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 ...

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） ...

每经AI快讯，有投资者在投资者互动平台提问：截止2025年12月28日，海南商业航天发射场2025年一 共发射了十次火箭，全部由贵司供应了火箭发动机的燃料，随着海南商业航天发射场2更多的发射工位 投入运营，贵司的燃料能否满足所有发射任务？ （文章来源：每日经济新闻） 九丰能源（605090.SH）12月30日在投资者互动平台表示，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。 ...

Core Insights - The hydrogen energy industry in China is transitioning from pilot exploration to a new phase of orderly development, with ongoing enthusiasm for growth [1] Group 1: Hydrogen Production - The electrolyzer is a critical component in hydrogen production, directly converting electrical energy into chemical energy, and its performance significantly impacts the economic viability of hydrogen energy [2] - Challenges exist in the electrolyzer sector, particularly regarding the stability of power supply from renewable sources like solar and wind, necessitating advancements in high-performance electrodes and membranes [2] - Innovations in electrode materials, such as customized gradient porous substrates and modified nickel-based catalysts, can enhance the efficiency and reduce costs of alkaline electrolyzers [2] Group 2: Hydrogen Storage and Transportation - Liquid hydrogen is identified as a promising solution for the storage and transportation of green hydrogen, with domestic production capacity expected to reach 60 tons per day by 2026 [4] - The development of large-scale hydrogen liquefaction equipment is underway, and a commercial model integrating renewable energy and application scenarios is being established [4] - The international market for green hydrogen, particularly in regions like the Middle East, presents significant opportunities for Chinese hydrogen equipment technology and enterprises [4] Group 3: Hydrogen Utilization - The application of hydrogen is expected to diversify, expanding from transportation to industrial, energy, and construction sectors [5] - The industrial sector is projected to focus on replacing fossil fuels with green hydrogen, with a steady increase in penetration rates for industries like ammonia and methanol by 2030 [5] - Liquid hydrogen applications in transportation, including aviation and maritime sectors, are anticipated to lead industry development, with potential uses in high-temperature superconducting motors and fuel for aviation turbines [6]

Market Overview - The three major indices showed mixed performance, with the metal zinc sector leading in gains. As of the market opening, the Shanghai Composite Index was at 3964.65, up 0.02%, the Shenzhen Component Index was at 13604.30, flat, and the ChiNext Index was at 3237.77, down 0.19% [1] Fiscal Policy - The National Financial Work Conference held on December 27-28 emphasized the continuation of a more proactive fiscal policy in 2026, with a focus on boosting consumption through special actions and financial support for consumer goods [1] - The Ministry of Finance plans to implement measures to enhance consumption, including adjusting and optimizing subsidy ranges and standards [1] Monetary Policy - The People's Bank of China released the "China Financial Stability Report (2025)," advocating for more proactive macro policies to mitigate risks in key areas and improve the investment environment for long-term capital in A-shares [1] Industry Developments - The Shanghai Stock Exchange announced refined rules for commercial rocket companies under the fifth set of listing standards for the Sci-Tech Innovation Board, emphasizing the importance of industry ranking and recognition from market participants [1] - The establishment of the humanoid robot and embodied intelligence standardization technical committee was announced, focusing on developing industry standards in key technology areas [2] Economic Indicators - Data from the National Bureau of Statistics indicated that from January to November, the total profit of industrial enterprises above designated size reached 66,268.6 billion yuan, reflecting a year-on-year growth of 0.1% [2] Digital Currency - The People's Bank of China is set to introduce an action plan to strengthen the management and service system for digital currency, with a new framework and ecosystem expected to launch on January 1, 2026 [2] Trade Regulations - The National People's Congress Standing Committee passed a revised foreign trade law, effective March 1, 2026, which establishes a trade adjustment assistance system to stabilize supply chains [2] Market Trends - China's ETF market has reached a scale of 6.03 trillion yuan, marking a growth of over 60% from the beginning of the year [4] - The Shanghai Stock Exchange is implementing a series of fee reduction measures for 2026, with an estimated total reduction of approximately 1.113 billion yuan [3] Corporate Announcements - Zhong Aluminum International signed a project contract worth approximately 14 billion yuan with overseas clients [6] - The announcement from Xinyi Solar indicated compliance guidance for the photovoltaic industry to maintain fair competition [4] - The announcement from Xiaomi Group revealed plans for co-founder Lin Bin to sell up to $500 million of Class B common stock every 12 months [10]

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.

【重要事项】 闻泰科技：10月中旬以来安世中国累计出货超110亿片芯片，公司将于近期参加安世第二次听证会 深圳能源：全资子公司拟投资68.22亿元建设电网侧压缩空气储能项目 广东建工：下属子公司拟投建绿色甲醇项目，预计总投资约60亿元 伟创电气：拟与浙江荣泰在泰国设立合资公司，拓展智能机器人机电一体化市场 德福科技：HVLP5铜箔处于研发送样阶段 HVLP3/4已量产出货 【签约合作】 芯原股份：10月1日至12月25日期间新签订单24.94亿元，第四季度AI算力相关订单占比超84% 强达电路：拟发行不超5.5亿元可转债投建年产96万平方米多层板、HDI板项目 九丰能源：长征八号甲运载火箭发射所用的液氢产品由公司独家供应 中油资本收购英大期货，中国石油集团拟划转3%中油资本股份给国网英大集团 【投资运营】 晶方科技：拟共同投资1.5亿元林吉特设立WaferWise Semiconductor Sdn. Bhd. 推进集成电路产业国际化 发展战略 美利信：收到全球某商用车领域标杆企业项目定点通知，预计未来7年销售总金额约为6.4亿元 中国中免：全资子公司中标北京首都国际机场免税项目01标段，首年保底经营费4.8 ...