Market Overview - The Shanghai Composite Index closed at 3844.84 points, with a decline of 0.79% [1] - The total trading volume of A-shares reached 1,930.44 billion yuan [1] Stocks with Death Cross - A total of 43 A-shares experienced a death cross, where the 5-day moving average fell below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Zhongma Transmission (603767) with a distance of -3.93% [1] - Jifeng Technology (300022) with a distance of -1.30% [1] - Canqin Technology (688182) with a distance of -1.28% [1] Individual Stock Performance - Zhongma Transmission (603767) saw a decrease of 0.82% with a latest price of 29.01 yuan, which is 8.91% below the 10-day moving average [1] - Jifeng Technology (300022) decreased by 2.12%, latest price at 8.30 yuan, 4.39% below the 10-day moving average [1] - Canqin Technology (688182) dropped by 6.45%, latest price at 25.68 yuan, 7.56% below the 10-day moving average [1] - Other notable declines include: - Meiai Technology (688376) down 4.72% [1] - Jingxin Pharmaceutical (002020) down 2.82% [1] - Zhongyuan Media (000719) down 1.36% [1] Additional Stocks with Death Cross - Other stocks showing a death cross include: - Guomai Technology (002093) down 5.22% [2] - Nanfang Pump Industry (300145) down 5.30% [2] - ST Diweixun (300167) down 1.59% [2] - Aerospace Development (000547) down 3.00% [2] - The performance of these stocks indicates a broader trend of declining prices among companies experiencing a death cross [2]

证券日报网讯9月1日晚间，九丰能源（605090）发布公告称，2025年8月份，公司以集中竞价交易方式 累计回购股份74.5万股，占公司总股本的0.11%。 ...

Group 1 - The company, Jiangxi Jiufeng Energy Co., Ltd., has announced a share repurchase plan to enhance shareholder value and address market volatility, recognizing its intrinsic value and long-term sustainable development [2][3] - The repurchase plan was approved by the third board meeting and the 2024 annual general meeting, indicating a strategic decision based on current market conditions and the company's financial health [2] - The repurchase amount is expected to be between 200 million yuan and 300 million yuan, with the purpose of reducing registered capital [3] Group 2 - As of August 31, 2025, the company has repurchased a total of 3.6215 million shares, accounting for 0.54% of the total share capital, with a total expenditure of approximately 97.82 million yuan [3] - The highest and lowest transaction prices during the repurchase were 30.71 yuan and 25.52 yuan per share, respectively [3] - The company plans to continue repurchasing shares based on market conditions and will fulfill its information disclosure obligations [4]

格隆汇9月1日丨九丰能源(605090.SH)公布，截至2025年8月31日，公司以集中竞价交易方式累计回购股 份362.15万股，占公司总股本的0.54%，最高成交价为30.71元/股，最低成交价为25.52元/股，已支付的 资金总额为人民币9,781.61万元（不含交易费用）。 ...

证券代码：605090 证券简称：九丰能源 公告编号：2025-074 江西九丰能源股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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。 | 回购方案首次披露日 | 2025/4/18 | | --- | --- | | 回购方案实施期限 | 2025/5/9 ~ 2026/5/8 | | 预计回购金额 | 20,000.00万元~30,000.00万元 | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 362.15万股 | | 累计已回购股数占总股本比例 | 0.54% | | 累计已回购金额 | 9,781.61万元 | | 实际回购价格区间 | 25.52元/股~30.71元/股 | 成为最具价值创造力的清洁能源服务商 重要内容提示： 一、 回购股份的背景和目的 江西九丰能源股份有限公司（以下简称"公司"）经综合考虑当前市场环境、公司 经营状况及财务 ...

Market Performance - The gas sector increased by 0.19% on September 1, with Baichuan Energy leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Individual Stock Performance - Baichuan Energy (600681) closed at 3.87, up 4.31% with a trading volume of 336,600 shares and a turnover of 129 million yuan [1] - Jiufeng Energy (605090) closed at 29.66, up 3.09% with a trading volume of 130,000 shares and a turnover of 2.68 million yuan [1] - Shengtong Energy (001331) closed at 12.04, up 2.38% with a trading volume of 56,200 shares and a turnover of 67.25 million yuan [1] - Other notable performers include Telesis (834014) up 2.34%, Victory Co. (000407) up 1.93%, and Kaitian Gas (831010) up 1.81% [1] Fund Flow Analysis - The gas sector experienced a net outflow of 21.30 million yuan from institutional investors, while retail investors saw a net inflow of 0.36 million yuan [2] - Jiufeng Energy had a significant net inflow of 61.44 million yuan from institutional investors, despite a net outflow from retail investors [3] - Longchun Gas (600333) and Baichuan Energy also saw mixed fund flows, with institutional inflows but retail outflows [3]

Investment Rating - The report maintains an "Overweight" rating for the gas industry [1]. Core Insights - The report highlights a slight increase in raw gas demand leading to a minor rise in US gas prices, while European storage advancements have contributed to a decrease in gas prices [4][9]. - The overall supply-demand dynamics indicate a modest increase in raw gas demand, with US natural gas market prices rising by 3.3% week-on-week as of August 27, 2025 [16]. - The report emphasizes the ongoing integration of Jiufeng Energy and the gradual implementation of pricing reforms across the country, which are expected to enhance profitability and valuation recovery for city gas companies [35]. Price Tracking - As of August 29, 2025, the week-on-week changes in gas prices are as follows: US HH +3.3%, European TTF -6.6%, East Asia JKM -2.9%, China LNG ex-factory price 0%, and China LNG CIF price -6.2% [9][14]. - The average total supply of natural gas in the US increased by 0.1% week-on-week to 1,127 billion cubic feet per day, while total demand decreased by 3.5% to 1,025 billion cubic feet per day [16]. Supply and Demand Analysis - The report notes that the storage pace in Europe is slower than expected, leading to a week-on-week decrease in European gas prices by 6.6% [17]. - In China, the apparent consumption of natural gas from January to July 2025 increased by 0.3% year-on-year to 246.1 billion cubic meters, attributed to warmer winter conditions affecting heating gas demand [22][27]. Pricing Progress - The report states that 65% of cities have implemented residential pricing reforms, with an average price increase of 0.21 yuan per cubic meter [35]. - The introduction of a new pricing mechanism for provincial natural gas pipeline transportation is expected to lower costs for downstream users and promote industry growth [35]. Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the ongoing pricing reforms, particularly highlighting New Energy, China Gas, and Kunlun Energy as key investment opportunities [4][35]. - It also suggests monitoring companies with quality long-term contracts and flexible scheduling capabilities, such as Jiufeng Energy and Xin'ao [4].

Investment Rating - The report maintains an "Overweight" rating for the public utility industry, expecting the industry index to outperform the market index by over 10% in the next six months [48]. Core Insights - The monthly electricity consumption has surpassed 1 trillion kilowatt-hours for the first time, indicating strong electricity demand [1]. - The public utility index has increased by 2.0% in the last two weeks, underperforming the CSI 300 index by 5.0 percentage points, ranking 25th among 31 industries [4][11]. - The report highlights significant growth in electricity consumption across various sectors, with the first industry growing by 20.2%, the second by 4.7%, the third by 10.7%, and urban and rural residents' consumption by 18.0% [43]. Summary by Sections 1. Market Review - As of August 28, the public utility index has risen by 0.7% year-to-date, lagging behind the CSI 300 index by 12.7 percentage points, ranking 29th among 31 industries [4][11]. - Among the sub-sectors, the photovoltaic power sector saw an increase of 8.9%, while the thermal power sector rose by 4.5% [12]. 2. Industry Valuation - The public utility sector's price-to-earnings (P/E) ratio is 18.1 times, with the thermal power sector at 12.3 times and the gas sector at 16.0 times [19][20]. 3. Industry Data Tracking - The average price of Shanxi Yulin thermal coal (Q6000) is 630 yuan/ton, up 0.6% from the previous value, while the average price of Qinhuangdao port thermal coal (Q5500) is 699 yuan/ton, up 3.5% [32]. 4. Key Company Announcements - Notable announcements include South Network Energy reporting a revenue of 1.603 billion yuan, up 21.13%, and a net profit of 214 million yuan, up 4.48% [41]. 5. Key Industry News - The National Energy Administration reported that total electricity consumption reached 10,226 billion kilowatt-hours in July, a year-on-year increase of 8.6% [43]. - The government is pushing for high-quality urban development and energy efficiency improvements [44]. 6. Industry Weekly Viewpoint - The report suggests focusing on companies like Huadian International and Guodian Power, which are expected to benefit from lower coal prices and improved profitability [43].

Group 1 - The company announced a cash dividend of 266 million yuan for the first half of 2025, which accounts for 31.29% of the total fixed cash dividend amount of 850 million yuan for the year [3] - The cash dividend per share is expected to be 0.4079 yuan (including tax), based on the total share capital minus the shares repurchased [3] - The profit distribution does not involve capital reserve conversion into share capital or the issuance of bonus shares [5] Group 2 - The company's convertible bonds "JiuFeng Ding 01" and "JiuFeng Ding 02" will stop conversion from September 3, 2025, until the registration date for the equity distribution [2][7] - The company will disclose the implementation announcement and the adjustment of the conversion price for the convertible bonds on September 4, 2025 [7][9] - The conversion price for the convertible bonds will be adjusted according to relevant agreements following the implementation of the profit distribution plan [8][9]

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：2025-073 | | --- | --- | --- | --- | | 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 实施权益分派时可转债停止转股和转股价格调整的提示性公告 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： 证券停复牌情况：适用 因实施 2025 年半年度权益分派，江西九丰能源股份有限公司（以下简称"公司"） 的相关证券停复牌情况如下： | 证券代码 | 证券简称 | | 停复牌类型 | 停牌起始日 | 停牌期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | --- | | 110815 | 九丰定 | 01 | 可转债转股停牌 | 2025/9/3 | | | | | 110816 | 九丰定 | ...