Investment Rating - The investment rating for the industry is "Positive" [2]. Core Insights - Qatar has significant natural gas resources, with proven reserves of 24.7 trillion cubic meters, accounting for 13.1% of global reserves, ranking third worldwide. Qatar's LNG export capacity is expected to double by 2030, with an annualized growth rate of 13% anticipated from 2025 to 2030 [4][11]. - Qatar's production costs are extremely low, with extraction costs ranging from $0.3 to $0.5 per million British thermal units (MMBtu) and liquefaction costs around $1.8 per MMBtu, making it one of the most competitive suppliers globally [4][43]. - The majority of Qatar's LNG exports are secured through long-term contracts, primarily targeting the Asian and European markets, which could lead to downward pressure on spot prices if global demand weakens [4][52]. Summary by Sections 1. Qatar's Natural Gas Resource Endowment - Qatar's natural gas reserves are substantial, with a stable production rate. As of 2024, Qatar's natural gas production is projected to be 179.45 billion cubic meters, representing 4.35% of global production [11][30]. - A new wave of capacity expansion is expected from 2026 to 2030, with over 60 million tons of liquefaction capacity anticipated to come online, potentially doubling Qatar's LNG export capacity [4][30]. 2. Low-Cost Competitive Advantage - Qatar's gas field production costs are significantly lower than those of other major producers, with extraction costs at $0.3 to $0.5 per MMBtu, compared to $0.5 to $1 for Russia and $1.6 to $3.1 for the U.S. [43][44]. - The liquefaction cost for Qatar's LNG is approximately $1.8 per MMBtu, positioning it favorably in the global market [48]. 3. Qatar LNG Pricing Model - Qatar's LNG exports are primarily directed towards Asia and Europe, with 80% and 14% of exports respectively in 2024. Long-term contracts dominate the sales model, with over 90% of existing capacity locked in [52][58]. - The pricing of Qatar's long-term contracts is linked to oil prices, with a competitive edge when oil prices are below $70 per barrel [67]. 4. High Long-Term Contract Volumes from Chinese Enterprises - Chinese companies have secured significant long-term contracts with Qatar, totaling 15.9 million tons per year, with additional investments locking in 11 million tons per year expected to be released between 2026 and 2027 [4][64]. 5. Investment Strategy - Qatar is undergoing a large-scale expansion of its LNG capacity, with expectations of a 61% increase in export capacity by 2030. The low extraction and liquefaction costs position Qatar as a key player in the global LNG market [4][30]. - The report suggests focusing on domestic gas companies that have secured advantageous gas sources and diversified supply pools, particularly in a potential downtrend in global gas prices [4][36].

Core Points - The company announced a cash dividend of 1.03 yuan per share (including tax) for its A shares [1][2] - The dividend distribution plan was approved at the annual general meeting on May 28, 2025 [1][2] - The record date for the dividend is July 21, 2025, with the ex-dividend date also on July 22, 2025 [1][2] Dividend Distribution Details - The company will distribute a cash dividend of 10.3 yuan for every 10 shares held, with no capital reserve conversion or stock bonus [2] - The total cash dividend distribution is based on the number of shares registered on the record date, excluding shares held in the company's repurchase account [2][3] - The reference price for the ex-dividend trading will be calculated as the previous closing price minus the cash dividend [2] Taxation Information - For individual shareholders and securities investment funds, no personal income tax will be withheld at the time of dividend distribution; tax will be calculated based on the holding period upon stock transfer [5] - For qualified foreign institutional investors (QFII), a 10% corporate income tax will be withheld, resulting in a net cash dividend of 0.9270 yuan per share [7] - Other institutional investors and corporate shareholders are responsible for their own tax payments, with a gross cash dividend of 1.03 yuan per share [7]

北京国枫律师事务所 关于新奥天然气股份有限公司 差异化分红事项的专项核查意见 国枫律证字[2025]AN116-1 号 北京国枫律师事务所(以下简称"本所")受新奥天然气股份有限公司(以 下简称"公司""上市公司"）委托，根据《中华人民共和国公司法》（以下简 称"《公司法》")、《中华人民共和国证券法》(以下简称"《证券法》") 等相关法律、法规、规章、规范性文件的有关规定,就公司 2024年年度利润分 配所涉及的差异化分红(以下简称"本次差异化分红")相关事项进行了核查并 出具本专项核查意见。 GRANDWAY 北京国枫律师事务所 关于新奥天然气股份有限公司 差异化分红事项的专项核查意见 国枫律证字[2025] AN116-1 号 致:新奥天然气股份有限公司 Grandway Law Offices 北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 邮编: 100005 电话(Tel): 010—88004488/66090088 传真(Fax): 010—66090016 北京国枫律师事务所 为出具本专项核查意见,本所律师特作如下声明: 1. 本所律师已根据中国证券监督管理委员会(以下简称"中国 ...

证券代码：600803 证券简称：新奥股份 公告编号：临 2025-061 新奥天然气股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利1.03元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/21 | － | 2025/7/22 | 2025/7/22 | 差异化分红送转： 是 一、 通过分配方案的股东会届次和日期 本次利润分配方案经新奥天然气股份有限公司（以下简称"新奥股份"或"公 司"或"本公司"）2025 年 5 月 28 日的2024年年度股东会审议通过。 二、 分配方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的、除公司回购专用 证券账户外的本 ...

公司根据相关规定已向中国证券监督管理委员会（以下简称"中国证监会"）报送 了本次介绍上市的备案申请材料并于近日获中国证监会接收。 公司本次介绍上市以公司私有化新奥能源的协议安排生效为先决条件，尚需取得中 国证监会、香港联交所、开曼群岛大法院、商务主管部门、发展和改革主管部门等相关 政府机构、监管机构的核准、同意和/或备案，以及新奥能源根据开曼群岛大法院指令 召开的计划股东会议、新奥能源特别股东大会审议通过等条件的达成，该等事项存在不 确定性，有关信息均以上海证券交易所网站（www.sse.com.cn）及公司指定的信息披露 媒体《中国证券报》披露的公告为准。 证券代码：600803 证券简称：新奥股份 公告编号：临 2025-060 新奥天然气股份有限公司 关于发行境外上市普通股（H 股）备案申请材料 获中国证监会接收的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 新奥天然气股份有限公司（以下简称"公司"）拟通过全资子公司私有化新奥能源 控股有限公司（股票代码：02688.HK，以下简称"新奥能源"），并同步以介绍上市 ...

Investment Rating - The report maintains an "Accumulate" rating for the gas industry, specifically recommending New World Energy for its stable profits and high dividend yield [1]. Core Insights - The report highlights the upward trend in European gas prices due to ongoing storage developments, while high temperatures have led to a decline in U.S. gas prices. Domestic gas prices are showing weak performance [5][10]. - The supply-demand analysis indicates that U.S. natural gas prices decreased by 3.5% week-on-week, with total supply down by 0.7% and total demand up by 0.8% as of July 9, 2025. In Europe, gas prices increased by 4.6% week-on-week, with a total consumption of 192 billion cubic meters in the first four months of 2025, up 7.4% year-on-year [5][17][19]. - The report emphasizes the importance of the recent reduction in U.S. LNG import tariffs from 140% to 25%, which enhances the economic viability of U.S. gas imports [45][51]. Price Tracking - As of July 11, 2025, the week-on-week price changes for various gas prices are as follows: U.S. HH gas price decreased by 3.5%, European TTF increased by 4.6%, and domestic LNG prices increased by 1.1% [10][15]. - The average total supply of natural gas in the U.S. was 1,125 billion cubic feet per day, with a year-on-year increase of 3.4% [17]. Supply and Demand Analysis - The report notes that the average total demand for natural gas in the U.S. increased by 2% year-on-year, with residential and commercial consumption rising by 2.3% week-on-week [17]. - In Europe, the gas supply decreased by 6% week-on-week, with significant contributions from inventory consumption and LNG receiving stations [19]. Investment Recommendations - The report recommends focusing on companies with stable profit structures and high dividend yields, such as New World Energy (2025 dividend yield of 5.3%), China Gas (2025 dividend yield of 6.4%), and Blue Sky Gas (TTM dividend yield of 8.9%) [51][52]. - It suggests monitoring companies with quality long-term contracts and cost advantages, such as New World Holdings and Jiufeng Energy [52]. Important Events - The report mentions that the European Parliament and EU member states have agreed to provide greater flexibility regarding gas storage targets, allowing for a deviation of 10 percentage points from the 90% storage target [50].

Market Overview - The Shanghai Composite Index closed at 3525.40 points, above the annual line, with a change of 0.43% [1] - The total trading volume of A-shares reached 987.43 billion yuan [1] Stocks Breaking Annual Line - A total of 41 A-shares have surpassed the annual line today, with notable stocks including: - Siyuan Electric (002028) with a deviation rate of 7.62% - Tongyi Co., Ltd. (300538) with a deviation rate of 2.51% - Ruisheng Technology (688090) with a deviation rate of 2.05% [1] Stocks with Significant Deviation Rates - The stocks with the highest deviation rates from the annual line include: - Siyuan Electric: 10.00% increase, trading at 76.99 yuan - Tongyi Co., Ltd.: 2.50% increase, trading at 16.00 yuan - Ruisheng Technology: 3.24% increase, trading at 35.10 yuan [1] Additional Stocks with Minor Deviations - Other stocks that have just crossed the annual line with smaller deviation rates include: - Qianjiang Motorcycle, Jiuquan Technology, and Huadian International, which have just reached the annual line [1]

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The report highlights that the renewable energy power consumption responsibility weights for 2025 have been issued, indicating a focus on increasing the use of green electricity in various industries [5] - The LNG import volume in May 2025 decreased by 26.3% year-on-year, while domestic natural gas consumption showed a slight increase of 2.4% [5] - The report suggests that the power sector is expected to see profit improvement and value reassessment due to previous supply-demand tensions [5] Summary by Sections Market Performance - As of July 11, the utility sector rose by 1.1%, outperforming the broader market, with the electricity sector up by 1.10% and the gas sector up by 1.22% [4][12] - Key companies in the electricity sector showed varied performance, with notable increases for companies like Guikuan Electric and Guangdong Electric A [13] Electricity Industry Data Tracking - The price of thermal coal at Qinhuangdao Port (Q5500) increased by 8 CNY/ton week-on-week, reaching 624 CNY/ton [4][21] - Coal inventory at Qinhuangdao Port decreased to 5.6 million tons, down 100,000 tons week-on-week [26] - Daily coal consumption in inland provinces was reported at 3.55 million tons, a decrease of 95,000 tons/day week-on-week [28] Natural Gas Industry Data Tracking - The LNG ex-factory price index in Shanghai was reported at 4,460 CNY/ton, a year-on-year decrease of 1.13% but a week-on-week increase of 1.09% [48] - The European TTF spot price increased by 23.0% year-on-year, reaching 11.86 USD/MMBtu [53] - Domestic natural gas apparent consumption in May 2025 was 36.42 billion cubic meters, a year-on-year increase of 2.4% [5] Industry News - The National Development and Reform Commission and the National Energy Administration issued guidelines for renewable energy consumption responsibilities, emphasizing the use of green electricity in high-energy-consuming industries [5] - The largest medium and shallow coalbed methane field in China has surpassed a cumulative gas production of 20 billion cubic meters [5] Investment Recommendations - The report recommends focusing on national coal power leaders such as Guodian Power, Huaneng International, and Huadian International, as well as regional leaders in tight supply areas [5] - For natural gas, companies with low-cost long-term gas sources and receiving station assets are expected to benefit from market conditions [5]

Investment Rating - The investment rating for the natural gas industry is "Positive" (first-time rating) [4] Core Viewpoints - Natural gas is recognized as a clean, low-carbon, and flexible fossil energy source, serving as a crucial bridge for energy transition. It is expected to support global energy transformation for an extended period [4][7] - The "14th Five-Year Plan" has shown significant achievements in supply-side development, with infrastructure construction accelerating. By the end of 2024, China's natural gas production is projected to reach 246.451 billion cubic meters, a 28% increase from 2020 [4][14] - The consumption growth rate of natural gas during the "14th Five-Year Plan" has slowed compared to the previous five years, but the price mechanism is gradually being rationalized. The apparent consumption of natural gas in China is expected to reach 426.05 billion cubic meters in 2024, an 8% year-on-year increase [4][36] - The report anticipates a continued downward trend in natural gas costs, with stable demand growth expected before 2030. The demand for LNG in the transportation sector is projected to reach 40-55 billion cubic meters by 2030 [4][14] Summary by Sections Industry Overview - Natural gas is positioned as a transitional energy source to achieve carbon peak goals by 2030, with a target of 15% of total energy consumption by that year [4][7] - The "14th Five-Year Plan" emphasizes energy security, energy conservation, and carbon reduction, with a clear trend of increasing natural gas consumption in provincial plans [8] Supply and Infrastructure - Significant progress has been made in increasing domestic gas production, with a focus on conventional and unconventional gas sources. The total length of natural gas pipelines reached 126,000 kilometers by the end of 2023 [14][25] - By the end of 2024, 31 LNG receiving stations will be operational, with a total receiving capacity exceeding 15 million tons per year [25][26] Consumption Trends - The natural gas consumption structure includes urban gas, industrial fuel, power generation, and chemical use, with urban gas and industrial fuel maintaining stable proportions [36] - The report highlights the impact of geopolitical factors on gas prices, with a notable increase in the average import price of LNG in 2022 [4][19] Investment Recommendations - The report suggests focusing on upstream exploration companies like Xin Natural Gas, integrated companies like ENN Energy and Jiufeng Energy, and downstream city gas companies such as China Resources Gas and Kunlun Energy [4]

Financial Performance - Whirlpool expects a net profit of approximately 205 million yuan for the first half of 2025, an increase of about 174 million yuan or approximately 559% year-on-year [2] - Chipmotion Technology anticipates a net profit between 138 million to 169 million yuan for the first half of 2025, representing a year-on-year growth of approximately 144.46% to 199.37% [2] Mergers and Acquisitions - China Shipbuilding's absorption merger with China Shipbuilding Industry Corporation has been approved by the Shanghai Stock Exchange, pending further regulatory approvals [3] - Guotou Zhonglu plans to acquire 100% of China Electronic Engineering Design Institute through a share issuance, which constitutes a major asset restructuring [4] Shareholder Actions - Aotewei's actual controllers plan to transfer 4.99% of the company's shares, totaling 15.75 million shares, due to personal funding needs [5] - Yaguang Technology's chairman has been placed under detention, but the company's operations remain normal [5] Industry Developments - Ningbo Port expects a 9.8% year-on-year increase in container throughput for the first half of 2025 [8] - Three Trees anticipates a net profit growth of 80.94% to 119.04% for the first half of 2025 [8] - Zhuhai Group expects a net profit increase of 50.97% to 75.23% for the first half of 2025 [8] Project Wins - Sanxing Medical's subsidiary has pre-qualified for a 306 million yuan project with Southern Power Grid [8] - Hopu Co., Ltd. has jointly won a 449 million yuan shared energy storage demonstration project [8] - Hongsheng Huayuan's subsidiary has pre-qualified for an 1.127 billion yuan project with Southern Power Grid [8]