HK Stock Market Move | CHINA GAS HOLD (00384) rises by more than 3%, Beijing's winter gas supply work is fully prepared, and there is still room for repair in urban gas price differentials.

China Gas Holdings (00384) rose more than 3%, closing at a 3.27% increase at HK$8.52, with a trading volume of HK$102 million. On the news front, according to Xinhua News Agency, as the temperature gradually drops, Beijing is about to enter a new heating season. Beijing Gas Group has stated that all preparations for gas supply this winter in Beijing are ready, with the gas source structure further optimized and emergency peak shaving capacity significantly enhanced to ensure the city residents stay warm during the winter. It is worth mentioning that this winter, processed biomass natural gas will be connected to the grid in Beijing for the first time. Biomass natural gas is a renewable green energy source formed by anaerobic fermentation, purification, and purification of raw materials such as household waste, reflecting the organic combination of energy supply and green development. Soochow pointed out that from January to September 2025, China's natural gas apparent consumption increased by 0.7% year-on-year to 318.8 billion cubic meters, possibly due to the warmer winter in 2024, which affected the demand for heating gas in January-March 2025. From January to September 2025, production increased by 6.5% year-on-year to 194.9 billion cubic meters, while imports decreased by 6.2% year-on-year to 130.7 billion cubic meters. The bank continued to point out that from 2022 to September 2025, 65% (188) of the national cities at and above the prefecture level have adjusted residential gas prices, with an average increase of 0.21 yuan/cubic meter. In 2024, the price difference for leading city gas companies was 0.53-0.54 yuan/cubic meter, with the reasonable value of distribution fees above 0.6 yuan/cubic meter, showing a 10% restoration space for the price difference. Price adjustments will continue to be implemented. Looking ahead to 2025, there is ample supply, gas company cost optimization, continued rationalization of the pricing mechanism, and increased demand.