TBEA(SH:600089) Huachuang Securities·2025-06-23 06:11Investment Strategy - The report emphasizes that Xinjiang is benefiting from two major strategic shifts: the transition from coastal economies to the Belt and Road Initiative, positioning Xinjiang as a frontier hub with geographical advantages. The balance is shifting towards energy security and dual carbon environmental goals, making coal chemical industry a focal point for Xinjiang's resource advantages [7][8][10] - The report highlights the importance of coal chemical development in Xinjiang, noting that external conditions are now favorable for this sector. Factors include rising coal prices, alignment with China's resource endowments, and supportive industrial policies [7][8][9] - The report suggests focusing on two main investment lines: coal chemical investments and state-owned enterprise reforms. Key companies to watch include Tebian Electric Apparatus, Baofeng Energy, and Guanghui Energy, among others [11][12] Xinjiang Index Situation - The Xinjiang index stands at 104.9, down 0.46% week-on-week, while the coal chemical investment index is at 99.7, down 2.77%. The state-owned enterprise reform index is at 110.8, up 0.86% [14] - The top three gainers this week include: - Zhun Oil Co., Ltd. (002207.SZ) up 40.23% - Beiken Energy (002828.SZ) up 20.22% - International Industry (000159.SZ) up 13.34% - The top three decliners include: - Beixin Road and Bridge (002307.SZ) down 6.73% - Fosda (603173.SH) down 7.58% - Huijia Times (603101.SH) down 11.07% [14] Key Data Tracking - Key prices in Xinjiang include: - Q5000 mixed coal at 100 CNY/ton, unchanged week-on-week - Q5200 mixed coal at 197 CNY/ton, unchanged week-on-week - Main焦煤 at 780 CNY/ton - Methanol price at 1605 CNY/ton, with a price difference of -1180 CNY/ton compared to East China - Urea price at 1681 CNY/ton, with a price difference of -139 CNY/ton compared to Shandong [19] - In May 2025, coal railway shipments from key state-owned coal mines reached 3.308 million tons, a year-on-year increase of 16.6%. The raw coal production in Xinjiang was 46.651 million tons, a year-on-year increase of 23.44% [19] Key News and Company Announcements - On June 13, the National Development and Reform Commission approved the 2 billion cubic meters/year coal-to-natural gas project by Xinjiang Tianchi Energy Co., Ltd. The total investment for this project is 17.04 billion CNY [37][39] - Recent updates on key coal chemical projects include: - Tebian Electric's coal-to-gas project approved with a capacity of 20 billion cubic meters/year - National Energy Group's coal-to-gas project with a capacity of 40 billion cubic meters/year is progressing with equipment tenders [41]