Core Points - The stock price of Lu Xi Chemical fell by 2.06% on October 16, trading at 12.83 CNY per share with a total market capitalization of 24.432 billion CNY [1] - Year-to-date, Lu Xi Chemical's stock price has increased by 13.14%, but it has seen a decline of 9.96% over the last five trading days and 11.76% over the last 20 days [1] - The company's main business revenue composition includes 66.07% from new chemical materials, 20.11% from basic chemicals, 12.06% from fertilizers, and 1.76% from other products [1] Financial Performance - For the first half of 2025, Lu Xi Chemical reported a revenue of 14.739 billion CNY, a year-on-year increase of 4.98%, while the net profit attributable to shareholders decreased by 34.81% to 763 million CNY [2] - The company has distributed a total of 9.885 billion CNY in dividends since its A-share listing, with 2.167 billion CNY distributed over the last three years [2] Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 9.83% to 101,000, while the average circulating shares per person decreased by 8.95% to 18,860 shares [2] - Notable institutional shareholders include Southern CSI 500 ETF, holding 16.9804 million shares, and Hong Kong Central Clearing Limited, holding 16.6184 million shares [2]

Group 1: Report Investment Ratings - All three commodities (urea,纯碱, and glass) are rated as "Oscillating" [1] Group 2: Core Views - **Urea**: Demand shortage continues to suppress the price trends of urea futures and spot. The futures price shows signs of stopping decline but lacks upward momentum. It is recommended to view it from a bottom - oscillating perspective, and pay attention to the results of Indian tenders, export policy dynamics, northern weather, and spot trading conditions [1] - **纯碱**: The driving force in the soda ash market remains limited, and the futures price is mainly in low - level consolidation. Pay attention to the policy orientation of the Fourth Plenary Session of the 20th Central Committee next week, macro - sentiment, and this week's inventory data [1] - **Glass**: The market sentiment of glass remains weak. After consecutive days of decline, the futures price may stop falling, but the rebound driving force is still insufficient. Pay attention to external factors such as policy orientation and macro - sentiment, as well as spot trading volume and this week's inventory data [1] Group 3: Market Information Summaries Urea - On October 15, the number of urea futures warehouse receipts was 6493, a decrease of 77 from the previous trading day, with 21 valid forecasts [4] - On October 15, the daily output of the urea industry was 18.46 tons, a decrease of 0.12 tons from the previous working day and 0.53 tons from the same period last year. The operating rate was 78.90%, a decrease of 6.26 percentage points from 85.16% in the same period last year [4] - On October 15, the spot prices of small - granular urea in various domestic regions remained unchanged. For example, the price in Shandong was 1550 yuan/ton, and in Henan was 1540 yuan/ton [4] - As of October 15, the inventory of urea enterprises was 161.54 tons, an increase of 17.15 tons (+11.88%) from last week [5] Soda Ash & Glass - On October 15, the number of soda ash futures warehouse receipts was 7856, a decrease of 26 from the previous trading day, with 2371 valid forecasts. The number of glass futures warehouse receipts was 0, unchanged from the previous trading day [7] - On October 15, the spot prices of soda ash in various regions remained unchanged. For example, in North China, the price of light soda ash was 1200 yuan/ton, and heavy soda ash was 1300 yuan/ton [7] - On October 15, the daily operating rate of the soda ash industry was 85.28%, remaining stable day - on - day [8] - On October 15, the average price of the float glass market was 1249 yuan/ton, a decrease of 7 yuan/ton day - on - day. The daily output of the industry was 16.13 tons, remaining unchanged day - on - day [8] Group 4: Chart Analysis - The report presents multiple charts including the closing prices, basis, trading volume and open interest, spreads of different contracts, and the price differences between related commodities of urea, soda ash, and glass [10][11][13] - All chart data sources are iFind and the Research Institute of Everbright Futures [19] Group 5: Research Team Members - Zhang Xiaojin, the research director of resource products at Everbright Futures Research Institute, focuses on sugar industry research and has won many awards [23] - Zhang Linglu, an analyst of resource products at Everbright Futures Research Institute, is responsible for the research of futures varieties such as urea, soda ash, and glass and has won relevant honors [23] - Sun Chengzhen, an analyst of resource products at Everbright Futures Research Institute, is engaged in the fundamental research and data analysis of varieties such as cotton, cotton yarn, and ferroalloys and has won relevant titles [23]

Core Viewpoint - The Datang Fuxin Coal-to-Gas Project, a key national energy strategy initiative, has resumed construction after a decade-long halt, aiming to produce 1.33 billion standard cubic meters of coal-derived natural gas annually by 2026, significantly enhancing energy supply in Northeast China [2][3][5]. Group 1: Project Overview - The project is designed to produce 1.33 billion standard cubic meters of coal-derived natural gas annually, with an expected annual output value exceeding 4 billion yuan, potentially surpassing 6 billion yuan when integrated with renewable energy [2][3]. - The project will provide a stable gas supply for 15.96 million residents across five cities, significantly boosting the natural gas supply capacity in Northeast China [2][3]. - The project is a symbol of Fuxin's transformation from a resource-depleted city to a clean energy base, aligning with national energy strategy goals [2][3][5]. Group 2: Historical Context - The project commenced in 2011 with an investment plan exceeding 22 billion yuan, aiming to address the energy transition in Northeast China [3][4]. - After initial construction, the project faced multiple challenges, including unstable coal supply and technological issues, leading to a ten-year pause [4][5]. - The project was revitalized in 2022 as part of Fuxin's industrial transformation efforts, with the local government prioritizing it in the provincial key project list [7][8]. Group 3: Technological Advancements - The project has benefited from significant technological advancements over the past decade, including a new gasification technology that has achieved over 400 days of continuous operation [10]. - The project incorporates innovative solutions such as a green hydrogen coupling system for carbon resource recycling and zero wastewater discharge technology, aligning with low-carbon development goals [11][12]. - The project aims to develop a comprehensive industrial chain, including biodegradable materials and high-end chemical products, enhancing its economic viability [12].

Core Insights - The CITIC Basic Chemical Industry Index increased by 5.02% in September 2025, ranking 7th among 30 CITIC primary industries [1][2] - Sub-industries such as lithium chemical products, electronic chemicals, and modified plastics showed strong performance [1][2] - Chemical product prices continued to decline in September 2025 [1][2] Market Review - The CITIC Basic Chemical Industry Index outperformed the Shanghai Composite Index by 4.38 percentage points and the CSI 300 Index by 1.82 percentage points in September 2025 [2] - Over the past year, the index rose by 28.23%, surpassing the Shanghai Composite Index by 11.86 percentage points and the CSI 300 Index by 12.73 percentage points [2] Sub-industry and Stock Performance - In September 2025, 16 out of 33 CITIC tertiary sub-industries rose, while 17 declined [3] - Lithium chemical products, electronic chemicals, and modified plastics increased by 32.82%, 12.09%, and 11.91% respectively [3] - Among 524 stocks in the basic chemical sector, 215 rose and 309 fell, with the top gainers including Lanfeng Biochemical and Tianji Co., with increases of 103.92% and 84.82% respectively [3] Product Price Tracking - International oil prices continued to decline in September 2025, with WTI crude oil down by 2.56% and Brent crude oil down by 1.61% [4] - Among 319 tracked products, 93 saw price increases, while 175 experienced declines, indicating an overall downward trend in basic chemical product prices [4] Industry Investment Recommendations - The industry maintains a "market perform" investment rating, with expectations for improved supply and demand dynamics due to the implementation of growth plans [5] - For October 2025, the investment strategy suggests focusing on the pesticide, polyester filament, coal chemical, phosphate, and potassium fertilizer sectors [5]

Core Insights - The project is a key national energy strategy initiative and the first coal-to-natural gas demonstration project in Northeast China, aimed at reducing dependence on foreign natural gas and enhancing energy self-sufficiency [2][3] Group 1: Project Overview - The Datang Fuxin coal-to-natural gas project is a national-level demonstration project and the only one of its kind in Northeast China [3] - The project is designed to produce 1.33 billion standard cubic meters of coal-derived natural gas annually, with full production expected by October 2026 [3] - Once fully operational, the project is projected to generate an annual output value exceeding 4 billion yuan, potentially surpassing 6 billion yuan when integrated with renewable energy [3] Group 2: Economic and Employment Impact - The project will provide stable gas supply for 15.96 million residents across five cities in Liaoning Province, significantly enhancing the natural gas supply capacity in Northeast China [3] - It is expected to create over 2,000 direct jobs upon completion of the first phase [3] Group 3: Technological and Environmental Aspects - The project utilizes self-developed technologies such as crushed coal pressurized gasification and high-efficiency methanation catalysts, achieving over 98% localization of equipment [4] - It aims to convert low-quality coal, which has high carbon emissions and is difficult to utilize directly, into clean and low-carbon natural gas [4] - The project is positioned to leverage the advantages of coal-to-gas technology and promote innovative cooperation between central and local governments, potentially leading to a new development path that integrates coal-to-gas with renewable energy [4]

| 指标项目 | 单位 | 2025 | 年 | 2024 | 年 | 变化比率（%） | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 9 月份 | 累计 | 9 月份 | 累计 | 9 月份 | 累计 | | 一、煤炭业务 | | | | | | | | | （一）商品煤产量 | 万吨 | 1,159 | 10,158 | 1,190 | 10,231 | -2.6 | -0.7 | | （二）商品煤销量 | 万吨 | 1,966 | 19,036 | 2,461 | 20,551 | -20.1 | -7.4 | | 其中：自产商品煤销量 | 万吨 | 1,105 | 10,145 | 1,169 | 10,038 | -5.5 | 1.1 | | 二、煤化工业务 | | | | | | | | | （一）聚烯烃 | | | | | | | | | 1.聚乙烯产量 | 万吨 | 6.5 | 51.0 | 6.5 | 59.1 | 0.0 | -13.7 | | 聚乙烯销量 | 万吨 | 6.9 | 50.5 | 6.6 | 58.9 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，幷明確表示，概不對因本公告全部或任何部份內容 而産生或因依賴該等內容而引致的任何損失承擔任何責任。 ( 於中華人民共和國註冊成立的股份有限公司 ) （股份代號：01898） （海外監管公告） 中國中煤能源股份有限公司（「本公司」）董事會及全體董事保證本公告內容 不存在任何虛假記載、誤導性陳述或重大遺漏，並對其內容的真實性、準確 性和完整性承擔法律責任。 2025 年 9 月份主要生產經營數據公告 此外，因受到諸多因素的影響，包括（但不限於）國家宏觀政策調整、國內 外市場環境變化、惡劣天氣及災害、設備檢修維護、安全檢查和煤礦地質條件變 化等，所公告生產經營數據在月度之間可能存在較大差異。 上述生產經營數據並不對本公司未來經營情況作出任何明示或默示的預測 或保證，投資者應注意不恰當信賴或使用以上信息可能造成投資風險。 公司將在本公告披露後適時召開月度生產經營資料說明會，具體參會事宜請 詢公司投資者熱線 010-82236028。 承董事會命 中國中煤能源股份有限公司 董事長、執行董事 王樹東 中國 北京 ...

Investment Rating - The report maintains an "optimistic" rating for the chemical industry [4] Core Insights - Q3 is traditionally a low season for downstream chemical products, with prices of chemical products retreating from high levels. However, high demand in sub-sectors like agricultural chemicals supports performance [3][4] - The supply side of the chemical sector is nearing the end of capital expenditure, and policies aimed at reducing excess capacity are expected to accelerate the exit of outdated production capacity. Demand is anticipated to trend upward in the long term due to stabilizing oil prices and easing liquidity [4] Summary by Relevant Sections Agricultural Chemicals - The agricultural chain is expected to see steady growth in fertilizer demand due to increasing cultivated areas and higher penetration of genetically modified crops. Key companies to watch include Hualu Hengsheng and Baofeng Energy for nitrogen fertilizers, Yuntianhua and Xingfa Group for phosphate fertilizers, and Yara International for potash fertilizers [4] Textile and Apparel Chain - The textile and apparel chain has maintained high growth rates, with supply-side production peaks having passed. Companies like Luxi Chemical and Tongkun Co. are highlighted for their potential in this sector [4] Export-Related Chemicals - With overall overseas inventory at historical lows and expectations of interest rate cuts, demand for export-related chemical products is expected to rise. Key companies include Juhua Co. and Sanmei Co. in the fluorochemical sector, and Wanhua Chemical in the MDI segment [4] New Materials - The report emphasizes the acceleration of domestic self-sufficiency in key materials, particularly in semiconductor materials and OLED panel materials. Companies like Yake Technology and Ruijie New Materials are noted for their growth potential [5]

Group 1: Report Industry Investment Rating - The investment ratings for urea, soda ash, and glass are all "oscillating" [2] Group 2: Core Views of the Report - Urea futures prices rebounded from a low on Monday, with the closing price of the main 01 contract at 1,610 yuan/ton, a slight increase of 0.56%. Spot prices continued to weaken. Demand is insufficient, but low prices are favorable. The Indian tender results will be released on Wednesday, and the impact on the domestic market needs attention. The futures market may rebound from the bottom but lacks upward momentum, and should be treated with a wide - range oscillation mindset [2] - Soda ash futures prices fluctuated widely on Monday, with the closing price of the main 01 contract at 1,247 yuan/ton, a slight decrease of 0.48%. Spot manufacturers' quotes were mostly stable, and traders' quotes fluctuated. The fundamentals have no bright spots, the futures market sentiment is short - term weak, and external macro and policy factors need attention [2] - Glass futures prices were weak on Monday, with the closing price of the main 01 contract at 1,179 yuan/ton, a decline of 3.68%. Spot prices were stable. The market's concern about supply decline has eased, demand support is insufficient, and short - term market sentiment is weak. Attention should be paid to policy expectations and supply changes [2] Group 3: Summary by Relevant Catalogs Market Information Urea - On October 13, the number of urea futures warehouse receipts was 6,917, a decrease of 100 from the previous trading day, and the valid forecast was 21 [5] - On October 13, the daily output of the urea industry was 192,000 tons, an increase of 300 tons from the previous working day and an increase of 3,400 tons from the same period last year. The operating rate was 82.06%, a decrease of 2.52 percentage points from 84.58% in the same period last year [5] - On October 13, the small - particle urea spot prices in various domestic regions were: Shandong 1,530 yuan/ton, a decrease of 10 yuan/ton; Henan 1,520 yuan/ton, a decrease of 10 yuan/ton; Hebei 1,570 yuan/ton, a decrease of 30 yuan/ton; Anhui 1,550 yuan/ton, a decrease of 10 yuan/ton; Jiangsu 1,530 yuan/ton, a decrease of 20 yuan/ton; Shanxi 1,450 yuan/ton, unchanged [5] Soda Ash & Glass - On October 13, the number of soda ash futures warehouse receipts was 7,565, an increase of 512 from the previous trading day, with 1,839 valid forecasts; the number of glass futures warehouse receipts was 0, unchanged from the previous trading day [7] - On October 13, the soda ash spot prices were: North China light soda 1,200 yuan/ton, heavy soda 1,300 yuan/ton; Central China light soda 1,150 yuan/ton, heavy soda 1,250 yuan/ton; East China light soda 1,130 yuan/ton, heavy soda 1,250 yuan/ton; South China light soda 1,350 yuan/ton, heavy soda 1,400 yuan/ton; Southwest light soda 1,200 yuan/ton, heavy soda 1,300 yuan/ton; Northwest light soda 950 yuan/ton, heavy soda 950 yuan/ton, a decrease of 30 yuan/ton [7] - On October 13, the daily operating rate of the soda ash industry was 85.28%, compared with 84.39% on the previous working day [8] - On October 13, the average price of the float glass market was 1,264 yuan/ton, unchanged from the previous day; the industry's daily output was 161,300 tons, unchanged from the previous day [8] Chart Analysis - The report includes multiple charts such as the closing price, basis, trading volume and open interest, price difference, and spot price trend charts of urea and soda ash, as well as the futures price difference charts of urea - methanol and glass - soda ash. All chart data sources are iFind and the Everbright Futures Research Institute [10][12][18][19]

Core Viewpoint - The National Development and Reform Commission has issued a management approach to support low-carbon transformation in coal power and coal chemical projects, as well as promoting clean energy alternatives in various industries [1] Group 1: Policy Support - The new management approach emphasizes support for the low-carbon transformation of coal power units and coal chemical projects [1] - It encourages the replacement of coal-fired boilers and industrial kilns in industries such as food, tobacco, textiles, paper, and dyeing with clean energy solutions [1] - The initiative also supports urban and rural residents in adopting geothermal and biomass energy for heating purposes [1]