Core Viewpoint - The article discusses the impact of fluctuating tariffs on export-oriented enterprises in China, particularly in the natural gas sector, highlighting the need for companies to adapt to uncertainties and enhance supply chain resilience through diversification and digital transformation [1][2]. Group 1: Impact of Tariffs on Export-Oriented Enterprises - Export-oriented enterprises are experiencing significant fluctuations in order volumes due to tariff uncertainties, leading to extreme shifts between production halts and urgent order fulfillment [1]. - The natural gas industry is facing challenges as orders are subject to instability, with occurrences of cancellations and restorations affecting daily operations [1]. Group 2: Adaptation Strategies of Chinese Natural Gas Companies - Chinese natural gas companies are proactively seeking change through measures such as diversified supply, cross-chain services, and digital empowerment to mitigate the uncertainties brought by tariffs [1]. - Leading energy companies like New Hope are moving away from traditional models to implement intelligent solutions for optimal supply-demand matching, thereby helping clients reduce gas costs [1]. Group 3: Growth of Natural Gas Demand - Despite global energy market volatility, natural gas demand in China is projected to grow, with an estimated compound annual growth rate of about 6% from 2024 to 2030 according to Bloomberg [2]. - The evolving geopolitical landscape and increased competition among major powers are pushing companies to adopt flexible production plans to ensure stable and adaptable energy supply [2]. Group 4: Resource Integration and Supply Chain Resilience - New Hope is expanding its LNG receiving station capabilities, with a reported annual unloading volume of 2.4122 million tons in 2024, a significant increase of 54.95% year-on-year [3]. - The company has signed a long-term LNG purchase agreement with ADNOC, securing approximately 1 million tons of LNG annually for 15 years, linked to oil prices [3]. Group 5: Digital Empowerment and Efficiency - New Hope's "Good Gas Network" enhances energy service management by linking supply and demand, improving matching efficiency, and reducing energy costs for over 24,000 users [4]. - The platform has successfully provided 2,300 optimization solutions and 9,900 risk warnings to various industrial clients, demonstrating its effectiveness in addressing supply-demand mismatches [4]. Group 6: Diversification and Value Chain Integration - The natural gas industry is shifting from a "point supply + distribution" model to a more integrated approach, recognizing the need to expand along the value chain to mitigate cost pressures and customer attrition risks [6]. - New Hope has developed a comprehensive energy service system that integrates multiple energy forms, including electricity, heating, and renewable sources, to create a collaborative smart energy ecosystem [6]. Group 7: Innovative Energy Solutions - New Hope has implemented an integrated solution for textile enterprises, achieving over 99.7% process matching and significant cost savings, demonstrating the effectiveness of AI in optimizing energy use [7]. - The company's "Good Energy Network" has provided services to over 9,500 energy users, achieving cumulative energy savings exceeding 1 billion kWh, showcasing the transition from equipment energy savings to system optimization [8]. Group 8: Future Outlook and Industry Competitiveness - The article emphasizes the importance of technological innovation and solution development in enhancing precision and overall chain empowerment, which will determine the next round of core competitiveness in the industry [9].

Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Viewpoints - Weak demand has led to a decline in domestic gas prices, while storage levels are pushing down European gas prices [1][5] - The report highlights the ongoing adjustments in pricing mechanisms and the gradual recovery of demand, with a focus on cost optimization for gas companies [5][48] Price Tracking - As of May 30, 2025, the weekly price changes for various gas markets are as follows: US HH +0.6%, European TTF -7%, East Asia JKM -2.6%, China LNG ex-factory -1.1%, and China LNG CIF -4.2% [10][11] - Domestic gas prices have slightly decreased by 1.1% due to slow demand recovery and the upcoming Dragon Boat Festival [24] Supply and Demand Analysis - In the US, total gas supply increased by 0.6% week-on-week to 1,125 billion cubic feet per day, while total demand decreased by 0.8% to 973 billion cubic feet per day [15] - European gas consumption for January-February 2025 was 1,155 billion cubic meters, up 11% year-on-year, but supply decreased by 10.8% week-on-week [16] Pricing Progress - Nationwide, 63% of cities have implemented residential pricing adjustments, with an average increase of 0.21 yuan per cubic meter [34] - The report indicates that there is still a 10% room for price gap recovery in city gas companies [34] Important Events - The US LNG import tariff has been reduced from 140% to 25%, enhancing the economic viability of US gas imports [41][43] - The European Commission has voted to introduce more flexible natural gas storage filling targets to avoid supply shortages [46][47] Investment Recommendations - The report suggests focusing on companies that can optimize costs and benefit from the ongoing pricing adjustments, recommending companies like Xinao Energy and China Gas [48] - It also highlights the importance of companies with quality long-term contracts and flexible scheduling capabilities, such as Jiufeng Energy and Xinao [48]

Core Viewpoint - Xin'ao Co., Ltd. plans to privatize Xin'ao Energy and simultaneously list on the Hong Kong Stock Exchange, which constitutes a significant asset restructuring according to the China Securities Regulatory Commission [1] Group 1: Privatization and Listing - The shareholders' meeting approved the privatization of Xin'ao Energy, allowing each share of Xin'ao Energy to convert into 2.9427 shares of newly issued H-shares of Xin'ao Co. and a cash payment of HKD 24.50 [1] - The theoretical value of each share of Xin'ao Energy is estimated at approximately HKD 80, representing a premium of about 34.57% over the last trading price before the announcement [1] Group 2: Strategic Advantages Post-Transaction - After the transaction, Xin'ao Co. will enhance its natural gas full-scenario advantages, including customer base, domestic and international resource pools, infrastructure support, and international risk control systems [2] - The company can leverage its Zhoushan LNG receiving station to connect international and domestic markets, ensuring stable gas supply and mitigating market price fluctuations [2] Group 3: Financial and Operational Synergies - The establishment of an A+H listing platform will broaden financing channels, reduce financing costs, and enhance capital strength and risk resistance [3] - The transaction will accelerate the construction and operation of a natural gas professional capability recognition platform, integrating resources and utilizing smart technology for optimal matching [3] - Enhanced collaboration in R&D will lead to breakthroughs in core technology and applications, positioning the company as a leader in the global energy transition [3]

本报5月29日讯(大众新闻记者顾松通讯员冷晓燕朱立娟)近日，胜利油田孤东采油管理一区利用数字档 案系统分析研判，采取卡封上层、砂封下层简化层段等举措，让GO8-25-12井日产油由0.6吨提升至4.6 吨。 3月份以来，采油管理一区深度挖掘档案资源价值，创新建立"数据活化-动态分析-精准调控"工作机 制，精准指导135次注采调配，让管理区日产量从744吨攀升至760吨，含水率下降0.2个百分点，探索出 老油田高效开发新路径。 技术人员针对GO8-19X2016井含水异常问题，通过调取近五年注采曲线、对比周边6口水井流线数据， 精准锁定GO4-19N153水井为主要来水通道。实施降配注措施后，该井含水率下降7.59%，日增油0.6 吨，单井采收率提升8%。 在GO7-29XN226井区，档案数据的深度挖掘同样带来惊喜。技术团队重新梳理历史勘探资料，结合新 式测井解释技术，发现该区块存在未动用储量；通过对比历年注采曲线，诊断出储层堵塞和流线失衡问 题，创新实施"油井试挤+水井脉冲注入"组合工艺措施，日产液量提升11.5吨，含水下降2.7%。 事实上，信息化发展让沉睡的数据精准服务油藏经营水平提档升级。管理区技术团 ...

Core Viewpoint - The natural gas industry is expected to experience growth in the next decade, driven by the transition to green and low-carbon development, with significant opportunities for companies like New Hope Natural Gas Co., Ltd. [1][3] Industry Outlook - The domestic natural gas industry is projected to remain in an upward cycle for the next 10 to 15 years, supported by national policies promoting market reforms and infrastructure development [1][3] - China's natural gas consumption is anticipated to exceed 400 billion cubic meters in 2024, accounting for approximately 10% of global consumption, indicating a substantial growth potential in the domestic market [3] - Current domestic natural gas consumption is less than 10% of total primary energy consumption, while the global average exceeds 20%, highlighting the expansion opportunities in China's natural gas market [3] Company Strategy - New Hope has adopted a "pan-energy" approach since 2009, focusing on clean energy utilization and energy system integration to reduce costs and carbon emissions for clients [4][5] - The company aims to achieve peak carbon emissions by 2030 and carbon neutrality by 2050, leveraging its core competencies in the natural gas industry and advancing smart platform construction [5] - New Hope has successfully reduced greenhouse gas emissions intensity in its urban gas business by 37.4% compared to 2019, and in its pan-energy production business by 41.5% [5] Safety and Technology - New Hope employs a unique methodology to address safety issues in urban gas operations, focusing on both physical and human factors that contribute to safety risks [6][7] - The company utilizes IoT and smart technologies for real-time monitoring of gas infrastructure, significantly improving the efficiency and accuracy of safety inspections [6][7] International Business - New Hope's international business strategy centers on natural gas trade, with a diversified resource pool and a robust risk management system to navigate complex global markets [8][10] - The company has established a global resource acquisition system to avoid reliance on any single country or region, enhancing operational resilience in the face of international uncertainties [10]

Core Viewpoint - Natural gas is increasingly recognized as a long-term energy source rather than merely a transitional one, with its flexible integration with renewable energy sources like wind and solar being emphasized at the 29th World Gas Conference (WGC2025) [1][2]. Industry Insights - The current share of natural gas in China's primary energy consumption is only 8.5%, significantly lower than the global average of 24%, indicating substantial future growth potential [3]. - China's apparent natural gas consumption is projected to reach 426 billion cubic meters in 2024, with an annual growth rate of 8% [3]. - By 2030, China's total natural gas consumption is expected to reach between 550 billion and 600 billion cubic meters, driven by the need for cleaner energy and the growth of LNG demand in the transportation sector [3][6]. Company Developments - New Energy's gas sales are expected to approach 40 billion cubic meters in 2024, with industrial and commercial gas usage growing by over 5% year-on-year [4]. - New Energy has launched a natural gas capability recognition model through its platform, "Good Gas Network," to optimize supply and demand matching, significantly reducing costs for customers and increasing profits for city gas companies [7][8]. Technological Innovations - The integration of AI, blockchain, big data, and other advanced technologies is transforming the energy system, moving from experience-based management to data-driven intelligence [7][9]. - New Energy has deployed over 130,000 IoT sensing devices and 20,000 visualization devices across various scenarios, establishing a comprehensive smart safety management system [10]. Future Outlook - The company anticipates a growth trajectory for natural gas over the next 10 to 15 years, with an expected annual growth rate of around 5% [6]. - The development of comprehensive energy services driven by AI is seen as essential for creating value for customers and enhancing operational efficiency [11].

Core Viewpoint - The company is advancing its core strategy of "integrated collaboration in the natural gas industry chain" through a significant asset restructuring plan to privatize its subsidiary, New World Energy, with overwhelming shareholder support of over 99.9% [1] Group 1: Financial Impact - Following the transaction, the company's basic earnings per share (EPS) is projected to increase from RMB 1.46 to RMB 1.56, representing a growth of 6.8% [2] - The core profit attributable to shareholders is expected to rise from RMB 5.143 billion to RMB 9.340 billion, marking an increase of 81.6% [2] - The company has committed to a dividend policy for 2026-2028, ensuring a payout ratio of no less than 50% of the core profit attributable to shareholders, with an estimated total dividend of RMB 1.14 per share in 2025 [2] Group 2: Operational Synergies - The completion of the transaction will lead to New World Energy delisting from the Hong Kong Stock Exchange, allowing the company to fully integrate the natural gas industry chain and control key nodes from resource acquisition to end-user services [3] - The company will leverage its overseas resource pool and diverse gas source structure to enhance overall gas source allocation efficiency and cost control [3] - The transaction will simplify management levels, improve decision-making efficiency, and optimize overall operational effectiveness [3] Group 3: Strategic Development - The restructuring will facilitate the company's global natural gas industry layout, enhancing its core competitiveness and risk resilience [4] - The privatization and integrated listing will serve as a strategic support for expanding financing channels and improving market valuation [4] - The company aims to inject new momentum into high-quality development and internationalization of its natural gas business through this restructuring [4]

Group 1 - The company announced the appointment of several senior management personnel to enhance business management and achieve strategic goals [2][3][4][5][6] - Zhang Yuying was appointed as President to drive strategic objectives, safety capabilities, digital transformation, and organizational development [2] - Su Li was appointed as Executive Vice President to oversee natural gas market development, resource acquisition, and facility utilization [2] - Zhang Xiaoyang was appointed as Vice President to improve safety production operations and innovate business models [3] - Huang Baoguang was appointed as Vice President to preemptively control risks and enhance organizational capabilities [4] - Jiang Yang, Sun Dianfei, Wang Bohan, and Lin Yan were appointed as Assistant Presidents to focus on various aspects such as industry collaboration, international resource acquisition, and talent development [4][5] Group 2 - In 2024, the company's revenue composition is projected to be: natural gas retail 49.48%, natural gas wholesale 17.4%, comprehensive energy sales and services 11.45%, platform trading gas 9.48%, and engineering construction and installation 4.37% [6]

证券代码：600803 证券简称：新奥股份 公告编号：临 2025-057 新奥天然气股份有限公司 关于聘任公司高级管理人员的公告 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"）于 2025 年 5 月 28 日召开了第 十一届董事会第一次会议，审议通过了《关于聘任公司高级管理人员的议案》。 经公司董事长蒋承宏提名，并经提名委员会审查通过，董事会同意聘任蒋承 宏和韩继深为公司联席首席执行官，任期与第十一届董事会任期一致。蒋承宏主 要负责制定公司战略规划及主导重大战略专项落地，组织开展资本运作项目，推 进业务全链条协同发展；韩继深主要负责公司重大战略专项的执行纠偏、重大风 险的防范与控制等。 为了强化公司的各项业务管理，经公司联席首席执行官韩继深提名，董事会 同意聘任公司以下高级管理人员，任期与第十一届董事会任期一致： 1. 聘任张宇迎为总裁，主要负责公司日常经营，推进公司战略目标达成、 安全能力提升、数智化转型、组织队伍建设等，协调内部资源推进对外战略合作。 2. 聘任苏莉为常务副总 ...

证券代码：600803 证券简称：新奥股份 公告编号：临 2025-055 新奥天然气股份有限公司 2024年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 28 日 (二)股东大会召开的地点：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 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 328 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,573,100,321 | | 3、出席会议的股东所持有表决权股份数占公司有表决权 | 83.2435 | | 股份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，公司董事长蒋承宏先生主持会议，会议以 现场会议与网络投票相结合的方式召开。北京国枫律师事 ...