人民财讯1月21日电，广汇能源（600256）1月21日公告，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%。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。 ...

光大期货煤化工商品日报（2026 年 1 月 21 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 尿素 | 周二尿素期货价格弱势震荡，主力05合约收盘价1775元/吨，跌幅0.34%。现货市场 | | | | 价格多数稳定，个 地区回落。昨日山东、河南地区市场价格均稳定在1750元/吨 | | | | 。尿素供应窄幅波动，昨日行业日产量20.32万吨，日环比提升0.04万吨，后续仍需 | | | | 关注短停装置和气头企业复产节奏差异。需求多以刚需跟进为主，价格下调地区成 | | | | 交有所好转。昨日部分地区产销率达到100%及以上，但低端成交仍仅有10%~60% | | | | 右，区域间分化较为明显。春节前需求仍有冬储肥、淡储肥及部分春耕肥前置需求 | 区间 震荡 | | | 预期，但释放力度取决于中下游对价格的接受程度，故后续现货成交情况仍需跟踪 | | | | 。整体来看，尿素基本面暂无明显变化，市场缺乏新增驱动。期货盘面连续数日下 | | | | 调后或逐步止跌、进入区间震荡状态。后续随着春节临近，尿素供应回升、市场成 | | | | 交活跃度 ...

（来源：上观新闻） 首个《卓越工程师教育认证标准》发布之际，在我国有组织、成建制、大规模卓越工程师培养改革中， 校企联合招收培养工程硕博士目前已近2.6万人，其中2000多人已毕业踏上工作岗位，走出了国家战略 人才自主培养之路。 在率先试点的上海高校，从进车间做课题，到用成果代论文，新的卓越工程人才培养模式可复制、可推 广，正在从上海校企之间"辐射全国"。最近，宁夏、青海、安徽三地高等研究院与结对共建的华东理工 大学，计划跨区域招收60名左右的工程硕博士研究生，今春开展校企联合面试，其中企业专家占多数， 连招联培进入"满格"第三年。 王征程（左一）在宝丰集团生产现场 【共育人才"绿化"厂矿】 2023年12月，教育部与宁夏共建的全国首个省级高等研究院——宁夏高等研究院正式挂牌，华理凭借先 行先试经验，成为其合作项目最多、学生指标最多的区外高校。"我们需要的是既懂技术又懂产业的'实 战型'人才。"宁夏高研院副院长易静华道出了区域发展的核心诉求。 因应大西部之需，华东理工大学以产教融合为抓手，以项目制为牵引，创新"企业出题、校企共答、市 场阅卷"机制，为宁夏培育"留得住、用得上、能干事"的卓越工程师。 华理博士团 ...

Summary of Key Points from Conference Call Industry Overview - The conference call focuses on the construction and building materials industry in China, particularly in the context of carbon neutrality initiatives and the impact of carbon emission trading policies on the cement sector [1][2][3]. Core Insights and Arguments - **Green Energy and Engineering Companies**: Companies like China Electric Power Construction and China Energy Engineering are positioned to benefit from increased investment in the power grid and growing demand for technological upgrades from downstream clients [1][3]. - **Cement Industry Leaders**: Major cement companies, such as Conch Cement, are expected to benefit from investments in energy-saving and carbon reduction technologies, as well as policies aimed at reducing excess capacity [1][3]. - **Emerging Coal Chemical Sector**: The emerging coal chemical industry is seen as having significant growth potential, especially given the strategic importance of oil security in China. Companies like China Chemical and Donghua Technology are expected to benefit from this trend [1][4][5]. - **Carbon Emission Trading Market**: The national carbon emission trading market is experiencing a trend of increasing prices. Companies failing to meet advanced standards will incur additional production costs due to the need to purchase carbon credits [1][6]. - **Cost Impact of Carbon Credits**: By the end of 2025, the price of carbon credits is expected to reach 80 RMB per ton, with initial cost impacts on cement companies being relatively limited, estimated at less than 3 RMB per ton of clinker [1][8]. Additional Important Insights - **Policy Implementation Timeline**: Policies to limit overproduction in the cement industry are set to be implemented in Q1 2026, presenting a favorable time for investment as the competitive landscape is expected to be reshaped through long-term adjustments [2][11]. - **Market Performance Drivers**: The current strong performance of the construction and building materials sector is attributed to low valuations and catalysts such as increased investment in the power grid and rising demand for technological upgrades from clients [7]. - **Long-term Effects of Carbon Policies**: The carbon quota policy is a long-term process that will gradually lead to the exit of outdated production capacity. The implementation of short-term measures will create opportunities for industry consolidation starting in Q1 2026 [12][13]. - **Valuation and Investment Timing**: The cement industry is currently at a historical valuation low, making it an attractive investment opportunity. Companies like Conch Cement and others are trading below book value, indicating potential for price appreciation [11]. Conclusion - The construction and building materials industry in China is poised for significant changes driven by carbon neutrality policies and market dynamics. Key players in the green energy and cement sectors are well-positioned to capitalize on these trends, making this an opportune time for investment.

委内瑞拉/伊朗事件，石油安全必须掌握，新型煤化工是对石油化工有益补充。 委内瑞拉/伊朗事件，石油安全必须掌握，新型煤化工是对石油化工有益补充。 目前我国化工用油占比或约22%，化工用煤或约7%。 在海外化工产能关停、国内严控大炼化的背景下，我国煤化工技术、规模全球领先，有望输出一带一路国家（新 疆），有望改写全球化工版图。 个股均底部且有业绩：施工先行-中国化学（0.8xPB、9xPE，归母净利同增＋1 重视煤化工——中国优势产能崛起 重视煤化工——中国优势产能崛起 目前我国化工用油占比或约22%，化工用煤或约7%。 在海外化工产能关停、国内严控大炼化的背景下，我国煤化工技术、规模全球领先，有望输出一带一路国家（新 疆），有望改写全球化工版图。 ...

1. Report Industry Investment Ratings - Urea: ★☆☆ (One star, indicating a bullish/bearish bias, with a driving force for price increase/decrease, but limited operability in the market) [1] - Methanol: ★☆☆ [1] - Styrene: ☆☆☆ (White star, suggesting a relatively balanced short - term trend and poor market operability, with a wait - and - see approach) [1] - Polypropylene: ★☆☆ [1] - Plastic: ★★★ (Three stars, representing a clearer bullish/bearish trend and a relatively appropriate investment opportunity currently) [1] - PVC: ★☆☆ [1] - Caustic Soda: ★☆☆ [1] - PTA: ★☆☆ [1] - Ethylene Glycol: ★☆☆ [1] - Short - fiber: ★☆☆ [1] - Glass: ★☆☆ [1] - Soda Ash: ★☆☆ [1] - Bottle Chips: ★☆☆ [1] - Propylene: ★☆☆ [1] 2. Core Views - The overall chemical futures market is in a complex situation, with different products showing various trends and drivers. Some products are affected by supply - demand fundamentals, while others are influenced by policy, cost, and geopolitical factors. The market is generally in a state of shock, and different products have different investment opportunities and risks [2][3][5] 3. Summary by Relevant Catalogs 3.1 Olefins - Polyolefins - Both olefin and polyolefin futures contracts closed down in intraday trading. The supply of domestic olefins tightened due to individual plant shutdowns, but weak downstream demand restricted the buying pace. For polyethylene, inventory was smoothly reduced, but the overall downstream operating rate declined slightly, and demand support is expected to weaken. For polypropylene, although there is policy support, demand is weak as downstream factories have completed year - end orders, and the future demand has been pre - consumed [2] 3.2 Polyester - PX and PTA prices fluctuated in the morning and rose rapidly in the afternoon, mainly driven by sentiment due to a rumored unplanned maintenance of a PK plant in the second quarter. Before and after the Spring Festival, demand weakens, and there is limited upward driving force. In the second quarter, there are opportunities for PX processing margin to go long on dips and for positive spreads after the spread narrows, subject to downstream demand. For ethylene glycol, domestic new plants are put into production while overseas plants shut down, with expected supply increase at home and decrease abroad. There is a risk of inventory accumulation in the future, but the supply - demand situation may improve in the second quarter. Short - fiber is mainly driven by cost, and attention should be paid to downstream stocking rhythm around the Spring Festival. Bottle chips' processing margin has recovered, but long - term capacity pressure remains [3] 3.3 Pure Benzene - Styrene - The pure benzene futures market adjusted in shock, while the spot price continued to rise. Supply decreased due to refinery production cuts and reduced imports, and demand increased, leading to significant inventory reduction at East China ports. The short - term market is expected to be strong in shock. The styrene futures market consolidated in intraday trading. The current supply - demand balance is tight, with limited port arrivals and expected further inventory reduction. Domestic producers' sales are good, and exports provide some support [5] 3.4 Coal Chemical Industry - The methanol market continued to decline. Import arrivals decreased significantly, but demand decreased due to plant shutdowns and reduced loads, and the inventory reduction speed is expected to slow down. Although there is support from the expected significant reduction in imports in the first quarter, the short - term market is expected to be in a stalemate. Urea prices are weakly stable. Daily production has recovered, downstream demand has increased, and production enterprises are reducing inventory. In the short term, the market may decline slightly, but in the long term, it is likely to fluctuate strongly within a range [6] 3.5 Chlor - alkali Industry - PVC showed an intraday shock trend. The cost pressure of ethylene - based PVC decreased, while that of calcium carbide - based PVC increased. The operating rate of some enterprises decreased, and the export volume was affected by price changes. It is expected that the price center will rise, and the strategy is to go long on dips. Caustic soda continued to be weak, with high inventory pressure. Although the price of liquid chlorine is strong and the integrated profit is acceptable, the industry is generally in a loss, and the future production reduction needs to be continuously monitored [7] 3.6 Soda Ash - Glass - Soda ash is operating weakly. Although the weekly inventory has decreased slightly, the overall pressure is still large. Supply pressure is high in the long term, and downstream procurement sentiment is poor. The strategy is to go short on rebounds and wait and see when the price drops near the cost. Glass futures prices have declined. Affected by weather and approaching the holiday, inventory may accumulate. The industry is losing money, but there is a rumor of new production line ignition, and supply may increase slightly. In the long term, the industry needs to reduce capacity. When the futures price drops to around 1000 yuan, there may be a long - buying opportunity [8]

Industry Investment Rating - The industry investment rating is maintained at "Outperform" [2] Core Views - The basic chemical industry index closed at 4633.49 points, up 0.90% from the previous week, outperforming the CSI 300 index by 1.47% [17] - Among the 19 sub-industries in the chemical sector, 13 saw price increases, with coal chemical, carbon black, synthetic resin, coatings, and nitrogen fertilizer leading the gains [21] - A total of 89 out of 380 tracked chemical products saw price increases, with lithium manganese oxide and electrolyte (lithium iron phosphate) among the top gainers [26] Summary by Relevant Sections Industry Overview - The basic chemical industry index increased by 0.90% this week, outperforming the CSI 300 index [17] - The closing point of the index was 4633.49, with a 52-week high of 4656.54 and a low of 3081.91 [2] Sub-Industry Performance - The top-performing sub-industries included coal chemical (+3.82%), carbon black (+2.70%), synthetic resin (+2.49%), coatings (+2.46%), and nitrogen fertilizer (+2.31%) [21] - Conversely, modified plastics, titanium dioxide, and other rubber products experienced declines [21] Stock Performance - Out of 462 stocks in the chemical sector, 261 stocks (56%) increased in price, while 188 stocks (41%) decreased [24] - The top ten gainers included companies like Bofei Electric and Qicai Chemical, while the top ten losers included ST Jiaao and Prit [24] Product Price Trends - Among the tracked products, lithium manganese oxide saw a price increase of 22%, while lithium iron phosphate increased by 18% [28] - The top ten products with price increases also included industrial-grade lithium carbonate and battery-grade lithium carbonate, both showing significant gains [28] - Conversely, vitamin VD3 and hexafluorophosphate lithium saw declines of 13% [29] Key Sub-Industry Tracking - In the polyester filament sector, prices remained stable, with average prices for POY, FDY, and DTY showing slight increases [30] - The average industry operating rate for polyester filament was approximately 87.79%, with some production cuts announced [31] - The demand side showed weakness, with new orders being scarce and inventory levels remaining high [31]

1月20日，宝丰能源盘中上涨2.03%，截至13:18，报21.66元/股，成交9.67亿元，换手率0.61%，总市值 1588.41亿元。 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。 责任编辑：小浪快报 资料显示，宁夏宝丰能源集团股份有限公司位于宁夏银川市宁东能源化工基地宝丰循环经济工业园区， 成立日期2005年11月2日，上市日期2019年5月16日，公司主营业务涉及煤制烯烃。主营业务收入构成 为：主要产品85.00%，其他产品14.96%，租赁收入0.04%。 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、 ...

Core Viewpoint - The 2025 Energy Measurement Review Report indicates significant progress in energy measurement compliance among key energy-consuming units, with 94.71% of the 7,480 units meeting the requirements, highlighting the importance of energy measurement in energy conservation and efficiency improvement [1]. Group 1 - The State Administration for Market Regulation (SAMR) conducted energy measurement reviews across 11 key industries, including non-ferrous metals, textiles, construction materials, petrochemicals, coal chemicals, energy, steel, transportation, paper-making, data centers, and public institutions [1]. - A total of 2.3 million key energy-consuming units have undergone energy measurement reviews during the 14th Five-Year Plan period, with a focus on rectifying identified issues and enhancing energy measurement management systems [1]. - The review process has led to an increased awareness of energy measurement among enterprises, emphasizing its foundational role in energy conservation and efficiency enhancement [1]. Group 2 - The SAMR plans to continue innovating review methods, promote intelligent review techniques, enhance technical support for small and medium-sized enterprises, and improve long-term regulatory mechanisms [2]. - The transition of energy measurement from "instrument management" to "data empowerment" is aimed at injecting measurement-driven momentum into high-quality development [2].

Core Viewpoint - The State Administration for Market Regulation has conducted energy measurement reviews across 11 key industries, revealing that 94.71% of the 7,480 energy-consuming units assessed met the requirements, indicating a significant enhancement in energy measurement awareness among enterprises [1] Group 1: Energy Measurement Review Findings - A total of 7,480 key energy-consuming units were reviewed, with 7,084 units compliant, representing a compliance rate of 94.71% [1] - The review process has led to a notable increase in enterprises' awareness of energy measurement, emphasizing its foundational role in energy conservation, emission reduction, and quality improvement [1] - The review identified areas for improvement, particularly in the implementation of energy measurement responsibilities and management systems among some energy-consuming units, especially small and medium-sized enterprises [1] Group 2: Review Process and Methodology - Market regulatory departments have innovated review methods, utilizing information technology to enhance review accuracy while balancing regulation and service [1] - Training and technical support were provided alongside the reviews, with collaboration among relevant departments to promote the application of review results [1] - During the "14th Five-Year Plan" period, energy measurement reviews have achieved near-complete coverage of key energy-consuming units, with over 23,000 units reviewed [1]