证券日报网讯 2月26日，蓝天燃气在互动平台回答投资者提问时表示，公司积极推动居民气的顺价工 作，尤其是经营的核心区域驻马店地区的顺价调整申请已向当地政府提交，等待驻马店市政府批准后执 行。 （文章来源：证券日报） ...

证券日报网讯 2月24日，蓝天燃气在互动平台回答投资者提问时表示，截至2026年2月13日，公司普通 股股东总数36469户。 （文章来源：证券日报） ...

燃气Ⅱ行业跟踪周报 证券研究报告·行业跟踪周报·燃气Ⅱ 气温回暖&美伊局势紧张，美国气价回落，欧 洲气价微涨 增持（维持） [Table_Tag] [投资要点 Table_Summary] 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 谷玥 执业证书：S0600524090002 guy@dwzq.com.cn 行业走势 2026 年 02 月 24 日 2026-02-02 -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 2025/2/24 2025/6/22 2025/10/18 2026/2/13 燃气Ⅱ 沪深300 东吴证券研究所 1 / 13 请务必阅读正文之后的免责声明部分 ◼ 价格跟踪：气温回暖&美伊局势紧张，美国气价回落，欧洲气价微涨。 截至 2026/02/20,美国 HH/欧洲 TTF/东亚 JKM/中国 LNG 出厂/中国 LNG 到岸价周环比变动-3.4%/+1.1%/+1.4%/0%/+3.9%至 0.8/2.8/2.7/2.5/2.7 元 /方。 ◼ 供需分析 ...

Macro Strategy - The core viewpoint indicates that recent liquidity shocks in overseas markets, driven by concerns over the AI software bubble and subsequent momentum selling, have led to significant volatility in equities, commodities, and cryptocurrencies. It suggests that some assets may have been "wrongly killed" due to these liquidity shocks, as the macroeconomic fundamentals and broad liquidity environment have not changed significantly [1][13] - The report anticipates that the upcoming U.S. non-farm employment and CPI data for January may present upward risks, potentially reversing the slight increase in expectations for Federal Reserve rate cuts observed this week [1][13] Financial Products - The report highlights that overseas market liquidity shows signs of stabilization, which may improve market sentiment. It predicts a positive outlook for the A-share market in February, with a historical probability of 78.57% for an increase following a macro timing model score of 0 [1][16] - Fund allocation recommendations suggest a balanced ETF configuration due to expected short-term market fluctuations, with a focus on sectors like chemicals and electric grid equipment, which continue to see increasing fund sizes [1][16] Commodity Market - The report discusses the impact of liquidity shocks on commodity prices, noting that certain commodities, which rely on supply-demand improvements, have been "wrongly hurt" but may return to fundamental pricing logic as market conditions stabilize [2][17] - It emphasizes that the recent volatility in silver and other precious metals indicates a potential end to the liquidity shock, with silver becoming a key indicator of market sentiment [2][17] Environmental Industry - The report stresses the importance of advancing the national carbon market and outlines investment recommendations in clean energy, energy conservation, and recycling sectors. It highlights specific companies such as Longjing Environmental and others involved in renewable energy and waste management [6][10] Non-Banking Financial Sector - The report notes a recovery in the IPO and refinancing market, with significant year-on-year growth in both areas. It indicates that the capital market reforms and increased market activity are expected to benefit brokerage firms' investment banking revenues [9] AI Industry and Bond Financing - The report focuses on the AI industry, highlighting the need for a diversified financing system to support technology companies, particularly private firms with high growth potential. It reviews case studies of leading tech companies' bond financing paths to assess the feasibility of similar strategies in China [4]

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]

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2026-02-10 宏观策略 [Table_MacroStrategy] 海外周报 20260208：1 月美国非农和 CPI 前瞻：关注上行风险——海外 宏观与交易复盘 核心观点：本周（2 月 2-8 日）在美股 AI 软件泡沫担忧引发的科技股大 跌、及随后的动量抛售等交易因素造成的流动性冲击下，海外权益、大宗 商品和比特币等资产经历剧烈波动。我们认为，近期资本市场的流动性冲 击更多来自交易层面，而海外宏观基本面和广义流动性环境并未有显著 变化，这意味着部分资产存在被流动性冲击"错杀"的可能。关注下周公 布的 1 月美国非农就业和 CPI 数据，我们预期二者均存在上行风险，令 本周略有升温的美联储降息预期再度面临回调。 宏观量化经济指数周报 20260208：预计 2026 年 1 月贷款温和增长、社 融小幅同比多增 晨会编辑 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 请务必阅读正文之后的免责声明部分 东吴证券研究所 1 / 37 [Table_Tag] 节前经济供需两端基本符合季节性特征 ...

证券日报网讯 2月9日，蓝天燃气在互动平台回答投资者提问时表示，控股股东的股票被冻结等事项公 司已及时披露，相关信息请查看相关公告，公司后续将积极关注控股股东股票的冻结等状态，如果有进 展将及时披露。 （文章来源：证券日报） ...

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]

2026 年 2 月 目录 | 摘要 | 1 | | --- | --- | | 分析思路 | 2 | | 行业基本面 | 2 | | 行业财务表现 | 7 | | 结论 | 9 | | 附表 | 11 | 中诚信国际 行业展望 中国城市燃气行业 中国城市燃气行业展望，2026 年 2 月 www.ccxi.com.cn 全球天然气市场供需呈弱平衡态势，国际天然气价格走势相对平 稳，供给结构优化调整，叠加顺价政策持续深化支撑国内城市燃 气企业盈利修复。展望 2026 年全球市场或将呈现"供应宽松、 需求边际复苏、价格中枢下移"格局；国内天然气供需及上中下 游格局趋于稳定，定价机制完善将推动城燃企业盈利能力改善； 行业整体财务杠杆保持稳健，较强的经营获现能力对其偿债形成 支撑，整体信用水平保持稳定。 中国城市燃气行业的展望维持稳定，中诚信国际认为，未来 12-18 个月 该行业总体信用质量不会发生重大变化。 摘要 联络人 作者 梁子秋 027-87339288 zqliang@ccxi.com.cn 吴萍 027-87339288 pwu@ccxi.com.cn 其他联络人 贺文俊 027-87339288 w ...

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]