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 companies. Recommendations include major thermal power enterprises such as Huadian International and Shanghai Electric, which has relatively stable regional electricity prices [22]. - Continuous government policies supporting renewable energy development are anticipated to lead to gradually stable profitability in renewable energy generation. Recommended companies include leading national renewable energy firms Longyuan Power and Three Gorges Energy, as well as regional offshore wind power companies [22]. - The report suggests that the growth in installed capacity and electricity generation will offset the downward pressure on electricity prices, with nuclear power companies expected to maintain stable profitability. Recommended companies include China National Nuclear Power and China General Nuclear Power [22]. - The report emphasizes the defensive attributes of hydropower stocks in a global interest rate decline environment, recommending Longjiang Power, which combines stability and growth [22]. - The report identifies investment opportunities in the environmental sector, particularly in water and waste incineration industries, which are entering a mature phase with improved free cash flow [23]. Summary by Sections Market Review - The Shanghai Composite Index fell by 3.77%, with the public utility index down 4.33% and the environmental index down 6.02%. The relative performance of public utilities and environmental sectors ranked 10th and 23rd among 31 first-level industry classifications [15][25]. 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 and restoration projects, 153 billion yuan for ecological restoration of abandoned mines, and 136 billion yuan for marine ecological protection projects [16]. Investment Strategy - The report recommends various companies across different sectors, including: - Thermal Power: Huadian International and Shanghai Electric - Renewable Energy: Longyuan Power, Three Gorges Energy, and regional offshore wind companies - Nuclear Power: China National Nuclear Power and China General Nuclear Power - Hydropower: Longjiang Power - Environmental: Guangda Environment and Zhongshan Public Utilities, focusing on mature sectors with improved cash flow [3][22][23]. Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for several companies, all rated as "Outperform," including Huadian International, Longyuan Power, and Guangda Environment, among others [7][8].

证券代码：605090 证券简称：九丰能源 公告编号：2025-106 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 关于开立募集资金暂时补流专户并签订三方监管协议的公告 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、募集资金基本情况 经中国证券监督管理委员会《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）核准，江西九丰能源股份有限公司（以下简称"公司"或"九丰 能源"）向特定对象发行可转换公司债券 12,000,000 张募集配套资金，种类为可转换为 上市公司人民币普通股（A 股）股票的债券，每张面值为人民币 100 元，按照面值发行； 募集资金总额为人民币 1,200,000,000.00 元，扣除不含税发行费用后，公司本次募集资 金净额为人民币 1,180,158,679.25 元，上述款项已于 2023 年 2 月 28 日全部到账。 致同会计师事务所（ ...

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：2025-107 江西九丰能源股份有限公司 关于公司为子公司提供担保的公告 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： 被担保人名称：广东九丰能源集团有限公司（以下简称"九丰集团"）、东莞 市九丰化工有限公司（以下简称"九丰化工"），均为江西九丰能源股份有限公司 （以下简称"公司""上市公司"或"九丰能源"）合并报表范围内子公司。 本次担保本金金额合计：最高不超过人民币 60,000.00 万元。 已实际为上述被担保人提供的担保金额：截至 2025 年 11 月 25 日，公司及子 公司为九丰集团、九丰化工实际担保余额分别为人民币 35,292.84万元、1,000.00 万元。 特别风险提示：截至 2025 年 11 月 25 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 252,952.28 万元（含借款、保函、信用证等，涉及外币按 2025 ...

Group 1 - The core point of the article is that Jiufeng Energy announced its external guarantee matters, which are primarily related to guarantees provided among subsidiaries, amounting to approximately 2.53 billion RMB, representing 27.33% of the net assets attributable to shareholders as of the end of 2024 [1][1][1] - As of the end of 2024, Jiufeng Energy's revenue composition is as follows: clean energy accounts for 89.16%, energy services for 9.77%, specialty gases for 1.07%, and other businesses for 0.01% [1][1][1] - The current market capitalization of Jiufeng Energy is 23.2 billion RMB [1][1][1]

Core Insights - The appreciation of the Renminbi has positively impacted certain sectors, with the Renminbi appreciation benefiting stocks rising by 0.54% compared to the previous trading day [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Summary of Benefiting Stocks - China Eastern Airlines (600115) led the gainers with a closing price of 5.06, up 2.43%, with a trading volume of 1.2588 million shares and a turnover of 634 million yuan [1] - Other notable gainers include: - Pinwo Food (300892) at 34.70, up 2.18%, with a turnover of 172 million yuan [1] - Liangxing Paper (002067) at 5.51, up 1.85%, with a turnover of 4.98 million yuan [1] - Tongling Nonferrous Metals (000630) at 5.04, up 1.00%, with a turnover of 1.074 billion yuan [1] - China National Aviation (601111) at 8.08, up 0.25%, with a turnover of 716 million yuan [1] Capital Flow Analysis - The Renminbi appreciation benefiting sector saw a net inflow of 94.82 million yuan from main funds, while speculative funds had a net inflow of 248 million yuan, and retail investors experienced a net outflow of 342 million yuan [2] - Key stocks in terms of capital flow include: - China National Duty-Free (601888) with a main fund net inflow of 2.30 billion yuan and a retail net outflow of 3.19 billion yuan [3] - Tongling Nonferrous Metals (000630) with a main fund net inflow of 94.99 million yuan and a retail net outflow of 60.20 million yuan [3] - Rongsheng Petrochemical (002493) with a main fund net inflow of 13.96 million yuan and a retail net outflow of 14.28 million yuan [3]

Core Viewpoint - Jiangxi Jiufeng Energy Co., Ltd. has announced an action plan titled "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" to enhance shareholder value and promote sustainable development in line with national economic policies [1] Group 1: Focus on Core Business and Improve Operational Quality - Jiufeng Energy aims to become the most valuable clean energy service provider, focusing on natural gas, liquefied petroleum gas (LPG), and specialty gases [2] - In the natural gas sector, the company is advancing its coal-to-natural gas project in Xinjiang and exploring new long-term contracts while optimizing its resource pool [2] - For LPG, the company is enhancing its supply structure and expanding its market presence, including acquiring storage facilities to boost operational capacity [3] Group 2: Accelerate New Quality Productivity Development - The company emphasizes innovation as a driver for new productivity, maintaining stable R&D investments and dynamically adjusting them based on market needs [4] - Jiufeng Energy is enhancing its collaboration with academic institutions and industry partners to develop key technologies in natural gas and specialty gases [4] Group 3: Share Development Dividends and Increase Shareholder Returns - The company has implemented a stable cash dividend mechanism, distributing approximately 1.856 billion yuan in cash dividends since its listing in 2021, with a planned fixed cash dividend of 750 million yuan for 2024 [7] - Jiufeng Energy has conducted four share repurchase plans totaling about 501 million yuan, with a fifth plan currently underway to repurchase 200 to 300 million yuan worth of shares [8] Group 4: Strengthen Market Communication and Convey Investment Value - The company has established a dedicated investor relations team and various communication channels to enhance interaction with investors [9] - Jiufeng Energy has actively participated in roadshows and strategy meetings to gather market feedback and improve investor understanding of its operations [10] Group 5: Adhere to Standardized Operations and Strengthen Governance - The company is optimizing its governance structure to ensure compliance with legal regulations and enhance decision-making processes [11] - Jiufeng Energy has upgraded its ESG management framework to integrate environmental, social, and governance principles into its business strategy [12] Group 6: Focus on Key Stakeholders and Strengthen Responsibility - The actual controllers of the company have committed not to reduce their holdings for 12 months post-listing, reinforcing confidence in the company's future [15] - Jiufeng Energy is implementing long-term incentive plans to align the interests of management with those of shareholders [16]

成为最具价值创造力的清洁能源服务商 关于"提质增效重回报"行动方案的公告 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。 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 动上市公司持续优化经营、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，江西九丰能源股份有限公司（以下简称"九丰能源"或"公司"） 基于对公司未来发展前景的信心及价值的认可，为提升公司全体股东利益，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。 一、聚焦核心主业，提升经营质量 九丰能源愿景为"成为最具价值创造力的清洁能源服务商"，三十余年持续耕耘清 洁能源产业，所涉及行业及产品涵盖天然气、液化石油气（LPG）及特种气体等，分别 主要服务于交通燃料、工业（园区）、燃气电厂、国际及国内其他能源服务商和分销商 等；居民燃料用气、化工原料用气；商业航天特燃特气等市场领域。 天然气业务方面，在资源端，公司持续推进新疆煤制天然气项目，并积极关注海气 新长约的合作机会，根据市场情况调整现货资源，构建"权益气+ ...

Core Viewpoint - Jiufeng Energy (605090.SH) has announced a share buyback program, indicating a strategic move to enhance shareholder value through repurchasing shares in the market [1] Group 1: Share Buyback Details - As of November 21, 2025, the company has repurchased a total of 6.6851 million shares, which represents 0.95% of the total share capital [1] - The highest transaction price during the buyback was 35.59 CNY per share, while the lowest was 25.52 CNY per share [1] - The total amount spent on the buyback, excluding transaction fees, is 200 million CNY [1]

成为最具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 | 668.51万股 | | 累计已回购股数占总股本比例 | 0.95% | | 累计已回购金额 | 20,032.72万元 | | 实际回购价格区间 | 25.52元/股~35.59元/股 | 重要内容提示： 一、 回购股份的背景和目的 证券代码：605090 证券简称：九丰能源 公告编号：2025-104 二、 回购股份的进展情况 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 ...

Group 1 - The company announced a share repurchase plan on April 18, 2025, with an implementation period from May 9, 2025, to May 8, 2026, aiming to repurchase between 200 million to 300 million yuan [1] - As of November 21, 2025, the company has repurchased a total of 6.6851 million shares, accounting for 0.95% of the total share capital, with a total expenditure of 200.3272 million yuan [1] - The repurchase price ranged from 25.52 yuan to 35.59 yuan per share, with 406,200 shares repurchased from November 1 to November 21, 2025, representing 0.06% of the total shares, at a cost of 13.6888 million yuan and a transaction price between 32.44 yuan and 34.81 yuan per share [1]