天风证券研报表示，亏损程度高、行业集中度高、老旧产能占比高、开工率高的细分化工行业，或将会 更容易作为化工行业"反内卷"的突破口，以最短的路径实现目标。根据上述化工领域多维度数据筛选， 纯碱、氨纶、染料（活性染料、分散染料）、煤化工（DMF、己内酰胺、辛醇、尿素、醋酸酯等）、 聚氨酯（TDI、MDI）、钛白粉、有机硅等行业大类，同时满足至少2条以上筛选标准，建议高度关 注。 ...

Group 1 - The core viewpoint of the article emphasizes the Chinese government's strong stance on combating "involution" in various industries, highlighting a series of meetings and reports that outline strategies for market optimization and competition regulation [3][4][5]. - The government aims to enhance the clean and efficient utilization of coal, with a target to establish a comprehensive clean utilization system by 2030, focusing on improving coal conversion efficiency and pollution control [4][6]. - The coal chemical industry is expected to undergo structural adjustments and upgrades, with a projected balance in supply and demand by 2025, while also facing both pressures and opportunities for transformation [5][6]. Group 2 - In 2024, China's modern coal chemical industry is projected to have a coal conversion capacity of 138 million tons of standard coal per year, with a conversion volume of approximately 120 million tons, replacing about 38.1 million tons of oil and gas equivalents [6][7]. - The total revenue of the modern coal chemical industry in 2024 is estimated to be around 202.66 billion yuan, reflecting a year-on-year growth of 4.2%, while the total profit is expected to reach approximately 11.93 billion yuan, marking a significant increase of 178.1% [6][7]. - The coal chemical industry is becoming increasingly important for food security and supply chain stability, with significant contributions from coal-based synthetic ammonia and methanol production [7].

Group 1: Coal Chemical Industry - The operational level of China's coal chemical industry continues to improve, with steady increases in capacity utilization rates across major sub-industries [3] - The coal-to-synthetic ammonia and coal-to-methanol sectors have undergone supply-side structural reforms during the 13th Five-Year Plan, leading to the elimination of outdated capacity and a positive development trend [3] - The coal-to-ethylene and coal-to-oil gas projects are maturing, benefiting from high oil prices and favorable national pipeline reforms, resulting in continuous improvement in capacity utilization [3] Group 2: Chemical Fiber Industry - The chemical industry is experiencing an optimization of supply clearing patterns, with the exit of outdated facilities expected to enhance the polyester filament industry landscape [3] - Polyester filament, as the largest chemical fiber by output, has reached a relatively concentrated industry structure in China, benefiting leading companies [3] Group 3: AI Industry - The demand for AI computing power in the US stock market is expanding into lower-tier and emerging markets, driven by reduced costs of large models [3] - Short-term beneficiaries of the growing AI computing demand include IT operations, network security, and database sectors, which have shorter value chains and stronger certainty compared to downstream AI application companies [3] - A favorable financing environment is expected to encourage companies to increase AI investments and IT budgets, with potential regulatory relaxations under the Trump administration further supporting AI demand [3] Group 4: Company Performance - Baowu Magnesium Industry is facing performance pressure due to declining magnesium prices, while the magnesium-aluminum price ratio has remained below 1 for the past 11 months, indicating growing opportunities in automotive lightweight applications [4] - Sujiao Technology reported a decline in traditional business, with H1 2025 revenue of 1.78 billion and a net profit of 100 million, down 39.5% year-on-year, while new businesses are growing but still need nurturing [4] - WuXi AppTec achieved significant revenue growth in H1 2025, with total revenue of 20.799 billion, a year-on-year increase of 20.64%, and a net profit of 8.561 billion, up 101.92% [5] - Aidi Biological reported a revenue of 579 million in H1 2025, a year-on-year increase of 6.69%, with net profit growing by 31.41% [6]

市值管理制度化，长效机制护价值 7月，英力特正式出台《市值管理制度》，以"提升公司质量、增强投资者回报"为核心目标，系统性规 范市值管理四大原则(系统性、科学性、规范性、常态性)及六大举措——涵盖并购重组、股权激励、现 金分红、投资者关系管理、信息披露与股份回购。制度创新设立市值预警机制：若股价连续20个交易日 累计跌超20%或跌破近一年高点50%，将触发分析、沟通与大股东增持等响应程序。此举标志着公司市 值管理迈入科学化、规范化新阶段。 作为国有控股上市公司，该制度既是响应国务院国资委对央企控股上市公司强化市值管理的要求，亦与 公司深化国企改革战略相契合。近年来，英力特已通过限制性股票激励计划及一体化产业链优化夯实发 展基础。未来公司将把经营业绩、投资者回报等指标纳入长效考核，并灵活运用回购、分红等工具匹配 企业内在价值与市值，同步借助控股股东支持推动化工产业转型升级。 双轨融合促发展，长远价值可期 区域协同与市值管理的双轨推进，凸显英力特"产业提质+资本增效"的发展逻辑。区域资源整合有效降 低成本、增强竞争力，为市值攀升提供基本面支撑；而科学市值管理机制则通过提升透明度、强化投资 者回报，反哺产业升级所需 ...

Investment Rating - The report maintains an "Overweight" rating for the coal chemical industry [1] Core Viewpoints - The "anti-involution" initiative is fully underway, with supply-side reforms ongoing, indicating a focus on optimizing the market competition landscape [5] - The government is emphasizing the development of modern coal chemical industries, aiming for a clean and efficient utilization of coal by 2030 [4] - Structural adjustments and industrial upgrades are expected to proceed in parallel, with a balanced supply-demand situation anticipated for 2025 [5] Summary by Sections Section 1: Anti-Involution Actions - The central government has been vocal about preventing "involution" in industry competition, emphasizing market mechanisms for eliminating inefficient capacities and promoting self-discipline among industries [5] Section 2: Government Support for Coal Chemical Development - The government has issued guidelines to enhance the clean and efficient use of coal, aiming to establish a comprehensive clean utilization system by 2030 [4] Section 3: Industry Structural Adjustments - The coal chemical industry is expected to see a shift towards higher capacity concentration and accelerated smart technology adoption, with a balanced supply-demand dynamic and a downward price trend [5] - In 2024, the coal chemical industry is projected to achieve a revenue of approximately 202.66 billion yuan, a year-on-year increase of 4.2%, with total profits expected to reach about 11.93 billion yuan, reflecting a significant year-on-year growth of 178.1% [5][6] Section 4: Investment Recommendations - The report suggests focusing on companies such as Baofeng Energy, Hualu Hengsheng, Luxi Chemical, Chengzhi Co., and China Xuyang Group, as they are likely to benefit from the ongoing structural adjustments and industry upgrades [7]

Group 1 - As of July 29, 2025, Danhua Technology's stock price closed at 3.32 yuan, down 0.07 yuan or 2.06% from the previous trading day [1] - The trading volume on that day was 246,900 hands, with a transaction amount of 82 million yuan [1] - Danhua Technology primarily engages in the production and sale of coal chemical products, including ethylene glycol and oxalic acid, and is involved in the chemical raw materials sector [1] Group 2 - On July 29, the Inner Mongolia Securities Regulatory Bureau issued a warning letter to Danhua Technology and related responsible persons for information disclosure violations [1] - The specific issue was the company's failure to timely disclose the abandonment of the right of first refusal by its controlling subsidiary, which constituted a related party transaction that was not announced in a timely manner [1] - The then Chairman, General Manager, and Financial Officer of the company were identified as primarily responsible for the violation [1] Group 3 - On July 29, Danhua Technology experienced a net outflow of main funds amounting to 11.6358 million yuan, accounting for 0.43% of its circulating market value [1]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The rapid decline in coking coal prices on Monday led to a drop in methanol, a coal - chemical product, and price volatility has increased. Overseas methanol production remains at a high level, and there is still significant pressure from incoming shipments. The maintenance plan for MTO units has not been implemented, and attention should be paid to the progress. It is still a period of slight inventory accumulation. [2] - In the inland region, coal - based methanol plants have undergone centralized maintenance but will gradually resume operation in early August. In the traditional downstream sector, formaldehyde is in a seasonal off - peak period, while MTBE and acetic acid production maintain a certain level of resilience. Inland demand remains strong, and inland methanol factory inventories have decreased again, showing a pattern where the inland market is stronger than the port market. [2] 3. Summary by Directory I. Methanol Basis & Inter - period Structure The report presents multiple figures related to methanol basis and inter - period spreads, including the basis between methanol in Taicang and the main contract, the basis of methanol in different regions relative to the main futures contract, and the spreads between different methanol futures contracts (such as 01 - 05, 05 - 09, 09 - 01). [6][21][23] II. Methanol Production Profit, MTO Profit, and Import Profit Figures show the production profit of coal - based methanol in Inner Mongolia, the MTO profit in East China, and the import spreads (such as the difference between Taicang methanol and CFR China, and the differences between CFR Southeast Asia, FOB US Gulf, FOB Rotterdam and CFR China). [25][26][34] III. Methanol Production and Inventory The report provides data on methanol port total inventory, MTO/P operating rate (including integrated plants), inland factory sample inventory, and China's methanol operating rate (including integrated plants). [35][36][38] IV. Regional Price Spreads It shows the price spreads between different regions, such as the spread between northern Shandong and the northwest, the spread between East China and Inner Mongolia, and the spreads between Taicang and other regions. [40][48][51] V. Traditional Downstream Profits The report includes figures on the production profits of traditional downstream products such as formaldehyde in Shandong, acetic acid in Jiangsu, MTBE in Shandong, and dimethyl ether in Henan. [52][56][60] 4. Strategies - Unilateral: Wait and see. [3] - Inter - period: Go for reverse arbitrage when the MA09 - 01 inter - period spread is high. [3] - Cross - variety: Narrow the spread between PP2601 and 3MA2601 when the spread is high. [3]

Core Insights - The training program aims to enhance risk management capabilities of enterprises in Inner Mongolia, particularly in coal chemical and soft commodity industries, by utilizing the futures market [1] - The participation rate of listed companies in hedging activities has steadily increased, with 1,503 companies announcing hedging plans in 2024, representing a participation rate of 28.6% [1][2] - The volatility in commodity prices and intense industry competition are driving companies to improve their risk management strategies [2] Group 1: Training and Participation - The training session was attended by nearly a hundred representatives from state-owned enterprises and listed companies in Inner Mongolia, focusing on practical paths for utilizing the futures market for risk management [1] - Companies like Huayou Cobalt, Yuntianhua, and COFCO have integrated futures tools into their overall development strategies, establishing mature risk management models [1][2] - The number of industry clients participating in trading specific commodities, such as soybean meal and glass, has increased by over 20% in 2024 [1] Group 2: Industry Challenges and Solutions - Companies in sectors like chemicals, grain and oil, and livestock often operate near breakeven points, making raw material cost management critical for survival [2] - Sichuan Agricultural Fertilizer Co. has successfully implemented hedging strategies, achieving a profit of 50 yuan per ton through futures contracts [2] - The "five-in-one" methodology for integrating business and finance in hedging practices was proposed to address challenges in applying hedge accounting [3] Group 3: Market and Regulatory Environment - The futures market is recognized as a professional platform for risk management, with a comprehensive system of commodity futures and options covering key sectors of the economy [4] - Inner Mongolia has 29 listed companies with a total market capitalization of 786.88 billion yuan, but only 6 companies, or 20.69%, are engaged in hedging activities, which is below the national average [4] - Local regulatory bodies are working with exchanges to enhance the utilization of futures tools among enterprises to promote high-quality development of the capital market [4] Group 4: Feedback and Future Directions - Attendees expressed that the training deepened their understanding of the futures market's functions and they plan to explore hedging models tailored to their business needs [5]

Investment Rating - The report rates the industry as "Overweight" [1] Core Insights - Supply-side policies are expected to accelerate, focusing on sectors with supply elasticity in the basic chemical industry. The domestic policy emphasizes supply-side reforms, while international raw material costs are rising, leading to capacity exits in European and American chemical companies. In the long term, China's chemical industry has a competitive advantage due to cost and technological advancements, which may reshape the global chemical industry landscape [6][17]. Summary by Sections 1. Industry News and Event Commentary - The "Three-Year Action Plan for Rectifying the Pesticide Industry" was launched, aiming to improve market order and product quality by addressing issues like illegal production and unfair competition. The goal is to enhance compliance awareness among enterprises and optimize the supply structure in the pesticide industry by the end of 2027 [14]. 2. Chemical Sector Weekly Performance - The CSI 300 index rose by 1.69%, while the Shenwan Basic Chemical Index increased by 4.03%, outperforming the market by 2.34 percentage points. The Shenwan Oil and Petrochemical Index rose by 2.58%, also outperforming the market [19][22]. 3. Key Sub-industry Investment Recommendations - Focus on sectors with structural supply optimization, such as organic silicon, membrane materials, chlorine-alkali, and dyes. Key companies to watch include Hesheng Silicon Industry, Xingfa Group, Dongcai Technology, Zhejiang Longsheng, and Runtu Co. Additionally, for sectors with relatively weak supply-demand dynamics, attention should be on leading companies like Baofeng Energy, Juhua Co., Yangnong Chemical, Guangxin Co., and Runfeng Co. [6][18]. 4. Price Data Tracking - Notable price increases for the week included TDI (East China) at 15.58%, organic silicon DMC at 8.45%, and vitamin E at 6.06%. Conversely, hydrochloric acid saw a significant drop of 56.52% [29][30]. 5. Market Trends and Consumer Demand - New consumer trends are driving demand for health additives and sugar substitutes, with regulatory policies promoting the expansion of the food additive industry. Companies focusing on technology and product differentiation, such as Bailong Chuangyuan and Jinhai Technology, are expected to benefit [7][18]. 6. Industry Data Tracking - The report highlights that the overall self-sufficiency rate of new chemical materials in China is approximately 56%, indicating a significant opportunity for domestic substitution and development in various sectors, including semiconductor materials and high-end engineering plastics [7][18].

Core Insights - The successful operation of the world's first intelligent gasification unit integrating AI algorithms, advanced process control (APC), and real-time optimization (RTO) technologies marks a significant advancement in China's coal chemical industry, particularly in the context of the "dual carbon" strategy [1][4]. Group 1: Technological Advancements - The intelligent gasification unit has been operational since June 28, 2024, and has set multiple industry records, demonstrating the effectiveness of AI in managing complex operational conditions [1][4]. - The company collaborated with Huawei, East China University of Science and Technology, and Hangzhou Sinan Intelligent to develop 16 AI sub-models over 18 months, addressing critical challenges in temperature measurement and variable control [4][6]. Group 2: Economic Benefits - The automation rate of the gasification unit has increased to 96.88%, with manual operations reduced by 95.58%, leading to annual savings of 9,100 tons of raw coal and a reduction of 20,000 tons of CO2 emissions [6]. - In the first half of this year, production of synthetic ammonia, urea, and high-pressure steam reached record highs, resulting in savings of 8,500 tons of standard coal and a CO2 reduction of 22,300 tons, with nearly 10 million yuan in revenue and a static investment payback period of less than one year [6]. Group 3: Continuous Improvement - The technical team is leveraging real-time data from the intelligent system to retrain eight models, achieving over a 50% improvement in model usability [7]. - A standardized operation and maintenance system has been established, creating a replicable "Daiwei Plan" that has attracted interest from over ten coal chemical companies, with five expressing clear intentions for collaboration [8]. Group 4: Future Vision - The company aims to continue optimizing the APC/RTO systems and develop a dual-expert team in processes and operations, striving to become a competitive benchmark in the coal chemical sector [10].