ENN Energy Privatization Delay: ENN Energy has extended the deadline for dispatching its privatization scheme document to no later than January 30, 2026, due to the need for more time to meet pre-conditions, which was anticipated by the market.

Impact on Share Prices: JPMorgan believes the delay in ENN Energy's privatization scheme may have a slight negative effect on its share price, while its H-shares are viewed as offering better risk-return compared to A-shares.

China Gas Hold Performance: China Gas Hold reported a 24.2% decline in interim net profit for 1HFY2026, with weak operational indicators, but is expected to see a gradual recovery in gas sales over the next few months.

Market Opportunities: JPMorgan suggests that investors consider market entry opportunities in KUNLUN Energy, which is projected to achieve over 5% sales growth in 2H25, alongside improvements in gas sales for other companies like China Resources Gas.

China's Natural Gas Demand Forecast: BofA Securities predicts China's natural gas demand growth will slow to 2-3% annually from 2025-27, down from a 9% CAGR over the past decade, due to coal being more economical and weak industrial demand.

PETROCHINA Rating and Target Price: BofA maintains a Buy rating on PETROCHINA, raising its target price by 12% to HKD9.5, citing stable natural gas prices and reduced losses on imports as oil prices decline.

KUNLUN ENERGY Rating Downgrade: BofA downgraded KUNLUN ENERGY from Neutral to Underperform, as the company relies heavily on industrial customers, who may require price cuts to remain competitive.

KUNLUN ENERGY Target Price Adjustment: The target price for KUNLUN ENERGY was lowered by 16% to HKD7, reflecting the need to adjust pricing strategies amidst unchanged costs.