机构：申万宏源研究 研究员：王璐/朱赫 香港中华煤气公布2025 年上半年业绩：实现营业收入275.14 亿港元，同比增长0.1%；实现归母净利润 29.64 亿港元，同比下降2.5%，剔除借贷汇兑损益影响后同比增长5%，符合我们的预期。汇兑因素不影 响实际现金流表现。公司拟派中期股息0.12 港元/股，多年来保持年度派息0.35 港元/股，以8月20 日收 盘价计算，股息率4.97%。 香港业务量稳利升，长期仍有增长驱动。1H25 香港燃气销售量14935TJ，同比基本持平，居民用气提升 抵消了由于香港市民北上消费增加的负面影响。2024 年8 月，多年未变的保养月费调增0.5 港元/月，基 本定价也上涨0.013 港元/MJ，价格提升后香港燃气业务盈利能力进一步增强，1H25 香港公用业务税后 经营利润提升6%至21.5 亿港元，为公司贡献主要利润增量。展望未来，公司在香港地区调价自主性较 强，且目前燃气较电力性价比持续凸显，看好燃气价格长期仍具备提升空间。目前香港特区政府加快发 展北部都会区，销气潜力有望达5,500TJ，长周期为香港燃气业务提供增长动能。 延伸业务业绩稳增，引入战投为业务成长护航。1H ...

机构：华泰证券 研究员：王玮嘉/黄波/李雅琳/胡知 香港中华煤气公布1H25 业绩：收入275 亿港元，同比持平；核心利润30.8亿港元，同比-3%；归母净利 29.6 亿港元，同比-3%。公司核心利润略低于我们预期的31.9 亿港元，主要是汇兑因素导致财务费用高 于我们预期。香港煤气销量同比持平，涨价效益有望延续。内地城燃销气增速放缓，价差修复幅度或将 收敛。可再生能源和绿色能源业务具备增长潜力。公司维持中期DPS 12 港仙，我们预计全年DPS 有望 持平于35 港仙，对应股息率5.0%。 公司分红规划明确，维持买入评级。 香港煤气：煤气销量稳定，涨价效益有望延续 1H25 公司的煤气销量为14,935TJ、同比持平；其中居民气量同比+2.5%、得益于平均温度同比降低 0.8℃；商业同比-2.3%、受南下旅游模式改变和港人北上影响。考虑到香港本地需求稳定，我们预计 2025 年煤气销量延续同比持平的态势。公司有望持续受益于香港本地完善的顺价机制，我们预计2025 年香港EBITDA 利润率有望维持在52%左右的水平。 内地城燃：销气增速放缓，价差修复幅度或将收敛1H25 公司城市燃气销气量达到185.8 ...

Investment Rating - The report maintains a "Recommended" rating for Jilin Electric Power Co., Ltd. (吉电股份) [1] Core Views - The company's revenue for the first half of 2025 was 6.569 billion yuan, a year-on-year decrease of 4.63%, with a net profit attributable to shareholders of 726 million yuan, down 33.72% year-on-year [3] - The company plans to distribute a cash dividend of 0.2 yuan per 10 shares, corresponding to a dividend payout ratio of approximately 10% [3] - The stable profitability of thermal power is highlighted, while the performance is dragged down by new energy and asset impairment losses [3] - The company has a clean energy installed capacity of 11.35 million kilowatts, with a focus on wind power projects, indicating a strategic shift towards quality over quantity in new energy development [3] - The successful launch of the green ammonia project marks the beginning of the company's green hydrogen-based energy platform [3] - The company plans to change its name to reflect its focus on green energy, which aligns with its current business structure and future development priorities [3] Financial Summary - For the first half of 2025, the revenue breakdown includes coal power (2.212 billion yuan), wind power (1.537 billion yuan), solar power (1.941 billion yuan), heating (714 million yuan), and other operations (165 million yuan) [3] - The gross profit margins for these segments were 29.12%, 46.93%, 40.27%, -21.19%, and 14.20% respectively [3] - The report forecasts a decline in net profit for 2025-2027, estimating 1.030 billion yuan, 1.312 billion yuan, and 1.461 billion yuan respectively, with corresponding P/E ratios of 18.73x, 14.70x, and 13.21x [4][6]

8月20日，中集安瑞科旗下中集绿能低碳科技（广东）有限公司与中国航油集团南方储运有限责任公司 业务合作框架协议签约仪式在湛江举行。双方将整合绿色甲醇生产与储运核心能力，共建华南地区首个 覆盖"生产-仓储-报关-交割-运输-提货"的全链条绿色甲醇供应网络。 ...

Group 1: Financial Performance - Hong Kong and China Gas Company reported a revenue of HKD 27.514 billion for the first half of 2025, representing a year-on-year growth of 0.07% [1] - The after-tax operating profit was HKD 3.996 billion, an increase of 2.86% compared to the previous year [1] - Shareholders' profit attributable decreased by 2.5% to HKD 2.964 billion, with basic earnings per share at HKD 0.159 and an interim dividend of HKD 0.12 per share [1] Group 2: Utility Business in Hong Kong - The average temperature in Hong Kong during the first half of the year was lower than the same period last year, leading to an increase in residential gas sales [1] - The overall gas sales volume in Hong Kong remained stable, supported by the completion of gas application facilities in various commercial buildings, sports venues, hotels, and hospitals, along with a recovery in tourism [1] - The company is advancing its hydrogen commercialization process, including projects for hydrogen supply at construction sites and hydrogen refueling, which are expected to drive future profit growth [1] Group 3: Utility Business in Mainland China - Despite challenges from tariff issues and a warm winter in the north, the urban gas sales volume remained stable [1] - The company maintained stable profits in its gas business through price adjustments, refined management, and close cooperation with upstream gas suppliers, with the urban gas comprehensive price difference increasing by RMB 0.04 per cubic meter to RMB 0.54 per cubic meter [1] Group 4: Renewable Energy Business - The core profit of Honghua Smart Energy, a subsidiary, grew by 2% to HKD 719 million, with cumulative photovoltaic grid connection reaching 2.6 GW and commercial energy storage reaching 260 MWh as of June 30, 2025 [2] - The company is promoting an integrated decarbonization business model of "photovoltaics + energy storage + electricity sales" to enhance profitability [2] Group 5: Green Methanol Business - The green methanol business achieved a breakthrough with the establishment of a joint venture, VENEX, with Fuan Energy, planning to set up a factory in Foshan with an initial production capacity of 200,000 tons per year, expected to commence production in the second half of 2027 [2] - The company is collaborating with the Hong Kong SAR government and industry partners to advance the construction of a green shipping fuel hub in Hong Kong, focusing on green methanol production, storage, transportation, and trading [2]

The Hong Kong and China Gas Company Limited (0003.HK) 2025 Interim Results 20 August 2025 1 The Hong Kong and China Gas | 2025 Interim Results 2025: Overall Operating Environment and Group Strategy Macro Environment Group Strategy Uncertainty in tariff policies affects industrial energy consumption Weak economy and slight decline in PMI affect exports "Launching the Construction of Zero-Carbon Parks" brings positive impacts to green energy The government boosts consumption through fiscal subsidies and consu ...

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 13.50 [5][9]. Core Insights - The company's performance in the first half of 2025 met expectations, with revenue of RMB 15.338 billion (up 8.6% year-on-year) and net profit attributable to the parent company of RMB 310 million (up 7.3% year-on-year) [5][6]. - The company is actively advancing its green methanol and hydrogen energy businesses, which are expected to contribute to long-term profit growth [7][9]. - The operating cash flow significantly increased by 602% year-on-year to RMB 686 million, supporting a high dividend payout ratio [8][9]. Financial Performance Summary - Revenue projections for the company are as follows: RMB 31.589 billion in 2024 (up 23.7%), RMB 35.021 billion in 2025 (up 10.86%), RMB 37.001 billion in 2026 (up 5.65%), and RMB 39.531 billion in 2027 (up 6.84%) [4]. - Net profit attributable to the parent company is forecasted to be RMB 853.12 million in 2024, RMB 977.09 million in 2025, RMB 1.037 billion in 2026, and RMB 1.086 billion in 2027 [4]. - The company maintains a stable dividend payout, with a projected dividend yield of 4.47% in 2025 [4][9]. Business Segment Analysis - The city gas business revenue decreased to RMB 6.577 billion in the first half of 2025 (down 4.9% year-on-year) due to a decline in natural gas supply [6]. - The supply chain business saw significant growth, with revenue reaching RMB 8.282 billion in the first half of 2025 (up 22.7% year-on-year) [7]. - The company has established a joint venture for green methanol production, aiming for an initial capacity of 50,000 tons, with plans to increase to 300,000 tons [7].

Core Viewpoint - The article emphasizes the importance of green methanol as a viable pathway to achieve carbon neutrality goals, highlighting recent advancements and ongoing challenges in the industry [3][4]. Industry Developments - The National Energy Administration has initiated efforts to promote green fuel technologies, with provinces like Jiangsu and Zhejiang actively developing green methanol projects [3]. - Significant breakthroughs in the green methanol industry include the launch of the first large-scale green hydrogen coupled biomass project and multiple companies securing international orders for green methanol [3]. - Despite progress, the industry faces challenges such as excessive planning, limited implementation, and market absorption difficulties [3]. Forum Information - The 2025 Liquid Sunshine Industry Development Forum will take place from September 24-26, 2025, in Dalian, Liaoning, focusing on macro trends, key technologies, and ecological construction in the green methanol industry [3][4]. - The forum will feature prominent experts and representatives from government, international ports, and various industry sectors to foster collaboration and innovation [3][4]. Key Speakers and Topics - Notable speakers include academicians and industry leaders discussing topics such as carbon capture, hydrogen production, and sustainable aviation fuel (SAF) technologies [4][5][6][7][8][9][10][11][12][13][14][15]. - The forum will cover advancements in CO₂ utilization, biomass gasification, and the development of green methanol production technologies [4][5][6][7][8][9][10][11][12][13][14][15]. Event Highlights - The forum aims to facilitate discussions on the green methanol industry's development direction, technological advancements, and international cooperation opportunities [25][29]. - Various interactive formats will be employed, including exhibitions, site visits, and technology showcases to enhance engagement among participants [25][29]. Future Prospects - The green methanol industry is positioned to capitalize on global energy transformation opportunities, with ongoing research and development efforts aimed at overcoming existing challenges [3][4][25].

Investment Rating - The report maintains an "Outperform" rating for the industry [6] Core Insights - The lithium battery sector shows strong growth with new models entering the Ministry of Industry and Information Technology's catalog and July battery production and sales maintaining high year-on-year growth [2][10] - The photovoltaic sector is experiencing price rebounds for certain models due to supply shortages, with a focus on the upcoming photovoltaic enterprise symposium [3][19] - The wind power sector is set for significant development under the "14th Five-Year Plan," with leading companies expanding into international markets [4][29] - The energy storage sector is seeing substantial projects in Indonesia and new regulatory frameworks in Gansu, indicating a growing market [3][37] - The power equipment sector is benefiting from reduced costs and new high-voltage projects in Xinjiang [4][46] - The industrial control and robotics sector is witnessing rapid advancements in AI and significant investments in humanoid robotics [4][54] - The hydrogen energy sector is marked by the launch of a major green methanol project and the emergence of solid oxide fuel cells in demonstration applications [4][64] Summary by Sections 1. New Energy Vehicles and Lithium Battery Sector - The Ministry of Industry and Information Technology has listed several new electric vehicle models, indicating a robust market for lithium batteries [10] - In July, the total production of power and other batteries reached 133.8 GWh, a year-on-year increase of 44.3% [11] - Key companies to watch include CATL, Kadel, and others with competitive advantages in cost and technology [12] 2. New Energy Generation Sector 2.1 Photovoltaic Sector - Prices for 710W photovoltaic modules have rebounded due to supply shortages, while the market for 650W and below modules remains mixed [19][20] - The upcoming symposium by the Ministry of Industry and Information Technology is expected to address subsidy policies [19] - Companies to focus on include Tongwei, Xinyi Solar, and others benefiting from supply-side reforms [26] 2.2 Wind Power Sector - The government is emphasizing the development of offshore wind power under the "14th Five-Year Plan" [29] - Companies like Zhongtian Technology are expanding into international markets, enhancing their competitive edge [30] - Key materials for wind power are seeing price increases, indicating a positive outlook for the sector [31] 3. Energy Storage Sector - Indonesia's initiative to build 320 GWh of battery storage systems is a significant development for the energy storage market [37][38] - Gansu's new regulatory framework aims to enhance the quality of renewable energy projects [39][40] - Companies to watch include Kehua Data, Nandu Power, and others involved in energy storage solutions [43] 4. Power Equipment Sector - The State Power Investment Corporation has reduced the cost of electricity generation significantly, enhancing operational efficiency [46][47] - New high-voltage projects in Xinjiang are being prioritized, indicating growth in infrastructure investment [48] - Companies like Jinpan Technology and others are positioned to benefit from these developments [49] 5. Industrial Control and Robotics Sector - The robotics industry is experiencing rapid growth, with significant investments in humanoid robots and automation technologies [54][55] - The establishment of a new robotics industrial park in Foshan is expected to attract numerous companies and boost local production [56] - Key players include Huichuan Technology and others involved in automation solutions [61] 6. Hydrogen Energy Sector - Longi Green Energy has launched a major green methanol project, which is expected to significantly impact the hydrogen energy market [64][65] - The solid oxide fuel cell technology is entering a demonstration phase, driven by increasing demand from data centers [66] - Companies like Yihua Energy and others are key players in the hydrogen energy landscape [71]

证券研究报告 | 行业周报 gszqdatemark 2025 08 17 年 月 日 电力设备 发改委提到"十五五"海上风电将获大力发展，隔膜企业达成五项反内卷共识 光伏：光伏玻璃下月价格有望持续上行，光伏辅材价格开始复苏。根据索比咨询 信息，本周 EVA 粒子小幅上涨，涨幅在 0.4%。8 月初，光伏玻璃已经开始上调报 价，3.2mm 和 2.0mm 均已上调 0.5 元/平，分别涨至 3.2mm 玻璃 19 元/平，2.0mm 玻璃 11 元/平。随着库存持续下降，本周光伏玻璃低价货源持续减少，后续光伏玻 璃价格有望持续上行。核心关注三大方向：1）供给侧改革下的产业链涨价机会， 核心关注协鑫科技、通威股份、大全能源、福莱特、双良节能、晶澳科技、东方日 升等。2）新技术背景下带来的中长期成长性机会，建议关注迈为股份、爱旭股份、 聚和材料等。3）钙钛矿 GW 级布局带来的产业化机会，建议关注金晶科技等。 风电&电网："十五五"海洋经济发展规划启动编制工作，强调海上风电将获大力 发展；青洲七导管架发运。新华社 13 日推出第二十二期"中国经济圆桌会"大型 全媒体访谈节目，邀请国家发展改革委区域协调发展司副司长 ...