以下文章来源于e公司 ，作者证券时报 聂英好 e公司 . e公司，证券时报旗下专注上市公司新媒体产品，立志打造A股上市公司资讯第一平台。提供7x24小时上市公司标准化快讯，针对可能影响上市公司股价的 主题概念、行业事件及时采访二次解读，从投资者需求出发，直播上市公司有价值的活动、会议。 2025年国庆前后，A股呈现节前小幅上涨、节后分化的走势。 9月29日至10月10日4个工作日，共有105家上市公司接待机构调研。从赚钱效应看，约六成机构调研个股实现正收益，其中深科技以29.68%的涨幅领先，先锋 精科、威力传动、盛达资源、国电南自等10家公司涨超10%。 3家公司接待机构调研均逾百家 热门调研标的方面，首创环保、九丰能源、晶晨股份3家公司接待百家以上机构，华峰测控、博瑞医药、威力传动、永臻股份、瑞芯微等5家公司迎来超50家机 构投资者。 首创环保接受119家机构调研，该公司是北京市国资委所属环保旗舰上市公司，主营业务涵盖污水处理、固废处置、大气治理及再生能源等领域，拥有多项环保 业务资质。在调研中，机构问及首创环保水务业务存量项目特许经营期到期情况，以及如何规避风险等问题。 机构投资者重点关注九丰能源二期工 ...

东吴证券晨会纪要 东吴证券晨会纪要 2025-10-09 证券研究报告 宏观策略 [Table_MacroStrategy] 宏观量化经济指数周报 20250928：9 月以来基建实物工作量边际回暖 预计货币政策或延续 9 月 26 日二次操作 14 天期逆回购的"滴灌呵护" 基调，适时呵护资金面以平抑季节性因素的影响 海外周报 20250928：国庆假期海外市场前瞻 固收周报 20250928：新能源转债配置空间再思考 建议持续关注平衡性风光储转债标的配置窗口。 固收点评 20250928：二级资本债周度数据跟踪（20250922-20250926） 一级市场发行情况：本周（20250922-20250926）银行间市场及交易所市 场无新发行二级资本债。二级市场成交情况：本周（20250922-20250926） 二级资本债周成交量合计约 2299 亿元，较上周增加 521 亿元。 固收点评 20250927：绿色债券周度数据跟踪（20250922-20250926） 一级市场发行情况：本周（20250922-20250926）银行间市场及交易所市 场共新发行绿色债券 23 只，合计发行规模约 309.74 ...

Investment Rating - The report maintains a "Buy" rating for Jiufeng Energy (605090.SH) [1] Core Views - Jiufeng Energy plans to invest in a coal-to-gas project in Xinjiang, seeking new growth opportunities. The total investment for the project is estimated at RMB 230.33 billion, with Jiufeng's contribution not exceeding RMB 34.55 billion, which will provide the company with a 50% stake in the project, corresponding to an annual production of 2 billion cubic meters of natural gas [5][6] - The coal-to-gas project is part of a larger initiative to enhance Jiufeng's upstream resource pool, which will include a diversified mix of equity gas, long-term contract gas, and spot gas, thereby expanding the company's business landscape and development potential [6] - The coal-to-gas industry in China is entering a new phase of large-scale development, supported by abundant coal reserves and ongoing infrastructure improvements, which are expected to enhance the supply capacity of natural gas resources [7] Summary by Sections Investment Overview - Jiufeng Energy is collaborating with Xinjiang Qinghua Energy Group and Henan Future Silk Road Clean Energy Partnership to develop the second phase of the Xinjiang Qinghua coal-to-gas project, with a construction period of 24 to 36 months [6] Financial Projections - The projected annual sales revenue from the project upon completion is RMB 7.3 billion, with an estimated annual profit of RMB 1.477 billion [6] - Jiufeng Energy's net profit forecasts for 2025-2027 are RMB 1.732 billion, RMB 1.979 billion, and RMB 2.245 billion, respectively, with corresponding EPS of 2.55, 2.91, and 3.31 yuan [9][10] Industry Outlook - The coal-to-gas sector is expected to grow significantly, with ongoing projects and infrastructure developments enhancing the supply chain and resource availability [7] - The establishment of major pipelines and projects in Xinjiang is anticipated to further strengthen the natural gas supply system in China [7]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company plans to invest in the Xinjiang coal-to-gas project, securing upstream quality gas sources, with a total investment of 230.33 billion RMB for the second phase of the Xinjiang Qinghua project, which aims to produce 4 billion cubic meters of coal-to-natural gas annually [7] - The project has strong feasibility and security, with all necessary approvals in place and a solid supply chain for coal and water resources [7] - The projected annual profit for the coal-to-gas project is estimated at 1.48 billion RMB, with an internal rate of return (IRR) of 8.2% for total investment and 15.8% for equity [7] - The company maintains a profit forecast of 1.56 billion RMB, 1.80 billion RMB, and 2.13 billion RMB for 2025-2027, corresponding to a price-to-earnings (P/E) ratio of 14, 12, and 10 times respectively [7] Financial Summary - Total revenue for 2023 is projected at 26.57 billion RMB, with a year-on-year growth of 10.91%, followed by a decline of 17.01% in 2024 [1] - The net profit attributable to the parent company is expected to be 1.31 billion RMB in 2023, increasing by 19.81%, and then decreasing by 7.52% in 2025 [1] - The earnings per share (EPS) for 2025 is estimated at 2.29 RMB, with a P/E ratio of 14.14 [1] - The company’s total assets are projected to reach 19.04 billion RMB by 2027, with a debt-to-asset ratio of 34.13% [8]

Company Overview - Jieya Co., Ltd. is a high-quality wet wipes manufacturer established in 1999, with major clients including Woolworths, Kimberly-Clark, Johnson & Johnson, Procter & Gamble, Babycare, and Dongfang Zhenxuan [2][13] - The company experienced a decline in performance in 2024 due to a drop in wet wipes orders post-pandemic, with projected revenue and net profit of 547 million and 19 million CNY respectively, resulting in a net profit margin of 3.50% [2][13] - In the first half of 2025, the company showed signs of recovery with revenue of 310 million CNY, a year-on-year increase of 8.8%, and a net profit of 33 million CNY, up 22.6%, leading to a net profit margin recovery to 10.50% [2][13] Industry Analysis - The global wet wipes market is steadily expanding, with a retail market size projected to reach 18.4 billion USD in 2024, reflecting a year-on-year growth of 2.7% [3][13] - In China, the wet wipes market is expected to exceed 12.9 billion CNY in 2024, growing by 4.3% year-on-year, with the top 10 brands holding a market share of 48.0% [3][13] Competitive Position - Jieya Co., Ltd. has a significant net profit margin advantage over competitors, with a 10.50% margin compared to Hangzhou Guoguang's 4.08% [4][13] - The company’s top five clients accounted for 77.6% of its revenue in 2024, with international brand clients driving a 46.2% increase in foreign revenue in the first half of 2025, raising the foreign revenue share to 60.3% [4][13] - The establishment of a production facility in the United States is expected to enhance the company's global competitiveness, with a projected capacity of 15 billion wet wipes annually [4][13] Financial Projections - Forecasts for Jieya Co., Ltd. indicate net profits of 77 million, 107 million, and 144 million CNY for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 297.2%, 38.1%, and 34.7% [13] - The current market capitalization is estimated at 3.5 billion CNY, with corresponding price-to-earnings ratios of 45, 33, and 24 for the years 2025 to 2027 [13]

Core Viewpoint - JiuFeng Energy plans to invest in a coal-to-natural gas project in collaboration with Xinjiang Qinghua and Henan Silk Road, with a total investment of 230.33 billion yuan, aiming to produce 5.5 billion cubic meters of natural gas annually [1][2] Investment Details - JiuFeng Energy will contribute no more than 3.455 billion yuan, holding 50% equity in the project, which corresponds to an annual production of 2 billion cubic meters of natural gas [1] - The project will be financed through a combination of equity contributions (30% of total investment, 69.10 billion yuan) and loans or other financing methods for the remaining 70% [1][2] - The construction period is expected to be no more than 36 months, with payments structured in a 30%-40%-30% ratio based on project progress [1] Project Status and Approvals - The project has received approval from the National Development and Reform Commission, and all necessary environmental and safety assessments are underway [2] - The region has significant coal resources, with 7.42 billion tons identified, providing a solid foundation for the coal-to-gas project [2] Economic Viability - The project is expected to consume 11.796 million tons of raw coal annually and will require approximately 22.316 million cubic meters of water, with necessary permits already obtained [3] - The economic service life of the project is estimated at 15 years, with a conservative investment return rate of 11.74%, allowing for investment recovery in about 7 years [3] Strategic Importance - The project will enhance JiuFeng Energy's resource portfolio by filling the gap in equity gas resources and establishing a diversified upstream resource pool [3] - The combination of equity gas resources and long-term contracts is expected to significantly improve cost advantages and increase the company's control over resources [3]

Core Viewpoint - Jiufeng Energy announced its plan to collaborate with Xinjiang Qinghua Energy Group and Henan Future Silk Road Clean Energy Partnership as an industrial investor, aiming to enhance the modern industrial system in Xinjiang and support national energy resource strategies [1] Group 1: Project Significance - The implementation of the project is strategically important for building a modern industrial system that reflects Xinjiang's characteristics and advantages [1] - The project will provide critical support for advancing the national "three bases and one corridor" construction, establishing a national energy resource strategic guarantee base [1] Group 2: Project Details - The first phase of Xinjiang Qinghua's project involves an annual production capacity of 1.375 billion cubic meters of coal-to-natural gas [1] - Since its establishment, the project has achieved maturity in safety, technology, processes, operations, and cost control, maintaining production at full design capacity for an extended period [1] Group 3: Resource Strategy - The project will address Jiufeng Energy's shortfall in equity gas resources, creating a diversified upstream resource pool consisting of equity gas, long-term contract gas, and spot gas [1] - The future core resources will be a combination of equity gas and long-term contract gas, significantly enhancing the cost advantage of these resources [1]

Core Viewpoint - Jiufeng Energy plans to invest in a coal-to-natural gas project in collaboration with Xinjiang Qinghua and Henan Silk Road, with a total investment of 230.33 billion RMB, aiming to produce 5.5 billion cubic meters of natural gas annually [1][2]. Group 1: Project Overview - The project will involve a total investment of 230.33 billion RMB, with Jiufeng Energy contributing no more than 34.55 billion RMB, representing 30% of the total investment [1]. - The project is located in Yining County, Xinjiang, and consists of two coal-to-gas engineering series, each capable of producing 2 billion cubic meters of natural gas annually [1][2]. - The project aims to produce not only natural gas but also by-products such as tar, crude oil, and phenol [1]. Group 2: Financial and Operational Aspects - The project is expected to consume 11.796 million tons of raw coal annually, primarily sourced from the No. 2 and No. 7 mines in Yining [3]. - The estimated annual water consumption is approximately 22.316 million cubic meters, with relevant water extraction permits already obtained [3]. - The economic service life of the project is projected to be 15 years, with a conservative estimated return on investment of 11.74%, allowing for investment recovery in about 7 years [3]. Group 3: Strategic Importance - The project has received all necessary approvals, including from the National Development and Reform Commission, and is currently undergoing various assessments [2]. - The implementation of this project will help Jiufeng Energy fill its resource gap in equity gas and establish a diversified upstream resource pool [3]. - The project will enhance the company's cost advantages and self-control capabilities in the natural gas market [3].

Group 1 - Company announced the approval of an investment plan for the Xinjiang coal-to-natural gas project, with a total investment of RMB 230.33 billion, in collaboration with Xinjiang Qinghua Energy Group and Henan Future Silk Road Clean Energy Partnership [1] - Company plans to invest up to RMB 34.55 billion, which will account for 50% of the project's equity, corresponding to an annual production capacity of 2 billion cubic meters of natural gas [1] - The board has authorized the management to sign joint venture agreements under legal and fair principles [1] Group 2 - The feasibility of the project is supported by the approval from the National Development and Reform Commission, with all necessary environmental and safety assessments completed [2] - The project is expected to consume approximately 11.796 million tons of raw coal annually, with coal resources primarily sourced from the Yining mining area [2] - The project has secured water usage permits for an estimated annual water consumption of about 22.316 million cubic meters [2] - A 43-kilometer gas pipeline has been constructed to connect the coal-to-gas base to the national pipeline network, facilitating the supply of coal-derived natural gas [2] - The first phase of the project has been operating at full capacity, indicating a strong foundation for the second phase, supported by mature technology and sufficient professional talent in the coal-to-gas industry [2]

Core Viewpoint - Jiufeng Energy (605090.SH) plans to invest in a coal-to-natural gas demonstration project in collaboration with Xinjiang Qinghua Energy Group and Henan Future Silk Road Clean Energy Partnership, with a total investment of RMB 23.033 billion [1] Investment Details - The project aims to produce 5.5 billion cubic meters of coal-to-natural gas annually, with the second phase specifically targeting an annual output of 4 billion cubic meters [1] - Jiufeng Energy's total investment will not exceed RMB 3.455 billion, sourced from its own funds or self-raised capital [1] - Upon completion, Jiufeng Energy will hold a 50% stake in the second phase of the project, corresponding to an annual production capacity of 2 billion cubic meters of natural gas [1]