Group 1 - The core point of the article is the appointment of Zhang Shenwen as a non-executive director and a member of the Audit and Risk Management Committee of China Resources Gas (01193.HK), effective from October 28, 2025 [1]

(1) 建議遷冊 董事會建議本公司根據香港法例《2025年公司（修訂）（第2號）條例》向公司 註冊處申請從百慕達遷冊至香港，並於取得公司註冊處發出遷冊證明書後 於百慕達申請撤銷註冊。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） （股份代號：1193） (1)建議遷冊；及 (2)建議採納新組織章程細則 (2) 建議採納新組織章程細則 由於遷冊的關係，本公司建議採納符合香港法例之新組織章程細則，以取 代現有大綱及細則。本公司將在切實可行的情況下盡快就有關該提案及與 遷冊相關的其他提案的詳細信息作出進一步公告。 一般事項 遷冊及採納新組織章程細則（在董事會批准的前提下）須經股東批准。鑒於通函 可能包含百慕達法律及香港法例項下之相關法律程序及規定，及本公司需要額 外時間以取得相關司法管轄區的法律或監管諮詢及意見。本公司將在切實可行 的情況下就有關遷冊的預期時間表盡快作出進一步公告。待事項落實後，本公 司將召開股東特別大會， ...

Core Viewpoint - China Resources Gas (01193) announced the appointment of Mr. Zhang Shenwen as a non-executive director and a member of the company's Audit and Risk Management Committee, effective from October 28, 2025 [1] Company Summary - Mr. Zhang Shenwen will join the board as a non-executive director [1] - His role will include participation in the Audit and Risk Management Committee [1] - The effective date of this appointment is set for October 28, 2025 [1]

（於百慕達註冊成立之有限公司） （股份代號：1193） 董事名單與其角色和職能 華潤燃氣控股有限公司董事（「董事」）會（「董事會」）成員載列如下： 葛路 李巍巍 張軍政 房昕 | 董事 | 委員會 審核與風險 | | | 環境、社會及 | | --- | --- | --- | --- | --- | | | 管理委員會 薪酬委員會 | | 提名委員會 | 管治委員會 | | 楊平 | | | C | C | | 秦艷 | | | | | | 劉海燕 | | | | | | 葛路 | | | M | | | 李巍巍 | | | | M | | 張軍政 | | M | | | | 房昕 | M | | | | | 張沈文 | M | | | | | 黃得勝 | M | C | M | M | | 俞漢度 | C | M | M | | | 楊玉川 | M | | M | M | | 李博恩 | | M | | M | 附註： 執行董事 楊平 （主席） 秦艷 （總裁） 劉海燕 非執行董事 張沈文 獨立非執行董事 黃得勝 俞漢度 楊玉川 李博恩 1 董事會設立4個委員會。下表提供各董事會成員在這些委員會中所擔任的職 ...

華潤燃氣控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董 事」）會（「董事會」）謹此宣佈，張沈文先生（「張先生」）獲委任為非執行董事及本 公司審核與風險管理委員會（「審核與風險管理委員會」）成員，自二零二五年十月 二十八日起生效。 以下是張先生的履歷詳情： 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） （股份代號：1193） 非執行董事及董事會委員會成員之委任 張沈文先生，現年五十七歲，於二零二五年十月二十八日獲委任為本公司非執行 董事及審核與風險管理委員會成員。張先生於一九九四年加入華潤集團，二零二 五年七月起任華潤（集團）有限公司業務單元專職外部董事，彼亦擔任華潤創業有 限公司外部董事。彼歷任華潤電力控股有限公司（其股份於香港聯合交易所有限 公司（「聯交所」）主板上市（股份代號：836））執行董事、董事局副主席及高級副總 裁，華潤新能源控股有限公司總經理，華潤微電子有限公司總經理，華潤網絡控 股 ...

Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Insights - The report highlights that colder weather has led to an increase in gas prices in the US and China, while Europe has entered the inventory withdrawal season with a slight price increase [1][9] - It emphasizes the ongoing adjustments in pricing mechanisms and the gradual recovery of demand, suggesting a positive outlook for gas companies [1][48] Price Tracking - As of October 24, 2025, gas prices have changed week-on-week as follows: US HH +25.4%, European TTF +1.2%, East Asia JKM +0.5%, China LNG ex-factory +6.5%, and China LNG CIF +0.4% [9][11] - The report notes that the price inversion between domestic and international markets has ended [9] Supply and Demand Analysis - The US natural gas market saw a week-on-week price increase of 25.4% due to colder weather, with storage levels rising by 870 billion cubic feet to 38,080 billion cubic feet, a year-on-year increase of 0.6% [14] - In Europe, gas prices increased by 1.2% as the region entered the inventory withdrawal phase, with gas consumption from January to July 2025 reaching 265.4 billion cubic meters, a year-on-year increase of 5% [15] - Domestic gas prices in China rose by 6.5% due to colder weather, with apparent consumption from January to September 2025 increasing by 0.7% to 318.8 billion cubic meters [21][24] Pricing Progress - Nationwide, 65% of cities have implemented residential pricing adjustments, with an average increase of 0.21 yuan per cubic meter [33] - The report indicates that there is still a 10% room for price adjustment in the gas distribution sector [33] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the ongoing pricing adjustments, highlighting key companies such as Xin'ao Energy, China Gas, and Kunlun Energy [49] - It suggests monitoring companies with quality long-term contracts and flexible scheduling capabilities, such as Jiufeng Energy and Xin'ao Shares [49] - The report also emphasizes the importance of energy independence and suggests关注ing companies with gas production capabilities like New Natural Gas and Blue Flame Holdings [49]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a "Buy" recommendation for several companies within these industries [3][4]. Core Insights - The second industry is the main driver of electricity consumption growth, with a notable increase in electricity demand due to seasonal factors and high temperatures in Q3 [4][9]. - Global gas prices are rebounding, and expectations of a cold winter may enhance gas sales growth [18][19]. - The report highlights various investment opportunities across different energy sectors, including hydropower, green energy, nuclear power, thermal power, and gas [16][40]. Summary by Sections 1. Electricity: Q3 Second Industry Drives National Electricity Consumption - In September, total electricity consumption reached 888.6 billion kWh, a year-on-year increase of 4.5% [10]. - The second industry contributed significantly to this growth, with a 5.1% increase in electricity consumption, accounting for 51% of the total growth [4][9]. - The cumulative electricity consumption from January to September was 7767.5 billion kWh, reflecting a 4.6% year-on-year growth [13]. 2. Gas: Global Gas Price Rebound and Cold Winter Expectations - As of October 24, the Henry Hub spot price was $3.21/mmBtu, showing a weekly increase of 13.96% [19][20]. - The report notes a seasonal demand increase and geopolitical factors supporting gas prices, particularly in Europe [25][37]. - The anticipated La Niña phenomenon may lead to colder winter conditions, potentially boosting gas consumption [37]. 3. Weekly Market Review - The report indicates that the power equipment sector outperformed the Shanghai and Shenzhen 300 index, while the public utility, gas, and environmental protection sectors lagged [42]. 4. Company and Industry Dynamics - The report discusses significant developments in the energy sector, including the launch of innovative products in wind energy and updates on national energy policies [50][51]. - It highlights the performance of major companies, such as Huadian International, which reported a decrease in electricity generation due to increased renewable energy capacity [57].

Group 1: Natural Gas Demand and Supply - Northern China has experienced a rapid drop in temperatures since October 18, leading to early heating in regions like Taiyuan and Inner Mongolia, with expectations for a quick rebound in natural gas demand [1] - The World Meteorological Organization and the U.S. Climate Prediction Center predict that from November 2025 to March 2026, China's climate will be influenced by both El Niño and La Niña phenomena, resulting in extreme weather events with alternating strong cooling and warming [1] - In 2025, natural gas consumption during the heating season is expected to rebound significantly compared to the previous year, despite a 0.1% year-on-year decline in apparent natural gas consumption in the first eight months of 2025 [1] Group 2: Company Performance and Strategy - The company anticipates a low single-digit growth in annual gas sales volume for 2025, with a slight recovery in gas sales margin, which is projected to increase by 0.01 CNY per cubic meter year-on-year [1] - The company reported a retail natural gas volume of 20.76 billion cubic meters in the first half of 2025, a year-on-year decrease of 0.69%, while the gas sales margin rose to 0.55 CNY per cubic meter [1] - The company is focusing on hydrogen energy and green fuel business development, including ammonia fuel technology research, to create new growth points in the green energy sector [2] Group 3: Dividend and Share Buyback - The company plans to maintain its total dividend payout for 2025, with a 20% year-on-year increase in interim dividends for 2024, and aims to enhance shareholder returns through dividends and share buybacks [2] - The company has a share buyback plan in place, with the next two months identified as a critical window for executing these buybacks to boost market confidence [2] Group 4: Investment Rating - The company has been assigned a "Buy" rating with a target price of 26.6 HKD per share, reflecting a potential upside of 24% compared to the current price, based on updated earnings forecasts [2] - The target price corresponds to price-to-earnings ratios of 16 times for 2025 and 14.6 times for 2026 [2]

Core Viewpoint - China Resources Gas (01193) reported the third-quarter performance of Chongqing Gas Group Co., Ltd. (600917.SH), indicating a mixed financial outcome with revenue growth but a significant decline in net profit [1] Financial Performance - Total revenue for the first three quarters reached 7.384 billion yuan, representing a year-on-year increase of 2.97% [1] - Net profit amounted to 162 million yuan, showing a year-on-year decrease of 40.84% [1]

Core Viewpoint - China Resources Gas (01193) reported its third-quarter performance for Chongqing Gas Group Co., Ltd. (600917.SH), showing a total operating revenue of 7.384 billion yuan, a year-on-year increase of 2.97%, while net profit decreased to 162 million yuan, down 40.84% [1] Financial Performance - Total operating revenue reached 7.384 billion yuan, reflecting a growth of 2.97% compared to the previous year [1] - Net profit for the period was 162 million yuan, indicating a significant decline of 40.84% year-on-year [1]