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 ...

Core Viewpoint - The company reported a decline in revenue and net profit for Q1 2025, primarily due to falling coal prices, despite stable production and sales volumes [1][2]. Revenue and Profit Summary - In Q1 2025, the company achieved operating revenue of 38.39 billion yuan, a year-on-year decrease of 15.4% [1] - The net profit attributable to shareholders was 3.98 billion yuan, down 20.0% year-on-year [1] - The net profit after deducting non-recurring items was 3.94 billion yuan, a decline of 19.4% year-on-year [1] Coal Production and Sales - The company sold 64.14 million tons of commodity coal in Q1 2025, a slight increase of 0.4% year-on-year [1] - Self-produced commodity coal sales reached 32.68 million tons, up 1.1% year-on-year [1] - The average selling price of coal was 487 yuan/ton, down 17.0% year-on-year, while the average price for self-produced coal was 492 yuan/ton, down 17.7% year-on-year [1][2] Cost and Profitability - The cost of self-produced commodity coal was 270 yuan/ton, a decrease of 7.3% year-on-year [2] - The gross profit per ton of self-produced coal was 222 yuan, down 27.6% year-on-year [2] - Overall coal revenue was 31.25 billion yuan, a decline of 16.6% year-on-year, with operating costs at 23.80 billion yuan, down 13.0% year-on-year [2] Chemical Products Performance - The company sold 355,000 tons of olefins in Q1 2025, a decrease of 4.8% year-on-year, with an average price of 6,876 yuan/ton, up 0.4% year-on-year [2] - Urea sales reached 600,000 tons, an increase of 8.9% year-on-year, with an average price of 1,702 yuan/ton, down 23.9% year-on-year [2] - Methanol sales were 529,000 tons, up 33.6% year-on-year, with an average price of 1,794 yuan/ton, up 7.1% year-on-year, leading to a turnaround in profitability [2] New Capacity and Projects - The company is advancing coal, electricity, and new energy projects, including a stable release of production capacity from the Dahuize coal mine and the upcoming launch of a 400,000-ton/year project [3] - The company is also constructing a 900,000-ton/year polyolefin project and accelerating the development of various renewable energy projects [3] Dividend and Profit Forecast - The company plans to distribute a cash dividend of 0.258 yuan per share for the end of 2024, with a total dividend payout exceeding 30% [3] - Revenue projections for 2025-2027 are 162.1 billion yuan, 156.5 billion yuan, and 156.0 billion yuan, respectively, with a forecasted net profit of 15 billion yuan, 14.7 billion yuan, and 14.6 billion yuan [3]

光大期货煤化工商品日报 光大期货煤化工商品日报（2025 年 4 月 30 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周二尿素期货价格震荡走弱，主力09合约收盘价1735元/吨，跌幅2.09%。现货市 | | | | 场 中偏强 行，山东、 河地区价格小幅反弹，其余地区价格多数维稳。目 | | | | 山东、河南市场价格分别为1800元/吨、1820元/吨，日环比分 上涨10元/吨 | | | | 、20元/吨。基本面来看， 期尿素日产 持在20万吨以上 平波动， 日20.51 | | | 尿素 | 万吨。 求端继续跟进， 业 单成交明 增加，多数地区产销继续维持100% | 震荡 | | | 以上，但河南、山东价格小幅上涨后市场跟进有所放缓。整体来看，节前企业 | | | | 收单情况良好或继续支撑市场情绪， 一 期期 尿素现货市场或坚挺运行。 | | | | 期货盘面 期 增驱动有 ， 出口消息扰动增强， 期 最后一个交易日资 | | | | 金及持仓变化值得关注。 | | | | 周二纯碱期货价格偏强震荡，主力09合约收盘价1376元/吨，微幅 ...

西北地区锂电产业链正加速完善！ 据 宁夏日报发布，4月27日， 宝丰储能正极、负极、电解液厂暨宝丰能源四期烯烃新材料项目集中开工， 总投资规模达310亿元， 项目全 部建成投产后，每年可实现工业总产值490亿元，解决就业近1万人。 本次开工的项目分为2大部分。 其一为 宝丰新型储能正极、负极、电解液厂项目，总投资105亿元， 将建设年产25万吨磷酸铁锂正极材料、 15万吨人造石墨负极材料、17万吨电解液材料，100GWh锂电池及储能系统和储能电站等项目 ，未来将 形成立足宁夏、辐射西北、面向全 国的新型储能材料生产和电池储能全系统制造产业集群。 其二为 宝丰能源四期烯烃新材料项目，总投资 205亿元。据悉， 该项目一期为60万吨/年甲醇制烯烃项目已于2014年投产，二期60万吨烯 烃项目于2020年全线投产，三期50万吨/年煤制烯烃项目在2023年投运。 回溯来看， 宝丰新型储能正极、负极、电解液厂项目则与4年前公布的项目高度一致，或为当时超900亿投资项目的一部分。 资料显示， 宁夏宝丰集团有限公司是一家 集"化工、新能源、农业、医疗养老、枸杞健康、公益慈善"等产业于一体的现代企业集团，属于 宁夏民营龙头企 ...

阳煤化工（600691）公告，2025年第一季度营收为23.4亿元，同比下降15.11%；净亏损1.4亿元，去年 同期净亏损3743.9万元。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Urea: The urea futures market is expected to remain firm before the holiday, with increased market volatility. The supply of urea continues to rise, and the production rate on April 28 was 20.16 million tons, a daily increase of 0.65 million tons. Before the May Day holiday, urea manufacturers are in the process of reducing prices to attract orders, and the sales - to - production ratio in the mainstream areas has mostly increased to the range of 260% - 410%. However, due to the drought, the agricultural demand in North and Northeast China is progressing slowly, so the sustainability of spot transactions needs to be observed. It is recommended that previous long positions and call options be appropriately closed for profit due to high market uncertainties during the holiday [1]. - Soda Ash: The soda ash futures market shows a phased rebound, but its sustainability may be tested. In the long - term, the loose pattern of soda ash remains unchanged, and the general strategy is to short on rallies. Before the May Day holiday, the replenishment demand of the mid - and downstream has been released, driving the inventory of soda ash plants to decrease by 1.11% compared to last Thursday. The daily operating rate of the industry increased slightly to 89.8% on April 28, but more maintenance devices are expected after the holiday, which will strengthen the support of soda ash supply to the market [1]. - Glass: The trading logic of the glass market will shift from macro - policy expectations to fundamentals. In the short term, some supply - demand indicators of glass have slightly improved, but the industry sentiment remains cautious before more positive factors are realized. The futures market faces difficulties in breaking through upwards and may maintain a wide - range oscillation trend before the holiday. Multiple glass production lines have been shut down or cold - repaired since the weekend, reducing the daily melting volume to 15.72 million tons, which strengthens the support for the market. The demand shows differentiation, with the sales - to - production ratio in the Shahe area declining, while those in Hubei, South China, and East China can still maintain around or above 100% [1]. 3. Summary According to Relevant Catalogs Market Information Urea - Zhengshang Institute data shows that on April 28, the number of urea futures warehouse receipts was 4,999, a decrease of 49 from the previous trading day, and the valid forecast was 25 [4]. - Longzhong data indicates that on April 28, the daily output of the urea industry was 20.16 million tons, an increase of 0.65 million tons from the previous working day and 1.46 million tons from the same period last year; the industry's operating rate was 87.43%, a 1.07 - percentage - point increase from 86.36% in the same period last year [4]. - On April 28, the spot prices of small - particle urea in various domestic regions were as follows: Shandong 1,790 yuan/ton, a decrease of 10 yuan/ton; Henan 1,800 yuan/ton, unchanged; Hebei 1,810 yuan/ton, a decrease of 10 yuan/ton; Anhui 1,810 yuan/ton, an increase of 10 yuan/ton; Jiangsu 1,800 yuan/ton, a decrease of 20 yuan/ton; Shanxi 1,700 yuan/ton, an increase of 10 yuan/ton [4]. Soda Ash & Glass - Zhengshang Institute data shows that on April 28, the number of soda ash futures warehouse receipts was 3,840, a decrease of 90 from the previous trading day, and the valid forecast volume was 2,687; the number of glass futures warehouse receipts was 2,441, unchanged from the previous trading day [6]. - On April 28, the spot prices of soda ash in various regions were as follows: North China, light soda ash 1,400 yuan/ton, heavy soda ash 1,500 yuan/ton; Central China, light soda ash 1,260 yuan/ton, heavy soda ash 1,400 yuan/ton; East China, light soda ash 1,350 yuan/ton, heavy soda ash 1,450 yuan/ton; South China, light soda ash 1,500 yuan/ton, heavy soda ash 1,550 yuan/ton; Southwest, light soda ash 1,400 yuan/ton, heavy soda ash 1,450 yuan/ton; Northwest, light soda ash 1,100 yuan/ton, heavy soda ash 1,100 yuan/ton, all unchanged from the previous day [6]. - Longzhong data shows that on April 28, the capacity utilization rate of the soda ash industry was 89.8%, compared with 89.05% on the previous working day [7]. - On April 28, the average price of the float glass market was 1,276 yuan/ton, unchanged from the previous day; the industry's daily output was 15.72 million tons, unchanged from the previous day [7]. Chart Analysis The report provides multiple charts, including the closing prices, basis, trading volume, and positions of urea and soda ash futures contracts, as well as the price trends of urea and soda ash spot, and the price differences between urea - methanol and glass - soda ash futures. All chart data sources are iFind and the Research Institute of Everbright Futures [10][11][12][13][14][17][18][19][20][21][22]. Research Team Members Introduction - Zhang Xiaojin, the research director of resource products at the Research Institute of Everbright Futures, focuses on the sugar industry. She has won many awards in analyst evaluations [24]. - Zhang Linglu, an analyst of resource products at the Research Institute of Everbright Futures, is responsible for researching futures varieties such as urea, soda ash, and glass. She has won multiple honors [24]. - Sun Chengzhen, an analyst of resource products at the Research Institute of Everbright Futures, is mainly engaged in fundamental research and data analysis of varieties such as cotton, cotton yarn, and ferroalloys [24].

本世纪初，开滦集团从传统煤矿向现代煤化工转型。毕业于河北工业职业技术学院的邓晶，以焦炉煤气制甲醇专业第一名的成绩进 入开滦唐山中润，参与筹建甲醇分厂工作，几乎是从零开始摸索生产工艺流程。 仅仅几个月的时间，邓晶与同事们就自主完成了甲醇系统的首次投产开车工作。然而，刚投产不久，甲醇装置遭遇了第一次突发事 故。 爱学习、肯钻研，随后，邓晶以平均每年一个岗位的速度，将中控室内各个甲醇生产岗位技能全部吃透，成了厂里的"万能操作 工"。随着开滦集团不断加快转型升级的步伐，邓晶更是要求自己要不断精进技术，创新不停步。 事后，邓晶说自己也很紧张，是日常的学习储备给了她底气。 央视网消息：劳动创造美好生活，奋斗谱写时代华章。五一国际劳动节之际，1670人被授予全国劳动模范称号，邓晶就是其中一 位。作为河北开滦集团的一位技术人员，她18年扎根一线，坚持不懈钻研煤制甲醇制作工艺，助力企业转型。 全国劳动模范、开滦集团唐山中润公司甲醇分厂工艺员邓晶介绍，一块煤开采出来以后，在炼焦炭的过程中产生焦炉煤气，这就是 生产甲醇的原料。甲醇是关系到国计民生的基础化工原料，应用广泛，可用于化工制造、医药、能源燃料和新材料等领域。 在河北开滦集 ...

Core Viewpoint - The company's performance has declined due to falling self-produced coal prices, but it shows potential for high dividends and growth, maintaining a "buy" rating [1] Group 1: Financial Performance - In Q1 2025, the company achieved operating revenue of 38.39 billion yuan, a year-on-year decrease of 15.4% and a quarter-on-quarter decrease of 21.6% [1] - The net profit attributable to shareholders was 3.98 billion yuan, down 20% year-on-year and 15.5% quarter-on-quarter [1] - The non-recurring net profit attributable to shareholders was 3.94 billion yuan, a year-on-year decrease of 19.4% and a quarter-on-quarter decrease of 15.7% [1] - The company maintains profit forecasts for 2025-2027, expecting net profits of 17.05 billion, 18.47 billion, and 19.07 billion yuan, with year-on-year changes of -11.8%, +8.3%, and +3.3% respectively [1] Group 2: Coal Business Performance - In Q1 2025, the company produced and sold 33.35 million and 64.14 million tons of commodity coal, representing year-on-year increases of 1.9% and 0.4%, but quarter-on-quarter decreases of 5.4% and 19.1% [2] - The average selling price of coal in Q1 2025 was 487.2 yuan per ton, down 17% year-on-year and 9.8% quarter-on-quarter [2] - The comprehensive cost of coal was 371 yuan per ton, a year-on-year decrease of 13.4% and a quarter-on-quarter decrease of 9.4% [2] - The gross profit per ton of coal was 116.2 yuan, down 26.7% year-on-year and 11.2% quarter-on-quarter [2] Group 3: Coal Chemical Business Performance - In Q1 2025, the production of polyolefins, urea, methanol, and ammonium nitrate was 37.8, 52.8, 51.4, and 13.9 million tons, with year-on-year changes of -3.6%, +11.2%, +24.8%, and +6.9% respectively [2] - The selling prices for polyolefins, urea, methanol, and ammonium nitrate were 6,876, 1,702, 1,794, and 1,861 yuan per ton, with year-on-year changes of +0.4%, -23.9%, +7.1%, and -17.3% respectively [2] - The gross profit per ton for polyolefins, urea, methanol, and ammonium nitrate was 1,101, 360, 380, and 386 yuan per ton, with year-on-year changes of +16%, -46.7%, +675.8%, and -47.6% respectively [2] Group 4: Growth Potential and Dividend Policy - The company has two coal mines under construction, with expected production capacities of 4 million tons/year and 2.4 million tons/year, respectively, set to begin trial production by the end of 2025 [3] - The company plans to invest 23.888 billion yuan in a coal deep processing project, with a construction scale of 900,000 tons/year of polyolefins, and has already completed significant investment [3] - The cash dividend amount for 2024 is expected to be 6.35 billion yuan, with a dividend payout ratio of 32.87%, indicating potential for increased dividends in the future [3]

Core Viewpoint - The company reported a decline in revenue and net profit for Q1 2025, but maintains a "buy" rating due to its coal chemical scale advantages and good performance from the Jingzhou base [1] Financial Performance - Q1 2025 revenue was 7.77 billion yuan, down 2.6% year-on-year and 14% quarter-on-quarter [1] - Net profit attributable to shareholders was 707 million yuan, down 34% year-on-year and 17% quarter-on-quarter [1] - Non-recurring net profit was 703 million yuan, also down 34% year-on-year and 13% quarter-on-quarter [1] Segment Performance - Acetic acid and derivatives sales decreased by 8% year-on-year and 21% quarter-on-quarter to 337,000 tons, with revenue down 16% year-on-year and 20% quarter-on-quarter to 820 million yuan [2] - New materials segment saw a 23% year-on-year increase in sales to 664,000 tons, but revenue decreased by 1% year-on-year to 3.75 billion yuan [2] - Fertilizer segment sales increased by 37% year-on-year to 1.45 million tons, with revenue up 5% year-on-year to 1.9 billion yuan [2] - Overall gross margin decreased by 5.5% year-on-year to 16.4% [2] Cost and Pricing Trends - As of April 25, 2023, prices for key chemicals showed mixed trends, with some prices improving slightly due to inventory digestion [3] - Coal chemical cost pressures have eased, with reference prices for thermal coal and anthracite at 570 yuan/ton and 912 yuan/ton, respectively [3] - The company has ongoing construction projects valued at 4.88 billion yuan, which are expected to support future growth [3] Profit Forecast and Valuation - The company revised down its profit forecasts for 2025-2027, expecting net profits of 3.8 billion, 5 billion, and 5.8 billion yuan respectively [4] - The target price for 2025 is set at 25.34 yuan, reflecting a 14x PE ratio, considering the growth potential from new projects and materials [4]

2025 年 04 月 28 日 公司研究 评级：买入(维持) | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 陈晨 S0350522110007 | | | | chenc09@ghzq.com.cn | | 联系人 | ： | 张益 S0350124100016 | | | | zhangy33@ghzq.com.cn | chenc09@ghzq.com.cn [Table_Title] 煤炭产销增长显著，公司长期发展前景广阔 ——广汇能源（600256）公司动态研究 最近一年走势 | 相对沪深 300 | 表现 | | 2025/04/25 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 广汇能源 | -11.3% | -5.5% | -13.8% | | 沪深 300 | -3.7% | -1.2% | 7.3% | | 市场数据 | | | 2025/04/25 | | 当前价格（元） | | | 5.72 | | 52 周价格区间（元） | | | 5.39-8.47 | | 总市值（百万） | ...