Core Viewpoint - The article emphasizes the need for Yulin to leverage its unique resource advantages to achieve multi-energy integration and extend the industrial chain, particularly in the fine chemical industry, to build a distinctive energy strategic system [2][3]. Industry Development - Yulin is recognized as a national-level energy and chemical base, being a significant production hub for methanol, coal-to-olefins, and polyvinyl chloride, with leading production capacities [2]. - The region has established a modern coal chemical industry system comprising four trillion-level and eight hundred-billion-level projects, supported by fine chemical initiatives [2]. Resource Utilization - Yulin possesses a comprehensive resource base, including coal, oil, gas, and salt, which should be utilized to promote the coupling of coal chemical and traditional petrochemical industries, as well as the integration of renewable and fossil energy [3]. - The collaboration between Dalian Institute of Chemical Physics and China Shenhua Coal to Oil Chemical Co. has led to the development of a new technology for producing 1,2-dichloroethane from ethylene glycol and methane chlorides, addressing high energy consumption and emissions issues associated with traditional methods [3]. Environmental Impact - The introduction of green hydrogen in coal-to-olefins processes can replace traditional water-gas shift reactions, reducing CO2 emissions by 70% [4]. - The oxygen produced from water electrolysis can be utilized in coal gasification processes, contributing to a zero-carbon or even negative carbon footprint for coal chemical production [4]. Innovation and Collaboration - The establishment of a deep integration platform for production, education, research, and application in fine chemicals is recommended to focus on high-end fine chemical products and functional materials [4].

Summary of the Conference Call for China Coal Energy Industry Overview - The coal market experienced fluctuations in August, with thermal coal prices at ports reaching 697 RMB/ton, a month-on-month increase of 6.4% but a year-on-year decrease of 17.4% [2][5] - The coking coal market showed a decline, with Shanxi low-sulfur coking coal prices at 1,471 RMB/ton, down 30 RMB/ton (2% decrease) month-on-month and down 10% year-on-year [2][6] - The urea market remained weak, with average prices around 1,750 RMB/ton, a 14% year-on-year decline [2][7] - Polyolefin prices averaged about 7,500 RMB/ton, a slight decrease of 5% year-on-year, with expected price ranges for polyethylene and polypropylene in September [2][8] Company Performance - For the first eight months of the year, China Coal Energy produced 89.99 million tons of commercial coal, a decrease of 420,000 tons year-on-year, while sales were 170 million tons, down 10.2 million tons year-on-year [3] - The company’s self-produced coal sales increased by 1.71 million tons, indicating a shift from trade and agency coal [3] - Urea production increased by 24.5% year-on-year to 1.415 million tons, while methanol production rose by 22.2% to 1.317 million tons [3] - The company achieved a profit increase of approximately 2.1 billion RMB in the first half of the year through cost reduction measures [2][9] Market Outlook - The thermal coal market is expected to remain weak in September, with prices projected to fluctuate between 665-695 RMB/ton due to reduced demand from power plants and increased willingness from traders to sell [2][5] - The coking coal market is anticipated to stabilize, with prices for Shanxi low-sulfur coking coal expected between 1,300-1,470 RMB/ton [2][6] - The urea market is expected to continue its weak trend, with prices projected between 1,650-1,700 RMB/ton [2][8] - Polyolefin prices are expected to stabilize, with polyethylene and polypropylene prices projected within specified ranges [2][8] Cost Management - The company has implemented various cost reduction measures, resulting in stable costs in the third quarter compared to the second quarter, with expectations for annual costs to be lower than the previous year [9][20] - The company’s long-term contract fulfillment rate remains high, ensuring business stability and customer relationships [10][11] Future Projections - The company maintains an optimistic outlook on thermal coal prices, expecting them to fluctuate around a benchmark price of 675 RMB/ton, with potential highs exceeding 700 RMB [4][13] - The company’s coal chemical business is expected to remain profitable, with the resumption of operations in the second half of the year anticipated to offset losses incurred during maintenance [22] Additional Insights - The company is actively monitoring regulatory impacts from the Energy Bureau's recent directives, which are expected to have a limited effect on operations [16][17] - New mining projects, Li Bi and Wei Zi Gou, are on track for trial production in the second half of 2026 [15]

Core Viewpoint - The development of modern coal chemical industry involves multiple factors and variables, requiring a comprehensive approach to balance production and quality, stock and increment, and variables and total amounts [1][2]. Group 1: Energy Security Account - China's energy resource endowment features "rich coal, poor oil, and scarce gas," indicating that coal will remain a cornerstone in the short term [1]. - Regions with coal resource advantages, such as Xinjiang, should focus on their energy supply responsibilities and promote the release of advanced coal production capacity [1]. - A scientific approach to the ratio of fuel coal to raw material coal is essential for orderly advancement of high-quality industrial development [1]. Group 2: Ecological and Environmental Protection Account - The coal chemical industry is energy-intensive, making the exploration and promotion of clean and efficient coal utilization crucial for improving resource development efficiency and reducing energy consumption [1]. - Hami is focusing on the latest technologies to advance the modern coal chemical industry towards high-end, diversified, and low-carbon development, integrating with the new energy sector to enhance the industry's "green content" [1]. Group 3: Technological Investment Account - Technological innovation is identified as a "key variable" and the "largest increment" for promoting high-quality industrial development [2]. - The industry should invest in advanced technologies and apply them practically to enhance quality and efficiency [2]. - Timely integration of technological variables into existing projects is necessary to guide enterprises in implementing new technology upgrades [2]. Group 4: Talent Development Account - There is a significant talent gap in the coal chemical industry, necessitating a focus on skills training and optimizing vocational education supply [2]. - Strengthening cooperation between schools and enterprises is essential for enhancing the training of required skilled personnel [2]. - Hami has established the Xinjiang Energy Chemical Technical School, offering targeted programs in coal chemical disciplines to meet current and future industry demands [2].

Core Viewpoint - Hami City is transforming its traditional energy structure by leveraging its abundant coal resources to develop a modern coal chemical industry, aiming for high-value utilization and low-carbon development while ensuring energy security under the "dual carbon" goals [1][2]. Group 1: Coal Resource Utilization - Hami City is focusing on the clean and efficient utilization of coal, promoting the development of modern coal chemical industries, and achieving a transformation from coal to high-value products like oil and gas [1][2]. - The predicted coal resource in Hami is approximately 570.8 billion tons, accounting for one-third of Xinjiang's and one-eighth of China's total coal resources [1]. - The coal chemical industry in Hami saw a year-on-year increase of 17.9% in added value in the first half of this year [1]. Group 2: Industrial Chain Development - Hami has established multiple industrial chains, including "coal-methanol-carboxylic acids, formaldehyde, polypropylene" and "coal-coke oil-fuel oil" [2]. - The city is constructing a framework for coal-based chemicals and new materials, with products including methanol, liquefied natural gas, and ethylene glycol [2]. Group 3: Technological Innovation and Projects - Hami is introducing significant projects, such as a coal-to-oil project by the State Energy Investment Group, which will produce 4 million tons of oil annually using second-generation technology [3]. - The first phase of a 1 million tons per year acetic acid project has entered trial production, addressing the shortage of acetic acid in the northwest region [4]. Group 4: Resource Recycling and Environmental Impact - Hami is implementing a zero-discharge project for industrial wastewater, achieving a 100% recycling rate [5]. - The city is also maximizing the utilization of low-value by-products, such as utilizing waste gas from coal processing to produce ethylene glycol [6]. Group 5: Coupling Development with Renewable Energy - Hami is exploring the coupling of traditional energy and renewable energy, with 67.8% of its installed power capacity coming from renewable sources [11]. - New projects require that at least 50% of the electricity supply comes from green energy, which can reduce production costs and carbon emissions significantly [11]. Group 6: Talent and Skill Development - Hami is establishing educational institutions focused on energy and chemical engineering to cultivate skilled talent for the coal chemical industry [10]. - The city is also collaborating with universities and research institutions to enhance research and development capabilities in clean and efficient coal utilization technologies [9].

或使用以上信息可能造成投资风险。 中国神华能源股份有限公司（"本公司"）董事会及全体董事保证本公告内 容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确 性和完整性承担法律责任。 | 运营指标 | 单位 | 2025 | 年 | 2024 | 年 | 同比变化 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （重述后） | | （%） | | | | | 8 月 | 累计 | 8 月 | 累计 | 8 月 | 累计 | | （一）煤炭 | | | | | | | | | 商品煤产量 1. | 百万吨 | 28.6 | 223.3 | 28.7 | 224.4 | (0.3) | (0.5) | | 2. 煤炭销售量 | 百万吨 | 37.5 | 280.2 | 38.7 | 308.7 | (3.1) | (9.2) | | （二）运输 | | | | | | | | | 1. 自有铁路运输周转量 | 十亿吨公里 | 28.0 | 207.1 | 25.3 | 211.0 | 10.7 | (1.8) | | ...

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Group 1: Report Industry Investment Ratings - Urea: Bullish [2] - Soda Ash: Bullish [2] - Glass: Bullish [2] Group 2: Core Views of the Report - Urea futures prices oscillated strongly on Monday, with the main 01 contract closing at 1683 yuan/ton, up 0.96% day-on-day. The spot market was mostly stable, with partial areas still slightly down 10 - 20 yuan/ton. Some maintenance enterprises resumed production, and urea supply increased slightly. Demand improved after prices fell to low levels, but the market remained in a state of strong supply and weak demand, and there were still many restrictions on the upside of futures prices. It is not recommended to chase the rise excessively [2]. - Soda ash futures prices oscillated strongly on Monday, with the main 01 contract closing at 1308 yuan/ton, up 1.71%. The spot market quotes were mostly stable, with individual areas slightly rising. The supply level was still volatile, and demand improved. The fundamentals improved slightly, but the overall driving force was still limited. The external macro - sentiment warmed up, which boosted the market sentiment [2]. - Glass futures prices oscillated strongly on Monday, with the main 01 contract closing at 1207 yuan/ton, up 2.72%. The spot market was weak. The daily melting volume of the glass industry remained stable. The demand follow - up was in a good state and may further increase. The futures price trend became stronger, and the phased upward trend was basically confirmed [2]. Group 3: Summary According to Relevant Catalogs Market Information Urea - On September 15, the number of urea futures warehouse receipts on the Zhengzhou Commodity Exchange was 8613, a decrease of 234 from the previous trading day, and the valid forecast was 49 [5]. - On September 15, the daily output of the urea industry was 19.12 tons, an increase of 0.33 tons from the previous working day and an increase of 0.11 tons from the same period last year. The operating rate was 81.73%, a decrease of 3.51 percentage points from 85.24% in the same period last year [5]. - On September 15, the spot prices of small - particle urea in various domestic regions were as follows: Shandong 1640 yuan/ton, down 20 yuan/ton; Henan 1640 yuan/ton, down 10 yuan/ton; Hebei 1670 yuan/ton, unchanged; Anhui 1650 yuan/ton, unchanged; Jiangsu 1640 yuan/ton, down 10 yuan/ton; Shanxi 1540 yuan/ton, unchanged [5]. Soda Ash & Glass - On September 15, the number of soda ash futures warehouse receipts on the Zhengzhou Commodity Exchange was 6250, a decrease of 666 from the previous trading day, and the valid forecast was 3846. The number of glass futures warehouse receipts was 1605, a decrease of 459 from the previous trading day [7]. - On September 15, the spot prices of soda ash were as follows: North China light soda 1200 yuan/ton, heavy soda 1300 yuan/ton; Central China light soda 1150 yuan/ton, up 20 yuan/ton, heavy soda 1250 yuan/ton; East China light soda 1130 yuan/ton, heavy soda 1250 yuan/ton; South China light soda 1350 yuan/ton, heavy soda 1400 yuan/ton; Southwest light soda 1200 yuan/ton, heavy soda 1300 yuan/ton; Northwest light soda 980 yuan/ton, heavy soda 980 yuan/ton [7]. - On September 15, the daily operating rate of the soda ash industry was 85.16%, down from 86.98% the previous working day [8]. - On September 15, the average price of the float glass market was 1160 yuan/ton, down 4 yuan/ton day - on - day. The daily output of the industry was 16.02 tons, unchanged day - on - day [8]. Chart Analysis - The report includes charts of the closing prices, basis, trading volume and open interest, spreads, and spot price trends of urea and soda ash futures, as well as the price differences between urea - methanol and glass - soda ash [10][12][14][18][20]. All chart data sources are iFind and the Everbright Futures Research Institute [22].

Group 1 - The 19th Yulin International Coal and High-end Energy Chemical Industry Expo and the 3rd Western Hydrogen Energy Expo opened in Yulin, Shaanxi, focusing on "high-end energy chemistry, low-carbon development, and hydrogen for the future" [1] - The exhibition covers six areas including high-end energy chemical enterprises, regional collaborative development, intelligent digital solutions, hydrogen energy industry chain, green low-carbon international zone, and advanced energy equipment, with a display area of approximately 90,000 square meters [1] - Over 900 well-known enterprises from domestic and international markets participated in the exhibition, showcasing innovations in intelligent mining, clean and efficient conversion, hydrogen production, carbon capture, digital operations, and advanced equipment manufacturing [1] Group 2 - Shaanxi is accelerating the construction of a modern energy industry system, with Yulin as a leader in energy economic development, focusing on modern coal chemical industry and transforming coal from fuel to raw materials [2] - Yulin has developed multiple industrial chains including coal-to-olefins, coal-to-ethylene glycol, and coal-to-ethanol, with a basic chemical production capacity exceeding 17 million tons and 28 sets of globally first technologies [2] - Yulin aims to deepen the integration of education, technology, and talent, enhancing core technology research and promoting the integration of innovation and industry chains [2] Group 3 - The current expo is the largest and highest-standard energy industry event in Northwest China, with record numbers of participating enterprises and exhibition area [3] - The expo outlines the future blueprint of the energy industry, bridging global energy cooperation, and includes a series of high-end forums and specialized matchmaking activities focusing on green development and international cooperation [3] - The event aims to inject new momentum into the green transformation, technological innovation, and industrial collaboration within the energy sector [3]

Core Insights - Yulin has transformed from a coal-rich region to a significant energy base in China, contributing to the country's energy structure adjustment and industrial upgrade [1] - The coal chemical industry in Yulin is crucial for the efficient utilization of coal resources, directly impacting national energy strategy [1] Group 1: Coal Resource and Industry Development - Yulin's coal reserves are estimated at 280 billion tons, with the Shenfu coalfield being one of the world's seven major coalfields [1] - The region has accelerated the development of the coal chemical industry, transitioning from traditional coal usage to high-end applications [2] - Yulin's basic chemical production capacity exceeds 17 million tons, expanding from 6 to 45 types of fine chemicals [2] Group 2: Technological Innovation and Research - Yulin has established the Energy Revolution Innovation Demonstration Zone, focusing on clean energy utilization and multi-energy integration [4] - The Yulin Clean Energy Innovation Research Institute has introduced over 60 research teams and has initiated 60 research projects, resulting in 17 convertible technological achievements [4] - The integration of 5G and intelligent systems in mining operations has led to significant advancements in operational efficiency [5] Group 3: Green Transformation and Carbon Management - Yulin is pursuing a green transformation aligned with carbon peak goals, utilizing technologies for carbon capture and storage [6] - The region's projects aim to convert waste gases into valuable products, with significant CO2 capture and utilization initiatives underway [6] - Yulin's approach to modern coal chemical industry development emphasizes high-end, diversified, and low-carbon strategies, providing a model for China's energy sector [6]

Core Viewpoint - Baofeng Energy's stock has experienced fluctuations, with a recent decline of 2.02% and a total market capitalization of 124.3 billion yuan, indicating a mixed performance in the market [1]. Financial Performance - For the first half of 2025, Baofeng Energy reported operating revenue of 22.82 billion yuan, a year-on-year increase of 35.05%, and a net profit attributable to shareholders of 5.718 billion yuan, reflecting a growth of 73.02% compared to the previous year [2]. - Cumulatively, Baofeng Energy has distributed a total of 17.348 billion yuan in dividends since its A-share listing, with 9.145 billion yuan distributed over the last three years [3]. Shareholder Information - As of June 30, 2025, the number of Baofeng Energy's shareholders increased to 63,000, with an average of 116,356 circulating shares per shareholder, a decrease of 2.24% from the previous period [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 202 million shares, an increase of 22.255 million shares from the previous period [3].