文 | 空纸 编辑 | 空纸 前言 在今天这个"欠债不还、赖账成风"的国际环境里，一个小国能在承受巨大经济压力的情况下，主动、按 时、全额还清一笔81亿美元的贷款，绝对算得上是一件新鲜事。 更有意思的是，还钱之后，这个小国不但没有"翻脸不认人"，反而送上了一份价值百亿的大礼，让外界 对它的选择啧啧称奇。 这个国家，就是中亚的土库曼斯坦。 要说资源，土库曼斯坦一点都不缺。 这个人口才600多万的小国，面积比不上新疆，却拥有全球排名第四的天然气储量——足足13.6万亿立 方米，相当于全球一年天然气消费总量的三分之一。 换句话说，他们家地下藏着一座"取之不尽"的能源银行。 可现实却很打脸：老百姓的生活并没有想象中那么滋润。 为什么呢？原因很现实——光有宝藏不等于能变现。 天然气要想卖出去，得先开发、再处理、最后运出去，每一个环节都需要钱、技术和经验，而土库曼斯 坦在这些方面几乎是"零基础"。 为什么他们能做到别人不敢做的事？背后到底有哪些鲜为人知的故事？ 守着"气体宝藏"的小国 他们的王牌资源——加尔金内什气田，号称世界第二大气田，规模大得惊人，但也难得要命。 深埋在沙漠里，环境恶劣，动不动就沙尘暴，气温可以从零下 ...

Group 1: Coal, Oil, and Natural Gas Production - In August, the production of raw coal in large-scale industries decreased by 3.2% year-on-year, with a total output of 390 million tons, showing a narrowing decline compared to July by 0.6 percentage points [1] - The cumulative production of raw coal from January to August reached 3.17 billion tons, representing a year-on-year increase of 2.8% [1] - The production of crude oil in August increased by 2.4% year-on-year, totaling 18.26 million tons, with a daily average output of 589,000 tons [3] - From January to August, the cumulative crude oil production was 144.86 million tons, up 1.4% year-on-year [3] - The processing of crude oil in August saw a significant increase of 7.6% year-on-year, with a total processing volume of 63.46 million tons [3] - Natural gas production in August reached 21.2 billion cubic meters, marking a year-on-year growth of 5.9% [7] - The cumulative natural gas production from January to August was 173.7 billion cubic meters, reflecting a year-on-year increase of 6.1% [7] Group 2: Electricity Production - The electricity generation in large-scale industries in August was 936.3 billion kilowatt-hours, showing a year-on-year increase of 1.6% [9] - The daily average electricity generation exceeded 30 billion kilowatt-hours for the first time, reaching 30.2 billion kilowatt-hours [9] - From January to August, the cumulative electricity generation was 6,419.3 billion kilowatt-hours, with a year-on-year growth of 1.5% [9] - In August, the growth rates varied by type: wind power increased by 20.2%, while hydropower decreased by 10.1% [9] - The growth of thermal power was 1.7%, while nuclear power grew by 5.9%, both showing a slowdown compared to July [9] - Solar power generation increased by 15.9%, but the growth rate also slowed down compared to July [9]

Core Insights - In August 2025, the production of raw coal in large-scale industries in China decreased by 3.2% year-on-year, although the decline has narrowed [1] - Electricity production showed stable growth, with daily generation surpassing 30 billion kilowatt-hours for the first time, reaching 30.2 billion kilowatt-hours [1] Group 1: Energy Production - The output of crude oil in large-scale industries reached 18.26 million tons in August, marking a year-on-year increase of 2.4%, with the growth rate accelerating by 1.2 percentage points compared to July [5] - From January to August, the total crude oil output was 144.86 million tons, reflecting a year-on-year growth of 1.4% [5] - Natural gas production in large-scale industries was 21.2 billion cubic meters in August, showing a year-on-year increase of 5.9%, with a daily average production of 690 million cubic meters [6] Group 2: Electricity Generation - The total electricity generation in large-scale industries reached 936.3 billion kilowatt-hours in August, representing a year-on-year increase of 1.6% [6] - From January to August, the total electricity generation was 6419.3 billion kilowatt-hours, with a year-on-year growth of 1.5% [6]

国家统计局数据显示，天然气生产稳定增长。8月份，规上工业天然气产量212亿立方米，同比增长 5.9%；日均产量6.9亿立方米。1—8月份，规上工业天然气产量1737亿立方米，同比增长6.1%。 ...

Core Insights - In August 2025, China's industrial energy production showed mixed results, with coal production declining but oil and natural gas production increasing [1][2] Energy Production Overview - Coal production in August decreased by 3.2% year-on-year, with a total output of 39 million tons, but the decline rate narrowed compared to July [1] - Oil production accelerated, reaching 18.26 million tons in August, a 2.4% increase year-on-year, with a daily average of 589,000 tons [1] - Natural gas production grew steadily, with August output at 21.2 billion cubic meters, reflecting a 5.9% year-on-year increase [1] Electricity Generation - Electricity generation in August was stable, totaling 936.3 billion kilowatt-hours, a 1.6% increase year-on-year, with daily generation surpassing 30 billion kilowatt-hours for the first time [2] - Wind power generation saw a significant increase of 20.2%, while hydropower output declined by 10.1% [2] - Thermal power and nuclear power generation growth slowed, with thermal power increasing by 1.7% and nuclear power by 5.9% [2]

品种 核心观点 主要逻辑 PTA ★ 谨慎看空 加工费整体偏低，新装置投产预期叠加前期检修装置复产，开工负荷略有 提升，供应端压力有所增加；市场存"金九银十"消费旺季预期，需求端 略显偏好，下游聚酯及终端织造开工负荷持续回升。9 月 pta 供需紧平衡 预期四季度宽松，叠加美联储 9 月降息概率增加，地缘风险尚未解除，市 场风险偏好提升。OPEC+9 月按计划增产，油价震荡偏弱。基差偏弱，但 TA 加工费整体偏低，关注做扩加工费机会。策略：空单谨持，关注做扩 PTA 加工费机会。 乙二醇 ★ 谨慎看空 国内装置略微降负、海外装置变动不大，到港及进口相对较低；市场仍存 消费旺季预期，下游聚酯及终端织造开工负荷持续回升。同时乙二醇库存 整体偏低，对盘面价格有所支撑。9 月累库压力不大。乙二醇库存整体偏 低，对盘面价格有所支撑。近期市场交易新装置投产预期（久泰新材料近 期投产、裕龙石化 9 月底前投产），区间震荡偏弱，谨慎看空。策略：空 单持有，关注逢高布空机会。 甲醇 ★ 谨慎看空 本周整体检修量有所提升，开工负荷下滑但依旧维持高位；海外甲醇装置 负荷再次提升且处于同期高位，与此同时，甲醇月度到港量亦处近五年同 ...

Group 1: Coal, Oil, and Natural Gas Production - In August, the production of raw coal in large-scale industries decreased by 3.2% year-on-year, with a total output of 390 million tons, a reduction in the decline by 0.6 percentage points compared to July [2] - The cumulative production of raw coal from January to August reached 3.17 billion tons, showing a year-on-year increase of 2.8% [2] - The production of crude oil in August increased by 2.4% year-on-year, totaling 18.26 million tons, with an acceleration of 1.2 percentage points compared to July [4] - From January to August, the total crude oil production was 144.86 million tons, reflecting a year-on-year growth of 1.4% [5] - The processing of crude oil in August rose by 7.6% year-on-year, amounting to 63.46 million tons [6] - The cumulative crude oil processing from January to August was 488.07 million tons, with a year-on-year increase of 3.2% [7] - Natural gas production in August reached 21.2 billion cubic meters, marking a year-on-year growth of 5.9% [10] - From January to August, the total natural gas production was 173.7 billion cubic meters, with a year-on-year increase of 6.1% [11] Group 2: Electricity Production - Electricity generation in large-scale industries in August was 936.3 billion kilowatt-hours, representing a year-on-year increase of 1.6% [13] - The average daily electricity generation exceeded 30.2 billion kilowatt-hours for the first time [13] - From January to August, the total electricity generation was 641.93 billion kilowatt-hours, with a year-on-year growth of 1.5% [13] - In August, wind power generation increased by 20.2%, while hydropower generation decreased by 10.1% [13] - Thermal power generation grew by 1.7%, but the growth rate slowed by 2.6 percentage points compared to July [13] - Nuclear power generation increased by 5.9%, with a deceleration of 2.4 percentage points from July [13] - Solar power generation rose by 15.9%, but the growth rate decreased by 12.8 percentage points compared to July [13]

Core Insights - In August, the production of crude oil in large-scale industries reached 18.26 million tons, marking a year-on-year increase of 2.4% [5][6]. Group 1: Crude Oil Production - The production of crude oil in large-scale industries accelerated in August, with a year-on-year growth of 2.4%, which is an increase of 1.2 percentage points compared to July [5][6]. - The average daily production of crude oil in August was 589,000 tons [5]. - From January to August, the total crude oil production was 144.86 million tons, reflecting a year-on-year increase of 1.4% [6]. Group 2: Coal and Natural Gas Production - The production of raw coal in large-scale industries decreased by 3.2% year-on-year in August, but the decline was narrower by 0.6 percentage points compared to July, with a daily average production of 12.6 million tons [3]. - From January to August, the total raw coal production was 317 million tons, showing a year-on-year increase of 2.8% [3]. - Natural gas production in large-scale industries reached 21.2 billion cubic meters in August, with a year-on-year growth of 5.9% and an average daily production of 690 million cubic meters [11]. - From January to August, the total natural gas production was 173.7 billion cubic meters, reflecting a year-on-year increase of 6.1% [11]. Group 3: Electricity Production - Electricity production in large-scale industries in August was 936.3 billion kilowatt-hours, representing a year-on-year increase of 1.6%, with the average daily generation surpassing 30 billion kilowatt-hours for the first time, reaching 30.2 billion kilowatt-hours [13]. - From January to August, the total electricity production was 6419.3 billion kilowatt-hours, with a year-on-year increase of 1.5% [13]. - In August, the growth rates varied by type: wind power increased by 20.2%, while hydropower decreased by 10.1%. Thermal power grew by 1.7%, nuclear power by 5.9%, and solar power by 15.9% [13].

1—8月份，规上工业原油加工量48807万吨，同比增长3.2%。 天然气生产稳定增长。8月份，规上工业天然气产量212亿立方米，同比增长5.9%；日均产量6.9亿立方 米。 8月份，规模以上工业（以下简称规上工业）原煤生产降幅收窄，原油生产增速加快，天然气、电力生 产平稳增长。 一、原煤、原油和天然气生产及相关情况 原煤生产降幅收窄。8月份，规上工业原煤产量3.9亿吨，同比下降3.2%，降幅比7月份收窄0.6个百分 点；日均产量1260万吨。 1—8月份，规上工业原煤产量31.7亿吨，同比增长2.8%。 原油生产增速加快。8月份，规上工业原油产量1826万吨，同比增长2.4%，增速比7月份加快1.2个百分 点；日均产量58.9万吨。 1—8月份，规上工业原油产量14486万吨，同比增长1.4%。 原油加工较快增长。8月份，规上工业原油加工量6346万吨，同比增长7.6%；日均加工204.7万吨。 1—8月份，规上工业天然气产量1737亿立方米，同比增长6.1%。 二、电力生产情况 规上工业电力生产平稳增长。8月份，规上工业发电量9363亿千瓦时，同比增长1.6%；日均发电首次突 破300亿千瓦时，达302.0 ...

8月份，规模以上工业原煤生产降幅收窄，原油生产增速加快，天然气、电力生产平稳增长。其中原煤产量3.9亿吨，同比下降3.2%，降幅比7月份收窄0.6个 百分点；日均产量1260万吨。 新华财经北京9月15日电 国家统计局数据显示，8月份，规模以上工业（以下简称规上工业）原煤生产降幅收窄，原油生产增速加快，天然气、电力生产平 稳增长。 原煤、原油和天然气生产及相关情况 原煤生产降幅收窄。8月份，规上工业原煤产量3.9亿吨，同比下降3.2%，降幅比7月份收窄0.6个百分点；日均产量1260万吨。 1—8月份，规上工业原煤产量31.7亿吨，同比增长2.8%。 原油生产增速加快。8月份，规上工业原油产量1826万吨，同比增长2.4%，增速比7月份加快1.2个百分点；日均产量58.9万吨。 1—8月份，规上工业原油产量14486万吨，同比增长1.4%。 原油加工较快增长。8月份，规上工业原油加工量6346万吨，同比增长7.6%；日均加工204.7万吨。 1—8月份，规上工业原油加工量48807万吨，同比增长3.2%。 图2 规模以上工业 90 2.5 2.1 1.4 1.1 0.2 -0.2 70 59. 57.7 57 ...