阵痛转型步入尾声业务重构开启新机

中国能源网01-04

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：投资要点全球天然气市场供需...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2600000043?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-01-04 09:49","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2600000043","market":"hk","top_or_hot":-1,"title":"阵痛转型步入尾声 业务重构开启新机","media":"中国能源网","content":"<div>\n<p>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：投资要点全球天然气市场供需...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260104095206a6f02027&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>阵痛转型步入尾声 业务重构开启新机</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n阵痛转型步入尾声 业务重构开启新机\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-04 09:49 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260104095206a6f02027&s=b><strong>中国能源网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>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：投资要点全球天然气市场供需...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260104095206a6f02027&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0640798160.USD","symbol_name":"EASTSPRING INVESTMENTS GLOBAL EMERGING MARKET DYNAMIC \"A\" (USD) ACC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260104095206a6f02027&s=b","article_id":"2600000043","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260104095206a6f02027&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2600000043","pubTimestamp":1767491366,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"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。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。伴随业务结构优化，城燃有望逐步回归公用事业属性。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"LU0640798160.USD":"EASTSPRING INVESTMENTS GLOBAL EMERGING MARKET DYNAMIC \"A\" (USD) ACC","00003":"香港中华煤气","02688":"新奥能源","BK1566":"燃气股","BK1589":"北水核心资产","BK1500":"做空集合股","LU1115378108.SGD":"Eastspring Investments - Global Emerging Markets Dynamic AS SGD","00384":"中国燃气","BK1221":"燃气公用事业","01083":"港华智慧能源","01193":"华润燃气"},"translate_title":"Painful transformation is coming to an end, business restructuring opens up new opportunities","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"01083":0.9,"02688":0.9,"01193":0.9,"00003":0.9,"00384":0.9},"content_text":"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：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。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向下游传导成本优化空间，同时三桶油合同方案中联动现货价格的浮动量部分同步海气价格下行趋势；海外长协多挂钩油价，油价下行周期挂钩油价长协经济性有望凸显，同时低气价环境有利于各公司新签具备成本优势的低斜率长协；现货气价下行一方面可优化合同外气源成本，另一方面用气经济性提升，有望刺激对气价敏感的工商需求释放。伴随业务结构优化，城燃有望逐步回归公用事业属性。受房地产市场影响，近年来各城燃公司燃气接驳利润面临下滑，利润占比下降影响减弱；下游需求回暖带动业务结构向销气主业的进一步聚焦、特许经营的天然护城河和“成本传导+合理收益”的盈利模式落地或将使得城燃逐步回归公用事业属性，有望实现盈利稳定性增强、分红提升，看好城燃业绩修复、价值回归。投资分析意见：业务结构优化、气源成本改善，建议关注全国及区域性下游城燃标的：华润燃气、新奥能源、中国燃气、香港中华煤气、昆仑能源、港华智慧能源、深圳燃气（601139）、佛燃能源（002911）、皖天然气（603689）等；低价海外气源释放，建议关注具备低价长协资源和成本优势的天然气产业链一体化标的：新奥股份（600803）、九丰能源（605090）、新天绿色能源等；增储上产推进，国产气量高增，非常规气作用突出，油气管网设施公平开放，市场准入门槛降低，建议关注上游煤层气开采标的：新天然气（603393）、首华燃气（300483）等。风险提示：国际气价格波动风险，天然气需求增长不及预期，全球政策变动风险。（华源证券 查浩,刘晓宁,邹佩轩）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.0","shortVersion":"4.36.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2600000043","isCrawlerRequest":true}

阵痛转型步入尾声 业务重构开启新机

精彩评论

阵痛转型步入尾声业务重构开启新机