Core Insights - Jiufeng Energy has signed an investment agreement for the second phase of the special fuel and gas supporting project at the Wenchang International Space City [1] - The second phase expansion plan includes the production and storage of liquid nitrogen, liquid oxygen, green hydrogen, helium, krypton, xenon, light hydrocarbons, and aerospace kerosene [1] - The company aims to enhance its supply capacity for special fuels and gases to meet the rapidly growing potential market demand [1] - Jiufeng Energy is actively advancing the land approval and related preparatory work for the projects involved in the second phase expansion plan [1]

证券代码：605090 证券简称：九丰能源 公告编号：2025-108 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 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 经营状况及财务状况，基于对公司内在价值的认可与长期可持续发展的信心，并由第三 届董事会第九次会议、2024 年年度股东大会审议通过，同意以集中竞价交易方式回购公 司股份。本次回购股份的背景和目的具体如下： 1、现阶段，公司"一主两翼"业务发展格局已初步形成并取得良好成效，清洁能 源一体化"哑铃型"发展模式持续优化，能源服务增长动能不断释放，特种气体业务布 局加快推进，公司整体价值加快提升。 2、公司于 2024 年 6 月制定《未来三年（2024-2026 年）现金分红规划》，提出当 公司董事会认为二级市场股价与公司真实价值出现偏离时，将视情况在履行相关决策程 1 成为最具价值创造力的清洁能源服务商 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 ...

成为最具价值创造力的清洁能源服务商 债权人可采用现场、邮寄、传真等方式进行申报，具体方式如下： 证券代码：605090 证券简称：九丰能源 公告编号：2025-109 江西九丰能源股份有限公司 关于回购股份用于注销并减少注册资本暨通知债权人的公告 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。 一、通知债权人的原由 江西九丰能源股份有限公司（以下简称"公司"）分别于 2025 年 4 月 16 日、2025 年 5 月 8 日召开第三届董事会第九次会议和 2024 年年度股东大会，审议通过《关于以 集中竞价交易方式回购公司股份的议案》，同意公司使用自有资金及股票专项回购贷款 以集中竞价交易方式回购公司股份，回购资金总额不低于人民币 20,000.00 万元（含） 且不超过人民币 30,000.00 万元（含），调整后的回购价格为不超过人民币 36.91 元/股 （含），回购股份将全部予以注销并减少注册资本。公司董事会将根据 2024 年年度股 东大会授权，依法在回购期限内择机做出回购与注销决策并予以实施。 具体内容详见公司分别 ...

格隆汇12月1日丨九丰能源(605090.SH)公布，截至2025年11月30日，公司以集中竞价交易方式累计回购 股份689.22万股，占公司总股本的0.98%，最高成交价为35.59元/股，最低成交价为25.52元/股，已支付 的资金总额为人民币2.07亿元（不含交易费用）。 ...

九丰能源公告称，公司此前已审议通过回购股份议案，将用自有资金及专项贷款以集中竞价交易方式回 购，资金总额2-3亿元，调整后回购价不超36.91元/股，回购股份将注销并减资。因回购注销后公司总股 本及注册资本将减少，根据规定，债权人自接到通知30日内、未接到通知自公告披露45日内，有权要求 清偿债务或提供担保。申报时间为2025年12月2日起45日内，可通过现场、邮寄等方式申报。 ...

格隆汇12月1日丨九丰能源(605090.SH)在投资者互动平台表示，公司特种气体产品主要应用于商业航 天、半导体、消费电子、低空经济等领域。公司看好可控核聚变产业的长期发展趋势，现阶段，公司正 在积极关注并布局相关特种气体产品在可控核聚变领域的应用。 ...

2025年12月1日 标的指数成份股涨幅 TOP20 MACD金叉信号形成，这些股涨势不错！ 责任编辑：杨赐 标普中国 A 股红利机会指数(CSPSADRP) | 序号 | 代码 | 简称 | 草日涨幅 | 年内涨幅 | 股息率(近12个 | | --- | --- | --- | --- | --- | --- | | | | | (%) | (%) | 月) (%) | | 1 | 002478.SZ | 常宝股份 | 6.26 | 53.96 | 2.97 | | 2 | 605117.SH | 德业股份 | 3.99 | 39.92 | 4.89 | | 3 | 601825.SH | 沪农商行 | 2.95 | 16.03 | 4.74 | | 4 | 000928.SZ | 中钢国际 | 2.67 | 7.36 | 4.70 | | 5 | 002563.SZ | 森马服饰 | 2.53 | -5.67 | 8.45 | | 6 | 603508.SH | 思维列控 | 2.51 | 44.43 | 11.71 | | 7 | 605090.SH | 九丰能源 | 2.45 | 22.59 | 3 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][6][8]. Core Views - The report highlights a 7.9% year-on-year increase in national electricity market trading volume from January to October 2025, with significant growth in green electricity trading [2][15]. - The controlled nuclear fusion industry is experiencing accelerated capital expenditure, with a notable increase in project bidding activity [3][17]. - The report emphasizes the importance of policies supporting renewable energy development, predicting stable profitability for new energy generation [4][22]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.64%, while the public utility and environmental indices increased by 0.89% and 1.59%, respectively [1][14]. - Within the electricity sector, thermal power increased by 1.60%, while hydropower and new energy generation saw smaller gains [1][24]. Important Events - In October 2025, the national electricity market trading volume reached 563.8 billion kWh, marking a 15.6% increase year-on-year [2][15]. - The cumulative trading volume for the first ten months of 2025 was 5,492 billion kWh, accounting for 63.7% of total electricity consumption, up 1.5 percentage points from the previous year [2][15]. Specialized Research - The report details 35 public bidding projects in the controlled nuclear fusion sector from October to November 2025, with a total estimated contract value of 2.6 billion yuan [3][17]. - The bidding activity has significantly accelerated compared to previous months, indicating a growing interest and investment in this area [3][17]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading new energy firms such as Longyuan Power and Three Gorges Energy [4][22]. - The report also suggests focusing on water and waste incineration sectors, which are entering a mature phase with improved cash flow [4][22]. Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for various companies, all maintaining an "Outperform" rating, including Huadian International, Longyuan Power, and China Nuclear Power [8][22].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental protection sectors [5][7]. Core Views - The report highlights that coal and electricity prices are declining simultaneously, which is expected to maintain reasonable profitability for thermal power [22]. - Continuous government policies supporting renewable energy development are anticipated to lead to gradually stable profitability in renewable energy generation [22]. - The report emphasizes the importance of the new retail pricing mechanism in Sichuan's electricity market, which is expected to enhance the integration of commercial storage resources by virtual power plants [18][20]. Summary by Sections Market Review - The Shanghai Composite Index fell by 3.77%, while the public utility index dropped by 4.33% and the environmental index decreased by 6.02% [15][25]. - Within the electricity sector, thermal power declined by 4.68%, hydropower by 1.44%, and renewable energy generation by 5.67% [15][26]. Important Events - The Ministry of Finance has allocated the first batch of ecological and environmental protection funds for 2026, totaling 40 billion yuan for integrated protection projects, 153 billion yuan for ecological restoration of abandoned mines, and 136 billion yuan for marine ecological protection projects [16][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 [3][22]. - The report suggests focusing on water and waste incineration sectors, which are entering maturity with improved free cash flow, and highlights investment opportunities in companies like China Everbright Environment and Zhongshan Public Utilities [23]. - The report also points out the potential in the domestic waste oil recycling industry due to the EU's SAF blending policy, recommending companies like Shangaohuaneng [23]. Key Company Earnings Forecasts - The report provides earnings forecasts for various companies, indicating a positive outlook for those in the public utility and environmental sectors [8].

Market Overview - The gas sector increased by 1.15% on November 28, with Delong Huineng leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Key Performers in Gas Sector - Delong Huineng (000593) closed at 11.96, up 6.22% with a trading volume of 506,400 shares and a transaction value of 589 million [1] - Xinjiang Torch (603080) closed at 23.21, up 6.08% with a trading volume of 65,700 shares and a transaction value of 150 million [1] - Shengtong Energy (001331) closed at 14.32, up 5.84% with a trading volume of 64,300 shares and a transaction value of 90.55 million [1] - Other notable performers include Shouhua Gas (300483) up 5.28% and ST Jinjis (000669) up 4.87% [1] Capital Flow Analysis - The gas sector saw a net inflow of 116 million from institutional investors, while retail investors experienced a net outflow of 80.75 million [2] - The main capital inflow was observed in Shouhua Gas with a net outflow of 34.62 million from institutional investors [3] - Ninefeng Energy (605090) had a net inflow of 31.72 million from institutional investors, indicating strong interest [3]