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： 一、可转债发行上市概况 经中国证券监督管理委员会《关于同意河南蓝天燃气股份有限公司向不特定 对象发行可转换公司债券注册的批复》（证监许可〔2023〕1630号）核准，公司 于2023年8月15日向不特定对象发行了870万张可转换公司债券，每张面值100元， 发行总额8.70亿元。期限6年，票面利率第一年为0.30%、第二年为0.50%、第三 年为1.00%、第四年为1.50%、第五年为1.80%、第六年为2.00%。 经上交所自律监管决定书〔2023〕205号文同意，公司87,000万元可转换公 1 证券代码：605368 证券简称：蓝天燃气 公告编号：2026-008 转债代码：111017 转债简称：蓝天转债 河南蓝天燃气股份有限公司 关于"蓝天转债"转股结果暨股份变动公告 二、可转债本次转股情况 累计转股情况："蓝天转债"自 2024 年 2 月 21 日开始转股，截至 2026 年 3 月 31 日，"蓝天转债"累计转股的金额为 198,466,000 ...

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1] Core Insights - The environmental protection industry is experiencing dual growth in cash flow and performance, with an emphasis on increasing dividends and a continuous focus on the bio-oil sector due to the revaluation of oil and gas assets [1] - The report highlights the significant growth potential in waste-to-energy, emphasizing its unique position as a scarce green energy source with substantial cash flow increases and resource value [1][19] - The report suggests that the sector is poised for growth driven by policy support, operational efficiency improvements, and international expansion opportunities [19] Industry Performance - The report indicates a 34% increase in performance for Longjing Environmental in 2025, with a revenue of 6.548 billion yuan and a net profit of 2.245 billion yuan [1] - The report notes that the waste sector is expected to see a significant increase in cash flow and dividend potential, with a projected increase in the dividend payout ratio from 114% to 141% [19] - The report also mentions the strong performance of companies like Green Power and Yongxing Co., with notable increases in revenue and net profit [1] Key Recommendations - The report recommends focusing on companies such as Longjing Environmental, Green Power, and Hanhai Environmental for their strong growth potential and dividend capabilities [1] - It also suggests monitoring companies like Deyu Water and Xinyuan Environment for their potential in the water sector, which is expected to follow a similar growth trajectory as waste-to-energy [20] Bio-Oil Sector Insights - The report states that the prices of bio-jet fuel and waste oil remain stable, with bio-jet fuel prices in Europe averaging $2800 per ton and in China at $2250 per ton [26] - The report highlights the profitability of bio-diesel production, with domestic prices for first-generation bio-diesel at 8100 yuan per ton, reflecting a 1% increase [26][27] Sanitation Equipment Market - The report notes a 208.44% year-on-year increase in sales of new energy sanitation vehicles, with a penetration rate of 32.38% [41] - It emphasizes the growth potential in the sanitation equipment sector driven by policy support and technological advancements [41] Lithium Battery Recycling - The report indicates stable profitability in lithium battery recycling, with prices for lithium and carbonate showing slight fluctuations [53][54] - It highlights the importance of improving recycling rates to enhance profitability in the sector [53]

证券代码：605368 证券简称：蓝天燃气 公告编号：2026-007 债券代码：111017 债券简称：蓝天转债 河南蓝天燃气股份有限公司 关于实际控制人部分股份质押展期的公告 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： 李新华持有河南蓝天燃气股份有限公司（以下简称"公司"）股票 46,760,000 股,占公司总股本的 6.54%，为公司的实际控制人。本次质押展期后， 李新华累计质押数量为 44,000,000 股，累计质押数量占其持有公司总股数的 94.10%，占公司总股本的 6.16%。 截至本报告日，公司控股股东河南蓝天集团股份有限公司（以下简 称"蓝天集团"）所持公司股份质押数量为 282,814,225 股。蓝天集团、李新 华累计质押数量为 326,814,225 股，占蓝天集团、李新华合计持有公司股份总 数的 89.00%，占公司股本总数的 45.73%。 近日，公司收到实际控制人李新华的通知，李新华与中国建设银行股份 有限公司驻马店分行签署《最高额权利质押合同（自然人版）补充协议》， 约定 ...

Investment Rating - The report maintains an "Accumulate" rating for the gas industry [1] Core Views - Geopolitical conflicts combined with weak demand have led to a decline in US gas prices, a high plateau in European gas prices, and an increase in domestic gas prices. The report emphasizes the resource value of Shouhua Gas and the cost advantages of long-term contracts held by companies like Xin'ao Co., Xin'ao Energy, and Jiufeng Energy [1][4] Price Tracking - As of March 27, 2026, the week-on-week changes in gas prices are as follows: US HH -1.3%, European TTF -5.6%, East Asia JKM -6%, domestic LNG ex-factory price +3.1%, and domestic LNG CIF price -9.4% [9][14] Supply and Demand Analysis - Geopolitical conflicts have increased export demand while heating demand has decreased, resulting in a week-on-week decline of 1.3% in US natural gas prices. As of March 20, 2026, the storage volume decreased by 540 billion cubic feet to 18,290 billion cubic feet, a year-on-year increase of 4.9% [16] - European gas prices have fluctuated at high levels due to ongoing geopolitical conflicts, with a week-on-week decline of 5.6%. In 2025, the total natural gas consumption in Europe was 452.1 billion cubic meters, a year-on-year increase of 2.9% [17] - The geopolitical situation has pushed up LNG CIF prices, leading to a week-on-week increase of 3.1% in domestic gas prices. In the first two months of 2026, China's apparent natural gas consumption increased by 0.8% year-on-year to 70.9 billion cubic meters [27] Pricing Progress - Nationwide price adjustments are gradually being implemented, with 68% (198 cities) of cities having conducted residential price adjustments, averaging an increase of 0.21 yuan per cubic meter. The report indicates that there is still a 10% room for price adjustment recovery [43] Important Announcements - The report highlights significant announcements, including the reduction of the US gas import tariff from 140% to 25%, which enhances the economic viability of US gas imports [47] Investment Recommendations - The report suggests focusing on companies with resource value and long-term contract cost advantages, specifically recommending Shouhua Gas, Xin'ao Co., Xin'ao Energy, and Jiufeng Energy. It emphasizes the importance of energy independence in light of rising gas prices due to geopolitical conflicts [1][4]

证券代码：605368 证券简称：蓝天燃气 公告编号：2026-006 债券代码：111017 债券简称：蓝天转债 河南蓝天燃气股份有限公司 关于控股股东部分股份被冻结、轮候冻结的公告 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、本次股份被冻结基本情况 二、股东股份累计被冻结情况 注： 累计冻结数量未包含轮候冻结数量。蓝天集团及其一致行动人李新华累计轮 候冻结数量 249,302,039 股，占蓝天集团及其一致行动人李新华合计持有公司股 份比例为 67.89%，占公司总股本比例为 34.89%。 三、其他说明 重要内容提示: 公司于近日通过中国证券登记结算有限责任公司上海分公司系统查询 获悉，公司控股股东蓝天集团所持有的公司股份被冻结、轮候冻结，具体情 截至本公告披露日，河南蓝天燃气股份有限公司（以下简称"公司"）控股 股东河南蓝天集团股份有限公司（以下简称"蓝天集团"）持有公司 320,442,340 股（均为无限售条件流通股），占公司总股本的 44.84%。本次 被冻结股份为 42,800,000 股，占其所持公司 ...

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1]. Core Views - The environmental protection industry is experiencing significant growth, with companies like Longjing Environmental and Guangda Environment showing substantial increases in revenue and profit [1][6]. - The report emphasizes the importance of cash flow and green value in the waste-to-energy sector, highlighting the potential for growth in overseas markets [1][6]. - The report outlines a strategic focus on energy-saving equipment and industrial green transformation, driven by government policies and market dynamics [9][10]. Industry Trends - The report notes a 34% increase in Longjing Environmental's profit, with a revenue of 11.1 billion yuan, reflecting a strong performance despite impairment losses [1][6]. - Guangda Environment's revenue structure is shifting, with operational income increasing to 72% of total revenue, while construction income has decreased significantly [1][6]. - The report highlights the rising prices of biofuels, particularly bio-jet fuel, which has seen a 24.4% increase in Europe and a 4.7% increase in China [19][20]. Company Performance - Longjing Environmental's revenue for 2025 is reported at 11.9 billion yuan, a 43% increase after accounting for impairment [1][6]. - Guangda Environment's financial expenses have decreased, contributing to a net profit increase of 16% [1][6]. - The report recommends several companies for investment, including Longjing Environmental, Guangda Environment, and others, based on their growth potential and market positioning [1][6]. Policy Tracking - The report discusses the "High-Quality Development Implementation Plan for Energy-Saving Equipment," which focuses on six key types of energy-saving equipment to support industrial green transformation [9][10]. - It emphasizes the need for optimizing energy systems and integrating artificial intelligence into energy-saving equipment to enhance efficiency and reduce carbon emissions [9][10]. Market Dynamics - The report indicates a significant increase in the sales of new energy sanitation vehicles, with a 70.9% year-on-year growth, reflecting a growing trend towards electrification in the sanitation sector [34][42]. - The report also notes a decline in lithium and cobalt prices, impacting profitability in the lithium battery recycling sector [48][49].

证券代码：605368 证券简称：蓝天燃气 公告编号：2026-005 债券代码：111017 债券简称：蓝天转债 投资者关系管理部门：证券部 联系电话：0396-3811051 传真：0396-3835000 电子邮箱：ltrq2017@126.com 河南蓝天燃气股份有限公司 关于变更投资者联系地址的公告 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。 河南蓝天燃气股份有限公司（以下简称"公司"）部分员工于近日迁入新办 公场所，为方便对外联络和工作交流，进一步做好投资者管理工作，现将投资者 联系地址变更情况公告如下： | 变更事项 | 变更前 | 变更后 | | --- | --- | --- | | 办公地址 | 河南省驻马店市解 河 | 南 省 驻 马 店 市 驿 城 大 道 | | | 放路 68 号 1516 | 号蓝天世贸中心 A 座 | 除联系地址变更外，公司联系电话，传真、电子邮箱等其他投资者联系方式 均未发生变化，具体联系信息为： 上述联系地址自本公告披露之日起正式启用，敬请投资者注意。 特此公告。 河南蓝 ...

Investment Rating - The report maintains a rating of "Add" for the environmental protection industry [1]. Core Insights - The 2026 government work report emphasizes accelerating the comprehensive green transformation and constructing a new energy system, with a target of reducing carbon emissions per unit of GDP by 3.8% [9][10]. - Companies such as Weiming and Wangneng have successfully won contracts for waste incineration projects in Indonesia, marking a significant step for solid waste management overseas [16][17]. - The report highlights the growth potential in the environmental protection sector driven by policy support and economic validation, particularly in areas like waste incineration and electric sanitation vehicles [25][30]. Summary by Sections Government Policy Insights - The 2026 government work report outlines a shift from energy consumption control to carbon emission control, with specific targets for reducing carbon emissions per unit of GDP [9][10]. - The report also introduces a national low-carbon transition fund to foster new growth points in hydrogen and green fuels, marking a significant policy shift [11][12]. Company Developments - Weiming Environmental has been awarded a contract for a 1500 tons/day waste incineration project in Bali, Indonesia, with a 30-year operational period [16][17]. - Wangneng Environmental has also secured a similar project in Indonesia, indicating a growing trend of Chinese companies expanding into international waste management markets [18][19]. Industry Trends - The report notes a significant increase in the sales of electric sanitation vehicles, with a year-on-year growth of 70.9% and a penetration rate of 21.11% in 2025 [30][31]. - The prices of biofuels, including biojet fuel and biodiesel, have remained stable, indicating a steady market environment for these products [41][42]. Investment Recommendations - The report recommends focusing on companies with strong growth potential in the environmental sector, such as Longjing Environmental, Green Power, and others involved in waste management and renewable energy [25][26].

Investment Rating - The report maintains a "Buy" rating for the environmental protection industry [1]. Core Insights - The 2026 government work report emphasizes accelerating the comprehensive green transformation and constructing a new energy system, with a target of reducing carbon emissions per unit of GDP by 3.8% [9][10]. - Companies like Weiming and Wangneng have successfully won contracts for waste incineration projects in Indonesia, marking a significant step for Chinese firms in the overseas waste management market [16][17]. - The report highlights the increasing demand for low-emission transformations in key industries such as cement and coking, with specific targets set for 2026 [21][22]. Summary by Sections Government Policy and Industry Trends - The government aims to transition from energy consumption control to carbon emission control, with a target of reducing carbon emissions per unit of GDP by 3.8% in 2026 [9]. - The establishment of a national low-carbon transition fund is intended to foster new growth points in hydrogen and green fuels, with green fuels being included in the government work report for the first time [11][12]. Company Developments - Weiming Environmental has been awarded a contract for a 1500 tons/day waste incineration project in Bali, Indonesia, with a 30-year operational period [16]. - Wangneng Environment has also secured a similar project in Indonesia, indicating a robust market potential for waste-to-energy solutions in the region [17][18]. Market Performance and Recommendations - The report recommends focusing on companies such as Longjing Environmental, High Energy Environment, and Saince, which are expected to benefit from the ongoing green transformation and policy support [4]. - The environmental sanitation equipment sector is projected to see significant growth, with a 70.9% increase in sales of new energy sanitation vehicles in 2025 [30][31]. Biofuels and Recycling - Biofuel prices remain stable, with European biojet fuel averaging $2250 per ton and Chinese biojet fuel at $2150 per ton [41]. - The report notes a decrease in lithium and cobalt prices, which may enhance profitability in the lithium battery recycling sector [42].

Group 1 - The company is actively promoting the pricing adjustment for residential gas, particularly in its core operational area of Zhumadian [2] - The pricing adjustment application has been submitted to the local government of Zhumadian and is awaiting approval for implementation [2]