Report Industry Investment Rating No relevant content provided. Core Views of the Report - The chemical industry is at a cyclical inflection point, and the key lies in rhythm control. A "full - scale bull market" lacks support, and a scenario of tight supply and warm demand is likely. It is recommended to take a long - position - based strategy with flexible rhythm control. [55] - In the short term, be wary of over - extended gains. If demand fails to pick up as expected, high profits may lead to unexpected supply increases. Pay attention to terminal demand, cost transmission, downstream restocking, and upstream production. [55] Summary by Directory 1. Macro Background - **Global Order Reconfiguration**: Geopolitical games reshape the supply curve of commodities, emerging demands form new demand curves, and strategic security needs reshape investment and inventory structures. [5] - **US Situation**: The Fed has started an easing cycle. The US economy shows a mixed picture, with AI and electrification driving capital expenditure while traditional manufacturing is under pressure. [9] - **China's Focus**: In 2026, service consumption will support domestic demand. Monetary policy will be moderately loose, fiscal policy will be actively implemented, real - estate policies will promote new development models, and supply - side reforms will deepen. [16] - **Commodity Rotation and Recent Performance**: The energy structure is in transition, with the proportion of non - water renewable energy increasing. [22] 2. Chemical Views - **Demand Characteristics**: Demand in traditional sectors has a large proportion, and significant growth depends on overall economic recovery. [30] - **Trend Review**: The chemical industry has experienced a four - year decline. In 2025, the energy - chemical sector performed the weakest among commodities, but recently it has rebounded rapidly with internal differentiation. [33][34] - **Medium - to - Long - Term Outlook**: In 2026, demand support will strengthen, supply will be optimized, and the sector's valuation is at a historical low, showing signs of bottoming out. [46] - **2026 Capacity Growth**: The growth rate of chemical production capacity will slow down in 2026. [47] - **Short - Term Disturbances**: Extreme weather, geopolitical factors, and capital outflows from the stock and non - ferrous markets are short - term disturbances. [50] - **Characteristics of the Current Uptrend**: The chemical sector is strengthening with structural differentiation, which is essentially a structural valuation repair due to supply - side improvements. Different sub - sectors have different driving factors. [53] - **Future Outlook and Suggestions**: A "full - scale bull market" is unlikely. It is recommended to take a long - position - based strategy with flexible rhythm control. Pay attention to cost support, terminal demand, and policy implementation. [55] - **Later Concerns**: Focus on the price trends of oil, gas, and coal, the impact of "anti - involution" policies, and the influence of geopolitical and trade policies on imports and exports. [59][62] - **Variety Views** - **Coal Chemical Industry**: For methanol, supply is uncertain, and price is restricted by import and MTO profit. For urea, the fundamentals are weak, and the price fluctuates between production cost and export policy limits. [65] - **Chlor - Alkali Chemical Industry**: For caustic soda, high supply and weak demand lead to low - valuation and weak - expectation. For PVC, there is no new capacity in 2026, but the fundamental pressure is still large. [67][68] - **Polyester Series**: For PX/PTA, the supply - demand situation improves, and the processing fee may expand. For MEG, short - term supply is expected to decrease, but inventory pressure is significant. [70] - **Benzene Series**: For pure benzene, the negative impact weakens, but high inventory is still a pressure. For styrene, there is a capacity gap, and exports are an important growth point. [72] - **Olefins**: For propylene, polypropylene, and polyethylene, short - term rebound is driven by external factors, and the production pressure is still large in 2026. For synthetic rubber (butadiene), the supply - demand situation is favorable, and a long - term long - position strategy is recommended. [74] 3. Industrial Data The report provides a large amount of data on the spot - futures prices, spreads, profits, supply, demand, and inventory of various chemical products, including MA, UR, SH, PVC, BU, PX, TA, EG, BZ, EB, PE, PP, RU, and BR. [78][108][127]

中新网北京1月26日电 (记者 陈杭 吕少威)绿色发展是高质量发展的鲜明底色。"十五五"时期，北京将牢 固树立和践行绿水青山就是金山银山的理念，协同推进降碳、减污、扩绿、增长，全面提升生态环境质 量，加快生产生活方式绿色变革，携手津冀推进美丽中国先行区建设，让民众共享自然之美、生命之 美、生活之美。 这是记者26日从北京市十六届人大四次会议"解读北京市国民经济和社会发展第十五个五年规划纲要"专 题新闻发布会上获悉的。 北京市生态环境局副局长刘贤姝表示，"十四五"时期，美丽北京交出亮眼绿色答卷，绿色底色更加鲜明 靓丽，美丽北京可感可及。"十五五"时期是美丽北京建设承上启下、实现生态环境根本好转的关键时 期，北京将以更高标准统筹高水平保护、高质量发展和高品质生活，加快建设人与自然和谐共生的美丽 北京。 开展绿色低碳转型行动 刘贤姝表示，"十五五"时期，北京将以降碳为牵引，加快经济社会发展全面绿色转型，实施碳排放总量 和强度双控制度，能效、碳效水平从全国领先迈向国际先进。 "供给侧"发力，着力构建新型能源体系。坚持减气、少油、净煤、增绿，加快能源结构增绿提质。到 2030年，外调绿电规模力争达到650亿千瓦时。 " ...

近年来，潞安化工集团坚持采煤采气一体化发展路径，深耕煤矿瓦斯综合开发利用，绿色发展动能不断 增强。 近年来，潞安化工集团坚持采煤采气一体化发展路径，深耕煤矿瓦斯综合开发利用。2023年以来，潞安 化工集团瓦斯发电13亿多千瓦时，减排二氧化碳1000多万吨。集团"双碳"目标下华北典型煤矿区甲烷开 采防灾减排一体化关键技术及应用项目，荣获2025年度山西省科学技术进步奖一等奖。 应抽尽抽 以用促抽 走进潞安化工集团余吾煤业公司北风井低浓度瓦斯氧化发电项目现场，机器轰鸣声不绝于耳。来自井下 的瓦斯正源源不断地输入机组，经高效转化，变为稳定的电能与热能，输送至千家万户的暖气管网，涌 向企业各生产车间。 "该项目于2024年11月正式并网发电，专门回收利用瓦斯泵站直接外排的甲烷体积浓度1%到10%的低浓 度瓦斯。"新元公司机电动力部副部长王博介绍，该项目日均发电11万千瓦时。 在充分利用低浓度瓦斯的同时，新元公司以智能瓦斯实验室为平台，联合科研院校破解多项难题，形成 了一批特色治理技术。 在智能瓦斯实验室内，工作人员张玉辉正利用高压容量法和瓦斯吸附装置测定煤样吸附常数。张玉辉介 绍，设备搭载自主开发的微机测试软件，可自 ...

Group 1 - Beijing State-owned Assets Company emphasizes a people-centered development approach and aims to fulfill social responsibilities with the philosophy of "State-owned assets contribute to society, responsibility leads the future" [1] - The company has initiated the establishment of Beijing Data Group to promote market-oriented allocation of data elements, supporting the construction of a global digital economy benchmark city [1] - Beijing State-owned Assets Company is actively involved in building an international technology innovation center and has created a global platform for robot industry exchange, providing quality financial and park services for innovative enterprises [1] Group 2 - The company leverages its financial resource advantages to provide quality financial services for technology innovation enterprises, with a total fund scale exceeding 21 billion yuan [2] - Beijing Guarantee Company supported 2,896 technology innovation enterprises with a new scale of 13.156 billion yuan, while Beijing Securities focuses on key sectors like new generation information technology and integrated circuits [2] - The company promotes green development by creating a national-level green trading platform and constructing a green financial service system, contributing to the construction of a beautiful China [2] Group 3 - Beijing Property Exchange actively serves central and local state-owned enterprises, maintaining a transaction scale of over 10 trillion yuan for several consecutive years [3] - Beijing Securities successfully executed five equity projects with a total scale exceeding 20 billion yuan, aiding in the optimization of state capital layout and industrial integration [3] - The company aims to become a leading state-owned capital investment company, contributing to the modernization of the capital city [3]

会上，市交通运输局及规划编制单位、规划环评单位分别作表态发言，表示将全面吸纳评审意见，进一 步完善规划环评报告内容，切实把环境保护贯穿港口规划、建设、运营的全过程，进一步夯实北方内河 航运中心建设生态基础。生态环境部环评司二级巡视员唐亚萍对规划修订环评工作给予肯定，并就后续 有关工作提出了明确要求。 本次环评审查会议的成功召开，标志着《济宁港总体规划（2035年）修订》取得关键阶段性成果，是推 动港口高质量发展、实现港城协调、绿色转型的关键环节，为规划早日获批和实施奠定了坚实基础。 下一步，济宁市将以此次审查会为契机，坚持生态优先、绿色发展，强化环境风险防控，统筹推进港口 基础设施、集疏运体系和临港产业发展，推动智慧港口、绿色航运建设，持续提升济宁港的综合服务能 级、区域辐射力和可持续发展水平，努力将济宁港打造成为绿色港口、生态港口的示范。 中国发展网讯 1月23日，《济宁港总体规划（修订）环境影响报告书》审查会通过视频形式顺利召开。 生态环境部、交通运输部、农业农村部，山东省生态环境厅、交通运输厅等相关厅局代表、特邀业内权 威专家以及济宁市有关部门负责人参加会议，共同对规划修订环评成果进行评审指导。 本次审 ...

通过构建"天空地水工"一体化监测感知体系，汇集流域片5万余个雨量、水文、水库等监测站点实时数 据，拓展至近600个预报节点，集成1千余套预报方案，建立了以三峡为核心的全流域预报调度方案体 系，长江干流关键断面1-5天预报精度可达90%，有效预见期延长至3～7天。特别是数字孪生长江智慧 防洪抗旱系统的研发应用，让防灾决策拥有了"智慧大脑"。 10年来，长江流域水旱灾害防御体系在实战中经受住了考验：成功应对2020年流域性大洪水，科学调度 水库群拦洪500亿立方米，护佑流域内137座县级以上城区、1752万人口、110万公顷耕地免遭洪灾。在 抵御旱灾方面，2022年有效应对1961年以来最严重的长时间干旱和长江口咸潮上溯，保障了下游重要城 市供水和人民群众饮水安全、1.83亿亩秋粮作物灌溉用水需求，大旱之年实现供水无虞、粮食丰收。 建设生命长江，守护"一江碧水向东流" 修复长江生态环境是"压倒性任务"。水利部门切实扛起政治责任，从多个维度发力，为"一江碧水向东 流"护航。 为守牢生态流量底线，保障河湖健康生命。10年间，水利部门完成607条跨省河湖生态流量确定状况排 查，编制完成汉江等9个流（区）域跨省河湖生态流 ...

扩大内需具有巨大的潜力和空间 随着外部环境和我国发展所具有的要素禀赋的变化，市场和资源两头在外的国际大循环动能明显减弱。 与此同时，国内市场主导国民经济循环特征愈加明显，国内大循环活力日益强劲，经济增长的内需潜力 在不断释放。强大统一的国内市场是构建新发展格局的重要支撑，也是大国经济优势所在，更是重塑我 国国际合作和竞争新优势的战略抉择。我国扩大内需有巨大潜力和空间，内需也必将成为拉动我国经济 增长的主动力和稳定锚。 一方面，我国人均国内生产总值已达到1.4万美元左右，浙江的人均地区生产总值更是达到2万美元左 右，居民消费不再仅满足于"刚需"，服务消费正在成为新的消费增长点。科技产品、数字技术、人工智 能等不断催生新业态新模式新场景，居民消费优化升级，同现代科技和生产方式相结合，蕴含着巨大增 长空间。另一方面，我国正处于转变发展方式、优化经济结构、转换增长动力的攻关期，夯实经济社会 发展基础支撑，能带来广阔投资空间。浙江在发展新质生产力，打造人工智能创新发展高地，加快建设 全球先进制造业基地，在统筹推进新型城镇化和乡村全面振兴，促进城乡融合发展，实施城市更新、地 下管网建设改造等方面有巨大的投资需求。顺应消费 ...

在全球加速迈向智能化、绿色化转型升级的时代浪潮中，中国商用车行业正经历新一轮发展变革。2026年1月24日，十堰市东风商用车车身智能制造工 厂内，一场以"新产线 新使命 新征程"为主题的东风商用车D600智慧工厂投产暨新品下线仪式盛大举行。这不仅是东风商用车在产能与技术上实现的跨越式 突破，也标志着其在高端化、智能化、电动化转型中迈出了具有战略意义的重要一步。 湖北省经信厅二级巡视员望晓东，中国汽车工业协会副秘书长李邵华，十堰市市委书记王永辉，市委副书记、市长余珂，市人大常委会主任赵哲，市政 协主席、市委秘书长蔡贤忠，市委常委、常务副市长周智勇，市委常委、副市长高红民，东风汽车集团有限公司董事长、党委书记杨青，总经理、党委副书 记冯长军，党委常委、副总经理王俊，东风汽车集团股份有限公司商用车事业部总经理、党委书记、东风商用车有限公司董事长张小帆，总经理刘利成，党 委书记郑华，东风电子科技股份有限公司董事长、党委书记蔡士龙，总经理高守武，东实汽车科技集团股份有限公司总经理张永正，东风汽车贸易有限公司 总经理刘力，以及十堰市各级部门、东风汽车集团有限公司、东风商用车有限公司相关职能部门负责人等出席活动，各方代表齐 ...

Core Viewpoint - The company Zhongcheng Co., Ltd. has received approval from the Shenzhen Stock Exchange's M&A Review Committee for its asset acquisition and fundraising plan, which involves purchasing 100% equity of Jiangsu Clean Energy Co., Ltd. for 151 million yuan [2] Group 1: Transaction Details - The transaction price for acquiring Jiangsu Clean Energy is set at 151 million yuan, with a share issuance price of 11.19 yuan per share [2] - The company plans to issue 13.5356 million shares, which will account for 3.86% of the total share capital post-transaction, excluding the fundraising [2] - The company aims to raise up to 151 million yuan from no more than 35 specific investors to fund the second phase of the Dongguan Base Station Energy Saving Service project and to supplement working capital [2] Group 2: Business Synergy and Strategy - Prior to the transaction, Zhongcheng's main business included equipment export, engineering contracting, environmental technology, and composite materials production [2] - Jiangsu Clean Energy focuses on investment, development, and operation of energy storage projects for commercial and industrial users [2] - The completion of this transaction is expected to create synergies in energy storage project construction and operation, customer resources, and overseas platforms, aiding the company's expansion in the industry chain [2] - The company's main business will align with green development principles, integrating energy storage with existing operations [2]

李宏德最后说，沈抚示范区将大力推行绿色制造，新增省级以上绿色工厂不少于3家；加快发展绿色能 源，推动增量配电网和虚拟电厂项目落地建设，保障"驭风行动"试点项目按期开工；积极推广绿色建 筑，推进"第四代好房子"示范项目落地建设，规模化发展超低能耗建筑，力争在绿色发展上立标杆、做 示范。 改革创新再发力 实干担当开新局 责编：周艺凝 ——访沈抚改革创新示范区党工委副书记、管委会主任李宏德 审核：刘立纲 本报记者 董翰博 省委经济工作会议对做好今年经济工作进行了部署。沈抚改革创新示范区如何发挥职责使命，抢抓发展 机遇，在辽宁振兴发展中展现更大担当和作为？近日，沈抚改革创新示范区党工委副书记、管委会主任 李宏德在接受记者采访时表示，沈抚示范区将认真贯彻落实省委经济工作会议精神，立足"三区一引 擎"目标定位，持续强化改革创新牵引驱动作用，全面落实体制机制改革、科技创新、开放创新、构建 创新型产业体系、推动绿色发展"五大任务"，推动科技创新和产业创新深度融合，加快形成一批可复 制、可推广的制度创新成果，奋力实现"十五五"良好开局。 李宏德说，沈抚示范区将致力在体制机制改革上开新局，持续激发内生动力活力。围绕管理运行、科技 ...