Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Viewpoints - The gas prices are stable across various regions due to sufficient storage in the US, progress in European storage, and marginal improvement in domestic demand [1][5] - The report highlights the gradual recovery of domestic gas consumption, with a year-on-year increase of 0.8% to 283.2 billion cubic meters in the first eight months of 2025 [24][27] - The report emphasizes the importance of cost optimization for gas companies and the ongoing adjustment of pricing mechanisms to stimulate demand [53] Price Tracking - As of October 10, 2025, the weekly changes in gas prices are as follows: US HH -0.9%, European TTF +0.9%, East Asia JKM +0.2%, China LNG ex-factory -0.2%, and China LNG CIF -2.7% [10][15] - The average total supply of natural gas in the US decreased by 0.1% week-on-week to 111.7 billion cubic feet per day, while total demand increased by 2.7% to 101.3 billion cubic feet per day [17] Supply and Demand Analysis - US natural gas storage increased by 800 billion cubic feet week-on-week to 36,410 billion cubic feet, showing a year-on-year increase of 0.3% [17] - European gas consumption in the first half of 2025 was 240.8 billion cubic meters, reflecting a year-on-year increase of 5.8% [18] - Domestic gas consumption in China showed a significant improvement in August 2025, with a year-on-year increase of 4% [24] Pricing Progress - Nationwide pricing adjustments have been gradually implemented, with 65% of cities having executed residential pricing adjustments, resulting in an increase of 0.21 yuan per cubic meter [38] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the ongoing pricing adjustments, highlighting companies such as New Energy, China Gas, and Kunlun Energy [53] - It suggests paying attention to companies with quality long-term contracts and cost advantages, such as Jiufeng Energy and New Energy Holdings [53]

Group 1 - The gas sector experienced a 0.9% increase on September 30, with Jiufeng Energy leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] - Jiufeng Energy's stock price rose by 6.94% to 34.69, with a trading volume of 270,300 shares and a transaction value of 94.46 million [1] Group 2 - The gas sector saw a net outflow of 238 million from main funds, while retail investors contributed a net inflow of 273 million [2] - The top gainers in the gas sector included Fuan Energy, which increased by 4.59% to 13.45, with a trading volume of 692,900 shares and a transaction value of 924 million [2] - The overall trading activity in the gas sector showed mixed results, with some stocks experiencing declines, such as Xinjiang Torch, which fell by 2.17% to 23.95 [2][3] Group 3 - Main funds showed a net inflow of 57.26 million into Fuan Energy, while retail investors had a net inflow of 4.02 million [3] - Tianhao Energy had a net inflow of 19.48 million from main funds, indicating positive sentiment despite overall sector outflows [3] - The data indicates a divergence in investment behavior, with retail investors showing more confidence in certain stocks despite the overall net outflow from main funds [3]

格隆汇9月30日丨佛燃能源(002911.SZ)在互动平台表示，公司与香港中华煤气计划通过自有资金投资、 贷款融资及引进战略投资者等方式实现100亿元人民币的投资额，通过股权收购或投资设立的方式，规 划打造合计产能为100万吨/年的绿色燃料及化工供应池。目前，公司与香港中华煤气共同合作收购的内 蒙古易高煤化科技有限公司已实现5万吨/年绿色甲醇产能并批量销售，后续将投入资金对现有甲醇生产 线进行改造，最终形成30万吨/年绿色甲醇产能。 ...

证券日报网讯佛燃能源（002911）9月29日在互动平台回答投资者提问时表示，截至2025年9月19日，公 司的股东人数为2.5万余户。 ...

证券之星消息，9月29日燃气板块较上一交易日上涨1.37%，大众公用领涨。当日上证指数报收于 3862.53，上涨0.9%。深证成指报收于13479.43，上涨2.05%。燃气板块个股涨跌见下表： 从资金流向上来看，当日燃气板块主力资金净流入4.61亿元，游资资金净流出2.37亿元，散户资金净流出 2.24亿元。燃气板块个股资金流向见下表： | 代码 | 名称 | | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 600635 大众公用 | | | 3.80 Z | 24.45% | -1.68 Z | -10.82% | -2.12 Z | -13.63% | | 002911 佛燃能源 | | | 1.12 乙 | 35.77% | -5518.09万 | -17.58% | -5710.88万 | -18.19% | | 000593 德龙汇能 | | | 3013.21万 | 13.70% | -1434.32万 | ...

佛燃能源（002911.SZ）9月29日在投资者互动平台表示，公司50kW SOFC系统现已完成样机组装，相 关调试工作仍在进行中。公司正在积极开展300kW的SOFC示范应用项目的建设工作；公司参股公司内 蒙古易高煤化科技有限公司（以下简称"内蒙古项目公司"）目前已实现年产5万吨绿色甲醇并已实现批 量销售，2025年1至5月，内蒙古项目公司已实现6,000吨绿色甲醇产品交付。后续将投入资金对现有甲 醇生产线进行改造，最终形成30万吨/年绿色甲醇产能。公司将按有关规定及时披露有关进展情况，请 关注公司后续披露的公告。 （记者 王瀚黎） 每经AI快讯，有投资者在投资者互动平台提问：请问公司目前开拓新领域，包括SOFC气电类、绿色甲 醇类，有没有明确的在手订单？ ...

9月26日，佛燃能源涨5.17%，截至发稿，报12.01元/股，成交1.45亿元，换手率0.98%，总市值155.94亿 元。 资料显示，佛燃能源集团股份有限公司位于广东省佛山市禅城区季华五路25号,广东省佛山市禅城区南 海大道中18号，成立日期1993年2月26日，上市日期2017年11月22日，公司主营业务涉及天然气的销售 及输配、燃气工程设计、施工。主营业务收入构成为：供应链业务54.00%，城市燃气业务42.88%，延 伸业务1.54%，新能源业务1.51%，科技研发与装备制造业务0.07%。 从佛燃能源十大流通股东角度 工银红利优享混合A（005833）成立日期2018年12月25日，最新规模33.28亿。今年以来收益8.06%，同 类排名6126/8171；近一年收益18.25%，同类排名5882/8004；成立以来收益42.9%。 数据显示，工银瑞信基金旗下1只基金位居佛燃能源十大流通股东。工银红利优享混合A（005833）二 季度增持329.6万股，持有股数639.61万股，占流通股的比例为0.51%。根据测算，今日浮盈赚取约 377.37万元。 截至发稿，尤宏业累计任职时间2年212天，现任 ...

证券日报网讯佛燃能源（002911）9月23日在互动平台回答投资者提问时表示，公司自2017年11月上市 以来，持续提升公司治理与规范化运作水平，用良好的经营业绩回馈广大投资者，营业收入从2017年的 42.92亿元增长至2024年的315.89亿元，年复合增速33.00%，归母净利润从2017年的3.47亿元增长至2024 年的8.53亿元，年复合增速13.69%。公司高度重视市值管理和投资者关系工作，在规范履行信息披露义 务的前提下，积极通过业绩交流会、接待调研、回复互动易平台提问、接听投资者热线等多种方式与投 资者沟通交流，听取投资者对公司发展的意见建议。 ...

证券代码：002911 证券简称：佛燃能源 公告编号：2025-075 佛燃能源集团股份有限公司 关于 2023 年限制性股票激励计划首次授予部分第一 个解除限售期解除限售股份上市流通的提示性公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 特别提示： 1.2023 年限制性股票激励计划（以下简称"本次激励计划"）首次授予部 分第一个解除限售期符合解除限售条件的激励对象共计 123 名，本次解除限售的 限制性股票数量合计为 12,661,142 股，占目前公司总股本的 0.98%。 2.本次解除限售股份的上市流通日期为 2025 年 9 月 26 日。 佛燃能源集团股份有限公司（以下简称"公司"）于 2025 年 9 月 16 日召开 的第六届董事会第二十二次会议和第六届监事会第十五次会议，审议通过了《关 于 2023 年限制性股票激励计划首次授予第一个解除限售期解除限售条件成就的 议案》。截至本公告日，公司本次解除限售股份上市流通的相关事宜已办理完毕， 现将相关情况公告如下： 一、本次激励计划已履行的审批程序 （一）2023 年 6 月 6 日，公司第五届董事会第四十九次会议审议通过《 ...

Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Views - The report highlights that the U.S. is expected to experience a temperature drop, leading to reduced cooling demand, while European storage is progressing and domestic demand is slowly recovering, resulting in relatively stable gas prices across regions [1][10] - It emphasizes the ongoing price adjustments in the domestic market, with a focus on the gradual implementation of pricing reforms that enhance profitability for city gas companies [35] Price Tracking - As of September 19, 2025, the weekly price changes for various gas markets are as follows: U.S. HH -0.2%, European TTF -0.7%, East Asia JKM +0.1%, China LNG ex-factory -0.8%, and China LNG CIF +0.7%, with prices at 0.7, 2.8, 2.9, 2.7, and 2.9 CNY/m³ respectively [5][10] - The average total supply of natural gas in the U.S. decreased by 0.5% week-on-week to 1,118 billion cubic feet per day, while total demand fell by 1.1% to 985 billion cubic feet per day [14] Supply and Demand Analysis - The report indicates that the average natural gas consumption in China for the first seven months of 2025 increased by 0.3% year-on-year to 246.1 billion cubic meters, attributed to warmer winter conditions in 2024 affecting heating demand [26] - In Europe, natural gas consumption for the first half of 2025 was 240.8 billion cubic meters, reflecting a year-on-year increase of 5.8% [17] Pricing Progress - Nationwide, 65% of cities have implemented residential pricing adjustments, with an average increase of 0.21 CNY/m³, indicating a trend towards improved profitability for city gas companies [35] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the ongoing pricing reforms, highlighting key companies such as New Hope Energy, China Resources Gas, and Kunlun Energy, among others [50] - It also suggests monitoring companies with quality long-term contracts and flexible scheduling capabilities, such as Jiufeng Energy and New Hope Holdings [50]