1 tt F 0 n 特种聚合物 特种化工品 2 O 0 ® Jan the t 匯 图①：国能宁夏煤业煤制油分公司生产的煤基费托合成蜡产品。 本报记者 丁怡婷摄 图②：国能宁夏煤业煤制油分公司生产的特种化工品和特种聚合物。 图③：宁夏泰和芳纶纤维有限责任公司生产的芳纶产品。 曹 婕摄 图④：国能宁夏煤业400万吨/年煤炭间接液化项目一隅。 许祎敏摄 上天，变身航天煤油、降落伞骨架材料；下海，成为轮船牵引缆绳；生活中，可用于制作餐盒、玩具、 香氛蜡烛……黑黢黢的煤炭除了通过燃烧发出光和热，还是重要的化工原料，可变换出许多新形态、新 产品。 煤炭"变形记"如何上演？近日，记者前往宁夏进行采访。这里正加快建设现代煤化工基地，煤制油总产 能居全国首位，煤制烯烃产能占全国约1/5。 有何变化？ 向高端化、多元化、绿色化发展，提高煤炭作为化工原料的综合利用效能 火箭还能烧"煤"上天？答案是能。 2024年11月30日，长征十二号运载火箭发射成功，作为主动力燃料的煤基航天煤油正是由煤炭转化而来 的。这也是长征系列运载火箭首次使用煤基航天煤油飞天。 马 磊摄 "煤炭在高温高压环境下与氢气反应，经过复杂的化学反应和工艺控制， ...

据山西《阳泉日报》报道，4月21日，阳泉市委书记雷健坤采取"四不两直"方式深入郊区，调研督导生 态环保整改工作。她强调，要深入学习贯彻习近平生态文明思想和习近平总书记对山西工作的重要讲话 重要指示精神，进一步提高政治站位，扛牢主体责任，以严实作风狠抓问题整改，坚决守牢环境保护底 线，以高品质生态环境支撑高质量发展。 阳泉市委常委、常务副市长耿鹏鹏参加。 治理生态环保突出问题不是"一阵风"，需要持续用力、久久为功。今年以来，全市生态环境整治工作进 展如何，雷健坤十分关心。调研督导中，雷健坤随机走进企业、料场和历史遗留废弃矿山，与基层工作 人员面对面交流，深入了解污染防治、扬尘管理、矿山生态修复及固废综合利用等情况，并针对发现的 问题现场办公、责令整改。 雷健坤指出，生态环境保护是党中央关心关注的"国之大者"，是事关群众切身利益的大事要事。各级各 部门要扛牢政治责任，全方位、全地域、全过程加强生态环境保护，全力建设美丽阳泉。要突出问题导 向，扭住中央生态环保督察和省委巡视反馈问题不松劲，较真碰硬、重点攻坚，确保各项问题彻底改、 改彻底。要发挥好现代科技手段和基层组织优势，"拉网式"排查、网格化管理，全面动态摸排各 ...

Core Viewpoint - The article highlights the rapid progress of the Penghui Energy energy storage battery production project in Qingdao, which is a significant investment in the energy sector, aiming for trial production by April 2024 and contributing to the green low-carbon development of the region [1][2][3]. Group 1: Project Overview - The Penghui Energy energy storage battery production project is a major provincial project with a total planned investment of 13 billion yuan, covering an area of approximately 1000 acres and divided into three phases [3]. - The first phase occupies 275 acres and has an annual production capacity of 12 GWh, primarily producing 314Ah lithium iron phosphate large storage battery cells for various energy storage applications [3]. Group 2: Construction Progress - As of now, the construction of the project is progressing smoothly, with the main structure of the battery cell factory completed and 70% of the equipment installation finished [1][2]. - The project includes three main buildings: the battery cell factory, the PACK factory, and a comprehensive building, with the battery cell factory being the largest single factory of Penghui Group, covering an area of 93,000 square meters [2]. Group 3: Economic Impact - The project is expected to generate an annual output value of 5 billion yuan, with an average investment intensity of 14.5 million yuan per acre [2]. - The Qingdao base is designed to have a total capacity of 36 GWh, with products intended for export to North America, Europe, South Africa, and Japan, thereby reducing logistics costs due to its proximity to the port [2].

Core Viewpoint - Taihe Co., Ltd. officially listed on the Shenzhen Stock Exchange's Growth Enterprise Market on April 11, 2023, and aims to become a leading player in the agricultural chemical industry by focusing on product excellence and innovation [1][2]. Group 1: Company Overview - Taihe Co., Ltd. transitioned from an import-export trading company to a manufacturer, emphasizing technology and research and development as key components of its international growth strategy [2][3]. - The company has established long-term strategic partnerships with multinational corporations such as Syngenta, Dow, and UPL, with exports covering major global markets including South America, North America, Southeast Asia, and Europe [2][3]. Group 2: Core Products and Technologies - Taihe Co., Ltd. holds a leading position in three core products: Bacillus subtilis, Pyraclostrobin, and 2,4-D, with an average annual capacity utilization rate exceeding 100% from 2021 to 2023 [4]. - The company has mastered key technologies such as ammonia oxidation, chlorination, hydrogenation, and fluorination, which support its industry-leading status in core products [4]. Group 3: Innovation and Environmental Focus - The company is committed to integrating innovative technology into its products to promote greener and more efficient agricultural practices, aligning with national low-carbon development goals [5]. - Taihe Co., Ltd. has made significant advancements in the production process of 2,4-D, eliminating unpleasant odors and enhancing environmental friendliness, which has improved product acceptance [7]. Group 4: Market Position and Strategy - In a challenging market environment characterized by price wars, Taihe Co., Ltd. has maintained a profit margin of 5%, above the industry average of 3%, by leveraging technological and managerial efficiencies [8]. - The company is transitioning from a "boss strategy" to a "team strategy," restructuring its operations into three business units: plant protection, functional chemicals, and new energy materials [9]. Group 5: Future Prospects - Taihe Co., Ltd. is focused on the development of new pesticides, with a promising product, cyclopropyl fluorochloride, expected to enter the global market by mid-2024 [11]. - The company aims to expand its business scope and industry position significantly through the commercialization of innovative products, potentially becoming the first Chinese company to achieve global sales of a new compound [11].

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) is entering a strategic partnership with Contemporary Amperex Technology Co., Limited (CATL) to develop a nationwide battery swapping network, marking a significant collaboration between traditional energy and new energy sectors [1][5]. Group 1: Strategic Partnership - Sinopec and CATL signed a framework agreement to deepen their long-term strategic cooperation, aiming to build at least 500 battery swapping stations this year and a total of 10,000 in the future [1][5]. - This partnership represents a milestone in the transportation energy sector, symbolizing a significant integration of traditional and new energy [1][5]. Group 2: Sinopec's Energy Transition - Sinopec is transitioning towards becoming a comprehensive energy service provider, focusing on "oil, gas, hydrogen, electricity, and services" [2][3]. - The company has established 30,000 comprehensive energy stations and nearly 100,000 charging terminals, serving over 20 million customers daily [2][3]. Group 3: Battery Swapping Model - The battery swapping model is strategically valuable for Sinopec, positioned as a "new infrastructure" for energy transition [3][4]. - Sinopec aims to become a leading charging operator and direct sales platform, with over 4,000 battery swapping stations built in 2024 alone [3][4]. Group 4: Economic Indicators - Investment and operational cost comparisons between gas stations and battery swapping stations indicate varying profitability and recovery periods, with battery swapping stations showing a quicker return on investment [4]. - The internal rate of return (IRR) for battery swapping stations is projected to be between 10%-15%, benefiting from policy subsidies [4]. Group 5: Industry Outlook - The battery swapping industry is expected to exceed 200 billion yuan by 2025, with a global market size of 200 billion USD by 2030 [7][8]. - The integration of light storage and charging systems is anticipated to become mainstream, supported by strong policy backing and local pilot projects [8].

Core Viewpoint - The article highlights the journey of Zhao Tongbin, the founder of Qingdao Haishuo Environmental Protection Equipment Co., Ltd., who transformed a niche market of garbage bins into a successful enterprise with nearly 100 million yuan in annual output value through innovation and self-research in the field of environmental protection equipment [1][10]. Company Development - Zhao Tongbin founded Qingdao Haishuo Environmental Protection Equipment Co., Ltd. in 2005, recognizing the growing demand for environmental sanitation equipment, particularly garbage bins [3][5]. - The company faced initial challenges, including high costs and poor quality of local mold production, which led Zhao to study advanced manufacturing techniques in Germany [4][5]. - After two and a half years of development, the company successfully produced domestically patented garbage bins, reducing the price from 800 yuan for imported products to 300 yuan for domestic ones, thus achieving significant market penetration [5][9]. Innovation and Technology - The company has invested hundreds of thousands of yuan annually in research and development, resulting in 78 patents and 18 software copyrights [7][10]. - In 2020, the company launched the first intelligent closed garbage collection station in Shandong Province, enhancing the efficiency of waste management and improving public health [8][9]. - The intelligent garbage classification equipment incorporates AIoT, cloud platforms, and big data technologies, allowing for integrated management of waste classification and user engagement [8][9]. Market Position and Recognition - Qingdao Haishuo has become a leader in the environmental protection equipment industry, receiving multiple accolades such as "High-tech Enterprise" and "Shandong Gazelle Enterprise" [10][11]. - The company has established a strong presence in major areas of Qingdao, with over 70,000 registered users for its waste management systems [9]. Future Directions - The company aims to continue its focus on independent innovation and product upgrades, responding to new demands such as the construction of "waste-free cities" and the development of composting solutions for kitchen waste [11].

Core Viewpoint - The company, Western Construction, is positioned as a leading player in the precast concrete industry in China, leveraging its unique platform and resources from China State Construction Engineering Corporation to enhance its competitive edge in both domestic and international markets [1][4]. Group 1: Business Overview - Western Construction is the only development platform for precast concrete under China State Construction, integrating concrete assets and business resources, which provides significant competitive advantages [1]. - The company operates in 26 provinces across major regions in China and has successfully expanded into overseas markets, establishing strong production and supply capabilities [1]. - The company has a designed production capacity of 11,939 million cubic meters for precast concrete, ranking second in the industry, and is one of the largest publicly listed companies in this sector [2]. Group 2: Financial Performance - For the reporting period, Western Construction reported a revenue of 20.347 billion yuan and a net profit attributable to shareholders of -263 million yuan, with a new contract amount of 56.081 billion yuan [4]. - The production and sales volume of precast concrete reached 5,884.81 million cubic meters, reflecting a year-on-year growth of 0.62% [2]. Group 3: Strategic Initiatives - The company has focused on strategic regional layouts, adding 54 new mixing stations in key areas, achieving a contract volume of 80.1 million cubic meters, which is an 18.5% increase year-on-year [3]. - Western Construction has made significant advancements in technology and innovation, including the development of ultra-high-performance concrete (UHPC) for new applications, such as the world's largest floating wind power platform [5]. - The company is committed to green and low-carbon development, establishing multiple green factories and achieving significant waste recycling milestones [3]. Group 4: Market Expansion - The company has seen substantial growth in overseas markets, with business growth rates of 103.69% in Indonesia, 94.97% in Thailand, and 100% in Malaysia [2]. - Western Construction aims to continue expanding its market presence and enhancing its market share through strategic initiatives and technological advancements [5].

Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1]. Core Insights - The national carbon market has expanded to include the steel, cement, and aluminum smelting industries, with a gradual tightening of quotas expected [8]. - There is a focus on garbage incineration to support ultra-low PUE zero-carbon projects, highlighting collaboration opportunities with IDC [9]. - The report emphasizes the importance of cash flow asset value reassessment in a low-interest-rate environment [17]. Summary by Sections Industry Trends - The carbon market expansion will cover over 60% of national carbon emissions, adding approximately 1,500 new enterprises and increasing carbon emissions coverage by about 3 billion tons [8]. - The distribution of quotas will be based on verified actual emissions, ensuring no shortfall for enterprises in 2024, with a balanced quota system for 2025 and 2026 [8]. Company Tracking - Green Power's dividend payout ratio for 2024 is raised to 71.45%, with a projected revenue of 3.399 billion yuan, a 14% decrease year-on-year [4]. - Yongxing Co. is expected to see a revenue increase of 65% to 3.765 billion yuan in 2024, with a significant rise in free cash flow [4]. Collaboration Opportunities - The report discusses three collaboration models for garbage incineration and IDC, highlighting the economic advantages and potential return on equity (ROE) increases [12]. - The collaboration is expected to enhance profitability and cash flow for garbage incineration companies, shifting their business model from government to business [15]. Market Performance - The environmental protection and public utilities index fell by 2.12%, underperforming the broader market [47]. - The report lists top-performing stocks in the environmental sector, with notable gains for companies like Huanhong Technology and Hanlan Environment [51].

Core Viewpoint - In 2024, China National Petroleum Corporation (CNPC) achieved a record high operating profit of 3.16 billion yuan in its petrochemical business, despite the overall petrochemical industry in China facing an 8.8% decline in total profits [2][3]. Group 1: Performance Highlights - The petrochemical sector of CNPC saw a significant increase in operating profit, rising by 2.47 billion yuan year-on-year [2]. - The overall profit of China's petrochemical industry was reported at 789.71 billion yuan, indicating a challenging environment with "increased production and revenue but no profit growth" [2]. - CNPC's new materials production exceeded 2 million tons for the first time, achieving a 50% growth rate for three consecutive years [3]. Group 2: Strategic Developments - CNPC is focusing on transforming its refining and chemical operations, with a strategic shift towards high-end materials and integrated refining projects [2][3]. - The company has made significant advancements in technology, including breakthroughs in POE technology and the development of new rubber products that meet international standards [3]. - CNPC is also enhancing its digital transformation and smart manufacturing capabilities, with several subsidiaries achieving high-level recognition in intelligent manufacturing [4]. Group 3: Environmental and Future Outlook - The company is committed to green and low-carbon development, implementing energy efficiency measures and promoting biofuels [4][5]. - Looking ahead, CNPC aims to strengthen its competitive edge by focusing on high-end, intelligent, and green production, with plans to enhance new material research and production [6]. - Analysts project CNPC's net profit to reach 167.42 billion yuan, 171.22 billion yuan, and 176.27 billion yuan from 2025 to 2027, with growth rates of 1.7%, 2.3%, and 3.0% respectively [6].

Core Insights - The Boao Forum for Asia 2025 Annual Conference is held in Hainan from March 25 to 28, focusing on multilateralism and global governance to promote common development [1] - Wuliangye, as a strategic partner, emphasizes its role in fostering cooperation and cultural exchange through its participation in the forum [2][5] Group 1: Wuliangye's Role and Contributions - Wuliangye has been a partner of the Boao Forum for seven years, using its products to create cultural connections and facilitate dialogue among participants [2][5] - The company showcases its unique tasting method and products at the forum, enhancing the cultural experience for attendees [3] Group 2: Industry Challenges and Opportunities - China's baijiu exports are currently limited, accounting for only 2.4% of the global export market, with major markets concentrated in Southeast Asia [6] - Wuliangye aims to expand its international presence by aligning with global standards and enhancing its product offerings across various markets [6] Group 3: Future Vision and Cultural Exchange - Wuliangye is committed to promoting cultural exchange and understanding through participation in global events, enhancing the visibility of Chinese baijiu [7] - The company plans to continue its support for the Boao Forum, focusing on collaboration, innovation, and inclusive development [7]