Investment Rating - The report maintains an "Accumulate" rating for the gas industry [1] Core Viewpoints - The temperature is expected to rise to normal levels, leading to a decrease in gas prices in Europe and the US [4][9] - The overall supply of gas is sufficient, with domestic gas prices showing a week-on-week decrease of 1.4% [21] - The report emphasizes the importance of optimizing costs for city gas companies and the ongoing adjustment of pricing mechanisms [50] Price Tracking - As of January 9, 2026, the week-on-week changes in gas prices are as follows: US HH -27.5%, European TTF -5.7%, East Asia JKM -1.4%, China LNG ex-factory -1.4%, and China LNG CIF -4.8% [4][10] - The average daily gas generation in Europe increased by 26.8% week-on-week and 109.7% year-on-year to 1635.8 GWh [16] Supply and Demand Analysis - The US natural gas market price decreased by 27.5% week-on-week due to rising temperatures, with storage levels down by 1190 billion cubic feet to 32560 billion cubic feet [14] - European gas consumption from January to September 2025 was 313.8 billion cubic meters, a year-on-year increase of 4.1% [16] - Domestic gas consumption from January to November 2025 increased by 1.5% year-on-year to 392 billion cubic meters [21] Pricing Progress - Nationwide pricing adjustments are gradually being implemented, with 67% of cities having executed residential pricing adjustments, averaging an increase of 0.22 yuan per cubic meter [34] - The report indicates that there is still a 10% room for price adjustment in city gas companies [34] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the ongoing pricing adjustments, such as Xin'ao Energy, China Resources Gas, and Kunlun Energy, all with dividend yields around 4.8% [51] - It also highlights the importance of companies with quality long-term contracts and flexible scheduling, such as Jiufeng Energy and Xin'ao Shares [51] - The report suggests paying attention to companies with gas production capabilities, such as Shouhua Gas and New Natural Gas, due to the increasing uncertainty in US gas imports [51]

Summary of New Natural Gas Company Conference Call Company Overview - The conference call discusses New Natural Gas Company, focusing on its various projects and overall performance in the coal and gas industry. Key Points Industry and Project Developments - **Santanghu Coal Resource Development Project**: - Exploration report approved by Xinjiang Natural Resources Department, with 169 wells drilled covering 110,000 meters and 32 square kilometers, confirming 1.9 billion tons of shallow coal resources [2][5] - The project aims to extend the industrial chain and increase added value through strategic partnerships [2] - **Gansu Qingyang Underground Coal-to-Gas Project**: - Progressing steadily with resource acquisition completed for 6 blocks, covering 462 square kilometers and predicting reserves of 2.8 billion tons [2][9] - Phase one plans to mine 800,000 tons of coal, producing 300 million cubic meters of blue hydrogen and 1.35 million tons of LNG [9] - **Cost Efficiency**: - The complete cost of the Sankashu coal mine is approximately 200 RMB per ton, with coal-to-gas costs expected to be controlled under 1 RMB per cubic meter [2][14] Financial Performance - **2025 Operational Stability**: - Overall operations are stable, but secondary market performance is poor due to various factors [3] - Significant progress in new projects, including Santanghu and Gansu Qingyang [3] Strategic Initiatives - **Increased Stake in Zhongneng Holdings**: - Stake raised to 52.97% with plans for privatization to secure more upstream resource rights and ensure future investment returns [2][16] Downstream Industry Layout - **Planned Projects**: - Two major projects for comprehensive utilization of 15 million tons and 10 million tons of long flame coal [6] - A coal-to-gas project integrating 2 billion cubic meters of coal pyrolysis gasification [6] Sales and Pricing - **Sales Channels**: - Sales channels are robust, with pipelines facilitating transport to major downstream areas [15] - **Pricing Stability**: - Prices for gas remain stable, with Pan Zhuang at approximately 2.11 RMB per cubic meter and Ma Bi at 2.5 RMB [16] Future Outlook - **Approval Processes**: - Project approvals have been delayed but are not affecting normal development; significant approvals expected in early 2026 [15] - **Market Coordination**: - The company is working on better pricing strategies for the Kashgar North region to enhance profitability [18] Additional Considerations - **Environmental and Safety Assessments**: - The company is focusing on environmental and safety assessments to meet national standards for project approvals [11] This summary encapsulates the key developments and strategic initiatives of New Natural Gas Company as discussed in the conference call, highlighting the company's focus on resource development, cost efficiency, and market positioning within the coal and gas industry.

Core Viewpoint - The report highlights the growth of China's natural gas production, indicating a positive trend in the industry with a year-on-year increase in output and a significant cumulative production figure for 2025 [1] Group 1: Industry Overview - In November 2025, China's natural gas production reached 21.9 billion cubic meters, reflecting a year-on-year growth of 5.7% [1] - From January to November 2025, the cumulative natural gas production in China was 238.93 billion cubic meters, showing a cumulative increase of 6.3% [1] Group 2: Companies Involved - Listed companies in the natural gas sector include China Petroleum (601857), China Petrochemical (600028), Guanghui Energy (600256), Xintian Gas (603393), Shouhua Gas (300483), Lanyan Holdings (000968), and Xinchao Energy (600777) [1] Group 3: Research and Analysis - The report titled "China Natural Gas Market Operation Status and Development Potential Analysis Report (2026 Edition)" was published by Zhiyan Consulting, a leading industry consulting firm in China [1] - Zhiyan Consulting has over a decade of experience in industry research, providing in-depth reports, business plans, feasibility studies, and customized services [1]

Market Performance - The gas sector increased by 0.94% on January 5, with Shengda Forestry leading the gains [1] - The Shanghai Composite Index closed at 4023.42, up 1.38%, while the Shenzhen Component Index closed at 13828.63, up 2.24% [1] Individual Stock Performance - Shengda Forestry (002259) closed at 4.16, up 10.05% with a trading volume of 268,900 shares and a turnover of 110 million yuan [1] - Zhongtai Co., Ltd. (300435) closed at 23.69, up 6.62% with a trading volume of 229,300 shares and a turnover of 538 million yuan [1] - Caohua Gas (300483) closed at 14.92, up 5.22% with a trading volume of 149,400 shares and a turnover of 219 million yuan [1] - Xinjiang Torch (603080) closed at 24.79, up 4.95% with a trading volume of 124,900 shares and a turnover of 303 million yuan [1] - Wanqing Energy (002700) closed at 6.98, up 4.02% with a trading volume of 102,400 shares and a turnover of 70.62 million yuan [1] - Jiufeng Energy (605090) closed at 44.63, up 3.55% with a trading volume of 455,500 shares and a turnover of 2.009 billion yuan [1] Capital Flow Analysis - The gas sector experienced a net outflow of 66.404 million yuan from institutional investors and 48.9981 million yuan from speculative funds, while retail investors saw a net inflow of 115 million yuan [2] - The detailed capital flow for individual stocks shows that Jiufeng Energy had a net outflow of 46.0278 million yuan from institutional investors [3] - Shengda Forestry had a net inflow of 28.1040 million yuan from institutional investors, indicating strong interest [3]

Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Insights - The report highlights that the expected low temperatures have led to an increase in US gas prices and a rise in European gas prices due to inventory withdrawals [1][9] - It emphasizes the long-term value enhancement of special gas in commercial aerospace [1] Price Tracking - As of January 2, 2026, the week-on-week changes in gas prices are as follows: US HH +20.2%, European TTF +4.2%, East Asia JKM -0.2%, China LNG ex-factory -1.4%, and China LNG CIF +2.3%, with prices at 1, 2.5, 2.5, 2.6, and 2.5 yuan per cubic meter respectively [9][14] Supply and Demand Analysis - Meteorological agencies predict that national temperatures will remain low until January 12, leading to a week-on-week increase of 20.2% in US natural gas market prices. As of December 26, 2025, the storage volume decreased by 38 billion cubic feet to 33,750 billion cubic feet, a year-on-year decline of 1.1% [16] - European gas consumption from January to September 2025 was 313.8 billion cubic meters, a year-on-year increase of 4.1% [18] - Domestic gas prices decreased by 1.4% week-on-week, with apparent consumption in China from January to November 2025 increasing by 1.5% year-on-year to 392 billion cubic meters [24][29] Pricing Progress - From 2022 to 2025, 67% (195 cities) of cities at or above the prefecture level implemented residential pricing adjustments, with an increase of 0.22 yuan per cubic meter [38] Investment Recommendations - The report suggests focusing on companies that can optimize costs and benefit from the ongoing pricing adjustments, recommending companies such as Xinao Energy, China Resources Gas, and Kunlun Energy, among others [56] - It also highlights the importance of companies with quality long-term contracts and flexible scheduling, recommending Jiufeng Energy and Xinao Shares [56] - The report notes the increasing uncertainty regarding US gas imports and emphasizes the importance of energy self-sufficiency, suggesting attention to companies with gas production capabilities like New Natural Gas and Blue Flame Holdings [56]

Group 1 - The stock price of Xinjiang Xintai Natural Gas Co., Ltd. increased by 2.03% on January 5, reaching 27.13 CNY per share, with a total market capitalization of 11.501 billion CNY [1] - The company reported a net inflow of 834,700 CNY from main funds, with significant buying and selling activities observed in large orders [1] - The company's main business revenue composition includes 76.51% from coalbed methane extraction and sales, 18.06% from natural gas supply, and 3.44% from natural gas installation services [1] Group 2 - As of September 30, the number of shareholders for Xinjiang Xintai Natural Gas Co., Ltd. increased by 15.05% to 28,000, while the average circulating shares per person decreased by 13.08% to 15,133 shares [2] - For the period from January to September 2025, the company achieved an operating income of 2.970 billion CNY, a year-on-year increase of 0.20%, while the net profit attributable to shareholders decreased by 7.53% to 815 million CNY [2] Group 3 - Since its A-share listing, Xinjiang Xintai Natural Gas Co., Ltd. has distributed a total of 1.666 billion CNY in dividends, with 635 million CNY distributed over the past three years [3] - As of September 30, 2025, Hong Kong Central Clearing Limited is the tenth largest circulating shareholder, holding 3.1153 million shares as a new shareholder [3]

Core Viewpoint - Shanxi, traditionally known for its coal industry, is rapidly transforming into a major player in the natural gas sector, aiming to become "China's new natural gas province" through explosive growth in natural gas production [1] Group 1: Natural Gas Production - During the 14th Five-Year Plan period, Shanxi's unconventional natural gas production is projected to reach 74.9 billion cubic meters, a significant increase of 155% compared to the 13th Five-Year Plan [1] - By 2030, the annual production of unconventional natural gas is expected to reach 30 billion cubic meters, which is equivalent to 23.9 million tons of oil [1] - This production capacity could meet the gas needs of over 200 million people, based on an average daily consumption of 1 cubic meter per household, sufficient for 80 million households [1] Group 2: Industry Transformation - Shanxi is undergoing an energy transformation, moving from being labeled as a "gas-deficient province" to a significant contributor in the natural gas industry [1] - The province is also focused on developing a trillion-level industrial cluster around natural gas [1]

Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Insights - The report highlights an upward adjustment in temperature expectations leading to a decrease in US gas prices, while European gas prices show a slight increase due to inventory withdrawals [1][4] - Domestic gas demand shows marginal improvement, with a year-on-year increase of 9.3% in November 2025 [1][25] Price Tracking - As of December 26, 2025, the week-on-week changes in gas prices are as follows: US HH down by 8.2%, European TTF up by 0.9%, East Asia JKM up by 0.5%, China LNG ex-factory down by 2.9%, and China LNG CIF up by 0.7% [9][14] - The average gas price in China is reported at 2.6 yuan per cubic meter for LNG ex-factory and 2.4 yuan per cubic meter for LNG CIF [14] Supply and Demand Analysis - US natural gas market prices decreased by 8.2% due to higher temperature expectations, with storage levels dropping by 1.2% year-on-year [16] - European gas consumption from January to September 2025 reached 313.8 billion cubic meters, a year-on-year increase of 4.1% [18] - Domestic gas consumption in China for January to November 2025 increased by 1.5% year-on-year, totaling 392 billion cubic meters [25][28] Pricing Mechanism Progress - Nationwide price adjustments for residential gas have been gradually implemented, with 67% of cities adjusting prices by an average of 0.22 yuan per cubic meter [37] - The report indicates that there is still a 10% room for price adjustment in the gas distribution sector [37] Investment Recommendations - The report suggests focusing on companies that can optimize costs and benefit from the ongoing price mechanism adjustments, recommending companies such as Xin'ao Energy, China Resources Gas, and Kunlun Energy [53][54] - It also highlights the importance of companies with quality long-term contracts and flexible scheduling, recommending Jiufeng Energy and Xin'ao Shares [54] - The report emphasizes the significance of energy independence, suggesting attention to companies with gas production capabilities like New Natural Gas and Blue Flame Holdings [54]

证券日报网讯 12月25日，新天然气发布公告称，中审众环作为公司2025年度财务报表和内部控制的审 计机构，原指派罗楠、李茜作为签字注册会计师为公司提供审计服务。因原项目签字会计师李茜工作调 整，根据中审众环执业质量控制制度相关规定不再担任公司2025年度审计项目签字会计师，中审众环指 派罗楠、徐小哲负责公司2025年度财务报表及内部控制审计。 （文章来源：证券日报） ...

证券代码：603393 证券简称：新天然气 公告编号：2025-046 新疆鑫泰天然气股份有限公司 关于签字注册会计师变更的公告 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。 新疆鑫泰天然气股份有限公司（以下简称"公司"）第五届董事会第二次会议审 议通过了《关于续聘公司2025年度审计机构的议案》决定续聘中审众环会计师事务所 （特殊普通合伙）（以下简称"中审众环"）为公司2025年度财务审计机构和内部控 制审计机构。上述议案获得公司2024年年度股东大会审议通过。中审众环委派罗楠、 李茜为本公司审计的签字注册会计师。详见公司2025年3月29日、2025年4月19日刊登 于《上海证券报》《证券时报》《证券日报》的《新天然气：关于续聘会计师事务所 的公告》（公告编号：2025-011）、《新天然气：2024年年度股东大会决议公告》（公 告编号：2025-016）。 一、签字注册会计师变更情况 近日，公司收到中审众环出具的《关于变更新疆鑫泰天然气股份有限公司签字注 册会计师的函》。中审众环作为公司 2025 年度财务报表和内部控 ...