消息面上，全球区域局势持续推升油价，油运市场景气上行。国内方面，2025年，华北油田原油年产量 突破500万吨。这是自2024年以来，该油田原油年产量连续两年突破500万吨。 油气ETF紧密跟踪国证石油天然气指数，国证石油天然气指数反映沪深北交易所石油天然气产业相关上 市公司的证券价格变化情况。 数据显示，截至2025年12月31日，国证石油天然气指数(399439)前十大权重股分别为中国石油、中国石 化、中国海油、杰瑞股份、广汇能源、招商轮船、新奥股份、九丰能源、中远海能、大众公用，前十大 权重股合计占比67.11%。 油气ETF(159697)，场外联接(A：019827；C：019828；I：022861)。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 东方证券指出， 委内瑞拉短期原油出口或仍受限，长期出口或合法化提振合规市场油运需求。2025年 委内瑞拉原油产量约占全球1%，原油海运出口量约占全球2%。其中原油海运出口中约17%出口至美 国，五成以上通过影子船队出口至亚洲。短期看，2025年12月委内瑞拉原油海运量环比下降7%，影响 相对有限。长期看，若美国增加对委内瑞拉石 ...

Core Insights - The article highlights the top 20 performing stocks in the S&P China A-Share Dividend Opportunity Index as of January 9, 2026, showcasing significant daily and year-to-date gains along with their respective dividend yields [1][5]. Group 1: Stock Performance - The top performer is Jiufeng Energy (605090.SH) with a daily increase of 4.62% and a year-to-date increase of 8.24%, offering a dividend yield of 2.54% [1][5]. - Weichai Power (000338.SZ) follows with a daily rise of 4.32% and a year-to-date increase of 6.63%, with a dividend yield of 4.00% [1][5]. - Tianshan Aluminum (002532.SZ) shows a daily increase of 2.78% and a year-to-date increase of 12.05%, with a dividend yield of 2.25% [1][5]. - Other notable stocks include China Shenhua (601088.SH) with a dividend yield of 7.82% and a year-to-date increase of 4.81% [1][5]. Group 2: Dividend and Valuation Metrics - The overall dividend yield for the index is reported at 4.76%, with a price-to-book ratio of 1.34 times [2]. - The historical price-to-earnings ratio stands at 11.75 times, while the expected price-to-earnings ratio is slightly lower at 11.07 times [2].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The commercial aerospace sector is experiencing robust growth driven by policy support, indicating a critical turning point in commercialization. Satellite frequency and orbital resources are scarce strategic assets globally, with developed countries like the US leveraging early investments and SpaceX's advantages to secure significant frequency resources. China has recognized commercial aerospace as a vital strategic area, intensifying policy support to accelerate satellite network deployment [3][8] - Solar photovoltaic (PV) technology is the primary long-term energy source for satellites, with current applications focused on communication satellites. The global solar PV market is projected to reach between 80 billion to 120 billion yuan, assuming the price of gallium arsenide batteries is approximately 200,000 yuan per square meter and an annual launch of 4,000 to 6,000 satellites, each with solar wings of 100 square meters. Elon Musk's plan to deploy 100GW of computing power annually by 2030 could transition space PV from "satellite auxiliary power" to "large-scale energy infrastructure," potentially expanding the market from a hundred billion to a trillion yuan scale [4][8][9] Summary by Sections Section 1: Electric New Energy - The solar PV market is set to expand significantly, driven by the unique energy demands of satellites and large-scale space data centers. The technology is evolving from multi-junction gallium arsenide to P-type HJT and perovskite/silicon tandem cells, which are better suited for the harsh conditions of space. P-type HJT batteries offer advantages such as radiation resistance, lightweight, high efficiency, and cost-effectiveness, making them ideal for space applications [9] - The market for HJT technology is expected to grow as it moves away from competitive pressures in the terrestrial PV market, positioning it as a mainstream technology globally [9][10] Section 2: Investment Recommendations - Key companies recommended for investment include Maiwei Co., Jin Feng Technology (H), and Zhongji Anruike. Companies related to equipment such as Jiejia Weichuang and Aotewei are suggested for attention, along with battery and module companies like Dongfang Risheng, Junda Co., Jinko Solar, Trina Solar, and Mingyang Smart Energy. Other companies in the commercial aerospace supply chain include Jin Feng Technology (A), Jiufeng Energy, Xinle Energy, Guoci Materials, Jing Shan Light Machine, Saiwu Technology, Jinjing Technology, and Taisheng Wind Energy [10]

Group 1 - The stock price of Jiufeng Energy (605090) closed at 46.65 yuan on January 9, 2026, an increase of 8.24% from the previous week, with a market capitalization of 32.843 billion yuan, ranking 2nd in the gas sector and 631st in the A-share market [1] - On January 6, 2026, Jiufeng Energy executed a block trade with a transaction amount of 4.425 million yuan [1][5] Group 2 - Jiufeng Energy and its subsidiaries provided guarantees for their subsidiaries with a maximum principal amount of 1.5216380 billion yuan, including 540 million yuan and 14 million USD, to support financing needs [2] - As of January 4, 2026, the actual guarantee balance amounted to 2.2661989 billion yuan, accounting for 24.48% of the audited net assets attributable to the parent company as of the end of 2024 [2] Group 3 - The convertible bonds "Jiufeng Ding 01" and "Jiufeng Ding 02" began conversion on June 29, 2023, and October 17, 2024, respectively, with a total conversion amount of 815.0542 million yuan and 1 billion yuan, resulting in an increase in total share capital [3] - The controlling shareholder's ownership was diluted from 51.16% to 50.52% due to the conversion of bonds, without triggering a mandatory tender offer [3] - Several shareholders plan to reduce their holdings by a total of up to 17.2582 million shares between January 29 and April 28, 2026, for personal financial needs [3][5]

Core Viewpoint - The gas sector experienced a positive performance on January 9, with a 0.94% increase, led by Delong Huineng, while the Shanghai Composite Index rose by 0.92% and the Shenzhen Component Index increased by 1.15% [1] Group 1: Market Performance - The gas sector stocks showed varied performance, with Delong Huineng leading the gains at a closing price of 13.08, up by 8.01% [1] - Other notable performers included Jiufeng Energy, which closed at 46.65, up by 4.62%, and Dazhong Public Utilities, which rose by 3.67% to close at 7.06 [1] - The total trading volume for Delong Huineng was 414,900 shares, with a transaction value of 527 million [1] Group 2: Fund Flow Analysis - The gas sector saw a net outflow of 150 million from main funds, while retail investors contributed a net inflow of 89.49 million [2] - The main fund inflow was led by Baichuan Energy with a net inflow of 21.02 million, while Fuan Energy experienced a net outflow of 26.59 million from retail investors [3] - The overall sentiment in the gas sector indicates a mixed response from institutional and retail investors, with significant retail participation despite the main fund outflow [2][3]

Group 1 - The article highlights the top 20 stocks in the S&P China A-Share Dividend Opportunity Index (CSPSADRP) based on their daily and year-to-date performance as of January 8, 2026 [1][5] - The stock with the highest daily increase is Aotewi (688516.SH) with a rise of 11.85% and a year-to-date increase of 29.25%, along with a dividend yield of 4.02% [1][5] - Guangri Co., Ltd. (600894.SH) and Su Yan Jingshen (603299.SH) follow with daily increases of 5.95% and 4.64%, respectively, and year-to-date increases of 5.95% and 6.14% [1][5] Group 2 - Other notable stocks include Zhongyuan Haineng (600026.SH) with a daily increase of 4.59% and a year-to-date increase of 7.36%, and Jiufeng Energy (605090.SH) with a daily increase of 4.55% and a year-to-date increase of 3.46% [1][5] - The dividend yields for these stocks vary, with Guangri Co., Ltd. offering the highest yield at 7.61%, followed by Jiufeng Energy at 2.65% [1][5] - The data is sourced from the Shanghai Stock Exchange and reflects the performance as of the market close on January 8, 2026 [1][5]

Core Viewpoint - Jiufeng Energy has established a stable pricing capability through a dual resource pool of "offshore gas + onshore gas" and efficient resource allocation, which supports its growth strategy and business layout [2] Group 1: Upstream Resources - The company aims to invest in the second phase of the Xinjiang Qinghua project, which will produce 4 billion cubic meters of coal-to-natural gas annually, to secure cost-effective and stable gas resources [2] - The complete upstream resource pool will consist of equity gas, long-term contract gas, and spot gas to meet the company's strategic development needs [2] Group 2: Midstream and Downstream Operations - The company has established core asset barriers in the midstream sector and operates with high efficiency and low costs [2] - In the downstream sector, Jiufeng Energy is expanding its direct terminal user base and enhancing the matching capability between resource end and client end [2] - The company balances customer interests and its own pricing revenue through various methods such as price linkage, back-to-back transactions, cost-plus pricing, and agreement pricing [2]

Core Viewpoint - Jiufeng Energy has achieved a significant milestone in its LNG and LPG shipping capacity, indicating a strong operational performance and strategic focus on maximizing asset utilization [2]. Group 1: Company Operations - As of now, the company has independently controlled multiple LNG and LPG vessels, with an annual turnover capacity exceeding 5 million tons [2]. - The company is not only meeting its own shipping needs but is also actively providing external shipping services to enhance the efficiency of its vessel assets [2].

Investment Rating - The report does not explicitly state an investment rating for the company [1]. Core Insights - The company, Jiufeng Energy, is transitioning from a traditional energy service provider to a key supplier of aerospace fuels, capitalizing on the booming commercial space industry in China [2][3]. - Jiufeng Energy's LNG business has shown resilience despite a decline in overall revenue and profit due to extreme weather and previous non-recurring gains [6][10]. - The company has established a significant presence in the commercial aerospace special gas sector, with a clear expansion strategy from initial projects in Hainan to nationwide agreements [18][22]. Summary by Relevant Sections Financial Performance - In the first three quarters of 2025, Jiufeng Energy reported revenue of 15.608 billion yuan, a year-on-year decrease of 8.4%, and a net profit of 1.241 billion yuan, down 19.1% [6]. - The company's gross margin improved to 10.4%, an increase of 1.05 percentage points compared to the full year of 2024, indicating a positive trend in profitability despite short-term challenges [10][14]. Business Transformation - Jiufeng Energy is shifting towards a "gas source + distribution" model, with ongoing projects such as the Xinjiang coal-to-gas project, which aims for an annual production capacity of 4 billion cubic meters [14][15]. - The company has invested 493 million yuan in the first phase of the Hainan special gas project, which includes production capacities for liquid hydrogen, liquid oxygen, liquid nitrogen, and other aerospace fuels, set to commence operations in 2025 [18][20]. Market Expansion - Jiufeng Energy has signed long-term supply agreements with eight rocket companies, covering a full range of special gases, and is expanding its operations to major commercial launch bases across China [22][24]. - The demand for special gases is expected to surge as the number of commercial satellite launches increases, with projections indicating a potential annual launch requirement of 150 to 200 rockets by 2030 [22][23]. Future Outlook - The company is well-positioned to leverage its early-mover advantage in the commercial aerospace special gas market, with plans for further expansion and investment in new production facilities [24][26]. - With the commissioning of the Xinjiang coal-to-gas project and the second phase of the Hainan project, Jiufeng Energy is expected to drive growth in the aerospace sector, contributing to its energy transition strategy [26][27].

Core Viewpoint - Jiufeng Energy (605090) is strategically positioning its specialty gas business towards aerospace-specific gases, particularly focusing on the commercial aerospace sector's demand for specialized fuels and gases [1] Group 1: Business Strategy - The company has established supply cooperation relationships with several key players in the aerospace industry, including Shanghai Aerospace Equipment Manufacturing Factory, China Aerospace Science and Technology Corporation's commercial rocket division, and Beijing Tianbing Technology Co., Ltd [1] - Jiufeng Energy is actively seeking development opportunities in the commercial aerospace specialized fuel and gas sector [1] Group 2: Compliance and Disclosure - The company commits to fulfilling information disclosure obligations in accordance with relevant laws and regulations regarding any potential cooperation or investment plans in the aerospace sector [1]