Core Viewpoint - The industry standard for humic acid-containing compound fertilizers, drafted by Henan Xinlianxin Chemical Industry Group, has been awarded the "14th Five-Year" National Standard Innovation Contribution Award in the field of humic acid fertilizers [1] Group 1: Industry Standards - The lack of authoritative industry or national standards for humic acid-containing compound fertilizers has hindered the sustainable development of the industry [1] - In May 2022, the company initiated the drafting of the industry standard for humic acid-containing compound fertilizers to address this issue [1] - The newly developed detection method by the company significantly improves the accuracy of humic acid content detection while being simple and cost-effective [1] Group 2: Implementation and Recognition - The drafted standard successfully passed the approval of the Ministry of Industry and Information Technology in September this year and will be implemented in March 2026 [1] - The standard has gained widespread recognition in the market due to the excellent efficacy of humic acid-containing compound fertilizers [1]

Core Viewpoint - The successful commissioning of BASF's 500,000 tons/year polyethylene plant in Guangdong marks a significant advancement in high-end polyolefin supply for the South China region [1] Group 1: Project Overview - The project was officially signed and initiated on December 15, 2022, utilizing an EPCC (Engineering, Procurement, Construction, and Commissioning) contracting model [1] - The plant achieved a successful one-time feed startup, producing qualified products [1] Group 2: Technical Innovations - The project management team implemented several value engineering initiatives, including the addition of a light hydrocarbon recovery system, which significantly reduced nitrogen consumption and improved light hydrocarbon recovery rates [1] - The first-time configuration of an energy recovery unit maximized waste heat utilization and addressed challenges in waste gas emission monitoring [1] - The use of seawater as a cooling source for the core heat exchangers and closed-loop water systems resulted in a record low for fresh water consumption in the industry [1] - The comprehensive implementation of digital collaborative design and digital delivery systems laid a solid foundation for the lifecycle operation and maintenance of the smart factory [1]

营商环境是园区发展的核心竞争力。抚顺高新区通过构建"落地无忧、靶向赋能、安商护航"的全生命周 期服务体系，实现"园区所能"精准对接"企业所需"的服务范式，让精准服务成为吸引、留住、成就企业 的最佳名片。 精准适配：让企业"落地无忧" 企业落地初期，面对繁杂的审批流程与陌生的政策环境，往往"不知从何下手"。为此，抚顺高新区将复 杂的落地流程转化为清晰易懂的服务指南，让企业"一目了然"。针对首次落地、缺乏经验的企业，高新 区推出"单项+全流程"双叠加服务模式，提供从工商登记到许可审批的全流程"帮办代办"服务。"企业来 我们这里投资都是奔着长远发展来的，得把咱们承诺的政策给落实好，让企业感受到在这里投资落地有 保障、有人帮。"抚顺高新区投资促进局副局长张勇表示。 辽宁优尔实业有限公司公共事业部部长刘赫对此感受颇深。这家从辽阳奔赴抚顺、盘活本地老旧企业的 外来企业，于去年1月顺利试生产。"我们选择了落地全流程服务，每个环节都有专人跟进，还会主动告 知政策节点，让我们少跑腿。"刘赫表示，目前公司已进入正式生产阶段，二期项目正在筹划中。 很多企业像辽宁优尔一样，被优良的营商环境所吸引，在高新区落地生根。"十四五"期间，抚 ...

Core Viewpoint - The Ministry of Industry and Information Technology and six other departments have jointly issued the "Work Plan for Steady Growth in the Petrochemical Industry (2025-2026)", aiming to promote high-quality development and create new international competitive advantages for the industry [1] Group 1: Industry Development Strategy - The "Work Plan" emphasizes the need for the petrochemical industry to enhance technological innovation and improve effective supply capabilities [2] - The Nanjing Jiangbei New Materials Science and Technology Park will implement the "Work Plan" by optimizing supply, expanding effective demand, and ensuring a solid industrial foundation for sustainable growth [1][2] Group 2: Technological Innovation and High-End Supply - The Technology Park has established a New Materials Industry Innovation Alliance and several innovation platforms to facilitate the transformation of over 40 technological achievements [2] - The focus will be on high-end polyethylene, high-performance fibers, specialty rubber, and electronic chemicals, aiming to create a product matrix of high-value derivatives [2] Group 3: Green and Intelligent Transformation - The Technology Park is accelerating its transformation and upgrading, focusing on industrial structure, safety levels, and green low-carbon development [3] - The "Work Plan" calls for effective investment to drive industry transformation, emphasizing digitalization and the establishment of intelligent factories [3] Group 4: Expanding Demand and Market Opportunities - The "Work Plan" addresses structural contradictions in supply and demand, aiming to expand market demand and improve supply quality [4] - The Technology Park will enhance industrial collaboration, develop new consumption demands in emerging fields, and strengthen international cooperation to attract foreign investment [4]

推动四中全会精神落地见效，关键在实干，根本靠担当。该公司立足实际把全会精神贯彻落实到各项工 作中，把学习成果转化为提质降本增效的动力。持续推进"降本赋能"措施落实，加强吨产品费用管控， 将成本要素细化到每套装置、每个产品，不断提高装置经济运行水平，降低各项成本，提升产品竞争能 力。1—11月份产品加工费1793.7元/吨，同比下降11.07%。推进节水减排工作，加强水资源重复回收利 用率，实施多项节水措施，1—11月，新鲜水用量同比减少99.44万吨，同比降低34%。 连日来，中石化江汉盐化工湖北有限公司通过党委理论学习中心组学习、支部主题党日、"三会一课"等 形式学习贯彻党的二十届四中全会精神，对标全会精神，梳理各项工作，扎实推进党建引领、安全环 保、提质增效、市场开发、改革发展，把全会精神转化为干事创业的强大动力。 面对年终冲刺和安全环保的双重考验，江汉盐化工运用全会精神积极应对困难挑战、筑牢安全环保防 线。公司制定HSE管理提升方案，围绕风险管控、责任落实两大核心，深刻反思思想、作风、责任三大 深层次问题，健全明责履责追责的责任体系，引导全员落实"一切操作有标准、一切按标准操作"。紧扣 安全生产"雷霆行 ...

Core Viewpoint - The company is actively implementing the "Erneng Xiangxin·Green Intelligence Pioneer" brand to integrate party building with production and operation, aiming for high-quality development in the energy and chemical industry [2][3][6]. Group 1: Brand Development - The "Erneng Xiangxin·Green Intelligence Pioneer" brand was officially launched in July 2025, emphasizing the company's commitment to energy security and the integration of party leadership into corporate governance [2][6]. - The brand focuses on developing new energy and materials, promoting a multi-dimensional coupling development model of "coal-electricity-chemicals-new" [2][3]. - The company aims to accelerate the implementation of green hydrogen and ammonia projects, exploring new paths for low-carbon development [2][3]. Group 2: Party Building Integration - The company emphasizes that strengthening party building is essential for state-owned enterprises, integrating it into all aspects of corporate governance and operations [3][6]. - The "Six Steps Deep Integration" method has been implemented to ensure that party building resonates with core business operations, enhancing internal motivation [7]. - The company has established a brand theme for each party branch, promoting a culture of excellence and accountability among employees [8][11]. Group 3: Talent Development - The company recognizes talent as a core competitive advantage and has established a "Five-Ring Collaborative" talent value chain to enhance talent development [14][15]. - A total of 30% of the new recruits in 2023 were full-time master's degree holders, reflecting an improvement in educational standards [14]. - The company has implemented a multi-dimensional evaluation mechanism for talent selection, ensuring that capable individuals are recognized and promoted [17]. Group 4: Green and Low-Carbon Initiatives - The company is currently constructing a green low-carbon industrial demonstration park, with significant progress on projects such as a 10,000 tons/year liquid sunshine project and a coal-electricity integration project [19][21]. - The 10,000 tons/year liquid sunshine project is the first of its kind in China, utilizing a fully self-owned process for CO2 to green hydrogen methanol production [22]. - The company aims to align with national "dual carbon" strategies, promoting a comprehensive industrial chain from green electricity to green hydrogen and green chemicals [22].

Core Viewpoint - Mitsui Chemicals, Idemitsu Kosan, and Sumitomo Chemical have reached a final agreement to create a strong polyethylene production company, addressing the challenges in Japan's polyethylene market due to declining demand and oversupply issues [1][2]. Group 1: Company Collaboration - The three Japanese chemical giants announced a memorandum of understanding on September 10 to integrate their polyethylene businesses, specifically combining the operations of Prime Polymer Co., Ltd. (PRM) and Sumitomo Chemical's polypropylene (PP) and linear low-density polyethylene (LLDPE) businesses in Japan [1]. - The agreement involves two phases: the first phase will see Sumitomo Chemical transfer its PP and LLDPE business to PRM, acquiring a 20% stake in PRM by July 1, 2026, while Mitsui will hold 52% and Idemitsu will hold 28% [1][2]. Group 2: Market Context - Polyolefins account for approximately 50% of Japan's plastic demand, making it crucial for the industrial sector [1]. - The Japanese market is experiencing a decline in demand for polyolefins due to population decrease and changing lifestyles, leading to expectations of further demand reduction [1]. Group 3: Production Capacity and Financial Impact - PRM currently has a production capacity of 1.26 million tons/year for polypropylene and 0.55 million tons/year for polyethylene, making it a major producer in Japan [2]. - After the completion of the integration, PRM's total production capacity will reach 2.31 million tons/year, with projected net sales of 387.3 billion yen for the fiscal year 2024 and annual cost savings exceeding 8 billion yen [2]. - Following the integration, the combined production capacity will account for over 30% of Japan's domestic plastic capacity [2].

Core Viewpoint - The recent surge in domestic PX (para-xylene) and PTA (purified terephthalic acid) futures prices is attributed to multiple favorable factors, including global energy restructuring, optimized supply capacity, and ongoing industrial policy support [1][3]. Group 1: Price Trends - On December 26, PX futures rose by 4% to a peak of 7618 yuan/ton, while PTA futures surpassed 5300 yuan/ton, both reaching nearly one-year highs [1]. - The PX industry chain is becoming a significant profit breakthrough point in the refining sector, with expectations of high profitability due to limited supply growth and recovering demand [4]. Group 2: Supply and Demand Dynamics - Global PX capacity is expected to see no new additions in 2024 and 2025, with new projects planned for late 2026, creating a supply gap in the first half of 2026 [4]. - The current PX industry capacity utilization rate has exceeded 85%, indicating limited supply elasticity [4]. - The textile and apparel sectors in China and the U.S. may experience a replenishment wave in 2026, further driving demand for PX and its downstream products [4]. Group 3: Industry Structure - The domestic PX and PTA industries exhibit significant concentration, with the top three PX producers accounting for 54% of total capacity by the end of 2025 [6]. - Major PX producers include Rongsheng Petrochemical (1040 million tons), Sinopec (750 million tons), and PetroChina (630 million tons) [7]. - The PTA industry also shows high concentration, with the top three companies holding 52% of total capacity, led by Yisheng Petrochemical (2150 million tons) [8]. Group 4: Market Performance - Leading companies in the PX and PTA sectors have seen their stock prices rise significantly, with Rongsheng Petrochemical, Hengyi Petrochemical, and Hengli Petrochemical experiencing increases of 17.26%, 21.63%, and 15.42% respectively over the past two weeks [9]. Group 5: Future Outlook - The supply-demand landscape for PX and PTA is expected to continue optimizing into 2026, with no new PTA capacity and a focus on existing competition [10]. - The "anti-involution" policy is likely to lead to a contraction in supply, further improving the industry structure [10]. - Companies with integrated "crude oil-aromatic-PTA-polyester" supply chains, such as Rongsheng Petrochemical, are positioned to benefit significantly from the improving industry cycle [10].

Core Viewpoint - The two major Japanese chemical companies, Idemitsu Kosan and Mitsui Chemicals, have reached a final agreement to integrate their ethylene production operations in Chiba, Japan, which includes the closure of a 370,000 tons/year ethylene facility [1] Group 1: Business Integration - Idemitsu Kosan and Mitsui Chemicals will consolidate ethylene production at Mitsui's Chiba ethylene plant, shutting down Idemitsu's Chiba cracking facility [1] - The integration plan has progressed to the Front End Engineering Design (FEED) stage, focusing on raw material procurement, production, and supply systems [1] - The integration is expected to be completed by 2027, with the closure of Idemitsu's 370,000 tons/year ethylene capacity [1] Group 2: Market Context - The Japanese petrochemical industry is facing a challenging operating environment due to the continuous construction of large petrochemical facilities centered in China and a persistent decline in domestic ethylene demand [1] - The consolidation aims to enhance competitiveness in response to these market changes [1] Group 3: Historical Collaboration - Since 2010, both companies have operated their ethylene production facilities in Chiba through a joint venture, achieving an annual ethylene production capacity of 920,000 tons [1] Group 4: Future Initiatives - Idemitsu Kosan and Mitsui Chemicals will deepen their collaboration to promote the construction of a new generation of green industrial complexes, contributing to resource recycling [2]

12月24日，英国石油公司(BP)宣布，将嘉实多65%的股份出售给Stonepeak，为BP带来约60亿美元的净 收益。该交易加速了英国石油重置战略的实施，将显著改善其资产负债表，并推进以下游为重点的战 略。 嘉实多的主营业务涵盖车用及工业用润滑油，以及面向数据中心的液冷散热技术。英国石油在对嘉实多 进行全面战略评估后，企业估值定为101亿美元(约合人民币超700亿元)，交易预计将于2026年底完成。 交易完成后，将成立一家新的合资企业，Stonepeak持有65%股份、英国石油持有35%股份。经过两年的 锁定期后，英国石油有权出售剩余的股份。 本次交易是英国石油此前宣布的200亿美元业务剥离计划的一部分，迄今为止已完成和宣布的撤资收益 约为110亿美元。这笔交易的所有收益将用于减少净债务，以实现英国石油到2027年底净债务降至140亿 ~180亿美元的目标。截至2025年第3季度末，英国石油公司的净债务为261亿美元。 这不是嘉实多第一次易主。1966年，缅甸石油公司(Burmah Oil)收购嘉实多；2000年，缅甸-嘉实多公司 被英国石油公司收购。 嘉实多于1899年在英国成立，至今有126年历史，是全 ...