Group 1 - The provincial leaders emphasized the importance of enhancing industrial strength and promoting high-quality development of the county economy [6] - Liu Ning and Wang Kai conducted research on industrial innovation, enterprise development, cultural heritage protection, and grassroots governance in Gongyi City and Xiangcheng County [3][4] - The leaders highlighted the need to leverage leading enterprises to strengthen the industrial chain and improve the core competitiveness of characteristic industrial clusters [4] Group 2 - Xiangcheng County is developing the longest and most complete coal chemical industry chain in China, relying on its rich coal resources [5] - The leaders visited various companies to understand the development of advanced materials and emphasized integrating green development concepts into the entire process of enterprise development [5][6] - Liu Ning stressed the importance of innovation and mastering key core technologies to overcome development bottlenecks and enhance development momentum [5][6]

数据四舍五入，查看更多财务数据>> 一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.0509 | 0.0042 | -1311.9 | 0.0178 | | 每股净资产（元） | 0 | 0.29 | -100 | 0.29 | | 每股公积金(元) | 1.46 | 1.46 | 0 | 1.46 | | 每股未分配利润(元) | -2.31 | -2.25 | -2.67 | -2.26 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 7.59 | 8.98 | -15.48 | 11.59 | | 净利润(亿元) | -0.63 | 0.05 | -1360 | 0.22 | | 净资产收益率(%) | -19.06 | 1.44 | -1423.61 | 6.39 | 不分配不转增 二、前10名无限售条件股东持股情况 三、分红送配方案情况 前十大流通股东累计持有： 54698. ...

内蒙项目逐步投产，业绩有望再上一个台阶。公司内蒙古 260 万吨/年煤制烯烃及配套40 万吨/年绿氢耦 合制烯烃项目建设稳步推进，第一系列 100 万吨/年烯烃生产线于2024 年11 月投产、第二系列100 万吨/ 年烯烃生产线于今年1 月投产，第三系列100 万吨/年烯烃生产线于今年3 月底投产，公司烯烃产能达到 520 万吨/年，预计随着内蒙项目产能逐步释放，公司业绩有望再上一个台阶。宁东四期烯烃项目场地 平整、地基强夯等工程按计划完成；新疆烯烃项目取得项目环评、安评等支持性文件专家评审意见。 事件：公司发布2025 年一季度业绩预告，预计2025Q1 实现归母净利润23.5-25亿元，同比增长 65.38%-75.93%，业绩同比大幅增长。 2025Q1 业绩同比大幅增长，内蒙项目放量贡献业绩。2025Q1 公司预计实现归母净利润23.5-25 亿元， 同比增长65.38%-75.93%，主要系公司内蒙古300万吨/年烯烃项目投入试生产，烯烃产品产销量同比显 著增加；气化原料煤、动力煤价格同比回落，烯烃产品利润率同比提升。据百川盈孚，当前聚乙烯、聚 丙烯市场均价分别为7568、7181 元/吨，25Q ...

光大期货煤化工商品日报 光大期货煤化工商品日报（2025 年 4 月 11 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 尿素 | 周四国内尿素现货价格走势回暖，主流地区现货价格上调 10～20 元/吨不等，山东临沂市场价格 1890 | 坚挺震荡 | | | 元/吨，日环比上涨 10 元/吨。基本面来看，昨日尿素行业日产量 19.55 万吨，日环比小幅提升 0.06 万 | | | | 吨。需求继续跟进，昨日多数地区现货产销率在 140%以上，个别地区稍显偏弱。整体来看，尿素需求 | | | | 仍在持续，中下游也在继续补库，支撑尿素期、现价格。但由于全球宏观事件扰动仍存，期货盘面走势 | | | | 及情绪或仍有较大波动。继续关注现货高成交情况、全球宏观动态。 | | | 纯碱 | 周二纯碱现货市场报价多数稳定，个别地区回落 20～50 元/吨。昨日沙河重碱贸易自提价格回升 17 元 | 宽幅波动 | | | /吨至 1340 元/吨。基本面来看，本周纯碱产量提升 3.47%，纯碱库存下降 0.49%，供应压力仍存。需求 | | | | 端弱稳波动，下游 ...

Core Insights - Uxunqi has rapidly improved its ranking among China's western counties, moving from 23rd in 2022 to 18th in 2023, and is projected to enter the top 10 in 2024 [3][4] - The region is transitioning from an agricultural base to an industrial powerhouse, focusing on energy projects to enhance its economic structure and drive high-quality development [4][6] Economic Development - Uxunqi aims to leverage six major projects from companies like China Coal, Sinopec, and PetroChina to extend its energy industry chain and elevate its value chain [4][9] - The region's GDP is expected to reach 60.25 billion yuan in 2024, marking a significant growth trajectory with multiple large-scale projects underway [6][12] Industrial Projects - The Baofeng project is a key player in Uxunqi's industrial landscape, being the largest coal-to-olefins plant globally, producing over 4,000 tons of olefins daily for various markets [5][6] - The project has achieved full domestic production of its equipment, addressing critical technology challenges and setting multiple industry records [5][6] Technological Innovation - Uxunqi is focusing on modern coal chemical technology innovations, aiming for a nearly 20% reduction in energy consumption while promoting green hydrogen and coal chemical integration [6][11] - The region is also working on enhancing its industrial structure by transitioning from fuel-based to raw material-based coal resources [8][12] Project Pipeline - Uxunqi plans to initiate 33 major projects with a total investment of 151.25 billion yuan, targeting significant advancements in industrial chain development and urban integration [12][14] - The ongoing projects include a 100,000 tons/year liquid sunlight project and a 500,000 tons green ammonia demonstration project, which are part of the broader strategy to cultivate new strategic emerging industries [12][14] Chain Effect - The region is experiencing a "chain effect" where individual projects contribute to a larger industrial ecosystem, enhancing overall economic growth [13][14] - Uxunqi's approach emphasizes the importance of project clustering to create new growth points and strengthen the local economy [7][13]

更多精彩内容请关注方正中期官方微信 期货研究院 煤化工产业链周报 Coal Chemical Industry Chain Weekly Report 摘要 行情回顾 能源化工团队 | 作者： | 夏聪聪 | | --- | --- | | 从业资格证号： | F3012139 | | 投资咨询证号： | Z0012870 | | 联系方式： | 010-68578010 | 投资咨询业务资格：京证监许可【2012】75号 成文时间：2025年04月07日星期一 市场避险情绪升温，煤化工板块走势偏弱。甲醇、PVC、烧碱承压 回落，上方五日均线附近阻力明显。尿素期货涨势暂缓，重心冲高 后回落。 煤炭市场 【交易策略】关税政策加剧市场波动，避险情绪升温，尿素盘面存 在回调可能，多单建议离场，上方1930-1950附近承压，下方支撑 在1850-1860附近。 ●烧碱 上游煤炭市场维稳运行，报价与前期持平。产地主流煤矿生产平稳 ，货源供应充裕，到矿拉运车辆增加，多数煤矿库存保持在低位水 平，暂无库存压力。下游刚需接货为主，需求步入淡季，支撑力度 偏弱。煤炭市场供需宽松，市场存在下行压力。 ●甲醇 【市场逻辑】成本端 ...

Core Viewpoint - The company reported a significant increase in total revenue and net profit for 2024, indicating strong operational performance despite challenges in product pricing and market conditions [2][3]. Group 1: Financial Performance - In 2024, the company achieved total revenue of 34.2 billion yuan, a year-on-year increase of 25.6%, and a net profit attributable to shareholders of 3.9 billion yuan, up 9.1% year-on-year [2]. - In Q4 2024, the company recorded total revenue of 9.05 billion yuan, a year-on-year increase of 14.3% and a quarter-on-quarter increase of 10.3%. The net profit for the quarter was 850 million yuan, reflecting a year-on-year increase of 31.6% and a quarter-on-quarter increase of 3.5% [2]. Group 2: Market Conditions - The price differentials for key products such as urea, acetic acid, and DMF have declined significantly in Q4 2024, with urea price differential at 900 yuan/ton, down 575 yuan/ton year-on-year [3]. - The average market price of domestic thermal coal (Q5500) in Q4 2024 was 826 yuan/ton, representing a 14% decrease year-on-year and a 3% decrease quarter-on-quarter [3]. Group 3: Project Developments - The company’s Jingzhou project has contributed to revenue growth, compensating for price declines through increased volume [3]. - The company announced the commissioning of gas power platform and syngas comprehensive utilization projects, which are expected to produce 1 million tons of urea and 100,000 tons of acetic acid annually, enhancing core competitiveness [5]. - Ongoing projects, including the second phase of the Jingzhou base and new material projects, are expected to further increase production capacity and profitability [5][6].

Investment Rating - The report maintains a positive outlook on investment opportunities related to the "Belt and Road Initiative," "Western Development," and the "New Western Land-Sea Corridor" [6][14]. Core Insights - The report emphasizes the importance of the "Belt and Road Initiative" and its potential to strengthen investment rhythms, particularly in infrastructure, resource development, and energy sectors [8][12]. - The construction of the Pinglu Canal in Guangxi is highlighted as a key project that will enhance trade routes and support the dual circulation strategy [11]. - The report identifies significant investment opportunities in the western regions of China, particularly in Xinjiang, Tibet, Sichuan, and Guangxi, focusing on coal chemical projects and hydropower infrastructure [12][14]. - The report notes that domestic infrastructure demand is expected to support cement prices, with recent price increases indicating a potential upward trend in profitability [5][13]. Summary by Sections Belt and Road Initiative - Since the proposal of the "Belt and Road Initiative" in 2013, nearly 160 countries have signed agreements, with significant investment flows observed in Africa [2][9]. - Investment focus areas include infrastructure, resource development, and digital economy, with companies like Huaxin Cement and Keda Manufacturing expanding their overseas operations [10][12]. Pinglu Canal and Western Land-Sea Corridor - The Pinglu Canal is projected to be completed by 2026 and is expected to facilitate trade and logistics, enhancing the economic landscape of the Guangxi region [11]. - The North Bay Port is anticipated to benefit from increased capacity and trade routes once the canal is operational [11]. Western Development - Xinjiang's coal chemical industry is projected to attract investments of up to 631.8 billion yuan, with several companies positioned to capitalize on this growth [12][14]. - Infrastructure projects in Tibet and Sichuan are also highlighted, with ongoing investments in hydropower and transportation expected to drive regional development [12][14]. Cement Demand and Pricing - Recent cement price increases in various regions indicate a potential recovery in the market, supported by domestic infrastructure projects [5][13]. - The report suggests that the cement industry may see improved profitability due to effective supply management and increased demand from infrastructure investments [5][13].

Investment Rating - The report maintains a "Buy" recommendation for the coal-to-oil and coal-to-gas sectors in Xinjiang, highlighting their potential for significant growth and investment opportunities [2]. Core Insights - Xinjiang is emerging as a strategic base for coal-to-oil and coal-to-gas projects, driven by the increasing importance of energy security and favorable local coal prices [12][18]. - The report emphasizes the economic viability of coal-to-oil projects in Xinjiang, particularly due to the high oil content of Hami coal and advancements in technology that reduce production costs [18][22]. - The coal-to-gas sector is also highlighted for its improved profitability due to technological advancements and changes in commercial models, which enhance operational stability and market access [6][20]. Summary by Sections 1. Xinjiang as a Core Development Base for Coal-to-Oil and Coal-to-Gas - The report discusses the acceleration of coal-to-oil and coal-to-gas construction in Xinjiang, emphasizing the region's role in enhancing national energy security and reducing reliance on energy imports [12][13]. 2. Coal-to-Oil: Economic Viability and Technological Advancements - The report details the current state of coal-to-oil projects, noting that the average oil yield from Hami coal is significantly higher than that from other regions, with a total resource estimate of 570.8 billion tons and proven oil-rich coal resources of 64 billion tons [18][22]. - It highlights the ongoing technological improvements that have led to a decrease in production costs, with a breakeven point for indirect coal-to-oil at approximately $40 per barrel under favorable coal price conditions [18][22]. 3. Coal-to-Gas: Enhanced Profitability and Infrastructure Development - The report outlines the advancements in coal-to-gas technology and the establishment of a more competitive commercial model, which allows coal-to-gas companies to choose buyers freely, thus improving profitability [20][22]. - It mentions the completion of key infrastructure projects, such as the West-to-East Gas Pipeline, which enhances the transportation capacity for coal-to-gas products [20][22]. 4. Investment Recommendations - The report suggests focusing on three main investment lines: 1. Companies benefiting from capital expenditures in Xinjiang's coal chemical sector, including design and equipment firms [7]. 2. Service providers for coal chemical operations and mining, such as logistics and mining service companies [7]. 3. Companies investing in Xinjiang to leverage low coal prices for long-term cost advantages [7].

Report Information - Report Title: Weekly Report on Basic Chemical Industry: Continuous Increase in Urea Price [1] - Report Date: March 30, 2025 [1] - Analyst: Chen Shuxian, CFA [1] - Research Assistant: Zhou Shaowen [1] Industry Investment Rating - Not provided in the report Core Viewpoints - The report presents the weekly data of the basic chemical industry, including the price and profit changes of various chemical products, as well as the performance of related listed companies [2][8][10] Summary by Directory 1. Basic Chemical Weekly Data Briefing - **Related Company Performance** - The basic chemical index had a 0.0% change in the past week, 0.9% in the past month, 2.8% in the past three months, 9.6% in the past year, and 5.3% since the beginning of 2025 [8] - Among related companies, Satellite Chemical had a significant increase in stock price, with a 7.2% increase in the past week, 6.8% in the past month, 23.9% in the past three months, and 38.1% in the past year [8] - The report also provides the profit tracking data of related companies, including total market value, net profit attributable to the parent company, PE, and PB [8] - **Polyurethane Industry Chain** - The average prices of pure MDI, polymer MDI, and TDI this week were 17,870 yuan/ton, 16,280 yuan/ton, and 11,983 yuan/ton respectively, with a week-on-week change of -170 yuan/ton, -420 yuan/ton, and +18 yuan/ton [2][8] - The corresponding gross profits were 3,971 yuan/ton, 3,407 yuan/ton, and 199 yuan/ton, with a week-on-week change of -100 yuan/ton, -336 yuan/ton, and -44 yuan/ton [2][8] - **Oil, Gas, and Olefin Industry Chain** - The average prices of ethane, propane, steam coal, and naphtha this week were 1,531 yuan/ton, 4,523 yuan/ton, 540 yuan/ton, and 4,593 yuan/ton respectively, with a week-on-week change of -34 yuan/ton, +165 yuan/ton, +0 yuan/ton, and +35 yuan/ton [2][8] - The theoretical profits of ethylene production from ethane cracking, CTO, and naphtha cracking were 1,162 yuan/ton, 2,055 yuan/ton, and -197 yuan/ton respectively, with a week-on-week change of +76 yuan/ton, +47 yuan/ton, and -4 yuan/ton [2][8] - The theoretical profits of propylene production from PDH, CTO, and naphtha cracking were -333 yuan/ton, 1,610 yuan/ton, and -453 yuan/ton respectively, with a week-on-week change of -159 yuan/ton, +0 yuan/ton, and -49 yuan/ton [2][8] - **Coal Chemical Industry Chain** - The average prices of synthetic ammonia, urea, DMF, and acetic acid this week were 2,671 yuan/ton, 1,905 yuan/ton, 4,150 yuan/ton, and 2,642 yuan/ton respectively, with a week-on-week change of -29 yuan/ton, +64 yuan/ton, +110 yuan/ton, and -25 yuan/ton [2][10] - The corresponding gross profits were 725 yuan/ton, 218 yuan/ton, -291 yuan/ton, and 12 yuan/ton, with a week-on-week change of +50 yuan/ton, +68 yuan/ton, +213 yuan/ton, and -28 yuan/ton [2][10] 2. Basic Chemical Weekly Report - **2.1 Basic Chemical Index Trend** - Not provided in the report - **2.2 Polyurethane Sector** - The report shows the price and profit trends of pure MDI, polymer MDI, and TDI [2][8] - **2.3 Oil, Gas, and Olefin Sector** - It presents the price trends of raw materials such as ethane, propane, and naphtha, as well as the profit comparison of different production processes [2][8] - **2.4 Coal Chemical Sector** - The report shows the price and profit trends of coal chemical products such as synthetic ammonia, urea, and DMF [2][10]