Xin Lang Cai Jing·2025-11-12 07:36Group 1 - The core viewpoint of the report is that China's natural gas demand growth is expected to slow down to 2% to 3% annually from 2025 to 2027, compared to a 9% compound annual growth rate over the past decade, due to weak industrial demand and the continued economic advantage of coal as a fuel source [1] - Bank of America maintains a "Buy" rating on China Petroleum & Chemical Corporation (00857) as it keeps natural gas average prices relatively stable, and the losses from imported natural gas are narrowing with the decline in oil prices [1] - The target price for PetroChina H-shares has been raised by 12% to HKD 9.5, while the A-shares (601857.SH) are also positively viewed [1] Group 2 - Kunlun Energy (00135) has had its rating downgraded from "Neutral" to "Underperform" due to the fact that industrial customers account for 75% of the company's retail natural gas sales, necessitating price reductions to maintain customer appeal amid stable costs [1]