Core Viewpoint - The company reported that new orders in the first half of the year were comparable to the same period last year, but the order structure has significantly improved, with overseas orders now accounting for over 50% of new contracts [2]. Group 1: Order Performance - New signed orders in the first half of the year are similar to last year's levels [2]. - The structure of new orders has improved, with over 50% being overseas orders [2]. Group 2: Project Updates - The company has achieved a leading position in the domestic coal chemical deep cooling segment [2]. - Xinjiang is a key regional market for the company, which has secured new orders for coal chemical projects in the area [2]. - The first set of Xinjiang coal-to-gas projects has been obtained this year [2]. - Many projects related to the coal chemical boom in Xinjiang will undergo multiple processes before reaching the company's operational segments, with the earliest projects expected to materialize in Q3 or Q4 of this year [2]. - The sales team will actively follow up on market projects, which could lead to significant order increases if they materialize [2].

Core Viewpoint - Ordos City has successfully implemented a pilot project for coordinated pollution reduction and carbon reduction, showcasing significant achievements in environmental governance and economic growth [3][9]. Group 1: Pilot Project Achievements - Ordos City, along with the Ordos High-tech Industrial Development Zone and the Sulige Economic Development Zone, was selected as one of the first national pilot projects for coordinated pollution and carbon reduction, being the only city in Inner Mongolia to achieve this [3]. - A total investment of 1000.99 billion yuan has been completed across 84 key pilot projects, with air quality remaining above 90% since the start of the 14th Five-Year Plan [3]. - The city's GDP reached 636.3 billion yuan, marking the third instance of crossing the trillion-yuan threshold during the 14th Five-Year Plan, with a 25.8% reduction in energy consumption per unit of GDP and a 13.6% decrease in carbon emission intensity [3]. Group 2: Innovative Approaches - The "photovoltaic desertification control" model has been introduced, integrating renewable energy development with ecological restoration, resulting in nearly 10 million kilowatts of photovoltaic projects and the reclamation of over 300,000 acres of desertified land [4]. - The city is advancing hydrogen energy applications in modern coal chemical processes, with 13 approved wind and solar hydrogen projects totaling 939.2 million kilowatts, aiming to reduce coal consumption by approximately 253 million tons annually [5]. Group 3: Green Logistics and Environmental Governance - A multi-modal transport system is being developed to promote green logistics, with significant investments in rail infrastructure and the use of hydrogen-powered heavy trucks, resulting in a reduction of carbon emissions by approximately 78,000 tons [6]. - The city has implemented comprehensive air quality improvement plans, including the closure of small coal-fired boilers and the establishment of a solid waste utilization database, leading to a decrease in industrial solid waste generation intensity from 5.88 tons per 10,000 yuan in 2020 to 4.05 tons in 2023 [7]. Group 4: Technological Innovation and Community Engagement - Ordos City is fostering innovation through the establishment of research institutions and the implementation of technology-driven projects, contributing to advancements in green technologies [8]. - The city has launched a carbon benefit mechanism to encourage community participation in carbon reduction efforts, including the development of a personal carbon account system [8]. Group 5: Future Directions - Ordos City aims to build a "beautiful Ordos" by focusing on industrial transformation, energy structure adjustment, and environmental governance, striving to create a comprehensive system for coordinated pollution and carbon reduction innovation [9].

Report Industry Investment Ratings - Urea: Not rated - Methanol: ★☆☆ [1] - Pure Benzene: Not rated - Styrene: Not rated - Polypropylene: ☆☆☆ [1] - Plastic: ☆☆☆ [1] - PVC: Not rated - Caustic Soda: Not rated - PX: Not rated - PTA: ☆☆☆ [1] - Ethylene Glycol: Not rated - Short Fiber: ☆☆☆ [1] - Glass: ☆☆☆ [1] - Soda Ash: Not rated - Bottle Chip: Not rated - Propylene: ☆☆☆ [1] Core Viewpoints - The olefin and polyolefin futures contracts showed different trends. The olefin futures declined, while the polyolefin futures oscillated weakly. The supply and demand fundamentals of polyolefins were weak, putting pressure on prices [2]. - The pure benzene and styrene markets had their own characteristics. The pure benzene market was expected to improve in the third - quarter mid - late stage but face pressure in the fourth quarter. The styrene market had cost support but limited unilateral drive [3]. - In the polyester market, PX and PTA had different price trends, and the polyester industry was expected to increase its load. Ethylene glycol was in short - term low - level oscillation, and short - fiber was recommended for long - term configuration [4]. - The methanol market was in a weak trend, and the urea market was affected by export news and market sentiment [5]. - The PVC market was weak, and the caustic soda market had short - term support but long - term supply pressure [6]. - The soda ash market was in a long - term oversupply situation, and the glass market was expected to be near the cost line [7]. Summary by Directory Olefin - Polyolefin - Olefin futures: The main contracts of olefin futures closed down. There were both start - up and shutdown plans for devices. The inventory pressure of producers was relatively controllable, and the downstream demand was general [2]. - Polyolefin futures: The main contracts of polyolefin futures oscillated weakly. The supply of polyethylene decreased slightly, and the demand improvement was limited. The supply of polypropylene was expected to increase, and the demand was weak [2]. Pure Benzene - Styrene - Pure benzene: The pure benzene market was expected to improve seasonally in the third - quarter mid - late stage but face pressure in the fourth quarter. It was recommended to operate on the monthly spread [3]. - Styrene: The styrene market had cost support, but the unilateral drive was limited. The domestic production was expected to increase [3]. Polyester - PX - PTA: The price of PX increased slightly, and the PX - PTA spread shrank. The polyester industry was expected to increase its load, and the PX supply - demand was expected to improve [4]. - Ethylene glycol: The ethylene glycol price was above 4400 yuan/ton. The port inventory increased, and it was in short - term low - level oscillation [4]. - Short fiber: The short - fiber supply - demand was stable, and it was recommended for long - term configuration and monthly spread positive arbitrage [4]. - Bottle chip: The bottle - chip processing spread oscillated at a low level, and over - capacity limited the repair space [4]. Coal Chemical Industry - Methanol: The methanol market continued to decline, and the port inventory was expected to reach a historical high in the third - quarter end [5]. - Urea: The urea market was affected by export news and market sentiment. The supply - demand was loose in the short term [5]. Chlor - Alkali - PVC: The PVC market was weak. The export competition pressure increased, the supply was high, and the demand was insufficient [6]. - Caustic soda: The caustic soda market had short - term support from replenishment demand but long - term supply pressure [6]. Soda Ash - Glass - Soda ash: The soda ash market was in a long - term oversupply situation, and the price was under pressure [7]. - Glass: The glass market was expected to be near the cost line, and the short - term real - world trading was weak [7].

Investment Rating - The report provides a standard investment rating for the chemical industry, indicating a positive outlook for specific sectors within the industry [5]. Core Insights - The report highlights the impact of the explosion at Kanto Denka's facility in Japan, which is expected to create opportunities for domestic electronic gas suppliers as Kanto Denka holds a 90% market share in nitrogen trifluoride production in Japan [6][13]. - The first World Humanoid Robot Games held in Beijing is seen as a catalyst for the robotics industry's development, showcasing technological innovation and attracting talent [6][14]. - The report emphasizes the structural optimization of supply in the chemical sector, suggesting a focus on sectors with significant elasticity and competitive advantages, such as organic silicon and membrane materials [6][15]. Industry Performance - The report notes that during the week of August 11 to August 15, 2025, the CSI 300 index rose by 2.37%, while the Shenwan Basic Chemical Index increased by 2.46%, outperforming the market slightly [6][18]. - The top-performing sub-sectors included modified plastics (up 12.29%) and fluorochemicals (up 5.81%), while the worst performers were civil explosives (down 3.02%) and compound fertilizers (down 1.81%) [6][19]. Price Trends - Key products that saw price increases included hydrochloric acid (up 15.38%) and propylene (up 4.00%), while notable declines were observed in butanone (down 7.16%) and liquid ammonia (down 5.89%) [6][26]. - The report tracks price differentials, with significant increases in the propylene-propane differential (up 33.47%) and decreases in the bisphenol A-phenol differential (down 26.57%) [6][28]. Investment Recommendations - The report suggests focusing on sectors that may benefit from supply-side reforms, particularly organic silicon, membrane materials, and dye sectors, with recommended companies including Hoshine Silicon Industry and Zhejiang Longsheng [6][15]. - It also highlights the growing demand for health additives and sugar substitutes driven by new consumer trends, recommending companies that emphasize technological and product differentiation [6][16][17].

证券时报记者刘灿邦实习生云靖童 8月19日，特变电工（600089）披露可转债发行预案，公司拟通过本次发行募集资金80亿元，扣除发行 费用后，将全部投入准东20亿Nm/年煤制天然气项目，该项目总投资为170.39亿元。 具体而言，该项目建设是落实全国能源资源战略保障基地建设、夯实西气东输工程、保障国家能源安全 的重要举措，对推动煤化工转型升级、提升煤炭高效清洁利用能力、实现"碳达峰""碳中和"具有重要意 义，同时，也是特变电工推动能源业务结构性升级的必要举措，经济效益好，是公司主营业务长远发展 的战略需要。 据了解，能源产业是特变电工核心业务板块，包括煤炭开采及销售、煤炭发电等。公司拥有的煤炭资源 量达126亿吨，当前核定煤炭产能7400万吨/年，火电装机504万千瓦。 可行性分析报告显示，募投项目建设单位是特变电工控股子公司新疆天池能源有限责任公司的全资子公 司新疆准能化工有限公司，建设地点位于新疆准东经济技术开发区将军庙产业园，项目建设期为3年。 按照项目建设期3年，第4年投产且生产负荷达到80%，第5年达产；项目经济服务年限为15年，所得税 率25%，年生产121428万Nm合成天然气(SNG)、58. ...

Core Viewpoint - The Xinjiang Xuanli Environmental Protection Energy Co., Ltd. has initiated the construction of China's first large-scale green extraction project for coal tar phenol, marking a significant advancement in the domestic coal tar processing industry [1][2]. Group 1: Project Overview - The project has a total investment of 1.071 billion yuan and is part of the "coal-electricity-oil-gas-chemical-material" circular economy industrial chain in the Xinjiang Naomao Lake Economic and Technological Development Zone [2]. - The project aims to utilize low-grade coal efficiently and focuses on the industrial application of high-energy coal chemical technologies [2]. Group 2: Technological Advancements - The project employs a green phenol extraction technology developed by the China Coal Science and Technology Research Institute, which addresses key challenges in the industry, such as low extraction rates of phenolic compounds, high wastewater production, and poor product quality [1]. - The technology has been validated through pilot tests and has been recognized as reaching international advanced levels by the China National Coal Association [1]. Group 3: Production Capacity and Output - Upon completion, the project is expected to produce 13,600 tons of phenolic resin, 6,700 tons of ortho-cresol, 22,300 tons of meta-cresol, 18,600 tons of dimethyl phenol, and 31,320 tons of high-grade phenols annually, along with by-products including 4,500 tons of neutral oil and 99,700 tons of dephenolized oil [2].

特变电工股份有限公司 证券代码：600089 证券简称：特变电工 特变电工股份有限公司 向不特定对象发行可转换公司债券 募集资金使用可行性分析报告 二零二五年八月 特变电工股份有限公司 一、本次募集资金投资计划 特变电工股份有限公司（以下简称"特变电工"、"公司"）本次公开发行 可转换公司债券（以下简称"可转债"）的募集资金总额不超过人民币 800,000.00 万元（含本数，下同），扣除发行费用后，募集资金将用于以下项目： 单位：万元 序号 项目简称 实施地点 实施主体 投资总金额 募集资金投资金额 准 东 20 亿 新疆准东经济 新疆准能化 工有限公司 天然气项目 军庙产业园 合计 1,703,941.12 800,000.00 项目总投资金额高于本次募集资金使用金额的部分由公司自筹解决；同时， 若本次发行扣除发行费用后的实际募集资金金额低于本次募集资金投资项目使 用金额，不足部分由公司自筹解决。 若公司在本次公开发行可转换公司债券的募集资金到位之前，根据公司经营 状况和发展规划对项目以自筹资金先行投入，则先行投入部分将在本次发行募集 资金到位之后以募集资金予以置换。 二、本次募集资金投资项目的必要性和可 ...

Investment Strategy - The report emphasizes the strategic importance of Xinjiang in the context of national policies, highlighting its transition from a peripheral region to a key player in the Belt and Road Initiative, benefiting from energy security and environmental policies [8][9] - The focus is on two main investment themes: coal chemical investments and state-owned enterprise reforms, with a strong emphasis on the development of coal chemical projects in Xinjiang [12][11] Xinjiang Index Situation - The Xinjiang Index stands at 117.47, down 0.36% week-on-week, while the Xinjiang Coal Chemical Investment Index is at 112.28, down 0.51% [15] - The top three performing companies this week include Xinjiang Jiaojian (+18.03%), Hongtong Gas (+15.80%), and ST Tianshan (+7.02%), driven by significant progress in the Duku Expressway project [15] Key Data Tracking - Key prices in Xinjiang include Q5000 mixed coal at 100 CNY/ton, Q5200 mixed coal at 197 CNY/ton, and main coking coal at 750 CNY/ton [19] - In July 2025, coal railway shipments from state-owned key coal mines reached 3.184 million tons, a year-on-year decrease of 1.24%, while Xinjiang's raw coal production in June 2025 was 53.923 million tons, an increase of 25.53% year-on-year [19] Recent Project Developments - The report highlights the successful trial operation of the 1 million tons per year acetic acid project by Xinjiang Zhonghe Hezhong New Materials, marking it as the largest single-unit acetic acid production base globally [11] - Ongoing projects include the 800,000 tons/year coal-to-olefins project and the 2 billion cubic meters/year coal-to-gas project, with significant investments and expected production capacities [42][41] Economic Advantages of Coal Chemical Development - Xinjiang's coal chemical industry benefits from lower raw material costs compared to other regions, with a cost advantage of approximately 1,900 CNY/ton when compared to other coal sources [10] - The report notes that the development of coal chemical projects in Xinjiang is supported by improved transportation infrastructure and favorable industrial policies [9][11] State-Owned Enterprise Reforms - The report indicates that state-owned enterprises in Xinjiang are undergoing significant reforms, with a focus on business restructuring and management optimization, which is expected to enhance operational efficiency [11][12] - Recent changes in control and acquisitions among local state-owned enterprises signal an acceleration in the reform process [11]

Group 1 - China Shenhua announced a restructuring plan to acquire 13 core asset companies under its controlling shareholder, China Energy Group, through a combination of share issuance and cash payment [1] - The targeted companies operate in various sectors including coal, coal power, coal chemical, and logistics services, with a total asset value of 258.36 billion yuan and a net asset value of 93.89 billion yuan by the end of 2024 [1] - The acquisition aims to enhance China Shenhua's resource reserves and core business capacity, optimizing its entire industry chain layout [1] Group 2 - Following the announcement, China Shenhua's stock opened with a limit increase and closed up approximately 4.45%, with a market capitalization of 777.94 billion yuan [2] - In 2024, China Shenhua's total revenue is projected to be 338.38 billion yuan, a year-on-year decrease of 1.4%, with a net profit of 58.67 billion yuan, also down 1.7% [2] - The company has a strong cash dividend history, with cumulative cash dividends reaching 491.9 billion yuan since its listing, maintaining a payout ratio above 70% in recent years [2]

如今，该项目的产品产量已成功跨越百万吨大关，被中央宣传部等6部委列入建党百年百条精品线 路"走近大国重器、感受中国力量"系列，成为展示中国工业实力和科技创新成就的闪亮名片。 让人难以想象的是，10年前这里还是一片吞噬天际的亘古黄沙。十年光阴流转，这座承载着国家能 源战略梦想的超级工程，如何将深埋地下的乌金转化为驱动时代的"液体黄金"？又如何在我国能源革命 的壮阔画卷上写下浓墨重彩的一笔？ 向梦而行：十年砺剑，铸就大国重器 时值盛夏，陕北高原绿意正浓，处处焕发着盎然生机。在广袤的毛乌素沙漠边缘，一座钢铁高塔巍 然耸立，管线如巨龙般蜿蜒，机器的轰鸣昼夜不息——这里，是由山东能源兖矿能源建设运营的国内首 套百万吨级煤间接液化示范项目。 2015年8月23日，是陕西未来能源化工有限公司煤制油分公司（下称煤制油分公司）最难忘的日 子：百万吨级煤间接液化示范项目全流程打通一次投料成功，并产出合格的柴油、石脑油、液化石油气 等产品。 时针拨回2012年7月。 中国面临着"富煤、缺油、少气"的能源结构性困局。保障国家能源安全、实现供应多元化，成为战 略需求。 肩负着这一崇高使命，山东能源兖矿能源于时代浪潮中审时度势，将目光投 ...