CHINA GAS HOLDINGS LIMITED 中國燃氣控股有限公司 * （於百慕達註冊成立之有限公司） （股 份 代 號：384） 更 換 法 務 主 管、公 司 秘 書、 在香港代表接受法律程序文件的代理人及授權代表 中國燃氣控股有限公司*（「本公司」）董事會（「董事會」）謹 此 宣 佈，陳 穎 琪 女 士 已 辭 任 本 公 司 集 團 律 師、公 司 秘 書、根 據 公 司 條 例（香 港 法 例 第622章）在香港代表接受法律程序文 件的代理人（「程序代理人」）及根據香港聯合交易所有限公司（「聯交所」）證券上市規則第 3.05條規定的授權代表（「授權代表」），自 二 零 二 五 年 十 一 月 十 日 起 生 效。陳 穎 琪 女 士 已 確 認，彼 與 董 事 會 之 間 並 無 意 見 分 歧，亦 無 有 關 彼 辭 任 的 事 宜 須 提 請 本 公 司 股 東 及 聯 交 所 垂 注。 陳 穎 琪 女 士 辭 任 後，董 事 會 欣 然 宣 佈，陳 佩 玲 女 士 已 獲 委 任 為 本 公 司 之 法 務 主 管、公 司 秘 書、程 序 代 理 人 及 授 權 代 表，自 二 零 二 ...

Investment Rating - The report provides a positive investment outlook for various sectors within the energy industry, particularly highlighting opportunities in hydropower, green energy, nuclear power, thermal power, and gas sectors [10][30]. Core Insights - The electricity market in the State Grid operating area has achieved near-complete coverage of the electricity spot market, with significant developments in provinces such as Shanxi, which has seen a 128.75% increase in new energy and clean energy installed capacity since the 14th Five-Year Plan [4][9]. - Natural gas prices have shown a divergent trend globally, with increases in Europe and the US, while prices in Asia remain stable due to ample supply [11][30]. Summary by Sections 1. Electricity - The State Grid has implemented a continuous settlement trial for the electricity spot market in Sichuan and Chongqing, marking a significant step towards full coverage [4][7]. - Shanxi's electricity spot market has recorded a total clearing volume of 156.23 billion kWh in the first half of 2025, with real-time average prices reflecting a "two peaks and one valley" pattern [9][10]. 2. Natural Gas - As of November 7, 2025, the Henry Hub spot price in the US reached $3.76/mmBtu, reflecting a weekly increase of 5.52%, while European prices also saw upward trends [11][12]. - The report notes that the LNG national ex-factory price in China is 4382 yuan/ton, with a slight weekly decrease of 0.57% [28][30]. 3. Investment Recommendations - Hydropower: Favorable conditions for winter and spring generation, recommending companies like Guotou Power and Chuan Investment Energy [10]. - Green Energy: Increased stability in returns for existing projects, suggesting attention to companies like New Energy and Longyuan Power [10]. - Nuclear Power: Long-term growth potential remains strong, with recommendations for China Nuclear Power and China General Nuclear Power [10]. - Thermal Power: Improved profitability due to lower fuel costs, recommending companies like Guodian Power and Huaneng International [10]. - Gas Sector: Favorable conditions for city gas companies, recommending Kunlun Energy and New Energy [30]. 4. Company and Industry Dynamics - As of September 2025, China's new energy storage capacity exceeded 100 million kW, accounting for over 40% of the global total [39]. - The report highlights the steady growth in electricity market transactions, with a total of 4.92 trillion kWh traded by September 2025, marking a 7.2% year-on-year increase [39].

Investment Rating - The report maintains a "Positive" outlook on the power and gas sectors, highlighting the full coverage of the electricity spot market in the State Grid operating area and the seasonal rise in gas prices in Europe and the US [1]. Core Insights - The electricity spot market in the State Grid operating area has achieved near-complete coverage, with 18 provincial-level markets in continuous settlement trial operation as of November 1, 2025. This includes the formal operation of inter-provincial markets and five provincial-level markets [4][8]. - In the gas sector, US Henry Hub spot prices rose to $3.76/mmBtu, reflecting a weekly increase of 5.52%, while European gas prices also saw increases due to seasonal demand [13][19]. Summary by Sections 1. Electricity - The State Grid operating area has nearly achieved full coverage of the electricity spot market, with significant developments in various provinces. As of November 1, 2025, the market has transitioned to continuous settlement trials in Sichuan and Chongqing [4][8]. - In Shanxi, the first province to fully implement the electricity spot market, the average spot price for electricity was recorded at 0.283 yuan/kWh, with a total of 156.23 billion kWh cleared in the first half of 2025 [10]. - The growth of renewable energy capacity in Shanxi has been substantial, with an increase of 128.75% since the 14th Five-Year Plan, leading to a significant impact on electricity pricing and market dynamics [10]. 2. Gas - The report notes a divergence in global gas prices, with US prices rising while Asian LNG prices remain stable due to ample supply. As of November 7, 2025, the Northeast Asia LNG spot price was $11.10/mmBtu, unchanged from the previous week [13][27]. - The report highlights the increase in US natural gas production and demand, with the Henry Hub futures price reaching $4.32/mmBtu, marking a 4.63% increase [14][19]. - Recommendations for investment in gas-related companies include those with integrated natural gas trading capabilities, such as Kunlun Energy and New Hope Energy, as well as city gas companies benefiting from cost reductions [31]. 3. Weekly Market Review - The report indicates that the electricity equipment, public utilities, environmental protection, and gas sectors outperformed the Shanghai and Shenzhen 300 index during the week of November 2 to November 9, 2025 [35]. 4. Company and Industry Dynamics - As of September 2025, China's new energy storage capacity exceeded 100 million kW, representing over 40% of the global total, with significant contributions from various regions [41]. - The report also notes that the National Energy Administration is actively promoting the construction of a unified national electricity market, with trading volumes and participants steadily increasing [41].

Core Insights - The integration model of "source-network-load-storage" is accelerating implementation across the country, driven by national energy structure transformation and carbon neutrality goals [1] - The Hunan Zhongran Energy Co., Ltd. project in Hengshan Science City serves as a typical example of regional comprehensive energy service models due to its systematic layout and actual effectiveness in various aspects of the "source-network-load-storage" integration [1] Group 1: Project Overview - Hunan Zhongran is the sole distribution and sales electricity operator in the 26.5 square kilometer pilot area of Hengshan Science City, holding exclusive rights for electricity and centralized heating [3] - The company is responsible for investment, construction, and operation of the incremental distribution network, extending to comprehensive energy services including solar, storage, charging facilities, and distributed gas energy systems [3] - The existing infrastructure includes one 110kV substation with a capacity of 63MVA, 5.74 kilometers of 110kV overhead lines, and a total distribution transformer capacity of 99,450 kVA, supporting diverse load demands in the region [3] Group 2: Energy Storage and Economic Impact - The energy storage project associated with the 110kV substation was officially put into operation last year, achieving a significant breakthrough in the storage aspect [4] - The system operates on a "two charge, two discharge" strategy with an overall efficiency of approximately 90%, saving an estimated 3.3 million yuan in annual electricity costs [4] - The project enhances the grid's ability to manage peak and off-peak loads, improving local grid stability and reliability while facilitating the integration of renewable energy [4][5] Group 3: System Benefits and Future Prospects - The "source-network-load-storage" integration model significantly improves the grid's capacity to accept intermittent power sources like distributed solar, reducing voltage fluctuations and overload risks [5] - The economic benefits include optimized energy dispatch strategies that balance load management and control overall electricity costs [5] - The model enhances energy security by increasing system resilience and reducing reliance on single energy sources, while also promoting smart grid development through digital technologies [7] - The project contributes to environmental benefits by reducing fossil fuel consumption and greenhouse gas emissions, supporting green and low-carbon development [7] - The successful implementation of this model in Hengshan Science City provides a reference for similar energy system constructions in other industrial parks and new urban development areas, with potential for broader application as costs for solar and storage decrease [7]

Core Viewpoint - The "source-network-load-storage" integrated model is accelerating implementation across the country as part of the national energy structure transformation and "dual carbon" goals, with the Hengshan Science City incremental distribution pilot project by China Gas's Hengyang Zhongran Energy becoming a typical example of regional comprehensive energy service models [1][5]. Group 1: Project Overview - Hengyang Zhongran is the sole distribution and sales electricity operator in the 26.5 square kilometer pilot area of Hengshan Science City, holding exclusive rights for electricity and centralized heating [3]. - The company is responsible for the investment, construction, and operation of the incremental distribution network, extending to comprehensive energy services including photovoltaic, energy storage, charging facilities, and distributed gas energy systems [3]. - The existing infrastructure includes one 110kV substation with a capacity of 63MVA, 5.74 kilometers of 110kV overhead lines, and a total distribution transformer capacity of 99,450 kVA, supporting diverse load demands in the region [3]. Group 2: Technological Advancements - The energy storage project associated with the 110kV substation was officially put into operation last year, achieving a key breakthrough in the storage segment with an overall efficiency of approximately 90% and annual savings of 3.3 million yuan [4]. - The system operates on a "two charge, two discharge" strategy, effectively managing peak and off-peak electricity loads, thereby enhancing grid stability and reliability [4]. Group 3: Economic and Environmental Impact - The integrated model significantly improves the grid's capacity to accept intermittent power sources like distributed photovoltaics, reducing voltage fluctuations and overload risks [5]. - Economic benefits include optimized energy dispatch strategies that balance electricity loads and control overall electricity costs, avoiding spikes due to peak pricing [5]. - The project promotes the use of digital and information technologies, advancing smart grid construction and enhancing automation and intelligent management of the grid [7]. - Environmental benefits are realized through the large-scale promotion of photovoltaic generation and storage, leading to reduced fossil fuel consumption and greenhouse gas emissions, supporting green and low-carbon development [7]. Group 4: Future Prospects - The project exemplifies the deep integration of incremental distribution reform and comprehensive energy services, providing a practical model for other industrial parks and new urban development areas [7]. - With the anticipated decline in costs for photovoltaics and energy storage, along with increased policy support, such integrated models are expected to be promoted in more regions [7].

Core Viewpoint - The integration model of "source-network-load-storage" is accelerating implementation across the country, with the Hengshan Science City incremental distribution pilot project led by Hengyang Zhongran Energy becoming a typical example of regional comprehensive energy service models [1][8]. Group 1: Project Overview - Hengyang Zhongran is the sole distribution and sales electricity operator in the 26.5 square kilometer pilot area of Hengshan Science City, holding exclusive rights for electricity and centralized heating [3]. - The company is responsible for the investment, construction, and operation of the incremental distribution network, extending to comprehensive energy services including photovoltaic, energy storage, charging facilities, and distributed gas energy systems [3]. Group 2: System Features - The project features a well-structured power grid with a 110kV substation and various transmission lines, supporting diverse load demands and ensuring stable electricity supply [3][5]. - As of now, there are nearly 8,000 registered users in the area, with an annual electricity supply of over 40 million kilowatt-hours, indicating a diverse and growing electricity load [5]. Group 3: Energy Storage and Economic Impact - The 110kV substation's energy storage project is set to be operational in 2024, utilizing a "two charge, two discharge" strategy with an efficiency of approximately 90%, potentially saving 3.3 million yuan annually [6]. - The energy storage system helps balance electricity load, alleviating peak demand pressures and enhancing grid stability, while also improving the acceptance of intermittent renewable energy sources [6]. Group 4: Energy Security and Environmental Benefits - The integration model enhances the system's resilience and emergency response capabilities, ensuring continuous power supply during disruptions and reducing reliance on single energy sources [8]. - The project promotes digital and information technology applications, advancing smart grid development and significantly reducing fossil fuel consumption and greenhouse gas emissions [8]. Group 5: Future Prospects - The project exemplifies the deep integration of incremental distribution reform and comprehensive energy services, providing a practical reference for similar energy system constructions in other industrial parks and new urban development areas [8]. - With decreasing costs of photovoltaic and energy storage technologies and increased policy support, such integrated models are expected to be promoted in more regions in the future [8].

Group 1 - China Gas (00384) saw a stock increase of over 3%, currently up 3.27% at HKD 8.52, with a trading volume of HKD 102 million [1] - As temperatures drop, Beijing is entering a new heating season, with Beijing Gas Group confirming that gas supply preparations are fully in place, optimizing gas source structure and enhancing emergency peak-shaving capacity [1] - This winter, biomass natural gas, processed from household waste through anaerobic fermentation and purification, will be integrated into Beijing's gas network for the first time, highlighting the synergy between energy supply and green development [1] Group 2 - Dongwu Securities projects that China's apparent natural gas consumption will increase by 0.7% year-on-year to 318.8 billion cubic meters in the first nine months of 2025, influenced by a warmer winter in 2024 affecting heating gas demand [2] - Natural gas production is expected to rise by 6.5% year-on-year to 194.9 billion cubic meters, while imports are projected to decline by 6.2% to 130.7 billion cubic meters in the same period [2] - The report indicates that from 2022 to September 2025, 65% of cities have implemented residential price adjustments, with an average increase of CNY 0.21 per cubic meter, and there remains a 10% recovery space in pricing mechanisms [2]

东吴证券指出，2025M1-9，我国天然气表观消费量同比+0.7%至3188亿方，原因或为2024年冬季偏暖， 影响了2025M1-3采暖用气需求。2025M1-9，产量同比+6.5%至1949亿方，进口量同比-6.2%至1307亿 方。该行续指，2022-2025M9，全国65%(188个)地级及以上城市进行了居民顺价，提价幅度为0.21元/ 方。2024年龙头城燃公司价差0.53-0.54元/方，配气费合理值在0.6元/方以上，价差仍存10%修复空间， 顺价仍将继续落地。展望2025年，供给宽松，燃气公司成本优化；价格机制继续理顺、需求放量。 智通财经APP获悉，中国燃气(00384)涨超3%，截至发稿，涨3.27%，报8.52港元，成交额1.02亿港元。 消息面上，据新华社报道，随着气温逐渐走低，北京即将进入新一轮采暖季。据北京燃气集团介绍，北 京今冬燃气保供工作已全面就绪，气源结构进一步优化、应急调峰能力也显著增强，确保首都市民温暖 过冬。值得一提的是，经过严格工艺处理的生物质天然气今冬将首次在北京并网。据了解，生物质天然 气是将生活垃圾等原料进行厌氧发酵、净化提纯处理后形成的可再生绿色能源，体现了能 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國燃氣控股有限公司 呈交日期: 2025年11月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00384 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 9,000,000,000 | HKD | | 0.01 HKD | | 90,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | | | 本月底結存 | | | 9,000,000,000 | HKD | | 0.01 HKD | | 90,000,000 | 本月底法定/註冊股本總額： HKD 90,000 ...

Investment Rating - The report maintains a "Positive" investment rating for the environmental protection industry [12] Core Insights - The environmental protection sector showed a significant increase in performance, with a 17.3% year-on-year growth in non-recurring net profit for Q3 2025, driven by stable operations and profit recovery in cyclical assets [6][40] - The overall revenue for the environmental sector reached 221.7 billion yuan in the first three quarters of 2025, marking a 3.12% increase year-on-year, while the net profit attributable to shareholders grew by 4.88% to 21.9 billion yuan [21][40] - The cash flow situation improved, with a cash collection ratio of 95.1% in Q3 2025, reflecting a 4.5 percentage point increase year-on-year, indicating a stable investment environment despite a downward trend in financing [8][40] Summary by Sections Performance Overview - In Q3 2025, the environmental sector achieved a revenue of 79.6 billion yuan, a 9.64% increase year-on-year, with a net profit of 8.2 billion yuan, up 11.8% [6][40] - The non-recurring net profit for Q3 2025 was 7.75 billion yuan, reflecting a 17.3% year-on-year increase, primarily driven by strong performances in waste incineration, biodiesel, and air quality sectors [6][40] Financial Statements - The overall asset-liability ratio for the environmental sector was 57.3% in Q3 2025, with a slight year-on-year increase of 0.35 percentage points, indicating a slowdown in the growth rate of liabilities [7] - The cash flow from operating activities showed a net inflow of 27.1 billion yuan, a 30.6% increase year-on-year, with improvements noted in waste management and water operations [8] Investment Strategy - The report suggests continued investment in waste incineration and water sectors, with a potential for valuation recovery as the industry transitions towards a more market-oriented model [9] - Recommended companies include Hanlan Environment, China Everbright International, and Weiming Environmental, among others, highlighting their potential for growth and dividend returns [9]