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www.ubs.com/investmentresearchThisreporthasbeenpreparedbyUBSSecuritiesAsiaLimited.ANALYSTCERTIFICATIONANDREQUIREDDISCLOSURESBEGINONPAGE32.UBSdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.???GlobalResearch22October2018ChinaIntegratedNaturalGasWillwintergasshortagesdeepenthisyear?Wintergasshortage,whileinevitable,shouldeaseversus2017WebelievewintergasshortagesinChinathisyearareunlikelytobeasextremeandwidespreadaslastyear.Newpipelineinfrastructureandgasstoragecapacity,coupledwithincreasedgasimports,shouldhelptoguaranteeadditionalsupply.Meanwhile,highergaspricesshouldleadtomoreefficientconsumption.Still,higher-th