研报掘金丨长江证券：维持九丰能源“买入”评级，持续践行“上陆地”发展战略

Core Viewpoint - Jiangsu Securities research report indicates that Jiufeng Energy is continuously implementing its "onshore" development strategy, leveraging both "marine gas" and "land gas" upstream resources for rapid growth [1] Company Summary - On September 30, 2025, Jiufeng Energy announced its investment in the second phase of the Xinjiang Qinghua Energy Group's 4 billion cubic meters coal-to-natural gas project, marking the company's official entry into the Xinjiang coal-to-gas sector [1] - The timing of Jiufeng Energy's entry into the coal-to-gas industry and strategic positioning in Xinjiang reflects significant changes in the local coal-to-gas market [1] - The profitability of coal-to-gas projects is highly sensitive to raw coal prices, with core competitiveness relying on the ability to acquire and control low-cost coal resources [1] - Jiufeng Energy's Qinghua Phase II coal-to-gas project is expected to benefit from local coal mines, initiating a predictable and relatively secure second growth curve [1] - The company maintains a "buy" rating for its stock [1]