Group 1 - The coal-to-natural gas project by TBEA Xinjiang Zhuneng Chemical Co., Ltd. has officially commenced construction in the Junjiamiao Industrial Park of the Zhundong Economic and Technological Development Zone, with a total investment of 17 billion yuan [1] - The project will cover an area of 197 hectares and includes key facilities such as air separation, gasification, purification, and methanation [1] - The project has received approval from the National Development and Reform Commission and the Environmental Protection Department, with major construction expected to be completed by the end of this year and full production by 2027 [1] Group 2 - TBEA has over 12 billion tons of coal reserves in the Zhundong area, with an approved production capacity of 74 million tons per year, providing a low-cost coal supply advantage [1] - The coal-to-gas project is expected to convert 5.7974 million tons of raw coal annually, producing 2.054 billion cubic meters of natural gas per year, along with by-products such as coal tar, crude oil, crude benzene, and ammonium sulfate [1] - The Zhundong coalfield is the largest integrated coalfield in China, with an estimated coal resource reserve of 390 billion tons, leading to significant investments in coal chemical projects in the region [1]

9月11日，中国科学院院士徐星走进贵州省六盘水市水城区第一实验中学，为学生作《恐龙科学发现的 故事》科普讲座。中国科学院供图 "请您在书上帮我签个名！"9月11日下午，贵州省六盘水市水城区第一实验中学内，十几名"追星"的学 生从礼堂一路小跑出来，他们手中拿着中国科学院刚为该校捐赠的图书，而被他们围住签名的人，是中 国科学院院士、古生物学家徐星。 两个小时前，在徐星《恐龙科学发现的故事》的科普讲座上，学生们第一次能够与院士面对面交流。 孩子们能有这次交流机会，得益于中国科学院在9月11日至14日主办的"院士专家走进定点帮扶县专题活 动"。这场科普讲座也是近10年来，该院"智"援水城区的一个缩影。 中国科学院帮扶团队在贵州省六盘水市推广的防雹网技术，能有效保护网下作物，在全市已推广超万 亩。中青报·中青网见习记者 蒋继璇/摄 为孩子"摘"一颗科学的星 什么是科学？什么是科学家？讲座伊始，徐星向大家抛出两个问题，开始讲述自己职业生涯中发现恐龙 化石的故事。台上的他戴着银框眼镜，身穿灰蓝色衬衫，笔挺儒雅，十分贴合"科学家"在大家眼中的形 象，但在他展示的工作照中，尽是黄沙戈壁里扛着铁锹、被晒得黝黑的自己。 "在贵州省 ...

Investment Strategy - The report emphasizes the strategic importance of Xinjiang in the context of national policies, highlighting its transition from a geographical hinterland to a frontier hub due to the Belt and Road Initiative. This shift positions Xinjiang as a key player in energy security and coal chemical industry development [7][10] - The coal chemical industry in Xinjiang is expected to thrive due to favorable external conditions, including rising coal prices and a focus on resource allocation towards the western regions of China. This aligns with national energy security goals and the need for sustainable development [7][8] - The report identifies two main investment themes: coal chemical investments and state-owned enterprise reforms in Xinjiang, suggesting a focus on companies involved in coal mining and energy conversion [11][12] Xinjiang Index Situation - The Xinjiang index stands at 124.88, reflecting a week-on-week increase of 0.17%. The coal chemical investment index is at 122.8, with a 2.67% increase, while the state-owned enterprise reform index is at 130.07, showing a decrease of 1.15% [14] - The top three gainers for the week include Guangdong Hongda (up 22.93%), Xiyu Tourism (up 17.58%), and Wujin Stainless Steel (up 14.68%). Conversely, the largest declines were seen in Western Gold (down 9.51%), Xinyan Co. (down 13.53%), and Zhongji Health (down 18.32%) [14] Key Data Tracking - Key coal prices in Xinjiang include Q5000 mixed coal at 100 CNY/ton, Q5200 mixed coal at 197 CNY/ton, and main coking coal at 750 CNY/ton. Methanol prices are reported at 1770 CNY/ton, with a price difference of -517.5 CNY/ton compared to East China [22] - In August 2025, coal railway shipments from state-owned key coal mines reached 3.098 million tons, a year-on-year decrease of 6.97%. The total raw coal production in Xinjiang for the same month was 42.2 million tons, down 2.18% year-on-year [22] Key News and Company Announcements - The report notes the commencement of the 2 billion cubic meters per year coal-to-natural gas project by TBEA in the Junjiu Industrial Park, with a total investment of 17 billion CNY. The project aims to utilize advanced international technologies to achieve ultra-low emissions [4][10] - Recent developments in Xinjiang's coal chemical sector include the approval of several projects, such as the 400,000 tons ammonia and 600,000 tons urea project by Xinjiang Yihua Chemical, and the successful trial run of the crude phenol refining project by Xinjiang Qinghua Energy Group [39][40] Overview of Target Companies - The report suggests focusing on companies involved in coal chemical projects in Xinjiang, including TBEA, Baofeng Energy, Guanghui Energy, Hubei Yihua, and Zhongji Health. Additionally, it highlights service providers for coal chemical projects and local state-owned enterprises that may benefit from ongoing reforms [11][12][10]

Group 1 - The project is officially launched with a capacity of 20 billion cubic meters per year for coal-to-natural gas production, marking a significant step in Xinjiang's energy strategy [1][2] - The total investment for the project is 17 billion yuan, covering an area of 197 hectares, and includes advanced technologies for air separation, gasification, purification, and methanation [2] - The project aims to achieve a reduction in carbon emissions intensity by over 30% and enhance the green and intelligent development of the coal chemical industry [2][3] Group 2 - The project is part of a broader strategy to establish Xinjiang as a national energy resource security base and strengthen the coal, electricity, and chemical industries in the region [2] - The project has received necessary approvals from the National Development and Reform Commission and the Ministry of Ecology and Environment, with major construction expected to be completed by the end of 2026 [2] - The local government has implemented a "special + special class" work mechanism to ensure efficient project management and coordination for approvals and environmental assessments [3]

Core Viewpoint - Baofeng Energy's stock price has shown fluctuations, with a recent decline of 2.04% on September 22, 2023, and a total market capitalization of 119.607 billion yuan [1] Financial Performance - For the first half of 2025, Baofeng Energy reported a revenue of 22.82 billion yuan, representing a year-on-year growth of 35.05%, and a net profit attributable to shareholders of 5.718 billion yuan, which is a 73.02% increase compared to the previous year [2] Shareholder Information - As of June 30, 2025, the number of Baofeng Energy's shareholders increased to 63,000, with an average of 116,356 circulating shares per person, a decrease of 2.24% from the previous period [2] - The company has distributed a total of 17.348 billion yuan in dividends since its A-share listing, with 9.145 billion yuan distributed over the last three years [3] Stock Trading Activity - On September 22, 2023, Baofeng Energy experienced a net outflow of 17.1497 million yuan in principal funds, with significant buying and selling activity from large orders [1] - The stock has seen a year-to-date increase of 0.99%, with a decline of 5.72% over the last five trading days [1] Company Overview - Baofeng Energy, established on November 2, 2005, and listed on May 16, 2019, is primarily engaged in coal-to-olefins production, with its main business revenue composition being 85% from primary products [1]

管涛 | 立方大家谈专栏作者 年初政府工作报告将今年居民消费价格指数（CPI）预期涨幅设定在2%左右，较往年下调了1个百分 点，并强调通过各项政策和改革共同作用，改善供求关系，使价格总水平处在合理区间。今年以来，央 行也多次强调把促进物价合理回升作为货币政策的重要考量。至今，尽管国内物价依然维持低位运行， 但出现了一些积极变化，反映了供给侧"反内卷"的初步成效。只是稳物价依然任重道远，需要进一步综 合施策。 "反内卷"助力物价改善 今年前8个月，我国CPI累计同比下降0.1%，剔除食品和能源的核心CPI增长0.5%，工业生产者出厂价格 指数（PPI）下降2.9%；上半年国内生产总值平减指数下降1.0%，已连续9个季度同比下降。从这些指 标看，今年要实现年初制定的通胀预期目标难度不小。 但同时也要看到，国内物价运行边际上出现了一些积极变化：一是月度核心CPI自今年5月以来连续4个 月同比增速环比回升，8月份升至0.9%；二是8月份PPI同比下降2.9%，但月度同比降幅在经历连续5个 月环比扩大后首次回落，幅度达到0.7个百分点。 物价长期低位运行是当前我国经济面临的主要挑战之一，也是导致宏微观体感温差的主要原因 ...

Core Viewpoint - The article emphasizes the Chinese government's strong support for the development of modern coal chemical industry, particularly in Xinjiang, highlighting the importance of clean and efficient coal utilization as part of the broader strategy for energy security and ecological sustainability [4][5]. Group 1: Policy Support - The State Council released a white paper on the successful practices of the Party's governance in Xinjiang, focusing on the development of modern coal chemical industry and the need for a low-carbon path tailored to Xinjiang's unique conditions [4]. - The government aims to establish a comprehensive clean and efficient coal utilization system by 2030, enhancing coal conversion efficiency and pollution control [5]. Group 2: Industry Growth and Projections - In 2024, China's modern coal chemical industry is projected to have a coal conversion capacity of 138 million tons of standard coal per year, with a conversion volume of approximately 120 million tons, replacing an equivalent of 38.1 million tons of oil and gas [6]. - The total revenue for the modern coal chemical industry in 2024 is expected to reach approximately 202.66 billion yuan, representing a year-on-year growth of 4.2%, while total profits are projected to be around 11.93 billion yuan, a significant increase of 178.1% [6]. Group 3: Technological Advancements - The DMTO-Ⅲ technology has reduced methanol consumption to 2.66 tons per ton in the coal-to-olefins sector, with total domestic coal-to-olefins capacity expected to reach 13.42 million tons per year by the end of 2024, marking a year-on-year growth of 5.6% [7]. - The coal chemical industry is advancing towards high-end and green development through technological upgrades and capacity expansion, ensuring national energy security [7].

Investment Rating - The industry rating is maintained at "Outperform the Market" [7] Core Viewpoints - The construction sector in Xinjiang is expected to benefit from policy catalysts as the region celebrates its 70th anniversary in 2025, with significant infrastructure investments projected [2][15] - The construction sector outperformed the broader market, with a weekly increase of 0.21% compared to a 0.91% decline in the CSI 300 index [6][15] - The focus on major transportation infrastructure projects, particularly the New Tibet Railway, is anticipated to drive investment growth in Xinjiang [20][21] Summary by Sections Investment Opportunities in Xinjiang - The fixed asset investment growth in Xinjiang for the first eight months of 2025 is 9.1%, surpassing the national average by 0.5% [2][15] - Major projects in transportation infrastructure, such as the New Tibet Railway, are set to commence, with a planned increase in public road investment exceeding 10% in 2025 [3][23] Coal Chemical Industry - The total planned investment for coal chemical projects nationwide is estimated at 1,032.9 billion, with Xinjiang accounting for 491.64 billion [4][32] - The average annual investment in coal chemical projects from 2025 to 2029 is projected to be 206.58 billion, a 220.6% increase compared to the average from 2021 to 2023 [4][33] Cement and Construction Materials - The cement shipment rate has shown a slight recovery, reaching 48.33%, indicating a positive trend in construction activity [5][35] - The issuance of special bonds remains robust, with a cumulative issuance of 3,264.137 million in the first eight months of 2025, reflecting a year-on-year increase of 26.9% [5][35]

证券研究报告 | 行业周报 gszqdatemark 2025 09 21 年 月 日 建筑装饰 新疆板块迎密集催化期，继续重点推荐中国中冶 H 与四川路桥 本周核心观点：9 月以来新疆发布 70 周年庆祝活动标识，央行发行新疆 成立 70 周年金银纪念币，本周国新办发布《新时代党的治疆方略的成功 实践》白皮书，70 周年庆典活动渐近，后续中央有望给予新疆更多支持政 策，有望为新疆板块业绩与估值带来显著催化。1）重点关注受益新疆交通 基建持续景气的新疆本地基建龙头新疆交建、北新路桥，新疆民爆龙头雪 峰科技、广东宏大（收购雪雪峰科技），新疆建领域水泥龙龙头青松建化、预 拌混凝土龙头西部建设、钢铁龙头八一钢铁等。2）重点推荐受益新疆煤 化工项目及绿色甲醇推进提速的 EPC 龙头中国化学收PB 0.71X）、东华科 技收25PE 16.7X）、三维化学收25PE 17.0X，25E 股息率 5.8%）、关注航 天工程等。今年在经济筑底，美联储降息周期背景下，金、铜等主要金属 价格震荡上行，有色板块持续大涨，矿产资源丰富的建筑企业价值亟待重 估，重点推荐中国中冶 H（收部部估值 718 亿元，空间 71%），中国中铁 ...

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [5] Core Viewpoints - The development of modern coal chemical industry in China is expected to thrive due to strong policy support and technological breakthroughs, focusing on clean and efficient coal utilization [2][3][4] - The coal chemical industry is projected to achieve significant growth in revenue and profit, with a total revenue of approximately 202.66 billion yuan in 2024, representing a year-on-year increase of 4.2%, and a profit of about 11.93 billion yuan, up 178.1% [3][4][30] Summary by Sections Industry Dynamics - The State Council emphasizes the importance of modern coal chemical development, aiming to establish a clean and efficient coal utilization system by 2030, enhancing coal conversion efficiency and pollutant control [2][23] - The Xinjiang region is highlighted for its potential in modern coal chemical development, focusing on renewable energy, clean coal utilization, and advanced technologies [1][21] Policy and Technological Support - The report outlines various government policies aimed at promoting the modern coal chemical industry, including the promotion of green and low-carbon technologies [24][25] - Technological advancements, such as the DMTO-III technology, have improved efficiency in coal-to-olefins production, reducing methanol consumption [29] Market Performance - The coal chemical industry is expected to see a structural adjustment and upgrade, with a focus on high-end, diversified, and low-carbon development [26][30] - The report suggests monitoring specific companies such as Baofeng Energy, Hualu Hengsheng, and others for potential investment opportunities [4][30]