摩根士丹利-全球-石油与天然气行业-全球天然气：如果美国和中国达成一项贸易协议会怎样？-2019.6.11-44页 (2).pdfVIP免费

GLOBALFOUNDATIONMGlobalGasWhatiftheUSandChinaReachaTradeDeal?MorganStanleydoesandseekstodobusinesswithcompaniescoveredinMorganStanleyResearch.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofMorganStanleyResearch.InvestorsshouldconsiderMorganStanleyResearchasonlyasinglefactorinmakingtheirinvestmentdecision.Foranalystcertificationandotherimportantdisclosures,refertotheDisclosureSection,locatedattheendofthisreport.+=Analystsemployedbynon-U.S.affiliatesarenotregisteredwithFINRA,maynotbeassociatedpersonsofthememberandmaynotbesubjecttoNASD/NYSErestrictionsoncommunicationswithasubjectcompany,publicappearancesandtradingsecuritiesheldbyaresearchanalystaccount.IftheUSandChinareachatradedeal,itcouldincludealargeChinesepurchaseofUSLNG.Webelievethiswouldbeawin-winoutcomeforChinaandtheUS,butcouldaddlong-termheadwindstonaturalgasgrowthforRussiaandAustralia.June11,201909:00PMGMTGLOBALFOUNDATIONMMORGANSTANLEYASIALIMITED+AndyMeng,CFAEquityAnalyst+8522239-7689Andy.Meng@morganstanley.comContributorsMORGANSTANLEY&CO.LLCDevinMcDermottEquityAnalystandCommoditiesStrategist+1212761-1125Devin.McDermott@morganstanley.comMORGANSTANLEY&CO.INTERNATIONALPLC+IgorKuzminEquityAnalystandCommoditiesStrategist+44207425-8371Igor.Kuzmin@morganstanley.comMORGANSTANLEYAUSTRALIALIMITED+AdamMartinEquityAnalyst+6139256-8904Adam.Martin@morganstanley.comMORGANSTANLEYASIALIMITED+SimonH.Y.Lee,CFAEquityAnalyst+8522848-1985Simon.Lee@morganstanley.comMORGANSTANLEYASIALIMITED+KevinLuo,CFAEquityAnalyst+8522239-1527Kevin.Luo@morganstanley.comMORGANSTANLEY&CO.LLCDrewVenker,CFAEquityAnalyst+1212761-3729Drew.Venker@morganstanley.comMORGANSTANLEY&CO.LLCStephenCByrdEquityAnalyst+1212761-3865Stephen.Byrd@morganstanley.comMORGANSTANLEYASIALIMITED+BerylWangResearchAssociate+8523963-3643Beryl.Wang@morganstanley.comMORGANSTANLEYASIALIMITED+JackLuEquityAnalyst+8522848-5044Jack.Lu@morganstanley.comMORGANSTANLEYASIALIMITED+AlbertLiResearchAssociate+8523963-3610Albert.Li@morgans...