Investment Rating - The report maintains an "Accumulate" rating for the public utility sector [1] Core Insights - The report emphasizes the long-term value enhancement of special fuels and gases in commercial aerospace, recommending Jiufeng Energy as a key investment opportunity. The company has made significant progress in supplying special fuels and gases for the Hainan commercial aerospace launch site, with production starting in 2025 and multiple successful launches already supported [4] - The first batch of national-level zero-carbon park construction lists has been published, involving 52 parks, with guidelines for energy supply optimization and infrastructure planning to meet zero-carbon goals [4] Industry Data Tracking - **Electricity Price**: The average national grid purchase price in November 2025 decreased by 2% year-on-year but increased by 2.8% month-on-month [4][38] - **Coal Price**: As of December 31, 2025, the price of thermal coal at Qinhuangdao port was 678 RMB/ton, down 11.37% year-on-year and 0.44% week-on-week [4][46] - **Water Conditions**: The water level at the Three Gorges Reservoir was 170.59 meters as of December 31, 2025, with inflow and outflow rates showing a year-on-year decrease of 27% and 5.3%, respectively [4][53] - **Electricity Consumption**: Total electricity consumption from January to November 2025 was 9.46 trillion kWh, reflecting a year-on-year increase of 5.2% [4][13] - **Power Generation**: Cumulative power generation from January to November 2025 was 8.86 trillion kWh, with a year-on-year increase of 2.4% [4][23] - **Installed Capacity**: As of November 30, 2025, the cumulative installed capacity of thermal power reached 1.52 billion kW, with a year-on-year increase of 5.9% [4][48] Investment Recommendations - **Green Power**: Focus on companies like Longyuan Power, Zhongmin Energy, and Sanxia Energy, with a strong recommendation for Longjing Environmental Protection [4] - **Thermal Power**: Explore the reliability and flexibility value of thermal power, with attention to Huaneng International and Huadian International [4] - **Hydropower**: Recommend Changjiang Power due to low costs and strong cash flow [4] - **Nuclear Power**: Highlight China Nuclear Power and China General Nuclear Power as key growth opportunities [4] - **Solar Assets and Charging Stations**: Suggest companies like Southern Power Grid Energy and Longxin Group for potential value reassessment [4]

成为最具价值创造力的清洁能源服务商 | 证券代码：605090 | 证券简称：九丰能源 | | 公告编号：2026-002 | | --- | --- | --- | --- | | 转债代码：110815 | 转债简称：九丰定 | 01 | | | 转债代码：110816 | 转债简称：九丰定 | 02 | | 江西九丰能源股份有限公司 关于可转债转股结果暨股份权益变动的公告 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： 累计转股情况：江西九丰能源股份有限公司（以下简称"公司"）可转债"九丰 定 01"自 2023 年 6 月 29 日起开始转股，可转债"九丰定 02"自 2024 年 10 月 17 日起 开始转股。截至 2025 年 12 月 31 日，可转债"九丰定 01"累计转股的金额为人民币 815,054,200 元，累计转股股数为 38,203,875 股，占可转债转股前公司已发行股份总额 （625,414,024 股）的 6.11%；可转债"九丰定 02"累计转股的金额为人民币 1,000, ...

成为最具价值创造力的清洁能源服务商 证券代码：605090 证券简称：九丰能源 公告编号：2026-003 江西九丰能源股份有限公司 关于公司及子公司为子公司提供担保的公告 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： 被担保人名称：广东九丰能源集团有限公司（以下简称"九丰集团"）、香港 怡丰天然气有限公司（以下简称"香港怡丰"）、新加坡碳氢能源有限公司（以下简 称"碳氢能源"）、天津元拓贸易有限公司（以下简称"天津元拓"），均为江西九 丰能源股份有限公司（以下简称"公司""上市公司"或"九丰能源"）合并报表范 围内子公司。 本次担保本金金额合计：最高不超过人民币 152,163.80 万元（其中人民币 54,000.00 万元，美元 14,000.00 万元；涉及外币按 2026 年 1 月 4 日汇率折算，下 同）。 已实际为上述被担保人提供的担保金额：截至 2026 年 1 月 4 日，公司及子公 司为九丰集团、香港怡丰、碳氢能源、天津元拓实际担保余额分别为人民币 35,233.25 万元、0 元、41 ...

Market Performance - The gas sector increased by 0.94% on January 5, with Shengda Forestry leading the gains [1] - The Shanghai Composite Index closed at 4023.42, up 1.38%, while the Shenzhen Component Index closed at 13828.63, up 2.24% [1] Individual Stock Performance - Shengda Forestry (002259) closed at 4.16, up 10.05% with a trading volume of 268,900 shares and a turnover of 110 million yuan [1] - Zhongtai Co., Ltd. (300435) closed at 23.69, up 6.62% with a trading volume of 229,300 shares and a turnover of 538 million yuan [1] - Caohua Gas (300483) closed at 14.92, up 5.22% with a trading volume of 149,400 shares and a turnover of 219 million yuan [1] - Xinjiang Torch (603080) closed at 24.79, up 4.95% with a trading volume of 124,900 shares and a turnover of 303 million yuan [1] - Wanqing Energy (002700) closed at 6.98, up 4.02% with a trading volume of 102,400 shares and a turnover of 70.62 million yuan [1] - Jiufeng Energy (605090) closed at 44.63, up 3.55% with a trading volume of 455,500 shares and a turnover of 2.009 billion yuan [1] Capital Flow Analysis - The gas sector experienced a net outflow of 66.404 million yuan from institutional investors and 48.9981 million yuan from speculative funds, while retail investors saw a net inflow of 115 million yuan [2] - The detailed capital flow for individual stocks shows that Jiufeng Energy had a net outflow of 46.0278 million yuan from institutional investors [3] - Shengda Forestry had a net inflow of 28.1040 million yuan from institutional investors, indicating strong interest [3]

- The report does not contain any quantitative models or factors, nor their construction, evaluation, or backtesting results[3][8][19]

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]

Group 1 - The core point of the news is that Jiufeng Energy's stock has increased by 5.13%, reaching a price of 45.31 CNY per share, with a trading volume of 1.411 billion CNY and a turnover rate of 4.61%, resulting in a total market capitalization of 31.808 billion CNY [1] - Jiufeng Energy, established on February 27, 2008, and listed on May 25, 2021, is based in Guangzhou, Guangdong Province, and its main business involves liquefied natural gas (LNG), liquefied petroleum gas (LPG), methanol, and dimethyl ether (DME) [1] - The revenue composition of Jiufeng Energy includes: natural gas and operations 48.09%, liquefied petroleum gas 41.05%, other chemical products 7.49%, energy logistics and technical services 2.90%, special gases 0.46%, and others 0.01% [1] Group 2 - From the perspective of fund holdings, one fund under Xingzheng Global Fund has a significant position in Jiufeng Energy, with the Xingquan Global Vision Stock Fund (340006) holding 2.2388 million shares, accounting for 5.02% of the fund's net value, making it the second-largest holding [2] - The Xingquan Global Vision Stock Fund has achieved a return of 45.8% this year, ranking 812 out of 4189 in its category, and has a cumulative return of 1097.21% since its inception [2] - The fund manager, Yu Mingqiang, has been in charge for 328 days, with the best and worst fund returns during his tenure both recorded at 38.16% [2]

Group 1 - The core viewpoint of the news is that Jiufeng Energy's stock has seen a significant increase, with a rise of 5.13% to 45.31 CNY per share, and a trading volume of 1.412 billion CNY, indicating strong market interest [1] - Jiufeng Energy, established on February 27, 2008, and listed on May 25, 2021, is primarily engaged in liquefied natural gas (LNG), liquefied petroleum gas (LPG), methanol, and dimethyl ether (DME) [1] - The revenue composition of Jiufeng Energy includes 48.09% from natural gas and operations, 41.05% from liquefied petroleum gas, 7.49% from other chemical products, 2.90% from energy logistics and technical services, 0.46% from specialty gases, and 0.01% from other sources [1] Group 2 - According to data from the top ten holdings of funds, Guojin Fund has a significant position in Jiufeng Energy, with its Guojin Guoxin Initiated A fund holding 114,200 shares, representing 4.79% of the fund's net value, making it the fourth-largest holding [2] - The Guojin Guoxin Initiated A fund, established on August 28, 2012, has a latest scale of 74.7632 million CNY and has achieved a year-to-date return of 13.02%, ranking 5377 out of 8155 in its category [2] - The fund manager, Wang Xiaogang, has been in position for 3 years and 10 days, with the fund's total assets amounting to 140 million CNY, achieving a best return of 27.56% and a worst return of 15.61% during his tenure [3]

Group 1 - The oil and gas sector continues to attract investment, with the oil and gas ETF (159697) seeing a net subscription of 19 million units during trading [1] - The situation in Venezuela is expected to lead to higher oil prices, with short-term uncertainties impacting the oil transportation market positively [1] - In the short term, Venezuela's oil exports may be limited despite normal operations, potentially shifting oil trade demand to compliant regions, equivalent to a demand for 19 VLCCs [1] - In the medium term, if the US lifts sanctions on Venezuelan oil, maritime transport could fully transition to compliant markets, representing a demand for 46 VLCCs [1] - In the long term, if Venezuelan oil becomes compliant and international capital continues to invest, exports could reach a historical peak of 2.4 million barrels per day, equivalent to a demand for 141 VLCCs [1] Group 2 - As of January 5, 2026, the National Petroleum and Natural Gas Index (399439) shows mixed performance among its constituent stocks, with Zhongtai Co. (300435) leading with a 6.39% increase [1] - The top ten weighted stocks in the National Petroleum and Natural Gas Index (399439) as of December 31, 2025, include major companies such as China National Petroleum (601857) and Sinopec (600028), accounting for 67.11% of the index [2] - The oil and gas ETF (159697) closely tracks the National Petroleum and Natural Gas Index, reflecting the price changes of publicly listed companies in the oil and gas sector [1]

Group 1 - The U.S. President Trump threatened the acting President of Venezuela, Rodriguez, stating that if she does not act correctly, she may face a heavier price than President Maduro [1] - The Danish Prime Minister urged the U.S. to stop threatening to annex Greenland, asserting that such discussions are meaningless [1] Group 2 - The Chinese automotive exports to Venezuela increased by 130% in the first 11 months of 2025, with passenger car exports rising by 166% and truck exports by 99% [6] - The U.S. government has requested American oil companies to invest heavily in Venezuela to restore its oil extraction infrastructure, indicating a push for revitalization of the oil industry [9] Group 3 - The Ministry of Education in China announced plans to establish 15 new undergraduate higher education institutions [4] - The Ministry of Finance in China stated that the issuance of ultra-long-term general government bonds will start on January 14, 2026 [5] Group 4 - The Shanghai government released a plan with 26 measures to optimize the business environment, focusing on efficient government services and fair market competition [7] - The global protests against U.S. military intervention in Venezuela occurred in various countries, condemning U.S. actions and interventionism [8]