Market Performance - The gas sector increased by 0.94% on January 5, with Shengda Forestry leading the gains [1] - The Shanghai Composite Index closed at 4023.42, up 1.38%, while the Shenzhen Component Index closed at 13828.63, up 2.24% [1] Individual Stock Performance - Shengda Forestry (002259) closed at 4.16, up 10.05% with a trading volume of 268,900 shares and a turnover of 110 million yuan [1] - Zhongtai Co., Ltd. (300435) closed at 23.69, up 6.62% with a trading volume of 229,300 shares and a turnover of 538 million yuan [1] - Caohua Gas (300483) closed at 14.92, up 5.22% with a trading volume of 149,400 shares and a turnover of 219 million yuan [1] - Xinjiang Torch (603080) closed at 24.79, up 4.95% with a trading volume of 124,900 shares and a turnover of 303 million yuan [1] - Wanqing Energy (002700) closed at 6.98, up 4.02% with a trading volume of 102,400 shares and a turnover of 70.62 million yuan [1] - Jiufeng Energy (605090) closed at 44.63, up 3.55% with a trading volume of 455,500 shares and a turnover of 2.009 billion yuan [1] Capital Flow Analysis - The gas sector experienced a net outflow of 66.404 million yuan from institutional investors and 48.9981 million yuan from speculative funds, while retail investors saw a net inflow of 115 million yuan [2] - The detailed capital flow for individual stocks shows that Jiufeng Energy had a net outflow of 46.0278 million yuan from institutional investors [3] - Shengda Forestry had a net inflow of 28.1040 million yuan from institutional investors, indicating strong interest [3]

Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Insights - The report highlights that the expected low temperatures have led to an increase in US gas prices and a rise in European gas prices due to inventory withdrawals [1][9] - It emphasizes the long-term value enhancement of special gas in commercial aerospace [1] Price Tracking - As of January 2, 2026, the week-on-week changes in gas prices are as follows: US HH +20.2%, European TTF +4.2%, East Asia JKM -0.2%, China LNG ex-factory -1.4%, and China LNG CIF +2.3%, with prices at 1, 2.5, 2.5, 2.6, and 2.5 yuan per cubic meter respectively [9][14] Supply and Demand Analysis - Meteorological agencies predict that national temperatures will remain low until January 12, leading to a week-on-week increase of 20.2% in US natural gas market prices. As of December 26, 2025, the storage volume decreased by 38 billion cubic feet to 33,750 billion cubic feet, a year-on-year decline of 1.1% [16] - European gas consumption from January to September 2025 was 313.8 billion cubic meters, a year-on-year increase of 4.1% [18] - Domestic gas prices decreased by 1.4% week-on-week, with apparent consumption in China from January to November 2025 increasing by 1.5% year-on-year to 392 billion cubic meters [24][29] Pricing Progress - From 2022 to 2025, 67% (195 cities) of cities at or above the prefecture level implemented residential pricing adjustments, with an increase of 0.22 yuan per cubic meter [38] Investment Recommendations - The report suggests focusing on companies that can optimize costs and benefit from the ongoing pricing adjustments, recommending companies such as Xinao Energy, China Resources Gas, and Kunlun Energy, among others [56] - It also highlights the importance of companies with quality long-term contracts and flexible scheduling, recommending Jiufeng Energy and Xinao Shares [56] - The report notes the increasing uncertainty regarding US gas imports and emphasizes the importance of energy self-sufficiency, suggesting attention to companies with gas production capabilities like New Natural Gas and Blue Flame Holdings [56]

Group 1 - The stock price of Xinjiang Xintai Natural Gas Co., Ltd. increased by 2.03% on January 5, reaching 27.13 CNY per share, with a total market capitalization of 11.501 billion CNY [1] - The company reported a net inflow of 834,700 CNY from main funds, with significant buying and selling activities observed in large orders [1] - The company's main business revenue composition includes 76.51% from coalbed methane extraction and sales, 18.06% from natural gas supply, and 3.44% from natural gas installation services [1] Group 2 - As of September 30, the number of shareholders for Xinjiang Xintai Natural Gas Co., Ltd. increased by 15.05% to 28,000, while the average circulating shares per person decreased by 13.08% to 15,133 shares [2] - For the period from January to September 2025, the company achieved an operating income of 2.970 billion CNY, a year-on-year increase of 0.20%, while the net profit attributable to shareholders decreased by 7.53% to 815 million CNY [2] Group 3 - Since its A-share listing, Xinjiang Xintai Natural Gas Co., Ltd. has distributed a total of 1.666 billion CNY in dividends, with 635 million CNY distributed over the past three years [3] - As of September 30, 2025, Hong Kong Central Clearing Limited is the tenth largest circulating shareholder, holding 3.1153 million shares as a new shareholder [3]

来源：中国能源网 投资要点 全球天然气市场供需格局重塑，预计2026年起全球LNG产能集中释放，而全球需求增速2025年或放 缓，2026年或略有回升，供需宽松背景下全球天然气价格有望持续下行周期。中石化经研院预测2026年 东北亚LNG现货均价9.5~11.5美元/百万英热，TTF均价8.5~10.5美元/百万英热，下行趋势明显；而美国 受到下游需求和出口增长驱动，预计HH均价小幅上涨至3.4~3.9美元/百万英热。同时原油价格有望延续 下行趋势，EIA预测2026年布伦特原油年平均价格为55美元/桶。 华源证券近日发布燃气行业2026年度投资策略：中石化经研院预测2026年东北亚LNG现货均价9.5~11.5 美元/百万英热，TTF均价8.5~10.5美元/百万英热，下行趋势明显；而美国受到下游需求和出口增长驱 动，预计HH均价小幅上涨至3.4~3.9美元/百万英热。同时原油价格有望延续下行趋势，EIA预测2026年 布伦特原油年平均价格为55美元/桶。 以下为研究报告摘要： 国际油气价格下行趋势有望促进城燃公司成本改善、需求释放。城燃公司气源结构主要来自三桶油、海 外长协及现货等，三桶油方面，低成本国产 ...

以下为研究报告摘要： 投资要点 华源证券近日发布燃气行业2026年度投资策略：中石化经研院预测2026年东北亚LNG现货均价9.5~11.5 美元/百万英热，TTF均价8.5~10.5美元/百万英热，下行趋势明显；而美国受到下游需求和出口增长驱 动，预计HH均价小幅上涨至3.4~3.9美元/百万英热。同时原油价格有望延续下行趋势，EIA预测2026年 布伦特原油年平均价格为55美元/桶。 全球天然气市场供需格局重塑，预计2026年起全球LNG产能集中释放，而全球需求增速2025年或放 缓，2026年或略有回升，供需宽松背景下全球天然气价格有望持续下行周期。中石化经研院预测2026年 东北亚LNG现货均价9.5~11.5美元/百万英热，TTF均价8.5~10.5美元/百万英热，下行趋势明显；而美国 受到下游需求和出口增长驱动，预计HH均价小幅上涨至3.4~3.9美元/百万英热。同时原油价格有望延续 下行趋势，EIA预测2026年布伦特原油年平均价格为55美元/桶。 国际油气价格下行趋势有望促进城燃公司成本改善、需求释放。城燃公司气源结构主要来自三桶油、海 外长协及现货等，三桶油方面，低成本国产气产量高增、占比提 ...

投资评级：看好（维持） 证券研究报告|行业专题报告 燃气Ⅱ 2025年12月31日 阵痛转型步入尾声 业务重构开启新机 --燃气行业2026年度投资策略 证券分析师 姓名：秦雨茁 邮箱：qinyuzhuo@huayuanstock.com 请务必仔细阅读正文之后的评级说明和重要声明 投资要点 2 n 全球天然气市场供需格局重塑，预计2026年起全球LNG产能集中释放，而全球需求增速2025年或放缓，2026年或略有回升， 供需宽松背景下全球天然气价格有望持续下行周期。中石化经研院预测2026年东北亚LNG现货均价9.5~11.5美元/百万英热， TTF均价8.5~10.5美元/百万英热，下行趋势明显；而美国受到下游需求和出口增长驱动，预计HH均价小幅上涨至3.4~3.9美 元/百万英热。同时原油价格有望延续下行趋势，EIA预测2026年布伦特原油年平均价格为55美元/桶。 n 国际油气价格下行趋势有望促进城燃公司成本改善、需求释放。城燃公司气源结构主要来自三桶油、海外长协及现货等，三 桶油方面，低成本国产气产量高增、占比提升，同时油价下行有望带动进口管道气成本改善，三桶油成本端全方位改善，面 临海气价格冲击下 ...

Core Viewpoint - Shanxi, traditionally known for its coal industry, is rapidly transforming into a major player in the natural gas sector, aiming to become "China's new natural gas province" through explosive growth in natural gas production [1] Group 1: Natural Gas Production - During the 14th Five-Year Plan period, Shanxi's unconventional natural gas production is projected to reach 74.9 billion cubic meters, a significant increase of 155% compared to the 13th Five-Year Plan [1] - By 2030, the annual production of unconventional natural gas is expected to reach 30 billion cubic meters, which is equivalent to 23.9 million tons of oil [1] - This production capacity could meet the gas needs of over 200 million people, based on an average daily consumption of 1 cubic meter per household, sufficient for 80 million households [1] Group 2: Industry Transformation - Shanxi is undergoing an energy transformation, moving from being labeled as a "gas-deficient province" to a significant contributor in the natural gas industry [1] - The province is also focused on developing a trillion-level industrial cluster around natural gas [1]

Core Viewpoint - The report indicates a mixed outlook for the natural gas market, with U.S. prices declining while European prices show slight increases, driven by changes in temperature expectations and inventory levels [1][2][3]. Price Tracking - U.S. natural gas prices decreased by 8.2% week-on-week, while European gas prices increased by 0.9% [2][3]. - As of December 26, 2025, the prices for various natural gas benchmarks are as follows: U.S. HH at 0.8 yuan/cubic meter, European TTF at 2.4 yuan/cubic meter, East Asia JKM at 2.5 yuan/cubic meter, and Chinese LNG at 2.6 yuan/cubic meter [2]. Supply and Demand Analysis - The U.S. natural gas storage decreased by 1,670 billion cubic feet to 35,790 billion cubic feet, a year-on-year decline of 1.2% [1][3]. - European natural gas consumption from January to September 2025 reached 3,138 billion cubic meters, a year-on-year increase of 4.1% [3]. - European gas supply increased by 45.3% week-on-week to 106,928 GWh during December 18-24, 2025, with significant contributions from inventory consumption and LNG terminals [3]. - Domestic natural gas prices decreased by 2.9% week-on-week, with a year-on-year increase in apparent consumption of 1.5% to 3,920 billion cubic meters from January to November 2025 [3]. Pricing Progress - As of November 2025, 67% of cities in China have implemented residential pricing adjustments, with an average increase of 0.22 yuan/cubic meter [4]. Investment Recommendations - The outlook for 2025 suggests a relaxed supply environment and cost optimization for gas companies, with a focus on companies like Xinao Energy, China Resources Gas, and Kunlun Energy, which are expected to benefit from pricing adjustments and demand growth [5]. - Companies with quality long-term contracts and cost advantages, such as Jiufeng Energy and Xinao Holdings, are highlighted for their potential [5]. - The report emphasizes the importance of energy self-sufficiency amid uncertainties in U.S. gas imports, recommending companies with production capabilities like New Natural Gas and Blue Flame Holdings [5].

Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Insights - The report highlights an upward adjustment in temperature expectations leading to a decrease in US gas prices, while European gas prices show a slight increase due to inventory withdrawals [1][4] - Domestic gas demand shows marginal improvement, with a year-on-year increase of 9.3% in November 2025 [1][25] Price Tracking - As of December 26, 2025, the week-on-week changes in gas prices are as follows: US HH down by 8.2%, European TTF up by 0.9%, East Asia JKM up by 0.5%, China LNG ex-factory down by 2.9%, and China LNG CIF up by 0.7% [9][14] - The average gas price in China is reported at 2.6 yuan per cubic meter for LNG ex-factory and 2.4 yuan per cubic meter for LNG CIF [14] Supply and Demand Analysis - US natural gas market prices decreased by 8.2% due to higher temperature expectations, with storage levels dropping by 1.2% year-on-year [16] - European gas consumption from January to September 2025 reached 313.8 billion cubic meters, a year-on-year increase of 4.1% [18] - Domestic gas consumption in China for January to November 2025 increased by 1.5% year-on-year, totaling 392 billion cubic meters [25][28] Pricing Mechanism Progress - Nationwide price adjustments for residential gas have been gradually implemented, with 67% of cities adjusting prices by an average of 0.22 yuan per cubic meter [37] - The report indicates that there is still a 10% room for price adjustment in the gas distribution sector [37] Investment Recommendations - The report suggests focusing on companies that can optimize costs and benefit from the ongoing price mechanism adjustments, recommending companies such as Xin'ao Energy, China Resources Gas, and Kunlun Energy [53][54] - It also highlights the importance of companies with quality long-term contracts and flexible scheduling, recommending Jiufeng Energy and Xin'ao Shares [54] - The report emphasizes the significance of energy independence, suggesting attention to companies with gas production capabilities like New Natural Gas and Blue Flame Holdings [54]

证券日报网讯 12月25日，新天然气发布公告称，中审众环作为公司2025年度财务报表和内部控制的审 计机构，原指派罗楠、李茜作为签字注册会计师为公司提供审计服务。因原项目签字会计师李茜工作调 整，根据中审众环执业质量控制制度相关规定不再担任公司2025年度审计项目签字会计师，中审众环指 派罗楠、徐小哲负责公司2025年度财务报表及内部控制审计。 （文章来源：证券日报） ...