Core Viewpoint - The company Xinjiang Xintai Natural Gas Co., Ltd. has approved a plan for the spin-off of its subsidiary Xinjiang Mingxin Oil and Gas Exploration and Development Co., Ltd. to enhance operational efficiency and attract strategic investors [10][20]. Group 1: Meeting Resolutions - The fifth board meeting of the company was held on June 3, 2025, where all 9 attending directors unanimously approved the spin-off proposal [2][3]. - The fifth supervisory board meeting also took place on the same day, with all 3 attending supervisors approving the same spin-off proposal [5][6]. Group 2: Spin-off Details - The spin-off will create a new company while maintaining the existing ownership structure, with the company holding 65% and Karamay Fucheng Energy Group Co., Ltd. holding 35% [10]. - Post-spin-off, Xinjiang Mingxin will focus on clean and efficient coal-based energy operations, particularly in the Hami region's coal exploration and production [10][20]. - The new company will operate in the exploration and production of oil and gas resources in the Kashgar region [10]. Group 3: Strategic Implications - The spin-off is expected to optimize resource allocation and enhance specialized management, facilitating the introduction of new strategic investors [10][20]. - It aims to reduce future capital expenditures and strengthen the company's market competitiveness and overall advantages [10][20]. - The company anticipates that the spin-off will not adversely affect its production and operational status, nor harm the interests of shareholders, especially minority shareholders [20].

证券代码：603393 证券简称：新天然气 公告编号：2025-024 新疆鑫泰天然气股份有限公司 关于控股子公司存续分立的公告 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。 重要内容提示： ● 因经营需要,为进一步构建可持续发展新格局，赋能产业发展,新疆明新油 气勘探开发有限公司（以下简称＂新疆明新＂）拟进行存续分立，分立为存续公 司新疆明新和一家新设公司。分立完成后，新疆明新和新设公司股权比例保持不 变，仍然是公司持股 65%，克拉玛依市富城能源集团有限公司（简称"富城能源"） 持股 35%。 ● 本次分立完成后，新疆明新将成为以煤基能源清洁高效低碳转化与利用 的综合专业化运营公司，开发项目是持有的位于新疆哈密地区巴里坤县三塘湖矿 区七号勘查区的煤炭资源探矿权的勘探、开发和生产等。新设公司将成为新疆喀 什北油气资源项目勘探、开发和生产的运营主体。 ● 本次分立，从资产运作效率来看，有利于控股子公司优化资源配置，提 升专业化管理水平。从战略发展角度来看，有利于控股子公司未来引入新的战略 投资人，加速煤基能源项目开发。同时可 ...

特此公告。 新疆鑫泰天然气股份有限公司监事会 新疆鑫泰天然气股份有限公司（以下简称"公司"）第五届监事会第四次 会议的通知，于 2025 年 5 月 29 日以电子邮件的方式发出。第五届监事会第四 次会议于 2025 年 6 月 3 日在公司会议室召开，会议应出席监事 3 人，实到 3 人。会议由监事会主席黄敏先生主持，符合《公司法》、《公司章程》及《监 事会议事规则》的有关规定。会议经审议表决，以现场表决方式一致通过以下 决议： 一、审议《关于控股子公司存续分立的议案》 经与会监事表决，审议通过该议案。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关于控股子公司存 续分立的公告》。 表决结果：同意票 3 票、反对票 0 票、弃权票 0 票。 证券代码：603393 证券简称：新天然气 公告编号：2025-023 新疆鑫泰天然气股份有限公司 第五届监事会第四次会议决议公告 本公司监事及监事会全体成员保证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。 2025 年 6 月 4 日 1 ...

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关于控股 子公司存续分立的公告》。 根据新疆鑫泰天然气股份有限公司（以下简称"公司"）《董事会议事规 则》的规定，公司第五届董事会第四次会议的通知于 2025 年 5 月 29 日以电子 邮件方式发出。本次第五届董事会第四次会议于 2025 年 6 月 3 日以现场与通讯 相结合的方式召开，会议应出席董事 9 人，实际出席 9 人。 本次会议由董事长明再远先生主持，公司部分监事会成员及高级管理人员 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《关于控股子公司存续分立的议案》 证券代码：603393 证券简称：新天然气 公告编号：2025-022 新疆鑫泰天然气股份有限公司 第五届董事会第四次会议决议公告 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。 表决结果：同意票 9 票、反对票 0 票、弃权票 0 票。 特此公告。 新疆鑫泰天然气 ...

Core Viewpoint - The company Xinjiang Mingxin Oil and Gas Exploration and Development Co., Ltd., a subsidiary of New Natural Gas (603393), plans to undergo a spin-off to enhance operational efficiency and strategic development in the coal-based energy sector [1] Group 1: Spin-off Details - The spin-off will result in the establishment of two entities: the existing company Xinjiang Mingxin and a newly formed company, with the shareholding structure remaining unchanged at 65% for the company and 35% for Fucheng Energy [1] - Xinjiang Mingxin will focus on the exploration, development, and production of coal resources in the Santanghu mining area of Hami, Xinjiang [1] - The new company will serve as the operational entity for oil and gas resource projects in northern Kashgar, Xinjiang [1] Group 2: Strategic Implications - The spin-off is expected to optimize resource allocation and enhance specialized management within the subsidiary [1] - It will facilitate the introduction of new strategic investors, accelerating the development of coal-based energy projects [1] - The move aims to reduce future capital expenditure and strengthen the company's market competitiveness and overall advantages [1]

金十数据5月29日讯，当地时间5月29日，匈牙利外长西雅尔多在社交媒体表示，由于乌克兰关闭通往欧 洲地区的天然气管道，中欧国家在能源安全方面遇到困难。如今，每天约有2100万立方米天然气通过巴 尔干半岛输送往匈牙利。现在，保加利亚正在修建一条新的天然气管道，通过罗马尼亚将与匈牙利相连 接。据悉，29日，保加利亚与希腊之间将开通新的天然气运输管道。 匈牙利外长：保加利亚将修建通往匈牙利新天然气管道 ...

Core Viewpoint - Urumqi, as the capital of Xinjiang Uygur Autonomous Region, is a strategic hub for the "Belt and Road" initiative and is focusing on building a modern industrial system through the "Industrial Strong City" strategy, emphasizing advanced manufacturing, modern services, and urban agriculture [1][4][15]. Group 1: Economic Performance - Urumqi's GDP for 2024 is projected to reach 450.216 billion yuan, with a year-on-year growth of 5.3%, surpassing the national average [4][5]. - The primary industry is expected to achieve an added value of 32.47 billion yuan, growing by 6.6%; the secondary industry is projected to reach 1,327.33 billion yuan, with a growth of 10.8%; and the tertiary industry is anticipated to add 3,142.36 billion yuan, growing by 3.3% [5][7]. Group 2: Industrial Development - Urumqi is implementing the "5+2" modern industrial system, focusing on energy and chemical, equipment manufacturing, new materials, biomedicine, and electronic information, along with emerging industries like new energy and environmental protection [15][17]. - The city has seen a significant increase in industrial investment, with 138 industrial projects attracting a total investment of 105.66 billion yuan, marking a 25.8% increase year-on-year [7][9]. Group 3: New Quality Productive Forces - The concept of "New Quality Productive Forces" emphasizes innovation-driven development, characterized by high-tech, high-efficiency, and high-quality production, aligning with the new development philosophy [2][3][11]. - Urumqi is actively responding to national strategies by implementing policies that encourage the development of modern agriculture, green energy, and cultural tourism, among others [11][12]. Group 4: Policy Framework - The Urumqi government has introduced several policies to support the growth of new industries, including financial incentives for high-tech enterprises and measures to promote the development of industrial parks [11][12]. - The "Western Region Encouraged Industry Directory" has added 57 new encouraged industry items for Xinjiang, covering modern agriculture, green energy, and textile industries, providing strong policy support for regional industrial upgrades [11][12]. Group 5: Future Trends - Urumqi is focusing on high-end manufacturing and new material clusters, aiming to create three trillion-level advanced manufacturing clusters by 2025 [28][29]. - The city is also building a future industry ecosystem driven by "three new" initiatives, including commercial aerospace and low-altitude economy [30]. - Urumqi is committed to a green low-carbon transformation, with plans to increase the share of new energy installations to over 50% by 2025 [31].

高盛：沙特和卡塔尔的新天然气项目可能会在未来两年将欧佩克的液化天然气产量提高到平均每年20万 桶/日。 ...

Investment Rating - The report maintains an "Accumulate" rating for the gas industry [1] Core Views - The report highlights a significant increase in inventory, a decline in US gas prices, and weak demand domestically, while European gas prices show a slight increase [1][10] - It emphasizes the ongoing adjustments in pricing mechanisms and the potential for demand recovery in 2025, alongside cost optimization for gas companies [1][54] Summary by Sections Price Tracking - As of May 23, 2025, US HH gas prices decreased by 4.8%, while European TTF prices increased by 5.8%. The prices for East Asia JKM and China's LNG showed increases of 5% and 5.5% respectively [10][12] Supply and Demand Analysis - US natural gas supply increased by 1.3% week-on-week to 1,118 billion cubic feet per day, with total demand rising by 4.2% to 982 billion cubic feet per day. However, the industrial sector saw a decrease in consumption by 0.9% [15] - European gas consumption for January-February 2025 was 115.5 billion cubic meters, up 11% year-on-year, while the average gas generation in Europe decreased by 15.5% week-on-week [17][26] Pricing Progress - Nationwide, 63% of cities have implemented residential pricing adjustments, with an average increase of 0.21 yuan per cubic meter. The report suggests that there is still a 10% room for price adjustment [39] Important Events - The US LNG import tariff was reduced from 140% to 25%, enhancing the economic viability of US gas imports [46] - The European Commission voted to introduce more flexible natural gas storage filling targets, allowing member states to achieve storage goals more easily [51] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the ongoing pricing adjustments. Key recommendations include New Energy (5.2% dividend yield), China Gas (7.0% dividend yield), and Kunlun Energy (4.1% dividend yield) [54]

Investment Rating - The report maintains a "Buy" rating for key companies in the oil and gas sector, including China National Petroleum Corporation, China National Offshore Oil Corporation, Sinopec, New Natural Gas, and Zhongman Petroleum [5]. Core Insights - Geopolitical tensions in the Middle East and developments in the Russia-Ukraine conflict are influencing oil prices, with the situation remaining tense as Israel prepares for potential actions against Iran [1][9]. - OPEC+ is considering further production increases, which may hinder oil prices from breaking through current levels despite the upcoming peak demand season [2][10]. - The U.S. oil production and refinery processing rates are on the rise, with crude oil production reaching 13.39 million barrels per day, an increase of 10,000 barrels week-on-week [3][11]. - The report suggests two main investment themes: focusing on resilient oil companies with strong dividend yields and those in the growth phase of natural gas production [3][12]. Summary by Sections Industry Dynamics - The geopolitical landscape remains unstable, particularly regarding Israel and Iran, which could impact global oil demand [1][9]. - OPEC+ is discussing a potential increase in oil production by 411,000 barrels per day for July, which could affect market prices [2][10]. - The U.S. has seen an increase in both crude oil and gasoline inventories, indicating a potential oversupply in the market [3][11]. Market Performance - As of May 23, Brent crude oil futures settled at $64.78 per barrel, down 0.96% week-on-week, while WTI futures settled at $61.53 per barrel, down 1.54% [2][38]. - The report notes a decline in the dollar index, which may influence oil prices, alongside a rise in Northeast Asia's LNG prices [2][10]. Company Performance - Key companies such as China National Petroleum Corporation and China National Offshore Oil Corporation are highlighted for their strong earnings potential and high dividend characteristics [3][12]. - The report provides earnings forecasts and valuations for major companies, indicating a positive outlook for their performance in the coming years [5].