金吾财讯 | 燃气股走低，天伦燃气（01600）跌8.49%，北京控股（00392）跌2.93%，华润燃气（01193）跌2.80%，中裕能源（03633）跌2.22%，昆仑能源（00135）跌2.19%，新奥能源（02688）跌2.15%，中国燃气（00384）跌2.03%。东吴证券表示，地缘冲突推高出口需求&采暖需求下降，美国天然气市场价格周环比-13.1%。地缘冲突反复，欧洲气价高位波动周环比+4.1%。国内LNG出厂价周环比变动+5.7%。2026M1-9我国天然气进口量同比-4.2%至1252亿方。该机构指，地缘冲突导致气价上涨，重申资源端投资机会；城燃公司终端价格继续理顺、单位盈利修复。华泰证券表示，7/8月全国天然气产量同比由降转增，7月全国天然气表观消费量同比下降。据国家统计局数据，2026年7/8月全国天然气产量同比-0.9/+0.8%，产量同比增速虽由负转正，但整体仍处于较低水平。据国家发改委数据，2026年7月全国天然气表观消费量同比-2.6%。尽管天然气下游需求有所下滑，但燃气公司盈利除销量外，亦受到购销价差及套保影响。
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