Market Performance - The gas sector increased by 1.4% compared to the previous trading day, with Teris leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Individual Stock Performance - Teris (code: 920014) closed at 13.75, up 8.44%, with a trading volume of 111,500 shares and a transaction value of 156 million yuan [1] - Shengtong Energy (code: 001331) closed at 59.67, up 7.03%, with a trading volume of 118,700 shares and a transaction value of 690 million yuan [1] - Shengdalin Forestry (code: 002259) closed at 5.77, up 4.91%, with a trading volume of 915,300 shares and a transaction value of 535 million yuan [1] - Tianhao Energy (code: 300332) closed at 5.58, up 3.53%, with a trading volume of 125,340 shares and a transaction value of 14 million yuan [1] - New Energy (code: 600617) closed at 3.23, up 3.19%, with a trading volume of 415,500 shares and a transaction value of 13.3 million yuan [1] Capital Flow Analysis - The gas sector experienced a net outflow of 16.96 million yuan from institutional funds and a net outflow of 90.12 million yuan from speculative funds, while retail investors saw a net inflow of 107 million yuan [2] - New Natural Gas (code: 603393) had a net outflow of 37.81 million yuan from institutional funds, while Shengtong Energy (code: 001331) saw a net inflow of 29.42 million yuan [3] - The overall capital flow indicates a mixed sentiment among different investor types within the gas sector [2][3]

Core Viewpoint - The report indicates a significant decline in U.S. natural gas prices due to the retreat of cold weather, while European and domestic gas prices remain relatively stable [1] Price Tracking - U.S. natural gas prices decreased by 74.4% week-on-week, while European prices increased by 0.9% and domestic prices rose by 1.3% as of January 30, 2026 [1] - The current prices are reported as follows: U.S. HH at 1.8 yuan/m³, European TTF at 3.5 yuan/m³, East Asia JKM at 2.9 yuan/m³, domestic LNG ex-factory price at 2.7 yuan/m³, and domestic LNG CIF price at 3 yuan/m³ [1] Supply and Demand Analysis - U.S. natural gas storage decreased by 2,420 billion cubic feet week-on-week to 28,230 billion cubic feet, with a year-on-year increase of 9.8% [2] - European natural gas consumption from January to October 2025 was 3,495 billion cubic meters, up 4.6% year-on-year [2] - European gas supply decreased by 6.9% week-on-week to 128,422 GWh, with a notable drop in inventory consumption [2] - Domestic natural gas apparent consumption for 2025 was 4,332 billion cubic meters, reflecting a year-on-year increase of 2.3% [2] Pricing Mechanism Progress - As of 2026, 68% of cities in China have implemented residential pricing adjustments, with an average increase of 0.22 yuan/m³ [3] - The price difference for leading companies remains at 0.53-0.54 yuan/m³, indicating potential for further price adjustments [3] Investment Recommendations - The report suggests that supply is easing and cost optimization for city gas companies is ongoing, with a focus on companies like Xin'ao Energy, China Resources Gas, and Kunlun Energy [4] - Companies with quality long-term contracts and flexible scheduling, such as Jiufeng Energy and Xin'ao Shares, are highlighted for their cost advantages [4] - The importance of energy independence is emphasized, recommending companies with gas production capabilities like Shouhua Gas [4]

证券代码：605090 证券简称：九丰能源 公告编号：2026-006 江西九丰能源股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 成为最具价值创造力的清洁能源服务商 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。 | 回购方案首次披露日 | 2025/4/18 | | --- | --- | | 回购方案实施期限 | 2025/5/9 ~ 2026/5/8 | | 预计回购金额 | 20,000.00万元~30,000.00万元 | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 768.98万股 | | 累计已回购股数占总股本比例 | 1.09% | | 累计已回购金额 | 23,374.54万元 | | 实际回购价格区间 | 25.52元/股~36.91元/股 | 重要内容提示： 一、回购股份的背景和目的 江西九丰能源股份有限公司（以下简称"公司"）经综合考虑当前市场环境、公司 经营状况及财务 ...

Core Viewpoint - Jiufeng Energy (605090.SH) has initiated a share buyback program, reflecting the company's commitment to enhancing shareholder value through strategic capital management [1] Group 1: Buyback Details - The buyback program commenced on February 3, 2023, and is set to continue until January 31, 2026 [1] - A total of 7.6898 million shares have been repurchased, which accounts for 1.09% of the company's total share capital [1] - The highest transaction price recorded during the buyback was 36.91 CNY per share, while the lowest was 25.52 CNY per share [1] - The total amount of funds expended for the buyback, excluding transaction fees, is 233.7454 million CNY [1]

格隆汇2月3日丨九丰能源(605090.SH)公布，本次回购实施起始日至2026年1月31日，公司以集中竞价交 易方式累计回购股份768.98万股，占公司总股本的1.09%，最高成交价为36.91元/股，最低成交价为 25.52元/股，已支付的资金总额为人民币23,374.54万元（不含交易费用）。 ...

Market Overview - The gas sector increased by 0.95% on February 3, with Wanqing Energy leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] Gas Sector Performance - Wanqing Energy (002700) closed at 7.42, up 4.80% with a trading volume of 168,000 shares and a turnover of 124 million yuan [1] - Jiufeng Energy (605090) closed at 46.95, up 3.48% with a trading volume of 161,000 shares and a turnover of 746 million yuan [1] - Fuan Energy (002911) closed at 14.26, up 2.37% with a trading volume of 102,300 shares and a turnover of 14.5 million yuan [1] - Other notable performers include Zhongtai Co. (300435) up 2.27% and Delong Huineng (000593) up 2.19% [1] Fund Flow Analysis - The gas sector experienced a net outflow of 11.71 million yuan from main funds, while retail funds saw a net inflow of 31.79 million yuan [2] - The overall net outflow from retail investors was 20.09 million yuan [2] Individual Stock Fund Flow - Jiufeng Energy had a main fund net outflow of 56.56 million yuan, with retail outflow of 57.51 million yuan [3] - Zhongtai Co. saw a main fund net inflow of 17.05 million yuan, but a retail outflow of 42.90 million yuan [3] - Wanqing Energy had a main fund net inflow of 12.22 million yuan, with a retail outflow of 11.84 million yuan [3] - Shenzhen Gas (601139) had a main fund net inflow of 5.12 million yuan, while retail investors had a net inflow of 770,840 yuan [3]

Group 1 - Trump announced that Mexico will stop supplying oil to Cuba as part of increased pressure on the country, although he did not provide specific details on this decision [1] - As of January, WTI crude oil prices increased by 14% month-on-month but decreased by 11% year-on-year. OPEC+ is adjusting its production strategy between market share and price stability, with an increase in production expected starting in 2025, but facing challenges from weak demand and oversupply [1] - By early 2026, geopolitical risks affecting oil prices are expected to rise, leading to potential supply constraints [1] Group 2 - As of January 30, 2026, the National Petroleum and Natural Gas Index (399439) had its top ten weighted stocks, including China National Petroleum, China National Offshore Oil, and Sinopec, which collectively account for 66.76% of the index [2] - The Petroleum ETF Penghua closely tracks the National Petroleum and Natural Gas Index, reflecting the price changes of listed companies in the oil and gas sector on the Shanghai and Shenzhen stock exchanges [2]

Market Overview - The gas sector experienced a decline of 2.28% on February 2, with Shengda Forestry leading the drop [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] Individual Stock Performance - Shengda Forestry (002259) saw a significant drop of 8.11%, closing at 5.44 with a trading volume of 669,900 shares and a transaction value of 376 million [2] - Other notable declines include: - Kaitan Gas (920010) down 7.81% to 11.22 [2] - Tianhao Energy (300332) down 7.41% to 5.37 [2] - Guo New Energy (600617) down 6.33% to 3.11 [2] - Conversely, Shengtong Energy (001331) increased by 1.88% to 54.68, with a trading volume of 59,600 shares [1] Capital Flow Analysis - The gas sector saw a net outflow of 437 million yuan from major funds, while retail investors contributed a net inflow of 430 million yuan [2][3] - Major funds showed a net inflow in stocks like Zhongtai Co. (300435) with 20.30 million yuan, while others like Guo New Energy (600617) experienced a net outflow of 4.55 million yuan [3] Summary of Trading Data - The trading data for gas sector stocks indicates varied performance, with some stocks like Zhongtai Co. and Delong Huineng (000593) showing minor net inflows from major funds, while others faced significant outflows [3] - The overall sentiment in the gas sector appears bearish, reflected in the significant declines across multiple stocks [1][2]

Investment Rating - The report maintains an "Accumulate" rating for the gas industry [1] Core Insights - The report highlights a significant drop in US gas prices due to the retreat of cold weather, while European and domestic gas prices remain relatively stable [4][9] - It emphasizes the ongoing supply-demand dynamics, with US gas storage levels showing a year-on-year increase of 9.8% despite a week-on-week decrease of 2420 billion cubic feet [16] - The report notes that domestic gas prices have increased by 1.3% week-on-week, driven by rising import prices [26] Price Tracking - As of January 30, 2026, the week-on-week changes in gas prices are as follows: US HH down 74.4%, European TTF up 0.9%, East Asia JKM up 2.1%, China LNG ex-factory price up 1.3%, and China LNG CIF price up 6.5% [4][9] - The report provides detailed price comparisons, indicating that the domestic LNG ex-factory price is 4045 RMB/ton, while the CIF price is 4433 RMB/ton [14] Supply and Demand Analysis - The report indicates that European gas consumption for the first ten months of 2025 was 349.5 billion cubic meters, a year-on-year increase of 4.6% [17] - It also notes that European gas supply decreased by 6.9% week-on-week, with a significant drop in supply from inventory [17] - Domestic gas consumption for 2025 is projected to be 433.2 billion cubic meters, with production increasing by 6.3% year-on-year [26] Pricing Mechanism Progress - The report states that 68% of cities have implemented residential pricing adjustments, with an average increase of 0.22 RMB/cubic meter [40] - It highlights that there is still a 10% room for price adjustment in the gas distribution sector [40] 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 [52] - It suggests monitoring companies with quality long-term contracts and flexible scheduling capabilities, such as Jiufeng Energy and Xin'ao Shares [52] - The report emphasizes the importance of energy independence and recommends companies with gas production capabilities like Shouhua Gas [52]

Economic Performance - The GDP of Shatian Town reached 29.507 billion yuan in 2025, with a year-on-year growth of 8.4%, ranking among the top in the city [1] - The industrial output value above designated size was 58.193 billion yuan, and the total import and export volume was 197.38 billion yuan, ranking second in the city [1][8] - The GDP increased from 20.9 billion yuan in 2020 to 29.507 billion yuan in 2025, a cumulative growth of 35.2% over five years [6][8] Service Improvement Initiatives - Shatian Town has adopted a service philosophy of "no disturbance without business, responsive to requests, and high-quality service" to promote high-quality development [3] - A "service specialist" system for enterprises was established, with specialists assigned to regularly visit and track the needs of several enterprises [4] - The town's leadership has actively engaged with businesses through over 20 dialogues, including investment promotion and expansion meetings [4] Investment and Expansion Projects - The town has facilitated the acceleration of investment and expansion for key enterprises, addressing space expansion needs for several companies [6] - Nineteen quality investment and expansion projects have been implemented, with a total investment of 4.8 billion yuan, expected output value of 5.257 billion yuan, and projected tax revenue of 339 million yuan [6] - The balance of loans in both domestic and foreign currencies increased by 8.39% year-on-year, ranking fifth in the city [6] Market Dynamics - The number of market entities in Shatian Town grew from 17,600 in 2020 to 27,300 in 2025, with a net increase of approximately 10,000 [8] - The number of "four above" enterprises increased from 448 in 2020 to 587 in 2025, reflecting the vitality and potential of economic development [8]