Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Viewpoints - The gas prices are stable across various regions due to sufficient storage in the US, progress in European storage, and marginal improvement in domestic demand [1][5] - The report highlights the gradual recovery of domestic gas consumption, with a year-on-year increase of 0.8% to 283.2 billion cubic meters in the first eight months of 2025 [24][27] - The report emphasizes the importance of cost optimization for gas companies and the ongoing adjustment of pricing mechanisms to stimulate demand [53] Price Tracking - As of October 10, 2025, the weekly changes in gas prices are as follows: US HH -0.9%, European TTF +0.9%, East Asia JKM +0.2%, China LNG ex-factory -0.2%, and China LNG CIF -2.7% [10][15] - The average total supply of natural gas in the US decreased by 0.1% week-on-week to 111.7 billion cubic feet per day, while total demand increased by 2.7% to 101.3 billion cubic feet per day [17] Supply and Demand Analysis - US natural gas storage increased by 800 billion cubic feet week-on-week to 36,410 billion cubic feet, showing a year-on-year increase of 0.3% [17] - European gas consumption in the first half of 2025 was 240.8 billion cubic meters, reflecting a year-on-year increase of 5.8% [18] - Domestic gas consumption in China showed a significant improvement in August 2025, with a year-on-year increase of 4% [24] Pricing Progress - Nationwide pricing adjustments have been gradually implemented, with 65% of cities having executed residential pricing adjustments, resulting in an increase of 0.21 yuan per cubic meter [38] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the ongoing pricing adjustments, highlighting companies such as New Energy, China Gas, and Kunlun Energy [53] - It suggests paying attention to companies with quality long-term contracts and cost advantages, such as Jiufeng Energy and New Energy Holdings [53]

石化周报 加沙停火，原油地缘溢价效应减弱 2025 年 10 月 11 日 ➢ 加沙停火，原油地缘溢价效应减弱。由于特朗普 9 月 29 日宣布以色列总理 已同意美方就结束加沙冲突提出的"20 点计划"，从而十一假期期间油价表现走 弱；10 月 10 日，以色列国防军发表声明，加沙停火第一阶段协议已于当地 10 日中午 12 时（北京时间 17 时）生效，中东局部停火导致原油所包含的地缘溢价 效应减弱。OPEC+方面，10 月 1 日第 62 次 JMMC 会议召开，伊朗、科威特、 阿联酋、哈萨克斯坦、阿曼、俄罗斯更新了 25 年 9 月至 26 年 6 月的补偿减产 计划，其中，25 年 9~12 月计划补偿减产 23.2、20.3、26.6、30.3 万桶/日，第 63 次 JMMC 会议将于 11 月 30 日举行；10 月 5 日，此前自愿减产的八个 OPEC+ 国家宣布将逐步取消 165 万桶/日的减产，11 月份将率先进行 13.7 万桶/日的增 产，且下一次八国会议将于 11 月 2 日举行。我们认为，目前的地缘形式下， OPEC+的补偿减产仍需持续跟踪，若补偿减产能够有效兑现，则油价仍具备较强 ...

（记者 张明双） 每经AI快讯，新天然气9月30日晚间发布公告称，公司第五届第六次董事会临时会议于2025年9月30日 以通讯方式召开。会议审议了《关于公司使用盈余公积弥补亏损的议案》等文件。 每经头条（nbdtoutiao）——前脚消费贷，后脚被银行追讨发票，7天内上传，否则后果严重！有人为此 焦虑，有人却趁机牟利：帮开票包过审 ...

Core Viewpoint - The company plans to use surplus reserves to cover losses, aiming to meet the profit distribution conditions as per legal and regulatory requirements [2] Group 1 - The announcement was made on the evening of September 30 [2] - The company is taking steps to ensure compliance with laws, regulations, and its articles of association regarding profit distribution [2]

Group 1 - The gas sector experienced a 0.9% increase on September 30, with Jiufeng Energy leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] - Jiufeng Energy's stock price rose by 6.94% to 34.69, with a trading volume of 270,300 shares and a transaction value of 94.46 million [1] Group 2 - The gas sector saw a net outflow of 238 million from main funds, while retail investors contributed a net inflow of 273 million [2] - The top gainers in the gas sector included Fuan Energy, which increased by 4.59% to 13.45, with a trading volume of 692,900 shares and a transaction value of 924 million [2] - The overall trading activity in the gas sector showed mixed results, with some stocks experiencing declines, such as Xinjiang Torch, which fell by 2.17% to 23.95 [2][3] Group 3 - Main funds showed a net inflow of 57.26 million into Fuan Energy, while retail investors had a net inflow of 4.02 million [3] - Tianhao Energy had a net inflow of 19.48 million from main funds, indicating positive sentiment despite overall sector outflows [3] - The data indicates a divergence in investment behavior, with retail investors showing more confidence in certain stocks despite the overall net outflow from main funds [3]

根据中审众环会计师事务所（特殊普通合伙）出具的 2024 年度审计报告，截 至 2024 年 12 月 31 日，母公司未分配利润为-93,931,354.61 元，盈余公积 218,872,223.24 元，资本公积 1,705,207,747.62 元。 证券代码：603393 证券简称：新天然气 公告编号：2025-031 新疆鑫泰天然气股份有限公司 关于使用盈余公积弥补亏损的公告 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。 为深入贯彻落实国务院《关于加强监管防范风险推动资本市场高质量发展的若 干意见》、中国证券监督管理委员会《关于加强上市公司监管的意见(试行)》等法 律、法规要求，积极推动公司高质量发展，提升投资者回报能力和水平，保护投资 者特别是中小投资者的合法权益，公司拟依据《中华人民共和国公司法》（以下简 称"《公司法》"）、财政部《关于公司法、外商投资法施行后有关财务处理问题 的通知》等法律、法规及规范性文件以及《公司章程》的相关规定使用盈余公积弥 补亏损，进一步推动公司符合法律、法规和《公司章程》规定的利 ...

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。 证券代码：603393 证券简称：新天然气 公告编号：2025-032 新疆鑫泰天然气股份有限公司 关于召开2025年第二次临时股东大会的通知 重要内容提示： 一、 召开会议的基本情况 (一)股东大会类型和届次 2025年第二次临时股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合 的方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 10 月 16 日15 点 00 分 召开地点：山西省晋城市沁水县嘉峰镇郭北村美中能源有限公司会议室 (五)网络投票的系统、起止日期和投票时间。 股东大会召开日期：2025年10月16日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投 票系统 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 10 月 16 日 至2025 年 10 月 16 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为 股东大会 ...

证券代码：603393 证券简称：新天然气 公告编号：2025-030 新疆鑫泰天然气股份有限公司 第五届监事会第六次会议决议公告 本公司监事会及全体监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"）第五届监事会第六次 会议的通知于 2025 年 9 月 30 日以电子邮件的方式发出，因情况紧急需要召开 董事会临时会议，全体董事同意本次董事会会议豁免通知时限要求。本次会议 于 2025 年 9 月 30 日以通讯的方式召开，会议应出席监事 3 人，实际出席 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》《监事会 议事规则》的有关规定。会议经审议表决，一致通过以下决议： 特此公告。 新疆鑫泰天然气股份有限公司监事会 2025 年 10 月 1 日 经与会监事表决，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使用 盈余公积弥补亏损的公告》。 表决结果：同意票 3 票、反对票 0 票、弃权票 0 票。 二、 ...

证券代码：603393 证券简称：新天然气 公告编号：2025-029 新疆鑫泰天然气股份有限公司 第五届董事会第六次会议决议公告 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。 本次会议由董事长明再远先生主持，公司监事会成员及部分高级管理人员 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。 二、审议《关于提议召开 2025 年第二次临时股东大会的议案》 经与会董事表决，审议通过该议案。提议公司于 2025 年 10 月 16 日召开 2025 年第二次临时股东大会。 表决结果：同意票 9 票、反对票 0 票、弃权票 0 票。 特此公告。 新疆鑫泰天然气股份有限公司（以下简称"公司"）第五届董事会第六次 会议的通知于 2025 年 9 月 30 日以电子邮件方式发出，因情况紧急需要召开董 事会临时会议，全体董事同意本次董事会会议豁免通知时限要求。本次会议于 2025 年 9 月 30 日以通讯方式召开，会议应出席董事 9 人，实际出席 9 人。 具体内容详见公司同日在上海证券交易所网站（www.sse.com ...

Investment Rating - The report recommends a "Buy" rating for major companies in the oil and gas sector, including China National Petroleum Corporation, China Petroleum & Chemical Corporation, China National Offshore Oil Corporation, Zhongman Petroleum, and New Natural Gas [4]. Core Views - The ongoing conflict between Ukraine and Russia has led to increased oil prices due to attacks on Russian oil facilities, impacting supply chains and causing fuel shortages in Russia [1][8]. - Iraq's oil production and export flexibility are expected to improve, which may enhance compliance with OPEC+ production quotas in the short term [1]. - The report anticipates that oil prices will remain volatile in the short term due to geopolitical factors and OPEC+'s concentrated pricing power [1][8]. Summary by Sections Industry Investment Rating - The report provides a "Buy" recommendation for key players in the oil and gas sector, highlighting their stable performance and high dividend yields [4]. Market Overview - As of September 26, 2025, Brent crude oil futures settled at $70.13 per barrel, up 5.17% week-on-week, while WTI futures settled at $65.72 per barrel, up 4.85% [9][36]. - The U.S. crude oil production increased to 13.5 million barrels per day, with refinery throughput rising to 16.48 million barrels per day [9][10]. Company Performance - The report highlights the performance of various companies, with China National Petroleum Corporation, China Petroleum & Chemical Corporation, and China National Offshore Oil Corporation being recommended for their strong fundamentals and dividend policies [4][12]. Oil Supply and Demand - U.S. crude oil inventories decreased, with commercial crude oil stocks at 41.475 million barrels, down 61,000 barrels week-on-week [10]. - The report notes that geopolitical tensions and OPEC+ decisions will continue to influence oil supply and demand dynamics [1][8]. Natural Gas Market - The NYMEX natural gas futures price closed at $2.86 per million British thermal units, down 1.99% week-on-week, while Northeast Asia's LNG price was $11.21 per million British thermal units, down 3.25% [9][44].