Group 1 - The National Petroleum and Natural Gas Index (399439) has seen an increase of 0.43% as of May 28, 2025, with notable gains from companies such as Zhuoran Co. (688121) up 4.25% and Lansi Heavy Industry (603169) up 3.81% [1] - The oil and gas ETF (159697) rose by 0.31%, with the latest price reported at 0.97 yuan [2] - The development project of the Kenli 10-2 oilfield group, which is the largest lithologic oilfield discovered offshore China with proven geological reserves exceeding 100 million tons, has entered the offshore operation phase [2] Group 2 - The top ten weighted stocks in the National Petroleum and Natural Gas Index account for 66.65% of the index, including major companies like China National Petroleum (601857) and Sinopec (600028) [3] - Short-term pressures on international oil prices are expected due to tariff policies and OPEC+ production increases, but geopolitical risk premiums and global demand resilience may support oil price stability [2] - The oil and gas upstream capital expenditure is increasing, leading to a recovery in the oil service industry and enhanced competitiveness driven by technological advancements [2]

Investment Rating - The report maintains an "Accumulate" rating for the gas industry [1] Core Views - The report highlights a significant increase in inventory, a decline in US gas prices, and weak demand domestically, while European gas prices show a slight increase [1][10] - It emphasizes the ongoing adjustments in pricing mechanisms and the potential for demand recovery in 2025, alongside cost optimization for gas companies [1][54] Summary by Sections Price Tracking - As of May 23, 2025, US HH gas prices decreased by 4.8%, while European TTF prices increased by 5.8%. The prices for East Asia JKM and China's LNG showed increases of 5% and 5.5% respectively [10][12] Supply and Demand Analysis - US natural gas supply increased by 1.3% week-on-week to 1,118 billion cubic feet per day, with total demand rising by 4.2% to 982 billion cubic feet per day. However, the industrial sector saw a decrease in consumption by 0.9% [15] - European gas consumption for January-February 2025 was 115.5 billion cubic meters, up 11% year-on-year, while the average gas generation in Europe decreased by 15.5% week-on-week [17][26] Pricing Progress - Nationwide, 63% of cities have implemented residential pricing adjustments, with an average increase of 0.21 yuan per cubic meter. The report suggests that there is still a 10% room for price adjustment [39] Important Events - The US LNG import tariff was reduced from 140% to 25%, enhancing the economic viability of US gas imports [46] - The European Commission voted to introduce more flexible natural gas storage filling targets, allowing member states to achieve storage goals more easily [51] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the ongoing pricing adjustments. Key recommendations include New Energy (5.2% dividend yield), China Gas (7.0% dividend yield), and Kunlun Energy (4.1% dividend yield) [54]

Core Viewpoint - The consensus among industry leaders is to enhance upstream and downstream resource integration, strengthen customer service and comprehensive energy service capabilities, and utilize new AI technologies to improve operational efficiency [1][8]. Industry Challenges - The urban gas industry is undergoing deep adjustments due to changes in business models, increased safety costs, and complex international situations, which pose new challenges for company development [1][4]. - The industry has transitioned from a decade of rapid growth to a more saturated market, with major players and numerous small companies creating a fragmented landscape [4]. - The operating environment for urban gas companies is becoming less optimistic due to intensified safety regulations, rising costs, and international market fluctuations caused by geopolitical events like the Russia-Ukraine conflict [4][5]. Financial Performance - Urban gas companies have seen a decline in net profits, shifting from double-digit growth to single-digit or even negative figures, largely due to reduced margins in gas connection services [5]. - The engineering installation business has also been negatively impacted by the ongoing downturn in the real estate market, leading to significant revenue and margin declines [5]. Pricing and Market Dynamics - The pricing structure in the urban gas sector is characterized by a mismatch between upstream pricing controlled by major oil companies and government-regulated downstream sales prices, which limits flexibility [5][6]. - Companies are experiencing pressure from gas price inversions, particularly in regions like Wuhan, where selling gas incurs losses [5]. Infrastructure and Investment - Companies are investing heavily in upgrading aging pipeline networks, with Shanghai Gas completing 770 kilometers of pipeline renovations and planning to invest around 10 billion yuan for an additional 900 kilometers [6][8]. - The strategic focus includes enhancing local high-pressure gas networks and improving interconnectivity with other regions to ensure stable gas supply [8]. Customer Service and Technological Integration - Companies are recognizing the need to diversify energy services to meet the evolving demands of industrial clients, who now require various forms of energy beyond just gas [9]. - The adoption of AI and digital technologies is seen as crucial for reducing operational costs and improving service efficiency, with initiatives like the installation of smart gas meters being implemented [9].

5月21日下午，新奥股份（600803.SH）在WGC 2025（第二十九届世界燃气大会）期间举办媒体见面会。发布会上，新奥股份总裁、新奥能源CEO张宇迎表 示，天然气作为清洁的传统能源，在"双碳"目标实现过程中起到了非常重要的过渡能源作用，未来还会有10—15年的持续增长，每年保持4%—6%的增长速 度。 张宇迎说，目前新奥股份拥有3100万户家庭客户以及近30万户工商业客户，市场需求约400亿方天然气，未来还会持续保持增长。为满足市场需求，新奥股 份近几年持续加大天然气的国际资源采购力度，目前已经累计签订了1000万吨LNG（液化天然气，约合137.5亿方天然气）/年的海外长协。 最新的一笔长协为今年4月中旬新奥股份与阿布扎比国家石油公司签署的长期LNG购销协议，为期15年，每年由阿布扎比国家石油公司供应100万吨LNG， 共计1500万吨。 财报数据显示，2024年新奥股份总销售气量为392.19亿方，同比增长1.4%。 海外长协可有效调节成本 据张宇迎介绍，随着目前国内天然气市场逐渐走向市场化，天然气国际国内资源的连接越来越紧密。一方面很多国际资源能够进入到管网之中，另一方面天 然气价格也逐步跟国际价 ...

新奥天然气股份有限公司 2024年年度股东大会 会 议 资 料 二〇二五年五月 会议议程 一、现场会议召开的日期、时间和地点 召开的日期时间：2025年5月28日10点00分 召开地点：河北省廊坊市开发区华祥路118号新奥科技园B座公司会议室 二、网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025年5月28日 至2025年5月28日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即9:15-9:25，9:30-11:30，13:00-15:00；通过互 联网投票平台的投票时间为股东大会召开当日的9:15-15:00。 9.09 H股发行对象 9.10 H股发行的定价原则 9.11 H股发行的预计发行数量 9.12 H股发行的零碎股处理方法 9.13 H股发行的滚存未分配利润安排 9.14 本次交易的先决条件及实施条件 三、会议内容： （一）主持人宣布开会及出席现场股东大会情况 （二）选举监票员和计票员 （三）会议议程 1、审议《新奥股份2024年年度报告》及摘要 2、审议《新奥股份2024年度董事 ...

Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Viewpoints - Demand remains weak in the US and domestic gas prices have declined, while European gas prices have slightly increased. The inventory levels are lower year-on-year [1][10] - The US LNG import tariff has been reduced from 140% to 25%, improving the economic feasibility of US gas imports [1][41] Summary by Sections Price Tracking - As of May 16, 2025, the week-on-week changes in gas prices are as follows: US HH -4.9%, European TTF +0.3%, East Asia JKM +3.8%, China LNG ex-factory -0.4%, and China LNG CIF -0.6% [10] Supply and Demand Analysis - After a brief period of high temperatures, the climate has returned to suitable temperatures, leading to continued weak demand. The average total supply of natural gas in the US increased by 0.4% week-on-week to 1,104 billion cubic feet per day, while total demand decreased by 0.4% to 944 billion cubic feet per day [14] - European gas consumption for January-February 2025 was 1,155 billion cubic meters, up 11% year-on-year. As of May 15, 2025, European gas inventory was 497 TWh, down 251.5 TWh year-on-year [16] Pricing Progress - Nationwide pricing adjustments are gradually advancing, with 63% of cities implementing residential pricing adjustments, resulting in an average increase of 0.21 yuan per cubic meter [34] Important Events - The reduction of the US LNG import tariff from 140% to 25% enhances the economic viability of US gas imports [41] - The European Commission has voted to introduce more flexible natural gas storage filling targets, allowing member states to achieve storage goals with greater flexibility [46][47] Investment Recommendations - The report suggests focusing on companies that can optimize costs and benefit from the ongoing pricing mechanism adjustments. Key recommendations include: - New Hope Energy (dividend yield 5.4%) - China Resources Gas (dividend yield 4.5%) - Kunlun Energy (dividend yield 4.5%) - China Gas (dividend yield 7.0%) - Blue Sky Gas (dividend yield 8.8%) [48]

Group 1 - The National Petroleum and Natural Gas Index (399439) has shown a slight increase of 0.30% as of May 19, 2025, with notable gains in constituent stocks such as Huajin Co. (000059) up by 3.62% and Lansi Heavy Industry (603169) up by 2.22% [1] - The Oil and Gas ETF (159697) has risen by 0.52%, currently priced at 0.97 yuan, indicating a positive trend in the oil and gas sector [2] - Recent innovations in key technologies for oil and gas exploration and development have positioned shale gas as a significant area for sustainable resource development in China, with major shale gas demonstration zones established in the Sichuan Basin [2] Group 2 - The Sichuan Basin has identified eight shale gas fields with a total resource volume of 16.5 trillion cubic meters, contributing to national energy security through the localization of critical equipment and tools [2] - East China Securities anticipates a recovery in trade, which will positively impact oil demand, predicting that oil prices may bottom out in the second quarter and recover thereafter, benefiting upstream resource companies [2] - Guoxin Securities highlights the vast potential for deep-sea oil and gas development in China's northern and central southern South China Sea, supported by relevant technological policies [2][3] Group 3 - As of April 30, 2025, the top ten weighted stocks in the National Petroleum and Natural Gas Index account for 66.65% of the index, with major players including China National Petroleum (601857) and China Petroleum & Chemical (600028) [3]

Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Viewpoints - The report highlights weak demand in the US and domestic gas price declines, with European gas prices showing a slight increase. The US LNG import tariff has been reduced to 25% [1][48] - The supply is expected to remain ample, with gas companies optimizing costs and a continued adjustment of pricing mechanisms, leading to potential demand growth [48] Price Tracking - As of May 16, 2025, the weekly price changes for various gas prices are as follows: US HH -4.9%, European TTF +0.3%, East Asia JKM +3.8%, China LNG ex-factory -0.4%, and China LNG CIF -0.6% [10][1] - The average total supply of natural gas in the US increased by 0.4% week-on-week to 110.4 billion cubic feet per day, while total demand decreased by 0.4% to 94.4 billion cubic feet per day [14][1] Supply and Demand Analysis - The report notes that after a brief period of high temperatures, the climate has returned to suitable temperatures, leading to continued weak demand in the US natural gas market [14] - In Europe, natural gas consumption for the first two months of 2025 was 115.5 billion cubic meters, a year-on-year increase of 11% [16][1] - Domestic gas prices in China have slightly decreased by 0.4% due to slow demand recovery and ample supply [22][1] Pricing Progress - Nationwide pricing adjustments are gradually being implemented, with 63% of cities having executed residential pricing adjustments, resulting in an increase of 0.21 yuan per cubic meter [34][1] Important Events - The US LNG import tariff has been significantly reduced from 140% to 25%, enhancing the economic viability of US gas imports [41][1] - The European Commission has voted in favor of introducing more flexible natural gas storage filling targets to avoid supply shortages and price spikes [46][1] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the easing supply conditions, such as Xin'ao Energy, China Resources Gas, and Kunlun Energy, among others [48][1]

Core Viewpoint - The independent financial advisor, China International Capital Corporation (CICC), conducted a review of insider trading activities related to the major asset acquisition and related party transactions of Xin'ao Natural Gas Co., Ltd. The review found no direct evidence of insider trading among the identified insiders during the self-examination period, indicating that their trading activities do not pose substantial legal obstacles to the transaction [1][13]. Group 1: Insider Trading Review - The self-examination period for insider trading activities spans from September 19, 2024, to April 25, 2025, which is six months prior to the suspension of trading and one day before the disclosure of the restructuring report [1]. - The review included senior management and other relevant personnel involved in the transaction [2]. - The review identified specific trading activities of individuals within the insider group, detailing their cumulative buy and sell transactions during the self-examination period [2][3]. Group 2: Individual Commitments - Each insider provided a commitment stating that their trading activities were based on personal judgment of market conditions and did not involve insider information [4][5][6]. - Insiders confirmed they were unaware of the restructuring details prior to specific dates, ensuring their trading actions were not influenced by undisclosed information [4][5][6]. - The commitments included assurances against leaking insider information or engaging in prohibited trading behaviors [4][5][6]. Group 3: Institutional Trading Activities - CICC reported its trading activities in Xin'ao shares, asserting compliance with legal regulations and internal information barriers to prevent insider trading [9][10]. - The firm emphasized that its trading decisions were based on independent investment research and were not related to the restructuring [10][12]. - CICC committed to adhering to relevant laws and regulations until the completion or termination of the restructuring [10][12]. Group 4: Conclusion of the Review - The independent financial advisor concluded that there was no direct evidence of insider trading among the identified insiders during the self-examination period, and the trading activities did not constitute a legal barrier to the transaction [13].

证券代码：600803 证券简称：新奥股份 公告编号：临 2025-054 本次交易的股票交易自查期间为上市公司本次重组停牌前 6 个月至重组报告书披 露之前一日止，即自 2024 年 9 月 19 日至 2025 年 4 月 25 日。 二、本次交易的内幕信息知情人核查范围 新奥天然气股份有限公司 关于本次交易相关内幕信息知情人买卖股票情况的 自查报告的公告 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" "上市公司"或"新奥股份"）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"标的公 司"），并以介绍上市方式在香港联合交易所有限公司主板上市（以下简称"本次交易" "本次重组"）。 根据《上市公司重大资产重组管理办法》《公开发行证券的公司信息披露内容与格 式准则第 26 号——上市公司重大资产重组》及《监管规则适用指引——上市类第 1 号》 等文件的规定，公司对本次交易涉及的相关内幕信息知情人买卖公司股票进行核查，现 就查询情况公告如下： 一、本 ...