Group 1 - The report emphasizes the defensive attributes of the public utility sector, particularly in light of recent policy changes aimed at enhancing price governance mechanisms [1][14][30] - In March, the Shanghai Composite Index fell by 0.07%, while the public utility index rose by 1.87%, indicating a relative outperformance of the sector [1][32] - The report highlights the significant drop in coal prices, which enhances the profitability of thermal power generation, with a projected increase in earnings per kilowatt-hour as coal prices decrease [2][16][18] Group 2 - The report recommends major thermal power companies such as Huadian International and Shanghai Electric, citing their resilience in the face of declining coal prices and electricity prices [3][30] - It notes that the water and waste incineration sectors are entering a mature phase, with improved free cash flow and a favorable investment environment due to declining risk-free rates [31] - The report identifies high-dividend water power stocks, particularly Changjiang Electric Power, as having strong defensive characteristics and long-term investment value [24][25][29] Group 3 - The report discusses the expected stability in nuclear power company earnings, recommending companies like China Nuclear Power and China General Nuclear Power [3][30] - It highlights the growth potential in the renewable energy sector, recommending leading companies such as Longyuan Power and Three Gorges Energy, which are expected to benefit from ongoing government support for new energy development [3][30] - The report also points out the significant market opportunity in the domestic waste oil recycling industry, recommending companies like Shanggou Environmental Energy as beneficiaries of upcoming EU policies [31]

具有价值创造力的清洁能源服务商 江西九丰能源股份有限公司 关于可转债转股结果暨股份变动的公告 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： 累计转股情况：公司可转债"九丰定 01"自 2023 年 6 月 29 日起开始转股，可 转债"九丰定 02"自 2024 年 10 月 17 日起开始转股。截至 2025 年 3 月 31 日，可转债 "九丰定 01"累计转股的金额为 468,311,500 元，累计转股股数为 21,495,514 股；可转 债"九丰定 02"累计转股的金额为 59,870,000 元，累计转股股数为 2,507,113 股（"九丰 定 02"目前所转股份来源均系回购股份）。公司可转债累计转股总股数为 24,002,627 股， 占可转债转股前公司已发行股份总额（625,414,024 股）的 3.84%。 未转股可转债情况：截至 2025 年 3 月 31 日，公司未转股的可转债金额合计为 人民币 1,751,815,800 元（其中："九丰定 01"金额为人民币 611,685,8 ...

关于控股股东部分股份质押的公告 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： ● 江西九丰能源股份有限公司（以下简称"公司"）控股股东广东九丰投资控股有限公司（以下简称"九 丰控股"）持有公司股份200,600,568股，占公司总股本（截至2024年12月31日，下同）的31.11%；本次 质押股份数量为34,240,713股，占九丰控股所持公司股份的17.07%，占公司总股本的5.31%。 ● 除本次质押外，九丰控股及其一致行动人不存在其他股份质押的情形。 一、本次股份质押基本情况 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：605090 证券简称：九丰能源 公告编号：2025-014 江西九丰能源股份有限公司 九丰控股本次质押的股份不存在被用作重大资产重组业绩补偿等事项的担保或其他保障用途。 二、股东累计质押股份情况 截至本公告披露日，九丰控股及其一致行动人累计质押股份情况如下： 单位：股 ■ 截至本公告披露日，九丰控股资信情况良好，本次股份质押风险可控，预计不会导致公司的实际控制权 发生 ...

具有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：2025-014 江西九丰能源股份有限公司 除本次质押外，九丰控股及其一致行动人不存在其他股份质押的情形。 一、本次股份质押基本情况 2025 年 3 月 26 日，九丰控股在中国证券登记结算有限责任公司上海分公司办理了 证券质押登记业务，将其持有的 34,240,713 股公司股份质押给国金证券股份有限公司 （以下简称"国金证券"），本次股份质押情况具体如下： | 股东 | 是否为 控股股 | 本次质押股 | 是否为 | 是否补 | 质押起始日 质押到期日 质权人 | | | 占其所 持股份 | 占公司 总股本 | 质押融 资资金 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | | 数（股） | 限售股 | 充质押 | | | | | | | | | 东 | | | | | | | 比例 | 比例 | 用途 | | 九丰控股 | 是 | 34,240,713 | 否 | 否 | 2025-03-26 | 2028-03 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][4]. Core Insights - The report emphasizes the high-quality development of the environmental equipment manufacturing industry, aiming to create a trillion-level industry with international competitiveness by 2027 [2][16]. - It highlights the synergy between computing power and electricity, particularly in the context of data centers, which require substantial and reliable electricity supply [18][20]. - The report suggests that the profitability of coal-fired power generation is expected to remain reasonable due to the simultaneous decline in coal and electricity prices [28]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.59%, while the public utility index increased by 2.19% and the environmental index by 2.53% [1][29]. - Among the sub-sectors, coal-fired power saw a 3.39% increase, while renewable energy generation rose by 1.48% [31]. Important Policies and Events - The Ministry of Industry and Information Technology, the Ministry of Ecology and Environment, and the State Administration for Market Regulation jointly issued opinions to promote the high-quality development of the environmental equipment manufacturing industry [2][16]. - By 2030, the report anticipates a complete upgrade of the environmental equipment manufacturing industry towards green, low-carbon, and circular development [2]. Investment Strategy - Recommendations include major coal-fired power companies like Huadian International and regional power companies like Shanghai Electric due to stable electricity prices [3][28]. - For renewable energy, leading companies such as Longyuan Power and Three Gorges Energy are recommended, alongside regional offshore wind power companies [3][28]. - The report also suggests focusing on water and waste incineration sectors, which are entering a mature phase with improved free cash flow [3][28]. Industry Dynamics - The report notes that the electricity and heat production and supply industry prices fell by 0.8% year-on-year in February 2025 [17]. - It highlights the increasing importance of green electricity and nuclear power in meeting the energy demands of data centers [24][21]. Company Performance - The report lists several companies with "Outperform" ratings, including Huadian International, Longyuan Power, and China Nuclear Power, among others, indicating their strong market positions and growth potential [6][28].

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 [33]. Core Insights - The public utility index increased by 0.4% in the last two weeks, outperforming the CSI 300 index by 1.8 percentage points, ranking 14th among 31 Shenwan industries. Year-to-date, the index has decreased by 5.0%, underperforming the CSI 300 index by 4.4 percentage points, ranking 29th [11]. - Among the sub-sectors, six out of seven saw price increases, with the electric power comprehensive service sector rising by 2.3%, and the hydropower sector declining by 0.4% [11]. - The report highlights significant industry news, including the Ministry of Water Resources' issuance of work points for rural water conservancy and hydropower in 2025, emphasizing ecological safety and modernization of small hydropower [28]. Summary by Sections Market Review - As of March 13, the public utility index has shown a mixed performance, with 93 out of 132 listed companies experiencing stock price increases, while 38 companies saw declines [12][13]. - The report notes that the thermal service sector has increased by 4.8% year-to-date, while the hydropower sector has decreased by 8.3% [11]. Industry Valuation - The public utility sector's price-to-earnings (P/E) ratio is currently at 17.4 times, below the one-year average. The solar power sector has the highest P/E ratio at 83.5 times, while the thermal power sector has the lowest at 13.6 times [13][14]. Industry Data Tracking - The average price of Q6000 coal at the pit in Shaanxi Yulin is 614 RMB/ton, down 4.0% from the previous value. The average price of Q5500 coal at Qinhuangdao Port is 687 RMB/ton, down 4.9% [20]. Important Company Announcements - Recent announcements include New Tian Green Energy's approval for using perpetual medium-term notes to provide loans to its subsidiary, and the approval of various measures by Jiuzhou Group to support its subsidiaries [26]. Key Industry News - The report discusses the promotion of new energy consumption through the development of hydrogen energy in Chengdu, with a target growth of over 20% in the green hydrogen industry [27]. Industry Weekly Perspective - The report suggests focusing on companies like Xin'ao Co., Ltd. (600803), Jiufeng Energy (605090), and New Natural Gas (603393) due to their strong market positions and growth potential in the natural gas sector [28][29].

具有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：2025-013 江西九丰能源股份有限公司 关于海南商业航天发射场特燃特气配套项目的实施进展公告（二） 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。 一、本项目的基本情况 随着我国卫星通信产业及火箭发射技术的进步，商业航天产业进入了发展的快车道， 市场空间广阔。为推动江西九丰能源股份有限公司（简称"九丰能源"或"公司"）特 种气体业务在商业航天领域的配套与融合，夯实航天特气的先发优势，2023 年 10 月 31 日，公司投资决策委员会评审同意投资建设海南商业航天发射场特燃特气配套项目（以 下简称"商发特气项目"、"本项目"或"项目"），相关具体内容详见公司分别于 2023 年 11 月 2 日、2024 年 8 月 31 日披露的《关于拟投资建设海南商业航天发射场特燃特气 配套项目的公告》《关于海南商业航天发射场特燃特气配套项目的实施进展公告》。 二、本项目的实施进展情况 （一）本项目的投建进展情况 截至目前，本项目投建进展顺利，项目主要 ...

具有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：2025-012 | | --- | --- | --- | | 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"九丰定 02"可转债 2025 年付息的公告 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： 江西九丰能源股份有限公司（以下简称"公司""上市公司"）于 2023 年 3 月 10 日 发行的可转换公司债券将于 2025 年 3 月 14 日开始支付自 2024 年 3 月 10 日至 2025 年 3 月 9 日期间的利息。根据公司《发行股份、可转换公司债券及支付现金购买资产并募 集配套资金实施情况暨新增股份上市公告书》（以下简称"《上市公告书》"）及可转债发 行的相关约定，现将有关事项公告如下： 一、定向可转债概况 1、债券简称：九丰定 02 1 "九丰定 02"可转债付息债权登记日：2025 ...

中信证券股份有限公司 关于江西九丰能源股份有限公司 向特定对象发行可转换公司债券挂牌转让事项的核查意见 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"本次部分解除锁定并挂牌转让进行了核查，并出具本核查意见。 一、本次解除锁定并挂牌转让的定向可转债概况 （一）可转债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 ...

| 证券代码：605090 | 证券简称：九丰能源 | | 公告编号：2025-011 | | --- | --- | --- | --- | | 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 关于可转债转股结果暨股份变动的公告 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： 累计转股情况：公司可转债"九丰定 01"自 2023 年 6 月 29 日起开始转股，可 转债"九丰定 02"自 2024 年 10 月 17 日起开始转股。截至 2024 年 12 月 31 日，可转债 "九丰定 01"累计转股的金额为 371,111,500 元，累计转股股数为 16,964,056 股；可转 债"九丰定 02"累计转股的金额为 59,870,000 元，累计转股股数为 2,507,113 股（所转 股份来源均系回购股份）。公司可转债累计转股总股数为 19,471,169 股，占可转债转股 前公司已发行股份总 ...