基础化工：国家政策大力推动，新疆煤化工未来可期

Investment Rating - The report maintains an "Outperform the Market" rating for the basic chemical industry [2] Core Viewpoints - The report highlights that national policies are strongly promoting the future of coal chemical industry in Xinjiang, with significant investments expected to enhance energy security and support economic development in the region [4][6] - Xinjiang is projected to become a strategic resource base for the country, with coal production expected to increase significantly during the 14th Five-Year Plan period [5] - The report emphasizes the importance of local coal mining and conversion, suggesting that on-site transformation will become mainstream due to tightening approvals for new coal production capacities in other regions [5] Summary by Sections Market Performance - The basic chemical industry has shown a performance trend with fluctuations ranging from -34% to +26% compared to the CSI 300 index from November 2023 to July 2024 [3] Policy and Investment - A total of 183 projects have been signed with an expected investment of 939.57 billion yuan by 2028, focusing on coal, oil, gas, and renewable energy in Xinjiang [4][6] - Key projects include a 170 billion yuan coal-to-oil project and several coal chemical utilization projects, indicating a robust pipeline for coal chemical development in Xinjiang [6] Coal Production and Competitiveness - Xinjiang's coal resources are substantial, with an estimated 2.19 trillion tons of coal available, accounting for about 40% of the national total [5] - The report notes that Xinjiang's coal production has increased by 19.1% year-on-year in the first nine months of 2024, outpacing national growth [5] Recommended Companies - The report suggests focusing on companies involved in coal mining and chemical production in Xinjiang, including Guanghui Energy, Baofeng Energy, and Hubei Yihua, as well as engineering and service firms supporting Xinjiang's development [7][8]