Core Viewpoint - The MMA industry chain is experiencing a downturn, with prices hitting historical lows due to a supply-demand imbalance and weak cost support, leading to expectations of continued low prices in the near future [1] Price Trends - The traditional peak season in October did not boost the MMA industry, instead marking the beginning of a downward trend across the entire chain, with MMA prices occasionally rebounding but lacking sufficient upward momentum [2] - The average price of MMA in November fell by 6.67% month-on-month, while PMMA saw a nearly 4% decline [2] - The annual average price for MMA in 2023 was 10,270 yuan, down 25.3% from 2024, and PMMA's average price was 14,643 yuan, down 17.11% from 2024 [2] Market Dynamics - As the year ends, production companies are under pressure to recover funds, leading to a willingness to lower prices despite already low levels [3] - The price decline is compressing profit margins across the industry chain, with upstream acetone industry losses expanding from 200-300 yuan in October and November to 800-900 yuan by mid-December [4] - The profit distribution is currently skewed towards the downstream PMMA segment, which maintains some profitability due to smaller price declines compared to MMA and a concentrated market structure [4] Supply and Demand Imbalance - The mismatch in the expansion pace of upstream and downstream capacities, coupled with weak terminal demand, is weakening the synergistic effects within the industry chain [5] - 2023 saw significant capacity additions for key MMA raw materials and MMA itself, with new large-scale acetone facilities coming online and increased import expectations [5] - Demand for PMMA, the largest consumer of MMA, is not keeping pace with supply growth, facing pressures in traditional application areas like construction and advertising [6]

中化新网讯 近日，从濮阳绿宇新材料科技股份有限公司(以下简称绿宇公司)传出消息，该公司密胺泡绵 产品月产量突破1万立方米，销量接近1.03万立方米，刷新历史纪录。 进入四季度，绿宇公司积极应对市场竞争白热化、需求疲软等局面，全力冲刺年度目标。该公司在持续 巩固周边主要市场，确保市场占有率不低于90%的基础上，针对江浙重点区域及工业客户，精准发力推 动销量提升。 在满足市场需求与提升产品质量上，绿宇公司科学调配加工裁剪工序，做到24小时人停机不停，确保产 品能够按期交付。该公司还通过开展岗位对标评比活动，单班人均日加工量提升了18%;严格执行"三 检"制度，保证8个型号54种规格的产品出厂合格率达到100%。 ...

Core Insights - The Canadian federal government and Alberta provincial government have signed a memorandum of understanding (MOU) for the construction of an oil sands pipeline, aimed at exporting Alberta's oil sands resources to Asia and other regions [2] - The project is expected to reshape the operational environment for various manufacturing sectors, including chemicals and plastics, and boost the chemical industry [2] - The MOU includes provisions for carbon pricing, carbon capture utilization and storage (CCUS) policies, and clean electricity regulations, which are welcomed by industry leaders [3] Summary by Sections Pipeline Construction - The planned pipeline will have a minimum daily capacity of 1 million barrels and is classified as a national interest project [2] - Existing pipeline capacity of 890,000 barrels per day is expected to be expanded by 300,000 to 400,000 barrels per day [2] - The project will align with CCUS initiatives, particularly Alberta's "Pathways Project," to reduce carbon emissions from the oil sands industry [2] - Preliminary applications for the project are expected to be submitted by July 1, 2026, to the newly established federal major projects office [2] - The pipeline will be constructed by one or more private companies, with Indigenous groups holding a portion of the equity [2] Environmental Commitments - The federal government will not impose emission caps on the oil and gas industry and will suspend the implementation of federal clean electricity regulations in Alberta until a new carbon pricing agreement is reached [3] - Adjustments to the oil tanker ban in the 2019 "Oil Tanker Moratorium Act" may be made if necessary [3] - The agreement extends federal investment tax credits and other policy support to large CCUS projects and enhanced oil recovery (EOR) technologies [3] - The TIER system in Alberta will be used to design and implement a competitive long-term carbon price and tax rebate mechanism for large emitters in the oil and gas and power sectors [3] - The minimum effective price for carbon credits under the TIER system will reach CAD 130 per ton, with plans to finalize the industrial carbon pricing agreement by April 1, 2026 [3] Industry Reactions - The Canadian Manufacturers and Exporters Association (CME) has strongly welcomed the MOU, emphasizing the need for more energy resources amid global geopolitical instability [4] - The establishment of the federal major projects office signals Canada's potential to become a "building nation" willing to take on economic, political, and investment risks for major projects [4] - The Canadian Business Council, representing executives from various sectors, stated that the MOU recognizes the core role of the energy industry in developing a strong, independent, and resilient Canadian economy [4]

Core Insights - The United Nations Environment Programme (UNEP) report emphasizes the need for enhanced global control of methane emissions to significantly mitigate climate change while generating direct economic benefits through energy recovery, achieving a "win-win" for climate action and cost savings [1][2] Group 1: Methane Emissions and Their Impact - Methane is the second-largest greenhouse gas after carbon dioxide, with a short-term warming potential over 20 years more than 80 times that of carbon dioxide [1] - Over half of global methane emissions originate from three key sectors: fossil fuel production and transportation, agricultural activities, and waste management [1] Group 2: Mitigation Solutions and Economic Viability - The report highlights that mature and economically feasible reduction solutions exist in the aforementioned sectors, particularly in the oil and gas industry [1] - Implementing leak detection and repair technologies, upgrading compressors and valves, and reducing routine venting and flaring can significantly lower methane emissions while allowing for the recovery of more natural gas for sale [1] - Many of these mitigation measures have a net implementation cost that is negative, meaning the revenue from recovered methane can cover or exceed initial technology investments and operational costs, making methane reduction a commercially viable investment [1] Group 3: Co-Benefits of Methane Reduction - Strong methane reduction actions will concurrently reduce volatile organic compounds and other associated pollutants, improving regional air quality, lowering public health risks, and enhancing production safety and energy efficiency in related industries [1] Group 4: Policy and Investment Recommendations - Despite clear technological and economic pathways, global methane emissions remain at historically high levels, with insufficient policy action and investment to reverse the upward trend [2] - UNEP urges governments to prioritize methane reduction in national climate strategies by establishing stringent regulatory standards, promoting industry transparency in monitoring, and directing public and private sector funding towards methane reduction projects [2]

Group 1 - The core viewpoint is that most investment banks and the EIA predict that the average oil price in 2026 will be below $60 per barrel due to persistent oversupply, weak global demand growth, and increased supply from OPEC+ and non-OPEC+ oil-producing countries [1][2] - The EIA's latest short-term energy outlook estimates that global oil inventories will continue to rise, with Brent crude averaging $54 in Q1 and $55 for the entire year, an increase of $3 from the previous month, driven by China's strategic reserve purchases and intensified sanctions on Russian oil [1] - Macquarie Group anticipates lower oil prices next year but notes that sanctions on Russia, the situation in Venezuela, and cold winter weather in the U.S. may slow the decline in oil prices, suggesting that OPEC+ may need to cut production in the second half of 2026 to stabilize the market [1] Group 2 - ABN AMRO Bank highlights that weak oil demand and increased supply lead to oversupply, predicting Brent prices of $58 in Q1, $52 mid-year, and $50 by year-end, with an annual average of $55 [1] - SEB Bank indicates a clear downward trend in oil prices, stating that geopolitical premiums from the tense situation in Venezuela cannot offset the bearish backdrop of increased supply and oversupply [1] - A late November Reuters survey shows that oversupply is a key factor for the 2026 oil market, with U.S. benchmark prices expected to be below $60, with WTI averaging $59 and Brent at $62.23, down from $63.15 in October [2]

韩国产业通商资源部长官金正宽表示，希望《石油化工特别法》能够极大地促进企业快速进行业务重 组，并向前景广阔的高附加值产品转型。 据悉，《石油化工特别法》将支持企业重组和提升附加值(税收、财务、研发、就业稳定、人力资源开 发等)；将颁布特别监管措施，简化各类许可程序、针对不可避免的环境标准违规行为采取特别措施、 简化新技术和新工艺的验证程序；将根据《垄断规制和公平交易法》采取特别措施(基于企业重组计划 的最低必要信息交换、在满足特定条件后缩短对企业垄断联盟和企业合并的审查期限)；将通过集中供 热特别措施降低成本(允许企业在企业重组期间自由选择供热供应商)。 中化新网讯 近日，韩国产业通商资源部宣布，一项关于加强和支持石油化学产业竞争力的特别法案 《石油化工特别法》已在国会全体会议上获得通过。该法案经内阁通过后将予以颁布，并在相关配套法 律法规制定完成后，最早于2026年第一季度(1月至3月)实施。 韩国产业通商资源部称，该法案的通过为推动石化产业高附加值和绿色转型奠定了系统性基础，以应对 当前全球石化产能过剩的问题，并确保其未来的竞争力。 ...

中化新网讯 12月11日，美国休斯顿Utility Global公司正式官宣与日本京都京瓷国际达成战略协作，两大 企业将聚焦清洁氢能技术商业化突破，携手扩大Utility Global专利电化学电池产能，加速其H2Gen制氢 系统的市场化进程。 据悉，Utility Global的H2Gen专利技术无需依赖外部电力，仅通过捕获现有工业废气中的电化学能即可 分解水制备清洁氢能。根据合作框架，Utility Global独创的陶瓷——金属电化学电池技术，将与京瓷的 先进材料研发实力、全球制造网络深度融合。双方明确三大核心合作方向：共建高产能生产线、联合攻 关先进材料工程与自动化技术、协同开展产品质量及耐久性验证。 双方在产能布局上已敲定清晰路线，先期以京瓷美国北卡罗来纳州亨德森维尔精细陶瓷基地为依托，打 造专属制造中心，2026年实现初始产能投产;后续将随工业级项目需求扩容，逐步铺展全球制造网络。 ...

中化新网讯 12月10日，韩国Lupro公司发布声明称，正加速扩大其在泰国与阿联酋的绿氢及绿氨产能布 局。该公司明确表示，此举旨在构建覆盖绿氢与绿氨"生产、储存、运输、加注"全环节的一体化价值 链。 Lupro披露，公司已与泰国能源企业Ma集团正式签署合作协议，敲定在泰国境内利用可再生氢能生产 1000万吨绿氨的重大项目。根据合作规划，双方将合资在泰国北柳府投建一座占地面积达540万平方米 的可再生能源综合工厂。项目将充分依托泰国得天独厚的资源与区位优势：一方面借力当地丰富的水资 源及充足的太阳能、风能发电潜力，保障绿能生产的原料与能源供给;另一方面依托泰国作为全球海运 物流枢纽的战略地位，大幅提升产品运输效率。 产品流通方面，协议明确了分级输出方案。Lupro将把泰国工厂生产的部分绿氨通过韩国全罗北道新万 金港运回国内，定向用于混燃发电、氢燃料电池电站及工业制造等领域;剩余产能则将借助Ma集团的渠 道优势，远销至东南亚及欧洲市场。 ...

Core Insights - The global marine oil and gas exploration and development investment is expected to reach $217.55 billion in 2023, accounting for 35.7% of total global oil and gas investment, marking five consecutive years of growth with a compound annual growth rate (CAGR) of 11% [1] - By 2025, marine oil and gas will account for approximately 79% of the global oil and gas (excluding unconventional onshore) newly proven reserves [1] - The report indicates that by 2025, global marine oil and gas production is projected to be 49.12 million barrels of oil equivalent per day, reflecting a year-on-year increase of 4.1% [2] Investment Trends - The marine oil and gas exploration and development investment is expected to grow by over 3% in 2026, representing about 36% of total global oil and gas investment [3] - Key drivers for growth include increased investment, technological advancements, cost reductions, and favorable resource endowments [2] Regional Insights - The Middle East and South America are leading the growth in marine oil and gas production, with the Middle East having the largest production share and South America showing the highest growth rate [2] - Saudi Arabia and Brazil are responsible for 63.7% of the global increase in marine oil production [2] China's Developments - China has made significant discoveries in marine oil and gas exploration, with five new discoveries and 22 evaluated oil and gas structures as of Q3 2025 [2] - By 2025, China's marine oil production is expected to reach approximately 68 million tons, contributing about 80% of the national oil production increase [2] - Marine natural gas production in China is projected to be around 30 billion cubic meters, reflecting a year-on-year increase of approximately 4 billion cubic meters [2]

Core Insights - The BioButterfly project, a collaboration between Michelin, IFPEN, and Axens, has made significant progress in developing bio-based butadiene from bioethanol, with commercialization expected by 2026 [1] Group 1: Project Development - The technology has entered a critical pre-commercialization phase, with industrial demonstration unit operations starting in July 2023 [1] - The technology can stably utilize both first and second-generation bioethanol to produce bio-based butadiene, showing excellent carbon footprint performance [1] - The project results have been rigorously validated, and the produced bio-based butadiene has been successfully used in the synthesis of styrene-butadiene rubber and polybutadiene rubber, meeting high-end industrial application standards [1] Group 2: Industry Impact - The BioButterfly project represents the most advanced technology for producing bio-based butadiene from bioethanol, with the research and development phase nearing completion [1] - The project is supported by the French Ecological Transition Agency, the New Aquitaine region, and the Bordeaux metropolitan area, marking a significant breakthrough in the application of renewable resources in the synthetic rubber industry [1] - The initiative is expected to accelerate the global elastomer industry’s transition towards sustainability [1]