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 ...

深圳市燃气集团股份有限公司 董事会议事规则 第一章 总则 第一条 为健全和规范深圳市燃气集团股份有限公司（以 下简称公司）董事会议事程序，提高董事会工作效率和科学决 策的水平，保证公司生产经营、管理工作的顺利进行，根据《中 华人民共和国公司法》《中华人民共和国证券法》《上市公司治 理准则》《上海证券交易所股票上市规则》及《深圳市燃气集团 股份有限公司章程》（以下简称《公司章程》）的有关规定，结 合公司的实际情况，制定本规则。 第二条 董事会是公司的经营决策主体，定战略、作决策、 防风险，依照法定程序和公司章程行使对公司重大问题的决策 权，并加强对企业经营管理的全过程监督。 第三条 公司全体董事根据法律法规和《公司章程》的规 定对公司负有忠实、勤勉和谨慎义务。 第四条 董事会设立董事会办公室作为董事会的办事机构， 由董事会秘书负责管理，处理董事会日常事务和上市公司信息 披露事务。 第二章 董事会的组成及结构 第五条 公司设董事会，由股东会选举产生，对股东会负 责。 董事会由 15 名董事组成，其中董事长 1 人，副董事长 1 人， 独立董事 5 人。董事长和副董事长由董事会以全体董事的过半 数选举产生。 第六条 ...

深圳市燃气集团股份有限公司 股东会议事规则 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"）行为，维护公司及公司股东的合法权益，保证股东会 依法行使职权，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》）中国 证券监督管理委员会（以下简称"中国证监会"）《上市公司股 东会规则》及《深圳市燃气集团股份有限公司章程》（以下简称 "《公司章程》"）的规定，制定本规则。 第二条 上市公司股东会的召集、提案、通知、召开等事 项适用本规则。 第三条 公司应当严格按照法律、行政法规、《公司章程》 及本规则的相关规定召开股东会，保证股东依法行使权力。 公司董事会应当切实履行职责，认真、按时组织股东会。 公司全体董事应当勤勉尽责，确保股东会正常召开和依法行使 职权。 第四条 股东会应当在《公司法》和《公司章程》规定的 范围内行使职权。 第五条 股东会分为年度股东会和临时股东会。年度股东 会每年召开一次，应当于上一会计年度结束后的 6 个月内举行。 临时股东会不定期召开，出现《公司法》第一百一十三条规定 应当召开临时股东会的情形时，临时股东会应当在 ...

深圳市燃气集团股份有限公司 2025 年第二次临时股东大会会议资料 深圳市燃气集团股份有限公司 2025 年第二次临时股东大会 会议资料 二零二五年九月 深圳市燃气集团股份有限公司 2025 年第二次临时股东大会会议资料 会议须知 根据中国证监会《上市公司股东大会规则》和《深圳市 燃气集团股份有限公司章程》（以下简称"《公司章程》"）的 有关规定，为确保公司股东大会顺利召开，特制订大会须知 如下，望出席股东大会的全体人员遵守执行： 一、股东参加股东大会，应当认真履行其法定义务，不 得侵犯其他股东权益； 二、股东大会期间，全体出席人员应以维护股东的合法 利益、确保大会正常秩序和议事效率为原则，认真履行法定 职责； 三、出席大会的股东依法享有发言权、咨询权、表决权 等各项权利，但需由公司统一安排发言和解答； 四、任何人不得扰乱大会的正常秩序和会议程序；会议 期间请关闭手机或将其调至静音状态。 深圳市燃气集团股份有限公司 2025 年第二次临时股东大会会议资料 会议议程 | | 序号 | 内容 | | --- | --- | --- | | 第 | 1 项 | 宣布会议开始 | | | | 介绍出席现场会议股东和代 ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending various companies within these industries for investment [5][14]. Core Insights - The report highlights the competitive results of the electricity pricing mechanism in Shandong, indicating that wind power is favored over solar power, with wind power pricing at 0.319 CNY/kWh and solar at 0.225 CNY/kWh [9][10]. - A new pricing mechanism for nearby consumption of renewable energy has been established, clarifying economic responsibilities and allowing renewable projects to pay for supply reliability [12][13]. - Global gas prices are showing mixed trends, with European and Asian prices rising while U.S. prices are declining, reflecting varying supply and demand dynamics [15][20]. Summary by Sections 1. Electricity: Shandong Pricing Mechanism and New Renewable Energy Policies - Shandong's first competitive pricing results show wind power projects with a total capacity of 3.5911 GW and a mechanism electricity price of 0.319 CNY/kWh, while solar projects have a capacity of 1.265 GW and a price of 0.225 CNY/kWh [9][11]. - The new pricing mechanism for nearby consumption aims to enhance the utilization of renewable energy and reduce the pressure on the power system [12][13]. 2. Gas: Global Price Variations - As of September 12, U.S. Henry Hub spot prices are at $2.94/mmBtu, down 3.61% week-on-week, while European TTF prices are at €32.00/MWh, up 1.27% [15][16]. - The report notes that U.S. gas production remains high despite a slight decline, while European prices are influenced by supply constraints and increased heating demand due to cooler temperatures [15][20]. 3. Weekly Market Review - The gas sector outperformed the Shanghai and Shenzhen 300 index, while the public utilities, power, and environmental sectors underperformed [36]. 4. Company and Industry Dynamics - Recent announcements include the implementation of market-oriented pricing reforms for renewable energy in Jiangxi province, effective from October 2025 [40]. - The report also discusses various company announcements, including operational updates and financial instruments [43]. 5. Key Company Valuation Tables - The report provides valuation metrics for key companies in the public utility sector, highlighting buy and hold recommendations for several firms based on their earnings and price-to-earnings ratios [45][46].

证券代码：601139 证券简称：深圳燃气 公告编号：2025-037 债券代码：113067 债券简称：燃23转债 深圳燃气第五届董事会 第三十七次会议（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"）第五届董事会第三十七次会议（临时会议）于2025年 9月9日（星期二）以通讯方式召开，会议应到董事14名，实际表决14名，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，公司部分监事及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14票同意，0票反对，0票弃权的结果审议通过了《关于取消监事会并修订〈公司章程〉及其 附件的议案》。 董事会同意修订《公司章程》及其附件《股东会议事规则》《董事会议事规则》，拟不再设置监事会、 监事，由董事会审计委员会行使监事会职权，同时废止公司《监事会议事规则》，公司各项规章制度中 涉及监事会、监事的规定不再适用；公司董事会设置1名职工代表董事。内容详见《深圳燃气关于取消 监事会并修订〈公 ...

| 证券代码：601139 | 证券简称：深圳燃气 | 公告编号：2025-038 | | --- | --- | --- | | 债券代码：113067 | 债券简称：燃 23 转债 | | 深圳燃气关于取消监事会并修订《公司章程》 及其附件的公告 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"）于2025年9月9日召开第 五届董事会第三十七次会议（临时会议），会议审议通过了《关于取消监事会并 修订<公司章程>及其附件的议案》，具体情况如下： 一、关于取消监事会的情况 根据《中华人民共和国公司法》《上市公司章程指引》《上市公司治理准则》 《深圳市燃气集团股份有限公司章程》等相关规定，公司拟不再设置监事会、监 事，由董事会审计委员会行使监事会职权，同时废止公司《监事会议事规则》， 公司各项规章制度中涉及监事会、监事的规定不再适用；公司董事会设置 1 名职 工代表董事；并相应修订《公司章程》。 在公司股东大会审议通过前，公司第五届监事会仍将严格按照相关法律法规 和规范性文件的要求，勤 ...