Investment Rating - The report maintains an "Accumulate" rating for the gas industry [1] Core Viewpoints - The report highlights that heating demand and escalating US-Iran tensions have led to a significant increase in overseas gas prices, with US HH prices rising by 10.2% and European TTF prices soaring by 32.4% as of January 16, 2026 [5][10] - The report emphasizes the importance of the commercial aerospace sector in enhancing the value and market share of specialty gases, particularly for companies like Jiufeng Energy [5] Price Tracking - As of January 16, 2026, the week-on-week changes in gas prices are as follows: US HH +10.2%, European TTF +32.4%, East Asia JKM +16.6%, China LNG ex-factory +0.9%, and China LNG CIF +10.1%, with prices reaching 0.8, 3.3, 2.8, 2.6, and 2.6 yuan per cubic meter respectively [10][11] Supply and Demand Analysis - The report notes that the US gas price has increased due to heightened tensions in the Middle East, with a week-on-week decrease in storage levels of 710 billion cubic feet, bringing total storage to 31,850 billion cubic feet, a year-on-year increase of 2.2% [16] - European gas prices have surged due to significantly lower temperatures compared to previous years, with a reported consumption increase of 4.1% year-on-year for the first nine months of 2025, totaling 313.8 billion cubic meters [17] Domestic Market Overview - The report indicates that domestic gas prices have increased by 0.9% week-on-week, with a total apparent consumption of 392 billion cubic meters in China for the first eleven months of 2025, reflecting a year-on-year increase of 1.5% [21][26] - The domestic LNG import price averaged 3,384 yuan per ton in November 2025, showing a year-on-year decrease of 18.3% [26] Pricing Mechanism Progress - The report states that 67% of cities have implemented residential pricing adjustments, with an average increase of 0.22 yuan per cubic meter, indicating ongoing efforts to optimize costs for city gas companies [36] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the ongoing pricing adjustments, highlighting New Hope Energy, China Resources Gas, and Kunlun Energy as key investment opportunities [5] - It also suggests monitoring companies with quality long-term contracts and flexible operations, such as Jiufeng Energy and New Hope Holdings, for their potential in the commercial aerospace sector [5]

Core Viewpoint - The report emphasizes the critical role of Sustainable Aviation Fuel (SAF) in aviation decarbonization, highlighting the scarcity and price increase of waste oil resources during the SAF production expansion cycle [1][3]. Investment Recommendations - Key recommendations include companies such as Huanlan Environment (600323), Longjing Environmental Protection (600388), and others in the environmental sector [2]. - Companies to watch include Dayu Water-saving (300021) and Lian Tai Environmental Protection (603797) [2]. Industry Insights - SAF is identified as the only feasible solution for aviation decarbonization, with a focus on the HEFA route using waste oil (UCO) as raw material. The EU mandates increasing SAF blending ratios from 2% in 2025 to 70% by 2050, with projected SAF demand reaching 3,662 million tons by 2050 [3]. - By the end of 2025, domestic SAF production capacity is expected to reach 1.2 million tons per year, with total planned capacity of 4.4 million tons per year [3]. - The price of SAF is projected to rise significantly due to supply constraints, with a potential increase of over 50% from the beginning of the year [3]. Policy Tracking - The government is set to invest over 1 billion yuan in the Yangtze River protection projects from 2025 to 2027, with a focus on sewage pipeline construction and ecological restoration [4]. - Investment suggestions include companies involved in water treatment and sewage management, such as Bihui Source and Energy Conservation Guozhen (300388) [4]. Strategic Outlook for 2026 - The strategy focuses on value and growth, emphasizing the importance of marketization and efficiency improvements in the solid waste sector, with potential dividend increases [5]. - The report highlights the significance of the dual carbon drive, with recommendations for companies involved in renewable resources and waste oil production [6]. Industry Tracking - In the sanitation equipment sector, sales of new energy sanitation vehicles increased by 64.01% year-on-year, with a penetration rate of 18.60% [7]. - The price of biodiesel has decreased, leading to a decline in profit margins, while lithium battery recycling shows improved profitability due to rising lithium prices [7].

Core Viewpoint - The announcement details the freezing and pending freezing of shares held by the controlling shareholder of Henan Lantian Gas Co., Ltd., which may impact the company's control stability in the future [2][5][6] Group 1: Shareholding Information - As of the announcement date, the controlling shareholder, Henan Lantian Group Co., Ltd., holds 320,442,340 shares, accounting for 44.84% of the total share capital [2] - The frozen shares amount to 21,910,356, representing 6.84% of the shares held by Lantian Group and 3.07% of the total share capital [2] - The pending frozen shares total 25,000,000, which is 7.80% of the shares held by Lantian Group and 3.50% of the total share capital [2] Group 2: Cumulative Freezing Situation - Li Xinhua, a concerted actor of Lantian Group, holds 46,760,000 shares, accounting for 6.54% of the total share capital [3] - The combined holdings of Lantian Group and Li Xinhua total 367,202,340 shares, representing 51.38% of the total share capital [3] - The cumulative number of frozen shares is 66,578,471, which is 18.13% of their combined holdings and 9.32% of the total share capital [3] Group 3: Operational Status and Legal Context - The company's production and operations remain normal, and it maintains independence from Lantian Group in assets, business, and finance [5] - The freezing of shares is due to legal disputes involving Lantian Group, specifically a share transfer dispute with Henan Asset Management Co., Ltd., and a business trust dispute with Guomin Trust Co., Ltd. [5][6] - The company states that the freezing will not lead to a change in the controlling shareholder or actual controller at this time [6]

Group 1 - The core point of the article is that as of January 9, 2026, the total number of common stock shareholders for the company is 36,481 [2]

Group 1 - The gas sector experienced a rise of 2.26% on January 12, with Zhongtai Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1] - Zhongtai Co., Ltd. saw a significant increase in its stock price, closing at 31.60 with a rise of 20.02% and a trading volume of 489,700 shares, amounting to a transaction value of 1.462 billion yuan [1] Group 2 - The gas sector had a net outflow of 97.5018 million yuan from institutional funds, while retail investors saw a net inflow of 232 million yuan [2] - The trading data indicates that DeLong Huineng had a net inflow of 75.8922 million yuan from institutional funds, despite a net outflow from retail investors [3] - The overall trend shows that while institutional funds are withdrawing, retail investors are actively buying into the gas sector [2][3]

Investment Rating - The report maintains an "Accumulate" rating for the gas industry [1] Core Viewpoints - The temperature is expected to rise to normal levels, leading to a decrease in gas prices in Europe and the US [4][9] - The overall supply of gas is sufficient, with domestic gas prices showing a week-on-week decrease of 1.4% [21] - The report emphasizes the importance of optimizing costs for city gas companies and the ongoing adjustment of pricing mechanisms [50] Price Tracking - As of January 9, 2026, the week-on-week changes in gas prices are as follows: US HH -27.5%, European TTF -5.7%, East Asia JKM -1.4%, China LNG ex-factory -1.4%, and China LNG CIF -4.8% [4][10] - The average daily gas generation in Europe increased by 26.8% week-on-week and 109.7% year-on-year to 1635.8 GWh [16] Supply and Demand Analysis - The US natural gas market price decreased by 27.5% week-on-week due to rising temperatures, with storage levels down by 1190 billion cubic feet to 32560 billion cubic feet [14] - European gas consumption from January to September 2025 was 313.8 billion cubic meters, a year-on-year increase of 4.1% [16] - Domestic gas consumption from January to November 2025 increased by 1.5% year-on-year to 392 billion cubic meters [21] Pricing Progress - Nationwide pricing adjustments are gradually being implemented, with 67% of cities having executed residential pricing adjustments, averaging an increase of 0.22 yuan per cubic meter [34] - The report indicates that there is still a 10% room for price adjustment in city gas companies [34] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the ongoing pricing adjustments, such as Xin'ao Energy, China Resources Gas, and Kunlun Energy, all with dividend yields around 4.8% [51] - It also highlights the importance of companies with quality long-term contracts and flexible scheduling, such as Jiufeng Energy and Xin'ao Shares [51] - The report suggests paying attention to companies with gas production capabilities, such as Shouhua Gas and New Natural Gas, due to the increasing uncertainty in US gas imports [51]

证券代码：605368 证券简称：蓝天燃气 公告编号：2026-003 债券代码：111017 债券简称：蓝天转债 河南蓝天燃气股份有限公司 关于控股股东部分股份被冻结、轮候冻结的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: 公司于近日通过中国证券登记结算有限责任公司上海分公司系统查询 获悉，公司控股股东蓝天集团所持有的公司股份被冻结、轮候冻结，具体情 截至本公告披露日，河南蓝天燃气股份有限公司（以下简称"公司"）控股 股东河南蓝天集团股份有限公司（以下简称"蓝天集团"）持有公司 320,442,340 股（均为无限售条件流通股），占公司总股本的 44.84%。本次 被冻结股份为 21,910,356 股，占其所持公司股份比例为 6.84%，占公司总股 本比例为 3.07%；本次被轮候冻结股份为 25,000,000 股，占其所持公司股份 比例为 7.80%，占公司总股本比例为 3.50%。 截至本公告披露日，蓝天集团一致行动人李新华持有公司股份为 46,760,000 股，占公司总股本的 6.54%。 ...

Core Viewpoint - The announcement from Blue Sky Gas indicates that the controlling shareholder, Blue Sky Group, holds 320,442,340 shares, representing 44.84% of the total share capital, with a portion of shares being frozen due to legal proceedings [1] Group 1 - The frozen shares amount to 21,910,356, which is 6.84% of the shares held by Blue Sky Group and 3.07% of the total share capital [1] - An additional 25,000,000 shares are under a pending freeze, accounting for 7.80% of the shares held and 3.50% of the total share capital [1] - Together, Blue Sky Group and its concerted actor, Li Xinhua, hold a combined 51.38% of the total share capital, with a total of frozen, pending freeze, and judicially marked shares representing 9.32%, 38.48%, and 1.40% of the total share capital, respectively [1] Group 2 - The company is currently operating normally, and the share freezing is a result of litigation preservation procedures, with the case yet to be heard [1] - If the situation is not resolved properly, it may impact the stability of control over the company [1]

Core Viewpoint - The announcements detail the conversion results of the "Lantian Convertible Bonds" and the freezing of shares held by the controlling shareholder, Lantian Group, indicating potential impacts on the company's capital structure and governance stability. Group 1: Convertible Bond Issuance and Conversion - The company issued 8.70 billion yuan worth of convertible bonds on August 15, 2023, with a maturity of 6 years and a tiered interest rate starting at 0.30% in the first year [3] - As of December 31, 2025, the total amount converted from the "Lantian Convertible Bonds" was 198.47 million yuan, resulting in 21,837,039 shares, which is 3.15% of the total shares before conversion [2][5] - The remaining unconverted bonds amount to 671.53 million yuan, representing 77.19% of the total issuance [2][5] Group 2: Shareholder Share Freezing - As of the announcement date, Lantian Group holds 320,442,340 shares, accounting for 44.84% of the total share capital, with 4,280,956 shares frozen, which is 1.34% of its holdings and 0.60% of the total share capital [8] - The total frozen shares for Lantian Group and its concerted actor, Li Xinhua, amount to 44,668,115 shares, representing 12.16% of their combined holdings and 6.25% of the total share capital [8][9] - The freezing of shares is due to a lawsuit related to a trust dispute, but it is stated that this will not adversely affect the company's operations or governance [10]

Core Viewpoint - As of December 31, 2025, the total number of common shareholders for Lantian Gas (605368) is projected to be 36,182 households [1] Summary by Category - **Company Information** - Lantian Gas has communicated through an interactive platform regarding its shareholder structure, indicating a total of 36,182 common shareholders by the end of 2025 [1]