2025 年 9 月，本公司自有鐵路運輸周轉量同比增長的主要原因，是自有鐵路沿 線煤源充足帶來鐵路運量增加；黃驊港裝船量、天津煤碼頭裝船量同比增長的主要原 因，是到港資源量增加及上年同期基數較低；航運貨運量及周轉量同比下降的主要原 因，是業務結構調整、航線結構變化；總發電量、總售電量同比下降的主要原因，是 受天氣影響部分區域用電需求不足、新能源出力增加等。 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之內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內 容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 (在中華人民共和國註冊成立的股份有限公司) (股份代碼: 01088) 2025 年 9 月份主要運營數據公告 (海外監管公告) 中國神華能源股份有限公司（「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、誤導性陳述或者重大遺漏，並對其內容的真實性、準確性和完整 性承擔法律責任。 | | | 2025 | 年 | 2024 | 年 | 同比变化 | | | --- | --- | --- | --- | --- | --- | --- | ...

Core Insights - The chemical parks are crucial for the development of the chemical industry, serving as platforms for enterprise aggregation and key carriers for industrial transformation and upgrading [1][2] Group 1: Overview of Chemical Parks - As of July 31, 2024, a total of 745 chemical parks have been recognized across 30 provinces in China, with Shandong leading with 84 parks [1] - The distribution of recognized chemical parks shows that 23 provinces have at least 10 parks, with Shandong, Zhejiang, Henan, Hubei, and Anhui having over 40 each [1][2] - The eastern region has seen an increase in the number of recognized parks, particularly due to new additions in Guangdong and Shanghai [3] Group 2: Development Trends - The recognition of chemical parks has been deepening since June 2024, with Henan adding 9 new parks, leading the nation, followed by Xinjiang, Sichuan, and Shanxi [2] - The dynamic adjustment of "incremental optimization" and "stock restructuring" reflects local governments' commitment to implementing national chemical industry plans and enhancing park quality and safety standards [2] Group 3: Regional Distribution and Types - The top 100 chemical parks include 55 from the eastern region, 21 from the western region, 16 from the central region, and 8 from the northeastern region, with Shandong having the highest number at 16 [3] - Among the top parks, petroleum chemical parks dominate with 50, followed by fine chemical parks with 40, and coal chemical parks with 10 [3] Group 4: Strategic Recommendations - It is recommended that chemical parks adopt a systematic strategic restructuring framework, focusing on a three-dimensional analysis mechanism of resources, markets, and technology [4] - Establishing a third-party dynamic evaluation system is suggested to assess industrial concentration, innovation activity, and safety and environmental standards [4]

Core Points - The stock price of Lu Xi Chemical fell by 2.06% on October 16, trading at 12.83 CNY per share with a total market capitalization of 24.432 billion CNY [1] - Year-to-date, Lu Xi Chemical's stock price has increased by 13.14%, but it has seen a decline of 9.96% over the last five trading days and 11.76% over the last 20 days [1] - The company's main business revenue composition includes 66.07% from new chemical materials, 20.11% from basic chemicals, 12.06% from fertilizers, and 1.76% from other products [1] Financial Performance - For the first half of 2025, Lu Xi Chemical reported a revenue of 14.739 billion CNY, a year-on-year increase of 4.98%, while the net profit attributable to shareholders decreased by 34.81% to 763 million CNY [2] - The company has distributed a total of 9.885 billion CNY in dividends since its A-share listing, with 2.167 billion CNY distributed over the last three years [2] Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 9.83% to 101,000, while the average circulating shares per person decreased by 8.95% to 18,860 shares [2] - Notable institutional shareholders include Southern CSI 500 ETF, holding 16.9804 million shares, and Hong Kong Central Clearing Limited, holding 16.6184 million shares [2]

Group 1: Report Investment Ratings - All three commodities (urea,纯碱, and glass) are rated as "Oscillating" [1] Group 2: Core Views - **Urea**: Demand shortage continues to suppress the price trends of urea futures and spot. The futures price shows signs of stopping decline but lacks upward momentum. It is recommended to view it from a bottom - oscillating perspective, and pay attention to the results of Indian tenders, export policy dynamics, northern weather, and spot trading conditions [1] - **纯碱**: The driving force in the soda ash market remains limited, and the futures price is mainly in low - level consolidation. Pay attention to the policy orientation of the Fourth Plenary Session of the 20th Central Committee next week, macro - sentiment, and this week's inventory data [1] - **Glass**: The market sentiment of glass remains weak. After consecutive days of decline, the futures price may stop falling, but the rebound driving force is still insufficient. Pay attention to external factors such as policy orientation and macro - sentiment, as well as spot trading volume and this week's inventory data [1] Group 3: Market Information Summaries Urea - On October 15, the number of urea futures warehouse receipts was 6493, a decrease of 77 from the previous trading day, with 21 valid forecasts [4] - On October 15, the daily output of the urea industry was 18.46 tons, a decrease of 0.12 tons from the previous working day and 0.53 tons from the same period last year. The operating rate was 78.90%, a decrease of 6.26 percentage points from 85.16% in the same period last year [4] - On October 15, the spot prices of small - granular urea in various domestic regions remained unchanged. For example, the price in Shandong was 1550 yuan/ton, and in Henan was 1540 yuan/ton [4] - As of October 15, the inventory of urea enterprises was 161.54 tons, an increase of 17.15 tons (+11.88%) from last week [5] Soda Ash & Glass - On October 15, the number of soda ash futures warehouse receipts was 7856, a decrease of 26 from the previous trading day, with 2371 valid forecasts. The number of glass futures warehouse receipts was 0, unchanged from the previous trading day [7] - On October 15, the spot prices of soda ash in various regions remained unchanged. For example, in North China, the price of light soda ash was 1200 yuan/ton, and heavy soda ash was 1300 yuan/ton [7] - On October 15, the daily operating rate of the soda ash industry was 85.28%, remaining stable day - on - day [8] - On October 15, the average price of the float glass market was 1249 yuan/ton, a decrease of 7 yuan/ton day - on - day. The daily output of the industry was 16.13 tons, remaining unchanged day - on - day [8] Group 4: Chart Analysis - The report presents multiple charts including the closing prices, basis, trading volume and open interest, spreads of different contracts, and the price differences between related commodities of urea, soda ash, and glass [10][11][13] - All chart data sources are iFind and the Research Institute of Everbright Futures [19] Group 5: Research Team Members - Zhang Xiaojin, the research director of resource products at Everbright Futures Research Institute, focuses on sugar industry research and has won many awards [23] - Zhang Linglu, an analyst of resource products at Everbright Futures Research Institute, is responsible for the research of futures varieties such as urea, soda ash, and glass and has won relevant honors [23] - Sun Chengzhen, an analyst of resource products at Everbright Futures Research Institute, is engaged in the fundamental research and data analysis of varieties such as cotton, cotton yarn, and ferroalloys and has won relevant titles [23]

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]