6月24日，阳煤化工股份有限公司（以下简称"阳煤化工"）2024年年度股东大会在山西太原召开，不少 中小股东专程从外地赶来参加，与公司高管深度交流企业相关情况。 目前，中国氢能产业正迎来政策驱动的加速发展期。2025年1月1日，我国首部《能源法》正式实施，首 次将氢能纳入能源范畴管理，与煤炭、石油等资源并列，从法律层面明确"国家积极有序推进氢能开发 利用"。随着氢能战略地位的提升，产业链相关企业有望持续受益于政策红利，实现估值重塑。 值得一提的是，阳煤化工旗下子公司阳煤化机长期布局氢能及新能源装备制造领域，确立了可持续发展 的战略规划，首选"无碳能源"发展新质生产力，探索推进"灯塔工厂"建设。在绿色新能源与煤化工装备 的耦合领域，阳煤化机与国家电投共同研发了国内首套年产100吨CO2加氢制绿色甲醇合成撬装置，首 次实现了绿色甲醇工艺的产业化示范。基于领先的技术优势，阳煤化机入选国家级服务型制造示范企 业、国家级绿色工厂和山西省高端装备制造产业链的链核企业。 在本次股东大会上，阳煤化工相关负责人着重介绍了公司聚焦新质生产力、聚焦绿色低碳发展、聚焦主 业发展的"三个聚焦"产业布局。在聚焦主业方面，上述相关负责人以 ...

Core Viewpoint - Yangmei Chemical plans to change its name to "Shanxi Luan Chemical Technology Co., Ltd." to reflect its strategic shift towards technology-driven development following the acquisition by Luan Chemical [2][4][6] Group 1: Company Transformation - The name change signifies the progress made since Luan Chemical became the controlling shareholder in December 2023, aiming to solidify achievements and guide the company towards a technology-oriented future [4][6] - The company intends to embrace intelligent development trends and accelerate its transformation into a technology-driven enterprise, enhancing its core competitiveness [6][8] Group 2: Focus on Hydrogen Energy - After eliminating outdated production capacity, Yangmei Chemical is focusing on hydrogen energy and new energy equipment manufacturing [10] - The company has developed China's first annual production capacity of 100 tons CO hydrogenation to produce green methanol, marking a significant step in the industrialization of green methanol processes [10][11] - With the growing global demand for clean energy, hydrogen energy is positioned as a high-efficiency and clean energy source, benefiting from policy support and expected to undergo valuation restructuring [11] Group 3: Support from New Controlling Shareholder - Luan Chemical, as one of Shanxi Province's major energy groups, is committed to leading the transition from traditional energy to technology and intelligence [13] - The group has implemented intelligent mining projects, with plans to establish three more intelligent mines by 2025, significantly increasing the proportion of advanced production capacity [13][14] - Luan Chemical is also expanding into strategic emerging industries, including robotics and green energy storage projects, to achieve a comprehensive intelligent industrial transformation [14]

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 24 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周一尿素期、现价格同步走弱，主流地区市场价格较上周五下跌 10～60 元/吨不等。 基本面来看，尿素日产维持高位，昨日 19.98 万吨，日环比增 0.47 万吨。需求力度有 | | | | 所减弱，下游采购积极性放缓。昨日主流地区现货产销率均维持低位运行，个别稍好 | | | 尿素 | 地区在 60%以上。国际市场等外部因素扰动不时出现，但盘面对此风险溢价的交易氛 | 震荡 | | | 围逐渐减弱，尿素期货价格走势也将逐步回归基本面。后续仍需关注国际市场对国内 | | | | 市场的扰动程度、尿素需求跟进情况、出口等相关动态。 | | | | 周一纯碱期货价格弱势波动，现货市场局部地区小幅回落 30～50 元/吨不等。基本面 | | | | 来看，近期纯碱装置负荷波动不大，行业开工率昨日 86.12%，较上周五持平。需求 | | | 纯碱 | 端按需跟进为主，成交以低价货源为主。周一纯碱企业库存较上周四提升 1.69%，个 | 震荡 ...

Core Viewpoint - The successful launch of the Baofeng Energy coal-based new materials project in Inner Mongolia marks a significant achievement in China's modern coal chemical industry, contributing to national energy security and the "Manufacturing Power" initiative [2][5][11]. Group 1: Project Overview - The project, with an investment of 67.3 billion, is the largest single plant globally for producing polyethylene and polypropylene from coal, achieving an annual output of 3 million tons of olefins [6]. - The project was completed in just 18 months, making it the fastest and largest modern coal chemical project in Inner Mongolia since the 20th National Congress of the Communist Party of China [6][11]. - All equipment used in the project has been domestically produced, addressing key technological challenges and achieving 23 items that meet or exceed international standards [6][11]. Group 2: Strategic Importance - The project aligns with national strategies to promote high-end, diversified, and low-carbon development in the coal chemical industry, with Inner Mongolia being a crucial energy hub [5][7]. - The successful implementation of this project is seen as a model for large-scale industrialization in the coal chemical sector, providing a replicable example for future developments [11]. Group 3: Future Plans - The company aims to expand its coal-to-olefins project to a production scale exceeding 10 million tons, contributing to the replacement of imported high-end chemical products and enhancing national energy security [7][10]. - Plans include diversifying into large-scale coal-to-oil production and developing downstream high-end fine chemical industries to reduce reliance on imports [7][10]. Group 4: Collaboration and Support - The project has received strong support from various stakeholders, including government bodies, research institutions, and industry partners, emphasizing the importance of collaboration in achieving technological advancements [8][10]. - The company expresses gratitude for the ongoing support from investors and partners, which is crucial for optimizing financing conditions and expanding development opportunities [8][10].

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].

从"论文里的成果"到"工厂里的技术"，这批特殊的学生努力把个人的"小技能"融入国家发展的"大需 求"。在创新攻关课题结业答辩中，他们聚焦航空航天、高端装备制造、新能源等12个行业领域，涌现 出一批具有前瞻性和应用价值的创新成果。 作为首期大国工匠培育对象的导师，中国航发沈阳黎明航空发动机有限责任公司首席技师洪家光见证了 比技术突破更动人的风景。"有的工匠师傅深夜仍在车间验证实验数据，为0.01毫米的误差较真到底， 这就是工匠精神最生动的诠释。"洪家光表示，这些通过实践研究出的成果比任何论文都更有说服力， 工匠的考场永远在轰鸣的车间里、在民族工业振兴的征途上。 当前我国技能人才总量已超2亿人，高技能人才超过6000万人。但与实施创新驱动发展战略、构建现代 化产业体系的人才需求相比，仍存在总量不足、结构不优等问题，急需培养造就更多"能工巧匠""大国 工匠"。"一人成匠是微光，万人成匠照山河。"回到公司，邓晶把学习中积累的23份技术笔记、11个应 急工况处理方法整理成教材，先后开展了8场技术培训。在她看来，大国工匠就是要做"火种"，让"一人 强"变成"一片强"。 "结业不是终点，而是新征程的起点。"结业仪式上，首期 ...

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 ...