| 交易日期 | | 证券代码 | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | 卖出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | | 026-01-13 | 九年能源 | 605090 | 239.4 47.88 | 有限因钙含量劈控 | 親體驗 | ଖ | 1月13日，九丰能源大宗交易成交5万股，成交额239.4万元，占当日总成交额的0.12%，成交价47.88 元，较市场收盘价47.88元持平。 ...

Market Overview - The gas sector experienced a decline of 0.64% on January 13, with Zhongtai Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 4138.76, down 0.64%, while the Shenzhen Component Index closed at 14169.4, down 1.37% [1] Stock Performance - Notable gainers in the gas sector included: - Delong Huineng (code: 000593) with a closing price of 15.83, up 10.01% and a trading volume of 308,400 shares [1] - Shengtong Energy (code: 001331) closed at 62.28, up 6.23% with a trading volume of 262,800 shares [1] - Meinen Energy (code: 001299) closed at 13.38, up 3.96% with a trading volume of 164,400 shares [1] - Major decliners included: - Zhongtai Co., Ltd. (code: 300435) closed at 29.68, down 6.08% with a trading volume of 638,500 shares [2] - Jiufeng Energy (code: 605090) closed at 47.88, down 6.03% with a trading volume of 428,500 shares [2] - Dazhong Public Utilities (code: 600635) closed at 6.88, down 4.04% with a trading volume of 1,386,100 shares [2] Capital Flow - The gas sector saw a net outflow of 260 million yuan from institutional investors, while retail investors contributed a net inflow of 125 million yuan [2] - The capital flow for key stocks included: - Jiufeng Energy had a net inflow of 77.34 million yuan from institutional investors, but a net outflow of 51.09 million yuan from retail investors [3] - Meinen Energy experienced a net inflow of 20.82 million yuan from institutional investors, with a net outflow of 20.36 million yuan from retail investors [3] - Newao Co. (code: 600803) had a net inflow of 20.36 million yuan from institutional investors, but a net outflow of 13.72 million yuan from retail investors [3]

Group 1: Industry Overview - According to Raytad Energy, global upstream exploration and development spending is expected to be around $600 billion in 2025, a decrease of 4% year-on-year, with deepwater investments projected to decline by 6% [1] - China's crude oil production has rebounded since 2019 due to a long-term strategy for increasing reserves and production, with a CAGR of 2.2% from 2019 to 2024, while natural gas production has a CAGR of 7.3% during the same period [1] - The "Big Three" oil companies in China have significantly increased capital expenditures from 2020 to 2023 and are expected to maintain high levels in 2024 and 2025, which will support upstream reserve growth and benefit their oil service subsidiaries [1] Group 2: Company Performance - In the first half of 2025, major oil service companies benefited from the ongoing domestic "increase reserves and production" initiative and the gradual release of overseas business performance, leading to improved operational quality despite falling oil prices [2] - CNOOC's oil service subsidiary reported a 23.3% year-on-year increase in net profit attributable to shareholders, while other companies like Haiyou Development and Haiyou Engineering saw net profit changes of +13.1% and -8.2% respectively, with the latter experiencing a 27% increase in gross profit [2] - The annualized ROE for CNOOC's oil service companies in the first half of 2025 showed resilience, with CNOOC at +1.5 percentage points compared to the full year of 2024, indicating a potential improvement in international competitiveness [2] Group 3: Market Performance - As of January 13, 2026, the National Petroleum and Natural Gas Index (399439) rose by 0.81%, with significant increases in stocks such as CNOOC's oil service (+6.03%) and China National Petroleum (+3.57%) [3] - The oil and gas ETF (159697) increased by 1.15%, reflecting a four-day consecutive rise, with the latest price reported at 1.23 yuan and a net subscription of 15 million units [3] - The top ten weighted stocks in the National Petroleum and Natural Gas Index account for 67.11% of the index, including major players like China National Petroleum, Sinopec, and CNOOC [3]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][5][8]. Core Insights - The report emphasizes the importance of the "environment + resource" investment logic, highlighting that many environmental companies possess resource attributes, which can lead to stable profit models through the extraction of valuable materials from waste [2][16][18]. - The report notes a decline in the utilization rates of photovoltaic and wind power generation in 2025, with photovoltaic utilization at 94.8% and wind power at 94.3% for the year-to-date [1][14]. Summary by Sections Investment Strategy - Public Utilities: 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]. - Environmental Sector: Focus on mature sectors like water and waste incineration, with recommendations for companies like China Everbright Environment and Shanghai Industrial Holdings [3][23]. Market Performance - The report indicates that the Shanghai Composite Index rose by 2.79%, with the public utility index increasing by 2.54% and the environmental index by 3.88% [1][24]. - In the power sector, thermal power saw a 2.40% increase, while renewable energy generation rose by 3.74% [1][25]. Key Data Overview - In November, the national electricity generation reached 779.2 billion kWh, with a year-on-year growth of 2.7% [45]. - The report highlights that the total electricity consumption for the year-to-date is 9,460.2 billion kWh, reflecting a 5.2% increase year-on-year [58]. Company Profit Forecasts and Ratings - Specific companies are highlighted with their respective ratings and financial metrics, such as Huadian International with a PE ratio of 10.2 for 2024 and 8.1 for 2025 [8]. - Other recommended companies include Longyuan Power, Three Gorges Energy, and China Nuclear Power, all rated as "Outperform" [8][22]. Special Research - The report discusses the shift from viewing environmental companies as cost centers to recognizing their potential for value creation through resource recovery and recycling [2][16]. - It also outlines the significant price increases in metals due to geopolitical tensions and supply chain concerns, which could benefit resource-oriented environmental companies [2][21].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][8]. Core Insights - The report emphasizes the importance of the "environment + resource products" investment logic, highlighting that many environmental companies possess resource attributes and can extract valuable materials from waste [2][16]. - The report notes a decline in the utilization rates of photovoltaic and wind power generation in 2025, with a focus on the implications for investment strategies in the sector [1][14]. Summary by Sections Market Review - The Shanghai Composite Index rose by 2.79%, while the public utility index increased by 2.54% and the environmental index by 3.88% [1][24]. - In the power sector, coal and electricity prices are expected to decline, but profitability for thermal power is anticipated to remain reasonable [22]. Important Events - From January to November 2025, the national photovoltaic and wind power generation utilization rates were 94.8% and 94.3%, respectively, showing a year-on-year decline [1][14]. - The report discusses the implementation of the "Renewable Energy Green Power Certificate Management Implementation Rules," which will affect the issuance of green certificates for renewable energy [15]. 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 [22]. - The report suggests focusing on environmental companies with stable cash flows and growth potential, such as China Everbright Environment and Shanghai Industrial Holdings [23]. Key Company Profit Forecasts and Investment Ratings - Huadian International (600027.SH) is rated "Outperform" with an expected EPS of 0.46 for 2024 and a PE ratio of 10.2 [8]. - Longyuan Power (001289.SZ) is also rated "Outperform," with an expected EPS of 0.75 for 2024 and a PE ratio of 20.4 [8]. - China Nuclear Power (601985.SH) is rated "Outperform" with an expected EPS of 0.46 for 2024 and a PE ratio of 21.2 [8].

Core Viewpoint - The report emphasizes the critical role of Sustainable Aviation Fuel (SAF) in aviation decarbonization, highlighting the scarcity and price increase of waste oil resources during the SAF production expansion cycle [1][3]. Investment Recommendations - Key recommendations include companies such as Huanlan Environment (600323), Longjing Environmental Protection (600388), and others in the environmental sector [2]. - Companies to watch include Dayu Water-saving (300021) and Lian Tai Environmental Protection (603797) [2]. Industry Insights - SAF is identified as the only feasible solution for aviation decarbonization, with a focus on the HEFA route using waste oil (UCO) as raw material. The EU mandates increasing SAF blending ratios from 2% in 2025 to 70% by 2050, with projected SAF demand reaching 3,662 million tons by 2050 [3]. - By the end of 2025, domestic SAF production capacity is expected to reach 1.2 million tons per year, with total planned capacity of 4.4 million tons per year [3]. - The price of SAF is projected to rise significantly due to supply constraints, with a potential increase of over 50% from the beginning of the year [3]. Policy Tracking - The government is set to invest over 1 billion yuan in the Yangtze River protection projects from 2025 to 2027, with a focus on sewage pipeline construction and ecological restoration [4]. - Investment suggestions include companies involved in water treatment and sewage management, such as Bihui Source and Energy Conservation Guozhen (300388) [4]. Strategic Outlook for 2026 - The strategy focuses on value and growth, emphasizing the importance of marketization and efficiency improvements in the solid waste sector, with potential dividend increases [5]. - The report highlights the significance of the dual carbon drive, with recommendations for companies involved in renewable resources and waste oil production [6]. Industry Tracking - In the sanitation equipment sector, sales of new energy sanitation vehicles increased by 64.01% year-on-year, with a penetration rate of 18.60% [7]. - The price of biodiesel has decreased, leading to a decline in profit margins, while lithium battery recycling shows improved profitability due to rising lithium prices [7].

Summary of Jiufeng Energy Conference Call Company Overview - Jiufeng Energy is a core supplier for the Hainan Commercial Space Launch Site and is actively expanding to other bases, collaborating with multiple commercial rocket companies to provide a comprehensive range of special fuels and gases services, including high-purity liquid methane, liquid hydrogen, oxygen, nitrogen, and helium [2][3] Key Points and Arguments Market Position and Competitive Advantages - Jiufeng Energy has significant economic and cost advantages in the special fuels and gases supply sector, primarily reflected in its high market share and large-scale helium assets, achieving comprehensive coverage of key gases at the Hainan launch site [2][4] - The company has established itself as a qualified supplier for the Hainan Commercial Space Launch Site since November 2023, with plans to expand to other locations such as Shandong and Gansu [3] Growth Potential in Commercial Space Sector - With advancements in reusable technology, the value per launch for Jiufeng Energy is expected to increase by approximately 30% after adopting liquid methane processes, with current single-launch values estimated at 3-4 million RMB [6][12] - The commercial space sector is experiencing strong demand for rocket launches, driven by satellite launch plans from companies like Xingwang, Yuanxin, and Blue Arrow, indicating a vast market potential [8][9] Valuation and Future Profitability - The current market valuation of Jiufeng Energy's commercial space business is around 5 billion RMB, with a projected P/E ratio of less than 10 based on future profit estimates from 300 launches, suggesting significant undervaluation [7] - The company anticipates achieving a profit of 3.2 to 3.4 billion RMB by 2028, driven by its core business and the expansion of its helium and special gas supply capabilities [17] Cost Reduction and Market Dynamics - Key directions for reducing rocket launch costs include the development of reusable technology and high-capacity rockets, which are critical in the competitive landscape between China and the U.S. [10] - The demand for special fuels and gases remains rigid, with expectations of increased demand as payloads rise, despite overall marginal costs decreasing with more reusable launches [11] Future Projects and Financial Projections - Jiufeng Energy plans to invest 300 million RMB in expanding the Hainan Commercial Space Phase II project to enhance supply capabilities [6] - The company projects that by 2028, its new projects will contribute profits of 1.2 to 1.4 billion RMB, with a rapid ramp-up expected due to the maturity of coal-to-gas technology [16] Additional Important Insights - Jiufeng Energy's integrated layout and overseas gas source cost optimization are expected to enhance profitability, with a target of 15% annual growth from 2025 to 2027 [15] - The company has a strong resource endowment and matching capabilities, allowing it to provide competitive pricing and stable supply guarantees in the special fuels and gases market [14] - The long-term outlook for the commercial space sector includes increasing satellite recovery and replacement, space computing, and lunar missions, further expanding the rocket launch market [9]

Core Viewpoint - The article highlights the top-performing stocks in the S&P China A-Share Dividend Opportunity Index as of January 12, 2026, showcasing significant daily and year-to-date gains along with their respective dividend yields. Group 1: Stock Performance - The top stock, Chongqing Department Store (600729.SH), experienced a daily increase of 10.01% and a year-to-date increase of 11.58%, with a dividend yield of 5.17% [1] - Jiufeng Energy (605090.SH) saw a daily rise of 9.22% and a year-to-date rise of 18.21%, with a dividend yield of 2.42% [1] - Aotewei (688516.SH) reported a daily increase of 8.81% and a year-to-date increase of 35.02%, with a dividend yield of 3.74% [1] - Other notable performers include China Merchants Energy (600026.SH) with a daily increase of 7.24% and year-to-date increase of 16.70%, and Xin'ao Co. (603888.SH) with a daily increase of 6.35% and year-to-date increase of 9.56% [1] Group 2: Dividend Yields and Valuation Metrics - The average dividend yield for the index is reported at 4.76%, with a historical price-to-earnings (P/E) ratio of 11.75 times [2] - The expected P/E ratio is noted to be 11.07 times, indicating a stable valuation outlook for the index constituents [2]

Group 1 - The gas sector experienced a rise of 2.26% on January 12, with Zhongtai Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1] - Zhongtai Co., Ltd. saw a significant increase in its stock price, closing at 31.60 with a rise of 20.02% and a trading volume of 489,700 shares, amounting to a transaction value of 1.462 billion yuan [1] Group 2 - The gas sector had a net outflow of 97.5018 million yuan from institutional funds, while retail investors saw a net inflow of 232 million yuan [2] - The trading data indicates that DeLong Huineng had a net inflow of 75.8922 million yuan from institutional funds, despite a net outflow from retail investors [3] - The overall trend shows that while institutional funds are withdrawing, retail investors are actively buying into the gas sector [2][3]

Investment Rating - The report maintains an "Accumulate" rating for the gas industry [1] Core Viewpoints - The temperature is expected to rise to normal levels, leading to a decrease in gas prices in Europe and the US [4][9] - The overall supply of gas is sufficient, with domestic gas prices showing a week-on-week decrease of 1.4% [21] - The report emphasizes the importance of optimizing costs for city gas companies and the ongoing adjustment of pricing mechanisms [50] Price Tracking - As of January 9, 2026, the week-on-week changes in gas prices are as follows: US HH -27.5%, European TTF -5.7%, East Asia JKM -1.4%, China LNG ex-factory -1.4%, and China LNG CIF -4.8% [4][10] - The average daily gas generation in Europe increased by 26.8% week-on-week and 109.7% year-on-year to 1635.8 GWh [16] Supply and Demand Analysis - The US natural gas market price decreased by 27.5% week-on-week due to rising temperatures, with storage levels down by 1190 billion cubic feet to 32560 billion cubic feet [14] - European gas consumption from January to September 2025 was 313.8 billion cubic meters, a year-on-year increase of 4.1% [16] - Domestic gas consumption from January to November 2025 increased by 1.5% year-on-year to 392 billion cubic meters [21] Pricing Progress - Nationwide pricing adjustments are gradually being implemented, with 67% of cities having executed residential pricing adjustments, averaging an increase of 0.22 yuan per cubic meter [34] - The report indicates that there is still a 10% room for price adjustment in city gas companies [34] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the ongoing pricing adjustments, such as Xin'ao Energy, China Resources Gas, and Kunlun Energy, all with dividend yields around 4.8% [51] - It also highlights the importance of companies with quality long-term contracts and flexible scheduling, such as Jiufeng Energy and Xin'ao Shares [51] - The report suggests paying attention to companies with gas production capabilities, such as Shouhua Gas and New Natural Gas, due to the increasing uncertainty in US gas imports [51]