CICC: The investment value of natural gas industry chain companies is gradually shifting towards buyers expanding downstream demand

According to a research report by China International Capital Corporation (CICC), during the easing cycle, the investment value of enterprises gradually shifts towards buyers who expand downstream demand. In the tight balance period of natural gas from 2021 to 2025, resource cost advantages are the core competitiveness of natural gas companies, with integrated companies that have resource cost advantages, such as KUNLUN ENERGY, outperforming in stock prices. Looking ahead, if the global natural gas supply and demand re-enters a new round of easing cycle starting in 2026, we believe the investment value balance of natural gas industry chain companies may gradually tilt towards buyers with strong capabilities to expand downstream demand