证券日报网讯 2月24日，蓝天燃气在互动平台回答投资者提问时表示，截至2026年2月13日，公司普通 股股东总数36469户。 （文章来源：证券日报） ...

燃气Ⅱ行业跟踪周报 证券研究报告·行业跟踪周报·燃气Ⅱ 气温回暖&美伊局势紧张，美国气价回落，欧 洲气价微涨 增持（维持） [Table_Tag] [投资要点 Table_Summary] 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 谷玥 执业证书：S0600524090002 guy@dwzq.com.cn 行业走势 2026 年 02 月 24 日 2026-02-02 -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 2025/2/24 2025/6/22 2025/10/18 2026/2/13 燃气Ⅱ 沪深300 东吴证券研究所 1 / 13 请务必阅读正文之后的免责声明部分 ◼ 价格跟踪：气温回暖&美伊局势紧张，美国气价回落，欧洲气价微涨。 截至 2026/02/20,美国 HH/欧洲 TTF/东亚 JKM/中国 LNG 出厂/中国 LNG 到岸价周环比变动-3.4%/+1.1%/+1.4%/0%/+3.9%至 0.8/2.8/2.7/2.5/2.7 元 /方。 ◼ 供需分析 ...

证券日报网讯 2月9日，蓝天燃气在互动平台回答投资者提问时表示，控股股东的股票被冻结等事项公 司已及时披露，相关信息请查看相关公告，公司后续将积极关注控股股东股票的冻结等状态，如果有进 展将及时披露。 （文章来源：证券日报） ...

Investment Rating - The report maintains an "Accumulate" rating for the gas industry [1] Core Views - The report highlights a warming trend in temperatures leading to a decline in gas prices in Europe and the US, while domestic gas prices remain stable [1][9] - It emphasizes the overall supply being relaxed, with domestic gas prices decreasing by 2.0% week-on-week [26] - The report suggests that the pricing mechanism is being rationalized, and demand is expected to increase [1] Price Tracking - As of February 6, 2026, the week-on-week changes in gas prices are as follows: US HH down 31.5%, European TTF down 11%, East Asia JKM down 3.6%, China LNG ex-factory down 2%, and China LNG CIF down 11.6% [9][10] - The report notes that the average gas consumption in Europe for the first ten months of 2025 was 349.5 billion cubic meters, a year-on-year increase of 4.6% [15] Supply and Demand Analysis - The report indicates that the US natural gas market price decreased by 31.5% week-on-week due to a high base, with storage levels at 28,230 billion cubic feet, a year-on-year increase of 9.8% [14] - In Europe, gas supply decreased by 5.2% week-on-week, with a notable drop in gas-fired power generation output by 10.9% week-on-week [15] - Domestic gas consumption for 2025 is projected to increase by 2.3% year-on-year to 433.2 billion cubic meters, attributed to warmer winter conditions affecting heating gas demand [26] Pricing Progress - The report states that 68% of cities have implemented residential pricing adjustments, with an average increase of 0.22 yuan per cubic meter [40] - The report anticipates continued pricing adjustments and improvements in profitability for city gas companies [40] 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 [1] - It also suggests monitoring companies with quality long-term contracts and flexible scheduling capabilities, such as Jiufeng Energy and Xin'ao Co. [1] - The report highlights the importance of energy independence and recommends companies with gas production capabilities, such as Shouhua Gas [1]

Group 1 - The company, Blue Sky Gas (605368), reported that as of January 30, 2026, the total number of common stock shareholders is 37,253 [1]

Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1] Core Insights - The report emphasizes the growth potential in waste incineration and the opportunities for companies to expand overseas, particularly in Southeast Asia and India, where there is a projected increase in waste incineration capacity [10][15] - The report highlights the significant increase in sales of new energy sanitation vehicles and the growth of unmanned sanitation projects, indicating a shift towards automation and electrification in the industry [17][20] - The 2026 strategy focuses on the dual drivers of value and growth, emphasizing the importance of marketization and efficiency improvements in the environmental sector [24][28] Industry Trends - Waste Incineration Growth: The report estimates a potential increase of approximately 500,000 tons/day in waste incineration capacity in ASEAN countries and India, corresponding to an investment scale of about 250 billion yuan [10] - Unmanned Sanitation Equipment: In 2025, the total amount of contracts for unmanned sanitation projects exceeded 12.6 billion yuan, with a year-on-year increase of over 150% [17] - New Energy Sanitation Vehicles: Sales of new energy sanitation vehicles increased by 70.9% in 2025, with a penetration rate of 21.11%, reflecting a growing trend towards electrification in the sanitation sector [20][30] Company Recommendations - Key companies recommended for investment include Longjing Environmental, Gao Neng Environment, Sains, and others, focusing on their growth potential in both domestic and international markets [4][15] - The report suggests that companies like Weiming Environmental and Sanfeng Environment are expected to benefit significantly from overseas expansion and high-value projects [15][24] - The report also highlights the importance of dividend increases and return on equity (ROE) improvements for companies such as Huanlan Environment and Green Power [15][24] Market Dynamics - The report notes that the profitability of waste incineration projects in Indonesia is significantly higher than in China due to favorable pricing and operational conditions [12][15] - The report indicates that the market for lithium battery recycling is improving, with rising metal prices and better margins for recycling projects [38][39]

Core Viewpoint - The announcement details the lifting of a court-ordered freeze on 30 million shares held by the controlling shareholder, Henan Lantian Group Co., Ltd., which represents 9.36% of its holdings and 4.20% of the company's total share capital [2][3]. Group 1: Shareholding Structure - As of the announcement date, Lantian Group holds 320,442,340 shares, accounting for 44.84% of the company's total share capital [2]. - Li Xinhua, a concerted actor of Lantian Group, holds 46,760,000 shares, representing 6.54% of the total share capital [2]. - Together, Lantian Group and Li Xinhua own 367,202,340 shares, which is 51.38% of the total share capital [2]. Group 2: Frozen Shares - The total number of frozen shares held by Lantian Group and Li Xinhua amounts to 66,578,471 shares, which is 18.13% of their combined holdings and 9.32% of the total share capital [2]. - The cumulative number of shares under court-ordered freeze is 245,022,039, representing 66.73% of their combined holdings and 34.29% of the total share capital [3]. Group 3: Impact of the Announcement - The lifting of the share freeze will not result in a change of control for the company and will not significantly impact its daily operations or financial status [4]. - The company will continue to monitor the situation regarding the controlling shareholder's shares and will comply with relevant disclosure obligations [4].

Group 1 - The core point of the article is that Blue Sky Gas announced the lifting of a share freeze on 30,000,000 shares held by its controlling shareholder, Henan Blue Sky Group Co., Ltd. [2] Group 2 - The share freeze was lifted through the system of China Securities Depository and Clearing Corporation Limited, Shanghai Branch [2]

证券代码：605368 证券简称：蓝天燃气 公告编号：2026-004 债券代码：111017 债券简称：蓝天转债 关于控股股东部分股份解除轮候冻结的公告 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上述股份解除轮候冻结，具体情况如下： | 股东名称 | 蓝天集团 | | --- | --- | | 本次解除轮候冻结股份（股） | 30,000,000 | | 占其所持股份比例 | 9.36% | | 占公司总股本比例 | 4.20% | | 解除轮候冻结时间 | 2026年1月16日 | | 持股数量（股） | 320,442,340 | | 剩余轮候冻结股份总数（股） | 245,022,039 | | 剩余轮候冻结股份总数占其持股总数的 | 76.46% | | 比例 | | | 剩余轮候冻结股份总数占公司总股本的 | 34.29% | | 比例 | | 一、本次解除轮候冻结的情况 河南蓝天燃气股份有限公司 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: 截 ...

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]