一、液化天然气浪潮 2026年将开启全球液化天然气(LNG)扩张浪潮，有人将其比作"海啸"式扩张。预计从2026年至2028年，全球将有大量的新的天然气液化产能投 产，成为史上规模最大的一轮液化天然气供给扩张。 天然气交易员将密切关注已进入启动阶段的美国液化天然气项目进展，以及预计于2026年至2027年投产的相关项目。液化天然气的产能扩张意味 着美国原料气需求将大幅增加，而原料气需求的预期增长发生延迟可能对亨利港期货价格形成压力。截至2025年12月，亨利港期货价格已上升至 每百万英热单位4.70美元以上。 预计非欧佩克产油国的原供应量将继续增长，可能对油价产生下行压力 鉴于石油需求、油价与股市之间的强相关性，人工智能可能成为2026年WTI原油价格的关键影响因素 2025年能源市场被频发的贸易紧张局势和地缘政治不确定性所笼罩，这一定程度上掩盖了天然气和石油市场正在发生的结构性转型。2026年是否 仍将延续这一局面？以下是影响2026年能源市场的五大关键因素。 2026年投产的的液化天然气还包括卡塔尔日产达43亿立方英尺的北方气田东部(North Field East)项目。随着北方气田东部项目、美国境内项 ...

证券日报网讯 12月30日，陕天然气在互动平台回答投资者提问时表示，公司参股的秦晋公司具体经营 情况还需根据实际运营情况和市场需求来确定。公司将持续与秦晋公司对接，跟踪其业务进展情况。 （文章来源：证券日报） ...

Core Viewpoint - The construction of the LNG storage project at the Eastern Guangdong LNG receiving station has officially commenced, marking a significant technological breakthrough in China's large-scale LNG storage and transportation facilities [1][4]. Group 1: Project Overview - The project will build the world's largest land-based membrane LNG storage tanks, with a total gas storage capacity of 470 million cubic meters across three tanks [1][4]. - The total gas storage capacity of the Eastern Guangdong LNG receiving station will increase to 780 million cubic meters, with an annual processing capacity of 6 million tons [6]. Group 2: Technological Advancements - The new membrane tank technology is more space-efficient and economically advantageous, reducing overall carbon emissions by over 25% and allowing for flexible storage of various cryogenic media [3][10]. - The membrane tanks consist of a concrete outer tank and a stainless steel inner tank, designed to expand and contract with temperature changes while ensuring leak-proof storage [10][12]. Group 3: Industry Growth and Future Projections - Since the start of the 14th Five-Year Plan, China's LNG receiving station construction has rapidly developed, with the annual receiving capacity expected to exceed 200 million tons by 2030 [15][20]. - The number of operational LNG receiving station operators has increased from 9 to 16, with a significant rise in the share of private enterprises, which now account for nearly one-third of the supply capacity [17]. - The national LNG storage capacity has seen a substantial increase from 10.7 million cubic meters in 2020 to 28.68 million cubic meters by 2025, representing a growth of 168% [17].

Core Viewpoint - The construction of the Yuedong LNG receiving station's gas storage project has officially commenced, marking a significant technological breakthrough in China's large-scale LNG storage and transportation facilities. Group 1: Project Overview - The Yuedong LNG receiving station will feature the world's largest land-based membrane LNG storage tanks, with a total gas storage capacity of 470 million cubic meters from three tanks [1] - The project is a core expansion and upgrade initiative for the receiving station, utilizing advanced membrane tank technology [1] - The total gas storage capacity of the Yuedong LNG receiving station will increase to 780 million cubic meters, with an annual processing capacity of 6 million tons [5] Group 2: Environmental and Technical Aspects - The new technology offers advantages in space utilization and economic efficiency, while also reducing overall carbon emissions by over 25% [3] - The membrane tanks can flexibly store various cryogenic media, including LNG, liquid ammonia, ethane, ethylene, and liquefied petroleum gas, facilitating seamless integration across multiple market demands [3] - Membrane tanks are designed with a nitrogen protection system and a full-process monitoring system to enhance operational safety [10] Group 3: Industry Growth and Future Projections - Since the start of the 14th Five-Year Plan, China's LNG receiving station construction has accelerated, with the annual receiving capacity expected to exceed 200 million tons by 2030 [10][16] - By the end of 2025, there will be 39 operational LNG receiving stations in China, with a total receiving capacity of 16 million tons per year, an increase of 7.34 million tons per year compared to the end of the 13th Five-Year Plan [12] - The number of operational entities in the LNG receiving station sector has diversified, increasing from 9 to 16, with a significant rise in the share of private enterprises [14]

智通财经APP获悉，中信建投发布研报称，美国政策红利释放叠加行业降本增效、股息优势凸显，叠加 下游炼油业务盈利提振，市场对行业现金流预期向好，推动板块估值抬升。11月国内天然气市场量增价 跌，进口供应占比提升。11月国内天然气总供应量同比增长7.89%，进口量同比、环比分别增长 10.67%、22.21%，进口占比达43.33%，国产气产量环比微降。进口均价同比降幅超14%，预计12月至 次年1月供应宽松，需求温和修复，市场呈供稳需缓格局。 2025年能源市场出现本世纪罕见走势，国际油价全年跌超10%，WTI原油跌幅达19%，但能源股却逆势 坚挺，标普500能源精选板块ETF年内上涨约3%，形成油价与板块股价背离的局面。 这一背离走势由多重核心因素共同支撑：(1)美国出台相关法案为石油行业释放数十亿美元税收减免、 特许权使用费下调等政策红利，叠加特朗普政府放宽环保法规、取消电动车税收优惠，延后了化石能源 的替代衰退时间表。(2)头部石油企业持续推进成本削减，成功压低盈亏平衡油价，叠加股票回购举措 有效推升每股收益，且在行业波动中稳步提高股息，股息收益率优势凸显。(3)全球炼油产能收缩带动 石油企业下游业务盈利 ...

业界对政府此举表示支持但同时持谨慎态度。澳大利亚能源生产商代表马卡洛克表示，他支持为新的天 然气生产商建立国内天然气储备体系，但他也表达了谨慎态度，他说："澳大利亚竞争与消费者委员会 指出，过去政府的干预导致了投资的延迟和下降，这可能会对供应产生长期影响。" 昆士兰州主要液化天然气出口商、本地能源巨头Origin Energy以及英国石油巨头壳牌也呼吁该制度在制 定时充分考虑对投资的影响。 西澳大利亚州要求，国内天然气储备量必须达到15%。 澳大利亚气候变化及能源部长鲍恩表示："国内生产的天然气应该优先供应国内用户。"他指出，随着现 有合同到期，预计国内天然气供应能力将会增加，价格将会下降。他还表示，已将该计划告知主要出口 方。为响应各方对天然气市场进行审查的呼吁，该制度的设计将基于以下原则：与各州和领地政府合 作，建立全国性框架;优先发展国内天然气储备;强调长期商业生产和投资确定性。 此外，鲍恩强调其LNG产业虽长期支撑国内经济，但前保守联盟政府因政策失当导致供应短缺与价格 飙升，国内燃气用户需要得到保护。他还表示，政府将实施放松管制和简化治理体系，以提高市场透明 度。 中化新网讯 近日，澳大利亚联邦政府宣 ...

Core Viewpoint - The commencement of the gas storage project at the Eastern Guangdong LNG receiving station marks a significant technological breakthrough in the construction of large-scale LNG storage and transportation facilities in China [1] Group 1: Project Overview - The Eastern Guangdong LNG receiving station will feature the world's largest land-based membrane LNG storage tank by effective volume [1] - The project is a key upgrade for the receiving station, which serves as an important hub in the natural gas storage and transportation network in South China [1] Group 2: Technical Details - The storage project will utilize advanced international membrane tank technology [1] - Three new membrane LNG storage tanks will be constructed, each with a diameter of nearly 100 meters, providing a total storage capacity of 470 million cubic meters [1]

Core Insights - The global liquefied natural gas (LNG) export volume is expected to see its largest annual increase in three years, with a projected growth of 4% in 2025, reaching 429 million tons [1] - This growth is primarily driven by the ramp-up of production from the LNG Canada project and the Plaquemines LNG project in the United States [1] - The United States is solidifying its position as a major LNG exporter, with its export volume surpassing 100 million tons for the first time this year [1] Industry Impact - The anticipated increase in LNG export capacity is expected to lower natural gas prices in Asia and Europe, with Asian gas prices nearing their lowest point of the year and European gas futures down over 40% since the beginning of the year [1] - The new production capacity may also lead to increased demand for low-temperature LNG carriers, as shipping costs for transatlantic LNG transportation reached a nearly two-year high last month due to surging supply [1]

责任编辑：王永生 北美新增产能投产，2025 年全球液化天然气（LNG）出口量或迎来三年来最大幅度增长。航运数据监 测机构克莱珀（Kpler）测算，2025 年全球液化天然气出口量同比增长 4%，达 4.29 亿吨；数据显示， 这也是 2022 年出口量同比大涨 4.5% 以来的最大年度增幅。此次增长主要得益于加拿大液化天然气项 目（LNG Canada）及美国普拉克明斯液化天然气项目（Plaquemines）的产能爬坡。美国正稳固其液化 天然气主要出口国地位，今年该国液化天然气出口量首次突破 1 亿吨大关。预计美国后续将持续新增产 能，到本十年末实现产能翻倍，进而推动出口量进一步攀升。这一趋势或将拉低亚洲与欧洲的天然气价 格。目前，亚洲天然气价格已接近年内最低点，欧洲天然气期货价格较年初跌幅超 40%。新增产能还 可能进一步推高低温液化天然气运输船的市场需求。上月，受供应激增带动运输船需求上涨，跨大西洋 液化天然气运输成本创下近两年新高。 北美新增产能投产，2025 年全球液化天然气（LNG）出口量或迎来三年来最大幅度增长。航运数据监 测机构克莱珀（Kpler）测算，2025 年全球液化天然气出口量同比增长 ...

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]