Group 1: Investment Ratings - The investment rating for urea is "Wide - range Fluctuation" [1] - The investment rating for soda ash is "Bottom - range Fluctuation" [1] - The investment rating for glass is "Short - term Rebound" [1] Group 2: Core Views - For urea, on Monday, the futures price fluctuated widely with the 01 contract closing at 1638 yuan/ton, a 1.15% decline. Supply is at a high level with a daily output of 20.33 tons on the 24th. Demand follow - up has slowed, and new orders for enterprises have decreased. The short - term price is under pressure, but there are potential factors in both supply and demand. The futures should be treated with a wide - range fluctuation view [1]. - For soda ash, on Monday, the futures price trended upwards with the 01 contract closing at 1183 yuan/ton, a 1.02% increase. Supply has slightly recovered as some maintenance enterprises resumed production. Demand is okay with downstream restocking. The inventory has decreased, but the demand from the float glass industry is under test. The futures should be treated with a bottom - range fluctuation view [1]. - For glass, on Monday, the futures price strengthened in the afternoon with the 01 contract closing at 1013 yuan/ton, a 2.95% increase. The spot price is still weak. Supply may decline as there were cold - repair phenomena. Demand sentiment has improved, but the long - term situation is still uncertain. The futures have a short - term rebound opportunity [1]. Group 3: Market Information Urea - On November 24, the futures warehouse receipts were 7570, an increase of 387 from the previous day, and the valid forecasts were 895 [4]. - On November 24, the daily output was 20.33 tons, an increase of 0.18 tons from the previous day and 1.87 tons from the same period last year. The operating rate was 84.08%, 2.44 percentage points higher than last year [4]. - On November 24, the small - particle urea spot prices in Shandong, Henan, etc. showed different trends [4]. Soda Ash and Glass - On November 24, the soda ash futures warehouse receipts were 2518, an increase of 2518 from the previous day, and the valid forecasts were 3353. The glass futures warehouse receipts were 0, unchanged from the previous day [6]. - On November 24, the soda ash spot prices in different regions were reported [6]. - On November 24, the soda ash operating rate was 82.26%, up from 81.13% the previous day [7]. - On November 24, the float glass market average price was 1094 yuan/ton, a decrease of 9 yuan/ton from the previous day, and the daily output was 15.81 tons, unchanged from the previous day [7]. Group 4: Chart Analysis - The report includes multiple charts such as the closing price, basis, trading volume and open interest, spread, and futures price difference charts of urea, soda ash, and glass, with data sources from iFind and the research institute of Everbright Futures [9][11][20]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The geopolitical situation remains the dominant factor affecting oil prices. The progress of the Russia-Ukraine peace talks will impact the supply of oil and gas, and the market is closely watching the further development of the negotiations. The energy and chemical industry is expected to continue its oscillatory consolidation, with olefins being relatively weak and aromatics showing a slightly stronger pattern [2][4]. 3. Summary by Related Catalogs 3.1 Market Trends of Various Products - **Crude Oil**: The geopolitical premium is fluctuating, and the supply pressure persists. If the geopolitical support gradually weakens, the oil price is expected to return to a weaker pattern [4]. - **Asphalt**: The increase in rebar prices drives up the asphalt futures price on the sentiment side. The asphalt market is in a situation of weak supply and demand, and the absolute price is overvalued [4][9]. - **High-Sulfur Fuel Oil**: The expectation of a Russia-Ukraine agreement drives the fuel oil price down [4]. - **Low-Sulfur Fuel Oil**: It follows the weakness of crude oil. Although it is supported by the rebound of gasoline and diesel cracking spreads, it is still affected by factors such as the decline in shipping demand and green energy substitution [4][11]. - **Methanol**: The overseas disturbance is confirmed, and methanol is expected to be strong in the short term. The expected reduction in imports in December and the restart of downstream备货 contribute to the price increase [3][4]. - **Urea**: The centralized procurement has paused, and the futures price has declined slightly. The market is expected to fluctuate narrowly [4][31]. - **Ethylene Glycol (MEG)**: The supply-demand pattern has improved, and some short positions have been closed. However, the rebound height is limited due to the long-term supply pressure [4][21]. - **PX**: The market sentiment has cooled down, and the price has changed from strong to adjustment. The supply pressure is expected to be alleviated by the maintenance of some devices [4][13]. - **PTA**: The basis has emerged from the downturn, and the profit has been slightly repaired. The supply-demand pattern has improved marginally, and the inventory has decreased [4][14]. - **Short Fiber**: The downstream demand is temporarily maintained, and it follows the upstream passively [4][25]. - **Bottle Chip**: The cost support has increased, and the price has rebounded slightly [4][26]. - **Propylene**: The spot is strong, and the PL fluctuates [4][35]. - **PP**: The fundamental pressure has been priced in, and the change in maintenance needs to be monitored [4][34]. - **Plastic**: The maintenance rate has increased slightly, and the price fluctuates [4][33]. - **Styrene**: The narrative of blending into gasoline has faded, and it mainly fluctuates [4][18]. - **PVC**: The high inventory suppresses the price, and it may be anchored to production cuts [4][36]. - **Caustic Soda**: The supply and demand are weak, and the valuation is low. It is expected to fluctuate [4][37]. 3.2 Data Monitoring of Various Products - **Inter - Period Spread**: The inter - period spreads of various products such as Brent, Dubai, PX, and PTA have different changes, which reflect the market's expectations for the future price relationship of different periods [39]. - **Basis and Warehouse Receipts**: The basis and warehouse receipts of products like asphalt, high - sulfur fuel oil, and PX also show different trends, which can help analyze the market's current supply - demand relationship and price rationality [40]. - **Inter - Product Spread**: The inter - product spreads between PP and methanol, PTA and EG, etc. have changed, which can reflect the relative price relationship and market structure between different products [41]. 3.3 Commodity Index - The comprehensive index, characteristic index, and plate index of the commodity index show different trends. The comprehensive index has increased slightly, while the energy index has declined [281][282].

Group 1 - The report emphasizes a dual-driven strategy where technology and cyclical sectors are rebalanced, highlighting opportunities in the chemical industry under the "anti-involution" trend [4][14][15] - The report notes that from Q3 2025, both technology and cyclical sectors have shown synchronized growth, indicating a shift in market dynamics [15][18] - The chemical industry is expected to benefit from a recovery in supply-demand dynamics, with capital expenditure nearing its end and a significant decrease in ongoing projects [4][5][25] Group 2 - The chemical sector is positioned to enter a new cycle of prosperity, driven by the "anti-involution" policy, which is expected to enhance both performance and valuation [5][31][65] - The report identifies that the chemical industry has advantages over traditional cyclical sectors like steel and coal, particularly in capacity optimization and high-end transformation paths [25][30] - The report highlights that the chemical industry is experiencing a significant reduction in capital expenditure, with a 10% year-on-year decrease in ongoing projects as of H1 2025 [25][33] Group 3 - The report suggests that the domestic demand is stabilizing, supported by government policies aimed at boosting consumption, which is expected to benefit the chemical sector [35][42] - The chemical industry has shown resilience in exports despite trade tensions, with a notable increase in export volumes to ASEAN, EU, and India [42][47] - The report indicates that the chemical industry is likely to see a dual uplift in performance and valuation, particularly when compared to the refrigerant sector, which is currently experiencing high demand [66][68]

Report Industry Investment Ratings - Urea: Neutral (not explicitly stated in a clear rating system but based on the context of market analysis) [6] - Methanol: Consider buying the 5 - 9 month spread, but with caution [6] - Pure Benzene: Bearish bias, consider option configuration [3] - Styrene: Price supported but limited upside [3] - Polypropylene: Slight bearish due to supply increase and weak demand [2] - Plastic: Bearish due to increased supply and weak demand [2] - PVC: Follow cost - end changes, supply high and demand weak [7] - Caustic Soda: Weak operation, follow profit changes [7] - PX: Strong before new capacity, short - term supply - demand weakening [5] - PTA: Cost - driven, reduced inventory build - up expectation [5] - Ethylene Glycol: Short - term rebound expected but limited space [5] - Short Fiber: Price follows raw materials, no new investment pressure [5] - Bottle Chips: Cost - driven, long - term over - capacity pressure [5] - Soda Ash: Bullish short - term, oversupply long - term [8] - Glass: Limited downside, consider long - glass short - soda strategy [8] Core Views - The overall chemical market is complex, with different products showing various trends based on supply, demand, cost, and market sentiment factors. Some products have short - term bullish or bearish trends, while others face long - term challenges such as over - capacity [2][3][5] Summary by Related Catalogs Olefins - Polyolefins - Two - olefin futures contracts are fluctuating around the 5 - day moving average. Plastic and polypropylene futures are weak due to increased supply and weak demand. Polyethylene supply pressure increases with reduced maintenance and more shipments, and demand from downstream industries is weak. Polypropylene supply is expected to increase slightly, and demand is limited [2] Pure Benzene - Styrene - Pure benzene futures are weak, and the rebound is bearish. Consider option configuration. Styrene price is supported by tight supply - demand balance but has limited upside due to uncertain cost and demand support [3] Polyester - PX is strong before new capacity but short - term supply - demand is weakening. PTA is cost - driven with reduced inventory build - up expectation. Ethylene glycol has a short - term rebound expectation but limited space. Short fiber price follows raw materials, and bottle chips are cost - driven with long - term over - capacity pressure [5] Coal Chemicals - Methanol can consider buying the 5 - 9 month spread due to overseas production cuts and low valuation, but be cautious of weak reality. Urea supply is sufficient, and the market may return to a stalemate [6] Chlor - Alkali - PVC has good export to India but weak domestic demand, and it may follow cost - end changes. Caustic soda is in a weak operation due to high supply and low demand [7] Soda Ash - Glass - Soda ash is de - stocking and bullish short - term but oversupplied long - term. Glass has limited downside and can consider the long - glass short - soda strategy [8]

"研究团队通过工艺创新，将加压塔与常压塔的链接模式由串联改为并联，再在工艺流程中增加减压 塔，同时调整工艺参数、降低加压塔塔压，使用新型高效换热器，成功将系统中低温热替代低压蒸汽作 为再沸器的热源，从而达到降低蒸汽消耗的目的。"李士雨介绍说。 低压蒸汽及循环水节约效果显著 中化新网讯 11月11日至14日，河南龙宇煤化工有限公司低温热耦合甲醇精馏装置通过了中国石油和化 学工业联合会组织的专家组72小时连续运行考核。 由中国中煤能源集团有限公司原副总工程师李晓东领衔的专家组一致认为，该装置采用的低温热耦合甲 醇精馏技术具有创新性，节约低压蒸汽及循环水的效果显著，考核期内甲醇产品蒸汽单耗统计值小于 0.2吨蒸汽/吨精甲醇，产出的精甲醇产品质量合格，超精甲醇按年折算产量超过10万吨。 低温热耦合甲醇精馏技术由广东工业大学特聘教授李士雨提出技术方案，与天津华赛尔传热设备有限公 司合作开发完成。据李士雨介绍，该技术是一种新型的、可以耦合低温热的甲醇精馏技术，其技术原理 具有通用性，在低温热大量存在的煤化工、石油化工等领域均可借鉴。 中国石油和化学工业联合会科技与装备部副主任王秀江表示，低温热耦合甲醇精馏技术极具创新性， ...

Investment Strategy - The report emphasizes that Xinjiang is benefiting from two major strategic shifts: moving from coastal economies to the Belt and Road Initiative, positioning Xinjiang as a frontier hub with geographical advantages. This shift is expected to enhance energy security and promote coal chemical industry development [7][8] - The report highlights the importance of coal chemical investment and state-owned enterprise reform as two main investment themes in Xinjiang. The external environment for coal chemical development is now favorable, with rising coal prices and a focus on resource allocation towards the western regions of China [7][8] Xinjiang Index Situation - The Xinjiang index is reported at 121.12, down 7.68% week-on-week. The Xinjiang coal chemical investment index is at 119.79, also down 7.67%, while the state-owned enterprise reform index stands at 123.83, down 7.08% [14] - The report lists the top gainers and losers in the market, with Guotong Co., Ltd. (002205.SZ) gaining 10.38% and Huijia Times (603101.SH) losing 15.07% [14] Key Data Tracking - Key prices in Xinjiang include Q5000 mixed coal at 100 CNY/ton, Q5200 mixed coal at 215 CNY/ton, and main coking coal at 700 CNY/ton. The price of methanol is reported at 1530 CNY/ton, with a price difference of -482.5 CNY/ton compared to East China [20] - In October 2025, the coal railway dispatch volume from state-owned key coal mines was 3.429 million tons, a year-on-year decrease of 4.14%, while the raw coal production in Xinjiang was 44.816 million tons, down 5.00% year-on-year [20] Key News and Company Announcements - Guanghui Logistics has signed new transportation agreements for 2026, with external customer orders exceeding 7 million tons, expected to generate a total contract value of approximately 700 million CNY. This positions the company to further solidify its market position [34] - The report mentions several ongoing coal chemical projects in Xinjiang, including a 1.2 million ton coal-to-LNG project and an 800,000 ton coal-to-olefins project, with significant investments aimed at enhancing local resource utilization [34][38] Overview of Target Companies - The report suggests focusing on companies involved in coal chemical projects in Xinjiang, including TBEA, Jiufeng Energy, Baofeng Energy, Guanghui Energy, and Hubei Yihua. Additionally, companies providing services to coal chemical projects and local state-owned enterprises are highlighted as potential investment opportunities [11][13]

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Views - The chemical industry is expected to benefit from the ongoing "anti-involution" measures, which may lead to a significant slowdown in global chemical capacity expansion. This shift is anticipated to enhance cash flow and dividend yields for companies in the sector, transforming them from cash-consuming entities to cash-generating ones [7][27] - The report highlights the potential for domestic substitutes for Japanese semiconductor materials due to rising tensions in Sino-Japanese relations, which could accelerate the domestic market's growth in this area [6] Summary by Sections Recent Trends - The chemical industry has shown a relative performance increase of 16.1% over the past 12 months, outperforming the CSI 300 index, which increased by 11.6% [4] Key Price Movements - DMC (Dimethyl Carbonate) prices rose to 4400 CNY/ton, up 14.29% week-on-week, driven by strong demand from the electrolyte sector [14] - Lithium battery electrolyte prices increased to 27000 CNY/ton, up 8.00% week-on-week, although profit margins for manufacturers are under pressure due to rising raw material costs [14] - Diammonium phosphate prices in East China reached 3850 CNY/ton, up 5.48% week-on-week, amid rising production costs [14] Investment Opportunities - The report identifies four key opportunities in the chemical sector: 1. Low-cost expansion, focusing on companies like Wanhua Chemical and Hualu Hengsheng [9] 2. Improved industry conditions, particularly in chromium salts and phosphate rock [10] 3. New materials with high growth potential, such as electronic chemicals and aerospace materials [11] 4. High dividend yields from state-owned enterprises in the chemical sector, including China Petroleum and China National Chemical [11] Company Tracking and Earnings Forecast - The report provides a detailed earnings forecast for key companies, indicating a positive outlook for several firms in the chemical sector, with many rated as "Buy" [28]

格隆汇11月21日丨中国旭阳集团(01907.HK)公告，11月21日耗资360.3万港元回购164万股。 ...

Report Industry Investment Ratings - Propylene: ★☆☆ [1] - Polypropylene: ★☆☆ [1] - Plastic: ★☆☆ [1] - Pure Benzene: ☆☆☆ [1] - Styrene: ☆☆☆ [1] - PX: ☆☆☆ [1] - PTA: ★★★ [1] - Ethylene Glycol: ★☆☆ [1] - Short Fiber: ★★★ [1] - Bottle Chip: ☆☆☆ [1] - Methanol: ★★★ [1] - Urea: ☆☆☆ [1] - PVC: ★☆★ [1] - Caustic Soda: ★★★ [1] - Soda Ash: ★★★ [1] - Glass: ★★★ [1] Core Views - The futures of olefins and polyolefins are fluctuating widely, with supply - demand contradictions and price trends affected by factors like inventory, cost, and oil prices [2] - Pure benzene price rebounds with uncertain sustainability, and styrene's price is supported by short - term supply - demand improvement [3] - In the polyester industry, prices of PX, PTA, etc., are affected by multiple factors, and the supply of ethylene glycol is under pressure [5] - Methanol and urea markets have their own supply - demand situations and price trends [6] - PVC and caustic soda are in a weak operation state due to supply - demand imbalances [7] - Soda ash shows a long - term oversupply pattern, and glass has limited downward space [8] Summary by Directory Olefins - Polyolefins - Propylene enterprise inventory is low, but downstream polypropylene cost pressure and low international oil prices may affect the market [2] - Polyethylene and polypropylene futures close down, with supply - demand contradictions in both markets [2] Pure Benzene - Styrene - Pure benzene price rebounds with uncertain continuity, and styrene has short - term supply - demand support [3] Polyester - PTA price drops with the decline of PX and oil prices, and the supply of ethylene glycol is under pressure [5] Coal Chemical Industry - Methanol is in a weak operation, and urea may have an oscillating callback [6] Chlor - Alkali - PVC and caustic soda are in a weak state due to supply - demand imbalances [7] Soda Ash - Glass - Soda ash is in an oversupply situation, and glass has limited downward space [8]

Core Insights - Yulin, a city in Shaanxi, has transformed its economy from resource dependence to diversified development, achieving a GDP growth from 381.8 billion yuan in 2018 to 754.868 billion yuan in 2024, nearly doubling in six years [1] - The city is focusing on high-end chemical products and new materials, while also developing hydrogen energy, equipment manufacturing, and specialty agriculture, aiming to create a trillion-level energy and chemical industry cluster [1] Group 1: Economic Transformation - Yulin has become a model for resource-based city transformation, with a modern coal chemical industry system supported by four trillion-level and eight hundred-billion-level projects [3] - The city is implementing a "coal to hydrogen" strategy, leveraging its resources to transition from a coal-based economy to a hydrogen economy, positioning itself as a "Hydrogen City" [4][5] Group 2: Technological Innovation - The National Energy Group Yulin Chemical Company has achieved a breakthrough in a 79.8 billion yuan circular economy coal comprehensive utilization project, marking a significant step from planning to implementation [4] - Yulin is focusing on key technologies in hydrogen production, with projects like the hydrogen energy demonstration project receiving national funding support [6][8] Group 3: Environmental Sustainability - Yulin is addressing solid waste management by promoting comprehensive utilization, with over 6.8 million tons of solid waste generated annually, representing about 40% of the province's total [9] - The city is implementing projects to convert waste into resources, such as using coal gangue for construction materials and ecological restoration, achieving both ecological and economic benefits [11]