Core Viewpoint - Guizhou Gas announced that as of the disclosure date, Guiyang Industrial Investment holds 18.97% of the company's shares, making it a non-controlling shareholder with more than 5% ownership [1] Group 1 - Guiyang Industrial Investment's shareholder intends to transfer more than 51% of its stake in Guiyang Industrial Investment to Guizhou Provincial Industrial Development Co., Ltd. and has signed a letter of intent for the acquisition [1] - This matter is still in the planning stage and carries uncertainties [1] - If the transfer is completed, it may lead to changes in the upper shareholding structure and actual controller of Guiyang Industrial Investment, but it will not change the company's controlling shareholder or actual controller, nor will it affect daily operations and management [1]

Market Overview - The gas sector experienced a decline of 1.74% on November 19, with Shengli Co. leading the drop [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, down 0.0% [1] Individual Stock Performance - Notable performers in the gas sector included: - Xin Ao Co. (600803) with a closing price of 20.71, up 1.07% and a trading volume of 105,500 shares [1] - Shouhua Gas (300483) closed at 16.75, up 0.42% with a trading volume of 315,300 shares [1] - Guizhou Gas (600903) closed at 7.36, up 0.41% with a trading volume of 321,800 shares [1] - Conversely, Shengli Co. (000407) saw a significant drop of 10.00%, closing at 6.03 with a trading volume of 809,500 shares [2] - Other notable declines included: - Changchun Gas (600333) down 8.00% to 6.90 [2] - Xinjiang Torch (603080) down 5.28% to 22.59 [2] Capital Flow Analysis - The gas sector experienced a net outflow of 535 million yuan from main funds, while retail investors contributed a net inflow of 463 million yuan [2][3] - The breakdown of capital flow showed: - New Natural Gas (603393) had a main fund net inflow of 13.43 million yuan but a retail net outflow of 12.62 million yuan [3] - Guizhou Gas (600903) saw a main fund net inflow of 6.56 million yuan, with a retail net inflow of 202,450 yuan [3] - Shengli Co. (000407) had a significant main fund net outflow of 6.76 million yuan [3]

Group 1 - The core viewpoint of the news is the strong performance of the oil and gas sector, highlighted by the rise of the National Petroleum and Natural Gas Index and specific stocks such as Shun Oil and Victory Shares [1] - The National Petroleum and Natural Gas Index (399439) increased by 1.26%, with significant gains in constituent stocks like Shun Oil (up 10.01%) and Victory Shares (up 9.92%) [1] - The newly published "Regulations on the Planning, Construction, and Operation Management of Oil and Gas Infrastructure" will take effect on January 1, 2025, emphasizing the need for enhanced natural gas reserves and a refined market mechanism for gas storage [1] Group 2 - The OPEC monthly report indicates that despite an agreement to increase production, OPEC+ produced an average of 43.02 million barrels per day in October, a decrease of 73,000 barrels per day from September [1] - The top ten weighted stocks in the National Petroleum and Natural Gas Index as of October 31, 2025, include major companies like China National Petroleum and Sinopec, collectively accounting for 65.09% of the index [2] - The oil and gas ETF (159697) closely tracks the National Petroleum and Natural Gas Index, reflecting the price changes of publicly listed companies in the oil and gas sector [2]

Core Viewpoint - Guizhou Gas announced the share reduction plan by its major shareholders, which may impact the company's stock performance and investor sentiment [1] Group 1: Shareholder Information - Guizhou Industrial Investment Co., Ltd. (Guizhou Gongtou) held 228,701,098 shares, accounting for 19.89% of the total share capital before the reduction plan [1] - Beijing Dongjia Investment Co., Ltd. (Beijing Dongjia) held 215,797,778 shares, representing 18.76% of the total share capital before the reduction plan [1] Group 2: Reduction Details - From August 20, 2025, to October 28, 2025, Guizhou Gongtou reduced its holdings by 10,629,207 shares, which is 0.92% of the total share capital, leaving it with 218,151,891 shares or 18.97% of the total [1] - From September 12, 2025, to November 11, 2025, Beijing Dongjia reduced its holdings by 16,152,000 shares, accounting for 1.40% of the total share capital, resulting in 199,645,778 shares or 17.36% of the total [1]

| 证券代码：600903 | 证券简称：贵州燃气 | 公告编号：2025-098 | | --- | --- | --- | | 债券代码：110084 | 债券简称：贵燃转债 | | 贵州燃气集团股份有限公司 持股 5%以上股东减持股份结果公告 本公司董事会、全体董事及相关股东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： 大股东持股的基本情况：2025 年 7 月 23 日，贵州燃气集团股份有限公 司（以下简称"贵州燃气"或"公司"）披露了《贵州燃气集团股份有限公司持 股 5%以上股东减持股份计划公告》（公告编号：2025-059）。本次减持计划实施 前，贵阳市工业投资有限公司（以下简称"贵阳工投"）持有公司无限售流通股 228,701,098 股，占公司总股本的 19.89%。北京东嘉投资有限公司（以下简称"北 京东嘉"）持有公司无限售流通股 215,797,778 股，占公司总股本的 18.76%。 | | 董事、监事和高级管理人员 | □是 √否 | | --- | --- | --- | | 持股数量 | 228,70 ...

Core Viewpoint - Guizhou Gas (600903.SH) announced the completion of share reduction plans by Guizhou Industrial Investment and Beijing Dongjia, with specific details on the number of shares reduced and the percentage of total share capital involved [1] Summary by Relevant Sections - **Share Reduction Details** - From August 20, 2025, to October 28, 2025, Guizhou Industrial Investment reduced its holdings by 10.6292 million shares, accounting for 0.92% of the total share capital [1] - From September 12, 2025, to November 11, 2025, Beijing Dongjia reduced its holdings by 16.152 million shares, representing 1.40% of the total share capital [1]

Core Viewpoint - Guizhou Gas (600903.SH) announced the completion of share reduction plans by Guizhou Industrial Investment and Beijing Dongjia, with specific details on the number of shares reduced and the percentage of total share capital involved [1] Summary by Relevant Sections - **Share Reduction Details** - From August 20, 2025, to October 28, 2025, Guizhou Industrial Investment reduced its holdings by 10.6292 million shares, accounting for 0.92% of the total share capital [1] - From September 12, 2025, to November 11, 2025, Beijing Dongjia reduced its holdings by 16.152 million shares, representing 1.40% of the total share capital [1]

Core Viewpoint - Guizhou Gas announced the completion of the share reduction plan by major shareholders Guizhou Industrial Investment and Beijing Dongjia, with both shareholders reducing their stakes but not reaching their initial reduction targets [1] Summary by Relevant Sections Shareholder Reduction - Guizhou Industrial Investment reduced its holdings by 10,629,207 shares, accounting for 0.92% of the total share capital, bringing its current holding to 18.97% [1] - Beijing Dongjia reduced its holdings by 16,152,000 shares, representing 1.40% of the total share capital, with its current holding now at 17.36% [1] Reduction Plan Details - Both shareholders had originally planned to reduce their stakes by no more than 3% [1] - The reduction period for Guizhou Industrial Investment was from August 20, 2025, to October 28, 2025, while for Beijing Dongjia, it was from September 12, 2025, to November 11, 2025 [1]

Group 1 - The core transaction involved Guizhou Gas, with a total of 330,000 shares traded, amounting to 2.1285 million yuan, which represents 2.25% of the total trading volume for the day [1] - The transaction price was set at 6.45 yuan per share, reflecting a discount of 9.54% compared to the market closing price of 7.13 yuan [1]

Core Insights - Guizhou Energy Group Co., Ltd. has increased its registered capital from 10 billion RMB to 20 billion RMB, with Southwest Energy and Mining Group Co., Ltd. becoming a new shareholder [1] Company Overview - Established in January 1997, Guizhou Energy Group's legal representative is Hu Yongzhong, and its business scope includes coal, electricity, shale gas extraction, and coalbed methane development [1] - The group was formed in 2023 through the strategic restructuring of Panjiang Coal and Electricity Group and Wujiang Energy Group [1] - It owns three major enterprises: Panjiang Shares, Water Mining Holdings, and Wujiang Energy Investment, along with fourteen secondary enterprises including Energy Electric Power and Lindong Mining [1] Financial and Operational Metrics - The group has coal resource reserves of 11 billion tons and an annual coal production capacity of 46.35 million tons [1] - The installed power generation capacity is 6.55 million kilowatts, with a coking capacity of 8.33 million tons per year [1] - Annual shale gas production reaches 250 million cubic meters, and it operates a natural gas pipeline network of 750 kilometers [1] Rankings and Recognition - In the 2023 China Top 500 Enterprises list, Guizhou Energy Group ranked 382nd, and 83rd among the Top 500 Energy Enterprises in China [1] - It is ranked 3rd among the top 100 enterprises in Guizhou and is one of the 24 key energy enterprises in the country [1] Shareholder Structure - The current shareholders include the Guizhou Provincial Government State-owned Assets Supervision and Administration Commission, Guizhou Qiansheng State-owned Assets Management Co., Ltd., Guizhou Financial Holdings Group Co., Ltd., and the newly added shareholder [1]