Group 1 - The oil sector experienced a strong rally on June 19, with notable stocks such as Shouhua Gas hitting a 20% limit up, Keli Co. rising over 13%, and Junyou Co. also reaching a limit up, indicating significant investor interest and market movement [1] - As of June 17, both Iran and Israel have targeted each other's energy facilities, leading to production halts at major sites, including the South Pars gas field, which could impact global energy supply [1] Group 2 - According to Everbright Securities, the geopolitical situation in the Middle East remains volatile, with oil prices experiencing significant fluctuations due to recent events [2] - Iran's withdrawal from nuclear negotiations may lead to increased sanctions on its oil production and sales, with current production at approximately 3.3 million barrels per day and exports around 1.5 million barrels per day, accounting for 4% of global seaborne oil exports [2] - The risk of Iran closing the Strait of Hormuz persists, which is crucial for global trade, with about 11% of maritime trade passing through it, including 34% of seaborne oil exports, indicating potential severe impacts on global oil trade if tensions escalate [2] - The geopolitical tensions are expected to support a bullish outlook for oil prices in the short term, while the long-term view remains optimistic for major oil companies and oil service sectors due to ongoing supply-demand dynamics [2]

Group 1 - The core issue is the heightened tension in the global energy market due to the threat of Iran blocking the Strait of Hormuz and the recent fire on oil tankers in the region [1][3][5] - International oil prices have seen a short-term increase, with Brent crude at $74.25 per barrel and WTI at $71.3 per barrel [1] - A significant rise in A-share market oil and gas concept stocks was observed, with notable increases such as Keli Co. up over 22% and Tongyuan Petroleum up over 15% [1][2] Group 2 - Three vessels caught fire in the Oman Bay near the Strait of Hormuz, with reports indicating that the involved vessels are oil tankers, although their specific nationalities and companies remain undisclosed [3][5] - There have been reports of increased electronic interference affecting navigation systems of over 900 vessels in the Gulf and Strait of Hormuz, complicating maritime operations [6][7][8] - Experts suggest that while the likelihood of the Strait being closed is low, the ongoing signal interference creates uncertainty for operations in the region [8][9] Group 3 - The potential for conflict escalation in the Middle East poses financial risks, with the possibility of Iran's Revolutionary Guard or Houthi forces disrupting shipping routes in the Persian Gulf and Red Sea [9] - Historical precedents of attacks linked to Iran, such as the 2019 Saudi oil tanker incidents, highlight the risks of similar events occurring again [9] - Current market pricing may not fully reflect the risk structure associated with these geopolitical tensions, indicating a need for vigilance regarding potential disruptions beyond the Strait of Hormuz [9]

Market Overview - The A-share market experienced a slight pullback on June 13, with the Shanghai Composite Index down by 0.72% to 3378.01 points, the Shenzhen Component down by 1.15%, and the ChiNext Index down by 1.14% [1][2] - The total trading volume for the half-day session was 936.17 billion yuan [1] Monetary Policy - The People's Bank of China conducted a reverse repurchase operation of 202.5 billion yuan for 7 days at a fixed rate of 1.40%, with a net injection of 67.5 billion yuan after accounting for 135 billion yuan in reverse repos maturing on the same day [2] Industry Developments - The Guangzhou government is promoting sports consumption through various initiatives, including support for major sporting events and the development of ice and snow sports facilities [3] - The Ministry of Industry and Information Technology released guidelines to encourage investment in the measurement technology sector, aiming to enhance the industrialization of measurement technology achievements [3] Sector Performance - The oil and gas sector showed strong performance, with several stocks hitting the daily limit, including Keli Co., Shandong Molong, and New Jin Power [3] - The gold and jewelry sector also performed well, with stocks like Western Gold and Cuihua Jewelry seeing significant gains [3] Stock Performance - Key oil industry stocks include: - Zhongman Petroleum: Current price 20.53 yuan, P/E ratio 10.33 [6] - Blue Flame Holdings: Current price 7.22 yuan, P/E ratio 9.46 [6] - PetroChina Oilfield Services: Current price 1.99 yuan, P/E ratio 43.19 [6] - CNOOC Services: Current price 14.37 yuan, P/E ratio 19.32 [6] Company Insights - Zhongman Petroleum is expected to maintain stable profitability in the traditional oil service sector, with revenue growth driven by increased crude oil production from various blocks [7] - Blue Flame Holdings is well-positioned in the coalbed methane industry with rich resource reserves [7] - PetroChina Oilfield Services is anticipated to see a recovery in profitability as new orders convert to revenue [8] - CNOOC Services is expected to benefit from technological advancements and strong support from major client CNOOC [8]

债券代码：524179.SZ 债券简称：25 蓝焰 K1 债券代码：524195.SZ 债券简称：25 蓝焰 K2 中德证券有限责任公司 关于山西蓝焰控股股份有限公司关于董事长及法定 代表人发生变动的临时受托管理事务报告 债券受托管理人 （住所：北京市朝阳区建国路 81 号华贸中心 1 号写字楼 22 层） 2025 年 6 月 1 重要声明 中德证券有限责任公司（以下简称"中德证券"）编制本报告的内容及信息来 源于山西蓝焰控股股份有限公司（以下简称"公司"、"发行人"）公开信息披 露文件、发行人向中德证券提供的支撑性相关文件。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相 关事宜做出独立判断，而不应将本报告中的任何内容据以作为中德证券所作的 承诺或声明。 2 一、公司债券基本情况 （一）25 蓝焰 K1 债券名称：山西蓝焰控股股份有限公司 2025 年面向专业投资者 公开发行科技创新公司债券(第一期)。 起息日期：本期债券的起息日为 2025 年 3 月 17 日。 付息、兑付方式：本期债券按年付息，到期一次还本。本息支付 将按照债券登记机构的有关规定统计债券持有人名单，本息支付方式 及 ...

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]

| 债券代码：524179.SZ | 债券简称：25 | 蓝焰 | K1 | | --- | --- | --- | --- | | 债券代码：524195.SZ | 债券简称：25 | 蓝焰 | K2 | 中德证券有限责任公司 关于山西蓝焰控股股份有限公司董事长、高级 管理人员、董事会秘书及董事会成员、信息披 露负责人变更、取消监事会并成立董事会专门 委员会的临时受托管理事务报告 债券受托管理人 （北京市朝阳区建国路 81 号华贸中心 1 号写字楼 22 层） 二〇二五年五月 重要声明 中德证券有限责任公司（以下简称"中德证券"）编制本报告的 内容及信息来源于山西蓝焰控股股份有限公司（以下简称"公司""发 行人"）公开信息披露文件、发行人向中德证券提供的支撑性相关文 件。 债券期限：本期公司债券的期限为 5 年期（含 5 年），附第 2 年 末发行人调整票面利率选择权和投资者回售选择权。 票面债券利率：本次债券票面利率为 2.40%。 起息日期：本期债券的起息日为 2025 年 3 月 17 日。 付息、兑付方式：本期债券按年付息，到期一次还本。本息支付 将按照债券登记机构的有关规定统计债券持有人名单，本息 ...

Group 1: Financial Performance and Strategy - The company plans to use funds from the recent capital increase for projects aligned with its strategic development [1] - In 2024, the company completed drilling 144 wells and put 151 wells into operation, achieving its annual production targets [2][3] - The company aims to enhance investor confidence through strategic measures such as share buybacks and dividend planning [4][6] Group 2: Sustainable Development and ESG Initiatives - The company has disclosed its ESG report for 2024, emphasizing its commitment to environmental protection and social responsibility [2] - It has integrated ESG management principles into its operations, leveraging digital technology for low-carbon development [2] Group 3: Resource Management and Production Capacity - The company increased its proven geological reserves by 57.22 billion cubic meters and expanded its gas-bearing area by 38.3 square kilometers [3] - It has implemented a dual-track approach to maintain production from existing wells while accelerating new well development [3] Group 4: Market Position and Future Outlook - The company is focusing on expanding its market presence beyond Shanxi Province to regions like Henan, Anhui, and Jiangsu [5] - It has established a comprehensive production operation model for coalbed methane, enhancing its competitive edge in the industry [6][10] Group 5: Talent and Technology Development - The company boasts a highly qualified workforce, including 3 PhDs and 97 master's degree holders, with a total of 492 R&D personnel [4] - It has developed a proprietary technology system for coalbed methane extraction, supported by collaborations with leading research institutions [4]

Core Viewpoint - Blue Flame Holdings held its 2024 annual shareholder meeting, where 15 proposals, including the "2024 Board of Directors Work Report," were approved [1] Group 1: Company Performance - In 2024, Blue Flame Holdings achieved a coalbed methane sales volume of 1.262 billion cubic meters, generating operating revenue of 2.266 billion yuan and a net profit attributable to shareholders of 434 million yuan [4] - The company has established a comprehensive technical advantage in coalbed methane development, covering geological exploration, engineering design, and production extraction [4] Group 2: Resource Development - Blue Flame Holdings has a resource matrix consisting of 23 mining rights, covering an area of 2,501 square kilometers, with proven geological reserves of 53.191 billion cubic meters, doubling in the last three years [4] - The company completed drilling 144 wells and put 151 wells into operation, achieving the fastest capacity release in three years [5] Group 3: Strategic Initiatives - The company is advancing its national layout strategy, with significant progress in the construction of the water creek project in Xinjiang, completing all 21 drilling, fracturing, and operational tasks [5] - New exploration licenses have been obtained, marking the establishment of another strategic resource base [5] Group 4: Governance Changes - A new governance structure was established with the election of Ru Zhihong as the new chairman, while Tian Yongdong continues as general manager [6]

证券代码：000968 证券简称：蓝焰控股 公告编号：2025-025 山西蓝焰控股股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 山西蓝焰控股股份有限公司（以下简称"公司"）于 2025 年 5 月 10 日以电子邮件、传真及专人送达的方式发出了《山西蓝焰控股 股份有限公司关于召开第八届董事会第一次会议的通知》。公司第八 届董事会第一次会议于 2025 年 5 月 15 日（星期四）在山西省太原市 高新开发区中心街 6 号 4 层会议室以现场结合视频会议的方式召开， 会议由董事茹志鸿先生主持，会议应参加董事 8 人，实际参加董事 8 人，符合《公司法》《公司章程》等相关法律法规及规范性文件的规 定，会议合法有效。 二、董事会会议审议情况 （一）审议通过《关于选举公司董事长的议案》 表决结果为：同意 8 票，反对 0 票，弃权 0 票；表决通过。 选举茹志鸿先生为公司第八届董事会董事长，任期至本届董事会 任期届满为止。 选举田永东先生为公司第八届董事会副董事长，任期至本届董事 会任期届满为止。 表决结果为：同意 8 票，反 ...

Meeting Overview - The shareholder meeting of Shanxi Blue Flame Holdings Co., Ltd. was held on May 15, 2025, with both on-site and online voting options available [1] - A total of 96 participants attended the meeting, representing 589,195,520 shares, which is 55.2246% of the total shares with voting rights [1] Voting Results - The proposal for the election of the eighth board of directors was approved with 586,820,855 shares in favor, accounting for 99.9998% of the votes from attending shareholders [2] - The independent directors' election proposal also received approval with 586,830,828 shares in favor, representing 99.9998% of the votes [3] - The 2024 Board Work Report was approved with 588,292,920 shares in favor, which is 99.9739% of the votes [4] - The 2024 Supervisory Board Work Report was approved with 588,287,920 shares in favor, accounting for 99.9722% of the votes [5] - The 2024 Financial Settlement Report was approved with 588,336,120 shares in favor, representing 99.8802% of the votes [6] - The 2024 Profit Distribution Plan was approved with 588,225,720 shares in favor, accounting for 99.8378% of the votes [7] - The 2024 Annual Report and Summary was approved with 588,325,020 shares in favor, representing 99.8802% of the votes [8] - The proposal to confirm the 2024 remuneration for directors was approved with 588,340,620 shares in favor, accounting for 99.8707% of the votes [9] - The proposal to confirm the 2024 remuneration for supervisors was approved with 588,337,720 shares in favor, representing 99.8702% of the votes [10] - The proposal for the remuneration management method for directors and senior management was approved with 582,456,843 shares in favor, accounting for 98.8721% of the votes [11] - The proposal for the authorization of the board to issue shares to specific targets was approved with 588,254,820 shares in favor, representing 99.8429% of the votes [12] - The proposal to adjust the estimated daily related transactions for 2025 was approved with 71,462,912 shares in favor, accounting for 98.8591% of the votes from minority shareholders [13] - The proposal to cancel the supervisory board and amend the Articles of Association was approved with 582,479,843 shares in favor, representing 98.8758% of the votes [14] - The proposal to amend the Rules of Procedure for Shareholders' Meetings was approved with 582,480,843 shares in favor, accounting for 99.8863% of the votes [14]