Investment Rating - The report maintains an "Accumulate" rating for the gas industry [1] Core Viewpoints - The report highlights that heating demand and escalating US-Iran tensions have led to a significant increase in overseas gas prices, with US HH prices rising by 10.2% and European TTF prices soaring by 32.4% as of January 16, 2026 [5][10] - The report emphasizes the importance of the commercial aerospace sector in enhancing the value and market share of specialty gases, particularly for companies like Jiufeng Energy [5] Price Tracking - As of January 16, 2026, the week-on-week changes in gas prices are as follows: US HH +10.2%, European TTF +32.4%, East Asia JKM +16.6%, China LNG ex-factory +0.9%, and China LNG CIF +10.1%, with prices reaching 0.8, 3.3, 2.8, 2.6, and 2.6 yuan per cubic meter respectively [10][11] Supply and Demand Analysis - The report notes that the US gas price has increased due to heightened tensions in the Middle East, with a week-on-week decrease in storage levels of 710 billion cubic feet, bringing total storage to 31,850 billion cubic feet, a year-on-year increase of 2.2% [16] - European gas prices have surged due to significantly lower temperatures compared to previous years, with a reported consumption increase of 4.1% year-on-year for the first nine months of 2025, totaling 313.8 billion cubic meters [17] Domestic Market Overview - The report indicates that domestic gas prices have increased by 0.9% week-on-week, with a total apparent consumption of 392 billion cubic meters in China for the first eleven months of 2025, reflecting a year-on-year increase of 1.5% [21][26] - The domestic LNG import price averaged 3,384 yuan per ton in November 2025, showing a year-on-year decrease of 18.3% [26] Pricing Mechanism Progress - The report states that 67% of cities have implemented residential pricing adjustments, with an average increase of 0.22 yuan per cubic meter, indicating ongoing efforts to optimize costs for city gas companies [36] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the ongoing pricing adjustments, highlighting New Hope Energy, China Resources Gas, and Kunlun Energy as key investment opportunities [5] - It also suggests monitoring companies with quality long-term contracts and flexible operations, such as Jiufeng Energy and New Hope Holdings, for their potential in the commercial aerospace sector [5]

Group 1 - The core viewpoint of the news is that Jiufeng Energy's stock has seen a significant increase of 5.28%, reaching a price of 47.49 CNY per share, with a trading volume of 450 million CNY and a turnover rate of 1.38%, resulting in a total market capitalization of 33.435 billion CNY [1] - Jiufeng Energy, established on February 27, 2008, and listed on May 25, 2021, is primarily engaged in the business of liquefied natural gas (LNG), liquefied petroleum gas (LPG), methanol, and dimethyl ether (DME) [1] - The revenue composition of Jiufeng Energy includes: natural gas and operations 48.09%, liquefied petroleum gas 41.05%, other chemical products 7.49%, energy logistics and technical services 2.90%, special gases 0.46%, and others 0.01% [1] Group 2 - From the perspective of fund holdings, Xinyuan Fund has a significant position in Jiufeng Energy, with its Xinyuan Industry Rotation A fund (005949) increasing its holdings by 6,100 shares in the third quarter, totaling 63,600 shares, which accounts for 3.49% of the fund's net value, making it the seventh-largest holding [2] - The Xinyuan Industry Rotation A fund has a current scale of 6.9902 million CNY and has achieved a year-to-date return of 3.18%, ranking 5,369 out of 9,009 in its category, while its one-year return is 17.82%, ranking 5,593 out of 8,164 [2] - The fund manager, Zhang Hanyi, has been in position for 9 years and 30 days, with the fund's total assets amounting to 63.2685 million CNY, achieving the best return of 156.94% and the worst return of 17.49% during his tenure [2]

九丰能源1月16日大宗交易平台出现一笔成交，成交量11.32万股，成交金额510.65万元，大宗交易成交 价为45.11元。该笔交易的买方营业部为中国国际金融股份有限公司北京建国门外大街证券营业部，卖 方营业部为中信证券股份有限公司泉州温陵北路证券营业部。 1月16日九丰能源大宗交易一览 | 成交量 | 成交金 额（万 | 成交价 格 | 相对当日收盘 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万 | | | 折溢价（%） | | | | 股） | 元） | （元） | | | | | 11.32 | 510.65 | 45.11 | 0.00 | 中国国际金融股份有限公司北 京建国门外大街证券营业部 | 中信证券股份有限公司 泉州温陵北路证券营业 | | | | | | | 部 | （文章来源：证券时报网） 证券时报·数据宝统计显示，九丰能源今日收盘价为45.11元，上涨0.02%，日换手率为3.30%，成交额为 10.58亿元，全天主力资金净流出9580.46万元，近5日该股累计下跌3.30%，近5日资金合计净流出 2253.84 ...

Core Viewpoint - The gas sector experienced a decline of 1.24% on January 15, with Shengtong Energy leading the drop, while the Shanghai Composite Index fell by 0.33% and the Shenzhen Component Index rose by 0.41% [1] Group 1: Market Performance - The gas sector's individual stock performance showed mixed results, with notable gainers including Delong Huineng (up 5.00% to 18.28) and Shuifa Gas (up 3.46% to 7.18) [1] - Conversely, significant decliners included Gantong Energy (down 10.01% to 52.43) and Jiufeng Energy (down 5.37% to 45.10) [2] Group 2: Trading Volume and Value - The trading volume for Delong Huineng reached 819,000 shares with a transaction value of 142.5 million yuan, while Shuifa Gas had a trading volume of 158,900 shares and a transaction value of 112 million yuan [1] - Gantong Energy had a trading volume of 111,200 shares and a transaction value of 601 million yuan, indicating significant market activity despite the price drop [2] Group 3: Capital Flow - The gas sector saw a net outflow of 342 million yuan from main funds, while retail investors contributed a net inflow of 324 million yuan [2] - Notable stocks like Shengda Forestry experienced a net inflow of 16.09 million yuan from main funds, while it faced a net outflow of 11.13 million yuan from retail investors [3]

Group 1 - The oil sector is experiencing a capital inflow despite market conditions, with the Penghua Oil ETF (159697) seeing a net subscription of 10 million units, marking five consecutive days of net inflow [1] - Political tensions in Venezuela and Iran are increasing, contributing to a rise in regional political risk premiums for oil prices, while OPEC+ has decided to temporarily halt its production growth plan for the first quarter of 2026 [1] - As of January 15, 2026, the National Securities Oil and Gas Index (399439) shows mixed performance among its constituent stocks, with Hengtong Co. leading at a 3.61% increase, while Jiufeng Energy is down 4.45% [1] Group 2 - As of December 31, 2025, the top ten weighted stocks in the National Securities Oil and Gas Index (399439) include major companies such as China National Petroleum, Sinopec, and CNOOC, collectively accounting for 67.11% of the index [2]

Investment Rating - The industry investment rating is maintained as "Outperform the Market" [4] Core Insights - The commercial aerospace industry is entering a period of explosive growth, with significant improvements in low-orbit satellite constellation construction and launch capabilities. China plans to launch 12,992 commercial satellites to create a global internet satellite constellation [1] - The demand for liquid rocket engines is increasing due to the trend towards large-capacity and reusable rockets in commercial aerospace, leading to a substantial rise in the demand for liquid propellants [2] - The market for electronic specialty gases is projected to reach $6.023 billion globally by 2025, with a CAGR of 6.39% from 2022 to 2025 [2] - The carbon fiber industry is experiencing structural differentiation, with high-performance carbon fiber demand rising in aerospace, while the mid-to-low-end market faces oversupply and price wars [9] - Advanced structural ceramics and composite materials are critical for high-end equipment in aerospace and other key sectors, with ongoing technological advancements in China [9] Summary by Sections Commercial Aerospace Development - The commercial aerospace sector is witnessing rapid advancements, with the establishment of launch sites and the development of new rocket technologies [1] - The government is promoting the safe and healthy development of emerging industries, including commercial aerospace, through various action plans [1] Market Demand and Growth - The demand for liquid propellants and specialty gases is expected to grow significantly, driven by advancements in rocket technology and increased satellite production [2] - The electronic specialty gas market in China is projected to reach 23 billion yuan by 2024, with a CAGR of 10.31% from 2022 to 2024 [2] Material Applications - High-performance materials such as carbon fiber, advanced ceramics, and quartz glass fibers are increasingly used in commercial aerospace applications [9][11] - Companies like Jiufeng Energy and Guangwei Composites are leading in the domestic market for specialty gases and carbon fibers, respectively, with ongoing projects to meet the growing demand [2][9] Investment Recommendations - The report suggests focusing on companies involved in rocket fuel and satellite production, as well as those producing specialty fibers and advanced materials for aerospace applications [11]

| 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].