Market Overview - The Shanghai Composite Index closed at 3821.83 points, above the annual line, with a decline of 0.18% [1] - The total trading volume of A-shares reached 25,184.71 million yuan [1] Stocks Breaking Annual Line - A total of 25 A-shares have broken above the annual line today, with notable stocks including Jinfu Technology, Xinhua Jin, and Kexin Technology, showing significant deviation rates of 8.97%, 3.74%, and 3.36% respectively [1] - Stocks with smaller deviation rates that just crossed the annual line include Shenzhen Gas, Ruifeng Bank, and Suoling Co., Ltd. [1] Top Performing Stocks - Jinfu Technology (300128) had a daily increase of 9.50% with a turnover rate of 13.90%, latest price at 5.88 yuan, and a deviation rate of 8.97% [1] - Xinhua Jin (600735) increased by 10.07% with a turnover rate of 10.40%, latest price at 6.23 yuan, and a deviation rate of 3.74% [1] - Kexin Technology (300565) rose by 7.98% with a turnover rate of 20.74%, latest price at 13.12 yuan, and a deviation rate of 3.36% [1] Additional Notable Stocks - Other notable stocks include Tianceng Automation (603085) with a 5.18% increase, Nanjing Bank (601009) with a 4.78% increase, and Berteli (603596) with a 2.81% increase [1] - The stocks with the smallest deviation rates include True Love Beauty (003041) at 0.42%, Jian Ke Yuan (300675) at 0.36%, and Shaanxi Coal (601225) at 0.34% [2]

快查APP显示，香港中华煤气相关公司深圳市燃气集团股份有限公司于2025年9月23日发布一则招标信 息，项目名称为龙华能源生态园项目配套燃气管道工程-明浪路，预算金额为413.90万元。 来源：市场资讯 （来源：快查一企业中标了） 快查股权穿透数据显示，该公司由香港中华煤气持股，出资比例为16.36%。 ...

快查APP显示，香港中华煤气相关公司深圳市燃气集团股份有限公司于2025年9月23日发布一则招标信 息，项目名称为龙华能源生态园项目配套燃气管道工程-浪荣路，预算金额为477.54万元。 快查股权穿透数据显示，该公司由香港中华煤气持股，出资比例为16.36%。 来源：市场资讯 （来源：快查一企业中标了） ...

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].

Core Insights - The overall performance of Shenzhen state-owned enterprises' new media accounts has declined in August, with significant drops in both article output and reading volume compared to July [4][20] - The "Shenzhen State-owned Enterprises New Media Information Release Observation List" evaluates the performance of 54 accounts, including 31 state-owned enterprise accounts and 23 listed companies [3] Group 1: New Media Performance - In August, 21 out of 31 state-owned enterprise accounts reduced their article output, with notable decreases from Shenzhen Stock Exchange, Shenzhen Anju, and Shenzhen Innovation Investment Group [4][20] - Reading volume for 21 accounts also fell, with some experiencing declines of over 50%, while the Special Zone Construction Group saw a significant increase of 16,610 in reading volume [4][20] - The top three accounts by article output were Shenzhen Bus Group (71 articles), Shenzhen Energy (64 articles), and Shenzhen Metro (63 articles) [5][20] Group 2: Reading Volume and Engagement - The top three accounts by reading volume were Shenzhen Metro (361,000+), Guoxin Securities (135,000+), and Shenzhen Eastern Bus (133,000+) [6][7] - The lowest reading volumes were recorded by Special Zone Development Group (408) and Shenzhen Capital Group (165) [6][7] - The top three accounts by likes were Shenzhen Metro (4,079), Shenzhen Bus Group (2,881), and Shenzhen Gas (1,957) [8][9] Group 3: Listed Companies Performance - Among the 23 listed company accounts, 14 experienced declines in reading volume, indicating instability in content planning [13][20] - The top three accounts by article output were Deep Special Power (51 articles), Shenzhen Airlines (24 articles), and Yiyaton (21 articles) [14][20] - Reading volume leaders included Shenzhen Airlines (110,000+), CIMC (50,913), and China Ping An (43,212), although many accounts saw significant drops [15][20] Group 4: Recommendations for Improvement - The overall data indicates a need for optimization in content output and engagement strategies, particularly for lower-performing accounts [20] - Recommendations include focusing on data review, strategy adjustment, content quality improvement, and maintaining a consistent output rhythm to enhance account influence [20]

Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Views - The report highlights that the U.S. is expected to experience a temperature drop, leading to reduced cooling demand, while European storage is progressing and domestic demand is slowly recovering, resulting in relatively stable gas prices across regions [1][10] - It emphasizes the ongoing price adjustments in the domestic market, with a focus on the gradual implementation of pricing reforms that enhance profitability for city gas companies [35] Price Tracking - As of September 19, 2025, the weekly price changes for various gas markets are as follows: U.S. HH -0.2%, European TTF -0.7%, East Asia JKM +0.1%, China LNG ex-factory -0.8%, and China LNG CIF +0.7%, with prices at 0.7, 2.8, 2.9, 2.7, and 2.9 CNY/m³ respectively [5][10] - The average total supply of natural gas in the U.S. decreased by 0.5% week-on-week to 1,118 billion cubic feet per day, while total demand fell by 1.1% to 985 billion cubic feet per day [14] Supply and Demand Analysis - The report indicates that the average natural gas consumption in China for the first seven months of 2025 increased by 0.3% year-on-year to 246.1 billion cubic meters, attributed to warmer winter conditions in 2024 affecting heating demand [26] - In Europe, natural gas consumption for the first half of 2025 was 240.8 billion cubic meters, reflecting a year-on-year increase of 5.8% [17] Pricing Progress - Nationwide, 65% of cities have implemented residential pricing adjustments, with an average increase of 0.21 CNY/m³, indicating a trend towards improved profitability for city gas companies [35] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the ongoing pricing reforms, highlighting key companies such as New Hope Energy, China Resources Gas, and Kunlun Energy, among others [50] - It also suggests monitoring companies with quality long-term contracts and flexible scheduling capabilities, such as Jiufeng Energy and New Hope Holdings [50]

Core Viewpoint - Shenzhen Gas experienced a slight increase in stock price and notable trading activity, with significant financing and margin trading data indicating a high level of investor interest and market positioning [1][2]. Financing and Trading Activity - On September 17, Shenzhen Gas saw a financing buy-in of 819.88 million yuan, while financing repayment amounted to 1,247.61 million yuan, resulting in a net financing outflow of 427.73 million yuan [1]. - The total financing and margin trading balance for Shenzhen Gas reached 2.60 billion yuan as of September 17, with the financing balance at 2.58 billion yuan, representing 1.35% of the circulating market value [1]. - The margin trading data indicated a high level of activity, with 27,600 shares repaid and 10,800 shares sold on September 17, leading to a margin balance of 278.35 million yuan, which is above the 90th percentile for the past year [1]. Company Financial Performance - For the first half of 2025, Shenzhen Gas reported operating revenue of 15.432 billion yuan, reflecting a year-on-year growth of 11.99%, while the net profit attributable to shareholders decreased by 13.61% to 638 million yuan [2]. - Cumulatively, Shenzhen Gas has distributed 5.409 billion yuan in dividends since its A-share listing, with 1.295 billion yuan distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Shenzhen Gas was 46,500, a decrease of 0.35% from the previous period, with an average of 61,854 circulating shares per shareholder, an increase of 0.35% [2]. - Notable changes in institutional holdings include the entry of ICBC Red Chip Preferred Mixed A and Southern CSI 500 ETF as new top ten shareholders, while Hong Kong Central Clearing Limited and ICBC Innovation Power Stock exited the list [3].

Market Overview - On September 17, the gas sector rose by 0.15% compared to the previous trading day, with Dazhong Public Utilities leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Individual Stock Performance - Dazhong Public Utilities (600635) closed at 4.85, with a gain of 6.59% and a trading volume of 2.2875 million shares, amounting to a transaction value of 1.073 billion yuan [1] - Other notable performers included: - Zhongtai Co., Ltd. (300435) at 19.25, up 2.56% [1] - Fuan Longyuan (002911) at 11.54, up 2.49% [1] - Changchun Gas (600333) at 5.85, up 1.92% [1] - New Natural Gas (603393) at 29.21, up 1.14% [1] Fund Flow Analysis - The gas sector saw a net inflow of 90.0868 million yuan from institutional investors, while retail investors experienced a net outflow of 34.2687 million yuan [2] - The main stocks with significant fund flows included: - Dazhong Public Utilities with a net inflow of 68.1613 million yuan [3] - Fuan Energy with a net inflow of 18.0718 million yuan [3] - Changchun Gas with a net inflow of 13.9757 million yuan [3]

深圳市燃气集团股份有限公司 章 程 （2025 年 9 月 26 日，公司 2025 年第二次临时股东大会 审议修订） 二○二五年九月 | | | | | | 第一章 总则 第一条 为规范深圳市燃气集团股份有限公司（以下简称公司）的组织和行 为，全面贯彻落实"两个一以贯之"重要要求，坚持和加强党的全面领导，完善 公司法人治理结构，维护公司、股东、职工和债权人的合法权益，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》）《中华人民共和国企业国有资产法》《企业国有资产监督管理暂行条 例》等法律、行政法规、部门规章和规范性文件，制定本章程。 第二条 公司系依照《公司法》和其他有关规定，由原深圳市燃气集团有限 公司（以下简称"燃气集团"）整体变更设立的股份有限公司。 第三条 公司经中华人民共和国商务部以《商务部关于同意深圳市燃气集团 有限公司转为股份公司并增加经营范围的批复》（批文号：商资批[2006]2533 号） 批准以发起方式设立；在深圳市市场监督管理局注册登记，取得营业执照，统一 社会信用代码为 91440300192408392D。 第四条 公司于 200 ...