证券日报网讯1月5日，九丰能源（605090）在互动平台回答投资者提问时表示，除已有的商业航天特燃 特气布局外，公司依托东莞接收站优势，持续开拓、深耕华南市场(含海南省)的LNG、LPG等清洁能源 业务。公司将持续关注海南自贸港政策带来的各类机遇，为公司业务拓展进一步夯实基础。 ...

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]

证券研究报告·行业跟踪周报·燃气Ⅱ 燃气Ⅱ行业跟踪周报 气温预期持续偏低美国气价上涨、库存提取欧洲气 价上涨，重视商业航天特燃特气价值长期提升 2026 年 01 月 05 日 增持（维持） [Table_Tag] [投资要点 Table_Summary] 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 谷玥 执业证书：S0600524090002 guy@dwzq.com.cn 行业走势 -8% -4% 0% 4% 8% 12% 16% 20% 24% 2025/1/6 2025/5/5 2025/9/1 2025/12/29 燃气Ⅱ 沪深300 相关研究 《气温预期上调美国气价回落、库存 提取欧洲气价微增，25M11 国内用气 需求边际改善》 2025-12-29 《气温偏高美国气价继续回落，库存 提取欧洲气价微增，25M11 国内用气 需求边际改善》 2025-12-22 东吴证券研究所 1 / 13 请务必阅读正文之后的免责声明部分 ◼ 价格跟踪：气温预期持续偏低美国气价上涨、库存提取欧洲气价上涨。 截至 2026/0 ...