Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core Viewpoints of the Report - Urea: The spot price of urea increased slightly on Thursday. The supply level continued to decline, and the demand follow - up was still insufficient. The inventory of enterprises increased by 11.88% this week. The futures and spot markets' pessimistic sentiment eased, but the market was short of drivers. The futures price was expected to fluctuate at the bottom. Attention should be paid to the India tender results, export policies, northern weather, and spot trading [1]. - Soda Ash: The spot price of soda ash was basically stable on Thursday. The supply decreased slightly, and the demand was stable. The inventory of enterprises increased by 2.45%. The futures market had no new drivers, and the futures price continued to consolidate at the bottom. It might gradually trade on the macro - policy expectations such as the Fourth Plenary Session of the 20th Central Committee. Attention should be paid to the macro - sentiment, policy dynamics, and related commodity trends [1]. - Glass: The spot price of glass declined on Thursday. The daily melting volume remained stable. The demand follow - up slowed down, and the inventory of enterprises increased by 2.31%. The market sentiment was weak, and the futures price was expected to fluctuate weakly. Attention should be paid to the policy orientation of the Fourth Plenary Session of the 20th Central Committee and macro - sentiment [1]. Group 3: Summary by Relevant Catalogs Urea - Market Information: On October 16, the futures warehouse receipts of urea decreased by 55 to 6438, with 21 valid forecasts. The daily output was 18.12 tons, a decrease of 0.34 tons from the previous day and 0.95 tons from the same period last year. The operating rate was 77.45%, 8.07 percentage points lower than the same period last year. The spot prices in Shandong, Henan, etc., increased by 10 yuan/ton. As of October 15, the enterprise inventory was 161.54 tons, an increase of 17.15 tons or 11.88% from last week [4][5]. Soda Ash and Glass - Market Information: On October 16, the futures warehouse receipts of soda ash increased by 1427 to 9283, with 806 valid forecasts; the glass futures warehouse receipts remained at 0. The spot prices of soda ash were flat. The weekly output of soda ash decreased by 3.03 tons or 3.93% to 74.05 tons, and the capacity utilization rate decreased by 3.48 percentage points to 84.93%. The enterprise inventory increased by 0.94% from Monday and 2.45% from last Thursday. The average market price of float glass was 1246 yuan/ton, a decrease of 3 yuan/ton from the previous day, and the daily output remained unchanged. As of October 16, the national float glass enterprise inventory increased by 2.31% week - on - week to 6427.6 million weight boxes, and the inventory days increased by 0.6 days to 27.3 days [7][8]. Chart Analysis - The report presents multiple charts including the closing prices, basis, trading volume, and positions of urea and soda ash futures contracts, as well as the price spreads between different contracts and the price spreads between different commodities. All chart data sources are iFind and the Research Institute of Everbright Futures [10][11][13][16][17][18]. Group 4: Research Team Introduction - The resource product research team includes Zhang Xiaojin, the research director focusing on the sugar industry; Zhang Linglu, responsible for research on urea, soda ash, and glass; and Sun Chengzhen, engaged in research on cotton, cotton yarn, and ferroalloys [22].

Core Viewpoint - The chemical industry is positioned as a key player in achieving carbon peak and carbon neutrality in China's green low-carbon economy, emphasizing the potential for waste utilization to balance carbon reduction and development [1][2] Group 1: Carbon Reduction Strategies - The chemical industry can leverage waste materials to replace traditional raw materials, thus achieving both carbon reduction and economic development [1] - Shanxi Huayu Energy Chemical Co., Ltd. transforms gasification coarse slag into a substitute for red clay in brick production, saving 10,000 tons of standard coal annually and reducing CO2 emissions by 24,500 tons [1] - The company also utilizes low-sulfur waste alcohol, distillation waste gas, and dried sludge in boilers, saving 1,000 tons of standard coal per year [1] Group 2: Utilization of By-products - Chemical enterprises can synchronize carbon reduction and cost reduction by effectively utilizing by-products [2] - The Luan Chemical Fengxi Group's project produces 5 tons of low-grade steam per hour as a by-product, which was previously wasted; after implementing a technology upgrade, this steam generates 9,600 kWh of electricity daily, reducing CO2 emissions by approximately 7.06 tons per day [2] - The project also recycles condensate for reuse in the system, reducing desalination water preparation and achieving dual cost savings [2]

碳达峰、碳中和是我国构建绿色低碳经济体系的重要推动力。作为国民经济支柱产业之一的化工行业， 理当积极参与其中，成为节能降碳的主力军。 总之，化工企业变废为宝的场景无处不在，只要我们立足企业实际，让"废"替代"原"，就能避免废物浪 费，让减碳变得轻松自如。 以华昱能源化工山西有限公司的实践为例。作为年转化无烟煤200万吨的大型煤化工企业，山西公司每 年都会产出同等体量的气化粗渣。若按传统方式填埋或堆放，不仅要占用土地，还会释放二氧化碳、甲 烷等温室气体，增加碳排放压力。为此，他们结合企业制砖项目需求，将气化粗渣进行预处理后，用里 面的细砂替代传统制砖依赖的红黏土，一方面省去了处理废渣的费用;另一方面解决了粗渣长期堆放的 难题，切断了红黏土在开采、运输、加工全链条过程中的间接碳排放。该项目每年可节省1万吨标准 煤，对应减少二氧化碳排放2.45万吨。除了利用气化粗渣外，山西公司还把低甲含硫废醇、精馏废气、 干化污泥等需要处理的废料引入锅炉掺烧，仅此一项年可节约能量1000吨标煤。 此外，化工企业还可以通过合理利用副产品，让减碳和降本同步落地。以潞安化工丰喜集团临猗分公司 三聚氰胺(一期)项目为例。该项目年产5万吨三 ...

"从今年6月份开始，公司全面启动基础设计修编工作，严格依据最新国家标准与行业规范，并充分借鉴中国大唐在内蒙古克什克腾旗布局的项目实际运 行经验，系统梳理并落实了多项设计优化与改造内容。"大唐阜新煤制天然气公司党委副书记包雪说，随着后续技改项目的陆续投运，新工艺、新技术、新 设备及新材料不断引入，公司能效与清洁生产水平将实现显著提升。 环保投入上的升级，堪称一举两得。该公司合成项目组负责人李强表示，煤炭的成分比较复杂，除制成天然气以外，还产生很多副产品。拿硫化物举 例，过去因处理能力有限，会造成一定程度的环境污染，现在经过回收再处理，可产出固态和液态的硫产品进行二次销售，变废为宝，还避免了环境污染。 RTO项目的实施，大幅提高了挥发性有机物治理效率，确保污染物排放符合国家及地方标准，同时通过高效热能回收降低了生产成本。 中国大唐阜新煤制天然气项目建设现场。 10月15日上午，在中国大唐阜新煤制天然气项目复工建设动员会现场，随着最后一项大型装备吊装作业顺利完成，项目进入全面复工建设阶段。 中国大唐阜新煤制天然气项目是党中央、国务院支持东北老工业基地振兴的重大项目，是经国家发展改革委核准的第三个大型煤制天然气示范工 ...

能源重镇榆林，正在涌动着绿色发展的潮流。 在现代煤化工产业基地，一块块煤炭"由黑变白"，转化为高附加值的化工产品；在中试试验基地， 一项项新成果、新技术正在被"放大"，与产业化"链接"；在试验田里，由煤矸石转化的生态土壤，正在 培育出新鲜的蔬菜…… 煤炭的"七十二变" 榆林是国家重要能源化工基地，煤炭预测储量2800亿吨。2024年，榆林原煤产量6.2亿吨，占全国 总产量的13%。 如何更好利用丰富的煤炭资源？榆林的选择是从全产业链出发，通过技术创新实现煤炭清洁高效利 用，让一块煤实现"七十二变"，成为乙醇、塑料、纺织品、氢能原料等高附加值产品。 10月13日，走进国家能源集团榆林化工有限公司（以下简称"国能榆林化工"），展台上透明罐子里 的白色颗粒引人关注。"这些都是由煤炭转化而成的塑料颗粒。"国能榆林化工规划发展部主管刘彤解 释。 作为一家拥有"国家队"背景的煤化工企业，国能榆林化工承担着煤炭清洁转化和化工新材料研发的 重任，是榆林促进煤化工产业绿色低碳转型的重要参与者。 "我们的产品主要有两条工艺路线，一条是以煤为原料，气化为甲醇，再将甲醇转化为烯烃，通过 聚合工艺生产出聚乙烯和聚丙烯，就是大家常见的塑 ...

证券代码：601088 证券简称：中国神华 公告编号：临 2025-060 中国神华能源股份有限公司 2025 年 9 月份主要运营数据公告 中国神华能源股份有限公司（"本公司"）董事会及全体董事保证本公告内 容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确 性和完整性承担法律责任。 以上主要运营数据来自本公司内部统计。运营数据在月度之间可能存在较大 差异，其影响因素包括但不限于天气变化、设备检修、季节性因素和安全检查等。 1 运营数据可能与相关期间定期报告披露的数据有差异。投资者应注意不恰当信赖 或使用以上信息可能造成投资风险。 承中国神华能源股份有限公司董事会命 总会计师、董事会秘书 宋静刚 2025 年 10 月 17 日 2 | 运营指标 | 单位 | 2025 | 年 | 2024 | 年 | 同比变化 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （重述后） | | （%） | | | | | 月 9 | 累计 | 月 9 | 累计 | 月 9 | 累计 | | （一）煤炭 | | | | | ...

2025 年 9 月，本公司自有鐵路運輸周轉量同比增長的主要原因，是自有鐵路沿 線煤源充足帶來鐵路運量增加；黃驊港裝船量、天津煤碼頭裝船量同比增長的主要原 因，是到港資源量增加及上年同期基數較低；航運貨運量及周轉量同比下降的主要原 因，是業務結構調整、航線結構變化；總發電量、總售電量同比下降的主要原因，是 受天氣影響部分區域用電需求不足、新能源出力增加等。 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之內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內 容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 (在中華人民共和國註冊成立的股份有限公司) (股份代碼: 01088) 2025 年 9 月份主要運營數據公告 (海外監管公告) 中國神華能源股份有限公司（「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、誤導性陳述或者重大遺漏，並對其內容的真實性、準確性和完整 性承擔法律責任。 | | | 2025 | 年 | 2024 | 年 | 同比变化 | | | --- | --- | --- | --- | --- | --- | --- | ...

石油化工园区占据主导，精细化工园区紧随其后。从百强园区产业分布来看，石油化工园区占据主导，共50家，其次为精细化工园 区，共40家，煤化工园区最少，共10家。从各地区园区类型分布来看，东部地区以石油化工和精细化工为主，各占比约50%，高端 化发展程度较高；中部地区精细化工园区占比超40%，紧跟东部地区发展步伐。西部地区与东北地区以石油化工、煤化工等资源型 为主，高端化发展压力较大。 顾佳慧建议，化工园区需以系统性战略重构发展框架，建立"资源-市场-技术"三维分析机制，深度解构区域能源结构、原料供应 链、市场辐射力及人才储备等核心要素，科学编制差异化发展规划。强化产业定位精准性，立足区位禀赋与环境承载力，聚焦细分 领域打造不可替代的"一园一特色"格局。同步构建独立第三方动态评估体系，通过产业集聚度、创新活跃度、安全环保水平等多维 度指标开展定期诊断，驱动政策与资源精准适配，形成"规划-定位-评估"闭环管理，实现资源配置优化与产业链深度协同。 从已发布化工园区认定名单的区域分布看，23个省(市、区)认定化工园区数量不少于10家，其中，山东以84家位居首位，浙江、河 南、湖北、安徽等省份紧随其后，均在40家以上；内 ...

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]