Core Viewpoint - Binhai Investment (02886) announced a magnetic gradient detection service agreement with Teda Construction to ensure the successful completion of the Huaihe East Road project [1] Group 1: Agreement Details - The agreement was signed on November 28, 2025, between Teda Clean Energy, a wholly-owned subsidiary of Binhai Investment, and Teda Construction, a non-wholly-owned subsidiary [1] - Teda Construction will provide engineering survey services to detect the location and burial depth of natural gas pipelines in the Huaihe East Road project area [1] - Teda Clean Energy will pay Teda Construction RMB 75,000 for the engineering survey services [1]

Core Viewpoint - China Port Energy (00931) reported a revenue of HKD 253 million for the six months ending September 30, 2025, reflecting a year-on-year growth of 0.1%, but the loss attributable to shareholders widened by 33.9% to HKD 70.81 million, with a basic loss per share of 1.00 HKD cent [1] Revenue Breakdown - The slight revenue growth of 0.1% was primarily driven by an increase in natural gas revenue, which rose by approximately HKD 7 million or 3.2%, although this was partially offset by a decrease in renewable energy revenue, which fell by about HKD 6.6 million or 20.4% [2] - Natural gas revenue accounted for 89.5% of total revenue during the reporting period, up from 86.8% in the previous period, indicating a 2.7% increase [2] - Renewable energy revenue represented 10.2% of total revenue, down from 12.8% in the previous period, reflecting a decline of 2.6% [2] Segment Performance - Revenue from liquefied natural gas (LNG) point-to-point supply was approximately HKD 52.5 million, a decrease of 32.3% from about HKD 77.4 million in the previous period, attributed to intensified competition at terminal refueling stations [2] - Revenue from LNG and pipeline natural gas (trading) wholesale business was around HKD 160 million, an increase of 33.6% from approximately HKD 120 million in the previous period, driven by increased local natural gas consumption and expanded distribution channels [2] - Revenue from LNG (logistics) distribution was about HKD 17.5 million, down 29.6% from approximately HKD 24.9 million in the previous period, primarily due to market competition and reduced customer demand [2] - Sales and distribution of renewable energy products generated approximately HKD 7.8 million, a significant decline of 66.2% from about HKD 22.9 million in the previous period, mainly due to a decrease in contract signings [2] - Revenue from the development of comprehensive renewable energy solutions was approximately HKD 18 million, an increase of 91.3% from about HKD 9.4 million in the previous period, attributed to an increase in customer numbers and energy coverage [2] - Revenue from financial services was HKD 950,000, a slight decrease from HKD 1.02 million in the previous period, primarily related to interest income from lending activities [2]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - LNG prices are oscillating downward, while US gas prices are high. The core variable for US gas prices is the weather, with short - term prices expected to fluctuate between 4.0 - 4.5 dollars/MMBTU and non - heating season prices in 2026 expected to range from 3.0 - 3.5 dollars/MMBTU. LNG prices are still supported by uncertain winter temperatures, with TTF expected to weakly oscillate around 10 dollars/MMBTU in January and showing a long - term downward trend [5][6]. - Recommended strategies include staying on the sidelines for single - side trading, conducting TTF positive spreads for arbitrage, and selling TTF call options [7]. Group 3: Summary by Relevant Catalogs 1. Foreword Summary a. Market Review - European TTF futures' December contract settled at 29.18 euros/MWh, breaking below 30 euros/MWh for the first time since May last year. Northeast Asian JKM also declined, reaching around 10.6 dollars/MMBTU in February. US HH futures rose significantly, with the HH2512 contract settling at 4.424 dollars/MMBTU. In November, global LNG demand was weak, and JKM and TTF oscillated downward throughout the month. US production continued to grow, with inventories at a 5 - year high, and entered the de - stocking cycle early due to cold weather in early November. Demand increased slightly, and liquefaction demand rose further in the first half of the month and then stabilized, with strong bullish sentiment [5][11]. b. Market Outlook - In the US, production will remain high, and export demand is at a high level and expected to stay high until new capacity comes online in Q1 2026, further boosting export demand. The core variable is the weather. Assuming normal winter temperatures in the US, short - term prices are expected to fluctuate between 4.0 - 4.5 dollars/MMBTU, and non - heating season prices in 2026 are expected to range from 3.0 - 3.5 dollars/MMBTU. For LNG, due to uncertain winter temperatures, prices still have some support. Currently, institutions expect European and Asian temperatures to be close to historical averages. In the short term, TTF in January is expected to weakly oscillate around 10 dollars/MMBTU, with a long - term downward trend. If the winter is warm, prices may drop to 8 dollars/MMBTU in winter; if it is cold, the upside for prices is limited, and the near - end is stronger than the far - end [6]. c. Strategy Recommendation - Single - side: Stay on the sidelines. - Arbitrage: Conduct TTF positive spreads. - Options: Sell TTF call options [7] 2. Fundamental Situation a. Market Review - Similar to the market review in the foreword, European TTF, Northeast Asian JKM, and US HH futures had different price trends in November. Global LNG prices declined, and the low inventory level in Europe did not cause supply concerns due to high inventories in China, Japan, and South Korea, weak demand in Northeast Asia, and strong US LNG supply. US production increased, inventories were at a 5 - year high, domestic demand rose slightly, and liquefaction demand showed a certain trend [11]. b. US Market Fundamental - As of the week ending November 21, the net withdrawal of US natural gas inventories was 11 billion cubic feet, compared with 2 billion cubic feet in the same period last year. The total natural gas inventory was 3935 billion cubic feet, 160 billion cubic feet (+4.2%) higher than the five - year average and 32 billion cubic feet (+1%) lower than last year. - Supply: Bloomberg showed that the average daily dry natural gas production in the US in November was about 111.3 billion cubic feet/day, an increase of 2.6 billion cubic feet/day (+2.4%) from the previous month and 8.9 billion cubic feet/day (+8.7%) year - on - year. From January to November 2025, the average daily dry gas production was about 107.7 billion cubic feet/day, a year - on - year increase of 5.2 billion cubic feet/day (+5.1%). - Demand: In November, the average daily domestic consumption of natural gas in the US was about 83.8 billion cubic feet/day, an increase of 4.3 billion cubic feet/day (+5.4%) compared with last year. From January to November 2025, the average daily domestic consumption was 80.8 billion cubic feet/day, a year - on - year increase of 2.1 billion cubic feet/day (+2.7%). Among them, the average daily demand for LNG export project liquefaction in November was 17.5 billion cubic feet/day, an increase of 4.3 billion cubic feet/day (+32.6%) year - on - year. From January to November 2025, the average daily liquefaction demand was 15.2 billion cubic feet/day, an increase of 2.7 billion cubic feet/day (+22%) compared with the same period last year. The Plaquemines project reached 4 billion cubic feet/day in late November. Industrial consumption increased by 18% year - on - year in November, power generation consumption decreased by 5.9% year - on - year, and residential and commercial consumption increased by 11.5% year - on - year [14][15]. c. International LNG Market Fundamental - In November, Europe's natural gas inventory decreased at a normal pace. As of November 26, European natural gas inventory was about 882 TWH, with an inventory level of 77.2%, much lower than 87% in 2024 and 88% of the five - year average. In 2025, Europe's supply structure changed significantly, with a large increase in LNG imports, especially from the US. In November, Europe's natural gas imports were about 965 million cubic meters/day, a year - on - year increase of 5.4%, and LNG imports accounted for 44%, compared with only 31.2% in the same period last year. - From January to September 2025, China's domestic natural gas production was 194.7 billion cubic meters, a year - on - year increase of 6.4%. Imports were 130 billion cubic meters, a year - on - year decrease of 6.2%. Among them, pipeline gas imports were 63.589 billion cubic meters, a year - on - year increase of 8.2%, and LNG imports were 47.44 million tons (about 66.4 billion cubic meters), a year - on - year decrease of 16.7%. Apparent consumption was 319.5 billion cubic meters, a year - on - year increase of only 0.7%. Inventories in China, Japan, and South Korea were high, and Northeast Asian demand was dragged down by high inventories and sluggish industrial activities. - BNEF predicted that global LNG supply in December would reach 41.4 million tons, while demand would be 40.1 million tons. The growth in supply this year mainly came from increased US exports. In December, supply increased again due to Qatar's production recovery and the early start of new capacity in Canada. On the demand side, as temperatures dropped, Northeast Asian demand would start to recover. It was expected that the demand in China and South Korea would increase significantly compared with the low level in 2025, while Japan's demand growth was expected to be moderate due to the expected warm weather [25][26]. d. Future Outlook - US market: Production will remain high, and export demand will stay high until new capacity comes online in Q1 2026. The core variable is on the demand side. EIA predicts a 2.6% increase in US electricity demand in 2026, and gas - fired power demand may continue to decline in 2026 due to high HH prices. Industrial demand is expected to remain strong, and residential and commercial demand fluctuates with temperature. Currently, EIA and NOAA both expect a relatively warm winter, and EIA predicts a 5% year - on - year decrease in winter demand from 2025 - 2026. The inventory level after winter will determine the US gas price center in the non - heating season next year. Assuming normal winter temperatures in the US, non - heating season prices in 2026 are expected to range from 3.0 - 3.5 dollars/MMBTU. If it is warm, prices may drop below 3.0 dollars/MMBTU; if it is a cold winter, prices may reach 4.0 dollars/MMBTU or higher. - International LNG market: In the short term, if the December temperature in Europe and Asia is close to the historical average as expected, prices will decline further, and the far - end will face greater downward pressure. If December is warm and the whole winter is expected to be warm, the market situation from winter 2023 - 2024 may repeat, with prices dropping from December until reaching around 8 dollars/MMBTU at the end of winter. If it is cold, prices can get some support, but due to the expected growth in future LNG supply, the upside for prices is limited. Therefore, considering the high certainty of far - end price decline and the influence of weather factors on the near - end, one can consider shorting the spread between the near - end and far - end of TTF. In the long term, China's domestic production will continue to grow, and Russian pipeline gas is being transported above the contract volume, while industrial demand is unlikely to recover. Next year, more Chinese buyers will start to execute long - term contracts, and the volume of executed long - term contracts far exceeds LNG import demand, so buyers need lower prices to trigger purchasing. New demand growth in Asia will mainly come from emerging countries in Southeast Asia and South Asia, with an expected increase of 10.77 million tons in 2026 according to ICIS. In Europe, due to weak Asian demand and increasing US exports, low inventories may no longer be a concern, and long - term LNG prices face significant upward pressure. One can short JKM or TTF when prices rise due to sudden factors and consider long - term rolling sales of TTF call options [44][45].

Core Viewpoint - China Port Energy (00931.HK) reported a slight increase in revenue but a significant rise in losses for the six months ending September 30, 2025, indicating challenges in its operations and market conditions [1] Financial Performance - The company recorded revenue of approximately HKD 250 million, a year-on-year increase of 0.1% [1] - The loss amounted to approximately HKD 72.8 million, an increase of 27.6% compared to the previous period's loss of about HKD 57 million [1] - The board does not recommend any interim dividend for the reporting period [1] Revenue Breakdown - Revenue from natural gas increased by approximately HKD 7 million or 3.2%, contributing 89.5% to total revenue, up from 86.8% in the previous period [1] - Revenue from renewable energy decreased by approximately HKD 6.6 million or 20.4%, accounting for 10.2% of total revenue, down from 12.8% [1] Segment Performance - Revenue from liquefied natural gas (LNG) retail point-to-point supply was approximately HKD 52.5 million, a decline of 32.3% from about HKD 77.4 million due to increased competition at refueling stations [2] - Revenue from LNG and pipeline gas wholesale was approximately HKD 160 million, an increase of 33.6% from about HKD 120 million, driven by local gas consumption growth and expanded distribution channels [2] - Revenue from LNG logistics distribution was approximately HKD 17.5 million, a decrease of 29.6% from about HKD 24.9 million, attributed to market competition and reduced customer demand [2] - Revenue from renewable energy product sales and distribution was approximately HKD 7.8 million, a decline of 66.2% from about HKD 22.9 million, mainly due to a decrease in contract signings [2] - Revenue from new energy comprehensive solutions increased by approximately HKD 18 million, or 91.3%, due to an increase in customer numbers and energy coverage [2] - Revenue from financial services was HKD 950,000, a slight decrease from HKD 1.02 million, primarily related to interest income from lending activities [2]

值得一提的是，早在去年12月沿海输气管道已首次实现与国家管网中俄东线的互联互通，为构建"全国 一张网"的天然气供应体系打下基础。 在江苏近千公里的海岸线上，一条推动区域能源结构转型的"地下巨龙"正加速成型：继今年6月江苏沿 海天然气管道的淮安—建湖—盐城段、淮安储气库支线以及朱家墩储气库支线工程成功投入试运行后， 这项总投资近百亿元的省级重大能源基础设施，近日再获关键突破。 近日记者随江苏省国资委调研组一线采访获悉：设计年输气能力达280亿立方米的沿海天然气管道，到 今年底将累计建成投运超500公里；届时，省国信集团运营的天然气管道总里程将突破1000公里，实现 与国家管网及多座储气库互联互通，为长三角区域发展注入强劲绿色动能。 "三个组网" 构建省网融合"江苏模式" 早在今年迎峰度夏6月初始，沿海输气管道公司调度中心监控屏幕显示，管道压力稳定达到设定值，标 志着淮安—建湖—盐城段及储气库支线工程一次性投产成功，正式转入试运行阶段。该段管道全长150 公里，含4座站场、5座阀室，联通江苏国能张兴储气库、中石化朱家墩储气库等重要调峰设施，并成功 实现与国家管网中俄东线盐城站、青宁管道淮安站的互联互通。 "购销输 ...

Group 1 - The company, Victory Co., Ltd. (SZ 000407), announced a temporary board meeting held on November 28, 2025, to review the proposal for adjusting expected daily related transactions [1] - For the first half of 2025, the company's revenue composition was 76.33% from natural gas and value-added services, and 23.67% from other plastic manufacturing [1] - As of the report, the market capitalization of Victory Co., Ltd. is 4.4 billion yuan [1]

Core Viewpoint - The recent drone attack on the Hawlermur gas field in the Sulaymaniyah province of the Kurdistan Region of Iraq has disrupted gas supply to power plants, posing a significant threat to the region's energy infrastructure and overall electricity production [1][1][1] Group 1: Incident Details - The drone attack occurred on the night of November 26, leading to a complete halt in operations at the Hawlermur gas field [1] - At least two unidentified drones were involved in the attack, which resulted in a fire at one of the gas field's storage tanks, although no casualties were reported [1][1] - The Iraqi Joint Operations Command described the attack as a "dangerous terrorist act" that threatens the interests of the Iraqi people and negatively impacts the national power system [1][1][1] Group 2: Government Response - The Ministry of Natural Resources and the Ministry of Electricity in the Kurdistan Region have dispatched teams to coordinate with the Hawlermur gas field operating company to monitor the situation and restore normal supply as soon as possible [1][1] - The incident has raised concerns about the security of energy resources in the region, especially given a previous attack in April 2024 that resulted in fatalities [1][1]

从全年来看，截至2025年10月，阿仍保持西最大天然气供应国地位，其天然气占西进口总量的34.1%； 美国占31.6%，俄罗斯为10.5%。分析指出，阿凭借稳定的供应能力、成熟的输气基础设施以及区位优 势，继续在西及南欧市场占据重要位置。尽管西仍在推进天然气进口来源多元化，但双方在能源领域开 展长期合作，使阿在竞争中保持明显优势。 《曙光报》11月23日援引欧洲通讯社（Europa Press）报道，今年10月，阿尔及利亚继续巩固其在西班 牙能源市场的领先地位，再次成为西最大天然气供应国。数据显示，阿对西天然气出口（包含管道气和 液化天然气）环比增长27%，市场份额升至39.5%。美国以39.2%紧随其后，尼日利亚则以5.9%位居第 三。 ...

人民财讯11月28日电，企查查APP显示，近日，石家庄新奥天然气发展有限公司成立，法定代表人为宫 罗建，注册资本7000万元，经营范围包含燃气经营；燃气燃烧器具安装、维修；特种设备检验检测；发 电业务、输电业务、供(配)电业务等。企查查股权穿透显示，该公司由新奥能源全资子公司新奥(中国) 燃气投资有限公司、河北九乘天然气有限责任公司共同持股。 ...

分析师预计，到2030年美国LNG出口量将增长75%，叠加科技巨头人工智能产业发展带来的额外天然气 需求，将不可避免地推高天然气价格。芝加哥商品交易所集团报告显示，欧洲对美国LNG的创纪录需 求已将价格推至两年来新高，美国能源信息署数据显示，今年美国LNG出口平均价格为8美元/千立方英 尺。 不过，欧洲未来能否持续负担美国LNG价格存疑，尤其未来几年LNG价格可能随需求增长而进一步上 涨。另有观点警告，天然气生产商可能面临优质开采区域枯竭问题，导致新产能成本上升;但也有分析 认为，地下未开发天然气储量充足，供应端可快速响应需求变化，避免价格过度上涨。 费金指出，疫情后，LNG产能利用率迅速恢复并持续提升，纽约商交所天然气价格一度突破单位数高 位，供应端也迅速做出响应，这表明天然气生产商或将更大胆地扩大产能。不过，也有分析师预测，随 着美国能源企业争相抢占全球LNG市场份额，新产能大量投产将导致明年LNG价格下跌，全球LNG供 应增速可能超过需求增速。但低价LNG或刺激巴基斯坦、孟加拉国等价格敏感型能源进口国的需求。 费金认为，尽管美国LNG供应将创下历史新高，但受价格敏感型进口国需求强劲增长推动，未来一年 全 ...