寒潮退潮，美气价格高位回落；欧洲&国内气价相对平稳

Core Viewpoint - The report indicates a significant decline in U.S. natural gas prices due to the retreat of cold weather, while European and domestic gas prices remain relatively stable [1] Price Tracking - U.S. natural gas prices decreased by 74.4% week-on-week, while European prices increased by 0.9% and domestic prices rose by 1.3% as of January 30, 2026 [1] - The current prices are reported as follows: U.S. HH at 1.8 yuan/m³, European TTF at 3.5 yuan/m³, East Asia JKM at 2.9 yuan/m³, domestic LNG ex-factory price at 2.7 yuan/m³, and domestic LNG CIF price at 3 yuan/m³ [1] Supply and Demand Analysis - U.S. natural gas storage decreased by 2,420 billion cubic feet week-on-week to 28,230 billion cubic feet, with a year-on-year increase of 9.8% [2] - European natural gas consumption from January to October 2025 was 3,495 billion cubic meters, up 4.6% year-on-year [2] - European gas supply decreased by 6.9% week-on-week to 128,422 GWh, with a notable drop in inventory consumption [2] - Domestic natural gas apparent consumption for 2025 was 4,332 billion cubic meters, reflecting a year-on-year increase of 2.3% [2] Pricing Mechanism Progress - As of 2026, 68% of cities in China have implemented residential pricing adjustments, with an average increase of 0.22 yuan/m³ [3] - The price difference for leading companies remains at 0.53-0.54 yuan/m³, indicating potential for further price adjustments [3] Investment Recommendations - The report suggests that supply is easing and cost optimization for city gas companies is ongoing, with a focus on companies like Xin'ao Energy, China Resources Gas, and Kunlun Energy [4] - Companies with quality long-term contracts and flexible scheduling, such as Jiufeng Energy and Xin'ao Shares, are highlighted for their cost advantages [4] - The importance of energy independence is emphasized, recommending companies with gas production capabilities like Shouhua Gas [4]