On September 9, JPMorgan released a report stating that the performance of China Gas Holdings' utilities industry in the first half of the year once again confirms the bank's positive view on the industry, with steady growth in gas volume (rising by over 5% annually) and improvement in profit margins and free cash flow. Most gas companies have promised stable or increased dividends, making gas stocks attractive. The bank believes that gas stocks can benefit from improved profit prospects, cash flow, and regulatory environment. Within the industry, the bank prefers Run Refined, believing that its first-half performance was strong, and estimates that it will outperform its peers in the next three months. The bank is also bullish on New O 12-month's maximum upside potential, believing that the market's concerns about its sales growth and corporate governance are excessive, giving it a target price of 65 Hong Kong dollars and a "shareholding" rating. The bank maintains a "neutral" rating for China Gas, with a target price of 6.5 Hong Kong dollars.