（来源：财闻） "八连板"胜通能源称，如未来公司股票价格进一步上涨，公司可能向深圳证券交易所申请停牌核查。 项目投资 九丰能源（605090.SH）：公司特种气体业务的战略定位为航空航天特气，并锚定商业航天特燃特气需 求领域。除海南商业航天发射场特燃特气配套项目外，公司积极拓展山东海阳东方航天港、甘肃酒泉卫 星发射中心等其他商业航天发射基地的特燃特气合作项目，并全部进入实施阶段。 截至目前，公司多次与上海航天设备制造总厂有限公司（隶属中国航天科技集团有限公司第八研究院） 签署相关协议；公司多次与中国航天科技集团商业火箭有限公司（隶属中国航天科技集团有限公司）签 署相关协议；公司与中国长征火箭有限公司（隶属中国航天科技集团有限公司第一研究院）签署相关协 议，与北京天兵科技有限公司签署相关协议；公司已中标上海空间推进研究所（隶属中国航天科技集团 有限公司第六研究院）三年期氦气、氮气等产品综合保障服务项目。 重大合同 宁波华翔（002048.SZ）：公司下属子公司宁波华翔启源科技有限公司与国内某头部机器人关节厂商签 订了《机器人关节委托生产合同》，将在未来两年内为其生产制造部分机器人关节产品。该合作将有利 于华翔启 ...

Mergers and Acquisitions - Jinko Environment plans to acquire 100% equity of Eric for 84.8 million yuan [1] - Huitong Co., Ltd. intends to purchase 70% equity of Italian company OMIKRON [2] External Investments and Daily Operations - Zhenyu Technology aims to raise no more than 1.88 billion yuan for lithium battery precision structural component expansion projects. Two subsidiaries plan to invest 1 billion yuan each in humanoid robot-related projects [3] - Glinda participates in the strategic placement of shares in Muxi Co., Ltd.'s initial public offering to explore and develop next-generation high-performance electronic chemicals [3] - Jiufeng Energy signs an agreement with China Long March Rocket Co., Ltd. for services at the Hainan commercial space launch site [4] - China Nuclear Power signs a strategic cooperation agreement for nuclear power plant capacity enhancement with the Nuclear Power Institute [5] - Haibosi Chuang plans to invest 2 billion yuan to build a smart green energy storage factory [6] - Fudan Microelectronics sees Guosheng Investment acquiring 12.99% of its shares, making it the largest shareholder [7] - Ningbo Huaxiang's subsidiary secures orders from a leading domestic robot joint manufacturer, laying a solid foundation for developing core joint components based on PEEK materials [7] - Zhongjie Automotive receives a project confirmation letter for electric air conditioning compressor scroll plates worth 29.86 million USD from an international client [8] - Jianlong Micro-Nano's subsidiary plans to acquire 40% equity of Hanxing Energy for 200 million yuan, making Hanxing Energy a subsidiary of Jianlong [9] - New Strong Link intends to raise no more than 1.5 billion yuan through a private placement for projects related to large power wind turbine main bearings and to supplement working capital [9]

Core Viewpoint - Jiufeng Energy (605090.SH) is actively expanding its capabilities in the commercial aerospace sector by implementing a special fuel and gas supply project at the Hainan Commercial Aerospace Launch Site, with a total investment of approximately 300 million yuan [1] Group 1: Project Expansion - The company has signed an investment agreement for the second phase of the special fuel and gas supply project at the Hainan Commercial Aerospace Launch Site to meet the growing demand for high-density launches and support the new requirements of the Wenchang Satellite Industrial Park [1] - The expansion plan includes the production and storage of special fuels and gases such as liquid nitrogen, liquid oxygen, green hydrogen, helium, krypton, xenon, light hydrocarbons, and aerospace kerosene [1] Group 2: Strategic Partnerships - The company has established multiple agreements with Shanghai Aerospace Equipment Manufacturing Factory for cooperation in products like liquid methane, liquid oxygen, liquid nitrogen, and helium, specifically for the Shandong Haiyang Dongfang Aerospace Port [2] - Collaborations have also been formed with China Aerospace Technology Group's Commercial Rocket Company for liquid oxygen, liquid nitrogen, and liquid methane at the Gansu Jiuquan Satellite Launch Center [2] - The company has secured annual supply agreements for liquid nitrogen and helium with China Long March Rocket Company for the Hainan Commercial Aerospace Launch Site [2]

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：2025-114 江西九丰能源股份有限公司 关于海南商业航天发射场特燃特气配套项目的 实施进展公告（三） 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。 一、本项目的基本情况 为推动特种气体业务在商业航天领域的配套与融合，夯实航天特气的先发优势， 2023 年 10 月 31 日，江西九丰能源股份有限公司（以下简称"公司"）投资决策委员会 评审同意投资约 49,300 万元建设海南商业航天发射场特燃特气配套项目（以下简称"本 项目"或"项目"），相关具体内容详见公司分别于 2023 年 11 月 2 日、2024 年 8 月 31 日、2025 年 3 月 13 日披露的《关于拟投资建设海南商业航天发射场特燃特气配套项 目的公告》《关于海南商业航天发射场特燃特气配套项目的实施进展公告》《关于海南 商业航天发射场特燃特气配套项目的实施进展公告（二）》。 成为最具价值创造力的清洁能源服务商 2025 年以来，公司一方面积极推进本项目（一期）工 ...

Core Viewpoint - The company announced an investment of approximately 493 million yuan in the construction of a specialized fuel and gas supply project for the Hainan commercial aerospace launch site, with the first phase nearly completed and products already validated for rocket launches [1] Group 1: Project Development - The first phase of the project has been largely completed, with liquid hydrogen and other products used multiple times in rocket launches and successfully validated [1] - The company is implementing a second phase expansion plan with an estimated total investment of around 300 million yuan, currently advancing land planning and site selection [1] Group 2: Future Prospects - The company is also expanding into other aerospace launch base cooperation projects to diversify its operations [1] Group 3: Risks - There are risks associated with the project, including potential underperformance in benefits and uncertainties regarding land and expansion plans [1]

Core Viewpoint - The company has completed the construction of the first phase of its special fuel and gas supporting project at the Hainan commercial aerospace launch site, with products successfully validated through multiple rocket launch missions [1] Group 1: Project Completion and Validation - The construction of the first phase of the special fuel and gas supporting project has been basically completed [1] - Special fuel products such as liquid hydrogen, liquid oxygen, liquid nitrogen, and helium have been applied in several rocket launch missions, with product quality successfully passing launch validation [1] Group 2: Future Developments - The installation of the high-purity liquid methane production facility has been completed and has passed individual machine debugging [1] - The liquid methane will be used in future mainstream liquid oxygen-methane rocket launches [1] - The company is actively promoting the expansion plan for the second phase of the project, with a total investment expected to be around 300 million yuan [1]

证券研究报告 晨会 hyzqdatemark 2025 年 12 月 22 日 投资要点： 资料来源：聚源，华源证券研究所，截至2025年12月22日 华源晨会精粹 20251222 固定收益 短期制约因素突出，当前经济或仍承压——利率周报：11 月经济数据与财 政收支数据相继披露，当前经济或仍持续承压。我们认为经济运行核心矛盾仍聚焦 于"旧动能调整拖累与新动能成长并存"，消费与投资的短期压力与财政收支的低 增长态势相互呼应。从经济运行基本面看，需求端或仍承压。消费与投资双引擎若 持续乏力，可能直接影响四季度经济增速预期，预计同比增速将较三季度有所放缓。 短期制约因素尤为突出：房地产市场仍在筑底阶段，居民消费短期仍可能保持谨慎 态度。2025 年 1-11 月财政收支情况显示，财政运行呈现"收入低增、支出中央地 方分化"的特征。当前经济与财政的运行态势，与 2025 年中央经济工作会议的政策 部署形成精准呼应。会议强化内需主导作用、突出企业创新主体地位，并新增"加 大逆周期和跨周期调节力度"的表述，为后续政策发力指明了方向。明年经济或呈 现弱修复态势，财政收支平衡压力或将持续。2026 年债市行情可能好于预期 ...

Investment Rating - The report maintains an "Accumulate" rating for the gas industry [1] Core Insights - The report highlights that warmer temperatures have led to a continued decline in U.S. gas prices, while European gas prices have seen a slight increase due to inventory withdrawals. Domestic gas demand in China has shown marginal improvement [1][9] - The overall supply of gas remains sufficient, with domestic gas prices decreasing by 3.7% week-on-week. The apparent consumption of natural gas in China from January to November 2025 increased by 1.5% year-on-year to 392 billion cubic meters, with November showing a year-on-year increase of 9.3% [24][28] - The report emphasizes the ongoing price adjustment progress across various cities, with 67% of cities implementing residential price adjustments, indicating a potential for further valuation recovery in gas companies [38] Summary by Sections Price Tracking - As of December 19, 2025, U.S. HH gas prices decreased by 12.1%, while European TTF prices increased by 1.8%. The prices for East Asia JKM and China's LNG showed declines of 9.6% and 3.7%, respectively [9][14] Supply and Demand Analysis - The report notes that the U.S. gas market has seen a week-on-week price drop of 12.1% due to higher temperatures, with storage levels decreasing by 167 billion cubic feet to 35,790 billion cubic feet, a year-on-year decline of 1.2% [16] - In Europe, gas consumption from January to September 2025 reached 313.8 billion cubic meters, a year-on-year increase of 4.1%. The average daily gas generation in Europe increased by 30.8% week-on-week and 41.9% year-on-year [18] Domestic Market Insights - China's apparent natural gas consumption from January to November 2025 was 392 billion cubic meters, with production increasing by 6.4% year-on-year to 238.9 billion cubic meters. However, imports decreased by 4.8% to 161.1 billion cubic meters [28][29] - The average import price for LNG in November 2025 was 3,384 yuan per ton, reflecting a 0.7% decrease month-on-month and an 18.3% decrease year-on-year [28] Price Adjustment Progress - The report indicates that 67% of cities have implemented residential price adjustments, with an average increase of 0.22 yuan per cubic meter. The potential for further price recovery exists, as the reasonable value for gas distribution fees is estimated to be above 0.6 yuan per cubic meter [38] Investment Recommendations - The report suggests focusing on companies that can optimize costs and benefit from the ongoing price adjustments, highlighting specific companies such as Xinao Energy and China Gas, which have attractive dividend yields [1][24]

Core Viewpoint - The article provides insights into the performance of the constituents of the S&P China A-Share Dividend Opportunity Index, highlighting the top-performing stocks based on daily and year-to-date gains, as well as their dividend yields. Group 1: Stock Performance - The top stock by daily gain is Jianlin Home (建霖家居) with a daily increase of 6.15% and a year-to-date increase of 13.83% with a dividend yield of 3.89% [6] - Tianshan Aluminum (天山铝业) shows a significant year-to-date increase of 87.79% with a daily gain of 4.79% and a dividend yield of 2.92% [6] - Yiyi Co. (依依股份) has a year-to-date increase of 94.66% with a daily gain of 4.75% and a dividend yield of 2.80% [6] Group 2: Dividend Yields - The article lists several companies with notable dividend yields, including Nanshan Aluminum (南山铝业) at 8.36% and Semir Apparel (森马服饰) at 9.03% [6] - Other companies with competitive dividend yields include Jiangsu Guotai (江苏国泰) at 5.33% and Xiamen Bank (厦门银行) at 3.90% [6] - The overall dividend yield for the index is reported at 4.85% [2]

Summary of Key Points from Conference Call Records Industry Overview - The focus is on the public utility and environmental protection sectors, particularly in the context of coal-fired power, renewable energy, and waste-to-energy industries [1][6][10]. Core Insights and Arguments Coal-Fired Power Sector - In 2025, the coal-fired power sector is expected to perform well with a growth rate of approximately 13.3%, primarily due to declining coal prices [2]. - The flexibility and scarcity value of coal-fired power are highlighted, especially in regions with a high proportion of renewable energy [2][3]. - By 2026, the power supply-demand relationship is anticipated to shift towards structural looseness, leading to pressure on coal-fired utilization hours and market prices [1][3]. - New coal-fired power units are projected to peak in 2025-2026, with an annual addition of about 70 GW, increasing revenue pressure due to rising renewable energy installations [3]. Investment Strategies - Investment strategies should focus on companies with controllable electricity price declines, new quality asset additions, or high dividend yields, such as Inner Mongolia Huadian and Huaneng International [1][3]. - Recommended stocks include national players like Huaneng International, Datang Power, and local companies like Inner Mongolia Haitan and Shaanxi Energy [3]. Renewable Energy Sector - The renewable energy sector is characterized by low valuations among Hong Kong-listed wind power operators, benefiting from reduced capital expenditure expectations and accelerated government subsidy recoveries [1][4]. - The cancellation of VAT refund policies in 2025 is expected to lead to more cautious capital expenditures among renewable energy operators [16]. - The sector is projected to see a significant increase in installed capacity, with annual additions expected to be between 150-200 GW over the next decade [16]. Waste-to-Energy and Biomass Diesel - The waste-to-energy sector is highlighted as a key emerging area for 2026, with significant growth potential and policy support [1][5]. - The industry has seen a substantial increase in the number of waste incineration facilities, with capacity rising from 25.59 million tons/day in 2016 to 115 million tons/day by 2024 [8]. - The sector's capital expenditure peaked in 2020 at 22.3 billion yuan, declining to 10.742 billion yuan by 2024, while free cash flow turned positive for the first time in 2024 [8]. Financial Performance and Market Dynamics - The public utility sector overall saw a 3.6% increase in 2025, outperforming the CSI 300 index by 12.8 percentage points, while the environmental sector rose by 16.1% [6]. - Concerns regarding subsidy delays and accounts receivable are gradually easing, with companies exploring new business models to enhance profitability [7][10]. Other Important Insights - The SAF (Sustainable Aviation Fuel) industry is entering a growth phase, with demand expected to rise significantly due to EU regulations [21][22]. - The supply of Yoko (waste cooking oil) is limited, but its price has stabilized, and demand is expected to increase, benefiting companies with expansion plans [23]. - The waste-to-energy sector is also exploring international opportunities, such as projects in Indonesia, which could provide significant growth avenues for Chinese companies [9]. Recommended Companies - Key companies to watch include: - Waste-to-energy: Weiming Environmental, Huaneng International, and Longyuan Power [10][24]. - Gas sector: Hong Kong gas companies like Towngas and integrated gas companies in A-shares [13][24]. - Biomass diesel: Companies with scarce Yoko resources like Shanhai Environmental and Jiaao Environmental [24].