Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Views - The gas industry is expected to benefit from supply easing, cost optimization by gas companies, and a continued adjustment of pricing mechanisms leading to increased demand [2] - The report highlights the importance of monitoring the impact of tariffs on US LNG imports and the potential for companies like New Oriental to mitigate these impacts through resale strategies [2] Summary by Sections Price Tracking - As of September 5, 2025, US gas prices increased by 6%, while European and Chinese gas prices remained stable [10][11] - The average total supply of natural gas in the US decreased by 0.6% week-on-week to 1,119 billion cubic feet per day, with a year-on-year increase of 3% [15] Supply and Demand Analysis - US natural gas demand decreased by 3% week-on-week to 996 billion cubic feet per day, with a year-on-year increase of 0.5% [15] - European natural gas consumption from January to May 2025 was 2,180 billion cubic meters, reflecting a year-on-year increase of 6.6% [17] Pricing Progress - Nationwide, 65% of cities have implemented residential pricing adjustments, with an average increase of 0.21 yuan per cubic meter [38] - The report indicates that there is still a 10% room for price adjustment in the gas distribution sector [38] Investment Recommendations - Key recommendations include New Oriental Energy, China Resources Gas, Kunlun Energy, and China Gas, all with attractive dividend yields [2][55] - Companies with quality long-term contracts and cost advantages, such as Jiufeng Energy and New Oriental, are highlighted for their potential [2][55] - The report emphasizes the importance of energy independence and suggests monitoring companies with gas production capabilities like New Natural Gas and Blue Flame Holdings [2][55]
燃气Ⅱ行业跟踪周报：美国气价上涨，欧洲、中国气价持平，九丰能源一体化持续推进-20250908
Soochow Securities·2025-09-08 05:05