Core Viewpoint - The modern coal chemical industry in China is transitioning from traditional and basic chemicals to fine chemicals and coal-based new materials, facing challenges such as green low-carbon development, energy security, and international competition, while also seizing opportunities for technological innovation and industry integration [1] Group 1: Industry Challenges and Opportunities - The modern coal chemical system has achieved industrialization with significant scale, including coal-to-oil, coal-to-gas, coal-to-olefins, and coal-to-ethylene glycol, which are crucial for energy security and low-carbon development [2] - Current challenges include a single product structure, short industrial chains, low capacity utilization leading to poor economic efficiency, high energy consumption, and significant carbon emissions that need to be addressed [2][3] - The government has mandated strict control over new coal production capacity and consumption, requiring comprehensive evaluations for new projects exceeding certain production thresholds [2] Group 2: Upgrading and Technological Innovation - Recommendations for upgrading the modern coal chemical projects include energy-saving and carbon-reducing technology improvements, strict water resource management, and promoting digital transformation for efficiency and safety [3] - Development of fine chemicals is emphasized as a key strategy to enhance value, with a focus on extending production to synthetic resins, synthetic fibers, and high-performance specialty fibers [3] Group 3: Strategic Resource Management - Coal-to-oil production technology has reached advanced levels, but new projects are generally not approved due to its strategic reserve nature, necessitating improvements in economic and technical standards [4] - The shift towards non-fossil energy sources is highlighted, with projections indicating that non-fossil energy generation will rise to 80% by 2050, necessitating a transition from coal-based to electric-based energy solutions [4] Group 4: Environmental Considerations - The coal chemical industry must integrate carbon dioxide management and water resource utilization into its development strategy, with significant carbon emissions produced during coal processing [6] - Current carbon management strategies focus on carbon capture, utilization, and storage (CCUS), resource utilization of CO2, and the coupling of green hydrogen with coal chemical processes [6] Group 5: Industry Collaboration and Development - The coal chemical industry should consider collaboration with related industries to enhance the industrial chain, supply chain, and value chain, while effectively controlling new capacity [7] - The focus should be on high-value products from coal coking byproducts, such as specialty aromatics and carbon fibers, to drive the high-end transformation of traditional industries [7][8]

Investment Strategy - The report emphasizes that Xinjiang is benefiting from two major strategic shifts: the transition from coastal economies to the Belt and Road Initiative, positioning Xinjiang as a frontier hub with geographical advantages. The balance is shifting towards energy security and dual carbon environmental goals, making coal chemical industry a focal point for Xinjiang's resource advantages [7][8][10] - The report highlights the importance of coal chemical development in Xinjiang, noting that external conditions are now favorable for this sector. Factors include rising coal prices, alignment with China's resource endowments, and supportive industrial policies [7][8][9] - The report suggests focusing on two main investment lines: coal chemical investments and state-owned enterprise reforms. Key companies to watch include Tebian Electric Apparatus, Baofeng Energy, and Guanghui Energy, among others [11][12] Xinjiang Index Situation - The Xinjiang index stands at 104.9, down 0.46% week-on-week, while the coal chemical investment index is at 99.7, down 2.77%. The state-owned enterprise reform index is at 110.8, up 0.86% [14] - The top three gainers this week include: - Zhun Oil Co., Ltd. (002207.SZ) up 40.23% - Beiken Energy (002828.SZ) up 20.22% - International Industry (000159.SZ) up 13.34% - The top three decliners include: - Beixin Road and Bridge (002307.SZ) down 6.73% - Fosda (603173.SH) down 7.58% - Huijia Times (603101.SH) down 11.07% [14] Key Data Tracking - Key prices in Xinjiang include: - Q5000 mixed coal at 100 CNY/ton, unchanged week-on-week - Q5200 mixed coal at 197 CNY/ton, unchanged week-on-week - Main焦煤 at 780 CNY/ton - Methanol price at 1605 CNY/ton, with a price difference of -1180 CNY/ton compared to East China - Urea price at 1681 CNY/ton, with a price difference of -139 CNY/ton compared to Shandong [19] - In May 2025, coal railway shipments from key state-owned coal mines reached 3.308 million tons, a year-on-year increase of 16.6%. The raw coal production in Xinjiang was 46.651 million tons, a year-on-year increase of 23.44% [19] Key News and Company Announcements - On June 13, the National Development and Reform Commission approved the 2 billion cubic meters/year coal-to-natural gas project by Xinjiang Tianchi Energy Co., Ltd. The total investment for this project is 17.04 billion CNY [37][39] - Recent updates on key coal chemical projects include: - Tebian Electric's coal-to-gas project approved with a capacity of 20 billion cubic meters/year - National Energy Group's coal-to-gas project with a capacity of 40 billion cubic meters/year is progressing with equipment tenders [41]

Core Viewpoint - The article highlights the significant advancements in China's coal chemical industry, particularly through the development of the "Shenning Furnace," which represents a major breakthrough in coal-to-oil technology and showcases the shift from reliance on imported technology to domestic innovation [1][2]. Group 1: Technological Advancements - The "Shenning Furnace," developed by the company, can convert over 2,000 tons of coal per day and is a key component in the coal-to-oil project [1]. - The company has successfully implemented over 110 technological improvement projects, addressing various operational challenges and breaking foreign technology monopolies [2]. - The introduction of the "Shenning Furnace" has enabled the efficient and clean utilization of low-quality coal, generating technological benefits exceeding 136 million yuan [2]. Group 2: Operational Efficiency - The company has achieved a significant reduction in maintenance time for gasification furnaces, from a planned 45 days to just 25 days, resulting in continuous operation for over 200 days [3]. - The coal-to-oil project has consistently exceeded production targets for four consecutive years, demonstrating operational excellence [3]. Group 3: Workforce Development - The transformation of a previously underperforming workshop into a leading production facility was achieved through effective leadership and team motivation, resulting in multiple awards for operational excellence [4]. - The company emphasizes the importance of personal development within the coal chemical industry, encouraging employees to embrace challenges and contribute to the sector's growth [5].

Group 1 - The core focus of the training program is to cultivate skilled talents, particularly "great country craftsmen," to support industrial transformation and high-quality development in China [2][4] - The first "Great Country Craftsman Talent Training Camp" has enrolled 220 participants, primarily from key enterprises in manufacturing, with over 60% holding senior titles [2][3] - The training emphasizes practical problem-solving, with participants applying learned skills to real-world challenges, leading to innovative solutions that are cost-effective [3][4] Group 2 - The current skilled workforce in China exceeds 200 million, with over 60 million high-skilled workers, yet there is a pressing need for more skilled craftsmen to meet the demands of innovation-driven development [4] - The training program aims to produce approximately 2,000 "great country craftsmen" and 50,000 city-level craftsmen by 2035, as outlined in recent government initiatives [2][4] - The program encourages participants to share their knowledge and skills with peers, fostering a culture of continuous learning and improvement within their organizations [4]

Group 1 - The Yulin Economic Development Zone is experiencing rapid project construction, with various projects underway, including the National Energy Yulin Circular Economy Coal Comprehensive Utilization Project, which focuses on coal liquefaction and the development of a complete industrial chain from coal to methanol and various chemical products [1] - The Shanxi Coal 15 million tons/year clean and efficient coal conversion demonstration project utilizes coal pyrolysis and gasification technology to produce methanol and olefins, enhancing the overall value of coal resources through the integration of coal chemical and petroleum chemical industries [1] - The Yulin Hengshen New Materials Co., Ltd. is the first 10,000-ton-level carbon fiber production enterprise in Shaanxi Province, with plans to complete a 20,000 tons/year high-performance carbon fiber production line by the end of 2028 [2] Group 2 - The Yulin Economic Development Zone has established a "2+4+N" industrial structure, with significant projects emerging, including billion-level and hundred-million-level projects, contributing to high-quality development [2] - During the 9th Silk Road International Expo, the Yulin Economic Development Zone successfully attracted investments totaling 114.95 billion yuan, accounting for 58.42% of the total investment in Yulin City [2] - The Yulin Economic Development Zone emphasizes a "project-oriented" approach, focusing on the entire project lifecycle to ensure timely commencement, construction, and production of major projects, thereby driving economic growth [3]

一、研究观点 光大期货煤化工商品日报 光大期货煤化工商品日报（2025 年 6 月 20 日） | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周四尿素期货价格继续上涨受阻，主力合约全天偏弱震荡，收盘价1780元/吨，微 幅下跌0.22%。现货市场走势分化，局部地区仍有小幅上涨，另有部分地区稳定或 | | | | 小幅回落。山东、河南地区市场价格昨日分别继续上涨至1840元/吨、1830元/吨， | | | | 江苏地区市场价格小幅回落10元/吨。基本面来看，尿素供应水平继续回落，昨日 | | | 尿素 | 行业日产量20万吨，日环比下降0.13万吨。需求端跟进力度进一步放缓，昨日主流 | 震荡 | | | 地区产销率回落至低位，多数位于5%~70%区间波动。另外，国际市场对国内情绪 | | | | 扰动力度逐渐减弱，尿素期货市场情绪逐渐回归理性。考虑到国内仍有追肥及出口 | | | | 作为支撑，短线盘面下跌空间或有限，建议以震荡思路对待。继续关注全球局势及 | | | | 国际尿素价格、国内需求跟进力度。 | | | | 周四纯碱期货价格坚挺震荡，主力09合约收盘价117 ...

Group 1 - The company has terminated the financial service agreement with Yangquan Coal Industry Group Financial Co., Ltd. due to changes in its controlling shareholder and business needs [2][3] - The original financial service agreement was signed on July 30, 2022, and was set to provide various financial services, but as of the termination date, the company had a deposit and loan balance of zero with the financial company [3][4] - The termination of the financial service agreement will not affect the company's normal operations or its development, ensuring no harm to the interests of the company or its shareholders, particularly minority shareholders [4] Group 2 - The termination agreement was signed on June 17, 2025, and both parties confirmed that all matters under the original agreement had been fulfilled with no outstanding issues [3][4] - The agreement specifies that any disputes arising from the execution of the termination agreement should be resolved through negotiation, and if unsuccessful, either party may file a lawsuit in the court located in the company's jurisdiction [4] - The company will retain a copy of the termination agreement, which will have equal legal effect once signed by both parties [4]

光大期货煤化工商品日报 光大期货煤化工商品日报（2025 年 6 月 18 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 尿素 | 周二尿素期货价格继续走高，主力09合约收盘价1774元/吨，日内涨幅3.99%。现货 | 看涨 | | | 市场继续明显反弹，主流地区市场价格再度上涨10~50元/吨不等，目前山东、河南 | | | | 地区市场价格分别为1810元/吨、1790元/吨，日环比分别上涨50元/吨、40元/吨。基 | | | | 本面来看，尿素供应水平依旧高位波动，行业日产量昨日20.31万吨，日环比下降0. | | | | 02万吨。需求端在期、现市场情绪持续回暖带动下，现货成交氛围仍积极，昨日主 | | | | 流地区现货产销率均维持在100%以上，个别地区超200%。后续在国内追肥需求、出 | | | | 口有序推进的带动下，现货高成交短期或依旧维持。中东地缘政治对全球尿素供需 | | | | 及价格扰动仍存，但随着时间推移市场情绪或逐步回归理性。整体来看，尿素期货 | | | | 市场情绪短期依旧较为积极，主力期价也仍有继续上 可能。但尿素 ...

Report Overview - Report Date: June 18, 2025 [2] - Industry: Methanol [1] - Research Team: Energy and Chemical Research Team [4] - Data Sources: Wind, Jianxin Futures Research and Development Department [5] 1. Report Investment Rating - Not provided in the report 2. Core Viewpoints - The methanol weighted contract decreased in price with reduced positions on Tuesday. The weighted contract decreased by 0.37%, with a reduction of 23,806 positions, and the 09 main contract reduced by 3,695 positions. The weighted contract showed a wide - range volatile trend after opening lower and finally closed with a small - bodied false positive line with upper and lower shadows [5]. - The average spot transaction price of methanol in Jiangsu Taicang was 2,615 yuan/ton, an increase of 30 yuan/ton from the previous day. The Iranian situation affects methanol prices. Currently, Iranian methanol ports and shipments are normal, but there are reports of Israeli air strikes on Iranian energy infrastructure, which may support methanol prices. Short - term geopolitical uncertainties increase price volatility. The short - term supply disruptions and the short - term rebound of upstream coal prices also support methanol prices, so it is expected to be volatile and slightly stronger in the short term [5]. - From a technical perspective, in the hourly cycle, the RSI indicator entered the overbought area for the second time and then corrected, the MACD fast and slow lines were still above the zero axis, and the red bars continued to shorten. In the daily cycle, the MACD fast and slow lines both crossed above the zero axis, the red bars continued to lengthen, and the RSI indicator was in the overbought area and showed signs of correction. Overall, it is expected to be in a wide - range volatile and slightly stronger trend in the short term [6]. 3. Summary by Directory 3.1 Market Review and Outlook - **Futures Market Quotes**: The MA2501 contract opened at 2,445, closed at 2,455, with a high of 2,466, a low of 2,410, a decline of 0.37%, a trading volume of 175,703, an open interest of 208,776, and a decrease in open interest of 9,733. The MA2505 contract opened at 2,388, closed at 2,387, with a high of 2,395, a low of 2,354, a decline of 0.33%, a trading volume of 1,694, an open interest of 3,589, and an increase in open interest of 243. The MA2509 contract opened at 2,440, closed at 2,455, with a high of 2,466, a low of 2,397, a decline of 0.37%, a trading volume of 2,061,228, an open interest of 816,410, and a decrease in open interest of 3,696 [7]. 3.2 Industry News - A coal - chemical project worth 59 billion yuan started. Inner Mongolia Zhuozheng Coal - Chemical Co., Ltd.'s methanol project, methanol - acetic acid extension project, and new - material project's finished and semi - finished product tank area project began construction. The first - phase project, estimated to cost 25.5 billion yuan, plans to produce more than 30 main and by - products such as acetic acid, ethanol, polyglycolic acid, and polyoxymethylene, with an expected annual output value of about 11.7 billion yuan. It is scheduled to be put into production in October 2026, and the second - phase project construction will be launched simultaneously. The long - term plan covers about 7,800 mu of land, with an estimated investment of 59 billion yuan, targeting high - end fine - chemical products in the new energy and new - material fields [13]. 3.3 Data Overview - The report presents multiple data charts, including the main contract basis, production - sales price difference, futures price and warehouse receipt quantity, MA09 - MA01 spread, three - process methanol profit, and overseas methanol market price, but specific data details are not described in the text [20][24][25]

Group 1 - The core viewpoint is that the chemical industry is expected to see a recovery in profitability driven by policy support, particularly in upstream sectors closely related to domestic demand [1][2] - The report highlights specific sectors such as polyurethane, coal chemical, petrochemical, and fluorochemical as key areas for potential profit recovery [1][2] - The focus on new materials as a primary development direction for China's chemical industry includes high-value products like robot materials, AI & semiconductor materials, bio-aviation fuel, OLED materials, and COC materials [1][3] Group 2 - The expectation of domestic demand recovery is supported by recent policy measures aimed at revitalizing the economy, with a focus on the chemical industry's upstream sectors [2] - Key companies to watch include Wanhua Chemical (600309), Baofeng Energy (600989), and others in the coal chemical and petrochemical sectors, which are expected to benefit from infrastructure projects in regions like Xinjiang and Tibet [2] - The emphasis on developing new materials is driven by emerging demands from humanoid robots and AI applications, as well as ongoing domestic substitution efforts in the semiconductor field [3] Group 3 - High-quality companies with strong shareholder returns are expected to undergo a revaluation, including major state-owned enterprises in the oil and gas sector and firms in the compound fertilizer and amino acid industries [4] - The report suggests that many sub-sectors within the chemical industry are at a point where they can enhance shareholder returns to reshape investment value [4]