Report Industry Investment Ratings - Propylene: ☆☆☆ [1] - Plastic: ☆☆☆ [1] - Polypropylene: ☆☆☆ [1] - Pure Benzene: ☆☆☆ [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 Viewpoints - The overall market is influenced by factors such as international oil prices, supply - demand relationships, and geopolitical factors. Different chemical products show different price trends and investment opportunities based on their own fundamentals [2][3][5] Summary by Directory Olefins - Polyolefins - Propylene futures: The main contract opened high and went low, touching the 5 - day moving average. International oil prices are rising, and there is an expected reduction in olefin supply, with good downstream demand [2] - Plastic futures: The main contract closed up in a volatile manner. Cost - end support is strengthening, some spot is tight, and downstream factories replenish stocks as needed [2] - Polypropylene futures: The main contract closed up in a volatile manner. The number of maintenance devices has increased, supply has shrunk, and downstream demand is stable due to pre - holiday order - making [2] Pure Benzene - Styrene - Pure benzene: Spot and futures prices are rising. Cost - end support is obvious due to geopolitical factors, but there is a large inventory and high resistance to destocking in the long - term [3] - Styrene: The main futures contract was sorted out narrowly. Cost - end support is strong, supply and demand are in a tight balance, and exports are improving [3] Polyester - PX and PTA: They continued to fluctuate. The short - term upward drive of PX is weak, but the medium - term outlook is positive. PTA's processing margin has moderately recovered [5] - Ethylene glycol: New domestic devices are about to be put into operation, and overseas devices are shutting down. Supply is expected to increase domestically and decrease overseas. There is pressure in the short - term, but there may be a phased improvement in the second quarter [5] - Short fiber: Enterprise inventory is low, but downstream orders are weak. Demand will continue to decline, and the price will fluctuate with raw materials [5] - Bottle chip: The operating rate has decreased, inventory has declined, and prices are firm. However, over - capacity is a long - term pressure [5] Coal Chemical Industry - Methanol: The futures market is strong. Overseas device operating rates are low, and port inventory is decreasing. But there are concerns about weakening demand [6] - Urea: The futures market rose strongly. Demand from compound fertilizer enterprises is increasing, and the market sentiment is positive. The market is expected to be strong in the spring [6] Chlor - Alkali - PVC: It showed a strong and volatile trend. The operating rate has increased, but demand is weak. There may be arbitrage opportunities in the short - term, and the price is expected to rise in 2026 [7] - Caustic soda: It is operating weakly. The chlorine market is good, but the industry is generally in the red. There is pressure from inventory accumulation [7] Soda Ash - Glass - Soda ash: It showed a strong and volatile trend. Supply pressure is increasing, and downstream demand is weak. It is recommended to short on rebounds [8] - Glass: It is operating weakly. Production capacity is being compressed, demand is insufficient, but there may be long - term low - buying opportunities after the decline [8]

Core Viewpoint - The Yutai Economic Development Zone in Shandong Province has transformed from a traditional industrial cluster to a green benchmark, achieving provincial-level green industrial park status by October 2025, emphasizing high-quality industrial development through a green and circular economy [1]. Group 1: Circular Economy and Industrial Upgrading - The park has established a "coal-electricity-chemical" integrated circular industrial chain, utilizing resources efficiently and achieving a closed-loop ecosystem [2]. - In 2024, the park expanded to 18.28 square kilometers, with industrial water reuse rates reaching 97%, solid waste utilization at 99%, and recycled water usage increasing to 47% [2]. - The park has developed specialized industrial clusters in chlor-alkali chemicals, coal chemicals, and biomedicine, with a steady increase in industrial output value from large-scale enterprises by 2025 [2]. Group 2: Innovation and Technology - An investment of 5.5 billion yuan in the high-end chemical new materials project aims to break foreign technology monopolies and address critical challenges in production [3]. - The park focuses on "specialized, refined, distinctive, and innovative" industries, with high-tech industry output accounting for 62.36% of total industrial output by the end of 2025, significantly exceeding the 30% benchmark [3]. - The park promotes green technological upgrades in traditional industries, implementing a project to encourage low-carbon technologies, resulting in a continuous decrease in carbon emissions per unit of industrial added value from 2022 to 2025 [3]. Group 3: Environmental Protection and Sustainability - The park has established an integrated smart environmental protection platform, utilizing big data and IoT for comprehensive monitoring and pollution control [4]. - By 2025, the clean energy usage rate in the park is expected to reach 76.58%, with renewable energy usage around 6.4% [4]. - A wastewater treatment plant with a capacity of 20,000 cubic meters per day has been built, ensuring zero wastewater discharge for certain enterprises and strict adherence to environmental standards [4].

Core Viewpoint - Lu Xi Chemical has shown a positive stock performance with a 5.85% increase year-to-date and significant gains over various trading periods, indicating strong market interest and potential growth in the chemical industry [1]. Group 1: Stock Performance - On January 14, Lu Xi Chemical's stock rose by 2.10%, reaching 17.54 CNY per share, with a trading volume of 5.01 billion CNY and a turnover rate of 1.53%, resulting in a total market capitalization of 334.02 billion CNY [1]. - The stock has increased by 1.74% over the last five trading days, 17.80% over the last 20 days, and 37.78% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Lu Xi Chemical reported a revenue of 21.918 billion CNY, reflecting a year-on-year growth of 1.57%, while the net profit attributable to shareholders decreased by 35.03% to 1.023 billion CNY [2]. - The company has distributed a total of 9.885 billion CNY in dividends since its A-share listing, with 2.167 billion CNY distributed over the past three years [2]. Group 3: Shareholder Structure - As of September 30, 2025, the number of shareholders for Lu Xi Chemical decreased by 33.15% to 67,500, while the average number of circulating shares per person increased by 49.59% to 28,212 shares [2]. - Notable institutional shareholders include Penghua Zhongzheng Subdivision Chemical Industry Theme ETF, which is the fourth largest shareholder with 17.1742 million shares, and Hong Kong Central Clearing Limited, which increased its holdings by 424,200 shares [2].

Core Viewpoint - The anti-involution policy is expected to reassess the Chinese chemical industry, leading to a significant slowdown in global chemical capacity expansion [1] Group 1: Industry Outlook - The Chinese chemical industry has abundant net operating cash flow, and the slowdown in capacity expansion will significantly enhance potential dividend yields, shifting the industry from a capital consumption model to a profit return model [1] - Supply-side optimization is anticipated to drive a rebound in industry prosperity, with chemical stocks exhibiting high elasticity and high dividend advantages [1] - Key areas of focus include petrochemicals, coal chemicals, organic silicon, phosphate chemicals, and glyphosate [1] Group 2: Opportunities and Trends - The industry presents four major opportunities: low-cost expansion, improvement in prosperity, breakthroughs in new materials, and high-dividend stocks [1] - The chromium salt industry is experiencing a value reassessment due to increased power demand from AI data centers and commercial aircraft engine demand, with a projected supply-demand gap of 340,900 tons by 2028, representing a 32% gap ratio [1] Group 3: Investment Index - The chemical leader ETF (516220) tracks the sub-sector chemical index (000813), which selects listed companies focused on the manufacturing of fertilizers, pesticides, and plastic products to reflect the overall performance of related listed companies in the chemical industry [1] - This index features cyclical and growth characteristics, concentrating on investment opportunities within the chemical sub-sectors [1]

光大期货煤化工商品日报 光大期货煤化工商品日报（2026 年 1 月 14 日） 一、研究观点 | 品种 | 点评 | 观点 | | | | | --- | --- | --- | --- | --- | --- | | 周二尿素期货价格偏弱震荡，主力05合约收盘价1774元/吨，微幅下跌0.11%。现货 | 市场再度回暖，昨日山东、河南地区市场价格分别为1740元/吨、1740元/吨，日环 | | | | | | 比分别上涨10元/吨、持平。近期尿素供应窄幅波动，昨日尿素行业日产量19.94万 | 吨，日环比减少0.26万吨，未来在气头企业复产预期下供应仍有提升预期。需求情 | | | | | | 尿素 | 绪继续分化，昨日主流地区产销率低位的仅有5%~10%，高位的40%~60%，仅个别 | 震荡 | 地区达到90%，区域间差异更加明显。短期尿素厂家出货压力可控，且需求仍有冬 | | | | 储肥支撑，再加上国际市场仍有扰动，市场将进入震荡整理阶段。后续随着春节临 | 近，市场成交趋于寡淡，供需压力或逐步体现，盘面或将承压。关注尿素供应恢复 | | | | | | 速度、现货成交氛围、印标最终结果、本周库 ...

中化新网讯 日前，国家能源集团宁夏煤业公司万吨级α-烯烃分离装置打通全流程，一次性试车成功， 产出纯度大于99%的聚合级1-己烯与纯度大于98%的1-辛烯产品，标志着我国在煤基高端化工原料分离 技术领域实现关键跨越，延伸了煤炭间接液化α-烯烃产业链，为下游聚烯烃弹性体、茂金属聚α-烯烃等 产业发展奠定坚实基础。 该项目于2019年启动。历经6年，研发团队开发出"萃取精馏/催化精馏"分离工艺，攻克了费托油深度脱 氧、同碳数烷烯烃分离及高纯度α-烯烃提纯等技术难题，完成了从单点实验到全流程工艺技术集成，形 成了具有自主知识产权的α-烯烃分离成套工艺技术。 据悉，该装置已通过中国石油和化学工业联合会组织的72小时性能考核。α-烯烃分离工艺路线流程合 理、方案可行、技术可靠。装置的成功投产，为10万吨级费托1-己烯与1-辛烯的产业化提供了核心技术 支撑。 α-烯烃是生产高端聚烯烃、高性能润滑油基础油(PAO)等产品的主要原料。长期以来，我国C6以上α-烯 烃严重依赖进口，尤其是从煤制油费托合成产物中分离聚合级α-烯烃工艺技术长期被国外垄断，严重制 约了我国α-烯烃及下游产业的发展。 图为装置现场。(企业供图) ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，幷明確表示，概不對因本公告全部或任何部份內容 而産生或因依賴該等內容而引致的任何損失承擔任何責任。 1 | 1．產量 | 萬噸 | 18.8 | 195.5 | 17.4 | 173.0 | 8.0 | 13.0 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2．銷量 | 萬噸 | 18.0 | 196.3 | 17.0 | 171.6 | 5.9 | 14.4 | | （四）硝銨 | | | | | | | | | 1．產量 | 萬噸 | 5.4 | 58.6 | 6.0 | 57.5 | -10.0 | 1.9 | | 2．銷量 | 萬噸 | 5.5 | 58.9 | 6.0 | 57.2 | -8.3 | 3.0 | | 三、煤礦裝備業務 | | | | | | | | | 煤礦裝備產值 | 億元 | 6.0 | 92.1 | 9.1 | 103.5 | -34.1 | -11.0 | 以上生產經營數據源自本公司內部統計，為投資者及時 ...

上述生产经营数据并不对本公司未来经营情况作出任何明示或默示的预测 或保证，投资者应注意不恰当信赖或使用以上信息可能造成投资风险。 公司将在本公告披露后适时召开月度生产经营数据说明会，具体参会事宜请 询公司投资者热线 010-82236028。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | 指标项目 | 单位 | 2025 | 年 | 2024 | 年 | 变化比率（%） | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 月份 12 | 累计 | 月份 12 | 累计 | 月份 12 | 累计 | | 一、煤炭业务 | | | | | | | | | （一）商品煤产量 | 万吨 | 1,091 | 13,510 | 1,186 | 13,757 | -8.0 | -1.8 | | （二）商品煤销量 | 万吨 | 2,188 | 25,586 | 2,842 | 28,483 | -23.0 | -10.2 | | 其中：自产商品煤销量 | 万吨 | 1, ...

1月13日，宝丰能源盘中上涨2.07%，截至09:45，报19.77元/股，成交1.93亿元，换手率0.13%，总市值 1449.81亿元。 机构持仓方面，截止2025年9月30日，宝丰能源十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股1.77亿股，相比上期减少2562.41万股。华泰柏瑞沪深300ETF（510300）位居第八大流通 股东，持股3728.15万股，相比上期减少193.12万股。化工ETF（159870）位居第十大流通股东，持股 3298.71万股，为新进股东。易方达沪深300ETF（510310）退出十大流通股东之列。 责任编辑：小浪快报 资料显示，宁夏宝丰能源集团股份有限公司位于宁夏银川市宁东能源化工基地宝丰循环经济工业园区， 成立日期2005年11月2日，上市日期2019年5月16日，公司主营业务涉及煤制烯烃。主营业务收入构成 为：主要产品85.00%，其他产品14.96%，租赁收入0.04%。 宝丰能源所属申万行业为：基础化工-化学原料-煤化工。所属概念板块包括：沥青概念、甲醇概念、煤 化工、氢能源、QFII持股等。 截至9月30日，宝丰能源股东户数6.54万，较上期增 ...

Group 1: Research Views - Urea futures prices were firm and fluctuating on Monday, with the closing price of the main 05 contract at 1,783 yuan/ton, a slight increase of 0.22%. The spot market started to decline, with the market prices in Shandong and Henan regions at 1,730 yuan/ton and 1,740 yuan/ton respectively, down 20 yuan/ton and 10 yuan/ton day-on-day. The industry's supply had a narrow fluctuation, with the daily output of the urea industry at 202,000 tons, a slight increase of 18,000 tons day-on-day. There was still an expectation of further increase in the future. The demand sentiment remained cautious with obvious regional differentiation. The daily sales-to-output ratio in the mainstream regions ranged from 10% - 20% at the low end to 80% - 120% at the high end, and there was an individual region with a ratio of 200%. In the short term, there was a game between supply and demand in the urea market. The result of the Indian tender in the international market was unclear, which still had an impact on the domestic market. The futures market had reached a stage high, and the room for further increase was limited. It was recommended to treat it with a high-level fluctuation and consolidation mindset in the short term. As the Spring Festival approached, market transactions would become dull, and supply and demand pressure might gradually emerge. Attention should be paid to the recovery speed of urea supply, the atmosphere of spot transactions, the final result of the Indian tender, and the overall sentiment of the futures market. The view was "fluctuating" [2]. - Soda ash futures prices were fluctuating strongly on Monday, with the closing price of the main 05 contract at 1,239 yuan/ton, a rise of 1.31%. The quotes of spot manufacturers were mostly stable, while the quotes of traders continued to fluctuate following the sentiment of the futures market. The delivered price of heavy soda ash in the Shahe region was 1,189 yuan/ton, up 1 yuan/ton day-on-day. Fundamentally, large - scale plants in Henan and Inner Mongolia had increased their loads and resumed production, and the industry's operating rate had increased to 86.82%, with room for further improvement. The demand sentiment became more cautious, and some downstream enterprises' acceptance of the current price decreased, and their purchasing willingness weakened. In addition, there was still an expectation of water storage in the production lines of downstream float glass, which further suppressed the rigid demand level of soda ash. Overall, the soda ash futures market faced a game between fundamentals and external factors, and it was mainly in a short - term fluctuation and consolidation state. As the Spring Festival approached, the decline in rigid demand and the accumulation of enterprise inventories would continue to put pressure on the market. A bearish mindset was recommended from a medium - term perspective. Attention should be paid to the rhythm of new production capacity output, changes in downstream production capacity, macro and policy dynamics, and the overall sentiment of the commodity market. The view was "fluctuating" [2]. - Glass futures prices fluctuated widely on Monday, with the closing price of the main 05 contract at 1,143 yuan/ton, a slight decrease of 0.09%. The spot price strengthened again, with the average price of the domestic float glass market at 1,096 yuan/ton, up 3 yuan/ton day-on-day. Recently, glass production lines had been continuously shut down for cold - repair, and the daily melting capacity in production in the industry was stable at around 150,000 tons. There were still plans for some production lines to undergo cold - repair before the Spring Festival, and the supply support expectation still existed. The follow - up sentiment on the demand side remained positive, and the daily sales - to - output ratio in the mainstream regions mostly remained above 100%, with an individual region at 90%. In the short term, the low supply and high - level spot transactions of glass continued to support the price - increasing mentality of glass manufacturers, but there was still a contradiction between supply and demand in the glass market, and the futures market mainly fluctuated widely. As the Spring Festival approached, the rigid demand might gradually decline, and the fundamentals would still be under pressure at that time. Attention should be paid to changes in glass production capacity, the strength and sustainability of spot transactions, and the overall trend of macro and commodities. The view was "fluctuating" [2]. Group 2: Market Information Urea - According to Zhengzhou Commodity Exchange data, on January 12, the number of urea futures warehouse receipts was 13,200, an increase of 350 from the previous trading day, and the number of valid forecasts was 100 [5]. - According to Longzhong data, on January 12, the daily output of the urea industry was 202,000 tons, an increase of 18,000 tons from the previous working day and an increase of 200,000 tons compared with the same period last year. The operating rate on that day was 85.81%, a 4.55 - percentage - point increase compared with 81.26% in the same period last year [5]. - On January 12, the spot prices of small - particle urea in various domestic regions were as follows: Shandong 1,730 yuan/ton (down 20 yuan/ton), Henan 1,740 yuan/ton (down 10 yuan/ton), Hebei 1,740 yuan/ton (down 10 yuan/ton), Anhui 1,740 yuan/ton (down 10 yuan/ton), Jiangsu 1,740 yuan/ton (down 20 yuan/ton), and Shanxi 1,610 yuan/ton (unchanged) [5]. Soda Ash & Glass - According to Zhengzhou Commodity Exchange data, on January 12, the number of soda ash futures warehouse receipts was 4,220, a decrease of 700 from the previous trading day, and the number of valid forecasts was 878; the number of glass futures warehouse receipts was 1,876, an increase of 200 from the previous trading day [7]. - On January 12, the spot prices of soda ash in different regions were: North China, light soda ash 1,200 yuan/ton, heavy soda ash 1,250 yuan/ton; Central China, light soda ash 1,130 yuan/ton, heavy soda ash 1,230 yuan/ton; East China, light soda ash 1,160 yuan/ton, heavy soda ash 1,230 yuan/ton; South China, light soda ash 1,350 yuan/ton, heavy soda ash 1,400 yuan/ton; Southwest, light soda ash 1,200 yuan/ton, heavy soda ash 1,300 yuan/ton; Northwest, light soda ash 890 yuan/ton, heavy soda ash 860 yuan/ton [7]. - According to Longzhong data, on January 12, the operating rate of the soda ash industry was 86.82%, compared with 84.7% on the previous working day [8]. - According to Longzhong data, on January 12, the average price of the float glass market was 1,096 yuan/ton, an increase of 3 yuan/ton day - on - day, and the daily output was 150,000 tons per day, unchanged day - on - day [8]. Group 3: Chart Analysis - The report presented multiple charts including the closing prices, basis, trading volume, and positions of urea and soda ash futures contracts, as well as the price trends of urea and soda ash spot, and the price differences between urea - methanol and glass - soda ash futures. All chart data sources were iFind and the Everbright Futures Research Institute [10][12][14][18][20][22][23]. Group 4: Research Team Members - Zhang Xiaojin, the director of the resource product research at Everbright Futures Research Institute, has long been focused on the sugar industry research. She has participated in major projects of the Zhengzhou Commodity Exchange and the writing of series books of the China Futures Association. She has won the "Best Agricultural Product Analyst" title in the Best Futures Analyst selection of Futures Daily and Securities Times, the "Senior Senior Analyst of Sugar" title from the Zhengzhou Commodity Exchange, and the "Best Chief Futures Analyst of Agricultural and Sideline Products" title in the 17th China Best Futures Analyst Selection of Securities Times and Futures Daily in 2024. Her futures practice qualification number is F0306200, and her futures trading consultation qualification number is Z0000082 [25]. - Zhang Linglu, a master of Accounting and Finance from the University of Bristol, UK, is currently an analyst of resource products at Everbright Futures Research Institute, responsible for the research of futures varieties such as urea, soda ash, and glass. She has participated in large - scale projects and topics of the China Futures Association and the Zhengzhou Commodity Exchange, and has won awards in authoritative media and competitions such as the Zhengzhou Commodity Exchange, Futures Daily, and Securities Times. She won the honors of "Senior Senior Analyst of Soda Ash" and "Senior Analyst of Urea" from the Zhengzhou Commodity Exchange in 2023, and the "Best Industrial Product Futures Analyst" title from 2024 to 2025. Her futures practice qualification number is F3067502, and her futures trading consultation qualification number is Z0014869 [25]. - Sun Chengzhen, an analyst of resource products at Everbright Futures Research Institute, a finance master from Yunnan University, is mainly engaged in the fundamental research and data analysis of varieties such as cotton, cotton yarn, and ferro - alloy. He has participated in the writing of relevant topics of the Zhengzhou Commodity Exchange and has long published articles on futures and spot websites. He won the "Senior Analyst of Textiles" title from the Zhengzhou Commodity Exchange in 2024 and the "Best Agricultural and Sideline Product Futures Analyst" title in 2025. His futures practice qualification number is F03099994, and his futures trading consultation qualification number is Z0021057 [25][26]. Group 5: Contact Information - Company address: Unit 703, 6th Floor, No. 729 Yanggao South Road, China (Shanghai) Pilot Free Trade Zone - Company phone: 021 - 80212222 - Fax: 021 - 80212200 - Customer service hotline: 400 - 700 - 7979 - Zip code: 200127 [28]