Core Viewpoint - The company currently has no natural gas storage facilities under construction [1] Company Information - The company, 陕天然气 (002267.SZ), responded to an inquiry on an investor interaction platform regarding the status of natural gas storage facilities [1]

格隆汇11月25日丨陕天然气(002267.SZ)在投资者互动平台表示，公司目前没有在建的天然气储存设 施。 ...

Core Viewpoint - Shaanxi Natural Gas (002267.SZ) is progressing with the construction of the Tongbai-Tong project as planned, aiming to complete the main line construction by 2025 [1] Group 1 - The company is actively engaging with investors through an interactive platform [1] - The project is on schedule, indicating effective project management and execution [1] - Completion of the main line construction is targeted for 2025, reflecting a long-term strategic plan [1]

Group 1 - The company, Anhui Natural Gas, announced on November 24 that it holds 23,579,472 shares of Huishang Bank, which it invested in during 2021 [2] - The company's other equity investments are focused on the upstream and downstream of the natural gas industry chain and related energy sectors [2]

Investment Strategy - The oil and gas capital expenditure trend is declining, leading to a slowdown in supply growth. Since the signing of the Paris Agreement in 2015, global capital expenditure in the oil and gas upstream sector has significantly decreased, with a notable drop of nearly 22% from the 2014 peak to $351 billion in 2021. This trend is expected to continue as major energy companies face pressure to decarbonize and shift focus towards energy transition and renewable projects [9][25][27] - The current active drilling rig count in the US remains low, with new well costs closely aligned with current oil prices, limiting profit margins. The growth rate of US oil production is anticipated to slow down, with evidence emerging from the first half of 2025 [9][25][27] Oil Market - Brent crude oil spot price is currently at $63.54 per barrel, reflecting a week-on-week increase of 0.63%, while WTI crude oil is at $59.43 per barrel, down 0.43% [10][28] - The geopolitical situation, particularly the easing of tensions in the Russia-Ukraine conflict, is contributing to a volatile oil price environment. The expectation of a breakthrough in diplomatic negotiations has led to fluctuations in oil prices [10][28] Coal Market - The average market price for Qinhuangdao port thermal coal (Q5500) is reported at 820 RMB per ton, with a week-on-week increase of 0.35%. However, the market is experiencing a stalemate as downstream demand remains cautious towards high prices [11][12] - The total inventory at nine ports in the Bohai Rim is reported at 23.93 million tons, up 6.74% week-on-week, while southern ports report a decrease of 1.48% to 603.8 million tons [11][12] Coking Coal Market - Coking coal prices are experiencing a high-level consolidation, with the price of coking coal at the Jingtang port reported at 1,780 RMB per ton, down 4.30% week-on-week. The price of coking coal is less regulated compared to thermal coal, allowing producers to benefit from price increases [13][14] - The average daily iron output from 247 steel mills is reported at 2.3621 million tons, reflecting a slight decrease of 0.30% week-on-week, indicating a weak demand environment for steel products [13][14] Natural Gas Market - Russian LNG is entering the Chinese market at prices 20-30% lower than market rates, despite US pressure on Japan and Europe to halt imports of Russian LNG. This influx is contributing to a stable supply environment [14][15] - The average price of natural gas in the US is reported at $4.44 per million British thermal units, down 1.4% week-on-week, while European gas prices are on the rise [14][15] Oilfield Services - The oilfield services sector is expected to maintain its growth due to government policies aimed at ensuring energy security. The capital expenditure of major oil companies is projected to remain high, supporting the oilfield services industry's outlook [16][17] - The global active rig count is reported at 1,800, with a slight decrease in the Middle East and Asia-Pacific regions, while the US shows a week-on-week increase of 5 rigs [16][17]

Investment Rating - The report suggests a positive investment outlook for various sectors within the energy industry, particularly hydropower, green energy, nuclear power, and gas companies, indicating potential growth opportunities [6][18][41]. Core Insights - In October 2025, the total electricity consumption in China reached 857.2 billion kWh, marking a year-on-year increase of 10.4%. The growth was primarily driven by the tertiary sector and residential electricity usage, with significant contributions from industries related to big data and AI services [6][9][10]. - Natural gas prices exhibited mixed trends globally, with U.S. prices rising while European prices saw a slight decline. The report highlights the ongoing high demand for LNG in Northeast Asia, which has led to price increases in that region [20][28][41]. - The report emphasizes the importance of various energy sectors, recommending specific companies based on their performance and market conditions, such as hydropower, green energy, nuclear power, and gas companies [18][41]. Summary by Sections 1. Electricity Sector - The electricity consumption in October 2025 was 857.2 billion kWh, with the first, second, and third industries and residential usage showing year-on-year growth rates of 13.2%, 6.2%, 17.1%, and 23.9% respectively [11][12]. - The tertiary sector's electricity consumption grew significantly, particularly in the internet data service industry, which saw a 46% increase [9][10]. - The report notes that the rapid growth in residential electricity usage was influenced by temperature variations, with some regions experiencing over 60% growth [6][9]. 2. Natural Gas Sector - As of November 21, 2025, the Henry Hub spot price in the U.S. was $4.13/mmBtu, reflecting an 18.33% weekly increase, while European gas prices showed slight declines [20][21]. - The report indicates that U.S. natural gas supply and demand remain robust, contributing to the upward price trend, while European prices are stabilizing due to balanced supply and demand [20][28]. - Recommendations for investment include companies in the gas sector that are expected to benefit from cost reductions and increased demand [41]. 3. Investment Recommendations - Hydropower: Continued high growth in hydropower generation is expected, with recommendations for companies like Guotou Power and Chuan Investment Energy [18]. - Green Energy: The report suggests focusing on companies like Xintian Green Energy and Fuhua Co., which are expected to benefit from stable returns and increased operational efficiency [18]. - Nuclear Power: The approval of new nuclear units is anticipated to support growth, with recommendations for China Nuclear Power and China General Nuclear Power [18]. - Gas and Environmental Companies: The report highlights the potential for gas companies to recover profitability and suggests focusing on integrated gas traders [41].

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending various companies within these industries based on their performance and market conditions [2]. Core Insights - The report highlights a significant increase in electricity consumption in October, with a year-on-year growth of 10.4%, driven primarily by the tertiary sector and residential usage [5][10]. - Natural gas prices exhibit mixed trends globally, with U.S. prices rising while European prices are stabilizing [22][30]. - The report provides specific investment recommendations across various segments, including hydropower, green energy, nuclear power, thermal power, and gas [20][21]. Summary by Sections 1. Electricity Sector - In October, total electricity consumption reached 857.2 billion kWh, marking a 10.4% increase year-on-year. The first, second, and third industries, along with residential consumption, saw growth rates of 13.2%, 6.2%, 17.1%, and 23.9%, respectively [12][10]. - The tertiary sector's electricity consumption grew the fastest, particularly in internet data services related to big data and AI, which surged by 46% [11]. - The report notes that the second industry contributes over 60% of total electricity consumption, with high-tech and equipment manufacturing showing significant growth [11][12]. 2. Gas Sector - As of November 21, U.S. Henry Hub spot prices were $4.13/mmBtu, reflecting an 18.33% weekly increase, while European gas prices showed slight declines [22][30]. - The report indicates that U.S. natural gas supply remains robust, with a notable increase in LNG demand, contributing to rising prices [24][25]. - Recommendations include focusing on integrated gas companies and those benefiting from cost reductions and increased sales, such as Kunlun Energy and New Hope Energy [44]. 3. Weekly Market Review - The report notes that the public utility, gas, and power equipment sectors underperformed compared to the Shanghai and Shenzhen 300 index during the week of November 17 to November 21 [47]. 4. Company and Industry Dynamics - The report discusses the commissioning of China's highest-altitude wind power project in Tibet, which is expected to provide significant clean energy and economic benefits to the local community [50][53]. - It also highlights various local government initiatives aimed at promoting green electricity and renewable energy projects, including direct connections for green electricity [54][55].

Economic Growth and Development - Shaanxi's economy has achieved significant growth, projected to reach 3.55 trillion yuan in 2024, ranking 14th nationally and 2nd in the western region [2] - Per capita GDP has surpassed $13,000, placing Shaanxi 12th in the country [2] - By 2025, the economic total is expected to increase by approximately 1 trillion yuan compared to 2020, equivalent to adding the economic scale of northern Shaanxi [2] Innovation and Technology - Innovation is positioned at the core of Shaanxi's development, with a notable increase in technological innovation capabilities [3] - R&D expenditure intensity remains the highest in western China, with a comprehensive innovation index ranking 10th nationally [3] - The number of technology-based SMEs and high-tech enterprises has grown at an annual rate of 30% [3] Infrastructure and Industry - A total of 2,144 projects have been initiated over five years, with investments reaching 3.05 trillion yuan [3] - Major infrastructure projects include the completion of the T5 terminal at Xi'an Xianyang International Airport and the ongoing construction of several high-speed rail lines [3] - The coal production reached 780 million tons, with natural gas and crude oil output ranking among the top in the country [3] Environmental and Social Development - The ecological environment has seen historic improvements, with 99.4% of the Qinling Mountains in Shaanxi maintaining good ecological space [3] - Per capita disposable income in Shaanxi has grown at an annual rate of 6.6%, outpacing economic growth [4] - The social safety net has strengthened, with over 20% of public budget expenditures allocated to social security and employment [4] Regional Development and Agriculture - The economic total of county-level regions has reached 1.68 trillion yuan, with notable agricultural products like Luochuan apples and Zhouzhi kiwifruit leading in national production [4] - The income gap between urban and rural residents has narrowed, with rural disposable income growing at an annual rate of 8.1% [4]

Core Viewpoint - The LNG market is experiencing an unusual price increase during the traditionally low consumption season, with prices reaching historical highs since 2015, driven by supply constraints and rising costs [1][2][4]. Price Trends - As of mid-July, LNG prices rose to 4321.7 yuan/ton, an 11.1% increase from early July [1]. - The national LNG ex-factory price index surged from 3840 yuan/ton on July 5 to 4556 yuan/ton by July 20, with peak prices reaching 5200 yuan/ton in July, compared to 2700-3500 yuan/ton in the same month last year [2][4]. - By July 23, LNG prices began to decline, dropping to 4434 yuan/ton, with further reductions observed at specific receiving stations [5]. Supply Constraints - PetroChina's gas supply restrictions, initially set at 30% and later increased to 50% for certain factories, have significantly impacted LNG prices [2][4]. - The rise in raw gas prices from 1.68 yuan/cubic meter to 1.88 yuan/cubic meter has added nearly 300 yuan/ton to LNG production costs [4]. Market Dynamics - Analysts suggest that the current price increase may not be sustainable due to limited downstream demand and increasing pressure on traders to sell [5][6]. - The international LNG spot prices have also risen, with an average of 9.96 USD/million BTU in July, marking an 80% increase from the previous year [4]. Future Outlook - Short-term forecasts indicate a potential decline in LNG prices as supply conditions improve and demand remains weak [5][6]. - Long-term projections suggest that winter prices could rise significantly, potentially reaching 6000-7000 yuan/ton, depending on the stability of supply from Central Asia [7].

Core Points - A construction site in Enshi City, Hubei Province, reportedly ruptured an underground natural gas pipeline, resulting in a significant gas leak [1] - Enshi Minsheng Natural Gas Co., Ltd. stated that the leak was caused by the construction activities of another unit, and the company has initiated repair efforts to restore gas supply [1] - The incident did not result in any casualties, and an investigation into the specific cause of the leak is ongoing [1]