联合研究:全球天然气的跌宕宽松之路

中金公司
Oct 27

观点聚焦投资建议全球天然气宽松周期即将到来,但前路曲折,我们判断企业投资价值逐步向具备下游需求拓展能力的买方倾斜,推荐中国燃气/华润燃气/昆仑能源。理由4Q25-1Q26 采暖季气价存上行风险。虽然9M25 气价表现相对疲软,但我们认为4Q25-1Q26 气价走势仍存在一定不确定性,其核心原因在于全球LNG产能尚未进入释放高峰,气温及地缘政治扰动可能直接打破目前全球LNG供需的弱平衡关系(据...

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