光大期货煤化工商品日报 光大期货煤化工商品日报（2025 年 6 月 10 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周一尿素期货价格继续下挫，主力09合约收盘价1697 /吨，跌幅1.79%。现货市场 | | | | 同步走弱，主流地区现货价格下跌40~70 /吨不等，目前山东、河南地区市场价格 | | | | 均跌至1760 /吨。基本面来看，尿素供应水平再次提升。昨日行业日产量20.51 | | | 尿素 | 吨，日环比增0.64万吨。需求端表现偏弱，下游复合肥行业开工回落，对原料尿素 | 偏弱震荡 | | | 采购偏弱，农业需求距离下一轮释放仍需时日。昨日主流地区尿素产销率维持低位 | | | | 徘徊，个别地区收单超预期。整体来看，尿素供需层面暂无明显利好驱动，期、现 | | | | 市场情绪双双下挫，短期暂无拐头迹象。6月中下旬麦收结束后需求有望逐步释放 | | | | ，届时关注能否给市场带来止跌企稳迹象。 | | | | 周一纯碱期货价格震荡走弱，主力09合约收盘价1202元/吨，跌幅0.91%。现货市场 | | | | 同步走弱，主 ...

Group 1: Industry Overview - Xinjiang's coal chemical industry is gaining market attention due to energy security and cost advantages, with expectations of entering a golden era [1] - The total planned investment in Xinjiang's coal chemical projects exceeds 700 billion yuan, with a planned coal demand of 210 million tons per year [1][2] - The "14th Five-Year Plan" emphasizes Xinjiang's role in coal clean and efficient utilization, positioning it for significant development opportunities [2] Group 2: Company Profile - Guanghui Energy, a major local energy player, has coal reserves of 6.597 billion tons, benefiting from low extraction difficulty and costs [2] - The company has established a coal chemical base with investments in the hundreds of billions, aligning with policy directions [2] - In 2024, Guanghui Energy's coal chemical product output is projected to reach 2.2645 million tons, a year-on-year increase of 7.36% [3] Group 3: Production and Technology - The company’s methanol production is a core revenue source, with a projected output of 1.0788 million tons in 2024, up 18.43% year-on-year [4] - Guanghui Energy has successfully implemented advanced technologies in its production processes, enhancing its competitive edge in the market [4][5] - The company is focusing on technological innovation and industry integration to foster new growth points and extend its coal chemical industry chain [5] Group 4: Strategic Partnerships and Investments - The company is actively pursuing diversified strategic partnerships to enhance its growth and resource development [6] - A recent strategic cooperation with Shun'an Energy aims to accelerate the development of coal chemical projects in the eastern mining area [6] - Guanghui Energy's major shareholder change, with the introduction of Fude Group as the second-largest shareholder, is expected to enhance the company's core competitiveness [7]

行业 甲醇日报 日期 2025 年 6 月 10 日 请阅读正文后的声明 每日报告 研究员：李金（甲醇） 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 研究员：任俊弛（PTA、MEG） 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 研究员：彭婧霖（聚烯烃） 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 研究员：刘悠然（纸浆） 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F3134307 能源化工研究 ...

长江期货尿素&甲醇周报 长江期货股份有限公司交易咨询业务资格：鄂证监期货字【2014】1号 【产业服务总部 | 能化产业服务中心】 研 究 员：曹雪梅 执业编号：F3051631 投资咨询号：Z0015756 张 英 执业编号：F03105021 投资咨询号：Z0021335 2025-06-09 01 尿素：延续弱势 关注库存拐点 02 甲醇：利好驱动不足 或转弱运行 目 录 01 核心观点总结 尿素：延续弱势 关注库存拐点 01 4 重点关注：复合肥开工情况、尿素装置减产检修情况、出口政策、煤炭价格波动 1 市场变化：价格：在尿素日产连续提升，农忙阶段性用肥空档期以及复合肥开工率下调的供需背景下，尿素价格大 幅回落。6月6日尿素2509合约收盘价1720元/吨，较上周下调53元/吨，降幅2.99%。尿素现货价格先涨后跌，河 南市场日均价1818元/吨，较上周下调10元/吨。基差：尿素期货价格弱势运行，主力基差表现走强，6月6日河南 市场主力基差98元/吨，较上周走强43元/吨。价差：尿素9-1价格整体呈现走弱趋势，6月6日9-1价差51元/吨， 较上周缩小19元/吨，价差运行区间为30-100元/吨。 2 ...

东华科技 20250608 公司在新材料领域重点发展 DMC（碳酸二甲酯）和 POE（聚乙烯弹性 体），与日本宇部兴产合作推广电瓶车项目，并积极推进 POE 技术的商 业化生产，同时关注可降解材料 PBAT 和 ILPRA 的发展。 内蒙新材经重建后已成功试产聚酯级乙二醇，并与陕煤集团签订销售协 议，确保产品销路，目前生产负荷逐步提升至 80%，具备一定盈利能力， 公司计划进行技术优化以降低成本，提高利润率。 得了显著成就。此外，在工业污水处理等环保设施运营方面，公司每年贡献 3,000 万至 4,000 万投资收益。 公司在未来的发展方向有哪些重点？ 摘要 东华科技在煤化工领域占据领先地位，尤其在大型合成氨、尿素、甲醇 和煤制乙二醇方面市场占有率高达 70%，同时积极布局新型煤制乙二醇 项目，预计 2024 年下半年启动，2030 年前实施。 公司在锂电材料（碳酸锂、磷酸铁锂、六氟磷酸锂）领域是领军企业之 一，新能源领域重点发展绿氢生产和绿色建筑，计划在磷酸锂和氟磷酸 锂领域实现 10 亿元合同份额。 东华科技正积极推进生物质气化中试项目，若成功将大幅降低转化成本， 提高转化率，有望开启生物质气化行业的新发 ...

Investment Rating - The report indicates a positive investment outlook for the chemical industry, with a focus on price increases for specific products such as 康宽 and 硝化棉 [1] Core Insights - The chemical market has shown an upward trend, with the SW Chemical Index rising by 2.61%, outperforming the CSI 300 Index by 1.73% [1] - Key price increases have been noted in various chemical products, including 康宽, which has reached 300,000 CNY/ton, and SAF, which has seen significant price jumps [1] - The report highlights the successful commercial operation of BASF's Black Mass plant in Germany, which has an annual processing capacity of 15,000 tons of waste lithium-ion batteries [1] - The report also mentions the recent price settlement for potassium fertilizer contracts in India at 349 USD/ton, which may serve as a reference for future contracts in China [1] - The AI industry is experiencing explosive growth, with significant implications for nuclear power demand, as evidenced by Meta's 20-year nuclear power purchase agreement [2][3] Summary by Sections Market Review - Brent crude oil futures averaged 65.39 USD/barrel, up 1.03 USD (1.6%) from the previous week, while WTI futures averaged 63.35 USD/barrel, up 2.16 USD (3.53%) [10] - The basic chemical sector outperformed the index, with the agricultural chemicals sector showing the highest weekly increase of 7.69% [10][11] Recent Views from the Chemical Team - The tire industry is stabilizing with a slight decrease in raw material prices, while domestic and international demand continues to recover [23] - The sweetener market, particularly for 三氯蔗糖, is expected to improve due to tightening supply despite weak demand [25] - The dye market remains stable, with no significant changes in pricing, while the carbonates market is facing downward pressure due to weak demand [31][32] Key Chemical Product Price Changes - The report provides detailed price movements for various chemical products, indicating a mixed performance across different segments [22][29] - The report notes that the titanium dioxide market is under pressure, with prices continuing to decline due to weak fundamentals [27] Industry Events - OPEC+ has agreed to increase oil production by 411,000 barrels per day for July, which may impact oil prices and the chemical sector [2] - The outcome of the U.S. Supreme Court's decision on Trump's tariff policies could have significant implications for global trade and the chemical industry [2]

Core Viewpoint - Inner Mongolia is positioning itself as a new highland for industrial transfer, leveraging its vast resources and innovative technologies to drive economic transformation and sustainable development [1][2]. Group 1: Energy Transition and Innovation - The "Liquid Sunshine" project by China Coal Inner Mongolia Energy Chemical Co. is the first fully self-owned intellectual property project in the country, aiming to produce 21,000 tons of green hydrogen and 100,000 tons of methanol annually, significantly reducing coal consumption and CO2 emissions [2]. - Inner Mongolia has a technical exploitable capacity of 1.46 billion kilowatts for wind energy and 940 million kilowatts for solar energy, accounting for 57% and 21% of the national total, respectively [3]. - As of April, Inner Mongolia's total installed capacity for renewable energy reached 138 million kilowatts, a 37% year-on-year increase, making it the first province in China where renewable energy accounts for over 50% of total installed capacity [3]. Group 2: Traditional Industry Transformation - Inner Mongolia's coal industry is evolving from a resource-dependent model to an innovation-driven approach, with projects converting coal into high-performance materials and fine chemical products [4]. - The region's agricultural and livestock product processing rate has reached over 73%, with significant advancements in the value-added processing of sheep tail oil, which can increase the value from 18 yuan to 1,500-2,000 yuan per tail [6][5]. - In 2024, the agricultural and livestock product processing industry in Inner Mongolia is expected to achieve an output value of approximately 350 billion yuan, with leading companies like Yili and Mengniu ranking among the top ten dairy enterprises globally [7]. Group 3: Digital Economy and Future Industries - Inner Mongolia is establishing a digital economy through cloud computing and supercomputing, with the Oriental Supercomputing Cloud providing 20 million trillion calculations per second to support over 300 institutions nationwide [9]. - The region is developing a low-altitude economy, focusing on drone manufacturing and related services, as outlined in the 2024-2027 development plan [9]. - The Beidou application industry park is showcasing various new products and technologies, with companies like Tianqi Xinglian Technology leading in satellite applications for renewable energy, tapping into a market worth hundreds of billions [10].

2025.06. 06 本文字数：775，阅读时长大约2分钟 作者 | 第一 财经 郭霁莹 6月6日，中国海洋石油集团有限公司（下称"中海油"）召开中层以上管理人员大会，会上宣布张传 江任中海油董事长、党组书记，免去其中国大唐集团董事、总经理、党组副书记职务。 中海油董事长的职位迄今已空缺一个月有余。第一财经记者此前于4月23日注意到，中海油公司高层 一栏信息中，集团原董事长汪东进的相关任职信息被撤下。同日晚间，集团旗下上市公司中国海油 （00883.HK）披露公告，汪东进因任职变化不再担任上市公司非执行董事、董事长等职，集团总经 理兼上市公司副董事长周心怀将主持相关工作。 张传江出生于1968年，湖北荆门人，拥有工程硕士学位及教授级高级工程师职称，1990年毕业于大 庆石油学院。 张传江曾长期从事煤制油、煤化工领域的生产与技术管理工作，是一位技术型人才。他曾任国家能源 集团总经理助理，中国神华煤制油化工有限公司董事长、党委书记，荆门石油化工总厂计划处助理工 程师、副科长、科长，中国神华煤制油化工有限公司鄂尔多斯煤制油分公司副厂长、总经理、党委副 书记。 2020年7月，张传江进入电力行业，任大唐集团副总经理 ...

Core Viewpoint - The company, Shanxi Lanhua Science and Technology Innovation Co., Ltd. (Lanhua Ketech), reported a decline in financial performance for 2024, attributing this to prolonged construction periods and significant investments in two mines, as well as fluctuations in coal prices [1][2]. Financial Performance - In 2024, the company achieved an operating revenue of 11.697 billion yuan, a total profit of 827 million yuan, and a net profit attributable to shareholders of 718 million yuan, all showing a decline compared to previous periods [1]. - The decline in performance is linked to weaker profitability in the coal and coal chemical sectors due to the aforementioned factors [1]. Strategic Initiatives - The company has launched a series of strategic measures covering the entire business chain from coal resource expansion to downstream coal chemical industry upgrades [2]. - Key projects include the launch of the Lanhua Qinyu 900,000 tons/year integrated mine in January 2024 and the Baisheng Coal Industry project expected to begin production by the end of September 2024 [2]. - The company also secured coal exploration rights in Shanxi Province for 6.949 billion yuan, enhancing its resource reserve capabilities [2]. Market Outlook - With the peak summer electricity demand approaching, coal demand is expected to recover, leading to a potential increase in coal prices [2]. - Positive changes in market demand and prices for the company's urea products are anticipated to support operational performance [2]. Future Plans - The company has outlined a 2025 valuation enhancement plan focusing on coal and coal chemical sectors, aiming to optimize market layout and business structure [2]. - The company plans to achieve a coal production target of 14.5 million tons, urea production of 803,400 tons, and caprolactam production of 110,000 tons by 2025 [3]. Dividend Policy - The company plans to distribute a cash dividend of no less than 30% of the net profit attributable to shareholders for the 2025 fiscal year [3]. - Over its 26 years as a listed company, Lanhua Ketech has implemented cash dividends 23 times, totaling 7.165 billion yuan, with an average dividend payout ratio of 41.02% over the past three years [3].

Group 1 - Zhang Chuanjiang has been appointed as the new chairman and party secretary of China National Offshore Oil Corporation (CNOOC), previously serving as the general manager and party deputy secretary of China Datang Corporation [1][2] - The position of CNOOC chairman had been vacant for over a month prior to Zhang's appointment, following the removal of former chairman Wang Dongjin from his roles [1] - Zhang Chuanjiang has extensive experience in coal-to-oil and coal chemical industries, having held various technical and managerial positions in these fields [1] Group 2 - Zhang is the only current leader among the "Big Three" oil companies who has not spent a long tenure within the oil and gas sector, contrasting with his peers who have over 30 years of experience [2] - CNOOC is at a critical stage of implementing its 14th Five-Year Plan, with projected capital expenditures of 125 to 135 billion yuan and oil and gas production targets of 760 to 780 million barrels of oil equivalent by 2025 [2] - The company aims to enhance its green low-carbon strategy, focusing on offshore renewable energy and integrating offshore wind power with oil and gas production, while advancing CCS/CCUS industrialization [2]