Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints France is a developed industrial country with a strong industrial base in sectors such as steel, automotive, and construction, as well as leading industries in aerospace, nuclear energy, and ocean development. It is also a major agricultural producer and exporter in the EU. However, France has limited natural resources and relies heavily on imports for energy and industrial raw materials. The country's energy mix is dominated by nuclear power, and it has been actively involved in international trade and investment [1][2][10]. 3. Summary by Section 3.1 National Overview - **Geographical Location**: France, the largest country in the EU by area, is located in Western Europe, with a hexagonal mainland bordering multiple countries and facing four major seas. It has diverse climates, including temperate maritime, Mediterranean, and continental [7]. - **Economic Overview**: In 2024, France's GDP was €2.91 trillion, with a 1.1% year - on - year increase and an inflation rate of 1.3%. The industrial value - added was €3565 billion, and the agricultural value - added was €380 billion. It is highly dependent on imports for minerals and energy, with nuclear power accounting for about 65% of electricity in 2024. It has a high - welfare system and is an attractive destination for foreign investment [10][11][12]. - **Historical and Political Situation**: France has a long history, with the current Fifth Republic established in 1958. The president has significant powers, and the country has a bicameral parliament. There are multiple political parties with different policy stances [14][15][16]. 3.2 Oil and Other Liquids - As of January 1, 2023, France's proven oil reserves were 83 million barrels. It banned oil and gas production and exploration until 2040, leading to a continuous decline in production. In 2022, its oil consumption was 1.5 million barrels per day, showing a downward trend since 2003 - 2004. Worker strikes in refineries have caused shortages of petroleum products [20][22]. 3.3 Natural Gas - As of January 1, 2023, France's proven natural gas reserves were 590 Bcf. It has almost no dry natural gas production and depends entirely on imports. In 2022, consumption decreased due to high winter temperatures and the Russia - Ukraine conflict. GRTgaz and EDF play important roles in gas distribution and supply [24]. 3.4 Coal - France has no proven coal reserves and does not produce coal, relying entirely on imports. Due to the European energy crisis in 2022, two coal - fired power plants were temporarily restarted and their operation was extended to 2024 [28]. 3.5 Electricity - In 2021, France had a power generation of 530 TWh, an installed capacity of 142 GW, and was one of the largest power - surplus countries. Nuclear power accounted for 68% of electricity generation, with an installed capacity of 61 GW, second only to the US. The Flamanville EPR nuclear reactor started operation in 2024. EDF and its subsidiaries dominate the power market [30][33]. 3.6 Energy Trade - **Oil and Other Liquids**: In 2022, France imported over 822,000 barrels per day of oil and other liquids, reversing a downward trend since 2017. Its oil product exports have been declining since 2011. It mainly imports from European neighbors and Russia, and refinery strikes have increased its dependence on imports [34][36]. - **Natural Gas**: In 2021, France imported 1.6 Tcf and exported 188.9 Bcf of natural gas. In 2022, gas flow increased by 32% due to a 203% surge in LNG imports. It mainly imports from Norway and has started re - exporting to neighboring countries [38]. - **Electricity**: In 2021, France was the world's largest net power exporter, with exports mainly going to Switzerland, the UK, Italy, and Spain [41].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The report indicates that oil prices closed higher this week, with absolute price fluctuations intensifying due to geopolitical news. The US proposed extensive sanctions on Russian energy, urging G7 allies to impose a 100% tariff on Russian oil purchases. Fundamentally, the global oil market is in a state of inventory build - up, with US EIA commercial crude oil and refined products inventories increasing, and global refinery profits declining. In the baseline scenario, there will be an oversupply of over 200,000 barrels per day in the fourth - quarter oil balance sheet, and an expected oversupply of 180,000 - 250,000 barrels per day in 2026. The fundamentals are turning to the off - season, and the medium - term oversupply pattern remains unchanged. The report expects the absolute price center in the fourth quarter to fall to $55 - 60 per barrel, and it is necessary to pay attention to the impact of US sanctions on Russia and its potential influence on Russian supply [5]. 3. Summary by Relevant Catalogs 3.1 Oil Price Data - From September 8 to September 12, 2025, WTI crude oil prices increased by $0.32, BRENT by $0.62, and DUBAI by $0.35. Other related refined products and by - products also showed various price changes. For example, domestic gasoline prices decreased by $50, and domestic diesel prices decreased by $35 [3]. 3.2 News - Trump stated that when all NATO countries stop buying Russian oil, he will impose major sanctions on Russia, aiming to end the Russia - Ukraine war and save lives. He also threatened new economic sanctions on Russia due to the stalled cease - fire negotiation efforts [3]. - The US proposed that the G7 impose extensive sanctions on Russian energy, including a 100% tariff on Russian oil purchases and the creation of a legal way to confiscate frozen Russian sovereign assets to fund Ukraine's defense [3]. - The US Energy Secretary said the EU may phase out Russian natural gas in 6 - 12 months and replace it with US LNG [4]. 3.3 Regional Fundamentals - In the week of September 5, US crude oil exports decreased by 1.139 million barrels per day to 2.745 million barrels per day, while domestic crude oil production increased by 72,000 barrels to 13.495 million barrels per day. Commercial crude oil inventories (excluding strategic reserves) increased by 3.939 million barrels to 425 million barrels, with a growth rate of 0.94%. The four - week average supply of US crude oil products was 20.888 million barrels per day, a 1.97% increase year - on - year. Strategic Petroleum Reserve (SPR) inventories increased by 514,000 barrels to 405.2 million barrels, with a growth rate of 0.13%. Crude oil imports (excluding strategic reserves) decreased by 471,000 barrels per day to 6.271 million barrels per day [4]. - From August 22 - 29, the operating rate of major refineries and Shandong local refineries increased slightly. Domestic gasoline production decreased while diesel production increased, and both gasoline and diesel inventories decreased. The comprehensive profit of major refineries fluctuated weakly, and the comprehensive profit of local refineries declined month - on - month [4].

Group 1 - The company, Shaanxi Natural Gas (SZ 002267), announced that its 22nd meeting of the 6th board of directors was held on September 12, 2025, via communication methods [1] - The meeting reviewed a proposal regarding the signing of a material supply agreement with Shaanxi Yanchang Petroleum Material Group Co., Ltd. and its subsidiaries, which involves related party transactions [1] - For the first half of 2025, the company's revenue composition was 66.62% from pipeline transportation and 33.38% from urban gas sales [1] Group 2 - As of the report, the market capitalization of Shaanxi Natural Gas is 9 billion yuan [1]

Core Viewpoint - Shaanxi Natural Gas (002267.SZ) announced a framework agreement for centralized procurement of materials with Shaanxi Yanchang Petroleum Material Group Co., Ltd. to enhance procurement management and leverage scale advantages while mitigating risks [1] Group 1 - The agreement involves Shaanxi Yanchang Petroleum Material Group and its subsidiaries providing procurement services to Shaanxi Natural Gas and its wholly-owned and controlling subsidiaries [1] - Shaanxi Yanchang Petroleum Material Group is a wholly-owned subsidiary of the indirect controlling shareholder, Shaanxi Yanchang Petroleum (Group) Co., Ltd. [1] - The transaction constitutes a related party transaction as per the regulations of the Shenzhen Stock Exchange [1]

在下游，推动建立规范有序、更有活力的终端市场。包括推进城镇燃气企业规模化发展、加强特许经营 动态管理、有序开展天然气直供试点、完善城镇燃气配气价格体系等4项具体措施。主要目的是规范城 镇燃气市场秩序，有效衔接天然气直供和特许经营制度，降低配气成本。 《实施意见》提出的有序开展天然气直供试点，是各方关注焦点。在总结实践经验、回应各方诉求基础 上，山东省将通过建立协商机制、细化直供标准、加强制度衔接等措施，既让改革跑得更快，也让风险 降得更低，最终实现气源、管输、城燃、用户等各方共享天然气高质量发展的政策红利。 会议强调，各市应结合当地实际，因地制宜开展有关实施意见贯彻工作，一要注重政策协调、统筹民生 保障和工业经济发展，二要一企一策、灵活合理选择直供方式，三要加强项目建设及运营期间安全管理 工作。各市发改、能源部门要认真学好政策、记熟政策、用活政策，学习借鉴先进地市的经验做法，与 相关部门加强工作统筹，为政府科学决策当好参谋助手。 据悉，下一步山东省能源局将定期召开工作推进会议，组织各市和相关企业交流经验做法，集思广益解 决突出问题，争取更充足气源保障及更低的天然气价格，共同把全省天然气市场做大做强，助力山东经 ...

8月中国规上工业原油生产增速加快 来源：中国新闻网 编辑：郭晋嘉 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 原煤生产降幅收窄。8月份，规上工业原煤产量3.9亿吨，同比下降3.2%，降幅比7月份收窄0.6个百分 点；日均产量1260万吨。1—8月份，规上工业原煤产量31.7亿吨，同比增长2.8%。 原油生产增速加快。8月份，规上工业原油产量1826万吨，同比增长2.4%，增速比7月份加快1.2个百分 点；日均产量58.9万吨。1—8月份，规上工业原油产量14486万吨，同比增长1.4%。 天然气生产稳定增长。8月份，规上工业天然气产量212亿立方米，同比增长5.9%；日均产量6.9亿立方 米。1—8月份，规上工业天然气产量1737亿立方米，同比增长6.1%。 规上工业电力生产平稳增长。8月份，规上工业发电量9363亿千瓦时，同比增长1.6%；日均发电首次突 破300亿千瓦时，达302亿千瓦时。1—8月份，规上工业发电量 ...

Group 1 - The core viewpoint of the article highlights the growth in natural gas production in China, with significant year-on-year increases reported for both August and the cumulative production from January to August 2025 [2] Group 2 - In August 2025, the national industrial natural gas production reached 21.2 billion cubic meters, reflecting a year-on-year growth of 5.9% [2] - The average daily production in August 2025 was 690 million cubic meters [2] - From January to August 2025, the total industrial natural gas production amounted to 173.7 billion cubic meters, showing a year-on-year increase of 6.1% [2]

Core Insights - In August, the production decline of raw coal narrowed, while crude oil production accelerated, and natural gas and electricity production showed stable growth [1] Group 1: Raw Coal, Crude Oil, and Natural Gas Production - Raw coal production in August was 390 million tons, a year-on-year decrease of 3.2%, with the decline narrowing by 0.6 percentage points compared to July; the average daily production was 12.6 million tons [2] - From January to August, raw coal production totaled 3.17 billion tons, reflecting a year-on-year increase of 2.8% [2] - Crude oil production in August reached 18.26 million tons, a year-on-year increase of 2.4%, with the growth rate accelerating by 1.2 percentage points compared to July; the average daily production was 589,000 tons [4] - From January to August, crude oil production totaled 144.86 million tons, a year-on-year increase of 1.4% [5] - Crude oil processing in August was 63.46 million tons, a year-on-year increase of 7.6%; the average daily processing was 2.047 million tons [6] - From January to August, crude oil processing totaled 488.07 million tons, a year-on-year increase of 3.2% [7] - Natural gas production in August was 21.2 billion cubic meters, a year-on-year increase of 5.9%; the average daily production was 690 million cubic meters [9] - From January to August, natural gas production totaled 173.7 billion cubic meters, a year-on-year increase of 6.1% [10] Group 2: Electricity Production - Electricity production in August was 936.3 billion kilowatt-hours, a year-on-year increase of 1.6%; the average daily production exceeded 30 billion kilowatt-hours for the first time, reaching 30.2 billion kilowatt-hours [13] - From January to August, electricity production totaled 6,419.3 billion kilowatt-hours, a year-on-year increase of 1.5%, with a daily average increase of 1.9% after adjusting for the number of days [13] - In August, the growth rates of various electricity generation types varied: - Thermal power increased by 1.7%, slowing by 2.6 percentage points compared to July - Hydropower decreased by 10.1%, with the decline expanding by 0.3 percentage points compared to July - Nuclear power grew by 5.9%, slowing by 2.4 percentage points compared to July - Wind power surged by 20.2%, accelerating by 14.7 percentage points compared to July - Solar power increased by 15.9%, slowing by 12.8 percentage points compared to July [13]

Core Insights - The article reports that China imported approximately 840,000 tons of LNG through coastal receiving stations from September 8 to September 14, a decrease from the previous week's import of 920,000 tons [1] Group 1: LNG Import Data - During the week of September 8 to September 14, China received a total of 14 LNG vessels [1] - The largest volume of LNG was discharged at the Putian receiving station, with 2 vessels totaling about 150,000 tons [4] - The forecast for the week of September 15 to September 21 indicates that China is expected to import 25 vessels, totaling approximately 1,820,000 tons of LNG [4] Group 2: Source and Distribution - The LNG imports came from 7 different countries, with Qatar supplying 3 vessels and approximately 260,000 tons, accounting for about 31% of the total imports for that week [4] - The distribution of LNG imports showed that 8 vessels were received in South China, 5 in the Yangtze River Delta, and 1 in the Bohai Rim region [4] Group 3: Future Projections - The E-Gas system predicts a significant increase in LNG imports for the upcoming week, with a total of 25 vessels expected [4][5] - The forecast includes various vessels from countries such as Qatar, Malaysia, and Australia, indicating a diverse supply chain [6]

Group 1: Coal, Oil, and Natural Gas Production - In August, the production of raw coal in large-scale industries was 390 million tons, a year-on-year decrease of 3.2%, with the decline narrowing by 0.6 percentage points compared to July, and the average daily output was 12.6 million tons [2] - From January to August, the total raw coal production reached 3.17 billion tons, showing a year-on-year increase of 2.8% [3] - The production of crude oil in August was 18.26 million tons, representing a year-on-year increase of 2.4%, with the growth rate accelerating by 1.2 percentage points compared to July, and the average daily output was 589,000 tons [5] - From January to August, the total crude oil production was 144.86 million tons, with a year-on-year increase of 1.4% [6] - The crude oil processing volume in August was 63.46 million tons, a year-on-year increase of 7.6%, with an average daily processing of 2.047 million tons [7] - From January to August, the total crude oil processing volume was 488.07 million tons, reflecting a year-on-year increase of 3.2% [8] - The natural gas production in August was 21.2 billion cubic meters, a year-on-year increase of 5.9%, with an average daily output of 690 million cubic meters [9] - From January to August, the total natural gas production reached 173.7 billion cubic meters, with a year-on-year increase of 6.1% [10] Group 2: Electricity Production - The electricity production in large-scale industries in August was 936.3 billion kilowatt-hours, a year-on-year increase of 1.6%, with the average daily generation surpassing 30 billion kilowatt-hours for the first time, reaching 30.2 billion kilowatt-hours [11] - From January to August, the total electricity production was 6,419.3 billion kilowatt-hours, showing a year-on-year increase of 1.5%, and the average daily generation increased by 1.9% after adjusting for the number of days [11] - In August, the growth rates for different types of electricity generation varied: thermal power increased by 1.7% (slowing by 2.6 percentage points from July), hydropower decreased by 10.1% (widening the decline by 0.3 percentage points), nuclear power grew by 5.9% (slowing by 2.4 percentage points), wind power surged by 20.2% (accelerating by 14.7 percentage points), and solar power increased by 15.9% (slowing by 12.8 percentage points) [12]