Investment Rating - The report maintains an "Overweight" investment rating for the gas industry [1] Core Viewpoints - The report highlights that warmer weather has led to a decrease in US gas prices by 22%, while European gas prices have increased by 3.7% due to inventory withdrawals [10][15] - It emphasizes the overall supply adequacy in the domestic market, with a week-on-week decrease in domestic gas prices by 1.6% [24] - The report discusses the ongoing price adjustment progress across cities, indicating a potential for profit recovery and valuation restoration for city gas companies [33] Price Tracking - As of December 12, 2025, the week-on-week price changes for various gas prices are as follows: US HH down 22%, European TTF up 3.7%, East Asia JKM down 1.7%, China LNG ex-factory price down 1.6%, and China LNG CIF price down 6.9% [10][11] - The report notes that the average gas consumption in Europe for the first nine months of 2025 was 313.8 billion cubic meters, reflecting a year-on-year increase of 4.1% [16] Supply and Demand Analysis - The report indicates that as of December 5, 2025, US gas storage levels decreased by 1,770 billion cubic feet to 37,460 billion cubic feet, showing no year-on-year change [15] - In Europe, gas supply increased by 26.5% week-on-week to 116,966 GWh, with significant contributions from inventory consumption and LNG receiving stations [16] - Domestic gas apparent consumption for the first ten months of 2025 increased by 0.7% year-on-year to 354.1 billion cubic meters [24] Pricing Mechanism Progress - The report states that 67% of cities have implemented residential pricing adjustments, with an average increase of 0.22 yuan per cubic meter [33] - It highlights that the pricing gap for leading city gas companies has room for a 10% recovery, indicating ongoing price adjustments [33] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the ongoing price adjustments, such as Xin'ao Energy, China Gas, and Kunlun Energy, all with attractive dividend yields [5] - It suggests monitoring companies with quality long-term contracts and flexible scheduling capabilities, such as Jiufeng Energy and Xin'ao Shares [5] - The report also emphasizes the importance of energy independence and suggests关注 companies with gas production capabilities like New Natural Gas and Blue Flame Holdings [5]

石化周报 美国降息、地缘发酵，油价受供应过剩担忧影响表现疲软 glmszqdatemark 2025 年 12 月 13 日 重点公司盈利预测、估值与评级 | 代码 | 简称 | 股价 | | EPS（元） | | | PE（X） | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | （元） | 2024A | 2025E | 2026E | 2024A | 2025E | 2026E | | | 601857.SH | 中国石油 | 9.53 | 0.90 | 0.87 | 0.89 | 11 | 11 | 11 | 推荐 | | 600938.SH | 中国海油 | 28.40 | 2.90 | 2.60 | 2.68 | 10 | 11 | 11 | 推荐 | | 600028.SH | 中国石化 | 5.78 | 0.41 | 0.31 | 0.34 | 14 | 19 | 17 | 推荐 | | 603619.SH | 中曼石油 | 22.05 | 1.76 | 1.48 | 1.99 | 13 | ...

2016-2025年1-10月新疆维吾尔自治区工业企业数统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市公司：广汇能源（600256），新天然气（603393），统一股份（600506），ST浩源（002700）， 新疆火炬（603080），西部牧业（300106），天润乳业（600419），德展健康（000813），雪峰科技 （603227），川宁生物（301301），熙菱信息（300588），立新能源（001258），天富能源（600509） 相关报告：智研咨询发布的《2025-2031年中国工业云行业市场深度评估及投资机会预测报告》 2025年1-10月，新疆维吾尔自治区工业企业数（以下数据涉及的工业企业，均为规模以上工业企业，从 2011年起，规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收入2000万 元）为5507个，和 ...

Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Insights - The report highlights the ongoing price fluctuations in the gas market, with a notable increase in US gas prices due to sustained cold weather and inventory withdrawals, while European gas prices are declining [4][9] - It emphasizes the supply-demand dynamics, indicating a decrease in US gas storage and a drop in European gas supply, alongside a slight increase in domestic gas consumption in China [15][19] - The report discusses the progress of price adjustments in the gas sector, with a significant number of cities implementing residential price adjustments, leading to improved profitability for city gas companies [31] Price Tracking - As of December 5, 2025, US HH gas prices increased by 13.2% week-on-week, while European TTF prices decreased by 6.2% [9][10] - The report notes that the average gas consumption in Europe for the first eight months of 2025 was 288.4 billion cubic meters, reflecting a year-on-year increase of 4.6% [15] - Domestic gas prices in China saw a week-on-week decrease of 1.4%, with a total apparent consumption of 354.1 billion cubic meters from January to October 2025, a year-on-year increase of 0.7% [19][23] Supply and Demand Analysis - The report forecasts continued cold weather leading to a 13.2% increase in US gas prices, with storage levels dropping to 39,230 billion cubic feet, a decrease of 120 billion cubic feet week-on-week [14] - European gas supply decreased by 9.9% week-on-week, with a notable drop in supply from inventory [15] - China's gas production increased by 6.5% year-on-year to 217.1 billion cubic meters, while imports decreased by 6.3% [23][24] Price Adjustment Progress - The report indicates that 67% of cities have implemented residential price adjustments, with an average increase of 0.22 yuan per cubic meter [31] - The report suggests that there is still a 10% room for price adjustment in city gas companies, indicating ongoing efforts to align pricing mechanisms [31] Investment Recommendations - The report recommends several companies for investment, including Xinao Energy, China Resources Gas, and Kunlun Energy, highlighting their attractive dividend yields [46][47] - It suggests focusing on companies with quality long-term contracts and cost advantages, such as Jiufeng Energy and Xinao Holdings [46][47] - The report also emphasizes the importance of energy independence and suggests monitoring companies with gas production capabilities [47]

Core Viewpoint - The company has developed a "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" action plan to align with national economic policies and enhance investor value through strategic focus on natural gas and comprehensive energy supply [1][20]. Group 1: Strategic Focus - The company aims to solidify its position in the natural gas industry by enhancing management, innovating technology, and effectively acquiring resources, establishing itself as a comprehensive energy supplier across various regions in China [1]. - The company has a strategic focus on the entire natural gas energy supply chain and aims to implement its "One Body, Two Wings" strategy [1]. Group 2: Resource Development - The Pan Zhuang block has achieved significant milestones, including a cumulative gas production of over 10 billion cubic meters and a daily output record of over 100,000 cubic meters per well, with remaining potential reserves exceeding 4 billion cubic meters [2]. - The Ma Bi block is the largest coalbed methane project approved by the National Development and Reform Commission, with proven geological reserves of approximately 65.5 billion cubic meters and a production increase from 284 million cubic meters in 2022 to 572 million cubic meters in 2023 [3][4]. Group 3: Technological Innovation - The company has received the first prize for technological innovation at the Fifth China Science and Technology Industrialization Promotion Association Awards, showcasing its advancements in drilling, geology, fracturing, and production technologies [10]. - The company has developed key technologies for underground coal gasification, achieving over 85% gasification efficiency, which supports its goals for deep coal development [11]. Group 4: Shareholder Returns - The company has maintained a consistent cash dividend policy since its listing in 2016, with total dividends reaching 1.12 billion RMB in 2016 and increasing to 3.82 billion RMB in 2023, reflecting an average annual growth rate of nearly 19% [13]. - A mid-term dividend plan is proposed to address negative retained earnings and ensure compliance with cash dividend requirements, aiming to increase the cash dividend ratio in the future [14]. Group 5: Investor Communication - The company emphasizes investor relations management, conducting over 100 communication activities with investors in 2023-2024, including shareholder meetings and analyst conferences [15]. - The company aims to enhance the quality and effectiveness of information disclosure to better convey its value to the market [16]. Group 6: Governance and Compliance - The company has established a robust governance structure, revising nearly 30 governance documents to comply with evolving regulations and enhance operational efficiency [17]. - Continuous training for board members and management is prioritized to ensure adherence to capital market laws and regulations [17]. Group 7: Incentive Mechanisms - The company has implemented a multi-tiered compensation and performance evaluation system to attract and retain key management and technical personnel, aligning their interests with those of shareholders [18][19].

每经头条（nbdtoutiao）——秒光、售罄！银行大额存单成稀缺资源，2%以上产品很难抢，有的门槛高 达1000万元！专家：存款利率或长期下行 （记者 张明双） 2024年1至12月份，新天然气的营业收入构成为：煤层气开采及销售行业占比76.99%，天然气供应及相 关行业占比21.73%，其他业务占比1.28%。 截至发稿，新天然气市值为116亿元。 每经AI快讯，新天然气（SH 603393，收盘价：27.42元）12月5日晚间发布公告称，公司第五届第八次 董事会会议于2025年12月5日以现场及通讯相结合的方式召开。会议审议了《关于公司2026年度"提质增 效重回报"行动方案的议案》等文件。 ...

新疆鑫泰天然气股份有限公司 | 1 总则 = 1- | | | --- | --- | | വ 暂缓、豁免信息的范围与方式 = 1- | | | က 信息披露暂缓与豁免的程序 | ·· | | 4 责任与处罚 | : : : : : : : : : : : | | 5 附则 . | | | 附件 1 . . . | - 6 - | 【版本历史】 文件增修撰写过程 | 版本 | 发布日期 | 主要修改内容 | 拟稿人 | 审稿人 | | --- | --- | --- | --- | --- | | A/0 | 5 日 | 制定 | 吴佳奕 | 刘东 | | | 2025 年 12 月 | | | | 规章制度 文件名称：信息披露暂缓与豁免管理制度 文件编号：新天然气-【2025】-董秘办-S01 文件版本：第 A/0 版 制定部门：董事会办公室 机密等级：秘密 发布日期：2025 年 12 月 5 日 生效日期：2025 年 12 月 5 日 | 文件名称 | 信息披露暂缓与豁免管理制度 | 版次 | A/0 | 发布日期 | 年 2025 12 | 月 | 5 | | --- | --- | --- | - ...

新疆鑫泰天然气股份有限公司 关于 "提质增效重回报"行动方案的公告 本公司董事会及全体董事保证本公告内容不存在虚假记载、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。 为深入贯彻中央经济工作会议和中央金融工作会议精神，落实国务院《关于进 一步提高上市公司质量的意见》的相关要求，响应上海证券交易所（以下简称"上 交所"）《关于开展沪市公司"提质增效重回报"专项行动的倡议》，积极践行 "以投资者为本"理念，推动公司高质量发展，提升投资价值与投资者获得感，结 合公司战略规划、生产经营等情况，新疆鑫泰天然气股份有限公司（以下简称"公 司"）制定了"提质增效重回报"行动方案。具体内容如下： 一、 聚焦天然气主业，扎实推进战略落地 公司紧紧围绕"天然气能源全产业链"和"一体两翼"战略支点的打造，以管 理不断提升、技术持续创新、资源有效获取为抓手，历经二十五年发展，在新疆天 山南北八个城市（区、县）拥有城市燃气特许经营权，在山西、新疆、贵州地区经 营非常规天然气和常规油气的勘探、开发和生产，在新疆、甘肃地区经营煤炭资源 的勘探、开发和生产，成为了国内少有的常规天然气和非常规天然气及煤炭资源开 发 ...

证券代码：603393 证券简称：新天然气 公告编号：2025-041 新疆鑫泰天然气股份有限公司 第五届董事会第八次会议决议公告 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。 新疆鑫泰天然气股份有限公司（以下简称"公司"）第五届董事会第八次 会议的通知于 2025 年 11 月 28 日以电子邮件方式发出。本次会议于 2025 年 12 月 5 日以现场及通讯相结合的方式召开，会议应出席董事 9 人，实际出席 9 人，其中现场出席董事 3 人，通讯出席董事 6 人。 本次会议由董事张蜀先生主持，公司部分高级管理人员列席了会议，符合 《公司法》和《公司章程》有关规定，会议合法有效。 会议审议并通过了如下决议： 一、审议《关于公司 2026 年度"提质增效重回报"行动方案的议案》 经与会董事表决，审议通过该议案。 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的 《新疆鑫泰天然气股份有限公司 2026 年度"提质增效重回报"行动方案的公 告》。 本议案已经公司董事会审计委员会审议通过，并同意提交董 ...

Core Viewpoint - As of December 3, a total of 113 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Significant Net Buying - The stock with the longest consecutive net buying days is Aucma, which has seen net buying for 17 consecutive trading days [1] - Other notable stocks with significant net buying days include Sourcefly Pet, Hangxiao Steel Structure, New Natural Gas, Jindi Group, Juhe Shun, Guoguang Electric, Longxing Technology, and Hefeng Co., Ltd. [1]