美国库存充足气价下降；欧洲储库推进、国内需求缓慢修复，气价均较为平稳

Core Insights - The report indicates that the natural gas prices are stable due to sufficient inventory in the US, progress in European storage, and slow recovery in domestic demand [1][2] Price Tracking - As of October 17, 2025, the week-on-week price changes for various natural gas benchmarks are as follows: US HH down 8.6%, European TTF down 1.7%, East Asia JKM up 0.8%, China LNG ex-factory down 0.4%, and China LNG CIF up 5.5% [2][3] Supply and Demand Analysis - US natural gas market shows a week-on-week price decrease of 8.6% with total supply down 0.1% to 111.7 billion cubic feet per day, while total demand increased by 2.7% to 101.3 billion cubic feet per day [3] - European gas prices decreased by 1.7% with a total consumption of 265.4 billion cubic meters from January to July 2025, a year-on-year increase of 5% [3] - Domestic gas prices decreased by 0.4% with apparent consumption from January to August 2025 increasing by 0.8% year-on-year to 283.2 billion cubic meters [3] Pricing Progress - From 2022 to September 2025, 65% of cities in China have implemented residential pricing adjustments, with an increase of 0.21 yuan per cubic meter [4] Investment Recommendations - The report suggests focusing on companies that can optimize costs and benefit from a relaxed supply environment, such as Xin'ao Energy, China Resources Gas, and Kunlun Energy, among others [5] - Attention is also drawn to companies with quality long-term contracts and cost advantages, such as Jiufeng Energy and Xin'ao Shares [5]