Investment Rating - The report maintains a "Positive" outlook on the public utilities and environmental sectors, particularly in electricity and natural gas [1]. Core Insights - The report highlights a recovery in electricity consumption in June, driven by the tertiary sector and residential usage, with a total electricity consumption of 8,670 billion kWh, representing a year-on-year growth of 5.4% [15][17]. - Natural gas consumption showed a slight increase in June, with a total apparent consumption of 35.05 billion m³, up 1.4% year-on-year, indicating a recovery in industry sentiment [21][48]. - The report emphasizes the ongoing optimization of energy structure in China, with significant contributions from renewable energy sources, particularly solar and nuclear power [2][8]. Summary by Sections 1. Electricity: June Consumption Growth Accelerates - In June, the industrial electricity generation reached 7,963 billion kWh, a year-on-year increase of 1.7% [7][9]. - The breakdown of electricity generation types shows a decline in hydropower by 4.0%, while nuclear power grew by 10.3%, and solar power surged by 18.3% [9][15]. - The report notes that the second industry contributed significantly to the electricity increment, accounting for 38% of the total increase [16][17]. 2. Natural Gas: Global Price Decline and June Consumption Growth - The report states that the apparent consumption of natural gas in June was 35.05 billion m³, marking a 1.4% increase year-on-year [21][48]. - The average price of LNG in Northeast Asia decreased to $11.90/mmBtu, reflecting a broader trend of declining global gas prices [22][41]. - The report anticipates that the long-term outlook for natural gas will improve due to rising LNG export capacities from the US and the Middle East [48]. 3. Weekly Market Review - The public utilities and environmental sectors underperformed compared to the CSI 300 index, while the electrical equipment sector outperformed [50]. 4. Company and Industry Dynamics - The report mentions the increase in installed capacity for solar and wind energy, with solar capacity growing by 54.2% year-on-year [53]. - It highlights the ongoing construction of large seawater desalination projects in coastal provinces to support high water-consuming industries [53]. 5. Key Company Valuation Table - The report includes a valuation table for key companies in the public utilities and environmental sectors, indicating potential investment opportunities [60].

Core Viewpoint - The announcement details the implementation of the 2024 Restricted Stock and Stock Option Incentive Plan by Jiangxi Jiufeng Energy Co., Ltd, including the first exercise results of stock options and the listing of shares [2][3][9] Group 1: Incentive Plan Overview - The name of the incentive plan is the "2024 Restricted Stock and Stock Option Incentive Plan" [2] - A total of 914,760 stock options were exercised, with the same number of shares listed for circulation [2][9] - The listing date for the shares is set for July 31, 2025 [2] Group 2: Decision-Making Process - The board of directors and the supervisory board approved the relevant proposals regarding the incentive plan during meetings held on July 18, 2025 [3][4] - The proposals included the conditions for lifting restrictions on the first batch of restricted stocks and the achievement of exercise conditions for stock options [3][6] Group 3: Stock Option Details - The first grant date for the incentive plan was determined to be June 21, 2024, with 2,348,500 shares granted to 134 incentive objects [5] - The stock options granted are subject to specific exercise conditions, which have been verified by the supervisory board [6][7] Group 4: Financial Impact - The funds raised from the exercise of stock options amount to approximately RMB 18.18 million, which will be used to supplement the company's working capital [9] - The newly issued shares represent 0.14% of the total share capital before the exercise, indicating no significant impact on the company's financial status [9]

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 2024 年限制性股票与股票期权激励计划 首次授予部分股票期权第一个行权期行权结果暨股份上市的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 股权激励计划名称：2024 年限制性股票与股票期权激励计划（以下简称"激励 计划"或"本次激励计划"） 本次行权股票期权数量：914,760 份。 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为914,760股。 本次股票上市流通总数为914,760股。 证券代码：605090 证券简称：九丰能源 公告编号：2025-062 本次股票上市流通日期为2025 年 7 月 31 日。 江西九丰能源股份有限公司（以下简称"公司"）于 2025 年 7 月 18 日分别召开第 三届董事会第十二次会议和第三届监事会第十一次会议，审议通过《关于 2024 年限制 性股票与股票期权激励计划首次授予部分限制性股票第一个解除限售期解除限售条件 及股票期权第一个行权期行权条件成就的议案》。本议案已经公司 ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending specific companies for investment based on their potential benefits from recent developments [3][4]. Core Insights - The commencement of the Yarlung Tsangpo River downstream hydropower project is expected to significantly boost demand for hydropower equipment, benefiting leading companies in the sector [4][14]. - The report highlights a decline in European and Asian gas prices due to varying supply and demand dynamics, suggesting a potential opportunity for gas companies [17][18]. Summary by Sections 1. Power: Yarlung Tsangpo Downstream Hydropower Project Commencement - The Yarlung Tsangpo River has substantial hydropower resources, with a theoretical capacity of 113 million kilowatts, making it one of the richest rivers in Tibet [8]. - The project involves the construction of five cascade power stations with a total investment of approximately 1.2 trillion yuan, primarily for power transmission outside Tibet [9][10]. - The project is expected to create a demand for hydropower equipment, with estimated annual orders of 4 billion yuan for Dongfang Electric and Harbin Electric, ensuring stable long-term performance for these companies [14][16]. 2. Gas: Global Supply and Demand Variations - As of July 18, the Henry Hub spot price in the US was $3.57/mmBtu, reflecting a weekly increase of 7.57%, while European gas prices showed a decline [17][19]. - The report notes that despite high temperatures increasing gas demand in the US, the overall supply remains stable, leading to a mixed outlook for gas prices [20][26]. - Recommendations include focusing on integrated gas companies like Kunlun Energy and New Hope Energy, which are expected to benefit from cost reductions and improved profitability [37]. 3. Weekly Market Review - The report indicates that the public utility, power, power equipment, environmental protection, and gas sectors underperformed compared to the CSI 300 index during the week [41]. 4. Company and Industry Dynamics - Recent government initiatives in Qingdao aim to accelerate the development of non-fossil energy and offshore wind projects, indicating a supportive policy environment for renewable energy [45]. - The report also highlights significant developments in nuclear power and energy storage projects in various provinces, showcasing ongoing investments in clean energy [47][48]. 5. Key Company Valuation Table - The report includes a valuation table for key companies in the public utility and environmental sectors, providing insights into their market positions and potential for growth [51].

Investment Rating - The report maintains an "Overweight" rating for the public utility industry, expecting the industry index to outperform the market index by more than 10% in the next six months [47]. Core Insights - The public utility index increased by 0.7% over the past two weeks, underperforming the CSI 300 index by 0.9 percentage points, ranking 23rd among 31 industries [5][12]. - The report highlights significant growth in the number of market participants in the electricity sector, with 816,000 entities expected in 2024, a year-on-year increase of 8.9% [43]. - The report suggests focusing on specific companies such as Huadian International and Guodian Power in the thermal power sector, and Xin'ao Co., Jiufeng Energy, and New Natural Gas in the gas sector due to favorable market conditions [43][44]. Summary by Sections 1. Market Review - As of July 17, the public utility index has seen a 0.7% increase year-to-date, lagging behind the CSI 300 index by 1.8 percentage points, ranking 24th among 31 industries [5][12]. - All sub-sectors of the public utility index experienced growth, with the heating service sector rising by 5.2% and the photovoltaic power sector by 4.0% [14]. 2. Industry Valuation - The public utility sector's price-to-earnings (P/E) ratio is currently at 18.5 times, with the photovoltaic sector having a notably high P/E ratio of 776.9 times [20][21]. 3. Industry Data Tracking - The average price of Shenxi Yulin thermal coal (Q6000) was 584 RMB/ton, down 2.1% from the previous value, while the average price at Qinhuangdao Port (Q5500) was 623 RMB/ton, up 1.6% [33][36]. 4. Key Industry News - The National Development and Reform Commission has issued a response regarding the normalization of electricity trading mechanisms across grid operating areas, aiming for better resource allocation [41]. - The Zhejiang Provincial Development and Reform Commission released guidelines for emergency management in offshore wind power projects [41]. 5. Weekly Industry Perspective - The report emphasizes the importance of monitoring coal prices and suggests that the average price of thermal coal has decreased this year, which could impact thermal power companies [43].

Group 1 - The company held its 11th meeting of the 3rd Supervisory Board on July 18, 2025, with all 3 supervisors present, confirming compliance with legal and regulatory requirements [2] - The Supervisory Board approved the conditions for the first unlock period of the 2024 restricted stock and stock option incentive plan, allowing 132 individuals to unlock 923,560 shares and exercise 914,760 stock options [2][3] - The Board also approved the repurchase and cancellation of 35,640 restricted stocks and stock options due to the departure of 2 incentive plan participants and the performance of 1 participant being deemed "qualified" [3][4] Group 2 - The Supervisory Board agreed to adjust the repurchase price of restricted stocks and the exercise price of stock options under the 2024 incentive plan, confirming that the adjustments comply with relevant regulations [4] - The Board approved adjustments to the 2025 employee stock ownership plan, ensuring that the changes are within the authorized scope and do not harm the interests of the company and its shareholders [5] - The chairman of the Supervisory Board recused himself from voting on the employee stock ownership plan adjustments [5]

Core Viewpoint - The company, Jiangxi Jiufeng Energy Co., Ltd., has announced adjustments to its 2025 employee stock ownership plan, including a change in the share purchase price due to recent dividend distributions [2][3]. Group 1: Adjustment Details - The adjustment was made following the distribution of a cash dividend of 0.82868 yuan per share (including tax), which affects the calculation of the share purchase price for the employee stock ownership plan [2]. - The share purchase price for the 2025 employee stock ownership plan has been adjusted from 12.61 yuan per share to 11.80 yuan per share [3]. - The adjustments comply with relevant regulations and do not harm the interests of the company or its shareholders [3]. Group 2: Impact and Compliance - The adjustment to the employee stock ownership plan will not have a substantial impact on the company's financial and operational status [3]. - The supervisory board has reviewed the adjustments and confirmed their legality and compliance with applicable guidelines [3][4]. - The legal opinion from Guohao Law Firm supports that the necessary approvals and authorizations for the adjustments have been obtained [4].

购销 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：2025-061 江西九丰能源股份有限公司 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： （一）本次担保基本情况 ? 被担保人名称：东莞市九丰能源有限公司（以下简称"东九能源"），为江西 九丰能源股份有限公司（以下简称"公司" "上市公司"）合并报表范围内子公司。 ? 本次担保金额：合计人民币 35,000 万元。 ? 已实际为上述被担保人提供的担保金额：截至 2025 年 7 月 17 日，公司及子公 司为东九能源实际担保余额为人民币 78,577.68 万元。 ? 本次担保是否有反担保：无。 ? 对外担保逾期的累计数量：无。 ? 特别风险提示：截至 2025 年 7 月 17 日，公司对外担保事项均为合并报表范围 内的公司对子公司、子公司与子公司之间相互提供的担保，实际担保余额折合人民币 共计 260,573.04 万元（含借款、保函、信用证等，涉及外币按 2025 年 7 月 17 日汇率 折算，下同），占 20 ...

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：2025-057 江西九丰能源股份有限公司 关于 2024 年限制性股票与股票期权激励计划 回购注销部分限制性股票及注销部分股票期权的公告 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： ? 股权激励计划名称：2024 年限制性股票与股票期权激励计划（以下简称"本次 激励计划"）。 ? 限制性股票回购注销数量：35,640 股。 ? 股票期权注销数量：44,440 份。 江西九丰能源股份有限公司（以下简称"公司"）于 2025 年 7 月 18 日分别召开第 三届董事会第十二次会议和第三届监事会第十一次会议，审议通过《关于 2024 年限制 性股票与股票期权激励计划回购注销部分限制性股票及注销部分股票期权的议案》，决 定回购注销激励对象已获授但不可解除限售的限制性股票合计 35,640 股，注销激励对象 已获授但不可行权及自愿放弃行权的股票期权合计 44,440 份。本议案已经公司于 2025 年 7 月 16 日召开的第三届 ...

江西九丰能源股份有限公司 第三届监事会第十一次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 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：2025-055 江西九丰能源股份有限公司（以下简称"公司"）第三届监事会第十一次会议于 2025 年 7 月 18 日（星期五）以现场表决方式召开。会议通知于 2025 年 7 月 16 日（星期三） 以电子邮件等方式送达全体监事。本次会议应出席监事 3 人，实际出席监事 3 人，会议 由监事会主席慕长鸿先生召集和主持。本次会议的召集、召开及表决程序符合有关法律、 法规及《公司章程》的相关规定。 二、监事会会议审议情况 经与会监事认真审议，本次会议逐项表决通过以下决议： （一）审议通过《关于 2024 年限制性股票与股票期权激励计划首次授予部分限制 性股票第一个解除限售期解除限售条件及股票期权第一个行权期行权条件成就的议案》 经审核，监事会认为：公司 2024 年限制性股票与股票期权激励计划（以下简称"激 励计 ...