凛冬已至，民生供暖进入关键窗口期。能源保供，是关乎千家万户温暖的"头等大事"。神东煤炭补连塔 煤矿开足马力保生产，该矿综采二队12417工作面复杂地质条件给煤炭开采带来严峻考验。面对挑战， 综采二队全体干部职工化身"地下尖兵"，以精准高效的硬核举措攻坚克难，在百米井下筑牢坚实的能源 保供生命线，用担当与坚守，守护万家冬日暖意。 ...

2025年是"十四五"规划收官之年，也是能源行业深化供给侧结构性改革、推动高质量发展的关键之年。面对煤炭市场供需调整与价格波动 的复杂局面，煤炭运销公司全面落实国家电投内蒙古公司"绿色转型 奋进百亿"目标，坚持以市场为导向、以效益为中心，聚焦销售结构 优化与运营效能提升，全力以赴推动销售收入稳步增长，为"十四五"圆满收官贡献运销力量。 政策引领，精准施策，筑牢保供稳价基础 （煤炭运销公司 刘鹏 陈雪晗） "十四五"期间，国家持续推进能源革命，强调煤炭的"压舱石"作用与清洁高效利用。煤炭运销公司积极顺应政策导向，严格落实长协煤履 约机制，2025年长协煤兑现率稳定在90%以上，有效发挥稳价保供作用；在特殊时段，优先保障农牧民取暖、区域供热等民生用煤需 求，"十四五"期间累计供应民生保障用煤超过850万吨，切实履行了国有企业社会责任。同时，公司密切关注宏观经济走势与区域能源需 求变化，动态优化销售策略。迎峰度夏期间，全国多地出现持续高温暴雨等极端天气，电力负荷屡创新高，公司迅速响应，加强供需衔 接，保障全月日均运力45列以上，兑现"暴雨冲不垮输煤生命线"的承诺。2025年迎峰度夏期间，公司创下单日外运峰值近30万 ...

Core Viewpoint - The report highlights the current trends in the chemical industry, focusing on price movements, supply and demand dynamics, and investment opportunities in undervalued leading companies amid a backdrop of geopolitical tensions and changing market conditions [1][4][8]. Industry Dynamics - In the week of January 12-18, 49 out of 100 tracked chemical products saw price increases, while 20 experienced declines, and 31 remained stable. The average monthly price of 49% of products rose compared to the previous month [3]. - The average price of WTI crude oil futures increased by 0.54% to $59.44 per barrel, while Brent crude oil futures rose by 0.66% to $63.76 per barrel during the same week [4]. - As of January 9, U.S. crude oil production averaged 13.753 million barrels per day, a decrease of 58,000 barrels from the previous week but an increase of 272,000 barrels year-on-year. Total U.S. oil demand was 21.009 million barrels per day, up by 178,200 barrels from the previous week [4]. Price Movements - The price of butadiene rose by 4.04% to 9,663 yuan per ton as of January 18, with a month-on-month increase of 25.98% but a year-on-year decrease of 20.8%. The production of butadiene was 109,300 tons, down 2.85% from the previous week [5]. - Epoxy propane prices increased by 8.84% to 8,620 yuan per ton, with a year-on-year rise of 9.88%. The market operating rate was 65.38%, reflecting a 1.51% increase from the previous week [6][7]. Investment Recommendations - As of January 18, the price-to-earnings ratio (TTM) for the SW basic chemical sector is 14.68, at the 59.64% historical percentile, while the price-to-book ratio is 1.54, at the 40.20% historical percentile. The SW oil and petrochemical sector has a TTM P/E ratio of 13.44, at the 39.81% historical percentile [8]. - Investment suggestions include focusing on undervalued leading companies, the impact of "anti-involution" on supply in related sub-industries, and the growing importance of self-sufficiency in electronic materials and certain new energy materials amid rising prices [2][8]. - Recommended stocks include Wanhua Chemical, Hualu Hengsheng, and others, with a focus on sectors like semiconductor materials, OLED materials, and new energy materials [8][9].

天眼查工商信息显示，近日，北京凌空天行科技有限责任公司发生工商变更，新增北京市商业航天和低 空经济产业投资基金(有限合伙)、嘉兴沃赋凌空股权投资合伙企业(有限合伙)、北京市新材料产业投资 基金(有限合伙)等为股东，同时，注册资本由约3535万人民币增至约3766万人民币，同时，多位主要人 员发生变更。 北京凌空天行科技有限责任公司成立于2012年8月，法定代表人为王毓栋，经营范围包括销售民用运载 火箭、电子产品、电气设备及零配件、机械设备等。股东信息显示，该公司现由王毓栋、刘波及上述新 增股东等共同持股。据媒体报道，此前，该公司因造出高超音速导弹引发关注。 ...

Market Performance - The electric equipment and new energy sector increased by 0.79% this week, with industrial automation rising by 4.19%, the new energy vehicle index up by 1.44%, the photovoltaic sector up by 0.87%, and the nuclear power sector up by 0.66%. Conversely, the power generation equipment fell by 2.27%, the lithium battery index decreased by 3.55%, and the wind power sector dropped by 4.74% [1][3]. Industry Insights - In the new energy vehicle sector, global sales are expected to grow rapidly, with projections of 16.49 million units sold in 2025, a year-on-year increase of 28.2%, and 19 million units in 2026, a 15.2% growth [4]. - The domestic power battery cumulative installation is projected to reach 769.7 GWh by 2025, reflecting a 40.4% year-on-year growth [4]. - The solid-state battery technology is approaching a critical engineering verification phase, with companies like BYD bidding for GWh-level solid-state battery equipment [4]. - The photovoltaic sector is expected to benefit from regulatory measures aimed at controlling upstream silicon material prices, which may enhance profitability in downstream battery components [2][4]. - Wind power demand is anticipated to continue growing, with government support for new projects [2][4]. Company Highlights - Tianji Co. expects a net profit of 70 million to 105 million yuan in 2025, marking a return to profitability [5]. - Siyuan Electric anticipates a net profit of 3.163 billion yuan in 2025, a 54.35% increase year-on-year [5]. - TCL Zhonghuan forecasts a net loss of 8.2 billion to 9.6 billion yuan in 2025 and plans to invest in new energy to accelerate its integrated strategy [5]. - Rongbai Technology signed a procurement agreement with CATL for lithium iron phosphate materials, with total sales expected to exceed 120 billion yuan [5].

Market Performance - The public utility sector increased by 0.1% as of January 16, outperforming the broader market, with the electricity sector rising by 0.20% and the gas sector declining by 1.17% [2][8]. Electricity Industry Data Tracking - The price of thermal coal at Qinhuangdao Port rose by 1 CNY/ton week-on-week, reaching 697 CNY/ton as of January 16. Meanwhile, Indonesian coal prices fell by 5.71 CNY/ton to 735.71 CNY/ton, and Australian coal prices decreased by 6.53 CNY/ton to 740.51 CNY/ton [3]. - Coal inventory at Qinhuangdao Port increased by 150,000 tons week-on-week, totaling 5.5 million tons as of January 16. Inland power plants' daily coal consumption rose by 96,000 tons/day to 4.147 million tons, a week-on-week increase of 2.37% [3]. - The outflow from the Three Gorges Dam increased by 19.22% year-on-year and 23.55% week-on-week, reaching 9,180 cubic meters/second as of January 16 [4]. Natural Gas Industry Data Tracking - The LNG ex-factory price index in Shanghai was 3,854 CNY/ton as of January 15, showing a week-on-week increase of 1.29% but a year-on-year decrease of 13.53% [5]. - The European TTF spot price rose by 18.6% week-on-week to 11.4 USD/million BTU, while the US HH spot price increased by 2.8% to 2.95 USD/million BTU [5]. - Domestic natural gas consumption in November was 36.280 billion cubic meters, a year-on-year increase of 4.1%, with production at 21.880 billion cubic meters, up 5.9% year-on-year [6]. Key Industry News - The State Grid Corporation plans to invest 4 trillion CNY in fixed assets during the 14th Five-Year Plan, a 40% increase from the previous plan, focusing on green transformation and enhancing grid functionality [7]. - Multiple provinces have highlighted natural gas as a key strategic energy source in their 14th Five-Year Plans, emphasizing its role in connecting traditional and new energy systems without setting consumption caps [7]. Investment Recommendations - The electricity sector is expected to see profit improvements and value reassessment due to ongoing supply-demand tensions, with a focus on coal power companies like Guodian Power and Huaneng International [8]. - The natural gas sector is anticipated to benefit from stable margins in city gas businesses and opportunities for traders with low-cost long-term gas sources [8].

Core Viewpoint - The collaboration between Guoneng Shendong Coal Group and Zhongmei Zhang Coal Machine Company has led to the successful development of China's first set of high-efficiency scraper conveyor equipment with independent intellectual property rights, which meets international advanced standards and addresses the mining industry's needs for high-capacity and long-distance operations [1][5]. Group 1: Equipment Features - The newly developed equipment features an integrated 10kV high-voltage permanent magnet motor, inverter, reducer, and tight chain motor, forming a highly efficient transmission system that significantly reduces energy loss during operation [3]. - The equipment is designed to operate in harsh mining conditions, utilizing a modular high-pressure cabin design with customized insulation materials to enhance environmental performance and insulation reliability [4]. - A comprehensive intelligent monitoring system is integrated into the equipment, allowing for real-time detection of potential risks such as high-voltage insulation anomalies and component wear, thus enabling precise predictive maintenance [5]. Group 2: Industry Impact - This equipment aligns with the principles of "innovation leading, green development," breaking through voltage limitations to enhance power supply quality in mining operations, thereby supporting the high-quality development of the coal industry [5]. - The advancements in this technology are expected to significantly improve operational efficiency and reduce operational costs, contributing to the modernization of mining practices [3][5].

Core Viewpoint - Fuyao Glass (600660) has established a new subsidiary, Fuyao Decorative Parts (Anhui) Intelligent Technology Co., Ltd., focusing on automotive components and smart vehicle equipment manufacturing [1] Company Summary - The new company is fully owned by Fuyao Glass, indicating a strategic expansion into the automotive parts sector [1] - The registered capital of the new subsidiary is 300 million RMB, reflecting a significant investment in the automotive industry [1] Industry Summary - The business scope includes manufacturing and retail of automotive parts, research and development of automotive components, and smart vehicle equipment [1] - The company also plans to engage in the manufacturing and sales of railway locomotive and vehicle parts, diversifying its operational focus [1]

天眼查工商信息显示，近日，马鞍山润安新能源有限公司成立，法定代表人为戴维，注册资本455万人 民币，经营范围含发电业务、输电业务、供(配)电业务，建设工程施工，新兴能源技术研发，太阳能发 电技术服务，热力生产和供应，合同能源管理，在线能源计量技术研发，在线能源监测技术研发等。股 东信息显示，该公司由宁德时代（300750）旗下时代绿色能源有限公司全资持股。 ...

t 激活发展动能 0 d ... 19 ... C an ures 1 |78 190 9 E 十二时辰，时序分明。从晨光熹微到夜色沉沉，每个时辰里，都有神东煤炭奋斗者的身影奔忙。他们伴 着日月星辰扎根岗位。他们在百米井下、在厂区现场，守护生产；在时光的刻度上镌刻责任担当；在平 凡的坚守里，共同谱写能源保供的奋斗交响曲，用十二时辰的不间断守护，暖万家灯火。 ...