Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Viewpoints - The gas prices are stable across various regions due to sufficient storage in the US, progress in European storage, and marginal improvement in domestic demand [1][5] - The report highlights the gradual recovery of domestic gas consumption, with a year-on-year increase of 0.8% to 283.2 billion cubic meters in the first eight months of 2025 [24][27] - The report emphasizes the importance of cost optimization for gas companies and the ongoing adjustment of pricing mechanisms to stimulate demand [53] Price Tracking - As of October 10, 2025, the weekly changes in gas prices are as follows: US HH -0.9%, European TTF +0.9%, East Asia JKM +0.2%, China LNG ex-factory -0.2%, and China LNG CIF -2.7% [10][15] - The average total supply of natural gas in the US decreased by 0.1% week-on-week to 111.7 billion cubic feet per day, while total demand increased by 2.7% to 101.3 billion cubic feet per day [17] Supply and Demand Analysis - US natural gas storage increased by 800 billion cubic feet week-on-week to 36,410 billion cubic feet, showing a year-on-year increase of 0.3% [17] - European gas consumption in the first half of 2025 was 240.8 billion cubic meters, reflecting a year-on-year increase of 5.8% [18] - Domestic gas consumption in China showed a significant improvement in August 2025, with a year-on-year increase of 4% [24] Pricing Progress - Nationwide pricing adjustments have been gradually implemented, with 65% of cities having executed residential pricing adjustments, resulting in an increase of 0.21 yuan per cubic meter [38] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the ongoing pricing adjustments, highlighting companies such as New Energy, China Gas, and Kunlun Energy [53] - It suggests paying attention to companies with quality long-term contracts and cost advantages, such as Jiufeng Energy and New Energy Holdings [53]

Investment Rating - The report maintains a "Positive" outlook on the hydropower sector, particularly large hydropower projects, due to improved fundamentals and favorable weather conditions [2][6]. Core Insights - The report highlights that the autumn floods have positively impacted hydropower generation, with significant increases in water inflow expected in the coming days [2][6]. - The announcement from the National Development and Reform Commission regarding the regulation of price competition is expected to alleviate irrational competition in the electricity market [2][8]. - Global natural gas prices are experiencing fluctuations, with U.S. prices remaining low while European prices are rebounding due to geopolitical tensions and increased heating demand [12][21]. Summary by Sections Electricity Sector - The report notes that hydropower generation in the Yangtze River basin has reached historical highs due to concentrated rainfall, with a total generation of approximately 235.13 billion kWh in the first three quarters of 2025, remaining stable compared to the previous year [2][6]. - The announcement on regulating price competition aims to create a fair market environment, which is expected to reduce irrational pricing behaviors in the electricity sector [7][8]. - Recommendations include focusing on large hydropower companies such as Guotou Power, Chuan Investment Energy, and Yangtze Power, as well as green energy firms like Xintian Green Energy and Longyuan Power [11]. Natural Gas Sector - As of October 10, 2025, U.S. Henry Hub spot prices were $2.90/mmBtu, reflecting a weekly decrease of 9.03%, while European gas prices, such as the TTF, saw an increase of 5.26% to €32.63/MWh [12][14]. - The report indicates that the natural gas consumption in August 2025 showed a year-on-year increase of 1.8%, with total consumption reaching 364.1 billion m³ [34]. - Investment recommendations include focusing on integrated natural gas companies like Kunlun Energy and New Hope Energy, as well as gas trading firms [36]. Environmental Sector - The report suggests that companies with stable performance and high dividend yields, such as Zhongshan Public Utilities and Everbright Environment, should be monitored for potential investment opportunities [11]. - The ongoing development of carbon trading markets and environmental regulations is expected to enhance the performance of companies in the environmental sector [46].

| | 转债 23 | 公告编号：2025-045 | | --- | --- | --- | | 证券代码：601139 转债代码：113067 | 证券简称：深圳燃气 转债简称：燃 | | 深圳燃气可转债转股结果暨股份变动公告 重要内容提示： 累计转股情况：深圳市燃气集团股份有限公司（以下简称"公司"）向 不特定对象发行可转换公司债券"燃 23 转债"自 2024 年 2 月 2 日开始转股。截 至 2025 年 9 月 30 日，"燃 23 转债"共有人民币 86,000 元已转换为公司股票， 转股数量为 11,258 股，占"燃 23 转债"转股前公司已发行股份总额的 0.000391%。 未转股可转债情况：截至 2025 年 9 月 30 日，"燃 23 转债"尚未转股的 可转债金额为人民币 2,999,914,000.00 元，占"燃 23 转债"发行总量的 99.9971%。 本季度转股情况：2025 年 7 月 1 日至 2025 年 9 月 30 日期间，"燃 23 转债"共有人民币 6,000 元已转换为公司股票，转股数量为 810 股，占"燃 23 转债"转股前公司已发行股份总额的 0. ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - In August, the electricity consumption growth rate in the secondary industry increased, contributing the largest increment to total electricity consumption, accounting for 59% of the total increase [3][7] - The total electricity consumption in August reached 10,154 billion kWh, a year-on-year increase of 5.0% [3][6] - The manufacturing sector saw a record monthly growth rate for the year, with high-tech and equipment manufacturing electricity consumption growing by 9.1%, surpassing the average manufacturing growth rate by approximately 4.6 percentage points [3][7] Summary by Sections 1. Electricity: August Secondary Industry Consumption Growth - The total electricity consumption in August was 10,154 billion kWh, with a year-on-year growth of 5.0% [3][6] - The first industry consumed 164 billion kWh (9.7% growth), the second industry consumed 5,981 billion kWh (5.0% growth), the third industry consumed 2,046 billion kWh (7.2% growth), and residential consumption was 1,963 billion kWh (2.4% growth) [3][8] - The secondary industry contributed the most to the total electricity consumption increase, with a significant growth in manufacturing, particularly in high-tech and equipment manufacturing [6][7] 2. Gas: Supply and Demand Stability - Global gas prices have shown narrow fluctuations, with the Henry Hub spot price at $2.90/mmBtu, a weekly increase of 0.17% [16][19] - The LNG national ex-factory price was 4,016 yuan/ton, with a slight weekly decrease of 0.07% [16][36] - The report suggests a positive outlook for city gas companies due to cost reductions and improved profitability [38] 3. Weekly Market Review - The public utility and environmental protection sectors underperformed compared to the CSI 300 index, while the electric equipment sector outperformed [40][42] 4. Company and Industry Dynamics - The report highlights recent government initiatives aimed at promoting high-quality development in energy equipment, focusing on enhancing the efficiency of energy conversion equipment and advancing renewable energy technologies [49] - Key announcements from companies include significant contract wins and strategic investments aimed at enhancing operational capabilities and market positioning [50]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending specific companies for investment based on their performance and market conditions [3][16][18]. Core Insights - The report highlights that in August, the total electricity consumption reached 10,154 billion kWh, marking a year-on-year growth of 5.0%. The second industry contributed the largest increase, accounting for 59% of the total electricity increment [3][8][9]. - The report notes that global gas prices are experiencing slight fluctuations, with the Henry Hub spot price at $2.90/mmBtu and the TTF spot price at €32.15/MWh as of September 26 [18][19]. - The report emphasizes the stable growth in electricity consumption driven by high temperatures and government policies aimed at boosting consumption [8][9]. Summary by Sections 1. Electricity Sector - In August, the second industry saw a significant increase in electricity consumption, with a year-on-year growth of 5.0% and contributing 59% to the total electricity increment [3][9]. - The manufacturing sector achieved a record monthly growth rate, particularly in high-tech and equipment manufacturing, which grew by 9.1% year-on-year [9][10]. - The report recommends investments in hydropower, green energy, nuclear power, and thermal power companies, citing favorable conditions for growth and profitability [16][17]. 2. Gas Sector - The report indicates that the supply-demand dynamics for gas remain stable, with slight fluctuations in global gas prices. The LNG price in Northeast Asia decreased by 2.61% to $11.20/mmBtu [18][19]. - It highlights the steady increase in U.S. natural gas inventories and the impact of mild weather on heating and cooling demands, leading to low price volatility [21][27]. - The report suggests focusing on integrated gas companies and city gas firms that are expected to benefit from cost reductions and improved profitability [41][42]. 3. Market Performance Review - The report notes that the public utility and environmental sectors underperformed compared to the Shanghai and Shenzhen 300 indices, while the power equipment sector outperformed [43][44]. 4. Company and Industry Dynamics - Recent government initiatives aim to enhance the quality of energy equipment and promote the development of renewable energy sources [52]. - The report includes updates on major companies' announcements, including contract wins and strategic investments, which are expected to positively impact their future performance [52][53]. 5. Key Company Valuation Table - The report provides a valuation table for key companies in the public utility and environmental sectors, indicating their market positions and potential for growth [54].

Group 1 - The company announced the resignation of board member Ji Weiyi due to work adjustments, which does not affect the board's operation [1][34] - The board has nominated Yang Jun as a candidate for the board of directors, pending approval at the upcoming shareholder meeting [1][34] - Yang Jun has extensive experience in the gas industry, focusing on digital transformation and operational management [3] Group 2 - The company will hold its third extraordinary general meeting of shareholders on October 28, 2025, at 14:30 [4][10] - Voting will be conducted through a combination of on-site and online methods, with specific time slots for online voting [6][7] - Shareholders must register for the meeting between October 22 and October 23, 2025 [19] Group 3 - The company plans to hold a half-year performance briefing on October 17, 2025, to discuss its operational results and financial indicators for the first half of 2025 [25][30] - Investors can submit questions for the briefing from October 10 to October 16, 2025 [25][28] - The briefing will be conducted in an interactive online format [26][30]

Core Viewpoint - Shenzhen Gas (601139) announced the nomination of Mr. Yang Jun as a candidate for the fifth board of directors [1] Company Summary - The board of directors of Shenzhen Gas has approved the nomination of Mr. Yang Jun [1]

第一章 总则 第一条 为充分发挥审计委员会对上市公司财务信息、 内部控制、内外部审计等工作的监督作用，健全上市公司内 部监督机制，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》《上市公司治理准则》《上 市公司独立董事管理办法》《上海证券交易所股票上市规则》 《上海证券交易所上市公司自律监管指引第 1 号——规范运 作》等法律、行政法规、部门规章、规范性文件和自律规则， 以及《深圳市燃气集团股份有限公司章程》（以下简称《公 司章程》）等有关规定，深圳市燃气集团股份有限公司（以 下简称公司）制定董事会审计委员会实施细则。 董事会审计委员会实施细则 第二条 董事会审计委员会是董事会按照《公司章程》 设立的专门工作机构，主要负责公司内、外部审计的沟通、 监督和核查工作。审计委员会向董事会负责，为董事会决策 提供咨询和建议。董事会审计委员会行使《公司法》规定的 监事会的职权。 第二章 人员组成 【2025 年 9 月 26 日，第五届董事会第三十八次会议（临时会议）审 议通过】 深圳市燃气集团股份有限公司 - 1 - 第三条 审计委员会成员由三至七名董事组成，审计委 员会成员应当为不在上市 ...

证券代码：601139 证券简称：深圳燃气 公告编号：2025-044 转债代码：113067 转债简称：燃 23 转债 深圳燃气关于召开 2025 年半年度业绩说明会的公告 业绩说明会的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 深圳市燃气集团股份有限公司（以下简称"公司"）已于 2025 年 8 月 29 日公开 披露公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年上 半年的经营成果、财务状况，公司计划于 2025 年 10 月 17 日上午 09:00-10:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 二、说明会召开的时间、地点 本次投资者说明会以网络互动形式召开，公司将针对 2025 年上半年的经营成果 及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内就 会议召开时间：2025 年 10 月 17 日（星期五）上午 09:00-10:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 ...

| 证券代码：601139 | 证券简称：深圳燃气 | 公告编号：2025-042 | | --- | --- | --- | | 债券代码：113067 | 债券简称：燃 23 转债 | | 深圳燃气关于董事变动暨提名董事候选人的公告 董事候选人简历 杨军，男，中国国籍，1969 年 6 月出生，1990 年毕业于同济大学热能工程系城市燃 气专业，2001 年获得澳门大学工商管理硕士学位。现为中国土木工程学会城市燃气分会 输配专业委员、燃气高级工程师及英国燃气专业学会（Institution of Gas Engineers & Managers）特许工程师。2004 年加入港华投资有限公司，2019 年起出任港华燃气集团高 级副总裁-延伸业务,于 2021 年获委任为执行副总裁-延伸业务，并于 2023 年获委任为香 港中华煤气营运总裁-延伸业务，负责集团延伸业务拓展与全面营运管理。杨军深耕燃气 行业 30 载，致力于推动燃气企业数字化转型，借助互联网平台为传统燃气公司赋能，构 建生活服务生态。 深圳市燃气集团股份有限公司董事会 2025年9月27日 附件 近日，深圳市燃气集团股份有限公司（以下简称"公司 ...