图为大会现场。(付佳琳 图) 据悉，作为云天化集团旗下企业，金新化工紧扣"保障粮食安全的国家队""先进制造业的标杆企业"战略 定位和云天化股份打造旗舰型龙头上市公司的目标，坚持"安稳长满优"运行，通过提升安全管理、加快 数字化转型、加大技术创新，突破装置运行瓶颈，显著提升装置安全性、稳定性与抗风险能力，为行业 树立了标杆。 金新化工相关负责人表示，面对复杂工况和极端天气的挑战，公司克服各项技术难关，将装置的综合效 能提升至行业新高度。与卡萨利合作，公司合成氨最高日产达2102吨，实现了装置300天连续运行和日 产合成氨突破2000吨的双突破。与泽玛克合作，公司取得了高水分褐煤原煤直接气化且运行效果优异的 佳绩。公司煤气化装置长期以褐煤为原料，其优异的运行表现也证明了AP干煤粉气化技术的优势。 中化新网讯 7月23日，呼伦贝尔金新化工有限公司(下称金新化工)举行"百日红"祝捷大会，庆祝主装置 运行创多项纪录。 2025年7月16日，金新化工合成氨装置实现安全稳定运行300天;7月17日3台固定床加压熔渣(BGL)气化 炉、1台壳牌(AP)气化炉分别实现安全稳定运行300天，其中BGL气化炉一举刷新行业运行纪录， ...

内蒙古金煤化工科技股份有限公司章程 Articles of association of Inner Mongolia Jinmei Chemical Technology Co., Ltd. （经 2024 年年度股东大会审议通过） 二○二五年七月 内蒙古金煤化工科技股份有限公 程及附件（202507 版） 内蒙古金煤化工科技股份有限公 司 公司章程及附 件（202507 版） 内蒙古金煤化工科技股份有限公司 公司章程及附件（202507 版） 内蒙古金煤化工科技股份有限公司章程 第一章 总 则 第一条 为维护公司、股东、职工和债权人的合法权益，规范公司的组织和 行为，根据《中华人民共和国公司法》 （以下简称"《公司法》"）、 《中华人民共和 国证券法》（以下简称"《证券法》"）和其他有关规定，制定本章程。 第二条 公司系依照《上海市股份有限公司暂行规定》和其他有关规定成立 的股份有限公司（以下简称"公司"）。公司经上海市经委沪经企（1993）404 号文批准，以公开募集方式设立；在上海市市场监督管理局注册登记，取得营业 执照。统一社会信用代码为 913100001322102028。 第三条 公司分别于 ...

Report Industry Investment Ratings - Urea: ★★★ (indicating a clear upward trend and relatively appropriate investment opportunities) [1] - Methanol: ★★★ [1] - Pure Benzene: ★★★ [1] - Styrene: ★★★ [1] - Olefins: ★★☆ (suggesting a clear upward trend and the market is fermenting) [1] - Plastics: ★★★ [1] - PVC: ★★★ [1] - Caustic Soda: ★★☆ [1] - PX: ★★★ [1] - PTA: ★★★ [1] - Ethylene Glycol: ★☆☆ (indicating a bullish or bearish bias, but the market is not very operable) [1] - Short Fiber: ★☆★ [1] - Glass: ★★★ [1] - Soda Ash: ★★★ [1] - Bottle Chip: ★★★ [1] Core Viewpoints - The chemical market is generally affected by macro - policies, and different sectors show different trends and influencing factors. Some sectors are driven by policies, while others are restricted by supply - demand fundamentals [2][3][4] Summaries by Relevant Catalogs Olefins - Polyolefins - Olefin futures rose on the day, with macro - positives still boosting the market. The restart of propylene plants and downstream start - up rhythms are in a game, with increased propylene supply weakening the fundamentals and suppressing price rebounds. The market may remain weak in the short term [2] - Polyolefin futures continued to rise. For polyethylene, although macro - policies are positive, demand is weak and domestic supply is abundant. For polypropylene, after the sale of low - price resources, the price center has risen, but short - term demand is affected by the off - season, and the short - term increase may be limited [2] Pure Benzene - Styrene - The price of unified benzene has strengthened significantly due to the rebound of oil prices and domestic commodity sentiment and policies. The weekly output has declined, and the expectation of hydrogenated benzene is strong. There is an expectation of seasonal improvement in supply - demand in the mid - to - late third quarter, but it will face pressure again in the fourth quarter. Band operation of monthly spreads is recommended [3] - Styrene futures rose, hitting the half - year line. The macro - aspect continues to boost the market. Downstream buyers operate according to the market, mainly digesting existing raw materials, and spot procurement is on - demand, with poor spot trading [3] Polyester - PX and PTA prices rose significantly, driven by oil prices, market sentiment, and policies. PX has limited fundamental drivers. The inventory pressure of filaments has eased, and the drag on upstream raw materials is expected to weaken. PTA processing margins are low and have room for repair, waiting for the recovery of downstream demand [4] - Ethylene glycol continued to rise with increased positions, boosted by the positive sentiment in the coal market and domestic policies. Downstream demand is stable on a weekly basis, domestic supply has increased slightly, and ports have slightly accumulated inventory. Overseas device operation is unstable, which may disrupt the market [4] - Short fiber and bottle chip prices rebounded with raw materials. Short - term demand for short fiber is still in the off - season, but new capacity is limited, and the recovery of future demand is expected to boost the industry. For bottle chips, the load continues to decline, and price repair is limited under low - start conditions [4] Coal Chemical Industry - Methanol futures continued to rise, mainly affected by relevant policies. The unloading speed of foreign vessels in coastal areas is slow, and ports are expected to see unexpected destocking this week. Domestic main - producing area enterprises are starting autumn maintenance, but some enterprises may resume work early or postpone maintenance due to good profits. Downstream procurement is for rigid demand, and enterprise inventory has decreased slightly [5] - Urea futures fluctuated strongly. The peak season of agricultural demand is coming to an end, and the current operating rate of compound fertilizer enterprises is still low. Domestic downstream demand is weak. Export goods are being shipped to ports, and production enterprises are continuously destocking, but the destocking rate has slowed down. The market supply remains sufficient, and with policy support, the urea market is expected to fluctuate strongly in the short term [5] Chlor - Alkali Industry - PVC prices were pushed up by cost due to the fermentation of anti - involution policies, and the futures price was strong. The demand of downstream product enterprises is in the off - season, and social inventory has been accumulating since July. Domestic demand is weak, and export deliveries have decreased. Supply is expected to increase next week. In the short term, the futures price is expected to fluctuate with cost; in the long term, if the elimination of backward production capacity does not meet expectations, the price may not rise continuously [6] - Caustic soda fluctuated weakly. Upstream salt has issued an anti - involution document, and attention should be paid to whether it will affect the raw salt industry and drive up the price of caustic soda raw materials. Downstream buyers resist high prices, supply has increased, and inventory has increased month - on - month. Alumina demand provides some support, but non - aluminum downstream demand is average. The short - term market is greatly affected by the macro - environment, and attention should be paid to the actual implementation of the elimination of backward production capacity [6] Soda Ash - Glass - Soda ash continued to be strong due to the temporary shutdown of Haitian's device and positive sentiment. Inventory continued to decline, and the spot price increased. The supply is under high pressure. The photovoltaic industry is suffering large losses and is reducing production due to anti - involution policies. In the short term, the market is mainly affected by macro - sentiment, and attention should be paid to whether actual policies will be introduced for the small amount of backward production capacity [7] - Glass prices continued to rise, with a 50 - yuan increase in Shahe today. Middle - stream buyers are stocking up, and the industry is in a destocking mode. Industry profits have slightly recovered, and production capacity has fluctuated slightly. Processing orders are weak. In the short term, the price is expected to fluctuate with macro - sentiment. A strategy of going long on glass and short on soda ash at low levels can be considered [7]

Core Insights - Yancoal Xinjiang Coal Chemical Co., Ltd. is undergoing a green transformation in coal processing, utilizing multi-nozzle water-coal slurry gasification technology to efficiently convert raw coal into clean products like methanol and urea, with all gasification residues recycled for building materials [1][2] Group 1: Green Production Practices - The company has been recognized as a national "Green Factory" in 2023, providing a replicable model for high-energy-consuming industries in Northwest China [1] - Implementation of a dust recovery revolution has led to a 95% recovery rate of exhaust dust, reducing dust emissions by 120 tons annually [1] - The company has achieved ultra-low emissions from boilers, with particulate matter concentration indicators exceeding national standards by 30% [1] Group 2: Technological Innovations - The company has achieved a carbon conversion efficiency of 99% with a carbon residue content below 3% through proprietary gasification technology [2] - It has successfully recovered 15,000 tons of sulfuric acid annually from hydrogen sulfide, achieving zero external discharge of harmful gases [2] - Energy consumption in the methanol synthesis process has been reduced by 8%, saving 12,000 tons of standard coal per year [2] Group 3: Production and Emission Metrics - Annually, 1.05 million tons of raw coal is converted into 300,000 tons of methanol, 520,000 tons of urea, and 60,000 tons of melamine, increasing coal value by 3.2 times [2] - The company has reduced unit product energy consumption by 12% compared to initial production levels, with carbon emission intensity 15% better than the industry average [2] - Solid waste utilization is managed with 100% compliance in hazardous waste disposal, with most gasification residues being reused or sold to brick manufacturers [2] Group 4: Future Initiatives - The company plans to implement a dust closed-loop plan by 2025, aiming for near-zero emissions in urea production [2] - It is collaborating with surrounding enterprises to establish a hazardous waste recycling network, promoting a green chemical cluster [2][3] - The company is sharing its green factory experience with other subsidiaries to facilitate low-carbon transformation in the regional coal chemical industry [3]

Core Viewpoint - The company has successfully implemented a revolutionary measure by utilizing a semi-waste gasification furnace to replace a traditional boiler, leading to significant cost reduction and efficiency improvement in its operations [1][2][3]. Group 1: Operational Achievements - In the second quarter, the semi-waste gasification furnace produced 12,240 tons of by-product steam, reducing coal consumption by 15,400 tons and cutting carbon dioxide emissions by 32,100 tons, resulting in an economic benefit of approximately 7.7 million yuan [1]. - The company successfully integrated high-pressure steam from the gasification furnace into its main steam network, allowing for the shutdown of one boiler by July 11, 2024, marking a significant milestone in its high-quality development strategy [1]. - The semi-waste gasification furnace has demonstrated a 5% increase in overall thermal efficiency and a 10% reduction in comprehensive energy consumption compared to traditional gasification furnaces [2]. Group 2: Technical Innovations - The company has addressed various technical challenges related to the semi-waste gasification furnace, including sealing, blockage, and localized overheating, which has led to improved heat exchange efficiency and stable long-term operation [1][2]. - After 90 days of operation, the steam output from the semi-waste gasification furnace maintained a level not lower than 80 tons per hour, providing a solid foundation for the boiler shutdown [2]. Group 3: Environmental Impact and Future Plans - Over the course of one year since the boiler shutdown, the company has reduced carbon dioxide emissions by 106,000 tons and generated economic benefits of over 25 million yuan [3]. - The company is actively compiling operational data and experiences from the past year to promote this model within the Shandong Energy Group and the broader coal chemical industry, contributing to green, low-carbon, and high-quality development [3].

一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 尿素 | 周三尿素期货价格震荡走弱，主力 09 合约收盘价 1773 元/吨，跌幅 1.83%。现货市 场报价多数稳定，局部地区小幅走弱。昨日山东、河南地区市场价格分别为 1830 元 | 偏弱 | | | /吨、1850 元/吨，日环比分别降 10 元/吨、持平。基本面来看，尿素供应水平窄幅波 | | | | 动，昨日行业日产量 19.27 万吨，日环比提升 0.24 万吨。需求端跟进情绪继续放缓， | | | | 农业需求季节性空窗期，工业下游复合肥及胶板厂刚需采购，对市场支撑力度较为有 | | | | 限。即便本周尿素企业库存继续下降 4.1%，但基本面支撑整体不足。商品市场情绪 | | | | 出现分化，短期尿素市场若未有新增利好驱动因素，期价承压风险将持续增加，关注 | | | | 商品市场整体情绪、中下游采购节奏。 | | | 纯碱 | 周三纯碱期货价格震荡偏弱，现货市场坚挺运行，区域间价格波动趋势略有分化，碱 | 宽幅震荡 | | | 厂终端送到价格 1250～1350 元/吨左右。基本面来看，昨日行业开 ...

Summary of Conference Call Records Industry Overview - The conference call discusses the "anti-involution" trend in various traditional industries including coal, oil, petrochemicals, steel, and construction materials, with a focus on the implications for investment strategies in these sectors [1][2][4]. Key Points and Arguments 1. **Current Market Sentiment**: - Public funds are underweight in traditional sectors like coal and steel, while electricity equipment has seen a decrease in overweight positions. The "anti-involution" sectors have clean chips and potential for recovery [1][2]. - The market is currently characterized by high risk tolerance and sensitivity to favorable policies, supported by state-owned capital operations [3][4]. 2. **Policy Concerns**: - The main concern in the market is insufficient funding support, with the current "anti-involution" trend resembling a contractionary policy that may lead to a bottoming effect rather than a reversal [4][5]. - The Ministry of Industry and Information Technology (MIIT) is set to implement growth stabilization plans for key industries, including steel and petrochemicals, aimed at structural adjustments and phasing out outdated capacity [5][6]. 3. **Investment Recommendations**: - There is a suggestion to increase allocations in the chemical sector, particularly in leading companies like Hualu Hengsheng and Hengli Petrochemical, which are expected to benefit from the anti-involution policies [9]. - In the communication sector, AIDC (Artificial Intelligence Data Center) is expected to benefit from stricter energy consumption approvals, leading to a healthier market for data centers [11][12]. 4. **Sector-Specific Insights**: - **Chemical Industry**: Lacks clear policy guidance but is seen as a sector with inherent elasticity. Companies like Hualu Hengsheng could see significant profit increases if the overall industry profitability improves [9][10]. - **Steel Industry**: The steel sector is experiencing a significant shift due to overcapacity and poor profitability. The current utilization rate is around 86%, with expectations for policy-driven changes to improve the situation [16][18]. - **Aluminum and Nonferrous Metals**: The aluminum sector is facing overcapacity issues, while copper and lead smelting are under pressure due to low utilization rates. The industry is expected to stabilize as supply-side reforms take effect [17][18]. 5. **Future Outlook**: - The public utility sector is anticipated to see an upward trend in electricity prices due to rising costs and the need for price adjustments after years of suppression [19]. - The coal and construction materials sectors are not expected to see a significant upgrade in supply-side reforms, but some contraction is likely, with coal prices showing signs of recovery due to increased demand [20][21]. Other Important Insights - The "anti-involution" policies are seen as a necessary response to the challenges faced by the manufacturing sector, which has been struggling with overcapacity and low profitability [7]. - The chemical sector is highlighted as having potential for growth despite the lack of clear policy direction, with specific companies recommended for investment based on their market position and resilience [9][10]. - The conference emphasizes the importance of identifying sectors and companies that can benefit from both policy support and fundamental improvements in the current economic landscape [6][8].

Group 1: Investment Ratings - Urea: Bullish [1] - Soda Ash: Upward [1] - Glass: Upward [1] Group 2: Core Views - Urea: On Tuesday, the urea futures price fluctuated widely with a late rise, and the spot market was mostly stable with partial rebounds. The supply level dropped, and the follow - up sentiment of the mid - and downstream slowed. The short - term sentiment is positive, but the rally is limited due to weak fundamentals and price - stabilizing policies. It is recommended to expect a firm and volatile trend [1]. - Soda Ash: On Tuesday, the soda ash futures had a strong performance, and the spot market was mostly stable with price rebounds in the northwest. The industry's operating rate decreased slightly, and there was low - price restocking in the demand side, but high inventory remained. The futures market may stay strong in the short - term, but the supply - demand imbalance persists, so the rally should be viewed with caution [1]. - Glass: On Tuesday, the glass futures price trended upward, and the spot market strengthened. The daily melting volume increased, and the demand sentiment improved. The futures market is bullish in the short - term, but the sustainability needs more drivers [1]. Group 3: Market Information Urea - On July 22, the urea futures warehouse receipts on the Zhengzhou Commodity Exchange were 2,523, unchanged from the previous day, with 0 valid forecasts. The daily output was 188,900 tons, a decrease of 3,300 tons from the previous day and an increase of 6,300 tons from the same period last year. The industry's operating rate was 81.59%, 1.19 percentage points lower than last year. The small - particle urea spot prices in Shandong and Henan increased by 10 yuan/ton, while those in other regions were stable [4]. Soda Ash and Glass - On July 22, the soda ash futures warehouse receipts on the Zhengzhou Commodity Exchange were 236, an increase of 236 from the previous day, with 1,295 valid forecasts; the glass futures warehouse receipts were 0, unchanged. The soda ash spot prices in the northwest increased by 40 yuan/ton. The industry's operating rate was 81.03%, down from 82.23% the previous day. The average price of the float glass market was 1,194 yuan/ton, a daily increase of 4 yuan/ton, and the daily output was 159,000 tons, a daily increase of 60 tons [6][7]. Group 4: Chart Analysis - The report presents multiple charts including those for the closing prices, basis, trading volume, and price differences of urea, soda ash, and glass futures, as well as the spot price trends and the price differences between related futures contracts [9][10][11][12][13][14][16][17][18][19][20] Group 5: Research Team Introduction - The research team includes Zhang Xiaojin, Zhang Linglu, and Sun Chengzhen, who are responsible for different commodity research and have rich experience and many industry honors [23]

Core Viewpoint - The listing of propylene futures and options on the Zhengzhou Commodity Exchange marks a significant development in China's chemical industry, enhancing risk management tools and pricing mechanisms for the propylene market [1][2]. Industry Overview - Propylene is the largest olefin product in China and a crucial basic chemical, connecting various upstream raw materials such as crude oil, naphtha, coal, methanol, and propane, and is widely used in downstream sectors including home appliances, automotive, textiles, medical devices, and cosmetics [1]. - China has become a major player in the global petrochemical industry, with both propylene production and consumption ranking first in the world, significantly impacting global industrial development [1]. Challenges and Opportunities - The industry faces challenges such as rapid upstream capacity expansion and insufficient effective demand, indicating a critical period for transformation and upgrading [1]. - The introduction of propylene futures and options is expected to fill key gaps in the olefin industry chain, creating synergies with other products like crude oil, methanol, and polypropylene, thereby enhancing the resilience of the industry chain [1][2]. Market Development - On the first day of trading, seven contracts for propylene futures were listed, indicating a structured approach to market development [2]. - The Zhengzhou Commodity Exchange aims to continuously optimize contract rules and systems based on industry development and real demand, supporting the transformation and high-quality development of related industries [2].

光大期货煤化工商品日报 光大期货煤化工商品日报（2025 年 7 月 22 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周一尿素期货价格高开后偏强运行，主力09合约收盘价1812元/吨，涨幅3.07%。现 货市场同步走强，主流地区价格上调20~30元/吨不等，山东、河南地区市场价格分 | | | | 别上涨至1830元/吨、1840元/吨。基本面来看，尿素供应水平继续小幅回落，昨日 | | | | 行业日产量19.22万吨，日环比降0.07万吨。需求端跟进情绪积极，主流地区产销率 | | | 尿素 | 多数攀升至100%以上，但区域间表现仍有分化。当前供需逻辑并非市场主导驱动， | 谨慎看涨 | | | 期货市场工业品及煤炭等原料上涨、反内卷等继续给尿素期价带来有力支撑，但受 | | | | 制于保供稳价政策限制，尿素期价上方空间依旧有限，短期谨慎看多但不建议过分 | | | | 追涨。关注尿素日产水平变化、下游需求跟进力度、商品市场整体走势。 | | | | 周一纯碱期货价格上涨明 ，现货市场小幅上涨，部分厂家再现 单现 ， 部碱 | | | | 厂 ...