Investment Rating - The report maintains a "Buy" rating for several companies in the oil and gas sector, including China National Petroleum Corporation, China National Offshore Oil Corporation, China Petroleum & Chemical Corporation, Zhongman Petroleum and Natural Gas, and New Natural Gas [5]. Core Viewpoints - Geopolitical risks and economic concerns are driving significant fluctuations in oil prices, with recent U.S. sanctions on Iran and potential tariffs on countries trading with Russia impacting market sentiment [1][9]. - The report highlights that Russia's oil exports are projected to exceed 4 million barrels per day, with U.S. sanctions potentially disrupting global oil supply [2][10]. - The report notes an increase in the U.S. dollar index and rising oil prices, with Brent crude futures settling at $69.67 per barrel, reflecting a 1.80% increase week-on-week [3][11]. Summary by Sections Industry Investment Rating - The report recommends focusing on companies with strong risk resilience and resource advantages, such as China National Petroleum Corporation, China National Offshore Oil Corporation, and China Petroleum & Chemical Corporation, which are expected to benefit from stable oil prices and high dividend yields [14]. Oil Price Performance - As of August 1, 2025, Brent crude futures closed at $69.67 per barrel, up 1.80% from the previous week, while WTI futures settled at $67.33 per barrel, up 3.33% [38][39]. Supply and Demand Dynamics - U.S. crude oil production increased to 13.31 million barrels per day, while refinery throughput decreased to 16.91 million barrels per day, indicating a mixed supply-demand scenario [11][12]. - The report indicates that U.S. crude oil inventories rose, with strategic reserves at 402.74 million barrels, reflecting a week-on-week increase of 240,000 barrels [13]. Company Performance - The report provides earnings forecasts for key companies, with China National Petroleum Corporation expected to have an EPS of 0.90 yuan in 2024, while China National Offshore Oil Corporation is projected to have an EPS of 2.90 yuan [5].

Investment Rating - The report maintains an "Overweight" rating for the public utility industry, expecting the industry index to outperform the market index by more than 10% in the next six months [49]. Core Insights - In June, the total electricity consumption in the society increased by 5.4% year-on-year, with significant growth in the third industry and urban residents' electricity consumption [44][47]. - The public utility index has underperformed the CSI 300 index, with a decline of 2.7% in the last two weeks and 2.0% year-to-date [12][22]. - The report highlights the performance of various sub-sectors, with hydroelectric power down by 4.8% and thermal service down by 3.6% in the last two weeks [13][20]. Summary by Sections 1. Market Review - As of July 31, the public utility index has dropped 2.7% in the last two weeks, underperforming the CSI 300 index by 3.7 percentage points [12]. - Year-to-date, the public utility index has decreased by 2.0%, lagging behind the CSI 300 index by 5.5 percentage points [12]. - Among the 132 listed companies in the public utility index, 32 saw stock price increases, with ST Jinhong, Victory Energy, and New Construction shares rising by 28.0%, 23.7%, and 15.5% respectively [13]. 2. Industry Valuation - As of July 31, the public utility sector's price-to-earnings (P/E) ratio is 18.5 times, with the solar power sector at 584.5 times and thermal service at 34.8 times [20][21]. - The thermal power sector's P/E ratio is 11.8 times, indicating a relatively lower valuation compared to other sectors [20]. 3. Industry Data Tracking - The average price of Q6000 coal at the pit in Shaanxi Yulin was 587 RMB/ton, a 0.5% increase from the previous value [34]. - The average price of Q5500 coal at Qinhuangdao port was 643 RMB/ton, reflecting a 3.3% increase [34]. 4. Key Industry News - The National Energy Administration reported that the cumulative installed power generation capacity reached 3.65 billion kilowatts by the end of June, a year-on-year increase of 18.7% [47]. - The market transaction electricity volume for the first half of the year was 2.95 trillion kilowatt-hours, up 4.8% year-on-year, accounting for 60.9% of total electricity consumption [47]. 5. Industry Weekly Viewpoint - The report suggests focusing on companies like Huadian International and Guodian Power in the thermal power sector due to the decline in average coal prices [44]. - In the gas sector, companies such as Xin'ao Co., Jiufeng Energy, and New Natural Gas are recommended for their strategic advantages in gas sourcing and distribution [44][45].

Market Overview - On August 1, the gas sector rose by 1.0% compared to the previous trading day, with Shengtong Energy leading the gains [1] - The Shanghai Composite Index closed at 3559.95, down 0.37%, while the Shenzhen Component Index closed at 10991.32, down 0.17% [1] Gas Sector Performance - Shengtong Energy (001331) closed at 13.99, up 9.98% with a trading volume of 49,100 lots and a transaction value of 68.75 million yuan [1] - Tianhao Energy (300332) closed at 5.29, up 4.75% with a trading volume of 491,000 lots and a transaction value of 258 million yuan [1] - Jiufeng Energy (605090) closed at 28.04, up 4.20% with a trading volume of 180,700 lots and a transaction value of 222 million yuan [1] - Other notable performers include Zhongtai Co. (300435) up 2.64%, Xinjiang Torch (603080) up 2.62%, and Delong Huineng (000593) up 2.08% [1] Capital Flow Analysis - The gas sector experienced a net outflow of 10.66 million yuan from institutional investors, while retail investors saw a net inflow of 20.12 million yuan [2] - The main capital flow data indicates that Shaanxi Natural Gas (002267) had a net inflow of 22.48 million yuan, while Shengtong Energy (001331) had a net inflow of 21.36 million yuan [3] - Other companies like Guizhou Gas (600903) and Xinjiang Torch (603080) also showed varying degrees of net inflow and outflow among different investor categories [3]

Core Insights - New Natural Gas (603393.SH) has reported significant resource potential in the Kashgar North District, with discovered favorable structural belts predicting over 100 million tons of crude oil and over 100 billion cubic meters of natural gas [1] Group 1 - The area of the mining zone in the Kashgar North District is extensive, with three favorable structural belts identified [1] - The company has deployed exploration wells in the A-Shen 1 and Wu-Xi 3 closures, with drilling expected to be completed by the end of this year or early next year [1] - The investment direction and workload for 2026 will be determined based on the data and results obtained from the drilling [1]

Core Viewpoint - New Natural Gas (603393) has made significant progress in the exploration of the Kashgar North Second designated area, with promising resource estimates for oil and gas [1] Group 1: Exploration Progress - The Kashgar North Second area covers a large mining area, with three favorable structural belts identified, predicting oil resources exceeding 100 million tons and natural gas resources exceeding 100 billion cubic meters [1] - Currently, one exploration well has been deployed in the A Shen 1 closure and another in the Wu Xi 3 closure, with drilling expected to be completed by the end of this year or early next year [1] Group 2: Future Development Plans - The company plans to determine the investment direction and workload for 2026 based on the data and results obtained from the drilling [1]

格隆汇7月31日丨新天然气(603393.SH)在互动平台表示，喀什北第二区域涉及矿区面积很大，根据最新 的评估，已发现的三个有利构造带，预测资源量原油超亿吨，天气然超千亿方。目前，已经在阿深1圈 闭、乌西3圈闭分别部署一口探井，预计年底或明年年初完成钻探。届时，视相关钻探所掌握的资料和 钻探成效，部署2026年的投资方向和工作量。 ...

Core Viewpoint - Hami Mingxin New Energy Co., Ltd. has been established with a registered capital of 50 million yuan, focusing on emerging energy technology research and development, among other services [1] Company Summary - The legal representative of Hami Mingxin New Energy Co., Ltd. is Yan Danhua [1] - The company’s business scope includes: emerging energy technology research and development, engineering and technology research and experimental development, resource recycling technology research and development, energy recovery system research and development, and energy storage technology services [1] - The company is co-owned by New Natural Gas, Gongqingcheng Caiheng Investment Partnership (Limited Partnership), and Karamay Urban Construction Investment Development Co., Ltd. [1]

金融界消息 截至2025年7月30日收盘，新天然气（603393）报收于29.5元，上涨0.85%，换手率1.09%， 成交量4.63万手，成交金额1.37亿元。 资金流向方面，今日主力资金净流出1071.06万元，占比成交额7.82%。其中，超大单净流入118.85万 元、占成交额0.87%，大单净流出1189.91万元、占成交额8.69%，中单净流出流出256.72万元、占成交 额1.87%，小单净流入1327.77万元、占成交额9.7%。 天眼查商业履历信息显示，新疆鑫泰天然气股份有限公司，成立于2002年，位于乌鲁木齐市，是一家以 从事燃气生产和供应业为主的企业。企业注册资本42392.1327万人民币，实缴资本5978万人民币。公司 法定代表人为张蜀。 通过天眼查大数据分析，新疆鑫泰天然气股份有限公司共对外投资了21家企业，参与招投标项目7次， 知识产权方面有商标信息4条，专利信息2条，此外企业还拥有行政许可7个。 来源：金融界 新天然气最新一期业绩显示，截至2025一季报，公司营业总收入10.64亿元、同比减少5.95%，归属净利 润3.77亿元，同比增长13.72%，扣非净利润3.58亿元，同比 ...

Group 1 - The gas sector experienced a 0.6% increase on July 30, with Shengtong Energy leading the gains [1] - The Shanghai Composite Index closed at 3615.72, up 0.17%, while the Shenzhen Component Index closed at 11203.03, down 0.77% [1] - Shengtong Energy's stock price rose by 9.99% to 11.56, with a trading volume of 187,100 shares and a transaction value of 207 million yuan [1] Group 2 - The gas sector saw a net outflow of 11.82 million yuan from institutional funds, while retail investors contributed a net inflow of 25.32 million yuan [2] - The trading data indicates that ST Jinjing and Shouhua Gas also experienced notable price increases of 5.05% and 4.78%, respectively [1][2] - The overall trading volume for the gas sector was significant, with Shouhua Gas recording a transaction value of 481 million yuan [1]

Investment Rating - The report recommends a positive investment outlook for several companies in the oil and gas sector, highlighting their strong earnings certainty and high dividend characteristics [4][12]. Core Insights - Oil prices are expected to remain volatile in the short term, with OPEC+ likely to maintain its current production increase plans, leading to a potential increase of 548,000 barrels per day in September [1][9]. - The report emphasizes the impact of ongoing trade disputes, particularly between the EU and the US, which could affect market dynamics and economic outlook [1][9]. - The US oil production has decreased, while refinery processing rates have increased, indicating a shift in the supply-demand balance [10][11]. Summary by Sections Industry Overview - The OPEC+ Joint Ministerial Monitoring Committee (JMMC) is scheduled to meet on July 28, with a separate meeting for eight member countries regarding voluntary production cuts on August 3 [1][9]. - Current market expectations suggest no adjustments to the existing production increase plans, with a full lifting of previous cuts anticipated [1][9]. Market Performance - As of July 25, the Brent crude oil futures price was $68.44 per barrel, down 1.21% week-on-week, while WTI futures settled at $65.16 per barrel, down 3.24% [10][37]. - The report notes a decrease in US crude oil production to 13.27 million barrels per day, a reduction of 100,000 barrels from the previous week [10][11]. Company Performance - The report provides earnings forecasts and valuations for key companies, including: - China National Petroleum Corporation (PetroChina) with a recommended rating and an estimated EPS of 0.90 yuan for 2024 [5]. - China National Offshore Oil Corporation (CNOOC) also recommended, with an estimated EPS of 2.90 yuan for 2024 [5]. - Sinopec (China Petroleum & Chemical Corporation) is highlighted for its high dividend yield and integrated operations [5][12]. Investment Recommendations - The report suggests focusing on companies with strong resource advantages and robust risk management capabilities, such as PetroChina, CNOOC, and Sinopec [4][12]. - It also recommends monitoring companies in growth phases, like Zhongman Petroleum and New Natural Gas, which are encouraged by domestic policies to increase oil and gas reserves [4][12].