光大期货煤化工商品日报 光大期货煤化工商品日报（2026 年 1 月 7 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 尿素 | 周二尿素期货价格继续偏强运行，主力05合约收盘价1778元/吨，涨幅0.74%。现货 | 偏强 | | | 市场继续走强，主流地区市场价格上调10~30元/吨不等，山东、河南地区市场价格 | | | | 分别提升至1740元/吨、1750元/吨，日环比分别上涨20元/吨、30元/吨。1月之后 | | | | 气头企业部分将有复产，尿素供应水平略有恢复。昨日行业日产量20.4万吨，日环 | | | | 比提升0.14万吨。需求跟进开 分化， 数主流地区产销率仍保持在100%以上，但 | | | | 多数地区产销回落至60% 90%区间，区域间表现开 分化。新一轮印标价格较上 | | | | 一轮有所提升，但目前尚 有我国货源参与迹象，故印标对国内市场情绪影响程度 | | | | 将逐渐减弱。预计短期尿素期货价格坚挺震荡运行，盘面连续多日上涨后上方空间 | | | | 已较为有限，关注主力合约上方整数关卡压力位。后续印标最终结果、出口 ...

Core Viewpoint - Lu Xi Chemical experienced a stock price decline of 2.15% on January 7, 2025, with a trading price of 17.26 yuan per share and a total market capitalization of 32.869 billion yuan [1] Group 1: Stock Performance - The stock price of Lu Xi Chemical has increased by 4.16% since the beginning of the year, with a 5-day increase of 5.63%, a 20-day increase of 14.00%, and a 60-day increase of 22.41% [1] - As of January 7, 2025, the trading volume was 1.53 billion yuan, with a turnover rate of 0.46% [1] Group 2: Financial Performance - For the period from January to September 2025, Lu Xi Chemical achieved a revenue of 21.918 billion yuan, representing a year-on-year growth of 1.57%, while the net profit attributable to shareholders decreased by 35.03% to 1.023 billion yuan [2] - The company has distributed a total of 9.885 billion yuan in dividends since its A-share listing, with 2.167 billion yuan distributed over the past three years [2] Group 3: Shareholder Structure - As of September 30, 2025, the number of shareholders for Lu Xi Chemical was 67,500, a decrease of 33.15% from the previous period, while the average circulating shares per person increased by 49.59% to 28,212 shares [2] - The top ten circulating shareholders include new entrants such as Penghua Zhongzheng Subdivision Chemical Industry Theme ETF, holding 17.1742 million shares, and Hong Kong Central Clearing Limited, which increased its holdings by 424,200 shares to 17.0427 million shares [2]

Group 1 - The core viewpoint of the news is that Jineng Technology has shown significant trading activity, with a notable increase in financing and a high level of margin trading, indicating strong investor interest [1][2] - On January 6, Jineng Technology's stock price increased by 1.95%, with a trading volume of 84.94 million yuan and a net financing purchase of 2.43 million yuan [1] - As of January 6, the total margin trading balance for Jineng Technology reached 253 million yuan, accounting for 4.75% of its circulating market value, which is above the 70th percentile of the past year [1] Group 2 - As of December 10, the number of shareholders for Jineng Technology increased by 5.62% to 39,100, while the average circulating shares per person decreased by 5.32% to 21,686 shares [2] - For the period from January to September 2025, Jineng Technology reported a revenue of 12.693 billion yuan, representing a year-on-year growth of 4.47%, but the net profit attributable to shareholders was a loss of 78.23 million yuan, a decrease of 141.22% year-on-year [2] - Since its A-share listing, Jineng Technology has distributed a total of 1.434 billion yuan in dividends, with 482 million yuan distributed over the past three years [2]

Core Viewpoint - The "Off-site Electrocatalytic Full Decomposition of Hydrogen Sulfide to Hydrogen and Sulfur Technology" has been recognized as an internationally leading industrial technology, capable of converting toxic hydrogen sulfide into valuable resources, thus addressing environmental pollution and providing a green transition solution for industries such as natural gas and petrochemicals [1][6]. Group 1: Technology Development - The technology was developed by a team led by Academician Li Can from the Dalian Institute of Chemical Physics, Chinese Academy of Sciences, and has been in development since 2003 [1][3]. - The technology features a unique "spatial decoupling" design that separates the chemical reactions into specialized reactors, allowing for the efficient production of high-purity sulfur and clean hydrogen [3][4]. - The team has filed 26 patents related to this technology, with 12 already granted, forming a comprehensive patent portfolio [3]. Group 2: Industrial Application - An industrial demonstration project has been established in the coal chemical industry, integrating four key technological innovations, including high-efficiency electrochemical cells and a high-conversion sulfur oxidation system [4]. - The first pilot plant with a capacity of 100,000 cubic meters per year has been built, utilizing a modular design to produce sulfur and hydrogen [4][5]. - The pilot plant has demonstrated the ability to operate continuously for over 1,000 hours, achieving complete conversion of hydrogen sulfide with sulfur purity exceeding 99.95% and hydrogen purity exceeding 99.999% [5]. Group 3: Environmental and Economic Impact - The technology provides a new pathway for the complete elimination and resource utilization of hydrogen sulfide, significantly benefiting both environmental protection and economic efficiency [6][7]. - By processing approximately 8 billion cubic meters of hydrogen sulfide annually in China, the technology could recover about 730,000 tons of clean low-carbon hydrogen, which is equivalent to 40% of the planned green hydrogen production capacity by 2030 [7]. - This technology supports the green transformation of industrial systems and contributes to achieving carbon neutrality goals in related industries [7].

Core Viewpoint - The article highlights the progress and future plans of Lanzhou Energy Investment Group's subsidiary, Lanzhou Energy Investment (Gansu) Chemical Co., focusing on the development of a clean coal chemical industry chain during the "14th Five-Year Plan" period and the ambitious goals set for the "15th Five-Year Plan" period. Group 1: Current Achievements - Lanzhou Energy Investment (Gansu) Chemical Co. has successfully built a 200,000-ton medium-temperature coal tar hydrogenation project, which began operations in October 2021, producing valuable products such as naphtha and light coal tar [1][2] - The company's output value reached 1.15 billion yuan in the first 11 months of 2025, surpassing the total for the entire year of 2024, indicating steady growth [1] - The company has developed a comprehensive industrial chain with 11 key products represented by glass bottles, showcasing its efforts in creating a circular economy [2] Group 2: Future Plans - For the "15th Five-Year Plan," the company aims to extend its industrial chain further, reduce production costs, and enhance the quality of chemical park development [2][4] - Planned projects include carbon dioxide recycling, high-purity hydrogen utilization, and tailings comprehensive utilization, with the goal of transforming red-marked projects into completed ones [3][4] - The company anticipates that self-produced coal tar will reduce costs by 300 to 350 yuan per ton, enhancing profitability and sustainability [5]

Core Viewpoint - The Guizhou Provincial Economic Work Conference has outlined a strategic deployment for the province's economic work in 2026, emphasizing the implementation of a "Comparative Advantage Strategy" to support high-quality development and align with national development goals [1][2]. Group 1: Strategic Importance - The "Comparative Advantage Strategy" is crucial for Guizhou to find its strategic position in the national development landscape and to pursue a unique path of high-quality development distinct from other provinces [1][2]. - Guizhou's rich mineral resources, including coal, phosphorus, aluminum, and manganese, play a significant role in supporting national strategic security, particularly in terms of industrial and energy supply chains [2][3]. Group 2: Economic Development Goals - Guizhou aims to achieve a regional GDP of over 2.27 trillion yuan by 2024, with industrial contributions to economic growth increasing from 17.1% in 2020 to 36.7% in 2024 [2]. - The province's six major industrial clusters are expected to account for 82.1% of the total industrial output value, indicating a strong focus on industrial transformation and high-quality growth [2]. Group 3: Resource Development Focus - The strategy emphasizes the development of ecological, mineral, cultural tourism, digital intelligence, and human resources to convert resource advantages into industrial and competitive advantages [3][4][5]. - Guizhou's ecological resources are highlighted as foundational for development, with air quality and water quality metrics indicating a strong environmental performance [3]. Group 4: Integration and Innovation - The integration of various comparative advantages is essential, with a focus on collaborative development among ecological, mineral, cultural, digital, and human resources [6]. - The province aims to break through institutional barriers to maximize the potential of its advantages through reforms and innovations in key sectors [6][7]. Group 5: National Strategy Alignment - Guizhou is positioned to integrate into national strategic frameworks, such as the Guangdong-Hong Kong-Macao Greater Bay Area and the Chengdu-Chongqing Economic Circle, enhancing its manufacturing and export capabilities [7][8]. - The province's export of electric vehicles, lithium batteries, and solar cells is projected to grow by 85.8% in 2024, reflecting its strong integration into global supply chains [7]. Group 6: Implementation and Action - The focus is on translating strategic plans into actionable projects that drive industrial growth and enhance competitiveness, with an emphasis on both attracting external investments and supporting local enterprises [8]. - The "14th Five-Year Plan" period is seen as a critical phase for Guizhou to achieve substantial breakthroughs in industrial collaboration, innovation, and open cooperation [8].

Core Viewpoint - The breakthrough in hydrogen sulfide (H2S) decomposition technology offers a new pathway for the complete elimination and resource utilization of H2S, significantly benefiting ecological protection and enabling dual resource recovery of hydrogen and sulfur [1][2][3]. Group 1: Technology Development - The "off-site electrochemical full decomposition of hydrogen sulfide to hydrogen and sulfur technology" was developed by a team led by Academician Li Can from the Dalian Institute of Chemical Physics, Chinese Academy of Sciences, after over 20 years of research [1]. - This technology has been evaluated by the China Petroleum and Chemical Industry Federation, with experts agreeing that it has reached an international leading level and recommending its scale-up and accelerated application [1]. - The technology effectively decouples chemical reactions and charge transfer, addressing engineering challenges such as sulfur precipitation on electrode surfaces and the impact of bubble adhesion on hydrogen evolution reactions [1]. Group 2: Industrial Application - The research team has partnered with enterprises to implement an industrial demonstration project in the coal chemical sector, featuring innovations in several areas, including high-efficiency electrochemical cells and systems, and high-purity hydrogen recovery technology [2]. - The project has established the world's first 100,000 cubic meters per year off-site electrochemical demonstration unit for H2S decomposition, utilizing H2S from a methanol plant with an annual capacity of 200,000 tons [2]. - The operational data indicates that the unit has run continuously for over 1,000 hours, achieving complete conversion of H2S (with H2S in exhaust <1 ppm) and producing sulfur with a purity of over 99.95% and hydrogen with a purity of over 99.999% [2]. Group 3: Market Potential - In China, approximately 8 billion cubic meters of H2S are processed annually, while globally, the annual processing volume exceeds 70 billion cubic meters, with a potential backlog of over 4 trillion cubic meters [2]. - The complete elimination and resource utilization of H2S have been longstanding challenges in the natural gas extraction, refining, and coal chemical industries [2].

Core Viewpoint - The recent breakthrough in hydrogen sulfide (H2S) treatment technology by the Dalian Institute of Chemical Physics provides a new solution for the green transformation of the chemical industry, addressing the long-standing challenge of H2S elimination and resource utilization [1][2]. Group 1: Technology Development - The research team has developed a proprietary technology for the complete decomposition of hydrogen sulfide, termed "off-site electrocatalytic full decomposition of hydrogen sulfide to produce hydrogen and sulfur" [1]. - The technology has been validated and is currently being demonstrated in an industrial project that eliminates and utilizes 100,000 cubic meters of hydrogen sulfide annually in the coal chemical sector [1]. Group 2: Environmental and Economic Impact - The new technology achieves nearly 100% conversion of hydrogen sulfide, resulting in high-quality sulfur and high-purity hydrogen as by-products [1]. - The ability to produce hydrogen at low cost and in large quantities opens up applications in fuel cells and even aerospace industries, addressing both environmental and ecological issues [2].

Core Viewpoint - The research team from the Dalian Institute of Chemical Physics has made significant breakthroughs in hydrogen sulfide treatment technology, providing a new solution for the green transformation of the chemical industry [1] Group 1: Technology Development - The newly developed technology addresses the long-standing challenge of completely eliminating and resourcefully utilizing hydrogen sulfide, a toxic compound produced in natural gas extraction, refining, and coal chemical processes [1] - After over 20 years of research, the team successfully scaled up the decomposition of hydrogen sulfide using unconventional methods such as light and electricity, resulting in a technology with independent intellectual property rights [1] Group 2: Industrial Application - An industrial demonstration project has been initiated in the coal chemical sector, targeting the elimination and resource utilization of 100,000 cubic meters of hydrogen sulfide annually [1] - Operational data indicates a nearly 100% conversion rate of hydrogen sulfide, yielding high-quality sulfur and high-purity hydrogen [1] Group 3: Environmental Impact - This technology provides a new pathway for the complete elimination and resource utilization of hydrogen sulfide, significantly reducing pollution emissions and enabling dual resource recovery of hydrogen and sulfur [1] - The development is expected to positively impact the hydrogen energy industry and contribute to the construction of a low-carbon energy system in China [1]

光大期货煤化工商品日报 光大期货煤化工商品日报（2026 年 1 月 6 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 2026年第一个交易日尿素期货价格偏强震荡，主力05合约收盘价1768元/吨，涨幅1 .43%。现货市场走势偏强，主流地区市场价格上调10~20元/吨不等，山东、河南地 | | | | 区市场价格均为1720元/吨，日环比均上涨10元/吨。近期尿素装置检修与复产并存 | | | | ，尿素供应水平低位波动。昨日行业日产量19.86万吨，日环比提升0.14万吨。需求 | | | 尿素 | 情绪继续回暖，主流地区产销率提升至160%~220%区间，个别地区稍显偏弱。印度 | 偏强 震荡 | | | 本次 标东、西海 价格均较上一 有所提升，提 国内市场情绪。整体来看， | | | | 短期在国内需求承接尚可及印标价格支撑下，尿素市场情绪仍偏强运行，且后续 | | | | 仍预计有出口方面题材发酵。预计尿素期货价格延续偏强震荡趋势，关注现货市 | | | | 场成交氛围、印标最 结果及商品市场整体情绪。 | | | 纯碱 | 2026年第一个 ...