳洲的配电网络继续拓展可持续发展项目，包括智慧电网方案、电动车充电基建设 施，以及兼容可再生能源的整合系统。配气网络进行的洁净氢气╱生物甲烷项目亦于英国及澳洲顺利推 进。同时，Canadian Power 的 Okanagan 风电项目及 UK Renewables Energy 的风电场、UK Power Networks Services 及澳洲非受规管业 ...

Industry News - The National Development and Reform Commission has released a draft for public consultation regarding the "Cross-Province and Cross-Region Power Emergency Dispatch Management Measures," emphasizing market-oriented resource allocation among State Grid, Southern Grid, and Inner Mongolia West Grid [4] - The Ministry of Industry and Information Technology aims to promote high-quality development in manufacturing measurement while advancing industrial green and low-carbon safety, focusing on low-energy and low-emission measurement tools [4] - The Ministry of Commerce reported a 19% increase in electric vehicle exports in the first five months of this year, contributing to a robust performance in China's foreign trade [4] - The nuclear power index has seen six consecutive weeks of gains, with the World Bank lifting its ban on financing nuclear power projects, marking a significant shift in support for nuclear energy [4] - Insurance funds have increasingly targeted energy stocks, with 15 instances of stake acquisitions by the end of May, indicating a strong interest in the energy sector due to its stable demand characteristics [4] Company News - Southern Power Grid is actively responding to Typhoon "Butterfly," deploying over 6,200 personnel and 2,100 vehicles to ensure electricity supply amid severe weather conditions [5] - The largest and most efficient gas turbine in China has completed installation at the Anji Power Plant, marking a significant advancement in gas power generation technology with an efficiency of up to 64.15% [5] - The first batch of power generation units from the "Xinjiang Electricity to Chongqing" project has been put into operation, supporting electricity supply for the summer peak in Chongqing [7] - JinkoSolar has signed multiple cooperation agreements for its new generation N-type TOPCon module, Tiger Neo 3.0, indicating a strong push for global market penetration [9] Local News - Inner Mongolia has successfully conducted its first green electricity transaction with Southern Grid, facilitating a large-scale cross-region green power trade with an expected volume of 1.637 million kilowatt-hours [10]