每经AI快讯，九丰能源（SH 605090，收盘价：37.98元）12月19日晚间发布公告称，公司第三届第十七 次董事会会议于2025年12月19日以通讯表决方式召开。会议审议了《关于2026年度日常关联交易额度预 计的议案》等文件。 2024年1至12月份，九丰能源的营业收入构成为：清洁能源占比89.16%，能源服务占比9.77%，特种气 体占比1.07%，其他业务占比0.01%。 截至发稿，九丰能源市值为264亿元。 每经头条（nbdtoutiao）——海南封关首日直击：为中国探路，全球最大自贸港如何重塑开放边界？ （记者 贾运可） ...

证券代码：605090 证券简称：九丰能源 公告编号：2025-113 江西九丰能源股份有限公司 成为最具价值创造力的清洁能源服务商 关于 2026 年度日常关联交易额度预计的公告 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： 本次预计的日常关联交易已经江西九丰能源股份有限公司（以下简称"公司"） 第三届董事会第十七次会议审议通过，无需提交股东会审议。 本次预计的关联交易是基于公司日常经营发展需要，交易遵循公平、公开和公 正的原则，不会对公司的独立性产生影响，不会使公司对关联方形成依赖。 一、日常关联交易基本情况 （一）本次日常关联交易预计金额和类别 根据日常经营发展需要，公司预计 2026 年度日常关联交易额度合计人民币 16,907.00 万元，具体情况如下： 单位：人民币万元 | 关联交易类别 | 关联方 | 2026年度 | 2025年1-11月与 | 本次预计发生金额与上年 | | --- | --- | --- | --- | --- | | | | 预计发生金额 | 关联方累计已发生 | 实际发 ...

成为最具价值创造力的清洁能源服务商 1 江西九丰能源股份有限公司 第三届董事会独立董事专门会议第四次会议决议暨 事前认可意见 江西九丰能源股份有限公司（以下简称"公司"）第三届董事会独立董事专门会议 第四次会议于 2025 年 12 月 16 日（星期二）以通讯表决方式召开，会议通知于 2025 年 12 月 12 日（星期五）以电子邮件等方式送达全体独立董事。本次会议应出席独立董事 三人，实际出席独立董事三人，全体独立董事一致推举王新路先生主持会议。会议的召 集、召开及表决程序符合《上市公司独立董事管理办法》《独立董事工作制度》《独立 董事专门会议工作细则》的相关规定。 基于独立判断的立场，独立董事认真审议拟提交公司第三届董事会第十七次会议的 《关于 2026 年度日常关联交易额度预计的议案》，一致同意该议案，并发表事前认可 意见如下： 一、审议通过《关于 2026 年度日常关联交易额度预计的议案》 经审核，独立董事对该议案出具事前认可意见如下：为实现公司清洁能源业务资源 的内外互补、高效配置，优化资源综合成本，确保在客户端供应的稳定性和成本竞争力， 公司适时与关联方开展清洁能源产品、能源物流服务等日常业务 ...

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：2025-112 江西九丰能源股份有限公司 第三届董事会第十七次会议决议公告 一、董事会会议召开情况 江西九丰能源股份有限公司（以下简称"公司"）第三届董事会第十七次会议于 2025 年 12 月 19 日（星期五）以通讯表决方式召开。会议通知于 2025 年 12 月 16 日（星期 二）以电子邮件等方式送达全体董事。本次会议应出席董事九人，实际出席董事九人， 会议由董事长张建国先生召集和主持。会议的召集、召开及表决程序符合有关法律法规 和《公司章程》的相关规定。 二、董事会会议审议情况 经与会董事认真审议，本次会议逐项表决通过了以下决议： （一）审议通过《关于"提质增效重回报"行动方案的议案》 为贯彻中央经济工作会议、中央金融工作会议精神，落实以投资者为本的理念，推 动公司持续优化经营、规范治理和积极回报投资者，助力信心提振、资本市场稳定和经 济高质量发展，公司基于对未来发展前景的信心及价值的认可，为提升全体股东利益， 促进公司长远健康可持续发展，制定"提质增效重回报"行动方案。 具体内容详见公司于 2025 年 1 ...

资料显示，海南九丰能源有限公司成立于2024年7月29日，法定代表人为杨春，注册资本10000万人民 币，公司位于省直辖县级行政区划，一般经营项目：化工产品销售（不含许可类化工产品）、技术服 务、技术开发、技术咨询、技术交流、技术转让、技术推广、石油天然气技术服务、信息技术咨询服 务、物料搬运装备销售、劳务服务（不含劳务派遣）、以自有资金从事投资活动、自有资金投资的资产 管理服务、石油制品销售（不含危险化学品）、成品油批发（不含危险化学品）、成品油仓储（不含危 险化学品）（经营范围中的一般经营项目依法自主开展经营活动，通过国家企业信用信息公示系统（海 南）向社会公示）许可经营项目：燃气经营、石油、天然气管道储运、货物进出口、技术进出口、危险 化学品经营（许可经营项目凭许可证件经营）。 天眼查工商信息显示，近日，江西九丰能源股份有限公司出资10000万元成立海南九丰能源有限公司， 持股100%，所属行业为燃气生产和供应业。 来源：市场资讯 ...

Core Insights - The report emphasizes the stability of electricity prices in 2026, with a controlled decline expected due to the recovery of coal prices and the increase in capacity electricity prices [1] - The report highlights the need to focus on the growth of hydropower installations in the short term, given the regional water supply differentiation [1] - The report indicates that the gas sector is expected to see a loosening of global LNG supply, which will likely lower price levels and stimulate demand [1] Industry Overview - The public utility sector has seen an overall increase in 2025, with the public utility sector rising by 3.61% and the environmental sector by 16.05% as of December 13, 2025 [6][12] - The electricity sector has experienced a cumulative increase of 2.73%, while the gas sector has risen by 13.30%, indicating a mixed performance across sub-sectors [12] Electricity Sector Analysis - **Thermal Power**: The report notes that coal prices have stabilized and are expected to lead to a controllable decline in electricity prices in 2026. The average price of Qinhuangdao 5500 kcal thermal coal was 820 RMB/ton as of November 27, 2025, reflecting a month-on-month increase of 7% [6][81] - **Hydropower**: The report identifies a regional differentiation in water supply, with significant growth potential in hydropower installations in areas like the Jinsha and Dadu rivers, which are expected to contribute positively to performance [6][31] - **Renewable Energy**: The report highlights that the short-term electricity prices and consumption capacity for renewable energy are under pressure, with 29 provinces having implemented the 136 document, leading to increased competition and pricing challenges [6][44] - **Nuclear Power**: The report indicates that the marketization of nuclear power is increasing, with a stable growth outlook due to the commissioning of new units, despite some pressure from market price fluctuations [6][66] Gas Sector Analysis - The report discusses the global LNG supply, which is projected to increase significantly, with 239 million tons/year of LNG capacity under construction as of October 2025. This is expected to exert downward pressure on gas prices, thereby stimulating demand recovery [6][7] - The report emphasizes the importance of diversifying gas sources to ensure stable profitability for gas companies amid geopolitical risks and price fluctuations [6][7] Investment Recommendations - The report recommends investing in companies with strong growth potential in hydropower and stable profitability in thermal power, such as Guodian Power and Huaneng International, which offers a dividend yield exceeding 7% [7] - In the gas sector, it suggests focusing on companies that are actively developing coal-to-gas projects and those with significant commercial user bases, such as Jiufeng Energy and Kunlun Energy, which are expected to benefit from demand growth as gas prices decline [7]

Core Viewpoint - Dongguan Ruiying Energy Co., Ltd. has been established with a registered capital of 100 million RMB, focusing on the sale of chemical products and the research and development of emerging energy technologies [1] Company Summary - The legal representative of Dongguan Ruiying Energy Co., Ltd. is Cao Lin [1] - The company is co-owned by Guangdong Jiufeng Energy Group Co., Ltd. and Guangdong Ying'an Trading Co., Ltd. [1] - The business scope includes the sale of chemical products (excluding licensed chemical products), specialized chemical products (excluding hazardous chemicals), and the research and development of emerging energy technologies [1]

Investment Rating - The report maintains an "Overweight" investment rating for the gas industry [1] Core Viewpoints - The report highlights that warmer weather has led to a decrease in US gas prices by 22%, while European gas prices have increased by 3.7% due to inventory withdrawals [10][15] - It emphasizes the overall supply adequacy in the domestic market, with a week-on-week decrease in domestic gas prices by 1.6% [24] - The report discusses the ongoing price adjustment progress across cities, indicating a potential for profit recovery and valuation restoration for city gas companies [33] Price Tracking - As of December 12, 2025, the week-on-week price changes for various gas prices are as follows: US HH down 22%, European TTF up 3.7%, East Asia JKM down 1.7%, China LNG ex-factory price down 1.6%, and China LNG CIF price down 6.9% [10][11] - The report notes that the average gas consumption in Europe for the first nine months of 2025 was 313.8 billion cubic meters, reflecting a year-on-year increase of 4.1% [16] Supply and Demand Analysis - The report indicates that as of December 5, 2025, US gas storage levels decreased by 1,770 billion cubic feet to 37,460 billion cubic feet, showing no year-on-year change [15] - In Europe, gas supply increased by 26.5% week-on-week to 116,966 GWh, with significant contributions from inventory consumption and LNG receiving stations [16] - Domestic gas apparent consumption for the first ten months of 2025 increased by 0.7% year-on-year to 354.1 billion cubic meters [24] Pricing Mechanism Progress - The report states that 67% of cities have implemented residential pricing adjustments, with an average increase of 0.22 yuan per cubic meter [33] - It highlights that the pricing gap for leading city gas companies has room for a 10% recovery, indicating ongoing price adjustments [33] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the ongoing price adjustments, such as Xin'ao Energy, China Gas, and Kunlun Energy, all with attractive dividend yields [5] - It suggests monitoring companies with quality long-term contracts and flexible scheduling capabilities, such as Jiufeng Energy and Xin'ao Shares [5] - The report also emphasizes the importance of energy independence and suggests关注 companies with gas production capabilities like New Natural Gas and Blue Flame Holdings [5]

Investment Rating - The report maintains an "Outperform" rating for the public utilities and environmental protection sectors [5][7]. Core Views - The "14th Five-Year Plan" emphasizes the construction of an "Energy Power" and the development of hydrogen and fusion energy industries [3][18]. - The central economic work conference highlighted the need for a comprehensive green transition and the establishment of a new energy system [2][16]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.08%, while the public utilities index decreased by 0.09% and the environmental index dropped by 0.61% [1][15]. - In the electricity sector, thermal power increased by 0.22%, while hydropower decreased by 0.26%, and renewable energy generation rose by 0.93% [1][28]. Important Events - The central economic work conference took place on December 10-11, focusing on energy security and the establishment of a carbon trading market [2][16]. - Yunnan province announced an increase in coal power capacity pricing to 330 RMB per kilowatt per year starting in 2026 [17]. Investment Strategy - Public Utilities: Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [4][25]. - Environmental Protection: Focus on mature sectors like water and waste incineration, with recommendations for companies like China Everbright Environment and Zhongshan Public Utilities [26]. Key Company Earnings Forecasts - The report provides earnings forecasts for various companies, maintaining an "Outperform" rating for firms such as China Nuclear Power and China General Nuclear Power [7][8]. Industry Dynamics - The report discusses the transition from an "energy power" to an "energy strong country," emphasizing supply security, ecological low-carbon initiatives, and technological innovation [3][19][22].

Investment Rating - The report maintains an "Outperform" rating for the public utilities and environmental protection sectors [5][7]. Core Views - The "14th Five-Year Plan" emphasizes the construction of an "Energy Powerhouse," focusing on the development of hydrogen and fusion energy industries [3][18]. - The central economic work conference highlighted the need for a comprehensive green transition and the establishment of a new energy system [2][16]. - The report suggests that the energy system in China is transitioning from an "energy power" to an "energy powerhouse," with increased demands for supply security, ecological sustainability, technological innovation, and modern governance [3][19][21]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.08%, while the public utilities index decreased by 0.09% and the environmental index dropped by 0.61% [1][15]. - In the electricity sector, thermal power increased by 0.22%, while hydropower decreased by 0.26%, and renewable energy generation rose by 0.93% [1][15]. Important Events - The central economic work conference took place on December 10-11, focusing on energy security and the establishment of a carbon trading market [2][16]. - Yunnan province announced an increase in coal power capacity pricing to 330 RMB per kilowatt per year starting in 2026 [17]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [4][25]. - The report also highlights opportunities in the water and waste incineration sectors, suggesting investments in companies like China Everbright Environment and Zhongshan Public Utilities [26]. Key Company Earnings Forecasts - The report provides earnings forecasts for various companies, indicating a stable outlook for nuclear power operators like China Nuclear Power and China General Nuclear Power [4][25]. - It also emphasizes the defensive attributes of hydropower stocks in a global interest rate decline environment, recommending companies like Yangtze Power [4][25]. Industry Key Data Overview - In October, the industrial electricity production increased by 7.9% year-on-year, with total electricity consumption reaching 774.2 billion kilowatt-hours, a 4.3% increase [49][55]. - The cumulative installed power generation capacity reached 3.75 billion kilowatts, with solar power capacity growing by 43.8% year-on-year [73].