Group 1: Report Industry Investment Ratings - Urea: Bullish [2] - Soda Ash: Bullish [2] - Glass: Bullish [2] Group 2: Core Views of the Report - Urea futures prices oscillated strongly on Monday, with the main 01 contract closing at 1683 yuan/ton, up 0.96% day-on-day. The spot market was mostly stable, with partial areas still slightly down 10 - 20 yuan/ton. Some maintenance enterprises resumed production, and urea supply increased slightly. Demand improved after prices fell to low levels, but the market remained in a state of strong supply and weak demand, and there were still many restrictions on the upside of futures prices. It is not recommended to chase the rise excessively [2]. - Soda ash futures prices oscillated strongly on Monday, with the main 01 contract closing at 1308 yuan/ton, up 1.71%. The spot market quotes were mostly stable, with individual areas slightly rising. The supply level was still volatile, and demand improved. The fundamentals improved slightly, but the overall driving force was still limited. The external macro - sentiment warmed up, which boosted the market sentiment [2]. - Glass futures prices oscillated strongly on Monday, with the main 01 contract closing at 1207 yuan/ton, up 2.72%. The spot market was weak. The daily melting volume of the glass industry remained stable. The demand follow - up was in a good state and may further increase. The futures price trend became stronger, and the phased upward trend was basically confirmed [2]. Group 3: Summary According to Relevant Catalogs Market Information Urea - On September 15, the number of urea futures warehouse receipts on the Zhengzhou Commodity Exchange was 8613, a decrease of 234 from the previous trading day, and the valid forecast was 49 [5]. - On September 15, the daily output of the urea industry was 19.12 tons, an increase of 0.33 tons from the previous working day and an increase of 0.11 tons from the same period last year. The operating rate was 81.73%, a decrease of 3.51 percentage points from 85.24% in the same period last year [5]. - On September 15, the spot prices of small - particle urea in various domestic regions were as follows: Shandong 1640 yuan/ton, down 20 yuan/ton; Henan 1640 yuan/ton, down 10 yuan/ton; Hebei 1670 yuan/ton, unchanged; Anhui 1650 yuan/ton, unchanged; Jiangsu 1640 yuan/ton, down 10 yuan/ton; Shanxi 1540 yuan/ton, unchanged [5]. Soda Ash & Glass - On September 15, the number of soda ash futures warehouse receipts on the Zhengzhou Commodity Exchange was 6250, a decrease of 666 from the previous trading day, and the valid forecast was 3846. The number of glass futures warehouse receipts was 1605, a decrease of 459 from the previous trading day [7]. - On September 15, the spot prices of soda ash were as follows: North China light soda 1200 yuan/ton, heavy soda 1300 yuan/ton; Central China light soda 1150 yuan/ton, up 20 yuan/ton, heavy soda 1250 yuan/ton; East China light soda 1130 yuan/ton, heavy soda 1250 yuan/ton; South China light soda 1350 yuan/ton, heavy soda 1400 yuan/ton; Southwest light soda 1200 yuan/ton, heavy soda 1300 yuan/ton; Northwest light soda 980 yuan/ton, heavy soda 980 yuan/ton [7]. - On September 15, the daily operating rate of the soda ash industry was 85.16%, down from 86.98% the previous working day [8]. - On September 15, the average price of the float glass market was 1160 yuan/ton, down 4 yuan/ton day - on - day. The daily output of the industry was 16.02 tons, unchanged day - on - day [8]. Chart Analysis - The report includes charts of the closing prices, basis, trading volume and open interest, spreads, and spot price trends of urea and soda ash futures, as well as the price differences between urea - methanol and glass - soda ash [10][12][14][18][20]. All chart data sources are iFind and the Everbright Futures Research Institute [22].

Group 1 - The 19th Yulin International Coal and High-end Energy Chemical Industry Expo and the 3rd Western Hydrogen Energy Expo opened in Yulin, Shaanxi, focusing on "high-end energy chemistry, low-carbon development, and hydrogen for the future" [1] - The exhibition covers six areas including high-end energy chemical enterprises, regional collaborative development, intelligent digital solutions, hydrogen energy industry chain, green low-carbon international zone, and advanced energy equipment, with a display area of approximately 90,000 square meters [1] - Over 900 well-known enterprises from domestic and international markets participated in the exhibition, showcasing innovations in intelligent mining, clean and efficient conversion, hydrogen production, carbon capture, digital operations, and advanced equipment manufacturing [1] Group 2 - Shaanxi is accelerating the construction of a modern energy industry system, with Yulin as a leader in energy economic development, focusing on modern coal chemical industry and transforming coal from fuel to raw materials [2] - Yulin has developed multiple industrial chains including coal-to-olefins, coal-to-ethylene glycol, and coal-to-ethanol, with a basic chemical production capacity exceeding 17 million tons and 28 sets of globally first technologies [2] - Yulin aims to deepen the integration of education, technology, and talent, enhancing core technology research and promoting the integration of innovation and industry chains [2] Group 3 - The current expo is the largest and highest-standard energy industry event in Northwest China, with record numbers of participating enterprises and exhibition area [3] - The expo outlines the future blueprint of the energy industry, bridging global energy cooperation, and includes a series of high-end forums and specialized matchmaking activities focusing on green development and international cooperation [3] - The event aims to inject new momentum into the green transformation, technological innovation, and industrial collaboration within the energy sector [3]

Core Insights - Yulin has transformed from a coal-rich region to a significant energy base in China, contributing to the country's energy structure adjustment and industrial upgrade [1] - The coal chemical industry in Yulin is crucial for the efficient utilization of coal resources, directly impacting national energy strategy [1] Group 1: Coal Resource and Industry Development - Yulin's coal reserves are estimated at 280 billion tons, with the Shenfu coalfield being one of the world's seven major coalfields [1] - The region has accelerated the development of the coal chemical industry, transitioning from traditional coal usage to high-end applications [2] - Yulin's basic chemical production capacity exceeds 17 million tons, expanding from 6 to 45 types of fine chemicals [2] Group 2: Technological Innovation and Research - Yulin has established the Energy Revolution Innovation Demonstration Zone, focusing on clean energy utilization and multi-energy integration [4] - The Yulin Clean Energy Innovation Research Institute has introduced over 60 research teams and has initiated 60 research projects, resulting in 17 convertible technological achievements [4] - The integration of 5G and intelligent systems in mining operations has led to significant advancements in operational efficiency [5] Group 3: Green Transformation and Carbon Management - Yulin is pursuing a green transformation aligned with carbon peak goals, utilizing technologies for carbon capture and storage [6] - The region's projects aim to convert waste gases into valuable products, with significant CO2 capture and utilization initiatives underway [6] - Yulin's approach to modern coal chemical industry development emphasizes high-end, diversified, and low-carbon strategies, providing a model for China's energy sector [6]

Core Viewpoint - Baofeng Energy's stock has experienced fluctuations, with a recent decline of 2.02% and a total market capitalization of 124.3 billion yuan, indicating a mixed performance in the market [1]. Financial Performance - For the first half of 2025, Baofeng Energy reported operating revenue of 22.82 billion yuan, a year-on-year increase of 35.05%, and a net profit attributable to shareholders of 5.718 billion yuan, reflecting a growth of 73.02% compared to the previous year [2]. - Cumulatively, Baofeng Energy has distributed a total of 17.348 billion yuan in dividends since its A-share listing, with 9.145 billion yuan distributed over the last three years [3]. Shareholder Information - As of June 30, 2025, the number of Baofeng Energy's shareholders increased to 63,000, with an average of 116,356 circulating shares per shareholder, a decrease of 2.24% from the previous period [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 202 million shares, an increase of 22.255 million shares from the previous period [3].

Report Industry Investment Rating - No relevant information provided. Report's Core View - Although the current spot price of urea is fluctuating downward due to strong supply and weak demand, from the perspectives of valuation and drivers, it is recommended to focus on the opportunity of buying at low prices after the spot price stabilizes. It is suggested to pay attention to the buying opportunity of the 01 contract at low prices [1]. Summary According to Relevant Catalogs Urea Futures and Spot Prices - On September 15, compared with September 12, UR01 increased by 20 yuan/ton to 1683 yuan/ton, a change of 1.20%; UR05 increased by 13 yuan/ton to 1731 yuan/ton, a change of 0.76%; UR09 increased by 180 yuan/ton to 1750 yuan/ton, a change of 11.46% [1]. - Among domestic spot prices, Shandong decreased by 20 yuan/ton to 1640 yuan/ton, a change of -1.20%; Henan decreased by 10 yuan/ton to 1640 yuan/ton, a change of -0.61%; Jiangsu decreased by 10 yuan/ton to 1640 yuan/ton, a change of -0.61%. The prices in Shanxi, Hebei, and Northeast remained unchanged [1]. Basis and Spread - The basis of Shandong spot - UR decreased by 33 yuan/ton to -91 yuan/ton; the spread of 01 - 05 increased by 7 yuan/ton to -48 yuan/ton [1]. Upstream and Downstream Prices - The prices of anthracite coal in Henan and Shanxi remained unchanged at 1000 yuan/ton and 880 yuan/ton respectively; the prices of compound fertilizer (45%S) in Shandong and Henan remained unchanged at 2950 yuan/ton and 2550 yuan/ton respectively; the price of melamine in Shandong decreased by 17 yuan/ton to 5083 yuan/ton, a change of -0.33%, and the price in Jiangsu remained unchanged at 5300 yuan/ton [1]. Important Information - On the previous trading day, the opening price of the main contract 2601 of urea futures was 1666 yuan/ton, the highest price was 1688 yuan/ton, the lowest price was 1665 yuan/ton, the closing price was 1683 yuan/ton, and the settlement price was 1679 yuan/ton [1]. Long - Short Logic - Recently, the anti - involution sentiment of coking coal has a tendency to rise again. The sharp rise of coking coal in the night session yesterday drove the sentiment of the coal chemical industry to be strong [1]. - From a valuation perspective, the current urea price is oscillating at a low level, and the upstream profit is also at a relatively low level, so the urea valuation is not high [1]. - From a driving perspective, there are two possible upward drivers for the urea price in the second half of the year. First, there is an expectation of renewal and transformation of old devices on the supply side, with about 20% of urea devices over 20 years old, and the current comprehensive operating rate of urea is over 80%, with little idle capacity. Second, there is an expectation of improvement in exports on the demand side. With the easing of Sino - Indian relations, the urea exports from September to October are quite promising [1].

Report Industry Investment Rating - Not provided in the document Core Viewpoints - Urea: The domestic urea fundamentals face multiple factors such as rising supply, continuous realization of export demand, transfer of enterprise inventory to the middle - downstream and ports, and insufficient domestic demand support. After the Indian tender results are announced, the short - term market positive factors are exhausted, and the 01 contract will still run weakly. In the medium - term, there will be a game stage among various factors. In the long - term, the pressure of new production capacity in the industry is still high [4]. - Soda Ash: Recently, the changes in indicators such as supply, demand, and inventory of soda ash are relatively limited, and the fundamental driving force is insufficient. Subsequently, the warming of macro - sentiment and anti - involution themes will continue to boost market sentiment. The futures price shows obvious characteristics of a phased bottom, but currently does not have the momentum for a trend - based upward movement. It is recommended to continue to adopt a wide - range shock thinking [5]. - Glass: The supply - demand contradiction of glass has not been significantly reversed, and the industry has different expectations for the future. The glass factory has a certain price - holding mentality, and the short - term glass futures price has obvious characteristics of a phased bottom, but currently there is insufficient new driving force in the market. If external factors such as macro - warming and anti - involution are combined with the realization of peak - season demand, the glass futures price may be significantly boosted [6][7]. Summary by Directory 1. Futures Market and Raw Material Situation in the Industrial Chain - Futures Prices: As of September 12, the weekly change of the urea main contract was - 3.2%, the soda ash main contract was + 0.16%, and the glass main contract was + 1.2% [13]. - Related Futures Varieties: This week, the trends of related varieties were differentiated, with urea being the weakest and glass being the strongest [15]. - Coal Prices: The prices of Qinhuangdao Youhun steam coal (5500), Shaanxi Yulin bituminous coal fines (Q5500), Yangquan anthracite washed small lumps, and Yangquan anthracite washed medium lumps showed little change from September 5 - 11 [19]. - LNG Prices: The LNG prices of some domestic regions such as Inner Mongolia Huineng and Inner Mongolia Xingsheng showed certain fluctuations from September 5 - 11 [23]. - Two - Alkali Raw Material Salt: This week, the raw salt price remained basically stable [24]. - Ammonia Prices: The price of Shandong synthetic ammonia decreased by 1.39% week - on - week from September 4 - 11 [27]. 2. Urea: Market Positive Factors Exhausted, Short - Term Weak Operation of the Futures Market - Spot Prices: This week, the urea spot market price showed a weak trend. The prices in Shandong and Henan decreased by 20 yuan/ton and 40 yuan/ton respectively week - on - week [30]. - Production: This week, the urea production level increased slightly, with the industry's operating rate rising by 1.23 percentage points to 79.34%. The operating rates of small and large - granular urea increased by 1.01 and 2.13 percentage points respectively [34][40]. - Output: This week, the daily urea output fluctuated around 180,000 tons, and the weekly output increased by 1.58% week - on - week [43][45]. - Inventory: This week, the urea enterprise inventory increased by 3.44% to 1.1327 million tons, and the port inventory decreased by 11.52% to 549,400 tons [46]. - Downstream Demand: This week, the operating rate of melamine decreased by 3.6 percentage points to 55.38%, the operating rate of adhesives decreased by 2.27 percentage points to 48.75%, and the price of vehicle - use urea decreased significantly [58][62][65]. - International Market: The Indian tender results were announced, and the procurement quantity did not exceed expectations. The subsequent supply quantity from China needs to be monitored [71]. - Related Products: This week, the prices of some phosphate fertilizer products declined, and the potash fertilizer price remained stable [73]. 3. Soda Ash: Limited Changes in Supply and Demand, Focus on the Impact of External Factors - Spot Prices: This week, most of the soda ash spot quotations were stable, and individual regions still showed a downward trend. The mainstream average prices of light and heavy soda ash in some regions changed slightly week - on - week [82][85]. - Production: This week, the soda ash production level increased slightly, with the industry's operating rate rising by 1.07 percentage points to 87.29%. The weekly output increased by 1.25% to 761,100 tons [91][97]. - Inventory: This week, the soda ash enterprise inventory was 1.7975 million tons, a week - on - week decrease of 1.35%. The enterprise inventory has been decreasing for three consecutive weeks, but the decrease was very limited [102][110]. - Import and Export: In July, China's soda ash export volume was 161,300 tons, a month - on - month increase of 2.66% [111]. - Cost and Profit: This week, the cost center of soda ash continued to decline slightly [114]. 4. Glass: Cautious Industry Mentality, Focus on the Quality of Future Demand - Futures Prices: This week, the glass futures price showed a weak shock trend, and the closing price of the main 01 contract on Friday was 1,180 yuan/ton, a weekly increase of 1.2% [6]. - Spot Prices: This week, the glass spot price rebounded locally, and the average price of the domestic float glass market on Friday was 1,164 yuan/ton, an increase of 8 yuan/ton from last Friday [6]. - Supply: This week, one production line of the glass industry produced finished products, and the supply level increased slightly. The daily melting volume in production as of Friday was 160,200 tons per day, an increase of 600 tons per day from last week [6]. - Inventory: This week, the glass enterprise inventory was 61.583 million tons, a week - on - week decrease of 2.33%. The inventory fluctuation range was limited, and the de - stocking trend was not obvious [6]. - Demand: Currently, the glass demand has not shown the characteristics of the peak season, but the purchasing sentiment of the middle - downstream was acceptable this week, and the glass factory orders increased slightly. However, the demand is still differentiated between regions, and the terminal demand has not been substantially improved [6].

Core Viewpoint - The coal chemical industry is facing significant challenges such as severe homogenization, tightening resource and environmental constraints, and low product added value, necessitating strategic restructuring for high-quality development [1][2]. Group 1: Industry Challenges - The average operating rate of coal chemical facilities in 2023 is below 75%, indicating a pressing need for transformation within the industry [1]. - The industry is hindered by issues like low product added value and environmental restrictions, which require innovative solutions [1]. Group 2: Strategic Recommendations - The company suggests that the government should provide tax relief for the coal-to-oil sector to promote healthy industry development [2]. - It calls for more project approval incentives and special transfer payment support for Shanxi province [2]. - There is a need for increased policy support for integrated resource allocation in coal chemical production [2]. - The focus should be on enhancing independent innovation and cultivating high-end brands, particularly in coal-based new materials and clean energy sectors [2]. - The industry should deepen collaboration and enhance carbon reduction efficiency by integrating coal chemical processes with clean energy technologies [2]. - The company emphasizes the importance of technological innovation to drive industry upgrades, including the development of new coal-based products and the application of smart factory technologies [2]. - It advocates for optimizing industrial layout based on local conditions, controlling capacity increases, and promoting differentiated development in coal-rich regions [2].

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the Xinjiang region's economic development and infrastructure projects, with a specific emphasis on coal and coal chemical industries, as well as transportation infrastructure related to the Belt and Road Initiative [1][2][3][4][5][6][7][14][18]. Core Insights and Arguments - **Economic Growth Targets**: Xinjiang aims for a GDP growth of approximately 6% in 2025, with fixed asset investment growth targeted at 10%. In 2024, GDP is expected to grow by 6.1%, with per capita GDP increasing by 5.4% [1][7]. - **Infrastructure Investment**: The region plans to implement 500 key projects with a total investment of 3.47 trillion yuan (approximately 0.5 trillion USD) in 2025, with 4.069 billion yuan planned for completion that year. Infrastructure investment will account for 23% of this, while industrial investment will make up 74% [1][12]. - **Coal Production**: Xinjiang's raw coal production is projected to reach 543 million tons in 2024, marking an 18% year-on-year increase. The region has significant coal resources, with a total approved coal mine capacity of 208 million tons [1][14]. - **Belt and Road Initiative**: Xinjiang plays a crucial role in the Belt and Road Initiative, enhancing its strategic position as a hub connecting China with Central Asia and Europe. The region's export growth rate ranks among the top three in the country [3][6][19]. Significant Developments - **Major Projects**: Key projects include coal chemical initiatives, the China-Kyrgyzstan-Uzbekistan railway, and the New Tibet Railway. Companies like China Chemical and China Railway are expected to benefit from these developments [5][20]. - **Infrastructure Progress**: Xinjiang has made notable advancements in infrastructure, with significant investments in roads and railways. The total road mileage reached 11,000 kilometers, with over 94% of counties connected by expressways [7][9]. - **Policy Support**: The upcoming 70th anniversary celebrations and the Fourth Central Xinjiang Work Conference are anticipated to bring additional policy support and development plans, similar to past events [4][13]. Additional Important Insights - **Water Resource Management**: The South-to-North Water Diversion West Line Project may indirectly enhance water resource management in Xinjiang, improving overall water utilization efficiency [17]. - **Investment from State-Owned Enterprises**: 25 state-owned enterprises have signed contracts for 183 projects in key sectors such as oil, gas, coal, and renewable energy, with expected investments ranging from 400 billion to 500 billion yuan [2][14]. - **Future Outlook**: The ongoing development of coal chemical projects and infrastructure improvements is expected to lead to significant economic growth and increased investment in Xinjiang over the coming years [15][20].

Core Viewpoint - The 19th Yulin International Coal and High-end Energy Chemical Industry Expo and the 3rd Western Hydrogen Energy Expo aim to promote the high-end, diversified, and low-carbon development of the coal chemical industry, supporting the construction of a national energy revolution innovation demonstration zone [1] Group 1: Event Overview - The event is held from September 13 for three days, themed "High-end Energy Chemical, Low-carbon Development, Hydrogen Initiates Future" [1] - The expo features six major exhibition areas: high-end energy chemical enterprises, regional collaborative development, intelligent digital, hydrogen energy full industry chain, green low-carbon international, and advanced energy chemical equipment [1] - Over 900 enterprises from both domestic and international markets are participating in the exhibition [1] Group 2: Activities and Networking - During the expo, various specialized seminars will be held, including discussions on innovation and green development in the coal chemical industry, innovation cooperation in the hydrogen energy industry chain, international cooperation in the Shaanxi coal industry chain, and intelligent innovation development in coal mining [1] - These activities aim to create rich scenarios for information exchange, resource connection, and win-win cooperation among participating enterprises and audiences [1]

Report Investment Rating - There is no information about the industry investment rating in the report. Core Viewpoints - This week, the average prices and gross profits of pure MDI, polymeric MDI, and TDI in the polyurethane sector decreased compared to the previous week [2]. - In the oil, gas, and olefin sector, the average prices of ethane, propane, and naphtha increased slightly, while the average prices of polyethylene and polypropylene decreased. The theoretical profits of various production processes also decreased [2]. - In the coal chemical sector, the average prices of synthetic ammonia, urea, and DMF decreased, while the average price of acetic acid increased. The gross profits of these products also showed corresponding changes [2]. Summary by Directory 1. Basic Chemical Weekly Data Briefing - **Related Company Performance Tracking** - The Basic Chemical Index rose by 2.4% in the past week, 6.1% in the past month, 17.5% in the past three months, 50.4% in the past year, and 25.1% since the beginning of 2025 [8]. - Among the related companies, Wanhua Chemical rose by 2.9% in the past week, Baofeng Energy fell by 0.7%, Satellite Chemical rose by 0.6%, Huaxin Chemical rose by 0.5%, and New Hope Liuhe rose by 4.7% [8]. - The report also provides the total market value, net profit attributable to the parent company, PE, and PB of these companies [8]. - **Polyurethane Industry Chain** - The average prices of pure MDI, polymeric MDI, and TDI were 17,779 yuan/ton, 14,929 yuan/ton, and 13,585 yuan/ton respectively, with week-on-week decreases of 71 yuan/ton, 143 yuan/ton, and 702 yuan/ton respectively [2][8]. - The gross profits of pure MDI, polymeric MDI, and TDI were 4,533 yuan/ton, 2,683 yuan/ton, and 2,716 yuan/ton respectively, with week-on-week decreases of 51 yuan/ton, 122 yuan/ton, and 220 yuan/ton respectively [2][8]. - **Oil, Gas, and Olefin Industry Chain** - The average prices of ethane, propane, and naphtha were 1,302 yuan/ton, 4,259 yuan/ton, and 4,266 yuan/ton respectively, with week-on-week increases of 8 yuan/ton, 12 yuan/ton, and 15 yuan/ton respectively [2][8]. - The average price of polyethylene was 7,707 yuan/ton, a week-on-week decrease of 61 yuan/ton. The theoretical profits of ethane cracking, CTO, and naphtha cracking to produce polyethylene were 1,122 yuan/ton, 1,866 yuan/ton, and -125 yuan/ton respectively, with week-on-week decreases of 57 yuan/ton, 40 yuan/ton, and 46 yuan/ton respectively [2]. - The average price of polypropylene was 6,800 yuan/ton, a week-on-week decrease of 50 yuan/ton. The theoretical profits of PDH, CTO, and naphtha cracking to produce polypropylene were -330 yuan/ton, 1,463 yuan/ton, and -352 yuan/ton respectively, with week-on-week decreases of 37 yuan/ton, 33 yuan/ton, and 40 yuan/ton respectively [2]. - **Coal Chemical Industry Chain** - The average prices of synthetic ammonia, urea, DMF, and acetic acid were 2,129 yuan/ton, 1,707 yuan/ton, 3,982 yuan/ton, and 2,287 yuan/ton respectively, with week-on-week changes of -10 yuan/ton, -25 yuan/ton, -154 yuan/ton, and +48 yuan/ton respectively [2]. - The gross profits of synthetic ammonia, urea, DMF, and acetic acid were 179 yuan/ton, 13 yuan/ton, -193 yuan/ton, and 25 yuan/ton respectively, with week-on-week changes of -9 yuan/ton, -31 yuan/ton, -90 yuan/ton, and +5 yuan/ton respectively [2]. 2. Basic Chemical Weekly Report - **Basic Chemical Index Trend** - There is no specific content about the basic chemical index trend in the provided text. - **Polyurethane Sector** - The average prices and gross profits of pure MDI, polymeric MDI, and TDI decreased this week [2]. - **Oil, Gas, and Olefin Sector** - The prices of raw materials such as ethane, propane, and naphtha changed slightly, while the prices of polyethylene and polypropylene decreased. The profits of various production processes also decreased [2]. - **Coal Chemical Sector** - The prices and gross profits of coal chemical products such as synthetic ammonia, urea, and DMF showed different degrees of change [2].