近期事件近期热点围绕俄乌冲突概念及公司资源布局。新天然气作为新疆城市燃气供应商，受益于地缘 政治因素，欧盟超40%天然气从俄罗斯进口，冲突可能推升天然气价格。公司三塘湖区块探矿权取得进 展，该区块煤炭资源量20.93亿吨，拟通过清洁转化拓展能源业务，于2025年2月获探矿权证，5月完成 地震验收。此外，人民银行2月11日开展逆回购操作净投放4035亿元，宏观流动性宽松可能间接支撑能 源板块。公司2025年前三季度营收29.70亿元(同比增0.20%)，净利润8.15亿元(同比降7.53%)，因上游资 源投入致费用增加。 经济观察网新天然气（603393）近7日股价呈现波动走势。2月11日股价上涨3.51%，收盘报29.81元，成 交额3.12亿元，但近3日主力资金净流出4305.03万元。2月12日股价继续上涨0.97%，收盘报30.10元，成 交额2.68亿元。2月13日股价回调，下跌2.19%，收盘报29.44元，成交额1.33亿元，主力资金净流出 1569.36万元。技术面显示，股价近期靠近压力位29.86元，布林带上轨为31.44元，支撑位27.60元， MACD指标偏弱，需关注突破情况。近5日累计涨 ...

Core Viewpoint - The report highlights the growth of industrial enterprises in the Xinjiang Uygur Autonomous Region, indicating a significant increase in the number of large-scale industrial companies and their contribution to the national economy [1]. Group 1: Industrial Growth in Xinjiang - As of January to December 2025, the number of industrial enterprises in Xinjiang is projected to be 5,576, which represents an increase of 438 enterprises compared to the previous year, marking a year-on-year growth of 8.52% [1]. - The industrial enterprises in Xinjiang account for 1.06% of the total number of such enterprises in the country [1]. Group 2: Industry Research and Consulting - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in deep industry research and providing comprehensive consulting services, including industry research reports and feasibility studies [1]. - The firm emphasizes its commitment to delivering high-quality services and market insights to empower investment decisions [1].

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]

Investment Rating - The report maintains an "Accumulate" rating for the gas industry [1] Core Views - The report highlights a warming trend in temperatures leading to a decline in gas prices in Europe and the US, while domestic gas prices remain stable [1][9] - It emphasizes the overall supply being relaxed, with domestic gas prices decreasing by 2.0% week-on-week [26] - The report suggests that the pricing mechanism is being rationalized, and demand is expected to increase [1] Price Tracking - As of February 6, 2026, the week-on-week changes in gas prices are as follows: US HH down 31.5%, European TTF down 11%, East Asia JKM down 3.6%, China LNG ex-factory down 2%, and China LNG CIF down 11.6% [9][10] - The report notes that the average gas consumption in Europe for the first ten months of 2025 was 349.5 billion cubic meters, a year-on-year increase of 4.6% [15] Supply and Demand Analysis - The report indicates that the US natural gas market price decreased by 31.5% week-on-week due to a high base, with storage levels at 28,230 billion cubic feet, a year-on-year increase of 9.8% [14] - In Europe, gas supply decreased by 5.2% week-on-week, with a notable drop in gas-fired power generation output by 10.9% week-on-week [15] - Domestic gas consumption for 2025 is projected to increase by 2.3% year-on-year to 433.2 billion cubic meters, attributed to warmer winter conditions affecting heating gas demand [26] Pricing Progress - The report states that 68% of cities have implemented residential pricing adjustments, with an average increase of 0.22 yuan per cubic meter [40] - The report anticipates continued pricing adjustments and improvements in profitability for city gas companies [40] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the ongoing pricing adjustments, such as Xin'ao Energy, China Resources Gas, and Kunlun Energy [1] - It also suggests monitoring companies with quality long-term contracts and flexible scheduling capabilities, such as Jiufeng Energy and Xin'ao Co. [1] - The report highlights the importance of energy independence and recommends companies with gas production capabilities, such as Shouhua Gas [1]

重点公司盈利预测、估值与评级 | 代码 | 简称 | 股价 | | EPS（元） | | | PE（X） | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | （元） | 2024A | 2025E | 2026E | 2024A | 2025E | 2026E | | | 601857.SH | 中国石油 | 10.77 | 0.90 | 0.87 | 0.89 | 12 | 12 | 12 | 推荐 | | 600938.SH | 中国海油 | 34.30 | 2.90 | 2.60 | 2.68 | 12 | 13 | 13 | 推荐 | | 600028.SH | 中国石化 | 6.50 | 0.41 | 0.31 | 0.34 | 16 | 21 | 19 | 推荐 | | 603619.SH | 中曼石油 | 32.59 | 1.76 | 1.48 | 1.99 | 19 | 22 | 16 | 推荐 | | 603393.SH | 新天然气 | 29.08 | 2.80 | 2.81 | 3.06 ...

Investment Rating - The report maintains a "Buy" rating for major companies in the petrochemical sector, including China National Petroleum Corporation, China National Offshore Oil Corporation, China Petroleum & Chemical Corporation, Zhongman Petroleum, and New Natural Gas [2]. Core Views - The report highlights the impact of geopolitical developments, particularly the U.S.-Iran negotiations, on oil price volatility. The recent talks have led to fluctuations in oil prices, with Brent crude futures settling at $68.05 per barrel, down 3.73% week-on-week, and WTI futures at $63.55 per barrel, down 2.55% week-on-week [8][10]. - The report suggests that the decline in U.S. crude oil production, influenced by cold weather, has provided some support for oil prices. As of January 30, U.S. crude oil production was 13.22 million barrels per day, a decrease of 480,000 barrels per day week-on-week [11][12]. - Investment recommendations focus on three main lines: 1) Attention to industry leaders with stable performance and high dividends, such as China National Petroleum and China Petroleum & Chemical; 2) Focus on China National Offshore Oil Corporation, which has low production costs and increasing output; 3) Monitor Zhongman Petroleum and New Natural Gas, which are in a growth phase [12]. Summary by Sections Industry Investment Rating - The report provides a "Buy" rating for key companies in the petrochemical sector, indicating strong investment potential [2]. Market Performance - As of February 6, the petrochemical sector underperformed, with a decline of 2.4%, compared to a 1.3% drop in the CSI 300 index [14][17]. Company Performance - Notable stock movements include Runbei Hangkai, which increased by 16.35%, while PetroChina Oilfield Services saw a decline of 12.32% [20][21]. Industry Dynamics - The report discusses the geopolitical tensions in the Middle East and their effects on oil prices, emphasizing the need to monitor developments closely [10][23]. Petrochemical Data Tracking - The report includes detailed tracking of oil and gas prices, with Brent crude futures at $68.05 per barrel and WTI at $63.55 per barrel, reflecting recent market trends [45].

证券代码：603393 证券简称：新天然气 公告编号：2026-002 新疆鑫泰天然气股份有限公司 ■ 公司更新后的网站域名自本公告披露之日起正式启用，除上述变更外，公司办公地址、联系电话、投资 者咨询电话等联系方式保持不变，具体如下： 办公地址:新疆乌鲁木齐市米东区米东北路61号 邮政编码:831400 关于变更公司网站域名的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 为适应公司发展需要，便于投资者、客户和社会公众及时了解公司信息，决定启用新的官方网站域名， 具体变更情况如下: 公司联系电话：0991-3376700 公司所有信息均以上海证券交易所网站(www.sse.com.cn)及相关指定媒体披露的信息为准。敬请广大投 资者理性投资，注意风险。 特此公告。 新疆鑫泰天然气股份有限公司 2026年2月7日 投资者咨询电话:0356-8068677 电子邮箱: xtrq@xjxtgroup.com/xintairq@163.com ...

证券代码：603393 证券简称：新天然气 公告编号：2026-002 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 为适应公司发展需要，便于投资者、客户和社会公众及时 了解公司信息，决定启用新的官方网站域名，具体变更情况如 下: | 变更 | 变更前 | 变更后 | | --- | --- | --- | | 事项 | | | | 网站 | http://www.xjxtrq.com/ | http://www.xintaienergy.com | | 域名 | | | 公司更新后的网站域名自本公告披露之日起正式启用，除 上述变更外，公司办公地址、联系电话、投资者咨询电话等联 系方式保持不变，具体如下： 办公地址:新疆乌鲁木齐市米东区米东北路 61 号 邮政编码:831400 公司联系电话：0991-3376700 投资者咨询电话:0356-8068677 电子邮箱: xtrq@xjxtgroup.com/xintairq@163.com 新疆鑫泰天然气股份有限公司 关于变更公司网站域名的公告 公司所有信息均以上海证 ...

证券代码：603393 证券简称：新天然气 公告编号：2026-001 新疆鑫泰天然气股份有限公司 关于向境外附属公司其他股东发起强制性 全面要约结果的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 2026年2月3日，新疆鑫泰天然气股份有限公司（以下简称"公司"或"本公司"）境外附属公司中国能源 开发控股有限公司（系香港联合交易所有限公司（以下简称"香港联交所"）主板上市公司，股票代码 00228.HK，以下简称"中能控股"）联合公司境外附属公司佳鹰有限公司（以下简称"佳鹰公司"）宣布， 佳鹰公司向中能控股其他股东发起的强制性全面要约（以下简称"要约"）已于2026年2月3日下午4时整 截止。 ● 截止2026年2月3日下午4时整，佳鹰公司收到有效接纳合计28,226,590股要约股份（并无收到任何有效 接纳的可换股债券），约占中能控股已发行股份总数的6.19%。相关有效接纳应付金额之支票将会于 2026年2月12日前寄发完毕。本次要约结束后，公司通过佳鹰公司等合计持有中能控股已发行股份总数 的59 ...

Market Performance - The gas sector increased by 1.4% compared to the previous trading day, with Teris leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Individual Stock Performance - Teris (code: 920014) closed at 13.75, up 8.44%, with a trading volume of 111,500 shares and a transaction value of 156 million yuan [1] - Shengtong Energy (code: 001331) closed at 59.67, up 7.03%, with a trading volume of 118,700 shares and a transaction value of 690 million yuan [1] - Shengdalin Forestry (code: 002259) closed at 5.77, up 4.91%, with a trading volume of 915,300 shares and a transaction value of 535 million yuan [1] - Tianhao Energy (code: 300332) closed at 5.58, up 3.53%, with a trading volume of 125,340 shares and a transaction value of 14 million yuan [1] - New Energy (code: 600617) closed at 3.23, up 3.19%, with a trading volume of 415,500 shares and a transaction value of 13.3 million yuan [1] Capital Flow Analysis - The gas sector experienced a net outflow of 16.96 million yuan from institutional funds and a net outflow of 90.12 million yuan from speculative funds, while retail investors saw a net inflow of 107 million yuan [2] - New Natural Gas (code: 603393) had a net outflow of 37.81 million yuan from institutional funds, while Shengtong Energy (code: 001331) saw a net inflow of 29.42 million yuan [3] - The overall capital flow indicates a mixed sentiment among different investor types within the gas sector [2][3]