2025年，公司部分矿井受地质条件变化影响，效益煤层占比下降，叠加煤炭市场需求持续下行，产品销 售量价齐跌，导致煤炭板块收入同比下降。另外，公司煤化工板块虽积极推动生产原料等成本节支降 耗，但受下游市场环境影响，主要产品价格同比下跌，整体收入减少，产品毛利率下滑。受上述因素综 合影响，公司经营业绩出现亏损。 智通财经APP讯，开滦股份(600997.SH)发布2025年年度业绩预亏公告，经公司财务部门初步测算，预 计2025年度实现归属于母公司所有者的净利润为-4,100万元到-2,800万元，与上年同期相比，将出现亏 损。 ...

截至1月15日，位于新疆石河子的全球单套处置规模最大的气化灰渣焚烧装置——49万吨/年气流床气化 灰渣焚烧处置项目实现稳定运行288天，纯燃气流床气化灰渣的燃烧效率达99.45%。该项目将大量难以 处置的灰渣转化为园区企业生产所需的蒸汽，真正实现了"变废为宝"。 创造这场"灰渣"变"热能"奇迹的，是中国科学院工程热物理研究所(以下简称工程热物理所)和中科合肥 煤气化技术有限公司(以下简称中合气化)的产学研联合团队。这套装置所用的气化灰渣循环流化床焚烧 关键技术由工程热物理所自主研发而成，中合气化负责工程设计和建设。该装置实现稳定纯烧，标志着 我国煤化工行业在气化灰渣资源化处置方面又向前迈进了一步。 灰渣之困 "无处安放" 项目建设在石河子一个煤气化制乙二醇化工园区，用于处置气化岛4台水煤浆气化炉产生的气化灰渣， 每年可处置的气化灰渣达49万吨。在过去，这些灰渣通常被露天堆存，形成一片广漠的黑色渣场，产生 环境污染的隐患。如何妥善处置这些灰渣?园区企业展开了多次探索，但该类灰渣具有含水率高、热值 低、含碳量高、粒径超细、灰分高及挥发分极低等复杂特性，常规技术无法焚烧处理，其他新技术路线 经济性又无法承受。 20 ...

华谊集团所属申万行业为：基础化工-化学原料-煤化工。所属概念板块包括：醋酸、甲醇概念、消毒 液、轮胎、工业气体等。 截至9月30日，华谊集团股东户数5.52万，较上期减少4.81%；人均流通股0股，较上期增加0.00%。2025 年1月-9月，华谊集团实现营业收入357.08亿元，同比增长4.68%；归母净利润3.95亿元，同比减少 34.50%。 分红方面，华谊集团A股上市后累计派现42.98亿元。近三年，累计派现10.64亿元。 机构持仓方面，截止2025年9月30日，华谊集团十大流通股东中，香港中央结算有限公司位居第六大流 通股东，持股1382.65万股，相比上期增加317.68万股。中证上海国企ETF（510810）位居第十大流通股 东，持股763.75万股，相比上期减少98.23万股。南方中证1000ETF（512100）退出十大流通股东之列。 责任编辑：小浪快报 1月23日，华谊集团盘中上涨2.10%，截至13:14，报9.73元/股，成交2.18亿元，换手率1.22%，总市值 206.55亿元。 资金流向方面，主力资金净流入855.87万元，特大单买入1509.63万元，占比6.93%，卖出86 ...

"十四五"时期，河南省石油和化工行业紧密围绕"双碳"目标和产业高质量发展战略，以转型升级为主 线、以创新驱动为核心、以园区集聚为载体，在产业升级、布局优化、绿色转型等方面取得突破性进 展，书写了中西部石化产业转型升级的精彩篇章。 创新驱动赋能，核心竞争力显著增强 "十四五"期间，河南持续优化石化产业空间布局，推动产业向园区集聚、资源向园区集中，基地化、园 区化、集群化水平实现了质的飞跃。全省重点规划建设现代煤化工、盐化工、新型化工和生物基材料等 一批特色鲜明的现代化工产业基地，形成了安阳—新乡—驻马店—济源现代煤化工基地、平顶山—漯河 —焦作—济源现代盐化工基地等多个产业集聚区，产业布局更趋科学合理。 化工园区能级持续提升，成为产业高质量发展的核心载体。"十四五"末，全省已认定化工园区50家，园 区产值占行业总产值比重超70%，其中4家园区入围全国化工园区综合竞争力百强，园区承载能力和配 套水平显著提高。平顶山尼龙新材料开发区成功创建国家级绿色化工园区，位列全国化工园区综合竞争 力百强榜第40位。 绿色安全转型，发展底色更加鲜明 "十四五"期间，河南石化行业将绿色低碳转型贯穿于发展全过程，推动产业发展与生态保 ...

Investment Rating - The investment rating for Yanzhou Coal Mining Company (兖矿能源) is "Outperform" [1] Core Views - Yanzhou Coal Mining Company has established itself as a leading coal enterprise with a strong focus on growth and high dividends, supported by a diversified business model that includes mining, high-end chemical materials, high-end equipment manufacturing, smart logistics, and new energy [2][4] - The company has significant coal resources and production capacity, with a total coal resource of 889.74 billion tons and an exploitable reserve of 177.44 billion tons as of the end of 2024 [2][10] - The coal quality is excellent, characterized by low ash, low sulfur, and high calorific value, which enhances its market reputation [2][55] - The coal chemical business is technologically advanced and poised for growth, with plans to expand production capacity significantly in the coming years [2][4] - The company is actively pursuing acquisitions to enhance its resource base and operational capabilities, including recent acquisitions of mining assets [22][24] Summary by Sections 1. Company Overview - Yanzhou Coal Mining Company was founded in 1997 and has listings in multiple stock exchanges, becoming an international energy company with a diversified portfolio [2][10] - The company aims to create green energy and lead energy transformation, focusing on five main industries: mining, high-end chemical materials, new energy, high-end equipment manufacturing, and smart logistics [10][21] 2. Coal Resource and Production Capacity - The company has a rich distribution of coal resources across various regions, including Shandong, Shaanxi, Inner Mongolia, Xinjiang, and Australia, with a total coal resource of 464.3 billion tons and an exploitable reserve of 60.05 billion tons [2][55] - The company plans to achieve a coal production target of 300 million tons per year, with significant capacity expansions expected from new mines in the coming years [2][4] 3. Coal Chemical Business - The coal chemical segment is a key growth area, with advanced technologies and plans for new projects that will enhance production capacity and product diversity [2][4] - The company is set to launch several high-end coal chemical projects, including an 80,000-ton ethylene project and a 50,000-ton high-temperature Fischer-Tropsch project [2][4] 4. Other Business Segments - The company is diversifying into non-coal mining, logistics, and equipment manufacturing, with significant resources in molybdenum and potassium salts [2][4] - Recent acquisitions have strengthened the company's logistics capabilities, enhancing its integrated logistics system [22][24] 5. Financial Forecast and Valuation - Revenue projections for 2025-2027 are estimated at 135.8 billion, 145.7 billion, and 147.4 billion yuan, with net profits of 10.6 billion, 13.3 billion, and 13.4 billion yuan respectively [2][4] - The stock is expected to have a reasonable valuation range of 15.9 to 17.2 yuan by 2026, indicating a potential upside of 15% to 24% compared to the closing price on January 19, 2026 [2][4]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - **Urea**: On Wednesday, the urea futures price fluctuated with a slight upward trend, and the closing price of the main 05 contract was 1,779 yuan/ton, up 0.62%. The spot market price mostly remained stable, with individual regions continuing to decline. Urea supply fluctuated slightly, and there may be a seasonal increase in the future. Demand was relatively weak and differentiated. The inventory of urea enterprises decreased by 4.07% this week. The futures market is expected to show a range - bound trend in the short term, supported by pre - holiday stocking demand, but trading activity will decline as the Spring Festival approaches [2]. - **Soda Ash**: On Wednesday, the soda ash futures price fluctuated within a narrow range, and the closing price of the main 05 contract was 1,163 yuan/ton, down 1.61%. The spot factory quotes were stable, while traders' quotes fluctuated with market sentiment. The supply of soda ash increased, and demand sentiment declined, increasing market pressure. The futures price is expected to continue the range - bound trend, and attention should be paid to the purchasing power of middle and downstream enterprises before the Spring Festival [2]. - **Glass**: On Wednesday, the glass futures price continued to decline, and the closing price of the main 05 contract was 1,039 yuan/ton, down 2.35%. The spot price weakened again. Glass supply remained stable, and demand was acceptable, with the sales - to - production ratio in most mainstream regions above 100%. However, the demand is expected to be suppressed as deep - processing enterprises shut down for the holiday, and manufacturers may face inventory accumulation. There may be a short - term rebound opportunity supported by pre - holiday stocking [2]. 3. Summary by Directory Market Information - **Urea** - On January 21, the number of urea futures warehouse receipts on the Zhengzhou Commodity Exchange was 13,340, a decrease of 15 from the previous trading day, with 100 valid forecasts [5]. - On January 21, the daily output of the urea industry was 205,100 tons, an increase of 27,000 tons from the previous working day, and an increase of 157,000 tons compared with the same period last year. The industry's operating rate was 87.10%, up 2.52 percentage points year - on - year [5]. - On January 21, the spot prices of small - particle urea in various domestic regions showed different trends, with prices in Shandong and Hebei remaining flat, and prices in Henan, Anhui, and Jiangsu decreasing by 10 yuan/ton [6]. - On January 21, the inventory of urea enterprises was 946,000 tons, a weekly decrease of 40,100 tons, or 4.07% [7]. - **Soda Ash & Glass** - On January 21, the number of soda ash futures warehouse receipts on the Zhengzhou Commodity Exchange was 222, a decrease of 2,210 from the previous trading day, with 2,047 valid forecasts; the number of glass futures warehouse receipts was 533, a decrease of 1,205 from the previous trading day [9]. - On January 21, the spot prices of soda ash in different regions were reported, showing regional differences [9]. - On January 21, the operating rate of the soda ash industry was 86.66%, up from 84.94% the previous working day [10]. - On January 21, the average price of the float glass market was 1,097 yuan/ton, a daily decrease of 2 yuan/ton, and the daily output was 150,700 tons, remaining stable compared with the previous day [10]. Chart Analysis The report presents multiple charts, including those showing the closing prices, basis, trading volume and open interest, price spreads, and spot price trends of urea, soda ash, and glass futures, as well as the price spreads between urea - methanol and glass - soda ash futures, providing visual data for market analysis [12][14][16][20][22][24]. Research Team Introduction The research team of the report consists of Zhang Xiaojin, the director of resource product research at Everbright Futures Research Institute, focusing on sugar industry research; Zhang Linglu, an analyst responsible for research on urea, soda ash, and glass futures; and Sun Chengzhen, an analyst engaged in fundamental research and data analysis of cotton, cotton yarn, and ferroalloys [27].

资料显示，上海华谊集团股份有限公司位于上海市静安区常德路809号，成立日期1992年8月5日，上市 日期1992年12月4日，公司主营业务涉及轮胎的研发、生产和销售,能源化工、精细化工和化工服务。主 营业务收入构成为：精细化工19.84%，轮胎制造12.51%，精细化工:丙烯及下游产品12.20%，轮胎制造: 全钢丝载重子午线轮胎10.97%，能源化工8.71%，化工服务6.50%，化工服务:化工贸易6.15%，能源化 工:甲醇、醋酸及酯4.68%，精细化工:含氟材料4.65%，其他3.46%，能源化工:其他能源化工2.78%，轮 胎制造:半钢丝子午线轮胎1.54%，能源化工:工业气体1.24%，精细化工:试剂及中间体1.18%，精细化工: 涂料及树脂1.06%，日化产品0.88%，其他(补充)0.56%，精细化工:其他精细化工0.38%，精细化工:颜料 0.36%，化工服务:其他化工服务业务0.35%。 华谊集团所属申万行业为：基础化工-化学原料-煤化工。所属概念板块包括：醋酸、消毒液、甲醇概 念、煤化工、轮胎等。 1月22日，华谊集团盘中上涨2.05%，截至11:29，报9.46元/股，成交1.71亿元， ...

1月22日，宝丰能源盘中上涨2.08%，截至10:49，报22.10元/股，成交5.76亿元，换手率0.36%，总市值 1620.67亿元。 宝丰能源所属申万行业为：基础化工-化学原料-煤化工。所属概念板块包括：沥青概念、甲醇概念、 POE胶膜、煤化工、主营聚乙烯等。 截至9月30日，宝丰能源股东户数6.54万，较上期增加3.70%；人均流通股112206股，较上期减少 3.57%。2025年1月-9月，宝丰能源实现营业收入355.45亿元，同比增长46.43%；归母净利润89.50亿元， 同比增长97.27%。 分红方面，宝丰能源A股上市后累计派现173.48亿元。近三年，累计派现81.21亿元。 机构持仓方面，截止2025年9月30日，宝丰能源十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股1.77亿股，相比上期减少2562.41万股。华泰柏瑞沪深300ETF（510300）位居第八大流通 股东，持股3728.15万股，相比上期减少193.12万股。化工ETF（159870）位居第十大流通股东，持股 3298.71万股，为新进股东。易方达沪深300ETF（510310）退出十大流通股东之列。 ...

受报告期内能源产品供需偏宽松影响，公司主营煤炭、液化天然气(LNG)及煤化工产品价格同比出现不 同程度下滑，对公司当期经营业绩产生主要影响。 本期公司拟计提大额资产减值准备35,000万元左右、补缴增值税等税金及滞纳金40,554.64万元、缴纳水 土保持费96,593.15万元，对当期归属于上市公司股东的净利润产生相应影响。 智通财经APP讯，广汇能源(600256.SH)发布2025年年度业绩预告，预计2025年实现归属于上市公司股 东的净利润13.2亿元至14.7亿元，同比下降50.03%至55.13%。 ...

受报告期内能源产品供需偏宽松影响，公司主营煤炭、液化天然气（LNG）及煤化工产品价格同比出 现不同程度下滑，对公司当期经营业绩产生主要影响。 格隆汇1月21日丨广汇能源(600256.SH)公布，预计2025年实现归属于上市公司股东的净利润为13.2亿元 至14.7亿元，同比下降50.03%至55.13%；预计2025年归属于上市公司股东的扣除非经常性损益的净利润 为13.18亿元至14.68亿元，同比下降50.00%至55.11%。 ...