Xin Lang Cai Jing·2025-10-21 10:36Core Viewpoint - Morgan Stanley's report indicates that the upcoming winter is expected to be colder than usual due to the dissipation of the effects from previous warm winters caused by the El Niño phenomenon, alongside strengthening La Niña signals [1] Group 1: Natural Gas Market Outlook - The anticipated colder winter may lead to a potential natural gas shortage, resulting in a surge in natural gas consumption and an increase in both wholesale and retail prices [1] - Morgan Stanley believes that China National Petroleum Corporation (CNPC) will remain the preferred investment target for natural gas in China due to reforms in wholesale natural gas pricing, decreasing import costs, retail participation, and structural demand growth [1] - The company's natural gas business, which includes exploration and production, distribution, and pipelines, is viewed positively by Morgan Stanley [1]