近几年，国内化肥行业同质化发展、趋同化运营、内卷式竞争加剧，新增产能不断涌现，产品价格波段式下滑，企业从"增收不 增利"变为"减收难盈利"。9月份处于用肥淡季，华北主产区尿素价格跌至1600元(吨价，下同)以下，跌破大部分企业的成本价， 企业亏损面扩大。 国庆节后，国内尿素价格继续下跌。10月10日，山东中小颗粒出厂价在1500～1570元；山西中小颗粒出厂价更是低至1490～1520 元，同比跌幅均超过20%，环比9月份跌幅超过6%。业内专家指出，10月份华北和黄淮地区持续降雨，秋季玉米收割及小麦种植 进度缓慢，进一步加剧市场需求的低迷状态。 产能增加 需求不振 中国氮肥工业协会统计数据显示，今年上半年新增尿素产能251万吨，总产能达到7640万吨；下半年预计新增产能341万吨，总产 能将达到7900万吨。而根据隆众资讯的统计，今年前8个月尿素产量达4743.56万吨，同比增长9.7%，日产19万吨以上成为常态， 预计全年供过于求的产量达500万～600万吨，2026年预计供过于求的产量为1000万吨。 从农业需求看，2025年夏粮播种面积同比减少52万亩；早稻播种面积减少17.9万亩；受种植面积增长放缓影 ...

Core Insights - Hebei Province has launched the "Artificial Intelligence+" Action Plan (2025-2027) to promote innovative applications of AI, particularly in the chemical industry and other key sectors [1][2] Group 1: Industry Focus - The plan emphasizes the integration of AI with industries such as steel, chemicals, automotive manufacturing, and healthcare, leveraging Hebei's industrial strengths and development needs [1] - Hebei aims to implement a hundred "Artificial Intelligence+" demonstration projects, focusing on areas like Xiong'an New Area and Langfang to enhance AI research and development capabilities [1] Group 2: Data and Infrastructure - The province will establish data foundation regulations and expand data resource supply, focusing on AI applications in steel, chemicals, and automotive sectors [1] - Hebei will initiate a comprehensive enterprise data survey and cataloging to support AI integration across industries [1] Group 3: Smart Manufacturing - Hebei plans to accelerate the intelligent transformation of manufacturing by integrating AI across all elements, processes, and chains, particularly in traditional industries like steel and petrochemicals [2] - The initiative includes the development of smart factories and the promotion of AI technology in industrial parks and clusters, aiming to enhance safety, energy efficiency, and carbon reduction [2]

四化建在推进企业高质量发展进程中，深入践行"绿水青山就是金山银山"的发展理念，充分发挥专业优 势，面向生态流域综合治理、污水处理、资源循环利用等领域开展工程业务，在自然生态修复、碳中和 综合利用、固危废处理、清洁能源项目建设、垃圾处理发电等环境治理项目上奋力作为，成功建设了广 州京溪地下净水厂项目、岳阳珍珠山公园、岳阳中心城区污水系统综合治理工程PPP项目二期工程、岳 阳市西瓜山黑臭水体综合治理项目、桂平市环保生态产业园生活垃圾焚烧发电项目、广东东粤环保石油 焦制氢灰渣综合利用项目等多个具有代表性的环保工程。 在今年"绿水青山就是金山银山"理论提出二十周年之际，由四化建承建的海槿（张掖）生物燃料有限公 司10万吨/年绿色生物甲醇项目如期开工；深能鄂托克旗风光制氢一体化合成绿氨项目掀起大干热潮； 广州南站地区净水厂首期工程成功通污水试运行；岳阳市西环线片区海绵城市项目、广西中泰（崇左） 产业园第三污水处理厂及配套污水管网工程项目竣工；东粤化学20万吨/年混合废塑料资源化综合利用 示范性项目试生产成功，所有工艺指标均达预期，为全国化工产业绿色低碳高质量发展提供了可复制、 可推广的实践样板。 中化新网讯 近日，由中 ...

Core Insights - The 2025 World Engineering Organization General Assembly and Global Engineering Conference was held in Shanghai, focusing on "Engineering Shapes a Green Future" [1] - The conference announced the "Top Ten Global Engineering Achievements of 2025," selected by the Chinese Academy of Engineering's journal "Engineering" [1] Group 1: Engineering Achievements - The ten engineering achievements include antibody-drug conjugates, Blackwell GPU architecture, DeepSeek open-source large language model, full ocean depth manned submersible, high-performance carbon fiber composites, humanoid robots, Perseverance Mars rover, Euclid space telescope, South-to-North Water Diversion Project, and Taklamakan Desert edge-locking project [1] - These achievements were selected from significant engineering technological innovations completed in the past five years, demonstrating global impact and effectiveness [1] Group 2: Characteristics of Engineering Achievements - The achievements reflect advanced technological levels and significant original breakthroughs in engineering science [2] - They showcase systematic innovation through technology integration, system optimization, and resource collaboration to achieve overall goals [2] - The achievements highlight the development direction of new productive forces, with potential to stimulate new industries and economic growth [2] - They emphasize the critical role of engineering in overcoming global challenges, exemplified by high-performance carbon fiber composites, which are widely used in aerospace, new energy, and high-end equipment sectors, driving innovation across the entire industry chain [2]

Core Insights - The Hainan Sike Source 300,000 tons/year bioenergy project, constructed by China Chemical's subsidiary China Five Ring Engineering Co., has officially launched [1] - The project aims to process 300,000 tons of waste oils annually, contributing to the reduction of greenhouse gas emissions and providing clean, low-carbon renewable biomass liquid fuel [1] Project Overview - The project is located in the Yangpu Economic Development Zone, Danzhou City, Hainan Province, covering an area of 100,000 square meters [1] - It will utilize waste oils such as kitchen waste oil and acidified oils through hydrogenation refining and hydrogen isomerization to produce bio-jet fuel [1] Environmental Impact - The implementation of this project will replace traditional fossil fuels in the transportation sector, thereby reducing greenhouse gas emissions [1] - It enhances Hainan's capacity for the reduction, harmless treatment, and resource utilization of kitchen waste, supporting the province's waste resource management efforts [1] Company Commitment - The company’s deputy general manager, Yan Shuanghua, emphasized the commitment to leverage the company's technological, talent, and management advantages in the energy sector to ensure the project's timely completion and production [1]

Core Viewpoint - The project represents a significant investment in green energy, integrating wind power, hydrogen production, and methanol synthesis, aiming to establish a zero-carbon cycle demonstration project in Liaoning Province [1][2]. Group 1: Project Overview - The total investment for the project is 3.945 billion yuan, which includes the construction of a 450 MW wind farm, a 295 MW hydrogen production and storage facility, an 80 MW/80 MWh energy storage station, and a 100,000 tons/year methanol synthesis plant [1]. - Upon completion, the project is expected to produce 19,000 tons of green hydrogen and 100,000 tons of green methanol annually [1]. Group 2: Technological Innovation - The project employs an integrated design of wind power, hydrogen production, and methanol synthesis, overcoming major technological challenges in electric-hydrogen coupling and flexible chemical processes [1]. - The methanol synthesis process utilizes carbon dioxide from the emissions of a nearby fuel ethanol plant, transforming waste into a key raw material for green methanol production [2]. Group 3: Strategic Importance - The project has been selected as a pilot for the first batch of green liquid fuel technology initiatives by the National Energy Administration, highlighting its strategic significance in promoting the comprehensive energy industry in Liaoning Province [1]. - The company aims to leverage this project to attract investment and foster the development of the hydrogen and methanol industry, establishing a demonstration base for energy industry transformation [1]. Group 4: Project Timeline and Safety - The company plans to complete the construction of the hydrogen storage station and methanol synthesis storage station foundation and underground pipelines this year, with a focus on wind power road construction [2]. - The project is scheduled to commence production by March 2027, aiming to produce the first batch of green methanol in Liaoning Province [2]. - A comprehensive safety management system will be established, adhering to the principles of "safety first, prevention-oriented, and comprehensive governance" [2].

导语 2025年9月，石油和化工行业景气指数为98.95，环比回升0.52个百分点，呈现温和回升态势。OPEC+增 产加之全球制造业疲软，原油市场供强需弱格局持续，原油价格延续弱势，石化行业成本压力持续趋 缓。此外，受国内"金九银十"旺季需求的拉动，石化行业整体生产热度及库存周转率有所改善，景气指 数呈现回升态势。国际方面，美联储降息释放流动性，逐步宽松的货币政策或为全球石化行业需求回暖 带来有力支撑。 热点聚焦 ●美联储降息25个基点，货币政策转向宽松 美东时间9月17日，美联储宣布将联邦基金利率目标区间下调25个基点至4%~4.25%，标志着其货币政策 转向宽松周期。有业内人士分析，降息将从两个维度影响石化行业：利率下调将使得美元指数走弱，降 低以美元计价的原油等商品的成本，刺激全球需求;宽松的货币政策有助于改善市场对全球经济增长的 预期，为石化行业需求的有效复苏创造有利条件。 ●原油延续供强需弱，价格弱势运行 供应端，9月OPEC+正式执行每日54.7万桶增产计划，沙特、俄罗斯原油出口量环比均增长，全球原油 供应趋于宽松。需求端，美国驾驶旺季结束令汽油消费回落，主要经济体的制造业PMI普遍低于荣枯 线， ...

Core Viewpoint - The A-share market experienced a significant surge in rare earth stocks, with 19 stocks hitting the daily limit or rising over 10% due to favorable policies and price adjustments in the industry [2]. Group 1: Market Performance - On October 13, the A-share market opened lower but rebounded, with rare earth concept stocks leading the gains [2]. - The rare earth ETFs, such as the Jiashi Rare Earth ETF, saw an increase of around 7% due to the rise in heavy-weight stocks [2]. - Major companies like Baotou Steel and Northern Rare Earth announced price increases for rare earth concentrates, with a new price set at 26,205 yuan/ton (excluding tax), reflecting a 37% increase from the previous quarter [2]. Group 2: Supply and Demand Dynamics - The domestic rare earth spot market is currently showing weak performance, with limited consumption capacity from downstream producers and a general lack of confidence among suppliers, leading to price declines for many rare earth products [3]. - Despite the current price drop, the production cost support and positive developments in downstream industries have led rare earth holders to maintain rational pricing strategies [3]. Group 3: Future Outlook - Multiple brokerages express optimism about the future of the rare earth market, highlighting that rare earths are crucial for high-end manufacturing and strategic emerging industries [3][4]. - The Chinese government's export controls and quota management are expected to strengthen the strategic position of the rare earth industry, ensuring resources are directed towards high-end applications [3]. - The demand for key elements like praseodymium and neodymium is anticipated to rise due to global green transitions and carbon neutrality goals, which will further expand the market for permanent magnet materials [4]. - The global demand for neodymium-iron-boron is projected to reach 329,000 tons by 2027, with a compound annual growth rate of 13% [4].

Core Viewpoint - Daon Co., Ltd. expects a net profit attributable to shareholders of 128 million to 138 million yuan for the first three quarters of 2025, representing a year-on-year growth of 30% to 40%, driven by policy incentives and technological breakthroughs [1] Group 1: Financial Performance - The company anticipates a significant increase in net profit for the first three quarters of 2025, with projections indicating a rise of 30% to 40% compared to the previous year [1] - The expected net profit range is between 128 million and 138 million yuan [1] Group 2: Market and Industry Trends - The growth in the new energy vehicle, home appliance, and electronics sectors is attributed to the government's "old-for-new" consumption promotion policy [1] - The company has seen strong growth trends in its product lines, particularly in elastomers and modified plastics, leading to record sales volumes for the same period [1] Group 3: Strategic Initiatives - Daon Co., Ltd. is increasing its investment in research and development as well as market expansion, actively adjusting its product sales structure [1] - The company is focusing on the development of new productivity products, contributing to a significant improvement in net profit attributable to shareholders [1]

国庆节后，国内尿素价格继续下跌。10月10日，山东中小颗粒出厂价在1500～1570元；山西中小颗粒出 厂价更是低至1490～1520元，同比跌幅均超过20%，环比9月份跌幅超过6%。业内专家指出，10月份华 北和黄淮地区持续降雨，秋季玉米收割及小麦种植进度缓慢，进一步加剧市场需求的低迷状态。 产能增加 需求不振 中国氮肥工业协会统计数据显示，今年上半年新增尿素产能251万吨，总产能达到7640万吨；下半年预 计新增产能341万吨，总产能将达到7900万吨。而根据隆众资讯的统计，今年前8个月尿素产量达 4743.56万吨，同比增长9.7%，日产19万吨以上成为常态，预计全年供过于求的产量达500万～600万 吨，2026年预计供过于求的产量为1000万吨。 从农业需求看，2025年夏粮播种面积同比减少52万亩；早稻播种面积减少17.9万亩；受种植面积增长放 缓影响，今年农业需求增量有限。从工业需求看，主要细分领域三聚氰胺受房地产行业低迷拖累，国内 需求增量有限，仅依赖出口带动部分产量，但整体增量空间不足。上半年三聚氰胺价格同比下跌 7.13%，行业利润空间收窄，部分企业被迫调整生产。电厂脱硫脱硝需求在年末收缩 ...