Core Insights - The Chengdu-Chongqing region aims to establish a world-class advanced manufacturing cluster, focusing on electronic information and biomedicine, with a total scale exceeding 2.2 trillion yuan [1] Group 1: Collaborative Mechanisms - Sichuan has established a provincial mechanism for collaborative promotion of key industries, while Chongqing has implemented a "33618" modern manufacturing cluster system [1] - The two regions are jointly executing a three-year action plan to enhance the electronic information advanced manufacturing cluster [1] Group 2: Industry Chain Development - Sichuan and Chongqing are strengthening their industry chains in areas such as integrated circuits, new displays, and innovative pharmaceuticals, creating a supply-demand matching platform that has facilitated over 100 billion yuan in mutual orders [1] Group 3: Innovation and Infrastructure - The two provinces are jointly pursuing over 100 national-level innovation platforms, including the National Innovation Center for Ultra-High Definition Video and major scientific infrastructure for translational medicine [1] Group 4: Investment Opportunities - An investment opportunity list was released, covering 35 industrial parks in the Sichuan-Chongqing region, focusing on six key industries for precise supply-demand matching [2] - A specialized service capability list was compiled, detailing professional services in research, industry, and finance [2] Group 5: Biomedicine Initiatives - A list of 104 public service platforms in biomedicine was published, including 41 pilot testing platforms and 28 enterprise technology centers [2] - Five cross-regional cooperation projects were initiated, involving institutions like Sichuan University West China Hospital and companies such as Kelun Pharmaceutical and Boteng Pharmaceutical [2] Group 6: Electronic Information Sector - The first five service workstations for the electronic information advanced manufacturing cluster were inaugurated, and several projects focused on AI quality control in semiconductor processes were signed [3] - Key parks like Chongqing Xiyong Microelectronics Industrial Park and Sichuan Communication Industry Park are actively engaging in ecosystem cooperation [3]

Core Insights - The North American PET recycling system demonstrates significant resilience despite market fluctuations, with overall recycling rates exceeding internationally recognized benchmarks and key improvements in system efficiency [1] Group 1: Recycling Rates - In 2024, the recycling rate for PET plastic bottles in the U.S. is reported at 30.2%, a decrease from the 32.5% peak in 2023, yet still above the 10-year average of 29.5% [1] - The total recycling rate for PET bottles in North America reached 39.2%, marking the sixth consecutive year above the 30% "effective recycling" benchmark set by the Ellen MacArthur Foundation, indicating the effectiveness of the recycling system [1] Group 2: System Efficiency - The key metric for material utilization in the recycling process, the ratio of total output to total input, improved from 81.5% in 2023 to 85.2% in 2024, reflecting more effective recovery and internal circulation of by-products during production [1] - The introduction of chemical recycling technologies, particularly depolymerization, achieved scaled operations for the first time, processing nearly four times the amount of non-traditional feedstock compared to the previous year, showcasing the impact of technological advancements on overall system capacity [1] Group 3: Market Dynamics - Domestic sales of recycled PET in North America saw a slight decline of 3%, while imports surged to a historic high, accounting for 23% of total supply [2] - Bottled applications remain the primary demand driver, consuming over 60% of domestic PET, and despite increased supply of virgin resin exerting some pressure, the average recycled content in new PET bottles in the U.S. for 2024 is 15.9%, higher than the average of the previous three years [2]

此外，就第二条生产线建设，丹格特集团与印度工程公司(EIL)在印度孟买签署了谅解备忘录。EIL作为 项目管理顾问(PMC)及工程采购施工管理顾问(EPMC)的合作伙伴，参与该炼油厂扩建项目，同时助力 丹格特集团化肥厂的扩建项目，该项目与炼油厂的扩建同步进行。 丹格特炼油厂第一条生产线产能为每日65万桶，第二条生产线预计产能约为每日75万桶。该炼油厂生产 的汽油、柴油、航空煤油和聚丙烯均符合欧5排放标准。 中化新网讯近日，尼日利亚丹格特石油炼制和石化公司宣布，公司已选择霍尼韦尔(美国)作为其合作伙 伴，开始新建第二条生产线。该项目由霍尼韦尔提供先进技术、服务、专有催化剂和设备，计划在2028 年前将其炼油能力翻一番。 报道称，通过采用霍尼韦尔的炼油和石化工艺技术，将降低生产成本、提高效率并增加产量，使其日产 量从65万桶提升至140万桶。此举将使丹格特炼油厂成为全球最大的单体炼油厂。丹格特炼油厂将获得 霍尼韦尔UOP公司的Oleflex技术许可，利用该技术催化丙烷脱氢，预计年产丙烯75万吨，从而将塑料制 品主要原料聚丙烯的年总产量提升至240万吨。 ...

Core Viewpoint - NextChem, a subsidiary of Italy's Maire Group, has been commissioned by Rohm to conduct a feasibility study for a chemical recycling plant for waste PMMA in Worms, Germany, aiming to enhance PMMA circularity in Europe [1] Group 1: Project Details - The planned facility will process 5,000 tons of PMMA waste annually and will be fully integrated into Rohm's existing production site [1] - The project will utilize NextChem's proprietary NXRe depolymerization technology, which is claimed to reduce the carbon footprint of MMA and its main derivative PMMA by over 90% compared to traditional methods [1] Group 2: Collaboration and Goals - Rohm and NextChem aim to eliminate the incineration and landfill of PMMA-related production waste by 2030 through recycling initiatives [1] - MyRemono is currently constructing a chemical recycling plant in Italy with a similar capacity of 5,000 tons per year, expected to be completed by 2026 [1] - Rohm has agreed to purchase recycled MMA produced at the Italian facility for the production of circular PMMA products, as per the agreement signed in December 2024 [1]

Group 1 - The International Energy Agency (IEA) released its annual flagship report "Renewable Energy 2025," assessing the global energy transition, indicating strong growth in renewable energy despite policy adjustments and market fluctuations [1] - By 2024, renewable energy generation is expected to account for 32% of total global electricity generation, increasing to 43% by 2030, with variable renewable energy's share rising from 15% in 2024 to 28% in 2030 [1] - Global renewable energy capacity additions are projected to reach 683 GW in 2024, climbing to nearly 890 GW by 2030, with an estimated 4600 GW added from 2025 to 2030, doubling the previous five-year period [1] Group 2 - Solar photovoltaic and wind power are expected to contribute 96% of global renewable energy capacity additions over the next six years, with distributed solar showing strong performance [1] - Onshore wind capacity additions are projected to reach 732 GW from 2025 to 2030, a 45% increase compared to the previous period, while offshore wind forecasts have been downgraded [1] - Hydropower growth is expected to slightly exceed the previous period, with over 154 GW of new capacity anticipated from 2025 to 2030 [1] Group 3 - The report identifies key drivers for large-scale renewable energy growth, with auction and bidding mechanisms expected to contribute 57% of the incremental growth, making them the primary policy tool [2] - Corporate Power Purchase Agreements (CPPAs) are projected to account for 16%, while fixed feed-in tariffs and premiums will contribute 9%, highlighting the role of competitive procurement and market-based contracts in driving deployment [2] - Despite strong growth trajectories, there remains a gap between current national plans and commitments to achieve the 2030 target of over 11,000 GW of renewable energy capacity, necessitating stronger actions in policy certainty, grid investment, supply chain resilience, and financing channels [2]

Core Viewpoint - Acciona Energía has announced a significant asset sale agreement to sell its 49% stake in U.S. solar assets and 100% ownership of two wind farms in Mexico for approximately $1 billion, involving a total installed capacity of about 1.621 gigawatts [1] Group 1: Asset Details - The U.S. solar asset portfolio includes four large photovoltaic plants with a total capacity of 1.3 gigawatts, located in Texas, Illinois, and Ohio [1] - After the transaction, Acciona Energía will retain a 51% controlling interest in the U.S. solar assets and will be responsible for ongoing operations and management [1] - The company will fully divest from the El Cotijo and San Cruz wind farms in Tamaulipas, Mexico, which have a total capacity of 321 megawatts [1] Group 2: Transaction Timeline - The transaction is expected to be completed in the first half of 2026, pending regulatory approvals and the fulfillment of related conditions [1]

中化新网讯 近日，美国船级社(ABS)、日本能源巨头Eneos、日本邮船(NYK Line)以及美国SEACOR控 股公司宣布，将合作开展一项联合研究，旨在沿美国墨西哥湾沿岸开发商业化的船用甲醇燃料(甲醇加 注)供应网络。 根据联合声明，四家企业的分工明确：Eneos将负责探索低碳甲醇的采购与供应，包括其参股的C2X公 司在路易斯安那州生产的绿色甲醇;NYK Line将借鉴其开发液化天然气加注设施的经验，为甲醇加注船 的准备工作提供技术支持;SEACOR将利用其作为美国本土合格船东和运营商的长期经验，贡献其在设 计、工程和建造方面的专长;而ABS将提供建立甲醇加注业务所需的船级认证和监管支持。 该联盟旨在建立美国首个商业规模的"船对船"甲醇加注业务。随着国际海事组织(IMO)设定2050年航运 业温室气体净零排放目标，甲醇作为一种可在常温常压下以液态形式处理、且能有效减排的下一代船用 燃料，正受到越来越多的关注。 ...

Core Viewpoint - Repsol, in collaboration with partners, has officially announced the cancellation of the planned 200 MW renewable hydrogen project in the Melamar region of northwest Spain due to economic infeasibility [1] Project Overview - The project was intended to be built on the site of the former Melamar coal power plant owned by the Spanish gas company, aiming to supply green hydrogen to Repsol's La Coruña refinery [1] - The decision to halt the project was made after a comprehensive evaluation by the three parties involved [1] Key Reasons for Cancellation - Lack of essential renewable energy infrastructure for the green hydrogen project, which was supposed to rely on an on-site wind farm to ensure competitive electricity pricing; however, the surrounding renewable energy facilities were found to be insufficient, leading to increased electricity procurement costs [1] - Significant cost overruns, with capital expenditures (CAPEX) rising by over 50% since the subsidy application in 2022, compounded by additional costs for constructing pipelines to transport green hydrogen to the La Coruña industrial area, resulting in a loss of market competitiveness for the project [1]

基于严重的供应过剩预期，麦格理对油价前景维持坚定看空。其基本预测是：布伦特原油价格将下探至 每桶50美元的低位，并有相当可能触及每桶45美元，此后才可能因供需调整形成价格底部并开始回升。 同时，由于供应超出可用的炼油能力，市场远期曲线预计将转为期货溢价。麦格理已将2026年布伦特原 油年均价预测下调至每桶60.75美元。 策略师强调，尽管其过剩预测在数量上处于市场预估的高端，但在市场平衡方向和价格前景的判断上， 他们与市场共识并无二致。随着原油供应过剩从海上向陆上传导，持续多年的库存结构矛盾正走向终 结，油价面临的根本性下行压力日益清晰。 中化新网讯 近日，麦格理集团策略师发布报告警告，随着石油的陆上库存开始累积，油价将面临更大 的下行压力。数据显示，自8月底以来，海上库存已增加约2.5亿桶，陆上库存增加约3000万桶。 报告预测，2026年一季度市场供应过剩将达到峰值，超过每日400万桶。过剩迹象已经显现：海上浮舱 库存持续增加，陆上库存开始累积，同时原油海运运费居高不下。据估计，约有三分之一的海上库存增 量来自从美洲到亚洲的长途运输。 ...

Core Viewpoint - The construction and operation of chemical pilot bases in China face challenges such as insufficient funding, unbalanced income and expenditure, and inadequate project management systems, necessitating a shift towards diversified operational models and scientific management to ensure both construction and effective utilization [1][2]. Group 1: Funding Challenges - Insufficient funding is a common issue for chemical pilot bases, which necessitates exploring diverse and flexible operational models that allow for shared investment, risk, and benefits [2]. - Various operational models have been explored, including government-led, enterprise-led, and research institution-led approaches, which have provided valuable experiences in achieving sustainable funding [2]. - Enhancing the policy framework, including financial support and infrastructure development, is crucial for addressing funding challenges [2]. Group 2: Effective Utilization - The core value of chemical pilot bases lies in their effective utilization, which requires precise positioning and scientific operation to meet regional industrial needs and enhance conversion efficiency [3]. - Optimizing project approval processes and leveraging technologies like AI and big data can improve operational efficiency and management standards [3]. - Successful examples, such as the Zhejiang Shangyu New Materials Pilot Platform, demonstrate effective utilization through innovative operational models [4]. Group 3: Sustainable Development - Achieving sustainable development is a primary goal for chemical pilot bases, with a focus on transitioning from short-term operations to long-term empowerment [6]. - Many pilot bases struggle to achieve financial balance without government subsidies, highlighting the need for self-sustaining operational models [6]. - Transitioning from a "landlord" model to a "shareholder" model, where pilot bases generate revenue through technology services and equity stakes, is essential for sustainability [6][7]. Group 4: Innovative Approaches - The Ningdong pilot base is exploring sustainable development through joint research and technology incubation, aiming to create a positive cycle of technology and industrialization [7]. - The Anhui Huabei pilot base is focusing on equity investment as a core profit direction, seeking to balance rental income with project value [7]. - The introduction of an "insurance bottom line" model by state-owned enterprises aims to mitigate investment risks while promoting project advancement [8]. Group 5: Future Outlook - The number of chemical pilot bases in China is expected to experience explosive growth in the next five years, with successful bases encouraged to share management practices and talent to maximize their value [8].