---
title: "Morgan Stanley maintains a cautious view on mainland gas stocks, preferring KUNLUN ENERGY and ENN ENERGY"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/277712662.md"
description: "JP Morgan holds a cautious view on mainland gas stocks, believing that the situation in the Middle East may affect global liquefied natural gas market supply, leading to increased price volatility. In the short term, the impact on Chinese gas utilities is limited, but if oil and gas prices remain high, procurement costs may rise. The bank prefers KUNLUN ENERGY and ENN ENERGY, giving target prices of HKD 9 and HKD 72.5, respectively, with both rated as \"Overweight.\""
datetime: "2026-03-04T02:34:57.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/277712662.md)
  - [en](https://longbridge.com/en/news/277712662.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/277712662.md)
---

> 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/277712662.md) | [English](https://longbridge.com/en/news/277712662.md)


# Morgan Stanley maintains a cautious view on mainland gas stocks, preferring KUNLUN ENERGY and ENN ENERGY

JP Morgan's research report indicates that the situation in the Middle East has led to fluctuations in global oil and natural gas prices. If there are long-term disruptions in the Middle East, it could potentially impact global liquefied natural gas (LNG) supply by more than 20%, leading to increased price volatility and challenging the market's long-held view that supply surplus will continue into the 2030s.

The bank believes that the short-term impact on Chinese gas utilities is limited, as spot LNG accounts for about 10% of these companies' total natural gas resources, thus having a limited immediate effect on their procurement costs. However, if oil and gas prices remain high, it may lead to increased procurement costs for pipeline gas and LNG, and industrial gas demand may also be affected. Therefore, the bank maintains a cautious outlook on this sector.

The bank relatively prefers KUNLUN ENERGY (00135.HK) due to its limited exposure to spot LNG risks, which is expected to perform better than its peers in a high energy price environment; it currently sets a target price of HKD 9 and a "Buy" rating.

The bank is also optimistic about the upside potential of ENN ENERGY (02688.HK) stock, as its parent company ENN Group (600803.SH) has seen a recent rise in stock price, with the current A-share and H-share price difference reaching 40%. Additionally, the company's LNG contracts can hedge against the risk of rising spot LNG prices. The bank currently sets a target price of HKD 72.5 for ENN ENERGY, with a "Buy" rating; the target price for ENN Group is RMB 18.5, with a "Neutral" rating

### 相關股票

- [KUNLUN ENERGY (00135.HK)](https://longbridge.com/zh-HK/quote/00135.HK.md)
- [Yinhua CSI Oil & Gas Resources ETF (563150.CN)](https://longbridge.com/zh-HK/quote/563150.CN.md)
- [Bosera CSI Oil & Gas Resources Index ETF (561760.CN)](https://longbridge.com/zh-HK/quote/561760.CN.md)
- [China Universal CSI Oil & Gas Resources ETF (159309.CN)](https://longbridge.com/zh-HK/quote/159309.CN.md)
- [Guotai CSI Oil & Gas Industry ETF (561360.CN)](https://longbridge.com/zh-HK/quote/561360.CN.md)
- [ENN ENERGY (02688.HK)](https://longbridge.com/zh-HK/quote/02688.HK.md)

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