Core Viewpoint - The Datang Fuxin Coal-to-Gas Project, a key national energy strategy initiative, has resumed construction after a decade-long halt, aiming to produce 1.33 billion standard cubic meters of coal-derived natural gas annually by 2026, significantly enhancing energy supply in Northeast China [2][3][5]. Group 1: Project Overview - The project is designed to produce 1.33 billion standard cubic meters of coal-derived natural gas annually, with an expected annual output value exceeding 4 billion yuan, potentially surpassing 6 billion yuan when integrated with renewable energy [2][3]. - The project will provide a stable gas supply for 15.96 million residents across five cities, significantly boosting the natural gas supply capacity in Northeast China [2][3]. - The project is a symbol of Fuxin's transformation from a resource-depleted city to a clean energy base, aligning with national energy strategy goals [2][3][5]. Group 2: Historical Context - The project commenced in 2011 with an investment plan exceeding 22 billion yuan, aiming to address the energy transition in Northeast China [3][4]. - After initial construction, the project faced multiple challenges, including unstable coal supply and technological issues, leading to a ten-year pause [4][5]. - The project was revitalized in 2022 as part of Fuxin's industrial transformation efforts, with the local government prioritizing it in the provincial key project list [7][8]. Group 3: Technological Advancements - The project has benefited from significant technological advancements over the past decade, including a new gasification technology that has achieved over 400 days of continuous operation [10]. - The project incorporates innovative solutions such as a green hydrogen coupling system for carbon resource recycling and zero wastewater discharge technology, aligning with low-carbon development goals [11][12]. - The project aims to develop a comprehensive industrial chain, including biodegradable materials and high-end chemical products, enhancing its economic viability [12].

Core Insights - The CITIC Basic Chemical Industry Index increased by 5.02% in September 2025, ranking 7th among 30 CITIC primary industries [1][2] - Sub-industries such as lithium chemical products, electronic chemicals, and modified plastics showed strong performance [1][2] - Chemical product prices continued to decline in September 2025 [1][2] Market Review - The CITIC Basic Chemical Industry Index outperformed the Shanghai Composite Index by 4.38 percentage points and the CSI 300 Index by 1.82 percentage points in September 2025 [2] - Over the past year, the index rose by 28.23%, surpassing the Shanghai Composite Index by 11.86 percentage points and the CSI 300 Index by 12.73 percentage points [2] Sub-industry and Stock Performance - In September 2025, 16 out of 33 CITIC tertiary sub-industries rose, while 17 declined [3] - Lithium chemical products, electronic chemicals, and modified plastics increased by 32.82%, 12.09%, and 11.91% respectively [3] - Among 524 stocks in the basic chemical sector, 215 rose and 309 fell, with the top gainers including Lanfeng Biochemical and Tianji Co., with increases of 103.92% and 84.82% respectively [3] Product Price Tracking - International oil prices continued to decline in September 2025, with WTI crude oil down by 2.56% and Brent crude oil down by 1.61% [4] - Among 319 tracked products, 93 saw price increases, while 175 experienced declines, indicating an overall downward trend in basic chemical product prices [4] Industry Investment Recommendations - The industry maintains a "market perform" investment rating, with expectations for improved supply and demand dynamics due to the implementation of growth plans [5] - For October 2025, the investment strategy suggests focusing on the pesticide, polyester filament, coal chemical, phosphate, and potassium fertilizer sectors [5]

Core Insights - The project is a key national energy strategy initiative and the first coal-to-natural gas demonstration project in Northeast China, aimed at reducing dependence on foreign natural gas and enhancing energy self-sufficiency [2][3] Group 1: Project Overview - The Datang Fuxin coal-to-natural gas project is a national-level demonstration project and the only one of its kind in Northeast China [3] - The project is designed to produce 1.33 billion standard cubic meters of coal-derived natural gas annually, with full production expected by October 2026 [3] - Once fully operational, the project is projected to generate an annual output value exceeding 4 billion yuan, potentially surpassing 6 billion yuan when integrated with renewable energy [3] Group 2: Economic and Employment Impact - The project will provide stable gas supply for 15.96 million residents across five cities in Liaoning Province, significantly enhancing the natural gas supply capacity in Northeast China [3] - It is expected to create over 2,000 direct jobs upon completion of the first phase [3] Group 3: Technological and Environmental Aspects - The project utilizes self-developed technologies such as crushed coal pressurized gasification and high-efficiency methanation catalysts, achieving over 98% localization of equipment [4] - It aims to convert low-quality coal, which has high carbon emissions and is difficult to utilize directly, into clean and low-carbon natural gas [4] - The project is positioned to leverage the advantages of coal-to-gas technology and promote innovative cooperation between central and local governments, potentially leading to a new development path that integrates coal-to-gas with renewable energy [4]

| 指标项目 | 单位 | 2025 | 年 | 2024 | 年 | 变化比率（%） | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 9 月份 | 累计 | 9 月份 | 累计 | 9 月份 | 累计 | | 一、煤炭业务 | | | | | | | | | （一）商品煤产量 | 万吨 | 1,159 | 10,158 | 1,190 | 10,231 | -2.6 | -0.7 | | （二）商品煤销量 | 万吨 | 1,966 | 19,036 | 2,461 | 20,551 | -20.1 | -7.4 | | 其中：自产商品煤销量 | 万吨 | 1,105 | 10,145 | 1,169 | 10,038 | -5.5 | 1.1 | | 二、煤化工业务 | | | | | | | | | （一）聚烯烃 | | | | | | | | | 1.聚乙烯产量 | 万吨 | 6.5 | 51.0 | 6.5 | 59.1 | 0.0 | -13.7 | | 聚乙烯销量 | 万吨 | 6.9 | 50.5 | 6.6 | 58.9 ...

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的內容概不負責，對其 準確性或完整性亦不發表任何聲明，幷明確表示，概不對因本公告全部或任何部份內容 而産生或因依賴該等內容而引致的任何損失承擔任何責任。 ( 於中華人民共和國註冊成立的股份有限公司 ) （股份代號：01898） （海外監管公告） 中國中煤能源股份有限公司（「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 9 月份主要生產經營數據公告 此外，因受到諸多因素的影響，包括（但不限於）國家宏觀政策調整、國內 外市場環境變化、惡劣天氣及災害、設備檢修維護、安全檢查和煤礦地質條件變 化等，所公告生產經營數據在月度之間可能存在較大差異。 上述生產經營數據並不對本公司未來經營情況作出任何明示或默示的預測 或保證，投資者應注意不恰當信賴或使用以上信息可能造成投資風險。 公司將在本公告披露後適時召開月度生產經營資料說明會，具體參會事宜請 詢公司投資者熱線 010-82236028。 承董事會命 中國中煤能源股份有限公司 董事長、執行董事 王樹東 中國 北京 ...

Investment Rating - The report maintains an "optimistic" rating for the chemical industry [4] Core Insights - Q3 is traditionally a low season for downstream chemical products, with prices of chemical products retreating from high levels. However, high demand in sub-sectors like agricultural chemicals supports performance [3][4] - The supply side of the chemical sector is nearing the end of capital expenditure, and policies aimed at reducing excess capacity are expected to accelerate the exit of outdated production capacity. Demand is anticipated to trend upward in the long term due to stabilizing oil prices and easing liquidity [4] Summary by Relevant Sections Agricultural Chemicals - The agricultural chain is expected to see steady growth in fertilizer demand due to increasing cultivated areas and higher penetration of genetically modified crops. Key companies to watch include Hualu Hengsheng and Baofeng Energy for nitrogen fertilizers, Yuntianhua and Xingfa Group for phosphate fertilizers, and Yara International for potash fertilizers [4] Textile and Apparel Chain - The textile and apparel chain has maintained high growth rates, with supply-side production peaks having passed. Companies like Luxi Chemical and Tongkun Co. are highlighted for their potential in this sector [4] Export-Related Chemicals - With overall overseas inventory at historical lows and expectations of interest rate cuts, demand for export-related chemical products is expected to rise. Key companies include Juhua Co. and Sanmei Co. in the fluorochemical sector, and Wanhua Chemical in the MDI segment [4] New Materials - The report emphasizes the acceleration of domestic self-sufficiency in key materials, particularly in semiconductor materials and OLED panel materials. Companies like Yake Technology and Ruijie New Materials are noted for their growth potential [5]

光大期货煤化工商品日报 光大期货煤化工商品日报（2025 年 10 月 14 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 尿素 | | | | | 周一尿素期货价格低位反弹，主力01合约收盘价1610元/吨，微涨0.56%。现货市场 继续走弱，主流地区价格继续下跌10~30元/吨不等，山东、河南地区市场价格分别 | | | | 为1530元/吨、1520元/吨，日环比均跌10元/吨。基本面来看，近期尿素装置波动较 | | | | 少，供应水平窄幅波动。昨日日产量19.20万吨，日环比增0.03万吨。需求情绪略有 | | | | 好转，一方面在于价格已跌破年初低点，采购性价比提升，另一方面在于部分地区 | | | | 天气放晴利于现货成交及农业需求 放。昨日主流地区现货产销率均提升至100%以 | 震荡 | | | 上，少部分地区超200%。后续北方或仍有降雨，尿素需求 间依旧 限。整体来看 | | | | ，需求不足成为尿素拖累市场的核心因素，但绝对低价也成为市场的利好因素。本 | | | | 周三印度招标结果将逐步出炉，我国出口政策仍不明朗，但仍需关注印 ...

Core Viewpoint - The National Development and Reform Commission has issued a management approach to support low-carbon transformation in coal power and coal chemical projects, as well as promoting clean energy alternatives in various industries [1] Group 1: Policy Support - The new management approach emphasizes support for the low-carbon transformation of coal power units and coal chemical projects [1] - It encourages the replacement of coal-fired boilers and industrial kilns in industries such as food, tobacco, textiles, paper, and dyeing with clean energy solutions [1] - The initiative also supports urban and rural residents in adopting geothermal and biomass energy for heating purposes [1]

资料显示，鲁西化工集团股份有限公司位于山东聊城高新技术产业开发区化工新材料产业园，成立日期 1998年6月11日，上市日期1998年8月7日，公司主营业务涉及化工新材料、基础化工及其他业务。主营 业务收入构成为：化工新材料产品66.07%，基础化工产品20.11%，化肥产品12.06%，其他产品1.76%。 10月14日，鲁西化工盘中下跌2.06%，截至09:42，报13.81元/股，成交7456.93万元，换手率0.28%，总 市值262.99亿元。 资金流向方面，主力资金净流出330.14万元，特大单买入0.00元，占比0.00%，卖出375.60万元，占比 5.04%；大单买入429.58万元，占比5.76%，卖出384.11万元，占比5.15%。 鲁西化工今年以来股价涨21.78%，近5个交易日跌2.40%，近20日跌9.68%，近60日涨31.40%。 分红方面，鲁西化工A股上市后累计派现98.85亿元。近三年，累计派现21.67亿元。 机构持仓方面，截止2025年6月30日，鲁西化工十大流通股东中，南方中证500ETF（510500）位居第四 大流通股东，持股1698.04万股，相比上期增加235 ...

日前，国家级博士后科研工作站正式落户山东能源集团新疆能化新疆煤化工。这个位于乌鲁木齐市国家 级经济技术开发区内的现代煤化工企业，正通过一套"选育用"全流程的人才培养机制，让技术骨干扎根 企业，为新疆煤化工产业注入创新动力。 精准选才 形成三级人才培养体系 2010年，山东姑娘于德玲辗转来到新疆，参与新疆煤化工60万吨/年醇胺联产项目建设。她从甲醇车间 操作员起步，一步步走上三级单位中层管理岗位。"是'筑巢—引凤—育鹰'人才培养规划给了我如今的 成就。"于德玲对于公司人才培养感慨万千。如今，新疆煤化工已形成三级人才培养体系。 在青年人才储备队伍建设方面，新疆煤化工已为39名应届高校毕业生制定培养计划，60人通过轮岗晋升 为管理岗。 在后备干部人才库建设方面，新疆煤化工不断深化人才库建设，健全人才选育梯次制度，先后开展后备 干部人才库选拔考核6次，累计入库105人，9人被选拔到重点岗位进行锻炼。 在高素质人才池建设方面，新疆煤化工推荐6名候选者参与山东能源集团中级人才库选拔，1人成功入 库。 2024年7月，于德玲劳模创新工作室迎来关键挑战——致力于研发有效降低甲醇中乙醇含量的技术。团 队坚守现场，通过开展QC活 ...