天风证券：低成本驱动 煤制气竞争能力强

Group 1 - The core viewpoint of the report is that the coal-to-gas industry is entering a mature development phase due to improved market pricing mechanisms, fair access for coal-to-gas enterprises, and abundant coal resources in Xinjiang, which provide a solid raw material guarantee [1] - There are currently 12 coal-to-gas projects planned in China, with a total capacity of 440 billion cubic meters per year, indicating significant industry growth potential [1] - The cost structure of coal-to-gas production shows that coal and depreciation costs account for 38% and 35% of total costs, respectively, with coal prices and investment costs being critical factors for competitiveness [1] Group 2 - The West-to-East Gas Transmission project has a total natural gas transportation capacity of 770 billion cubic meters per year, with a remaining capacity of 193 billion cubic meters per year, indicating a 25% surplus capacity [2] - The completion of the West-to-East Gas Transmission Phase IV will further enhance capacity, supporting the outflow of coal-to-gas products from Xinjiang and facilitating regional price arbitrage [2]