证券代码：603393 证券简称：新天然气 公告编号：2026-001 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 59.15%。中能控股继续符合香港联交所 木气田生产成本及管道运输费、新生产井建设、现有措施井及地面工程营运开支等。 2025 年 8 月 16 日 ...

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]

Investment Rating - The report maintains an "Accumulate" rating for the gas industry [1] Core Insights - The report highlights a significant drop in US gas prices due to the retreat of cold weather, while European and domestic gas prices remain relatively stable [4][9] - It emphasizes the ongoing supply-demand dynamics, with US gas storage levels showing a year-on-year increase of 9.8% despite a week-on-week decrease of 2420 billion cubic feet [16] - The report notes that domestic gas prices have increased by 1.3% week-on-week, driven by rising import prices [26] Price Tracking - As of January 30, 2026, the week-on-week changes in gas prices are as follows: US HH down 74.4%, European TTF up 0.9%, East Asia JKM up 2.1%, China LNG ex-factory price up 1.3%, and China LNG CIF price up 6.5% [4][9] - The report provides detailed price comparisons, indicating that the domestic LNG ex-factory price is 4045 RMB/ton, while the CIF price is 4433 RMB/ton [14] Supply and Demand Analysis - The report indicates that European gas consumption for the first ten months of 2025 was 349.5 billion cubic meters, a year-on-year increase of 4.6% [17] - It also notes that European gas supply decreased by 6.9% week-on-week, with a significant drop in supply from inventory [17] - Domestic gas consumption for 2025 is projected to be 433.2 billion cubic meters, with production increasing by 6.3% year-on-year [26] Pricing Mechanism Progress - The report states that 68% of cities have implemented residential pricing adjustments, with an average increase of 0.22 RMB/cubic meter [40] - It highlights that there is still a 10% room for price adjustment in the gas distribution sector [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 [52] - It suggests monitoring companies with quality long-term contracts and flexible scheduling capabilities, such as Jiufeng Energy and Xin'ao Shares [52] - The report emphasizes the importance of energy independence and recommends companies with gas production capabilities like Shouhua Gas [52]

Investment Rating - The report maintains a "Buy" rating for key companies in the oil and gas sector, including China National Petroleum Corporation, China National Offshore Oil Corporation, China Petroleum & Chemical Corporation, Zhongman Petroleum, and New Natural Gas [2]. Core Insights - The report highlights that geopolitical tensions and cold weather have led to supply contraction expectations, driving oil prices up significantly. The U.S. oil production was impacted by a winter storm, resulting in a loss of up to 2 million barrels per day, approximately 15% of total U.S. production. Additionally, the report notes that geopolitical developments, particularly regarding Iran and the Middle East, will continue to influence short-term oil price fluctuations [8][11]. Summary by Sections 1. Weekly Insights - The oil and petrochemical sector saw a 6.9% increase, outperforming the CSI 300 index, which rose by 0.1% [16][19]. 2. Market Performance - The report indicates that the oil extraction sub-sector had the highest weekly increase of 12.3%, while the oil product sales and storage sub-sector had the smallest increase of 0.7% [19]. 3. Company Performance - Notable performers in the oil and petrochemical sector included PetroChina, which is recommended for its stable performance and high dividends, and CNOOC, which is highlighted for its low production costs and growth potential [14]. 4. Industry Dynamics - The report discusses OPEC+'s decision to maintain stable oil production levels amidst geopolitical risks and supply concerns. It also mentions the EU's approval to stop importing Russian natural gas by the end of 2027, which could impact global energy dynamics [24][25]. 5. Oil and Gas Prices - As of January 30, Brent crude oil futures settled at $70.69 per barrel, a 7.30% increase week-on-week, while WTI futures rose by 6.78% to $65.21 per barrel. The report also notes a decrease in U.S. oil production and refinery processing rates [12][13]. 6. Investment Recommendations - The report suggests three main investment lines: focusing on stable industry leaders like PetroChina and Sinopec, considering CNOOC for its strong earnings potential, and looking at growth companies like New Natural Gas and Zhongman Petroleum due to domestic encouragement for oil and gas production [14].

上市企业：中国石油（601857）,中国石化（600028）,广汇能源（600256）,新天然气（603393）,首华燃 气（300483）,蓝焰控股（000968）,新潮能源（600777） 相关报告：智研咨询发布的《中国天然气市场运行态势及发展潜力研判报告（2026版）》 根据国家统计局数据显示：2025年12月中国天然气产量为230亿立方米，同比增长5.1%；2025年中国天 然气累计产量为2618.9亿立方米，累计增长6.2%。 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 2020-2025年中国天然气产量统计图 数据来源：国家统计局，智研咨询整理 ...

Core Viewpoint - The petrochemical sector is experiencing slight adjustments, with the CSI Petrochemical Industry Index declining approximately 0.65% in early trading on January 29. The sector shows mixed performance among constituent stocks, with notable gains from companies like Sankeshu and Rongsheng Petrochemical, while companies like Hebang Bio and Xingfa Group are underperforming [1]. Group 1: Market Performance - The largest petrochemical ETF (159731) has seen continuous net inflows over the past 16 days, totaling 838 million yuan, reaching a new high in size at 1.166 billion yuan with a total of 1.106 billion shares [1]. - The CSI Petrochemical Industry Index is primarily composed of the basic chemical and petroleum sectors, which together account for over 91% of the index's weight [1]. Group 2: Investment Recommendations - Guolian Minsheng Securities recommends focusing on industry leaders with stable performance and high dividends, specifically China National Petroleum and China Petroleum & Chemical [1]. - The oil price is expected to have a bottom, leading to high earnings certainty for oil companies, with a recommendation to pay attention to China National Offshore Oil Corporation, which has low barrel oil costs and continuous production growth [1]. - The domestic encouragement for oil and gas reserve increases suggests monitoring companies in the growth phase of production, such as New Natural Gas and Man Oil [1].

证券之星消息，1月28日燃气板块较上一交易日上涨0.56%，新天然气领涨。当日上证指数报收于 4151.24，上涨0.27%。深证成指报收于14342.9，上涨0.09%。燃气板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603393 | 新天然气 | 31.33 | 4.57% | 24.82万 | | 7.69亿 | | 300483 | 首华燃气 | 17.40 | 4.44% | 55.18万 | | 9.42 G | | 300332 | 天壕能源 | 5.90 | 4.06% | 46.63万 | | 2.71亿 | | 600617 | 国新能源 | 3.30 | 3.12% | 47.27万 | | 1.54亿 | | 605368 | 蓝天燃气 | 8.64 | 3.10% | 13.99万 | | 1.19亿 | | 001299 | 美能能源 | 13.46 | 3.06% | 11.50万 | | 1.53亿 | | 600333 ...

Group 1 - The People's Bank of China reported that by the end of Q4 2025, the balance of RMB loans reached 271.91 trillion yuan, a year-on-year increase of 6.4%, with a total increase of 16.27 trillion yuan for the year [1] - The new revised Drug Administration Law will be implemented on May 15, marking the first comprehensive revision in 23 years, reflecting significant changes in drug research, production, circulation, and usage [1] Group 2 - The State Administration of Foreign Exchange proposed new policies to facilitate capital project settlement and NRA account refunds in Hainan Free Trade Port, allowing non-financial enterprises to use foreign exchange income for loans to non-related enterprises [2] - The market regulatory authority plans to enforce the new Anti-Unfair Competition Law to combat unfair competition and protect consumer rights [2] Group 3 - The Shanghai Futures Exchange imposed restrictions on 18 clients in tin and silver futures trading for failing to declare actual control relationships [3] Group 4 - Guokewai issued price increase notices for KGD products, with increases of 40% for 512Mb, 60% for 1Gb, and 80% for 2Gb products, indicating structural opportunities in the semiconductor industry [4] - Analysts expect significant growth in the domestic A-share market driven by AI demand and recovery in the electronics sector, with a focus on AI computing power and semiconductor equipment [4] Group 5 - U.S. natural gas prices surged to a three-year high due to a winter storm, with Henry Hub futures reaching $7.43 per million British thermal units, a 140% increase since January 16 [5] - Analysts believe that geopolitical risks and OPEC+ interventions will support oil prices despite short-term pressures [5] Group 6 - DeepSeek launched a new OCR model, enhancing document recognition capabilities, which is expected to accelerate AI applications [6] - The AI application landscape is projected to accelerate by late 2025 to early 2026, with significant developments from major tech companies [6] Group 7 - Guotai Junan forecasts a net profit of 27.53 to 28.01 billion yuan for 2025, a year-on-year increase of 111% to 115% [7] - Shenwan Hongyuan expects a net profit of 9.1 to 10.1 billion yuan for 2025, representing a growth of 74.64% to 93.83% [7] - Red Tower Securities anticipates a net profit of 1.215 billion yuan for 2025, a 59.05% increase year-on-year [7] Group 8 - Nandu Property expects a net profit of 90 to 115 million yuan for 2025, a year-on-year increase of 310.86% to 424.99% [8] Group 9 - Beixin Road and Bridge won a bid for a highway project with a contract value of 1.221 billion yuan and a project duration of 1096 days [9] - New Meixing anticipates a net profit of 118 to 138 million yuan for 2025, a growth of 160.76% to 204.96% [9] Group 10 - Public funds have increased their investment in Hong Kong stocks, with 26 new funds reported this year, focusing on technology, pharmaceuticals, and cyclical sectors [10] - The net inflow into Hong Kong-themed ETFs reached 29.851 billion yuan, indicating strong market interest [10] Group 11 - Institutional investors net bought 230 million yuan of Hongjing Technology, highlighting its position as a key partner in the cloud export ecosystem [11] - Institutional investors also net bought 52.424 million yuan of Chengtian Weiye, which is expanding into power semiconductor packaging materials [12]

公司方面，据上证报表示， 新天然气：公司是具备自有气源的综合能源供应商和服务商。 大规模冬季风暴引发美国天然气价格飙涨，创三年来最高。2月交割的亨利港天然气期货价格26日一度 暴涨至每百万英热单位7.43美元，自1月16日以来上涨140%。 此外上证报报道，据26日相关消息，上周末，美国东北部多个州的现货天然气价格涨至每百万英热单位 50至100美元，26日现货天然气交易价格更是高达约150美元。23日以来，冬季风暴横扫美国大部分地 区，带来大范围降雪，雨夹雪和低温天气。美国媒体26日报道，这场暴风雪已在多个州总共造成30人死 亡。 中银证券认为，短期内国际油价面临关税政策与OPEC+增产的压力，但地缘风险溢价，OPEC+的干预 能力以及全球需求韧性有望支撑油价底部；另一方面，宏观层面的不确定性或将加大油价的波动水平。 首华燃气：公司主要从事天然气的勘探，开发，生产和销售等。 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 ...

上市企业：立新能源（001258）、金风科技（002202）、准油股份（002207）、ST浩源（002700）、 贝肯能源（002828）、广汇能源（600256）、中油工程（600339）、统一股份（600506）、天富能源 （600509）、新疆火炬（603080）、新天然气（603393）、东方环宇（603706）、洪通燃气（605169） 相关报告：智研咨询发布的《2026-2032年中国能源行业市场研究分析及投资前景评估报告》 2025年12月，新疆维吾尔自治区发电570亿千瓦时，同比增长13.5%。2025年，新疆维吾尔自治区发电 5714亿千瓦时，同比增长5.7%。分品种看，2025年，新疆维吾尔自治区火力发电量3944.9亿千瓦时，占 总发电量的69%，同比增长1.6%；新疆维吾尔自治区水力发电量356亿千瓦时，占总发电量的6.2%，同 比下滑0.5%；新疆维吾尔自治区风力发电量815.8亿千瓦时，占总发电量的14.3%，同比增长9.3%；新疆 维吾尔自治区太阳能发电量597.3亿千瓦时占总发电量的10.5%，同比增长42.9%。 2018-2025年新疆维吾尔自治区各品种发电量累计产量统计 ...