On July 5th, Guosen Securities published a research report on the mainland gas industry by Morgan Stanley, stating that despite concerns about recent profit and production, it has more confidence in the overall industry. The bank said that in terms of fundamentals, it saw the entire sector improve through gross margin expansion and the natural rise in demand for gas. It believes that the demand for gas in the mainland will still maintain high single-digit growth at least until 2030, and the gas consumption in cities in the near future is still at a healthy level. Morgan Stanley also pointed out that the global gas supply outlook for the next few years should be sufficient to support higher gas consumption and gross margin, and market concerns about pipeline revenue are gradually decreasing, turning to stable dividend yields. The bank listed Enn Energy as its latest industry top pick, raising its target price from HK $27 to HK $33.4, maintaining a "shareholding" rating; raising the target price of Enn Energy from HK $68.8 to HK $76.1, and upgrading its rating from "synchronized with the market" to "shareholding"; raising the target price of Kunlun Energy to HK $9.1 and downgrading its rating to "synchronized with the market"; raising the target price of China Gas Hold from HK $7.4 to HK $8, maintaining a "synchronized with the market" rating.