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 ...

Group 1: High-end Development - The modern coal chemical industry needs to shed its label as a "low-end bulk commodity" and pursue high-end development [1] - Focus should be on products that are difficult to produce in petrochemicals, such as α-olefins, specialty oils, and functional materials, to extend the industrial chain towards high-end [1] - Achievements in key technologies like electronic-grade phosphoric acid production and process intensification have been made, emphasizing high-end, green, and intelligent development as the main theme [1] Group 2: Green Transition and Carbon Reduction - The modern coal chemical industry plays a crucial role in ensuring national energy security and promoting high-quality economic development, with a focus on green and digital transformation [3] - The importance of carbon dioxide by-product management and water resource conservation has been highlighted as urgent topics [3] - Green methanol, produced from carbon dioxide and green hydrogen, is emerging as a potential clean and low-carbon fuel and chemical raw material [3] Group 3: Technological Innovations - The development of low-energy, low-carbon pathways for the utilization of low-rank coal has been achieved, exploring key technologies for integrating low-rank coal utilization with new energy [4] - Enhancements in reaction control and energy efficiency in coal gasification processes are recommended, along with the development of high-efficiency low-carbon new processes [4] - Artificial intelligence (AI) is seen as a transformative technology for the modern coal chemical industry, improving efficiency in both research and production [5] Group 4: Industry Trends and Future Directions - The Ningdong base is developing a series of industrial chains, with the fine chemical industry expected to account for 13.9% of its output value by 2024 [2] - The conference served as a platform for discussing the development direction for the "15th Five-Year Plan," indicating ongoing exploration and innovation in the industry [5]

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]

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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]