2025 年 5 月 7 日 行业研究 今日产品价格动向：1）能源：国产 LNG 市场走势偏弱；下游需求有限，国 内动力煤价格弱势运行；原油走势趋弱；市场看空情绪明显，华中汽柴油价 格整体下调。2）化工：华东纯苯价格相对坚挺，南北价差扩大；下游检修 延迟，今日 PX 市场上涨；天然橡胶市场价格走势上行。3）新材料：下游压 价心态不改，负极材料企业仍面临降本增效压力；多晶硅市场活跃度欠佳， 价格有继续走跌趋势；节后市场偏弱势，六氟磷酸锂价格微幅下降。 投资建议：（1）持续看好低估值、高股息、业绩好的"三桶油"及油服板 块。建议关注：中国石油、中国石化、中国海油、中海油服、海油工程、海 油发展；（2）持续看好国产替代趋势下的材料企业，国产半导体材料、面 板材料有望受益，建议关注：晶瑞电材、彤程新材、奥来德；（3）积极的 货币及财政政策陆续出台，地产链及龙头公司有望率先受益，看好农药化肥 及民营大炼化板块，建议关注：万华化学、华鲁恒升、华锦股份；（4）看 好维生素及蛋氨酸板块，建议关注：安迪苏、浙江医药、新和成。 风险分析：原材料快速下跌和维持高位、下游需求不及预期风险。 基础化工 石油化工 交通运输仓储 MXD6 ...

Core Viewpoint - The commencement of the 60,000 tons/year formaldehyde project by Xinjiang Xinye Energy Chemical Co., Ltd. marks a significant step in the company's strategy to expand into high-end new materials and strengthen its position in the coal chemical industry [3][4]. Group 1: Project Development - The 60,000 tons/year formaldehyde project broke ground in April 2025, following the successful completion of a 40,000 tons/year project in July 2023, which filled a historical gap in Xinjiang's formaldehyde sector [3][4]. - The new project aligns with the regional strategic initiatives, aiming to leverage opportunities from the "Ten Industrial Clusters" and "Three Bases and One Corridor" development plans [3]. Group 2: Industry Significance - Formaldehyde, as one of the five major engineering plastics, is widely used in automotive and electronics sectors, serving as an ideal substitute for metal materials and other plastics [3]. - The successful production of formaldehyde by Xinjiang Xinye Energy Chemical Co. since 2021 has established it as one of the first local companies in Xinjiang to produce this product, achieving full production and sales with considerable profits [3]. Group 3: Future Outlook - Upon full production, the total capacity for formaldehyde will reach 100,000 tons/year, with an expected annual output value exceeding 1 billion yuan, positioning the company as the largest and most efficient formaldehyde production base in Northwest China [4].

大唐多伦煤化工项目气化炉专"吃"劣质褐煤。产于锡林郭勒草原的劣质褐煤具有活性高、硫含量高、灰 分高、内水高、灰黏性高、结渣性强的"五高一强"特性，被认为是煤化工的"粗粮"，在煤的干燥、煤粉 输送稳定性、反应控制等方面都存在需要攻关的瓶颈问题。面对难题，大唐内蒙古多伦煤化工有限公 司"党建+气化炉长周期运行"攻关小组迎难而上，深入研究褐煤灰组分变化对气化炉各段影响，总结出 适合粉煤废锅流程气化炉的入炉煤指标，通过优化操作解决烧嘴罩泄漏，攻克旋风分离器磨蚀、渣口堵 渣等12项顽疾，取得了多煤种适配及精准配比的成功经验。 大唐多伦煤化工公司气化炉刷新世界纪录的长周期稳定运行，再次验证了劣质褐煤用于化工生产的可行 性，为我国煤化工行业煤种选用开辟了新路径，同时提升了内蒙古能源化工产业实力，为区域可持续发 展注入新动力。 中化新网讯 截至4月29日，大唐内蒙古多伦煤化工有限责任公司煤气化装置2号气化炉连续高负荷稳定 运行319天，刷新了以劣质褐煤为原料的世界最大规模气化炉运行纪录。 该项目由褐煤预干燥、煤气化、合成气净化、甲醇、甲醇制丙烯、聚丙烯等7套主生产装置组成，同时 配套建设空分及动力装置。煤气化装置是项目的龙头 ...

在黑龙江鹤岗市哈萝公路旁，近20米高的合成塔在晨雾中若隐若现。中海石油华鹤煤化有限公司氨生产 部工艺技术监督、技能专家张伟华仰头望着塔顶耀眼的照明灯，安全绳在工装裤上勒出熟悉的纹路—— 这是他与化工装置对话的第13个年头。从青涩毕业生到技术能手，从普通操作工到技能专家，他在钢铁 丛林里书写着新时代产业工人的奋斗篇章。 摸爬滚打：在钢铁课堂上实现蜕变 在公司合成装置E04205换热器紧急抢修战役中，张伟华的技术嗅觉再次显现。面对突发泄漏，他创新 采用"增加临时排放罐、用热除盐水冲洗内部"的方法让系统平稳停车交出检修，仅用常规检修时间的 60%就锁定漏点。当设备重新投用后，他又开始整理《低温甲醇洗装置氨冷器泄漏危害及应对措施》论 文，为行业技术积累提供重要参考。 "存在即为合理，但并不一定是最优"，这是师傅邓文刚传授给他的一个理念，张伟华牢牢地记在了心 间。2024年年初，为了彻底解决当低温甲醇洗系统负荷降低时，循环气压缩机随之停机造成的循环气浪 费、液氨损失的难题，张伟华带领专项攻关小组打破固定思维，对循环气压缩机原理性能指标深入研 究，构建出"降温度、提产量、开回流、保稳定"的总体思路，对系统进行联合优化，成 ...

Group 1: Energy Transition and Policy - During the 14th Five-Year Plan period, China will continue to lead the global energy transition, shifting fossil energy's role to chemical raw materials, with green technologies like renewable energy and CCUS expected to develop long-term [1] - By 2035, China's primary energy demand is projected to reach a peak of 7 billion tons of standard coal, with non-fossil energy's share expected to rise to 78% by 2060, supporting the carbon neutrality goal [1] Group 2: Renewable Energy Development - Marine oil and gas resources are becoming the main force for domestic oil reserve increases, with significant potential in marine renewable energy, such as offshore wind power, expected to exceed 350 million kilowatts in installed capacity by 2060 [2] - The energy pipeline network in China has made significant progress, with a total pipeline length expected to exceed 300,000 kilometers by around 2040, evolving from traditional transport channels to a new energy system [2] Group 3: Refining and Chemical Industry Transformation - The refining industry is transitioning from traditional fuel production to chemical raw material production, with crude oil processing expected to drop to 300 million tons by 2060, primarily for chemical products [2] - Catalytic cracking will focus on processing heavy raw materials to meet the demand for chemical raw materials [2] Group 4: CCUS Technology and Coal Chemical Industry - CCUS technology is seen as a key to achieving global carbon neutrality, with China expected to achieve a carbon storage capacity of 3 billion tons by 2060 [3] - The coal chemical industry faces structural supply-demand contradictions and challenges in green and digital transformation, necessitating a shift from "making good use of coal" to "making good use of carbon" [3]

Group 1 - The petrochemical industry is transitioning from fuel to material properties, driven by global energy transformation, leading to breakthroughs in technology and equipment [1] - China's traditional refining capacity is facing oversupply pressure, prompting a focus on the "reduce oil, increase chemicals" strategy to enhance the production capacity of chemical raw materials like ethylene and propylene [1] - The industry is confronted with external pressures such as intensified geopolitical conflicts and cost advantages in the Middle East and North America, necessitating diversification of raw materials and technological innovation [1] Group 2 - The coal chemical industry is accelerating its green and low-carbon transformation, with developments in coal-based specialty fuels and biodegradable materials [1] - The deep coupling of coal chemical and new energy is seen as an inevitable trend, potentially leading to zero-carbon emissions through the use of green electricity and hydrogen [2] - The industry must strengthen supply chain security by replacing imported equipment with domestic alternatives, as demonstrated by the delivery of over 680 sets of equipment for major coal chemical and refining projects [2]

【DT新材料】 获 悉 ，4月27日， 新业能化公司 与 中国化学赛鼎宁波工程有限公司 在宁波签署6万吨/年聚甲醛项目EPC总承包合同。 据悉，新业能化10万吨/年聚甲醛项目是新业能化公司按照"煤-电-油一气-化-材"的煤基多联产发展思路，强链、延链、补链、拓链， 打造甲醇-甲醛-聚甲醛产业 链，推动煤化工向高端化、低碳化、多元化发展的重要一环 。 项目全部建成后，将成为西北地区乃至全国最大的聚甲醛生产基地， 一期4万吨/年 聚甲醛项目总投资13亿元，在2021年4月开工建设，于7月12日实现全流程试车成功，填补了新疆聚甲醛产品的空白，并创国内同类型装置最快开车 纪录。 二期6万吨/年 聚甲醛项目总投资15亿元 ，实现了甲醇原料的高附加值转化推动煤化工产业向多元化、高质化方向延伸。 关于新业能化 ，今年2月4日，中基健康公告正在筹划发行股份方式购买新疆新业能源化工有限责任公司100%股权， 顺利的话，新业能化，将通过借壳中基健康的 方式，快捷上市! 点击扩展阅读 ：《 又一聚甲醛国企，即将上市！ 》 关于聚甲醛 ，是五大工程塑料之一，也被称为塑料中的金属、享有"夺钢""赛钢"的美誉，广泛应用于汽车、机械制造、 ...

本报记者 颉亚珍 长治日报见习记者 任家兵 煤化工是长治市襄垣县的重要产业之一，产业基础坚实，经济发展潜力大、动能足，但氯乙烯合成反应 的新型无汞催化剂研发、聚氯乙烯项目氯气资源平衡、电解盐水副产氢气回收利用等煤化工领域的"卡 脖子"技术，曾困扰着长治襄垣县的企业。得益于京长对口合作，2023年11月，北大化学学院与襄垣经 开区签约共建北大—长治襄垣化工联合实验室，推动北京科技成果在该县落地转化。如今，这些技术有 了重大突破。 给技术研发装上"加速器" 山西华星生态科技有限公司是首批受益者。 华星生态的转型焦虑始于2022年。这家主营危废处理的企业面对新标准时，发现现有技术体系存在致命 短板。"我们连申报市重点研发项目的门槛都摸不到。"项目负责人魏韬回忆道。 转机出现在与北大联合实验室的对接会上。北大团队将实验室的氯乙烯无汞催化剂研究成果与企业危废 焚烧场景结合，重构了技术路线图。在实验室技术支持下，成功申报了长治市科技重点研发项目 ——"煤化工钼系催化剂选择性高效压力浸出工艺技术研究应用"。该项目可以实现钼元素的优先浸出或 高选择性浸出，大幅提升浸出液的品质，最终达到让燃煤挥发分析率增高、提高煤炭利用率的效 ...

Core Viewpoint - The coal chemical industry in China is characterized by a diverse range of listed companies, each with distinct business layouts and performance metrics, focusing on both traditional and modern coal chemical products [1][3][20]. Industry Overview - The coal chemical industry is supported by upstream coal mining companies, which provide raw materials, and is influenced by coal price fluctuations that affect production costs and profit margins [1]. - The industry is divided into traditional coal chemical (e.g., coal-based fertilizers, synthetic ammonia) and modern coal chemical (e.g., new coal-based energy and materials) [1]. Key Listed Companies - Major listed companies in the coal chemical sector include China Shenhua (601088), Yanzhou Coal (600188), Baofeng Energy (600989), and others, with varying degrees of involvement in the coal chemical value chain [1][3][4]. - China Shenhua is recognized as a global leader in coal-based comprehensive energy [3]. Financial Performance - In the first half of 2024, China Shenhua reported revenues of 1680.78 billion, while other companies like Yanzhou Coal and Baofeng Energy reported revenues of 723.12 billion and 168.97 billion respectively [4][5]. - The overall gross profit margins in the coal chemical sector vary significantly, with Baofeng Energy achieving a gross margin exceeding 40% [19]. Business Layout and Strategy - Companies are strategically located in resource-rich regions, primarily in North and East China, focusing on traditional coal chemical products while expanding into modern coal chemical sectors [16][18]. - Business strategies emphasize safety, environmental protection, energy efficiency, and technological advancement to align with national policies and market demands [20][21]. Employee Composition - China Shenhua has the largest workforce in the sector, employing approximately 83,400 individuals, including 11,400 technical staff [11]. Future Planning - Companies are focusing on high-quality development, with plans to enhance core competencies, ensure energy security, and promote green and sustainable practices [21][22].

4月28日，庆祝中华全国总工会成立100周年暨全国劳动模范和先进工作者表彰大会在人民大会堂隆重举 行，习近平总书记发表重要讲话强调，要聚焦推动高质量发展，动员激励广大职工和劳动群众建功立 业、创新创造。 习近平总书记的重要讲话在全社会引发热烈反响。大家表示，要更加紧密地团结在党中央周围，脚踏实 地、奋发进取、拼搏奉献，立足自身岗位，不断开拓进取，用创造拥抱新时代，以奋斗铸就新辉煌。 全国先进工作者，首都医科大学附属北京同仁医院党委常委、副院长魏文斌从事眼科临床工作39年，他 表示："现场聆听了总书记的重要讲话，深切感受到总书记对劳动者的关心关怀。我要珍惜荣誉、保持 本色，尽最大努力为患者守住光明。" 28年扎根一线，全国劳动模范、浙江省桐乡市电力工程有限责任公司不停电作业班班长钱栋带领创新团 队获得授权专利150余项。"总书记的重要讲话让我深受鼓舞，我要将创新成果应用到工作中，努力在平 凡的岗位上创造不平凡的业绩。"钱栋说。 全国先进工作者、福建省特种设备检验研究院科创团队负责人陈照春说："我们要按照总书记的要求， 顺应新一轮科技革命和产业变革，努力成长为知识型、技能型、创新型劳动者。" "总书记的重要讲话给 ...