气温回暖，欧美气价高位回落，国内气价平稳

Core Viewpoint - The report indicates a decline in gas prices in Europe and the US due to warming temperatures, while domestic gas prices remain stable as of February 6, 2026 [1] Price Tracking - As of February 6, 2026, gas prices have decreased week-on-week: US HH by 31.5%, European TTF by 11%, East Asia JKM by 3.6%, Chinese LNG ex-factory price by 2%, and Chinese LNG CIF price by 11.6%, with current prices at 1.2, 3.1, 2.8, 2.7, and 2.6 yuan per cubic meter respectively [1] Supply and Demand Analysis - US natural gas market prices fell by 31.5% week-on-week, with storage levels decreasing by 2,420 billion cubic feet to 28,230 billion cubic feet, a year-on-year increase of 9.8% [2] - European gas prices decreased by 11.0% week-on-week, with gas consumption from January to October 2025 at 3,495 billion cubic meters, a year-on-year increase of 4.6% [2] - European gas supply fell by 5.2% week-on-week to 124,499 GWh, with a notable decrease in supply from inventory and LNG receiving stations [2] - Domestic gas prices decreased by 2.0% week-on-week, with apparent consumption in China from January to December 2025 at 4,332 billion cubic meters, a year-on-year increase of 2.3% [2] Pricing Progress - As of 2026, 68% of cities in China have implemented residential pricing adjustments, with an average increase of 0.22 yuan per cubic meter [3] Investment Recommendations - The report suggests that supply is ample, and city gas companies are optimizing costs, with a focus on continuous pricing adjustments and demand growth [4] - Key recommendations include companies like Xinao Energy, China Resources Gas, and Kunlun Energy, which have attractive dividend yields and potential for valuation recovery [4] - Attention is drawn to companies with quality long-term contracts and cost advantages, such as Jiufeng Energy and Xinao Shares [4] - The importance of energy independence is highlighted, recommending companies with gas production capabilities like Shouhua Gas [4]