Morgan Stanley published a research report indicating that China will impose a 15% tariff on imported US liquefied natural gas (LNG), which will take effect on the 10th of this month. The market is concerned about the capacity expansion of US LNG over the next five years, as large imports from the mainland may lead to a decline in domestic natural gas prices. The report suggests that the new tariff may protect PetroChina's gas business as the largest wholesaler in China, but it is negative for US LNG importers. The report sets a Target Price of HKD 8.76 for PetroChina Listed in Hong Kong, with a rating of "Shareholding." It also states that China needs to increase natural gas consumption at an annual compound growth rate of 8% to 9% before 2030 to achieve its carbon peak goal. Natural gas power generation, industrial boilers, and converting coal to gas in rural areas still provide huge potential for the natural gas market. PetroChina can also build gas power plants to create more demand for natural gas in the future, promoting its Wind Power goals for 2035. Importantly, the report believes that as more natural gas wholesale prices are set as non-regulated gas, PetroChina's gas profit margins will continue to rise.