现代煤化工行业专题报告：契合国家战略，产业集聚发展

Investment Rating - The report maintains an "Overweight" rating for the modern coal chemical industry, indicating an expectation that the industry index will outperform the market index by over 10% in the next six months [1]. Core Insights - The modern coal chemical industry aligns with national strategic needs and promotes industrial cluster development, with several supportive policies introduced in recent years [6][21]. - The domestic dependence on imported polyethylene resin has decreased, with the import dependency dropping to 29% as of November 2025, indicating a growing capacity for domestic production to replace imports [29]. - The industry is currently in a development phase characterized by modern coal chemical technologies, which are increasingly being adopted globally due to fluctuating oil prices [14][18]. Summary by Sections 1. Overview of Modern Coal Chemical Industry - Coal chemical processes convert coal into gas, liquid, and solid products, including clean energy and basic chemical raw materials [13]. - The industry is primarily located in resource-rich regions such as Inner Mongolia, Shaanxi, Ningxia, Shanxi, and Xinjiang, with major coal chemical bases established [13]. 2. Factors Promoting Healthy and Sustainable Industry Development - A series of policies have been implemented to promote industrial cluster development, including the establishment of four modern coal chemical industry demonstration zones [21][24]. - Domestic companies are actively advancing project construction and capacity release, with significant projects like Baofeng Energy's coal-to-olefins project progressing well [28]. - The tightening of macroeconomic controls and resource constraints is expected to stabilize the competitive landscape of the industry [32][33]. 3. Investment Recommendations and Key Company Analysis - The report suggests focusing on companies such as Baofeng Energy (600989), Hualu Hengsheng (600426), and Luxi Chemical (000830) due to their strategic positioning and growth potential [35]. - Baofeng Energy is noted for its advantageous location and strong technological capabilities, with ongoing projects aimed at enhancing production efficiency and reducing costs [37][38]. - Hualu Hengsheng is recognized for its cost control and innovative technologies that support sustainable development [42]. - Luxi Chemical is highlighted for its digital platform applications and strong market presence in export volumes [40][41].