一、市场看空的逻辑：短期压力与行业困局1. 利润增速放缓引发机构担忧2024年，昆仑能源归母净利润同比增长4.9%，核心利润增速仅3.5%，低于部分机构预期。美银证券在2025年5月16日将其目标价由8.9港元下调至8.7港元，指出LNG接收站处理量增长疲软及国内LNG进口同比下降22%的隐忧。交银国际则因“经营开支上升”将2025年盈利预测下调3.7%，认为天然气价格波动和成本压力是核心风险。
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