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 Shouhua Gas Conference Call Company Overview - **Company**: Shouhua Gas - **Industry**: Natural Gas Production Key Points and Arguments 2025 Performance and 2026 Outlook - Shouhua Gas significantly improved its performance in 2025, reversing the substantial losses of 2024, with natural gas production achieving a historic breakthrough of over 900 million cubic meters, and a daily output exceeding 3 million cubic meters for the first time since its establishment 17 years ago [2][3] - The company anticipates annual production capacity to exceed 1 billion cubic meters in 2026, with a target of around 1.2 billion cubic meters [2][3] Future Production Goals - The company aims for natural gas production to reach 1.4 to 1.5 billion cubic meters by 2027, with long-term goals of 2 to 2.5 billion cubic meters by 2031-2033, contingent on capital expenditure levels [2][4][5] - Resource reserves include 88.7 billion cubic meters of coalbed methane and 120 billion cubic meters of tight gas, indicating substantial growth potential [2][5] Cost Management and Efficiency - The company plans to reduce natural gas production costs by approximately 10% in the new accounting year, targeting costs between 1.2 to 1.0 yuan per cubic meter [2][12] - Cost reductions are attributed to technological advancements, contract optimization, and increased production leading to a dilution effect [2][12] Impact of Tax Policies - The cancellation of the coalbed methane VAT rebate has no significant impact on the company due to high unclaimed VAT credits from previous capital expenditures [2][13] Market Conditions and Pricing - Domestic natural gas prices are expected to remain stable, supported by the import LNG landing price, with limited downside potential [2][14][15] - The company maintains a competitive edge with its wellhead prices compared to the expected costs in eastern coastal regions [14][15] Supply Chain and Partnerships - The primary suppliers include PetroChina Coalbed Methane Company and drilling companies, with revenues already accounting for the share owed to PetroChina [2][10][11] Asset Impairment and Financial Health - The significant losses in 2023 and 2024 were primarily due to asset impairments, including goodwill and contract rights, linked to declining natural gas prices [2][17] - The company expects a stabilization in natural gas prices in 2025, which should reduce future impairment risks [4][17] Future Expansion and Strategic Direction - Shouhua Gas is exploring external growth opportunities in the natural gas and other resource sectors, having previously abandoned an alumina project due to high costs [2][16] - There are potential plans for equity changes to increase control, depending on shareholder agreements [4][18] Production Challenges and Historical Context - The decline in natural gas production from 2019 to 2022 was influenced by risk control measures and underperformance in tight gas development [2][19] - Recent breakthroughs in deep coalbed gas production have led to a doubling of output from late 2024 to early 2025 [19] Long-term Outlook - The company is optimistic about its long-term development, anticipating a combination of production increases, cost reductions, and potential equity enhancements to drive profitability [2][20]

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]

Group 1 - Oil and gas stocks have risen, with Intercontinental Oil reaching the daily limit, indicating strong market performance [1] - Tongyuan Petroleum has increased by over 5%, reflecting positive investor sentiment in the sector [1] - Other companies such as Beiken Energy, Shouhua Gas, and Zhun Oil have also seen gains, suggesting a broader trend of growth within the industry [1]

Group 1 - The core point of the article is that Shouhua Gas has disclosed the total number of common stock shareholders, which is 19,241 as of December 31, 2025 [2]

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]

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： | 证券代码：300483 | 证券简称：首华燃气 | 公告编号：2026-001 | | --- | --- | --- | | 债券代码：123128 | 债券简称：首华转债 | | 首华燃气科技（上海）股份有限公司 2025年第四季度可转换公司债券转股情况公告 1、"首华转债"（债券代码：123128）转股期为 2022 年 5 月 5 日至 2027 年 10 月 31 日；最新有效的转股价格为 12.15 元/股。 2、2025 年第四季度共有 2,254,457 张"首华转债"完成转股（票面金额共计人 民币 225,445,700 元），合计转成 18,554,541 股"首华燃气"股票（股票代码：300483）。 3、截至 2025 年第四季度末，公司剩余可转换公司债券票面总金额为人民币 111,487.34 万元。 根据《深圳证券交易所创业板股票上市规则》和《深圳证券交易所上市公司自 律监管指引第 15 号——可转换公司债券》的有关规定，首华燃气科技（上海）股份 有限公司（以下简称"公 ...

Group 1 - The core point of the news is that Shouhua Gas has seen a stock price increase of 5.01%, reaching 14.89 CNY per share, with a trading volume of 1.47 billion CNY and a market capitalization of 4.291 billion CNY [1] - Shouhua Gas Technology (Shanghai) Co., Ltd. was established on January 8, 2003, and listed on June 30, 2015. The company primarily engages in the research, production, and sales of gardening products, as well as natural gas exploration, development, production, and sales [1] - The company's main business revenue is entirely derived from natural gas operations, accounting for 100% of its revenue, with no contribution from other sources [1] Group 2 - From the perspective of fund holdings, Yongying Fund has one fund heavily invested in Shouhua Gas. The Yongying Hejia One-Year Holding Mixed A Fund (017220) held 106,700 shares, representing 0.3% of the fund's net value, making it the third-largest holding [2] - The Yongying Hejia One-Year Holding Mixed A Fund was established on December 29, 2022, with a current scale of 258 million CNY. The fund has achieved a year-to-date return of 3.56%, ranking 7178 out of 8155 in its category [2] - The fund manager of Yongying Hejia One-Year Holding Mixed A is Yuan Xu, who has been in the position for 1 year and 251 days, managing a total asset size of 5.266 billion CNY, with the best fund return during his tenure being 8.34% [3]

Group 1 - The core viewpoint of the news is that Shouhua Gas has shown fluctuations in its stock price and trading volume, with a recent increase of 2.05% in stock price, but a decline over the past five trading days and twenty days [1] - As of January 5, the stock price of Shouhua Gas is reported at 14.47 yuan per share, with a market capitalization of 4.17 billion yuan [1] - The company has a net inflow of main funds amounting to 1.85 million yuan, with significant buying and selling activities recorded [1] Group 2 - For the year-to-date, Shouhua Gas's stock price has increased by 2.05%, but it has experienced a decline of 4.61% over the last five trading days and 6.95% over the last twenty days [1] - The company reported a total revenue of 2.04 billion yuan for the period from January to September 2025, reflecting a year-on-year growth of 95.91% [2] - The net profit attributable to the parent company for the same period is reported at -1.62 million yuan, showing a year-on-year increase of 97.93% [2] Group 3 - Shouhua Gas has distributed a total of 20.92 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]

12月26日首华燃气大宗交易一览 | 成交量 （万 | 成交金额 | 成交价 | 相对当日收盘 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | | （万元） | 格 | 折溢价（%） | | | | 股） | | （元） | | | | | 150.00 | 2250.00 | 15.00 | 0.60 | 中国银河证券股份有限公司 | 东方财富证券股份有 | | | | | | 太原桃园证券营业部 | 限公司北京分公司 | （文章来源：证券时报网） 进一步统计，近3个月内该股累计发生2笔大宗交易，合计成交金额为2685.00万元。 证券时报·数据宝统计显示，首华燃气今日收盘价为14.91元，下跌1.71%，日换手率为2.80%，成交额为 1.21亿元，全天主力资金净流出959.73万元，近5日该股累计上涨3.11%，近5日资金合计净流出560.49万 元。（数据宝） 首华燃气12月26日大宗交易平台出现一笔成交，成交量150.00万股，成交金额2250.00万元，大宗交易成 交价为15.00元，相对今日收盘价溢价0.60%。该笔交易的买方营 ...