Core Insights - The China Energy and Chemical Spot Price Index reported at 823.33 points as of November 7, 2025, reflecting a slight increase of 0.02% from the previous day, but a decrease of 17.67% from the baseline set on July 2, 2024 [1] Industry Summaries - The oil industry index stands at 802.87 points, showing a decline of 0.12% from the previous working day [2] - The natural gas industry index remains stable at 990.02 points, with no change from the previous day [3] - The chemical industry index is at 807.24 points, indicating a modest increase of 0.2% from the previous working day [4] - The overall domestic energy and chemical spot price index experienced a slight increase, with varied performance across different sectors. Oil prices continue to decline, while the chemical sector shows some strength [6] Price Monitoring Data - The current prices for various oil products include: - Crude oil at 3617 CNY/ton, down 0.33% from the previous price of 3629 CNY/ton [7] - Gasoline prices in North China decreased by 0.35% to 7150 CNY/ton [7] - Diesel prices in North China increased by 0.23% to 6515 CNY/ton [8] - In the chemical sector, notable price changes include: - Ethanol in Zhejiang Province increased by 0.87% to 4040 CNY/ton [9] - Urea prices in Shandong Province rose by 0.64% to 1580 CNY/ton [9] - The China Energy and Chemical Spot Price Index is a collaborative effort involving multiple organizations, aimed at providing a comprehensive view of market price changes and industry trends [10]

格隆汇11月7日｜据消息人士称，全球第二大液化天然气（LNG）进口国日本计划自2024年1月起每月 购买LNG用于应急储备，而不再仅在需求高峰期购买，以防范供应中断。由日本经济产业省运营的战 略储备液化天然气（SBL）计划将得到加强，确保每月至少确保一批LNG货物（约7万公吨）用于缓解 供应风险。这意味着日本全年将为应急储备采购至少12船次、84万吨液化天然气，远高于过去两年每年 约21万吨的采购量。如果没有紧急情况，SBL货物可以被使用或转售。随着国内需求下降，日本正扩大 作为LNG交易商的角色，在本地消费疲软期间将多余的货物出口到海外。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com （责任编辑：宋政 HN002） ...

Core Viewpoint - The agreement between the United States and Greece will result in the annual supply of 700 million cubic meters of liquefied natural gas to Greece starting in 2030 [1]. Group 1 - The agreement signifies a strategic partnership in energy supply between the United States and Greece [1]. - The annual supply volume of 700 million cubic meters indicates a significant commitment to enhancing Greece's energy security [1].

Core Points - The company announced that as of November 6, 2025, a total of 166 million yuan of "Wanjian Convertible Bonds" will be converted into A-share common stock, resulting in a total of 23.6848 million shares being converted [1] - The company's total share capital will increase from 485 million shares to 501 million shares due to this conversion [1] - The controlling shareholder, Anhui Energy Group Co., Ltd., and its concerted parties will not change their total shareholding, but their ownership percentage will be diluted from 48.29% to 46.69% due to the increase in total share capital [1] - This change in equity is a result of the bond conversion and does not trigger a mandatory tender offer, nor will it affect the company's governance structure or ongoing operations [1]

试验结果全面达标，罐区地基和桩基质量可靠，内罐主体焊接结果表现优异：射线检测99.80%、渗透检测99.99%、光谱检测100%。根 据中海油质量监督站渤海分站评价，该储罐焊接工艺先进、选料精良、质量管控严格，一次合格率达到国内先进水平，为后续投运提供了 坚实的安全质量保证。 近日，随着水压试验数智孪生测量系统最后一道检测数据确认无误，浙能舟山六横LNG接收站首座（3号）LNG储罐顺利完成水压试 验，标志着该储罐主体结构安全性和密封性能达到设计标准，为后续内罐实施氮气置换保护奠定了坚实基础。 作为LNG储罐性能验证的"硬核关卡"，水压试验被通俗地称为给储罐做"注水体检"，其核心目标是全面核验内罐焊缝液密性与储罐地 基承载力两大关键指标，直接关系到储罐未来储存低温LNG介质时的安全稳定性，是行业公认的储罐建设核心检验环节。本次试验结合舟 山地域特点，采用海水作为试验介质，创下了多项关键数据：充水高度达23.04米，注水量约14.01万立方米，相当于约56个标准游泳池的 蓄水量，直观展现了22万方级LNG储罐的庞大体量与试验规模。 为保障试验顺利实施，项目团队提前编制专项方案，组织多轮技术交底，逐项排查消除安全隐 ...

Core Insights - The supply of liquefied natural gas (LNG) from Russia to the European Union (EU) has decreased by 6.9% in the first ten months of this year compared to the same period in 2024 [1] LNG Supply and Import Data - In the first ten months of this year, the total LNG imported by the EU from Russia was approximately 16.3 billion cubic meters, down from 17.5 billion cubic meters in the same period last year [1] - In October, Russia supplied 1.4 billion cubic meters of LNG to Europe, compared to 1.5 billion cubic meters in the same month last year [1] - The total LNG imports by the EU in October reached 13 billion cubic meters, which is an 11% increase from September and a 43% increase year-on-year [1] - Year-to-date, the EU's LNG imports have grown by 29%, totaling approximately 121 billion cubic meters [1]

Core Viewpoint - Delong Huineng's stock price increased by 5.51% to 10.34 CNY per share, with a trading volume of 377 million CNY and a turnover rate of 10.53%, resulting in a total market capitalization of 3.708 billion CNY [1] Company Overview - Delong Huineng Group Co., Ltd. is located at 55 Jianshe Road, Chengdu, Sichuan Province, established on January 1, 1994, and listed on March 12, 1996 [1] - The company primarily engages in clean energy supply, focusing on natural gas energy, with three main sub-businesses: urban gas business, LNG business, and distributed energy business [1] - The revenue composition of the main business includes: gas supply and related income 94.70%, other (supplementary) 2.47%, energy-saving service income 1.66%, and other main business income 1.17% [1] Fund Holdings - According to data, one fund under Furong Fund holds a significant position in Delong Huineng [2] - Furong Fuyou Mixed A (012876) held 133,600 shares in the third quarter, accounting for 0.63% of the fund's net value, ranking as the fourth largest holding [2] - The estimated floating profit for today is approximately 72,100 CNY [2] Fund Performance - Furong Fuyou Mixed A (012876) was established on December 27, 2021, with a latest scale of 2.6047 million CNY [2] - Year-to-date return is 52.95%, ranking 946 out of 8148 in its category; the one-year return is 51.03%, ranking 728 out of 8053; and since inception, the return is 11.85% [2] Fund Manager Information - The fund manager of Furong Fuyou Mixed A (012876) is Li Xiang, who has been in the position for 5 years and 320 days [3] - The total asset scale under management is 15.4 million CNY, with the best fund return during the tenure being 48.75% and the worst being -48.08% [3]

中辉能化观点 | | 中辉能化观点 | | | --- | --- | --- | | 品种 | 核心观点 | 主要逻辑 | | | | 淡季供给过剩仍为核心驱动，油价承压下行。11 月 2 日，OPEC+计划于 | | 原油 | 12 谨慎看空 | 月继续扩产 13.7 万桶/日，并计划于明年初暂停扩产；供需方面，消费 | | ★ | | 淡季开启，OPEC+仍在扩产周期，原油供给过剩压力逐渐上升，油价下行 | | | | 压力较大，重点关注原油边际产量变化。策略：空单持有，可轻仓加空并 | | | | 购买看涨期权。 | | | | 液化气跟随成本端油价走弱。美国制裁俄罗斯风险释放，油价回调，沙特 | | LPG | 谨慎看空 | 再度下调 CP 合同价，成本端利空；供需基本面改善，供给量小幅下降， | | ★ | | 下游化工开工率提高，需求端韧性较强；库存端，港口与厂内库存均下降。 | | | | 策略：空单持有。 | | L | | 成本支撑转弱，基差走强，但现货仍未止跌。装置陆续重启，国内开工季 | | | 空头延续 | 节性回升，10 月进口到港较多，后市仍存增加预期，供给延续宽松格局。 | | ...

Core Insights - The global energy market is set to experience a significant increase in liquefied natural gas (LNG) supply, reshaping the market dynamics from a seller's market to a buyer's market [1] - Major LNG producers such as the US, Canada, Australia, and Qatar are expected to release unprecedented LNG capacity, leading to a projected 10% year-on-year increase in global LNG supply by 2026 [1] - The surge in LNG supply is anticipated to benefit Asian LNG importing countries as prices are expected to decline due to the oversupply [1] Supply Dynamics - The anticipated LNG supply surge is driven by new liquefaction projects in the US and Canada, as well as the expansion of Qatar's North Field East project [1] - The increase in LNG supply is expected to meet the rising electricity demand, which is growing robustly in both emerging and developed economies [1] Demand Drivers - Key factors contributing to the surge in electricity demand include the rapid development of artificial intelligence (AI) and data centers, as well as increased use of air conditioning and electric vehicles [1] - The growth in electricity consumption is significant enough to necessitate enhanced energy security measures, particularly in Southeast Asia, where building a robust electricity grid is deemed crucial [1]

Summary of Kunlun Energy Conference Call Industry and Company Overview - **Company**: Kunlun Energy - **Industry**: Natural Gas and Energy Sector Key Points and Arguments Natural Gas Demand and Sales Performance - In the first three quarters of 2025, industrial natural gas demand showed a high single-digit growth, while commercial and residential demand remained flat [2][3] - The annual growth guidance for natural gas sales has been adjusted to 5%, with a low single-digit growth achieved from January to September [3] - The company aims to add 600,000 to 700,000 new users by the end of the year, nearing completion of this target [3] LNG and Oil Sales - The LNG receiving station's load factor is expected to be between 85% and 90% for the year, with processing volumes showing low single-digit growth [3] - LP sales are projected to be 5.8 million tons, consistent with last year's figures, with a mid-high single-digit growth achieved in the first three quarters [3] - Oil equity sales are on track to meet the initial guidance of 8 million barrels, with operations in four projects across three countries [3] Margin and Pricing Strategy - The average price difference for gas in the first half of the year was 4.4 yuan per cubic meter, slightly down from the previous year due to external factors [6] - The company anticipates margin improvement in the fourth quarter due to a decrease in Northeast Asia's JKM spot prices, which will optimize costs [6] - A cold winter may significantly boost sales, but the reduction in contract linkage ratios is expected to support margin improvement [6] Cost Management and Expenses - The company has fully accounted for labor costs in the first half of 2025, with higher sales and administrative expenses expected in the second half due to project settlements [7][10] - Safety governance expenses for 2024 are estimated at 600 million yuan, expected to remain stable compared to the previous year [7][10] Dividend Policy and Shareholder Returns - Kunlun Energy is implementing a dividend plan for 2023-2025 with a mid-term payout ratio of 45.46% [8] - A new dividend policy is expected to be introduced in Q1 2026, focusing on competitive returns for shareholders while ensuring stable company performance [9] Cash Reserves and Investment Strategy - The company has over 20 billion yuan in net cash reserves, earmarked for gas sector investments and facility construction [4][15] - In selecting acquisition targets, the company prioritizes projects with an internal rate of return (IRR) of 8% without leverage [16] Future Development and Strategic Direction - The company aims for long-term, stable performance to reward investors, focusing on five strategic areas: innovation, green energy, resource market management, and cost control [21] - Plans to enhance its integrated energy supply system and leverage AI technology for new growth points in the energy sector [21] Gas Source Stability - Approximately 80%-90% of the company's gas supply comes from pipeline gas from its parent company, ensuring stable supply [4][12] - The company maintains a competitive pricing strategy without discrimination, with industrial users contributing nearly 70% of retail volume [14] External Environment and Market Position - Despite uncertainties in the external environment, industrial users have shown relatively good growth, supported by flexible pricing and sales strategies [14] - The company is optimistic about improving margins further in the fourth quarter due to declining LNG spot prices and ongoing sales optimization [14] Oil Field Projects and Future Plans - The company currently has four oil field projects, with expiration dates ranging from 2037 to 2047, and plans to maintain stable development in this area [19] Gas Franchise Rights - Most of the company's gas franchise rights have not yet reached their expiration, and historical experience suggests that renewals are likely to proceed smoothly [20]