Core Viewpoint - Shenzhen Gas announced the resignation of Vice President Zhou Yunfu due to work relocation, effective immediately upon delivery of the resignation to the board, with no impact on the company's operations or governance [1][3]. Group 1: Management Changes - Zhou Yunfu, born in August 1974, held a master's degree in political economics and had a career spanning various roles in investment and management before joining Shenzhen Gas [3]. - Zhou served as Vice President of Shenzhen Gas from October 2023, contributing to the management team, which remains stable despite his departure [3]. Group 2: Company Performance - Shenzhen Gas reported a revenue of 29.796 billion yuan for the year, reflecting a year-on-year increase of 5.11%, driven by growth in gas resource and comprehensive energy sectors [3]. - The net profit attributable to shareholders was 1.407 billion yuan, showing a decline of 3.45% compared to the previous year, primarily due to reduced profitability in the smart services segment [3].

Investment Rating - The report maintains an "Overweight" rating for the public utilities and gas distribution sectors [5] Core Insights - The report predicts a moderate growth in China's manufacturing natural gas demand from 2026 to 2028, with an average annual growth rate of 2%. The demand will be characterized by significant structural differentiation, with emerging manufacturing sectors and automotive manufacturing showing the highest growth rates, while traditional high-energy-consuming industries will see a decline [10][20] - The transformation of the city gas industry from "resource distribution" to "comprehensive energy services" is highlighted as a key opportunity, driven by the optimization of customer structure, expansion of value-added services, and improved pricing efficiency [24][25] Summary by Sections Demand Side: Structural Differentiation as the Core Theme - In 2022, the manufacturing sector's natural gas consumption was 155 billion cubic meters, accounting for 8.56% of total energy consumption. The demand is expected to experience a "slow climb - deceleration - stabilization" process from 2023 to 2025, with traditional industries facing pressure while emerging industries continue to grow [2][10] - The report forecasts that from 2026 to 2028, the main sources of growth will be emerging manufacturing sectors such as integrated circuits and biomedicine, with an average annual growth rate of 4.8%, and automotive manufacturing, particularly in new energy vehicles, with a growth rate of 7.8% [21][22] City Gas Industry: Three Opportunities Against Three Challenges - The recovery of manufacturing natural gas demand will be a critical juncture for the city gas industry to shift from "scale expansion" to "quality improvement." This shift is expected to alleviate short-term profit pressures and support business structure reconstruction and core competitiveness enhancement [3][11] - Opportunities include an increase in high-value customers from emerging manufacturing sectors, which are expected to improve gas sales gross margins by 2-3 percentage points by 2028. Challenges include the loss of traditional customer demand, competition from alternative energy sources, and intensified regional competition [3][11] Differentiation from Market Views - The report emphasizes the quantification of demand differentiation trends across various sectors, highlighting the dual drivers of "policy support + industrial expansion" rather than a singular focus on environmental pressures. It also clarifies the boundaries and pace of alternative energy impacts on natural gas demand, indicating that the substitution effect from emerging industries is relatively weak [4][14] Investment Focus - The investment focus is on capturing structural dividends and realizing transformation capabilities, with a particular emphasis on three types of companies: national city gas leaders (Kunlun Energy, China Gas), regional leaders (Shenzhen Gas, Fuan Energy), and energy service platform companies (Xinao Gas) [12][24]

证券代码：601139 证券简称：深圳燃气 公告编号：2026-005 债券代码：113067 债券简称：燃23转债 深圳燃气第五届董事会第四十三次 会议（临时会议）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。 深圳市燃气集团股份有限公司（以下简称"公司"）第五届董事会第四十三次会议（临时会议）于2026年 1月29日（星期四）下午16:30在深圳市福田区梅坳一路268号深燃大厦十四楼第9会议室以现场结合通讯 方式召开，会议应到董事13名，实际表决13名(黄维义、阳杰、石澜、杨军董事通讯表决)，符合《公司 法》及《公司章程》的规定。会议由公司董事长王文杰先生召集和主持，公司部分高级管理人员列席了 会议。 会议逐一审议通过以下议案： 一、会议以13票同意，0票反对，0票弃权的结果审议通过了《关于2026年向下属企业提供内部借款的议 案》。 （一）同意向下属23家全资企业提供234,395万元借款，主要用于固定资产投资、偿还银行贷款和日常 经营周转。 （二）同意向下属10家控股企业提供15,550万元借款，主要用于固定 ...

深圳燃气表示，周云福在公司任职期间，认真履职，勤勉尽责，为公司高质量发展发挥了重要作用，公司董事会对周云福任职期间作出的重要贡献表示衷 心的感谢！ 1月9日，深圳燃气发布业绩快报，2025年度营业收入2979567万元，同比增长5.11%，主要是燃气资源及综合能源收入增长所致；归属于上市公司股东的 净利润140678万元，同比下降3.45%，主要是智慧服务业务利润减少所致；归属于上市公司股东的扣除非经常性损益的净利润143167万元，同比增长 1.99%。 1月29日晚间，深圳燃气公告，公司董事会近日收到周云福辞职申请，因工作调动，周云福申请辞去公司副总裁及其他职务，辞职申请自送达之日起生 效，辞职后周云福将不再担任公司任何职务。周云福先生的离任不会影响公司正常生产经营工作。 商报君送福利 看推文多多留言 有机会获商报君送出的礼品 朋友们千万别错过！ ↓↓↓ 来源 读创财经 ...

每经AI快讯，深圳燃气1月29日晚间发布公告称，因工作调动，周云福先生申请辞去公司副总裁及其他 职务，辞职后周云福先生将不再担任公司任何职务。 （记者 王晓波） 每经头条（nbdtoutiao）——水贝黄金平台"杰我睿"兑付危机调查：40倍杠杆对赌，金价越涨平台越 亏！老板自称"还在深圳"，投资者：兑付方案本金打两折，无法接受 ...

格隆汇1月29日丨深圳燃气(601139.SH)公布，公司董事会近日收到周云福先生辞职申请，因工作调动， 周云福先生申请辞去公司副总裁及其他职务，辞职申请自送达之日起生效，辞职后周云福先生将不再担 任公司任何职务。周云福先生的离任不会影响公司正常生产经营工作。 ...

周云福先生在公司任职期间，认真履职，勤勉尽责，为公司高质量发展发挥了重要 作用，公司董事会对周云福先生任职期间作出的重要贡献表示衷心的感谢！ 特此公告。 深圳市燃气集团股份有限公司董事会 | 证券代码：601139 | 证券简称：深圳燃气 | | | 公告编号：2026-006 | | --- | --- | --- | --- | --- | | 债券代码：113067 | 债券简称：燃 | 23 | 转债 | | 深圳燃气关于高管离任的公告 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。 深圳市燃气集团股份有限公司（以下简称"公司"）董事会近日收到周云福先生辞 职申请，因工作调动，周云福先生申请辞去公司副总裁及其他职务，辞职申请自送达之 日起生效，辞职后周云福先生将不再担任公司任何职务。周云福先生的离任不会影响公 司正常生产经营工作。 2026年1月30日 ...

（一）同意向下属23家全资企业提供234,395万元借款，主要用于固定资产 投资、偿还银行贷款和日常经营周转。 深圳燃气第五届董事会第四十三次 会议（临时会议）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。 深圳市燃气集团股份有限公司（以下简称"公司"）第五届董事会第四十三 次会议（临时会议）于2026年1月29日（星期四）下午16:30在深圳市福田区梅坳 一路268号深燃大厦十四楼第9会议室以现场结合通讯方式召开，会议应到董事13 名，实际表决13名(黄维义、阳杰、石澜、杨军董事通讯表决)，符合《公司法》 及《公司章程》的规定。会议由公司董事长王文杰先生召集和主持，公司部分高 级管理人员列席了会议。 | 证券代码：601139 | 证券简称：深圳燃气 | 公告编号：2026-005 | | --- | --- | --- | | 债券代码：113067 | 债券简称：燃 23 | 转债 | 会议逐一审议通过以下议案： 一、会议以13票同意，0票反对，0票弃权的结果审议通过了《关于2026年向 下属企业提供内部借款的 ...

南财智讯1月29日电，深圳燃气公告，深圳市燃气集团股份有限公司董事会近日收到周云福先生辞职申 请，因工作调动，周云福先生申请辞去公司副总裁及其他职务，辞职申请自送达之日起生效，辞职后周 云福先生将不再担任公司任何职务。 ...

Core Viewpoint - The report highlights a projected decline in China's gas production by the end of 2025, indicating a potential shift in the market dynamics of the gas industry [1] Industry Summary - According to the National Bureau of Statistics, China's gas production is expected to reach 132.6 billion cubic meters by December 2025, reflecting a year-on-year decrease of 1.4% [1] - Cumulative gas production in China for 2025 is projected to be 1,678.89 billion cubic meters, showing a cumulative growth of 1.9% [1] Company Summary - Listed companies mentioned include ST Jinhong (000669), Shenzhen Gas (601139), Guizhou Gas (600903), and Baichuan Energy (600681), which may be impacted by the trends in gas production [1]