Gas stocks were mostly higher. As of press release, China Gas (00384) rose 5.03% to HK$8.35; Ganghua Smart Energy (01083) rose 2.81% to HK$3.29; and Xinao Energy (02688) rose 2.79% to HK$79.15.
The Zhitong Finance App learned that most gas stocks were higher. As of press release, China Gas (00384) rose 5.03% to HK$8.35; Ganghua Smart Energy (01083) rose 2.81% to HK$3.29; Xinao Energy (02688) rose 2.79% to HK$79.15; and China Resources Gas (01193) rose 2.56% to HK$28.05.
According to the news, Nanchang City recently issued the “Implementation Measures on the Upstream and Downstream Price Linkage Mechanism for Pipeline Natural Gas (Draft for Comments)”, which will be implemented from August 31, 2024. According to Dongwu Securities, residential surplus prices accelerated in 2023. From January 2022 to April 2024, a total of 138 prefecture-level cities and above (accounting for 48% of the number of prefecture-level cities in the country) carried out favorable prices for residents' gas consumption, with a price increase of 0.21 yuan/square meter. Price differences in the urban fuel sector will continue to be repaired, and valuations will be raised in line with favorable prices. Furthermore, foreign gas prices have declined, and domestic cost pressure has eased, boosting demand.