Group 1 - During the "14th Five-Year Plan" period, China's petrochemical industry has entered a low growth phase after a concentrated release of basic product capacity, with a focus on policy support for sustainable development by 2026 [1] - The central economic work conference emphasized a more proactive fiscal policy and moderately loose monetary policy, aiming to promote domestic demand and build a large domestic market [1] - Multiple institutions, including Guosen Securities and Everbright Securities, predict that the petrochemical industry will see a cyclical turning point in 2026, with gradual recovery in industry prosperity [1] Group 2 - The domestic policy continues to guide structural optimization in the industry, including strict control of new refining capacity and promoting the elimination of outdated refining capacity [1] - On the international front, the Federal Reserve is expected to restart its interest rate cut cycle in 2025, while OPEC+ continues to adjust its production plans, reflecting a cautious attitude towards short-term energy demand [1] - The petrochemical sector is expected to benefit from a stable oil price environment in 2026, with core domestic petrochemical companies likely to see improved profit elasticity [2] Group 3 - China National Petroleum Corporation is expected to benefit from natural gas market reforms, leading to stable performance improvements [2] - Sinopec is focusing on domestic refining and chemical sectors, enhancing cost control and market share [2] - CNOOC is advancing its reserve and production increase while reducing costs and improving efficiency [2] Group 4 - The chemical industry is anticipated to experience profit restructuring opportunities in 2026, with specific sectors like fluorochemicals and potash fertilizers expected to see improved market conditions [2] - The implementation of the "one certificate, one product" policy in the pesticide sector is expected to reshape market competition [2] - Breakthroughs in catalyst technology and biobased chemical production are crucial for enhancing competitiveness in high-end materials [2]

Core Viewpoint - The coal chemical industry in China has significantly developed since the "14th Five-Year Plan," with companies like Aerospace Long March Chemical Engineering Co., Ltd. leading innovations in coal gasification technology and expanding into green technologies such as green hydrogen and environmental disposal [1][5]. Group 1: Company Innovations and Achievements - Aerospace Engineering has made substantial advancements in coal gasification technology, including the development of larger gasifiers, such as the 3500-ton and 4000-ton gasifiers, which have been recognized as internationally advanced [2][3]. - The company has signed contracts for 79 coal gasification-related projects and 188 gasifiers by December 2025, indicating a robust growth trajectory in this sector [2]. - The establishment of a specialized laboratory for coal gasification mechanisms has allowed the company to accumulate valuable data on over 200 types of coal, enhancing its ability to optimize gasification processes [3][4]. Group 2: Commitment to Green Energy - The company is aligning its operations with national green and low-carbon strategies, focusing on reducing carbon emissions in the coal chemical industry [5][6]. - Aerospace Engineering has launched a green hydrogen business segment, developing various electrolyzer products tailored for specific applications in the chemical industry [5][6]. - The company has also developed a biomass gasification technology that has been certified for industrial application, showcasing its commitment to sustainable practices [6]. Group 3: Digital Transformation and Smart Services - The company is leveraging digital technologies to enhance its service chain, including a three-dimensional design platform and a remote service center for operational monitoring [7][8]. - A comprehensive digital management system has been established to facilitate efficient operations and risk management, integrating various management modules [8]. - The development of AI tools for biomass gasification solutions demonstrates the company's focus on innovation and efficiency in its operations [8]. Group 4: Corporate Governance and Social Responsibility - Aerospace Engineering emphasizes the integration of party leadership with corporate governance, ensuring high-quality development aligned with national strategies [9][10]. - The company has received recognition for its ESG efforts, achieving an AA rating from a prominent ESG index and winning awards for its sustainable practices [11]. - The establishment of compliance management systems has enhanced the company's governance standards, reflecting its commitment to responsible corporate behavior [11].

宝丰能源高端煤基新材料循环经济产业集群。 回望中国现代煤化工的发展历程，"十四五"时期无疑经历了一场深刻的行业洗牌与价值重估，行业步入了以核心 技术突破、绿色低碳转型、综合效益提升为标志的高质量发展新周期。正是在这一轮行业分化与升级中，一批聚 焦主业、苦练内功的领先企业崭露头角，实现了从跟跑到并跑乃至领跑的跨越。 宁夏宝丰能源集团股份有限公司，正是其中最具代表性的实践者之一。凭借前瞻布局、持续创新与稳健经营，宝 丰能源在"十四五"期间成功构建起国内规模最大、产业链最完整、技术最先进的现代煤化工产业集群，为接下来 的"十五五"征程奠定了坚实基础，也为宝丰能源的"实业报国"之路，增添了极为耀眼的篇章。 从"黑色燃料"到"白色材料"——筑牢国家能源安全基石 纵观宝丰能源"十四五"答卷，宝丰能源内蒙古年产300万吨烯烃项目，成为这张答卷上最引人注目的一笔。 其引人注目不止在于"五个全球规模之最"和"三个全国规模之最"的行业纪录，更在于开启了我国煤炭清洁高效利 用与现代煤化工产业升级的新章：一方面可等效替代近千万吨的原油进口需求，保障国家能源安全;另一方面突破 高端材料"卡脖子"困局，备战未来产业。 而这个项目，又仅是 ...

Core Viewpoint - China National Petroleum Corporation (CNPC) is transferring 3% of its A-share stake in Zhongyou Capital to State Grid's Yingda Group, while Zhongyou Capital plans to acquire 100% of Yingda Futures for 1.129 billion yuan to enhance its comprehensive financial service capabilities [1] Group 1 - The acquisition aims to achieve multi-dimensional breakthroughs through resource integration, providing dual increments for industrial development and financial services [1] - Yingda Futures is expected to deeply integrate into CNPC's entire industrial chain, offering customized hedging strategies for different risk exposures across upstream, midstream, and downstream operations [1] - The integration will create a "financing + hedging" solution that aligns financial services with the actual needs of the industry [1] Group 2 - The acquisition will leverage Zhongyou Capital's extensive institutional and individual client resources to quickly reach CNPC's upstream and downstream enterprises [1] - Yingda Futures' strong presence in the power sector complements CNPC's comprehensive energy layout, which includes oil, gas, heat, electricity, and hydrogen, providing professional support for new energy business expansion [1] - The transaction is expected to effectively reduce overall trading costs [1]

目前，普光气田已建成投产普陆页1井组、普陆3平台、普陆4平台等7个平台，合计部署12口产油气井。 今年，在生产管控方面，气田将单井日产量控制在最优区间，科学制订产销计划。老井通过"热洗+放 喷""泡排+气举"等措施，防治井筒积液与结蜡;新井依托普陆301-1井及气举、泡排项目合理配产、动态 调控，保障长期稳定生产。在销售保障方面，气田与中国石油四川石化建立稳定供销机制，构建生产、 销售、安全全链条防控体系。 中化新网讯 截至12月26日，中原油田普光气田今年累计销售凝析油3012吨，超额完成3000吨年度任 务。 ...

中化新网讯 12月24日，从中国化学与物理电源行业协会传出消息，今年前11个月，我国锂离子电池出 口额为691.65亿美元，同比增长25.6%。 中化新网讯 近日，车皮短缺导致潞安化工丰喜集团尿素库存积压问题凸显。为保障尿素库存平稳、降 低经营风险，潞安化工丰喜集团供销分公司多措并举，打响尿素库存压降攻坚战，取得显著成效。 截至12月22日，临猗公司、泉稷公司尿素库存已降至9300吨，为后续降低库存和企业高效运营奠定了坚 实基础。面对车皮短缺的问题，供销分公司与铁路部门多方协调沟通，全力争取车皮资源增量。同时， 供销分公司创新运输调配思路，从临近站台紧急调运敞车补充运力缺口，有效缓解运输压力。 今年前11个月，我国锂离子电池出口数量为42.52亿个，同比增长19.3%。其中，2025年11月锂离子电池 出口额为68.1亿美元，同比增长17.5%;2025年11月锂离子电池出口数量为4.5亿个，同比增长22.6%。 (江 南) 丰喜供销多点发力降尿素库存 ...

回望中国现代煤化工的发展历程，"十四五"时期无疑经历了一场深刻的行业洗牌与价值重估，行业步入了以核心 技术突破、绿色低碳转型、综合效益提升为标志的高质量发展新周期。正是在这一轮行业分化与升级中，一批聚 焦主业、苦练内功的领先企业崭露头角，实现了从跟跑到并跑乃至领跑的跨越。 从"黑色燃料"到"白色材料"——筑牢国家能源安全基石 纵观宝丰能源"十四五"答卷，宝丰能源内蒙古年产300万吨烯烃项目，成为这张答卷上最引人注目的一笔。 其引人注目不止在于"五个全球规模之最"和"三个全国规模之最"的行业纪录，更在于开启了我国煤炭清洁高效利 用与现代煤化工产业升级的新章：一方面可等效替代近千万吨的原油进口需求，保障国家能源安全;另一方面突破 高端材料"卡脖子"困局，备战未来产业。 而这个项目，又仅是答卷上的短短一行。 能源安全，"国之大者"。"十四五"期间，世界经济增速持续放缓、大国博弈持续加剧、新一轮科技革命和产业变 革持续深化、能源绿色低碳转型进程加快……尽管国内原油、天然气产量连续稳步增长，但2024年，我国原油对 外依存度仍达72.2%，天然气对外依存度达42%。内外种种新形势叠加之下，煤化工产业已将成为保障我国能源 ...

Group 1 - The new regulation "One Certificate, One Product" will be implemented on January 1, 2026, requiring that pesticide products with the same registration number must display the same trademark [1] - As of November 2025, over 4,800 new pesticide registration certificates are expected to be issued this year, compared to only 2,053 in 2023 and 2024 [1] - Approximately 60% of companies in the pesticide industry rely on borrowing certificates, private labeling, and contract manufacturing, indicating a long-standing distorted ecosystem [1] Group 2 - Regulatory authorities will intensify the crackdown on illegal practices such as "certificate borrowing" and "one certificate for multiple products," with confirmed violations leading to the revocation of relevant registration certificates [2] - The cost of applying for a pesticide registration certificate ranges from hundreds of thousands to millions, with new active ingredients potentially costing up to 30 million for research and registration [2] - The Ministry of Agriculture and Rural Affairs has initiated the revision of the "Pesticide Production License Review Guidelines" to enhance the regulatory framework and ensure accountability in pesticide production [2] Group 3 - Companies are expected to first handle existing inventory of non-"One Certificate, One Product" products before transitioning to the new products, considering the typical two-year shelf life of pesticides [3] - By December 31, 2027, the last sales deadline for non-"One Certificate, One Product" inventory is set, with an anticipated reduction in product circulation to about one-fourth of current levels [3]

Core Insights - The third Humic Acid Potassium Compound Fertilizer Industry Development Forum was held in Xi'an, focusing on the development direction of the humic acid potassium compound fertilizer industry, emphasizing its role in national food security and sustainable agricultural practices [1] Group 1: Industry Development - The humic acid potassium compound fertilizer industry is seen as a new productive force supporting the national strategy of "storing grain in the land and technology," aiming to protect both "arable land red line" and "soil fertility red line" [1] - The industry is encouraged to integrate efforts from government, research, education, and enterprises to promote sustainable development of humic acid fertilizer [1] Group 2: Technological Advancements - Humic acid is identified as a core element in measuring soil quality, serving multiple functions as a soil improver, fertilizer enhancer, and plant growth stimulator [1] - Data indicates that humic acid potassium can increase potassium fertilizer utilization by 5% to 10%, representing a green and efficient product in the "Fertilizer 4.0" era [1] Group 3: Standardization and Research Findings - The newly released national standard "GB/T33804—2025 Fertilizer Grade Humic Acid Potassium" marks a new phase of standardization and regulation in the humic acid industry [2] - The "Humic Acid Potassium Fertilizer Hundred County Demonstration Project" showed significant results over five years, with an average increase of 11.91% in soil organic matter and average yield increases of 6.95% for food crops and 11.28% for economic crops [2]

该项目由上海华谊集团所属上海华谊能化公司负责建设运营。上海华谊能化公司党委书记、董事长郑必 军表示，将全力以赴保障绿色甲醇装置稳定高效运行，持续助力上海国际航运中心建设，为实现国 家"双碳"目标贡献力量。 该项目由上海华谊集团、申能集团、上海城投、上港集团联手打造，于今年1月开工。项目创新性地将 城市废弃物转化为国际航运领域急需的绿色甲醇燃料，真正实现"变废为宝"。项目投产后将为上海港提 供重要的绿色燃料保障。 上海市发展和改革委员会四级调研员关雪飞指出，要合理运营好绿色甲醇装置，打造航运燃料绿色转型 的样本工程；要整合好上下游产业资源，夯实绿电—燃料产业链关键节点；要建设绿色燃料认证服务的 交流平台，打造国际可持续发展和碳认证集聚新高地。 中化新网讯 12月29日，上海首套10万吨/年绿色甲醇项目投产仪式在上海华谊工业气体有限公司举行。 图为10万吨/年绿色甲醇项目现场。 (企业供图) ...