在项目管理的战场上，她将"超前预判"发挥到极致。面对大规模的新建、搬迁、维保工程，她不等不 靠，带领团队时时召开碰头会，项目筹谋提前、再提前，确保各项工作有条不紊，实现了为生产数据提 质加速。 创新思维突破行业桎梏 "检验不是摆花架子，而是要为生产争分夺秒。"王颖颖以极具穿透力的视角重新定义质检价值。 王颖颖将检验方法的优化作为工作重点，她将"精准高效"的理念融入日常管理：检验项目分解到人，责 任量化到岗，甚至细化到每份样品抽检误差不超过0.1%这样的具体指标。过去5年间，质检中心交出了 两份满分的答卷——样品抽检符合率达到100%，产品出厂合格率同样是100%。这些数字的背后，是团 队每一位成员对小数点后三位的执着与严谨，团队的坚守确保任何误差都无处遁形。在夯实基础检验的 同时，王颖颖打破部门壁垒，大力配合生产部门完成各项专题实验，为提高产品产量和优化生产奠定理 论基础。 全局思维打造培养计划 在齐翔腾达质检中心实验室里，仪器低鸣，数据跃动，一份份样品在精密设备的"审视"下完成检验。质 检中心党支部书记、主任王颖颖正是检验的关键人物。她以柔肩担重任，将质量就是生命线的理念熔铸 成团队灵魂，在精密仪器与实验数 ...

Investment Rating - The report maintains an "Overweight" rating for the industry [4] Core Insights - The modern coal chemical industry is experiencing a development opportunity period, driven by industrial upgrades and energy security [10] - Xinjiang is emerging as a strong coal chemical base due to its abundant resources, favorable policies, and significant investment in coal chemical projects [10][28] - The report identifies three major investment directions within the coal chemical industry: equipment providers, project owners, and service providers [9][10] Summary by Sections 1. Modern Coal Chemical Industry Development - Modern coal chemical processes produce alternative petrochemical products and clean fuels, including coal-to-olefins and coal-to-oil [17] - The industry is essential for ensuring national energy security, given China's reliance on coal as a primary energy source [22][26] 2. Xinjiang's Coal Chemical Industry - Xinjiang has rich coal reserves, with a total resource of 2.19 trillion tons, accounting for about 40% of the national total [28] - The region's coal quality is high, primarily consisting of low-sulfur and high-calorific value coal types, making it suitable for large-scale coal chemical projects [33] - Favorable national policies have positioned Xinjiang as a key coal chemical base, with over 800 billion yuan in planned investments for various coal chemical projects [45] 3. Economic Competitiveness - Xinjiang's coal-to-gas production costs are significantly lower than those in Inner Mongolia and Shaanxi, with costs estimated at 1.28 yuan per cubic meter compared to 2.06 yuan and 2.68 yuan, respectively [53] - The report highlights the cost advantages of Xinjiang's coal resources, with pithead prices for coal being substantially lower than in other regions [34][53] 4. Investment Opportunities - Recommended companies for investment include those involved in engineering design, total contracting, and equipment supply, such as Sandi Chemical, China National Chemical, and Donghua Technology [9] - Project owners benefiting from Xinjiang's cost advantages include Baofeng Energy and Guanghui Energy [9] - Service providers in the coal chemical sector, such as Guangdong Hongda and Xuefeng Technology, are also highlighted as potential investment opportunities [9]

Core Viewpoint - Guanghui Energy Co., Ltd. is actively enhancing its operational efficiency and resilience in response to economic pressures, focusing on the transition from traditional coal chemical processes to modern energy solutions, including hydrogen energy and carbon capture technologies [8][9][12]. Group 1: Company Overview - As of December 31, 2024, the total number of shares for Guanghui Energy is 6,565,755,139, with a total of 145,050 shareholders [9][10]. - The company has implemented a robust governance structure, adhering to relevant laws and regulations, ensuring effective internal controls and compliance [10][11]. Group 2: Financial Performance - For the reporting period, the total assets of the company amounted to approximately CNY 56.84 billion, a decrease of 3.24% year-on-year [12]. - The company reported operating revenue of approximately CNY 36.44 billion, down 40.72% year-on-year, and a net profit attributable to shareholders of approximately CNY 2.96 billion, down 42.60% year-on-year [12][13]. Group 3: Natural Gas Operations - The company produced approximately 68.24 million cubic meters of LNG, a year-on-year increase of 17.58%, while total natural gas sales decreased by 52.95% to approximately 408.56 million cubic meters [12][14]. - The company has adopted a "2+3" operational model to enhance the efficiency of its gas receiving stations, focusing on both domestic and international markets [13][14]. Group 4: Coal Production and Sales - The company achieved a record coal production of approximately 3.98 million tons, a year-on-year increase of 78.52%, and coal sales of approximately 4.72 million tons, up 52.39% [14][16]. - The company is enhancing its coal production capabilities through advanced technologies and smart mining systems [14][17]. Group 5: Chemical Production - The company produced approximately 107.88 million tons of methanol, an increase of 18.43% year-on-year, while ethylene glycol production reached approximately 15.56 million tons, up 23.73% [17][19]. - The coal chemical segment is focusing on high-end and differentiated product development, aiming for sustainable and low-carbon growth [17][18]. Group 6: Future Development Outlook - The natural gas industry in China is expected to grow significantly, driven by policy support and technological innovation, with a projected increase in natural gas consumption [33][34]. - The company is positioning itself to capitalize on the transition to modern coal chemical processes and the development of hydrogen energy, aligning with national energy security goals [36][37][38].

Group 1: Industry Outlook - The coal chemical industry is shifting towards new coal chemical processes, focusing on clean energy and chemical products as target outputs [3] - The development of large industrial bases is essential for the future of the coal chemical industry, aligning with national policies promoting modern coal chemical industry [3] - The industry is expected to evolve towards high-end, refined, green, and cluster-based production [3] Group 2: Company Performance - In 2024, the chemical industry faced low demand and intensified competition, leading to a decline in product prices and significant operational pressure for coal chemical companies [4] - Despite challenges, the company has maintained a relative competitive advantage compared to peers, with specific details available in the 2024 annual report [4] - In Q1 2025, the company experienced a significant improvement in operating performance compared to the same period in 2024, aided by a decrease in coal prices [6] Group 3: Growth Strategies - The company is focused on sustainable development through internal management improvements and external acquisitions to enhance its risk resilience and long-term stability [5] - Cost reductions from falling coal prices have positively impacted the company's product costs, although export challenges remain due to the US-China tariff conflict [6]

Core Viewpoint - The company has established a complete coal chemical circular economy industrial chain, focusing on various products including new materials, advanced carbon materials, and hydrogen fuel, while actively expanding its operations and improving profitability [1][2] Group 1: Business Operations - The company has formed a complete industrial chain involving coal mining, coking, gasification, methanol synthesis, and the production of hydrogen fuel [1] - Key operational segments for Q1 2025 include raw coal production, washing, power generation, heating, and new materials, with raw coal production being the most impactful for overall performance [1] - The company is accelerating the construction of its mines to enter trial production as soon as possible, aiming to increase coal output and profitability [1] Group 2: Market Strategy - In response to market volatility, the company is increasing its self-sufficiency in raw coal and reducing costs through various measures [2] - The company is actively expanding its customer base and ensuring stable sales channels for its products [2] - Strategic initiatives include accelerating the construction of raw coal bases and advancing technological upgrades to achieve energy savings [2] Group 3: Production Capacity and Development - The company’s mining operations are set to expand significantly, with several mines expected to enter trial production between 2025 and 2026, ultimately reaching a total capacity of 2.85 million tons per year [2] - Positive progress has been made in the development and industrialization of graphene thermal management materials [2]

光大期货煤化工商品日报 光大期货煤化工商品日报 二、市场信息 尿素 1、郑商所数据：5 月 8 日尿素期货仓单数量 4970 张，较上一交易日持平，有效预报 511 张。 2、隆众数据：5 月 8 日尿素行业日产 19.95 万吨，较上一工作日增加 0.03 万吨，较去年同期 增加 1.93 万吨；行业开工 86.50%，较去年同期 83.19%回升 3.31 个百分点。 光大期货煤化工商品日报（2025 年 5 月 9 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 尿素 | 周 尿素期货价格震荡走强，主力09合约收盘价1882元/吨，微幅下跌0.11%。现货 | 看涨 | | | 市场局部价格继续 涨，另有部分企业暂 对 报价。目前山东、河南公开市场价 | | | | 格均为1900元/吨，日环比持平。基本面来看，尿素日产量小幅回升至19.95万吨， | | | | 需求端有 跟进，昨日主流地区产销率分化明 ，仅个 地区 100%。近期出口消 | | | | 息扰动加强，最新消息表明后期尿素出口 松基本确定，前提 国内保供和稳价落 | | | | 实到位， ...

Core Viewpoint - The company reported a decline in net profit and revenue in Q1 2025, with a focus on cost control and strategic development in coal and chemical sectors [1][2][4]. Group 1: Financial Performance - In Q1 2025, the company achieved revenue and net profit of 38.39 billion and 3.98 billion yuan, respectively, representing a year-on-year decline of 15.4% and 20% [1]. - The self-produced coal output increased by 1.9% year-on-year, while the comprehensive selling price decreased by 18% [1]. - The unit cost of self-produced coal was 270 yuan/ton, showing a year-on-year decrease of 7.3% [1]. - The gross profit margin for self-produced coal was 222 yuan/ton, down 27.6% year-on-year [1]. Group 2: Coal and Chemical Products - In Q1 2025, the sales volume of major coal chemical products such as polyolefins, urea, and methanol were 355,000, 600,000, and 529,000 tons, respectively, with methanol showing a significant year-on-year increase of 33.6% [2]. - The average selling prices for polyolefins, urea, and methanol were 6,876, 1,702, and 1,794 yuan/ton, with urea experiencing a notable decline of 23.9% year-on-year [2]. - The gross profit margins for polyolefins, urea, and methanol were 16%, 21.2%, and 21.2%, respectively, with significant quarter-on-quarter increases [2]. Group 3: Strategic Development - The company is advancing the construction of key coal mines and coal-electricity integration projects, with significant progress reported in the construction of the Libu and Weizigou coal mines [2]. - Plans for capital expenditure in 2025 are set at 21.68 billion yuan, a 41.7% increase from 2024, aimed at optimizing the industrial layout [3]. - The company is exploring the coupling development of new energy and chemicals, with ongoing projects in Shaanxi and the "Liquid Sunshine Project" [2][3]. Group 4: Investment Outlook - The company is expected to maintain stable performance in its coal business, with improved cost control and governance, leading to a more positive dividend attitude [4]. - Projected net profits for 2025-2027 are estimated at 17 billion, 18.5 billion, and 19.8 billion yuan, corresponding to a price-to-earnings ratio of 8.1, 7.5, and 7 times for 2025 [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 5 月 8 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 尿素 | 周三尿素期货价格偏强震荡，主力09合约收盘价1886元/吨，涨幅0.96%。现货市场 | 看涨 | | | 继续上调，主流地区价格上调幅度10~30元/吨，山东、河南地区市场价格均已涨至 | | | | 1900元/吨。基本面来看，昨日仍有企业检修，尿素日产水平进一步回落至19.92万 | | | | 吨，日环比降0.24万吨。需求端处于夏季用肥高峰期，但当前市场跟进情绪较为谨 | | | | 慎。一方面在于近期价格持续上涨，部分对高价存在抵触情绪，另一方面在于近期 | | | | 出口消息面影响持续发酵，产业多持观望态度以等待相关出口政策及会议落地。昨 | | | | 日收盘后出口相关会议及消息 出不 ，但实 有待进一步 证。整体来看，短期 | | | | 尿素市场出口消息扰动力度 升，期货盘面短期仍将延续偏强趋势，但价格上涨过 | | | | 多也仍将触发保供稳价机制，关注需求力度、出口形势变化及保供稳价政策导向。 | | | ...

Report Industry Investment Ratings - Urea: Bullish [1] - Soda Ash: Bullish [1] - Glass: Sideways [1] Core Views - Urea futures prices strengthened on the first trading day after the holiday, with the spot market also significantly stronger. The daily production level of urea fluctuated at a high level, and the demand side improved. The futures market is expected to continue its strong trend in the short term, and attention should be paid to demand fulfillment, export situation changes, and price - stabilization policies [1]. - Soda ash futures prices showed a weak and volatile trend after the holiday. The supply is expected to decline due to plant overhauls, and the demand follows as needed. The futures market may experience a phased upward trend, but the long - term pattern remains loose [1]. - Glass futures prices were weak after the holiday. The supply support is limited, and the demand is mainly for rigid needs. The trading atmosphere improved after the holiday. The futures prices are expected to be strong during the day, and attention should be paid to demand sustainability and macro - sentiment changes [1]. Market Information Urea - On May 6, the number of urea futures warehouse receipts was 4,970, an increase of 111 from the previous trading day, and the valid forecast was 125 [4]. - On May 6, the daily production of the urea industry was 201,700 tons, a decrease of 4,000 tons from April 30 and an increase of 12,500 tons from the same period last year. The industry's operating rate was 87.47%, a 0.12 - percentage - point increase from the same period last year [4]. - On May 6, the spot prices of small - particle urea in various regions increased. For example, in Shandong, it was 1,890 yuan/ton, an increase of 40 yuan/ton [4]. Soda Ash & Glass - On May 6, the number of soda ash futures warehouse receipts was 3,799, a decrease of 150 from the previous trading day, and the valid forecast was 2,806. The number of glass futures warehouse receipts was 2,266, a decrease of 175 from the previous trading day [6]. - On May 6, the spot prices of soda ash in various regions varied, with some light - alkali prices slightly increasing [6]. - On May 6, the capacity utilization rate of the soda ash industry was 86.11% [7]. - On May 6, the average price of the float glass market was 1,271 yuan/ton, a decrease of 5 yuan/ton from the previous day, and the industry's daily output was 155,800 tons [7]. Chart Analysis - The report includes various charts, such as those showing the closing prices, basis, trading volume, and positions of urea and soda ash futures, as well as the price trends of urea and soda ash spot, and the price differences between urea - methanol and glass - soda ash futures [10][11][19][21]. All chart data sources are iFind and the Everbright Futures Research Institute [22]. Research Team Members - Zhang Xiaojin, the director of the resource product research at Everbright Futures Research Institute, focuses on the sugar industry [24]. - Zhang Linglu, an analyst at Everbright Futures Research Institute, is responsible for researching futures varieties such as urea, soda ash, and glass [24]. - Sun Chengzhen, an analyst at Everbright Futures Research Institute, is mainly engaged in the fundamental research and data analysis of cotton, cotton yarn, and ferroalloys [24].

2025 年 5 月 7 日 行业研究 今日产品价格动向：1）能源：国产 LNG 市场走势偏弱；下游需求有限，国 内动力煤价格弱势运行；原油走势趋弱；市场看空情绪明显，华中汽柴油价 格整体下调。2）化工：华东纯苯价格相对坚挺，南北价差扩大；下游检修 延迟，今日 PX 市场上涨；天然橡胶市场价格走势上行。3）新材料：下游压 价心态不改，负极材料企业仍面临降本增效压力；多晶硅市场活跃度欠佳， 价格有继续走跌趋势；节后市场偏弱势，六氟磷酸锂价格微幅下降。 投资建议：（1）持续看好低估值、高股息、业绩好的"三桶油"及油服板 块。建议关注：中国石油、中国石化、中国海油、中海油服、海油工程、海 油发展；（2）持续看好国产替代趋势下的材料企业，国产半导体材料、面 板材料有望受益，建议关注：晶瑞电材、彤程新材、奥来德；（3）积极的 货币及财政政策陆续出台，地产链及龙头公司有望率先受益，看好农药化肥 及民营大炼化板块，建议关注：万华化学、华鲁恒升、华锦股份；（4）看 好维生素及蛋氨酸板块，建议关注：安迪苏、浙江医药、新和成。 风险分析：原材料快速下跌和维持高位、下游需求不及预期风险。 基础化工 石油化工 交通运输仓储 MXD6 ...