汇丰研究发表报告指，面对新接驳量缩减和天然气需求增长放缓，预计天然气公用事业公司8月公布的2025年上半年业绩中录得低个位数的盈利增长。幸运的是，住宅用户价格重置带来的单位利润率仍在扩大，而非天然气业务普遍仍在增长。
该行继续看好新奥能源(02688.HK) ，因为其更多整合和多元化的投资组合在盈利和现金流方面具有优质特性，能够维持或增加股息，而近期的并购交易仍是股价的关键驱动因素。同时亦看好港华智慧能源(01083.HK) ，因其盈利增长强劲，风险回报吸引；以及昆仑能源(00135.HK) ，因其现金价值突出。
随着天然气公用事业进入更成熟的周期，总体盈利增长正在放缓，该行认为投资者更加关注现金流，以及股息收益率的质量。
该行将华润燃气(01193.HK) 评级由“持有”降至“减持”，因新接驳量急剧下降以及增值服务萎缩，下调对其盈利预估。昆仑能源评级则由“持有”升至“买入”，凭借其在油气领域更多整合和多元化的油气组合，持续展现盈利韧性，其净现金余额远高于同行。燃气股目标价详见另表。(ha/u)(港股报价延迟最少十五分钟。沽空资料截至 2025-07-11 16:25。)
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