Market Overview - The gas sector increased by 1.15% on November 28, with Delong Huineng leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Key Performers in Gas Sector - Delong Huineng (000593) closed at 11.96, up 6.22% with a trading volume of 506,400 shares and a transaction value of 589 million [1] - Xinjiang Torch (603080) closed at 23.21, up 6.08% with a trading volume of 65,700 shares and a transaction value of 150 million [1] - Shengtong Energy (001331) closed at 14.32, up 5.84% with a trading volume of 64,300 shares and a transaction value of 90.55 million [1] - Other notable performers include Shouhua Gas (300483) up 5.28% and ST Jinjis (000669) up 4.87% [1] Capital Flow Analysis - The gas sector saw a net inflow of 116 million from institutional investors, while retail investors experienced a net outflow of 80.75 million [2] - The main capital inflow was observed in Shouhua Gas with a net outflow of 34.62 million from institutional investors [3] - Ninefeng Energy (605090) had a net inflow of 31.72 million from institutional investors, indicating strong interest [3]

Core Viewpoint - Shenzhen Gas Group Co., Ltd. has elected Liu Fang as the employee representative director for its fifth board of directors, with the election taking place on November 24, 2025, and her term lasting until the end of the current board's tenure [1][2]. Group 1 - The election of Liu Fang as the employee representative director was conducted in accordance with the Company Law of the People's Republic of China and the company's articles of association [1]. - After the election, the total number of directors who are senior management or employee representatives will not exceed half of the total number of directors on the board [1]. Group 2 - Liu Fang, born in 1973, holds a bachelor's degree and has extensive experience in various roles within the Shenzhen government and organizations, including her recent positions as Deputy Secretary of the Party Committee and Chairman of the Labor Union at Shenzhen Gas Group [2]. - Liu Fang has been involved in the workforce since 1996 and has held multiple leadership positions in different departments, showcasing her long-standing commitment to public service and organizational management [2].

Core Points - Shenzhen Gas announced the election of Liu Fang as the employee representative director of the fifth board of directors during the second employee representative assembly on November 24, 2025 [1] Summary by Category - **Company Announcement** - Shenzhen Gas held its fourth session of the second employee representative assembly on November 25, where Liu Fang was elected as the employee representative director [1]

| 证券代码：601139 | 证券简称：深圳燃气 公告编号：2025-054 | | --- | --- | | 债券代码：113067 | 债券简称：燃 23 转债 | 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。 根据《中华人民共和国公司法》《深圳市燃气集团股份有限公司章程》等有 关规定，2025年11月24日，深圳市燃气集团股份有限公司（以下简称"公司"） 四届二次职工代表大会选举刘芳女士（简历附后）为公司第五届董事会职工代表 董事，任期自本次选举通过之日起至公司第五届董事会任期届满之日止。本次选 举职工代表董事工作完成后，公司第五届董事会中兼任公司高级管理人员以及由 职工代表担任的董事人数总计未超过公司董事总数的二分之一。 职工代表董事简历 深圳燃气关于选举职工代表董事的公告 刘芳，女，中国国籍，1973 年出生，大学本科学历，经济师。1996 年 8 月 参加工作，历任扬州大学师范学院党委宣传部干部，深圳经济特区发展集团党群 部干部、深圳市特发信息股份有限公司团委副书记，共青团深圳市委企业工作部 副主任科员、主任 ...

Core Insights - The gas pipeline industry is crucial for ensuring the safe and stable supply of gas, with recent government policies aimed at enhancing safety and operational efficiency [1][5][6] - During the "14th Five-Year Plan" period, over 700,000 kilometers of underground pipelines will be constructed or renovated, with an expected investment exceeding 5 trillion yuan, highlighting the commitment to upgrading gas networks [1][7][10] - The transition towards natural gas as the primary clean energy source is evident, with a significant increase in natural gas supply and a decline in artificial gas and liquefied petroleum gas [1][10][11] Industry Overview - Gas pipelines are defined as systems used for transporting gas, including natural gas, artificial gas, and liquefied petroleum gas, along with associated facilities [2][3] - The industry is characterized by its need for tightness, pressure resistance, and corrosion resistance [2] Policy Landscape - A series of national policies have been introduced to improve the safety and efficiency of gas pipelines, including plans for the renovation of aging infrastructure [5][6][7] - The focus is on eliminating outdated materials, implementing smart monitoring systems, and enhancing safety measures in urban areas [7][10] Industry Chain - The gas pipeline industry chain includes upstream gas resource exploration, midstream pipeline manufacturing and construction, and downstream distribution to end-users [8][9] - Major players in the industry include state-owned enterprises and specialized manufacturers, with a growing emphasis on digital technologies to enhance operational efficiency [9] Current Development Status - The demand for urban gas is increasing due to urbanization, with the national gas penetration rate rising from 94.57% in 2014 to 98.64% in 2024 [10] - The total supply of natural gas is projected to grow significantly, indicating a shift towards cleaner energy sources [10][11] Future Trends - The gas pipeline industry is expected to undergo a transformation towards smart, efficient, and integrated operations, leveraging advanced technologies for real-time monitoring and predictive maintenance [12][13] - The "National Unified Network" strategy will enhance system efficiency and resource allocation across regions [14] - The industry is exploring multi-energy integration, including the transportation of hydrogen and other green mediums, indicating a shift in the role of gas companies towards comprehensive energy service providers [15]

Core Viewpoint - The Shenzhen Gas Industry Association has released the sales directory for gas-burning appliances compatible with the city's gas supply, which has been providing guidance for safe and qualified gas appliance purchases for 22 years [1]. Group 1: Sales Directory and Compliance - The new sales directory includes 29 brands of gas appliances that have passed the review, comprising 119 types of household gas stoves, 301 types of gas water heaters, and 50 types of commercial gas stoves [1]. - Since 2011, nearly 9.2 million gas source compatibility labels have been issued to help users select safe and qualified gas appliances [1]. - The "Shenzhen Special Economic Zone Urban Gas Management Regulations" effective from November 1, 2023, mandates that gas appliance installation and maintenance must be conducted by certified companies [1]. Group 2: Installation and Maintenance Standards - Installation and maintenance companies must possess a gas appliance installation and maintenance qualification certificate issued by the Shenzhen Gas Industry Association [2]. - Installation personnel are required to hold a vocational skill level certificate for gas appliance installation and maintenance, which includes a QR code for verification [2]. - Users are advised to verify the credentials of installation personnel and avoid hiring unqualified individuals or attempting self-installation [2].

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending various companies within these industries based on their performance and market conditions [2]. Core Insights - The report highlights a significant increase in electricity consumption in October, with a year-on-year growth of 10.4%, driven primarily by the tertiary sector and residential usage [5][10]. - Natural gas prices exhibit mixed trends globally, with U.S. prices rising while European prices are stabilizing [22][30]. - The report provides specific investment recommendations across various segments, including hydropower, green energy, nuclear power, thermal power, and gas [20][21]. Summary by Sections 1. Electricity Sector - In October, total electricity consumption reached 857.2 billion kWh, marking a 10.4% increase year-on-year. The first, second, and third industries, along with residential consumption, saw growth rates of 13.2%, 6.2%, 17.1%, and 23.9%, respectively [12][10]. - The tertiary sector's electricity consumption grew the fastest, particularly in internet data services related to big data and AI, which surged by 46% [11]. - The report notes that the second industry contributes over 60% of total electricity consumption, with high-tech and equipment manufacturing showing significant growth [11][12]. 2. Gas Sector - As of November 21, U.S. Henry Hub spot prices were $4.13/mmBtu, reflecting an 18.33% weekly increase, while European gas prices showed slight declines [22][30]. - The report indicates that U.S. natural gas supply remains robust, with a notable increase in LNG demand, contributing to rising prices [24][25]. - Recommendations include focusing on integrated gas companies and those benefiting from cost reductions and increased sales, such as Kunlun Energy and New Hope Energy [44]. 3. Weekly Market Review - The report notes that the public utility, gas, and power equipment sectors underperformed compared to the Shanghai and Shenzhen 300 index during the week of November 17 to November 21 [47]. 4. Company and Industry Dynamics - The report discusses the commissioning of China's highest-altitude wind power project in Tibet, which is expected to provide significant clean energy and economic benefits to the local community [50][53]. - It also highlights various local government initiatives aimed at promoting green electricity and renewable energy projects, including direct connections for green electricity [54][55].

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]

Investment Rating - The report maintains a "Positive" outlook on the public utilities and environmental protection sectors [3] Core Insights - The report highlights a significant increase in electricity production in October, with total generation reaching 800.2 billion kWh, a year-on-year growth of 7.9% [4][11] - Hydropower and thermal power contributed the most to the increase in electricity generation, while wind power saw a decline of 11.9% compared to the previous year [4][10] - Natural gas prices showed mixed trends globally, with stable prices in Asia and fluctuations in Europe and North America [22][40] Summary by Sections 1. Electricity Production - In October, thermal power generation was 513.8 billion kWh, up 7.3% year-on-year, while hydropower generation reached 135.1 billion kWh, up 28.2% [4][11] - The total increase in electricity generation for October was approximately 58.6 billion kWh, with thermal power contributing 35 billion kWh and hydropower contributing 29.7 billion kWh [10][11] - The Three Gorges Reservoir achieved its water storage target of 175 meters, supporting future hydropower generation [10] 2. Natural Gas Market - As of November 14, the Henry Hub spot price in the U.S. was $3.49/mmBtu, a weekly decrease of 7.32% [22] - The TTF spot price in Europe was €30.80/MWh, showing a slight weekly change of 0.81% [22] - Northeast Asia's LNG spot price remained stable at $11.10/mmBtu, with domestic supply being sufficient [22][40] 3. Investment Recommendations - For hydropower, the report recommends companies like Guotou Power, Chuan Investment Energy, and Huaneng Hydropower due to favorable autumn water conditions [20] - In the green energy sector, companies such as Xintian Green Energy and Longyuan Power are suggested for their stable returns and high utilization hours [20] - For nuclear power, the report highlights China Nuclear Power and China General Nuclear Power as key players due to ongoing approvals for new units [20] - In the thermal power sector, companies like Guodian Power and Inner Mongolia Huadian are recommended due to decreasing fuel costs [20] - The report also suggests focusing on integrated natural gas companies like Kunlun Energy and New Hope Energy for their potential recovery in profitability [42][43]

Core Viewpoint - Shenzhen Gas announced the resignation of director Xiao Chunlin due to work adjustments, which does not affect the normal operation of the board [1][2]. Group 1: Resignation Details - Xiao Chunlin submitted his resignation application, which is effective immediately upon delivery to the board [1]. - His resignation does not lead to the board's member count falling below the legal minimum [1]. - After resigning, Xiao Chunlin will not hold any position within the company [1]. Group 2: Company Overview - Shenzhen Gas is a state-owned listed company focusing on "gas + clean energy" as its dual main businesses, founded in 1982 and listed on the Shanghai Stock Exchange in 2009 with stock code 601139 [5]. - The company has 7 national high-tech enterprises, 123 wholly-owned subsidiaries, and 18 affiliated companies [5]. - As of the end of 2024, the company’s total assets exceed 45 billion yuan, and its operating income exceeds 28 billion yuan [5].