中信证券股份有限公司（以下简称 "独立财务顾问"）作为江西九丰能源 股份有限公司（以下简称"九丰能源"、"上市公司"或"公司"）发行股份、 可转换公司债券及支付现金购买资产并募集配套资金项目（以下简称"本次购买 资产"或"本次交易"）的独立财务顾问，根据《公司法》《证券法》《上市公 司重大资产重组管理办法》等法律法规的有关规定和要求，对九丰能源向特定对 象发行的可转债"九丰定 01"本次剩余解除锁定并挂牌转让进行了核查，并出 具本核查意见。 中信证券股份有限公司 一、本次解除锁定并挂牌转让的定向可转债概况 关于江西九丰能源股份有限公司 （一）可转债发行核准及发行登记情况 向特定对象发行的剩余可转换公司债券解除锁定并挂牌转 让事项的核查意见 根据上述核准批复，公司向四川远丰森泰能源集团有限公司（前身为四川远 丰森泰能源集团股份有限公司）（以下简称"森泰能源"或"标的公司"）原全 体股东（以下简称"交易对方"）发行股份、可转换公司债券及支付现金购买其 持有的森泰能源 100%股权。 2022 年 12 月 29 日，中国证券登记结算有限责任公司上海分公司出具了《证 券登记证明》，公司本次购买资产向交易对方发行的 ...

中信证券股份有限公司 关于江西九丰能源股份有限公司 非公开发行的剩余限售股上市流通的核查意见 中信证券股份有限公司（以下简称"独立财务顾问"）作为江西九丰能源股 份有限公司（以下简称"九丰能源"、"上市公司"或"公司"）发行股份、可 转换公司债券及支付现金购买资产并募集配套资金项目（以下简称"本次购买资 产"或"本次交易"）的独立财务顾问，根据《公司法》《证券法》《上市公司 重大资产重组管理办法》《上海证券交易所股票上市规则》等法律法规的有关规 定和要求，对九丰能源本次交易中非公开发行的剩余限售股份上市流通事项进行 了核查，并出具本核查意见。 一、本次限售股上市类型 （一）股份发行核准及发行登记情况 2022 年 11 月 10 日，中国证券监督管理委员会（以下简称"中国证监会"） 向公司下发了《关于核准江西九丰能源股份有限公司向 New Sources Investment Limited 等发行股份、可转换公司债券购买资产并募集配套资金的批复》（证监 许可[2022]2827 号）。 根据上述核准批复，公司向四川远丰森泰能源集团有限公司（前身为四川远 丰森泰能源集团股份有限公司）（以下简称"森泰能源"或" ...

成为最具价值创造力的清洁能源服务商 | 证券代码：605090 | 证券简称：九丰能源 | | 公告编号：2025-115 | | --- | --- | --- | --- | | 转债代码：110815 | 转债简称：九丰定 | 01 | | | 转债代码：110816 | 转债简称：九丰定 | 02 | | 江西九丰能源股份有限公司 关于向特定对象发行的剩余可转换公司债券 解除锁定并挂牌转让的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次解除锁定并挂牌转让的定向可转换公司债券（以下简称"可转债"或"转 债"）简称为"九丰定 01"，转债代码为"110815"，挂牌转让日期为 2026 年 1 月 7 日。 本次解除锁定并挂牌转让的定向可转债为江西九丰能源股份有限公司（以下简 称"公司"、"上市公司"或"九丰能源"）购买资产所发行的剩余定向可转债，解除 锁定的定向可转债数量为 294,691 张，面值为 100 元/张。 本次可转债解除锁定并挂牌转让后，公司不存在尚未解除锁定的定向可转债。 20 ...

Core Viewpoint - The gas sector experienced a decline of 1.32% on December 30, with Jiufeng Energy leading the drop. The Shanghai Composite Index closed at 3965.12, down 0.0%, while the Shenzhen Component Index rose by 0.49% to 13604.07 [1]. Group 1: Market Performance - The gas sector stocks showed mixed performance, with MeNeng Energy rising by 10.04% to a closing price of 13.37, while Jiufeng Energy fell by 7.23% to 42.62 [1][2]. - The trading volume for MeNeng Energy was 124,800 hands, with a transaction value of 161 million yuan, while Jiufeng Energy had a trading volume of 536,400 hands and a transaction value of 234.6 million yuan [1][2]. Group 2: Capital Flow - The gas sector saw a net outflow of 120 million yuan from main funds, while retail investors contributed a net inflow of 147 million yuan [2]. - The main funds showed significant net inflows in MeNeng Energy (60.35 million yuan) and Xinjiang Torch (48.81 million yuan), while Jiufeng Energy experienced a net outflow of 33.35 million yuan from speculative funds [3].

Group 1 - The A-share market saw a significant decline in commercial aerospace stocks in the afternoon session [1] - Tianli Composite dropped over 11%, while Shenjian Co. approached the daily limit down [1] - Other notable declines included Superjet Co. down over 9%, Aerospace Hanyu down over 8%, and several companies including Paker New Materials and Goldwind Technology down over 7% [1] Group 2 - Companies such as Chuangyuan Technology, Zhaobiao Co., Jiangshun Technology, and others experienced declines exceeding 6% [1]

Group 1 - The core point of the news is that Jiufeng Energy's stock price has decreased by 3.64%, currently trading at 44.27 CNY per share, with a total market capitalization of 30.778 billion CNY [1] - Jiufeng Energy, established on February 27, 2008, and listed on May 25, 2021, is primarily engaged in liquefied natural gas (LNG), liquefied petroleum gas (LPG), methanol, and dimethyl ether (DME) [1] - The revenue composition of Jiufeng Energy includes: natural gas and operations 48.09%, liquefied petroleum gas 41.05%, other chemical products 7.49%, energy logistics and technical services 2.90%, special gases 0.46%, and others 0.01% [1] Group 2 - According to data, Jiufeng Energy is a top ten holding in the fund "Jianxin New Materials Selected Stock A" (018194), which holds 184,300 shares, accounting for 2.96% of the fund's net value [2] - The fund "Jianxin New Materials Selected Stock A" has a current scale of 52.2413 million CNY and has achieved a return of 56.72% this year, ranking 424 out of 4195 in its category [2] - The fund manager, Tian Yuanquan, has a tenure of 5 years and 198 days, with the best fund return during this period being 102.1% [2]

Group 1 - The article highlights the top 20 stocks in the S&P China A-Share Dividend Opportunity Index (CSPSADRP) based on their daily and year-to-date performance as of December 30, 2025 [1][5] - The top performer is Jiufeng Energy (605090.SH) with a daily increase of 10.01% and a year-to-date increase of 68.11%, along with a dividend yield of 2.74% [1][5] - Other notable stocks include Jiangsu Jingjin Environmental Protection (603279.SH) with a daily increase of 4.12% and a year-to-date decrease of 2.92%, and Qianjiang Motorcycle (000913.SZ) with a daily increase of 3.76% and a year-to-date decrease of 7.90% [1][5] Group 2 - The list includes several banks, with Agricultural Bank of China (601288.SH) showing a significant year-to-date increase of 51.86% and a daily increase of 1.73% [1][5] - China Petroleum (601857.SH) and Shanghai Bank (601229.SH) also performed well, with year-to-date increases of 18.78% and 16.65% respectively [1][5] - The data is sourced from the Shanghai Stock Exchange and reflects the closing prices as of December 29, 2025, with dividend yields calculated up to December 26, 2025 [1][5]

证券之星消息，12月29日燃气板块较上一交易日上涨1.15%，九丰能源领涨。当日上证指数报收于 3965.28，上涨0.04%。深证成指报收于13537.1，下跌0.49%。燃气板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 605090 | 九丰能源 | 45.94 | 10.01% | 56.08万 | | 25.00亿 | | 001331 | 胜通能源 | 46.31 | 10.00% | 25.72万 | | 11.57亿 | | 600635 | 大众公用 | 6.90 | 4.07% | 163.34万 | | 11.16亿 | | 000407 | 胜利股份 | 5.34 | 2.50% | 152.74万 | | 8.07亿 | | 000593 | 德龙汇能 | 11.70 | 0.95% | 28.11万 | | 3.31亿 | | 300332 | 天壕能源 | 5.37 | 0.94% | 13.20万 | 7103.19万 | | ...

Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Insights - The report highlights an upward adjustment in temperature expectations leading to a decrease in US gas prices, while European gas prices show a slight increase due to inventory withdrawals [1][4] - Domestic gas demand shows marginal improvement, with a year-on-year increase of 9.3% in November 2025 [1][25] Price Tracking - As of December 26, 2025, the week-on-week changes in gas prices are as follows: US HH down by 8.2%, European TTF up by 0.9%, East Asia JKM up by 0.5%, China LNG ex-factory down by 2.9%, and China LNG CIF up by 0.7% [9][14] - The average gas price in China is reported at 2.6 yuan per cubic meter for LNG ex-factory and 2.4 yuan per cubic meter for LNG CIF [14] Supply and Demand Analysis - US natural gas market prices decreased by 8.2% due to higher temperature expectations, with storage levels dropping by 1.2% year-on-year [16] - European gas consumption from January to September 2025 reached 313.8 billion cubic meters, a year-on-year increase of 4.1% [18] - Domestic gas consumption in China for January to November 2025 increased by 1.5% year-on-year, totaling 392 billion cubic meters [25][28] Pricing Mechanism Progress - Nationwide price adjustments for residential gas have been gradually implemented, with 67% of cities adjusting prices by an average of 0.22 yuan per cubic meter [37] - The report indicates that there is still a 10% room for price adjustment in the gas distribution sector [37] Investment Recommendations - The report suggests focusing on companies that can optimize costs and benefit from the ongoing price mechanism adjustments, recommending companies such as Xin'ao Energy, China Resources Gas, and Kunlun Energy [53][54] - It also highlights the importance of companies with quality long-term contracts and flexible scheduling, recommending Jiufeng Energy and Xin'ao Shares [54] - The report emphasizes the significance of energy independence, suggesting attention to companies with gas production capabilities like New Natural Gas and Blue Flame Holdings [54]

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1]. Core Insights - The release of the CCER methodology for renewable energy electrolysis hydrogen is expected to reshape the economic viability of green hydrogen projects [10][12]. - The environmental protection industry strategy for 2026 emphasizes a dual focus on value and growth, driven by carbon neutrality initiatives [15]. - The report highlights significant growth in the sales of new energy sanitation vehicles, with a year-on-year increase of 64.01% and a penetration rate increase of 6.68 percentage points to 18.6% [22]. - The price of biodiesel remains stable, with slight improvements in profit margins [34]. - The lithium battery recycling sector is experiencing a decline in profitability despite rising metal prices [35]. Summary by Sections CCER Methodology and Green Hydrogen - The CCER methodology for renewable energy electrolysis hydrogen was officially released, enhancing the regulatory framework for green hydrogen projects [10]. - The methodology specifies that it applies only to new projects and emphasizes the use of self-generated renewable energy [11]. - The economic benefits of green hydrogen projects are projected to improve, with investment recovery periods decreasing from 9.21 years to 8.77 years due to CCER revenue [12][13]. Environmental Protection Industry Strategy - The 2026 strategy focuses on the dual themes of value and growth, with an emphasis on market-oriented improvements and operational efficiency [15]. - Key recommendations include focusing on companies with strong cash flow and growth potential, such as Huanlan Environment and Longjing Environmental Protection [15][16]. Sanitation Equipment Market - The sanitation vehicle market saw a total sales volume of 66,563 units in the first eleven months of 2025, with new energy vehicles accounting for 12,383 units sold [22]. - The penetration rate of new energy sanitation vehicles reached 18.6%, indicating a growing trend towards electrification in this sector [22]. Biodiesel Market - The average price of biodiesel remained stable at 8,200 yuan per ton, with a slight improvement in profit margins [34]. - The price difference between UCOME and waste oil is approximately 2,172 yuan per ton, indicating a competitive market environment [34]. Lithium Battery Recycling - The profitability of lithium battery recycling projects has decreased, with average unit profits for lithium carbonate and waste materials showing negative margins [35]. - Despite this, metal prices for lithium, cobalt, and nickel have increased, suggesting potential for future profitability improvements [35][37].