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]

证券代码：605368 证券简称：蓝天燃气 公告编号：2026-003 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。 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 21,910,356 股，占其所持公司股份比例为 6.84%，占公司总股 本比例为 3.07%；本次被轮候冻结股份为 25,000,000 股，占其所持公司股份 比例为 7.80%，占公司总股本比例为 3.50%。 截至本公告披露日，蓝天集团一致行动人李新华持有公司股份为 46,760,000 股，占公司总股本的 6.54%。 ...

Core Viewpoint - The announcement from Blue Sky Gas indicates that the controlling shareholder, Blue Sky Group, holds 320,442,340 shares, representing 44.84% of the total share capital, with a portion of shares being frozen due to legal proceedings [1] Group 1 - The frozen shares amount to 21,910,356, which is 6.84% of the shares held by Blue Sky Group and 3.07% of the total share capital [1] - An additional 25,000,000 shares are under a pending freeze, accounting for 7.80% of the shares held and 3.50% of the total share capital [1] - Together, Blue Sky Group and its concerted actor, Li Xinhua, hold a combined 51.38% of the total share capital, with a total of frozen, pending freeze, and judicially marked shares representing 9.32%, 38.48%, and 1.40% of the total share capital, respectively [1] Group 2 - The company is currently operating normally, and the share freezing is a result of litigation preservation procedures, with the case yet to be heard [1] - If the situation is not resolved properly, it may impact the stability of control over the company [1]

Core Viewpoint - The announcements detail the conversion results of the "Lantian Convertible Bonds" and the freezing of shares held by the controlling shareholder, Lantian Group, indicating potential impacts on the company's capital structure and governance stability. Group 1: Convertible Bond Issuance and Conversion - The company issued 8.70 billion yuan worth of convertible bonds on August 15, 2023, with a maturity of 6 years and a tiered interest rate starting at 0.30% in the first year [3] - As of December 31, 2025, the total amount converted from the "Lantian Convertible Bonds" was 198.47 million yuan, resulting in 21,837,039 shares, which is 3.15% of the total shares before conversion [2][5] - The remaining unconverted bonds amount to 671.53 million yuan, representing 77.19% of the total issuance [2][5] Group 2: Shareholder Share Freezing - As of the announcement date, Lantian Group holds 320,442,340 shares, accounting for 44.84% of the total share capital, with 4,280,956 shares frozen, which is 1.34% of its holdings and 0.60% of the total share capital [8] - The total frozen shares for Lantian Group and its concerted actor, Li Xinhua, amount to 44,668,115 shares, representing 12.16% of their combined holdings and 6.25% of the total share capital [8][9] - The freezing of shares is due to a lawsuit related to a trust dispute, but it is stated that this will not adversely affect the company's operations or governance [10]

Core Viewpoint - As of December 31, 2025, the total number of common shareholders for Lantian Gas (605368) is projected to be 36,182 households [1] Summary by Category - **Company Information** - Lantian Gas has communicated through an interactive platform regarding its shareholder structure, indicating a total of 36,182 common shareholders by the end of 2025 [1]

Core Viewpoint - The company acknowledges significant stock price fluctuations influenced by various factors including macroeconomic environment, market sentiment, industry cycles, and trading behaviors [1] Group 1: Company Operations - The company emphasizes its commitment to prudent operations, focusing on value creation and shareholder returns [1] - The company is enhancing the quality of information disclosure, ensuring timeliness and transparency [1] - Recent efforts include strengthening communication with the controlling shareholder and conducting internal reviews to maintain the company's independence [1] Group 2: Market Response - The company will continue to monitor market trends and respond promptly to investor concerns [1]

证券代码：605368 证券简称：蓝天燃气 公告编号：2026-001 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 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： 司债券于2023年9月8日起在上交所挂牌交易，债券简称"蓝天转债"，债券代码 "111017"。 根据有关规定和《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 债券证券募集说明书》的约定，"蓝天转债"自2024年2月21日起可转换为本公 司股份。转股期起止日期为2024年2月21日至2029年8月14日止，初始转股价格为 10.13元/股。目前转股价格为7.98元/股，历次调整如下： 因公司实施2023年度利润分配，自2024年4月29日起，"蓝天转债"转股价 格由10.13元/股调整为9.28元/股。具体内容详见公司于2024年4月23日在上海证 券交易所网站（www.sse.com.cn）披露的《蓝天燃气因利润分配调整"蓝天转债" 转股价格的公告》（公告编号：2024-03 ...

证券代码：605368 证券简称：蓝天燃气 公告编号：2026-002 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。 | 股东名称 | 冻结/标记股 | 占其所持 | 占公司总 | 冻结/标记 股份是否 | 冻结/标记 | 冻结/标记 | 冻结 | 冻结 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 份数量 | 股份比例 | 股本比例 | 为限售股 | 起始日 | 到期日 | 申请人 | 原因 | | 蓝天集团 | 4,280,000 | 1.34% | 0.60% | 否 | 2025 年 12 月 | 2028 年 12 | 杭州市上城区 | 司 法 | | | | | | | 30 日 | 月 29 日 | 人民法院 | 冻结 | | 蓝天集团 | 956 | 0% | 0.00% | 否 | 2025 年 12 月 | 2028 年 12 ...

Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Insights - The report highlights that the expected low temperatures have led to an increase in US gas prices and a rise in European gas prices due to inventory withdrawals [1][9] - It emphasizes the long-term value enhancement of special gas in commercial aerospace [1] Price Tracking - As of January 2, 2026, the week-on-week changes in gas prices are as follows: US HH +20.2%, European TTF +4.2%, East Asia JKM -0.2%, China LNG ex-factory -1.4%, and China LNG CIF +2.3%, with prices at 1, 2.5, 2.5, 2.6, and 2.5 yuan per cubic meter respectively [9][14] Supply and Demand Analysis - Meteorological agencies predict that national temperatures will remain low until January 12, leading to a week-on-week increase of 20.2% in US natural gas market prices. As of December 26, 2025, the storage volume decreased by 38 billion cubic feet to 33,750 billion cubic feet, a year-on-year decline of 1.1% [16] - European gas consumption from January to September 2025 was 313.8 billion cubic meters, a year-on-year increase of 4.1% [18] - Domestic gas prices decreased by 1.4% week-on-week, with apparent consumption in China from January to November 2025 increasing by 1.5% year-on-year to 392 billion cubic meters [24][29] Pricing Progress - From 2022 to 2025, 67% (195 cities) of cities at or above the prefecture level implemented residential pricing adjustments, with an increase of 0.22 yuan per cubic meter [38] Investment Recommendations - The report suggests focusing on companies that can optimize costs and benefit from the ongoing pricing adjustments, recommending companies such as Xinao Energy, China Resources Gas, and Kunlun Energy, among others [56] - It also highlights the importance of companies with quality long-term contracts and flexible scheduling, recommending Jiufeng Energy and Xinao Shares [56] - The report notes the increasing uncertainty regarding US gas imports and emphasizes the importance of energy self-sufficiency, suggesting attention to companies with gas production capabilities like New Natural Gas and Blue Flame Holdings [56]

Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Insights - The report highlights an upward adjustment in temperature expectations leading to a decrease in US gas prices, while European gas prices show a slight increase due to inventory withdrawals [1][4] - Domestic gas demand shows marginal improvement, with a year-on-year increase of 9.3% in November 2025 [1][25] Price Tracking - As of December 26, 2025, the week-on-week changes in gas prices are as follows: US HH down by 8.2%, European TTF up by 0.9%, East Asia JKM up by 0.5%, China LNG ex-factory down by 2.9%, and China LNG CIF up by 0.7% [9][14] - The average gas price in China is reported at 2.6 yuan per cubic meter for LNG ex-factory and 2.4 yuan per cubic meter for LNG CIF [14] Supply and Demand Analysis - US natural gas market prices decreased by 8.2% due to higher temperature expectations, with storage levels dropping by 1.2% year-on-year [16] - European gas consumption from January to September 2025 reached 313.8 billion cubic meters, a year-on-year increase of 4.1% [18] - Domestic gas consumption in China for January to November 2025 increased by 1.5% year-on-year, totaling 392 billion cubic meters [25][28] Pricing Mechanism Progress - Nationwide price adjustments for residential gas have been gradually implemented, with 67% of cities adjusting prices by an average of 0.22 yuan per cubic meter [37] - The report indicates that there is still a 10% room for price adjustment in the gas distribution sector [37] Investment Recommendations - The report suggests focusing on companies that can optimize costs and benefit from the ongoing price mechanism adjustments, recommending companies such as Xin'ao Energy, China Resources Gas, and Kunlun Energy [53][54] - It also highlights the importance of companies with quality long-term contracts and flexible scheduling, recommending Jiufeng Energy and Xin'ao Shares [54] - The report emphasizes the significance of energy independence, suggesting attention to companies with gas production capabilities like New Natural Gas and Blue Flame Holdings [54]