Investment Rating - The report does not explicitly state an investment rating for the company [1]. Core Insights - The company, Jiufeng Energy, is transitioning from a traditional energy service provider to a key supplier of aerospace fuels, capitalizing on the booming commercial space industry in China [2][3]. - Jiufeng Energy's LNG business has shown resilience despite a decline in overall revenue and profit due to extreme weather and previous non-recurring gains [6][10]. - The company has established a significant presence in the commercial aerospace special gas sector, with a clear expansion strategy from initial projects in Hainan to nationwide agreements [18][22]. Summary by Relevant Sections Financial Performance - In the first three quarters of 2025, Jiufeng Energy reported revenue of 15.608 billion yuan, a year-on-year decrease of 8.4%, and a net profit of 1.241 billion yuan, down 19.1% [6]. - The company's gross margin improved to 10.4%, an increase of 1.05 percentage points compared to the full year of 2024, indicating a positive trend in profitability despite short-term challenges [10][14]. Business Transformation - Jiufeng Energy is shifting towards a "gas source + distribution" model, with ongoing projects such as the Xinjiang coal-to-gas project, which aims for an annual production capacity of 4 billion cubic meters [14][15]. - The company has invested 493 million yuan in the first phase of the Hainan special gas project, which includes production capacities for liquid hydrogen, liquid oxygen, liquid nitrogen, and other aerospace fuels, set to commence operations in 2025 [18][20]. Market Expansion - Jiufeng Energy has signed long-term supply agreements with eight rocket companies, covering a full range of special gases, and is expanding its operations to major commercial launch bases across China [22][24]. - The demand for special gases is expected to surge as the number of commercial satellite launches increases, with projections indicating a potential annual launch requirement of 150 to 200 rockets by 2030 [22][23]. Future Outlook - The company is well-positioned to leverage its early-mover advantage in the commercial aerospace special gas market, with plans for further expansion and investment in new production facilities [24][26]. - With the commissioning of the Xinjiang coal-to-gas project and the second phase of the Hainan project, Jiufeng Energy is expected to drive growth in the aerospace sector, contributing to its energy transition strategy [26][27].

飞天转型。 作者 | 萧瑟 编辑 | 小白 中国商业航天正进入高密度发射阶段，2025年内由民营商业火箭企业执行的发射任务已达23次。 火箭腾空，燃料先行。液氢与液氧的燃烧推动火箭升空，液氮保障设备低温运行，氦气确保系统安全 精准，航天特燃特气正成为航天产业背后的能源新势力，需求迎来爆发式增长。 风云君注意到，一家燃气公司——九丰能源（605090.SH），正从传统的能源服务商转型为航天燃料 的关键供应商，为这一战略赛道注入新动力。 极端天气拖累业绩， 自有气源成看点 九丰能源是一家聚焦天然气及LNG产业链的综合能源服务商，其传统商业模式为LNG分销，利润依 赖气源采购成本与终端销售价格间的差价。 2025年前三季度，九丰能源实现营业收入156.08亿元，同比下降8.4%；归母净利润12.41亿元，同比 下降19.1%；扣非净利润11.54亿元，同比下降4.4%。 （ 来源：市值风云APP ） 年内业绩承压，主要受以下因素影响： 一是上年同期，九丰能源曾确认过3.28亿元的非流动资产处置收益，拉高了可比基数。 商业航天 特燃特气 业务落地 二是在三季度内，受台风"桦加沙""博罗依"等极端天气影响，运输船舶未能 ...

每经记者｜闫峰峰 每经编辑｜吴永久 九丰能源正上演一场资本市场的"双向操作"：公司斥资超2亿元回购股份彰显信心，同一实控人阵营的 重要股东却计划减持最高2.45%股份。在商业航天概念助推股价创新高、但传统主业业绩承压的背景 下，九丰能源这种"左手回购、右手减持"看似相反的举动，到底意味着什么？ 然而，就在公司持续推进回购计划的同时，公司重要股东们却开始筹划减持。上市公司回购股份而股东 减持，公司是如何看待此现象呢？对此，每经资本眼专栏记者邮件采访了九丰能源，但截至发稿尚未收 到回复。 业绩下滑商业航天项目点燃市场热情，公司特种气体营收占比不足 1% 除了回购形成的利好，九丰能源股价的强劲表现与商业航天概念的热炒密不可分。公司主营业务为清洁 能源行业、能源服务行业、特种气体行业。公司产品涉及天然气、液化石油气（LPG）、特种气体。 多名重要股东计划最高减持2.45%股份，公司当前仍在实施回购计划 2026年1月6日，九丰能源发布公告称，收到控股股东、实控人一致行动人及部分董监高股东的《关于减 持股份计划的告知函》。张建国、蔡丽红、南京盈发创业投资合伙企业（有限合伙）（下称"盈发投 资"）、杨影霞、杨小毅等五名股 ...

证券日报网讯 1月6日，金宏气体在互动平台回答投资者提问时表示，公司氦气产品目前已应用于航天 航空、医疗健康、半导体制造等多个核心领域。目前，新疆气氦与液氨提纯项目正在稳步推进中，项目 建成后将进一步拓宽氦气来源，实现氦源自主可控的同时，有效降低氦源的成本。未来，公司会持续布 局氦气业务，积极拓展应用场景，进一步拓宽下游应用边界。 （文章来源：证券日报） ...

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]

证券日报网讯 12月30日，九丰能源在互动平台回答投资者提问时表示，截至目前，海南商业航天发射 场特燃特气配套项目（一期）工程建设基本完成，2025年已连续九次为海南商业航天发射场长征系列火 箭发射提供液氢、液氧、液氮、氦气等特燃特气保障。此外，公司正积极实施海南商业航天发射场特燃 特气配套项目（二期）扩能计划，旨在进一步保障海南商业航天发射场的新增工位（三号、四号工位） 与中长期航天发射规划，并匹配后续常态化、高密度发射的潜在需求，同时满足海南文昌星箭产业园 （卫星超级工厂）的新增需求。 （文章来源：证券日报） ...

| 国泰海通证券 | | --- | | GUOTAI HAITONG SECURITIES | 目 录 告 报 精 选 证 券 市 场 研 究 每 日 | | 每日报告精选（2025-12-26 09:00——2025-12-29 15:00） 3 | | --- | --- | |  | 宏观周报：《金银铜续创新高，人民币汇率破 7》2025-12-28 3 | |  | 宏观周报：《消费温和改善》2025-12-28 4 | |  | 策略观察：《资产概览：全球风偏修复，商品权益齐涨》2025-12-29 4 | |  | 策略周报：《跨越，远望又新峰》2025-12-28 5 | |  | 策略观察：《成交活跃度上升，万得全 A 估值领涨》2025-12-27 6 | |  | 海外策略研究：《每周海内外重要政策跟踪（25/12/26）》2025-12-27 7 | |  | 海外策略研究：《最近一周港股内外资行业分歧加剧》2025-12-27 8 | |  | 海外策略研究：《一页纸精读行业比较数据：12 月》2025-12-26 8 | |  | 行业跟踪报告：机械行业《液氩均价 ...

Summary of Key Points from Conference Call Records Industry Overview Real Estate Market - Relaxation of real estate policies in first-tier cities significantly supports demand for low-priced housing, with expectations for other core cities to follow suit, potentially leading to more measures to stabilize the real estate market, such as land acquisition and mortgage interest subsidies [1][2][4] - Recent policy changes in Beijing include allowing multi-child families to purchase additional properties and lowering social security requirements for non-residents, which are expected to stimulate demand for affordable housing [2][4] Coal Market - Domestic supply tightening and demand recovery have led to a narrowing decline in thermal coal prices, with expectations for price stabilization in the future [1][5] - The market for coking coal is under short-term pressure due to increased imports and expectations of lower downstream demand for coke, with a forecast of a weak and stable trend for coke prices [1][6] - By 2026, the thermal coal market supply-demand balance is expected to improve, benefiting companies like China Shenhua due to reduced imports from Indonesia [1][8][9] Cleanroom Engineering Industry - The cleanroom engineering market is projected to reach 350 billion yuan by 2026, driven by demand from the electronics industry, particularly in semiconductor and AI technology sectors [1][10][12] - Key players in the cleanroom engineering sector include Shenghui Integration and Yaxiang Integration, which have shown significant revenue growth and are expanding their market presence [12][13] Solar Thermal Power - The government aims to achieve a total installed capacity of 15 million kilowatts for solar thermal power by 2030, with policies in place to support this growth and improve revenue structures for solar thermal plants [1][14][15] - Companies to watch in this sector include Xizi Energy and Material Energy, which have experience in related projects and technologies [15] Key Market Trends and Projections PX and PTA Market - PX prices have risen due to limited new supply expected in the coming years, with a significant increase in demand from downstream products [1][18][19] - PTA is also experiencing a supply vacuum, with no new capacity added this year, leading to improved supply-demand dynamics by 2026 [1][19] Polyester Filament Yarn Industry - The polyester filament yarn industry is seeing price increases due to coordinated production cuts among major manufacturers, with a positive outlook for 2026 driven by both domestic and international demand [1][20] Organic Silicon Market - The organic silicon market is expected to improve in supply-demand balance, with a focus on new applications in renewable energy and electric vehicles driving demand growth [1][21][22] - Companies to monitor include Hesheng Silicon, Xin'an Chemical, and Dongyue Silicon [22][23] Investment Opportunities - Recommended companies for investment consideration include: - In the polyester chain: Tongkun Co., New Fengming, Hengyi Petrochemical, and others [23] - In the organic silicon sector: Hesheng Silicon, Xin'an Chemical, and others [23] This summary encapsulates the key insights and projections from the conference call records, highlighting significant trends and potential investment opportunities across various industries.

中航光电：公司产品已成功配套于主流火箭型号，并持续拓展与国内领先商业火箭企业的合作，已为多 家企业提供配套支持，产品覆盖连接器、箭载/箭地单机、电缆网等多类关键部件。 12月26日，上交所发布《上海证券交易所发行上市审核规则适用指引第9号——商业火箭企业适用科创 板第五套上市标准》，从业务范围及"硬科技"属性要求、取得标准、阶段性成果等方面对商业火箭企业 适用科创板第五套上市标准作出了细化规定，旨在加快推进商业航天创新发展、主动服务航天强国战 略。 中泰证券研报认为，资本的精准配置将加速推动企业攻克火箭回收、大推力发动机等核心技术，推动中 大型可重复使用火箭从研发走向规模化应用，逐步缩小与国际领先水平的差距。同时，商业火箭产业将 进一步牵引上下游先进材料、精密制造等领域协同升级，为卫星互联网组网、太空资源开发等国家战略 提供坚实支撑。 公司方面，据上证报表示， *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 九丰能源：公司为海南商业航天发射场多次火箭发射任务提供特燃特气保障，液氢、液氧、液氮、氦气 等特燃特气产品品质顺利通过发射验证。 ...

Macro Strategy - The core viewpoint of the report indicates that the Q3 2025 US GDP grew at an annualized rate of +4.3%, significantly exceeding Bloomberg analysts' consensus expectation of +3.3% and the Atlanta Fed's GDPNow estimate of +3.5% [1][7] - The strong consumer spending and reduced inventory drag were the main contributors to this growth, with inventory changes being the largest marginal contributor to the acceleration in GDP growth [1][7] - Despite the strong GDP data, the market's initial reaction suggested overheating, leading to a temporary cooling of interest rate cut expectations, which later reversed as asset prices adjusted [1][8] - Looking ahead, the report anticipates a significant cooling in Q4 2025 GDP growth due to government shutdown impacts, with short-term interest rate cut expectations depending on upcoming employment and inflation data [1][8] Fixed Income - The report notes that during the week of December 15-19, 2025, the yield on the 10-year government bond rose slightly from 1.8425% to 1.835% [2][9] - It emphasizes that the bond market's response to economic data has been muted, reflecting a focus on policy expectations rather than fundamental economic performance [9] - The report suggests that while there is limited immediate need for significant liquidity release through reserve requirement cuts, the possibility of easing policies in early 2026 remains [11] Industry Insights - Jiufeng Energy is focusing on expanding its commercial aerospace special gas market share through the development of its launch site and partnerships with rocket companies [19][20] - The company has completed the first phase of its Hainan commercial aerospace launch site project, with core products undergoing multiple launch validations, indicating a strong operational track record [19][20] - Jiufeng Energy's profit forecasts for 2025-2027 are set at 1.56 billion, 1.80 billion, and 2.13 billion yuan, respectively, with corresponding PE ratios of 18.0, 15.6, and 13.2 [19][20]