投资要点 价格跟踪：气温预期上调美国气价继续回落、库存提取欧洲气价微增。截至2025/12/26，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-8.2%/+0.9%/+0.5%/-2.9%/+0.7%至 0.8/2.4/2.5/2.6/2.4元/方。 来源：中国能源网 东吴证券近日发布燃气Ⅱ行业跟踪周报：气温预期上调，美国天然气市场价格周环比-8.2%。截至 2025/12/12，储气量周环比-1670亿立方英尺至35790亿立方英尺，同比-1.2%。提取库存，欧洲气价周环 比+0.9%。2025M1-9，欧洲天然气消费量为3138亿方，同比+4.1%。2025/12/18~2025/12/24，欧洲天然 气供给周环比+45.3%至106928GWh。 以下为研究报告摘要： 顺价进展：2022~2025M11，全国67%(195个)地级及以上城市进行了居民顺价，提价幅度为0.22元/方。 2024年龙头城燃公司价差0.53~0.54元/方，配气费合理值在0.6元/方以上，价差仍存10%修复空间，顺价 仍将继续落地。 投资建议：展望2025年，供给宽松，燃气公司成本优化；价格机 ...

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]

证券研究报告·行业跟踪周报·燃气Ⅱ 燃气Ⅱ行业跟踪周报 气温偏高美国气价继续回落，库存提取欧洲 气价微增，25M11 国内用气需求边际改善 增持（维持） [Table_Tag] [投资要点 Table_Summary] 2025 年 12 月 22 日 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 -10% -7% -4% -1% 2% 5% 8% 11% 14% 17% 20% 23% 2024/12/23 2025/4/22 2025/8/20 2025/12/18 燃气Ⅱ 沪深300 《天气转暖美国气价回落、库存提取 欧洲气价上行》 2025-12-15 相关研究 《天然气行业 2026 年年度策略：供给 宽松促需求放量，降本+顺价盈利能力 修复；关注双综业务潜力》 2025-12-12 东吴证券研究所 1 / 14 请务必阅读正文之后的免责声明部分 ◼ 价格跟踪：气温偏高美国气价继续回落，库存提取欧洲气价微增。截至 2025/12 ...

Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Insights - The report highlights the ongoing price fluctuations in the gas market, with a notable increase in US gas prices due to sustained cold weather and inventory withdrawals, while European gas prices are declining [4][9] - It emphasizes the supply-demand dynamics, indicating a decrease in US gas storage and a drop in European gas supply, alongside a slight increase in domestic gas consumption in China [15][19] - The report discusses the progress of price adjustments in the gas sector, with a significant number of cities implementing residential price adjustments, leading to improved profitability for city gas companies [31] Price Tracking - As of December 5, 2025, US HH gas prices increased by 13.2% week-on-week, while European TTF prices decreased by 6.2% [9][10] - The report notes that the average gas consumption in Europe for the first eight months of 2025 was 288.4 billion cubic meters, reflecting a year-on-year increase of 4.6% [15] - Domestic gas prices in China saw a week-on-week decrease of 1.4%, with a total apparent consumption of 354.1 billion cubic meters from January to October 2025, a year-on-year increase of 0.7% [19][23] Supply and Demand Analysis - The report forecasts continued cold weather leading to a 13.2% increase in US gas prices, with storage levels dropping to 39,230 billion cubic feet, a decrease of 120 billion cubic feet week-on-week [14] - European gas supply decreased by 9.9% week-on-week, with a notable drop in supply from inventory [15] - China's gas production increased by 6.5% year-on-year to 217.1 billion cubic meters, while imports decreased by 6.3% [23][24] Price Adjustment Progress - The report indicates that 67% of cities have implemented residential price adjustments, with an average increase of 0.22 yuan per cubic meter [31] - The report suggests that there is still a 10% room for price adjustment in city gas companies, indicating ongoing efforts to align pricing mechanisms [31] Investment Recommendations - The report recommends several companies for investment, including Xinao Energy, China Resources Gas, and Kunlun Energy, highlighting their attractive dividend yields [46][47] - It suggests focusing on companies with quality long-term contracts and cost advantages, such as Jiufeng Energy and Xinao Holdings [46][47] - The report also emphasizes the importance of energy independence and suggests monitoring companies with gas production capabilities [47]

Core Insights - The article highlights the recent performance of the National Petroleum and Natural Gas Index, with a notable increase in several component stocks, indicating a positive trend in the oil and gas sector [1][2] - It discusses the implications of rising U.S. natural gas futures prices and the EU's decision to ban Russian gas imports by 2027, which may lead to a diversification of supply sources [1] - The report from Dongwu Securities anticipates a favorable outlook for 2025, emphasizing cost optimization for gas companies and the importance of energy independence [1] Industry Summary - The National Petroleum and Natural Gas Index (399439) has seen a 0.49% increase, with significant gains in component stocks such as Dazhong Public Utilities (10.04%) and Hengtong Co. (9.90%) [1] - U.S. natural gas futures have reached $5 for the first time since 2022, while the EU plans to completely ban Russian gas imports by autumn 2027 [1] - Dongwu Securities forecasts a relaxed supply environment and cost optimization for gas companies, with a focus on the following: 1. Cost reduction and volume increase in city gas [1] 2. Release of overseas gas sources, highlighting companies with quality long-term contracts and cost advantages [1] 3. Increased uncertainty in U.S. gas imports, underscoring the importance of energy self-sufficiency [1] Company Summary - The top ten weighted stocks in the National Petroleum and Natural Gas Index account for 65.78% of the index, including major players like China National Petroleum, Sinopec, and CNOOC [2] - The oil and gas ETF (159697) closely tracks the performance of the National Petroleum and Natural Gas Index, reflecting the price changes of publicly listed companies in the oil and gas sector [1][3]

Core Viewpoint - China Uranium Corporation has successfully listed on the Shenzhen Stock Exchange, becoming the first natural uranium stock in the A-share market, with a significant initial price surge and a total market capitalization of 140.62 billion yuan [2][3]. Company Overview - China Uranium is a key subsidiary of China National Nuclear Corporation, specializing in the comprehensive utilization of natural uranium and radioactive co-mineral resources, playing a crucial role in ensuring the supply of natural uranium in China [3][4]. - The company aims to enhance its operational performance and shareholder value through standardized operations and capital empowerment, while contributing to national energy security and the "dual carbon" strategy [2][3]. Financial Performance - Projected revenues for China Uranium from 2022 to 2024 are 10.535 billion yuan, 14.8 billion yuan, and 17.279 billion yuan, respectively, with net profits of 1.52 billion yuan, 1.51 billion yuan, and 1.71 billion yuan [3]. - In the first half of 2025, the company achieved a revenue of 9.55 billion yuan and a net profit of 870 million yuan [3]. Fundraising and Investment Plans - The company plans to raise 4.11 billion yuan through its listing, which will be allocated to domestic natural uranium operations and the comprehensive utilization of radioactive co-mineral resources, as well as to supplement liquidity [4]. - China Uranium holds 19 mining rights and 6 exploration rights across uranium-rich regions in China, establishing a comprehensive production capacity layout [4]. Market Outlook - By 2040, China's nuclear power capacity is expected to reach 200 million kilowatts, with a projected threefold increase in natural uranium demand over the next 15 years, indicating significant growth potential for the company [4]. - The listing is anticipated to accelerate capacity expansion and enhance the domestic supply of nuclear fuel, thereby improving energy independence [4][5]. Industry Trends - The nuclear power sector in China has been experiencing a continuous increase in activity, with approvals for over 10 nuclear power units annually since 2022 [6]. - As of June 30, 2025, China had 58 operational nuclear power units with a total installed capacity of 61,007.74 MWe, and the cumulative power generation from these units increased by 8.06% compared to the previous year [6]. - Investment in nuclear power projects has also seen rapid growth, with a 23.3% year-on-year increase in completed investments from January to September 2025 [6]. Future Prospects - The nuclear power industry is expected to maintain a high growth trajectory, with China Uranium's listing enhancing its resource security and global influence [7]. - The combination of accelerated domestic nuclear power construction and a growing global supply-demand gap is likely to lead to a sustained high prosperity cycle in the nuclear industry for over a decade [7].

Core Insights - In October, the total electricity consumption in China increased by over 10%, reaching a new high for the year, indicating robust economic activity and demand for both traditional and renewable energy sources [1] Group 1: Coal Market Dynamics - Coal prices in major production areas are on the rise, with prices in Shanxi, Shaanxi, and Inner Mongolia showing weekly increases, reflecting strong demand and supply constraints [2] - The current market for thermal coal is expected to remain high due to tightening supply, rising costs, and seasonal demand, with port prices fluctuating between 800 and 860 yuan per ton [2] - The Daqin Railway is operating at high capacity, transporting over 1.2 million tons of coal daily, while coal imports and exports have seen significant declines [3] Group 2: Nuclear Energy Growth - The nuclear power sector in China is experiencing rapid growth, with over 10 new units approved annually since 2019, and a record 11 units expected in 2024 [4] - The completion of the world's largest "Hualong One" nuclear power unit marks a significant milestone in China's nuclear energy capabilities [4] - Investment in nuclear power has also seen substantial growth, with a 23.3% year-on-year increase in investment completed in the first nine months of 2025 [4] Group 3: Upstream Raw Material Demand - The demand for upstream materials in the nuclear power sector, particularly uranium, is increasing, with prices expected to rise due to a tightening supply-demand balance [5] - The lithium battery industry is witnessing a surge in investment, with over 183 projects initiated in the first eight months of the year, leading to significant price increases for lithium carbonate [5] - Lithium carbonate prices have rebounded sharply, with futures contracts reaching over 100,000 yuan per ton, reflecting strong market sentiment and demand expectations [5]

Investment Rating - The report maintains an "Accumulate" rating for the gas industry [1] Core Viewpoints - The report highlights that as temperatures drop, US gas prices are rising while European gas prices are declining due to inventory withdrawals [5][10] - It emphasizes that the overall supply remains sufficient, leading to a slight decrease in domestic gas prices [19] - The report suggests that the price mechanism is being streamlined, and demand is expected to increase [47] Price Tracking - As of November 21, 2025, US HH gas prices increased by 18.9% week-on-week, while European TTF prices decreased by 1.7% [10][15] - The report notes that domestic LNG prices remained stable with a slight decrease of 0.1% [5][19] Supply and Demand Analysis - The report indicates that US gas storage levels decreased by 14 billion cubic feet to 39,460 billion cubic feet, a year-on-year decline of 0.6% [15] - European gas consumption from January to August 2025 was 288.4 billion cubic meters, an increase of 4.6% year-on-year [16] - Domestic gas apparent consumption from January to October 2025 increased by 0.7% to 354.1 billion cubic meters [24] Pricing Progress - The report states that 65% of cities have implemented residential pricing adjustments, with an average increase of 0.21 yuan per cubic meter [31] - It mentions that there is still a 10% room for price adjustment in city gas companies [31] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the ongoing price adjustments, such as Xin'ao Energy and China Gas [47][48] - It also suggests monitoring companies with quality long-term contracts and flexible scheduling capabilities, like Jiufeng Energy and Xin'ao Shares [48] - The report highlights the importance of energy independence and suggests关注 companies with gas production capabilities, such as New Natural Gas and Blue Flame Holdings [48]

证券研究报告·行业跟踪周报·燃气Ⅱ [Table_Tag] [投资要点 Table_Summary] 2025 年 11 月 17 日 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 燃气Ⅱ行业跟踪周报 降温预期消化，美国气价回落、欧洲&中国气 价微降 增持（维持） 行业走势 -12% -9% -6% -3% 0% 3% 6% 9% 12% 15% 18% 21% 2024/11/18 2025/3/18 2025/7/16 2025/11/13 燃气Ⅱ 沪深300 相关研究 《天气转冷美国&欧洲气价上涨，中 国供应充足气价微降》 2025-11-10 《天气转冷美国&中国气价上涨，欧 洲燃气发电出力下降气价回落》 2025-11-03 东吴证券研究所 1 / 14 请务必阅读正文之后的免责声明部分 ◼ 价格跟踪：降温预期消化，美国气价回落、欧洲&中国气价微降。截至 2025/11/14,美国 HH/欧洲 TTF/东亚 JKM/中国 LNG 出厂/中 ...

东吴证券近日发布燃气Ⅱ行业跟踪周报：天气转冷美国&欧洲气价上涨，中国供应充足气价微降，截至 2025/11/07，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 +4.8%/+3%/+1.2%/-0.6%/+0.2%至0.9/2.7/2.8/3/2.8元/方，海内外倒挂结束。 东吴证券近日发布燃气Ⅱ行业跟踪周报：天气转冷美国&欧洲气价上涨，中国供应充足气价微降。截至 2025/11/07，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 +4.8%/+3%/+1.2%/-0.6%/+0.2%至0.9/2.7/2.8/3/2.8元/方，海内外倒挂结束。 供需分析：1）天气转冷，美国天然气市场价格周环比+4.8%。截至2025/10/31，储气量周环比+330亿立 方英尺至39150亿立方英尺，同比-0.4%。2）继续补库，欧洲气价周环比+3.0%。2025M1-7，欧洲天然 气消费量为2654亿方，同比+5%。2025/10/30~2025/11/5，欧洲天然气供给周环比+1.9%至66030GWh； 其中，来自库存消耗-2178GWh，周环比+1670 ...