Investment Rating - The report does not explicitly state an investment rating for the industry Core Views - The report highlights that in August 2025, the average daily power generation exceeded 30 billion kilowatt-hours for the first time, with a total industrial power generation of 936.3 billion kilowatt-hours, reflecting a year-on-year growth of 1.6% [4][7][53] - The report emphasizes the continuous improvement in the power generation structure, with significant contributions from clean energy sources such as wind and solar power, amidst ongoing dual carbon policies and the development of a new power system [8][9][12] Summary by Sections 1. Power Generation - In August 2025, the total power generation reached 936.3 billion kilowatt-hours, with a daily average of 30.2 billion kilowatt-hours, marking a 1.6% increase year-on-year [4][7] - The breakdown of power generation types shows that thermal power generation increased by 1.7%, nuclear power by 5.9%, wind power by 20.2%, and solar power by 15.9%, while hydropower decreased by 10.1% [9][12] - Wind power contributed the most to the increase in power generation, adding 12.4 billion kilowatt-hours compared to the same month last year [8][9] 2. Natural Gas - The report indicates a stable supply-demand balance in the natural gas market, with global gas prices experiencing slight fluctuations [18][19] - As of September 19, 2025, the Henry Hub spot price was $2.89/mmBtu, reflecting a weekly decrease of 1.80% [19][21] - The report suggests that the LNG prices in Northeast Asia remained stable at $11.50/mmBtu, with expectations of a further decline in prices as summer heat waves end [18][35] 3. Investment Analysis - Recommendations for investment include: - Hydropower: Favorable financial conditions due to interest rate cuts, with suggested companies being Guotou Power, Chuan Investment Energy, and Yangtze Power [16] - Green Energy: Increased stability in returns for renewable energy operators, with a focus on companies like Xintian Green Energy and Longyuan Power [16] - Nuclear Power: Continued approval of new units, with recommendations for China Nuclear Power and China General Nuclear Power [16] - Thermal Power: Improved profitability due to falling coal prices, with recommendations for Guodian Power and Huaneng International [16] - Gas Utilities: Favorable conditions for city gas companies, with recommendations for Kunlun Energy and New Hope Energy [40]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment for these industries [4]. Core Insights - In August, the average daily power generation exceeded 30 billion kilowatt-hours for the first time, with total industrial power generation reaching 936.3 billion kilowatt-hours, a year-on-year increase of 1.6% [9][57]. - The report highlights the continued growth of thermal power and the significant contribution of renewable energy sources, particularly wind and solar power, to the overall power generation increase [10][11]. - Global gas prices are experiencing narrow fluctuations, with a stable supply-demand balance in the market, particularly in the U.S. and Europe [20][29]. Summary by Sections 1. Power Generation - In August, the total power generation was 936.3 billion kilowatt-hours, with a daily average of 30.2 billion kilowatt-hours, marking a 1.6% increase year-on-year [9][57]. - The breakdown of power generation types shows thermal power at 6,274 billion kilowatt-hours (up 1.7%), hydropower at 1,479 billion kilowatt-hours (down 10.1%), nuclear power at 645 billion kilowatt-hours (up 5.9%), wind power at 738 billion kilowatt-hours (up 20.2%), and solar power at 538 billion kilowatt-hours (up 15.9%) [11][58]. - The report emphasizes the strong growth of renewable energy, with wind and solar power showing significant year-on-year increases of 20.2% and 15.9%, respectively [10][11]. 2. Natural Gas - As of September 19, the Henry Hub spot price was $2.89/mmBtu, reflecting a weekly decrease of 1.80%, while the TTF spot price in Europe remained stable at €32.00/MWh [20][21]. - The report notes that U.S. natural gas production remains high, contributing to a stable supply-demand balance and low price fluctuations [23][29]. - The LNG ex-factory price in China was 4,019 yuan/ton, with a weekly decrease of 0.84%, indicating a softening market due to weak domestic demand [41][44]. 3. Investment Recommendations - For hydropower, the report recommends companies like Guotou Power, Chuan Investment Energy, and Yangtze Power due to stable growth and financial benefits from interest rate cuts [18]. - In the renewable energy sector, companies such as Xintian Green Energy and Funi Co. are highlighted for their stable returns and high profitability [18]. - The report suggests focusing on integrated natural gas traders like New Hope Energy and Shenzhen Gas, as well as city gas companies benefiting from cost reductions [44].

Group 1 - The gas industry is at a crossroads, facing challenges such as increased safety investment, restructuring of business models, and a shrinking incremental market space since the start of the 14th Five-Year Plan [1][2] - The aging of gas pipeline networks, with approximately 70,000 kilometers of pipelines over 20 years old, necessitates significant updates and safety management, putting financial pressure on companies [1][2] - Traditional profit sources for gas companies, primarily from natural gas sales and engineering installation, are under pressure due to regulated downstream prices and market fluctuations in upstream gas prices [2] Group 2 - The gas industry is experiencing a decline in growth compared to the high growth seen during the 13th Five-Year Plan, with major companies reporting varying degrees of profit decline in the first half of the year [2][4] - Companies are urged to transition from traditional gas suppliers to comprehensive energy service providers, emphasizing the need for digital-driven decision-making [4] - The integration of various energy services, including hydrogen, distributed photovoltaics, and energy storage, is becoming essential for companies to adapt to the new energy landscape [4]

Key Points - The top three stocks with net inflow of southbound funds are Alibaba-W (09988) with 5.278 billion, Yingfu Fund (02800) with 2.782 billion, and Hang Seng China Enterprises (02828) with 1.566 billion [1] - The top three stocks with net outflow of southbound funds are Xiaomi Group-W (01810) with -0.721 billion, Innovent Biologics (01801) with -0.466 billion, and Pop Mart (09992) with -0.458 billion [1] - In terms of net inflow ratio, Yuexiu Transportation Infrastructure (01052) leads with 63.76%, followed by Crystal International (02232) with 56.34%, and China Resources Gas (01193) with 53.63% [1] - The stocks with the highest net outflow ratio include QuanFeng Holdings (02285) at -59.36%, Yadea Group (01585) at -54.53%, and TCL Electronics (01070) at -54.28% [1] Net Inflow Rankings - The top ten stocks by net inflow include Alibaba-W (09988) with 5.278 billion, Yingfu Fund (02800) with 2.782 billion, and Hang Seng China Enterprises (02828) with 1.566 billion [2] - Other notable stocks in the net inflow list are Meituan-W (03690) with 0.670 billion and Southern Hang Seng Technology (03033) with 0.620 billion [2] Net Outflow Rankings - The top ten stocks by net outflow include Xiaomi Group-W (01810) with -0.721 billion, Innovent Biologics (01801) with -0.466 billion, and Pop Mart (09992) with -0.458 billion [2] - Other significant stocks in the net outflow list are Li Auto-W (02015) with -0.298 billion and China Construction Bank (00939) with -0.254 billion [2] Net Inflow Ratio Rankings - The top three stocks by net inflow ratio are Yuexiu Transportation Infrastructure (01052) at 63.76%, Crystal International (02232) at 56.34%, and China Resources Gas (01193) at 53.63% [3] - Additional stocks with high net inflow ratios include China Ship Leasing (03877) at 49.13% and Jiangsu Ninghu Expressway at 45.49% [3] Net Outflow Ratio Rankings - The stocks with the highest net outflow ratios include QuanFeng Holdings (02285) at -59.36%, Yadea Group (01585) at -54.53%, and TCL Electronics (01070) at -54.28% [3] - Other notable stocks with significant net outflow ratios are Kangji Medical (09997) at -53.77% and QiuTai Technology (01478) at -47.17% [3]

Core Viewpoint - The urban gas industry is facing significant challenges due to stagnation in traditional gas sales and safety production pressures, prompting leading companies to strengthen their integrated energy business and explore new growth avenues [1][2]. Industry Overview - The urban gas sector is under pressure, with several companies divesting gas project subsidiaries since June, including major players like Kunlun Energy [1]. - A total of 8 gas project divestitures have been recorded, surpassing the previous year's figures, indicating a trend of companies exiting underperforming assets [1]. - Financial performance of divested companies shows a notable decline, with all five disclosed projects reporting significant profit drops in the first half of the year [1][2]. Financial Performance - As of July, the net profit of Luoyang PetroChina Kunlun Gas Co. shifted from a profit of 320,000 yuan at the end of 2024 to a loss of 1.27 million yuan [2]. - Fujian Longzhou Haiyou New Energy Co. saw its losses increase by 140% to 621,200 yuan compared to the end of the previous year [2]. - Lulong County Huagang Qiangguo Gas Co. experienced a staggering 430% increase in net losses, reaching 4.174 million yuan [2]. Leading Companies' Performance - Among the four major urban gas companies, only Honghua Smart Energy reported a slight net profit increase of 2% to 758 million HKD (approximately 694 million yuan) [3]. - New Hope Energy, China Resources Gas, and Kunlun Energy all experienced varying degrees of profit decline, with decreases of 5.6% to 2.429 billion yuan, 30.5% to 2.403 billion HKD (approximately 2.2 billion yuan), and 4.36% to 3.161 billion yuan, respectively [3]. - The primary factors affecting performance include declines in gas sales and connection service revenues [3]. Strategic Shifts - Honghua Smart Energy attributes its profit growth to the continuous expansion of its renewable energy business, which saw a 5% increase in net profit to 172 million HKD, surpassing gas connection service revenue [5]. - The company emphasizes the need to enhance integrated energy service capabilities to meet diverse energy demands from industrial clients [5]. - New Hope Energy's management highlights the potential of its diversified energy business as a second growth curve, leveraging existing customer bases and digital capabilities for future growth [5].

Core Viewpoint - China Resources Gas (01193) announced the appointment of Liu Haiyan as an executive director, effective from September 15, 2025 [1] Company Summary - Liu Haiyan has been appointed as an executive director of China Resources Gas [1]

Core Viewpoint - China Resources Gas (01193) announced the appointment of Liu Haiyan as an executive director, effective from September 15, 2025 [1] Company Summary - Liu Haiyan has been appointed as an executive director of China Resources Gas [1]

Core Viewpoint - China Resources Gas (01193.HK) announced the appointment of Liu Haiyan as an executive director, effective from September 15, 2025 [1] Company Summary - Liu Haiyan has been appointed as an executive director of China Resources Gas [1]

楊平 （主席） 秦艷 （總裁） 劉海燕 非執行董事 葛路 李巍巍 （於百慕達註冊成立之有限公司） （股份代號：1193） 董事名單與其角色和職能 華潤燃氣控股有限公司董事（「董事」）會（「董事會」）成員載列如下： 執行董事 1 董事會設立4個委員會。下表提供各董事會成員在這些委員會中所擔任的職位。 | 董事 | 委員會 | | | | | --- | --- | --- | --- | --- | | | 審核與風險管 | | | 環境、社會及 | | | 理委員會 薪酬委員會 | | 提名委員會 | 管治委員會 | | 楊平 | | | C | C | | 秦艷 | | | | | | 劉海燕 | | | | | | 葛路 | | | M | | | 李巍巍 | | | | M | | 張軍政 | | M | | | | 房昕 | M | | | | | 黃得勝 | M | C | M | M | | 俞漢度 | C | M | M | | | 楊玉川 | M | | M | M | | 李博恩 | | M | | M | 附註： C 有關委員會的主席 M 有關委員會的成員 張軍政 房昕 獨立非執行董事 黃 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 除本公告所披露者外，劉先生確認(i)過往三年並無在香港或海外其他上市公司擔 任任何董事職務；(ii)並無於本公司及本集團其他成員公司中擔任任何其他職務； (iii)與本公司任何董事、高級管理層或主要股東或控股股東（定義見香港聯合交易 所有限公司（「聯交所」）證券上市規則（「上市規則」））並無任何關係；及(iv)並無 任何其他重要委任或專業資格。 （於百慕達註冊成立之有限公司） （股份代號：1193） 執行董事之委任 華潤燃氣控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董 事」）會（「董事會」）謹此宣佈，劉海燕先生（「劉先生」）獲委任為執行董事，自二 零二五年九月十五日起生效。 以下是劉先生的履歷詳情： 劉海燕先生，現年四十一歲，於二零二五年九月十五日獲委任為本公司執行董 事。劉先生於二零一五年十月至二零二五年八月任華潤（集團）有限公司（「華潤集 團」）董事會事務高級經理、公司治理總監、 ...