本周核心观点：1）高载重与可回收推动火箭发射降本，推进剂、发射特气需求刚性，价值量与价值占 比长期提升。火箭发射经济性成为未来火箭发射向高密度、标准化转型的重要因素。火箭发射降本路线 清晰，高载重和可回收成为核心途径，液态甲烷作为推进剂优势凸显，占比提升。在高载重与可重复使 用背景下，推进剂特气需求与发射次数高度相关且成本占比提升。可重复使用技术显著压缩了制造成本 在单次发射中的占比，但并未降低推进剂消耗，回收过程甚至需要额外燃料储备。基于当前时点，我们 测算猎鹰9 号单次发射推进剂与特气需求合计成本约80 万美元，根据《"猎鹰"9 火箭的发射成本与价格 策略分析》（2022），考虑火箭可回收，火箭成本从5000 万美元下降至1500 万美元，推进剂与特气需 求刚性保持单次80 万美元，单次发射成本占比从1.6%提升至5.3%。推进剂与特气需求逐步成为最稳 定、最可预测的价值环节。重点推荐九丰能源，深度卡位商业航天特燃特气供应，打造九丰航天特气专 业品牌，航天特燃特气供应价值量与份额长期提升。2）全国冬季用电负荷首破14 亿千瓦。2026 年全国 用电负荷三创冬季新高，冬季负荷首次突破14 亿千瓦，最高达14 ...

海南商业航天发射场着手布局未来三年发射保障工作。 近日，海南国际商业航天发射有限公司（简称"海南商发"）公开发布了海南商业航天发射场2026至2028 年度发射任务液氧液氮、氦气以及液态甲烷采购项目招标公告。 据记者统计，采购项目中，液氧液氮预算金额1.26亿元，氦气预算金额7666.65万元，液态甲烷预算金额 4441.44万元，合计约2.47亿元，服务期为2026年4月1日至2028年3月31日止。 2026年，海南商业航天发射场已经成功完成2次发射任务。1月13日，我国使用长征八号甲运载火箭，成 功将卫星互联网低轨18组卫星发射升空，卫星顺利进入预定轨道，发射任务获得圆满成功；1月19日， 我国在海南商业航天发射场使用长征十二号运载火箭，成功将卫星互联网低轨19组卫星发射升空，卫星 顺利进入预定轨道，SF-13发射任务获得圆满成功。 海南商业航天发射场由海南商发投资建设、运行管理，从动工到全面建成并成功首发用时878天。 发射场选址文昌，得益于其较低纬度，可借助地球自转提高火箭运载效率。发射工位紧邻大海，便于通 过海运运送火箭箭体，节约运输成本、提升运力。此外，海南商发正积极探索火箭海上回收技术，相关 ...

近日，海南国际商业航天发射公司发布多份采购公告，包括《海南商业航天发射场2026至2028年度发射 任务氦气采购公告》、《海南商业航天发射场2026至2028年度发射任务液氧液氮采购项目招标公告》、 《海南商业航天发射场2026至2028年度发射任务液态甲烷采购招标公告》。根据公告，海南国际商业航 天发射有限公司拟采购2026至2028年度发射任务氦气、液氧液氮、液态甲烷。 ...

经济观察网近日，海南国际商业航天发射公司发布多份采购公告，包括《海南商业航天发射场2026至 2028年度发射任务氦气采购公告》、《海南商业航天发射场2026至2028年度发射任务液氧液氮采购项目 招标公告》、《海南商业航天发射场2026至2028年度发射任务液态甲烷采购招标公告》。根据公告，海 南国际商业航天发射有限公司拟采购2026至2028年度发射任务氦气、液氧液氮、液态甲烷。 ...

Market Analysis - On January 19, the market showed mixed performance with the Shanghai Composite Index recovering to 4100 points, ending a four-day decline, while the Shenzhen Component Index rose by 0.09% and the ChiNext Index fell by 0.7%. The total trading volume in the Shanghai and Shenzhen markets was 2.71 trillion yuan, a decrease of 317.9 billion yuan from the previous trading day [1]. Investment in Power Grid - The State Grid's investment plan for the 14th Five-Year Plan period amounts to 4 trillion yuan, marking a 40% increase compared to the previous plan, indicating a new phase of rapid growth in China's power grid construction. This investment aims to enhance energy transition, build a new power system, and ensure energy security [6][10]. - The investment structure focuses on smart upgrades of distribution networks, with significant allocations for ultra-high voltage (UHV) projects, which are expected to reach 800 billion yuan, more than doubling from the previous plan [7]. - The distribution network is projected to receive 2.48 trillion yuan, accounting for 63% of total investments, driven by the need for large-scale integration of renewable energy and urban-rural network upgrades [9]. Company Insights - Dalian Electric Porcelain, a leader in high-voltage porcelain insulators, holds a market share of approximately 50% in the domestic ultra-high voltage projects. The company is expected to see significant growth in overseas markets, with a projected increase in overseas sales to 35%-40% of total revenue by 2026 [12][14]. - Zhongdian Port, a top electronic component distributor, reported a revenue of 50.6 billion yuan in the first three quarters of 2025, reflecting a 33.29% year-on-year increase. The company is focusing on AI and computing sectors, with a notable growth in its AI-related revenue [17][20]. Liquid Methane Technology - Shudao Equipment is a leader in deep cooling technology, focusing on the liquefaction and storage of gases at extreme low temperatures. The company has secured substantial orders in the field of rocket-grade liquid methane, which is becoming a preferred fuel for next-generation reusable rockets due to its clean combustion and cost-effectiveness [23][25]. - Liquid methane offers advantages such as low maintenance costs and ease of sourcing, making it a competitive alternative to traditional rocket fuels [26].

Core Viewpoint - The company Jiufeng Energy is actively participating in the growing commercial aerospace sector, focusing on the production and supply of specialized gases for rocket launches, with significant investments planned for expansion projects [1][4][6]. Group 1: Business Development - Jiufeng Energy has completed the first phase of its special gas project at the Hainan commercial aerospace launch site, with a total investment of approximately 300 million yuan planned for the second phase to meet the increasing demand for specialized fuels [1][5]. - The company has signed agreements with China Long March Rocket Co., ensuring annual supply guarantees for products like liquid nitrogen and helium [1][4]. - The special gas business is a key focus area for Jiufeng Energy, with projected revenue of 235 million yuan in 2024, accounting for about 1.07% of total revenue, reflecting a growth of 46.61% compared to 2023 [7][8]. Group 2: Financial Performance - Jiufeng Energy has consistently achieved annual profits exceeding 1 billion yuan from 2022 to 2024, with a net profit of 1.241 billion yuan reported for the first three quarters of 2025 [2][8]. - The company's financial health is stable, with a debt-to-asset ratio of 32.31% as of September 2025, and sufficient liquidity to cover its liabilities [3][8]. - The company has a strong asset base, including a 50,000-ton LNG and LPG receiving station, which is the first privately operated LNG receiving station in China [8]. Group 3: Market Position and Strategy - Jiufeng Energy aims to enhance its market competitiveness by integrating its three main business segments: clean energy, energy services, and specialized gases, creating a synergistic development model [2][7]. - The company is positioning itself to meet the substantial demand for specialized fuels in the commercial aerospace sector over the next decade, focusing on building a professional brand in aerospace gases [6]. - Jiufeng Energy is expanding its operations to other commercial launch sites, including Shandong and Gansu, indicating a strategic move to broaden its market reach [5].

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]

Summary of Hangyang Co., Ltd. Conference Call Company Overview - Hangyang Co., Ltd. is a leading industrial gas company in China, benefiting from the stability of pipeline gas business and the flexibility of retail gas business, with a projected performance of approximately 1 billion yuan in 2025, primarily driven by pipeline gas contributions [2][12] Core Business Segments - The company's revenue structure consists of 70% from pipeline gas and 30% from retail gas, with plans to gradually increase the retail gas proportion to enhance profitability [2][5] - Core business areas include industrial gas equipment, pipeline gas, and retail gas, with pipeline and retail gas being significant growth drivers [10] Industry Dynamics - The Chinese industrial gas market is highly concentrated, with the top five companies holding over 70% market share. Hangyang is among these leaders, and successful integration with Yingde Gas could significantly enhance market share and pricing power [2][6] - The investment logic for the industrial gas industry in 2026 is based on supply-side reforms and increased market concentration, with expected profit compound annual growth rate (CAGR) close to 20% over the next three years [4] Growth Opportunities - Hangyang is actively expanding into controllable nuclear fusion, commercial aerospace, and hydrogen energy sectors, aligning with national development priorities under the "14th Five-Year Plan," which will provide new growth momentum [2][8] - The controllable nuclear fusion sector is expected to create significant demand for low-temperature systems, with potential value contribution of 5% to 16% from this business [7] Competitive Positioning - Hangyang's current valuation is approximately 20 times earnings, lower than international peers like Linde and Air Liquide, which are valued at 25-30 times. The company’s valuation is expected to align more closely with these peers as it advances in nuclear fusion and industry consolidation [3][9][15] - The company possesses strong defensive attributes due to long-term contracts in pipeline gas, ensuring stable revenue even during economic downturns [11][12] Future Projections - Hangyang's performance is projected to grow by over 15% in 2025, with sustained growth of around 20% in 2026 and 2027. If the economic cycle reverses, growth rates could exceed 30% or even 50%, indicating potential for the market capitalization to double [2][9][15] Conclusion - Hangyang Co., Ltd. is well-positioned in the industrial gas sector with a robust growth strategy, strong market presence, and significant opportunities in emerging fields, making it a compelling investment opportunity in the context of industry consolidation and technological advancements [2][4][8]