证券研究报告 | 行业点评 | 煤炭 中东局势推升油价，支撑煤炭估值提升 ——行业点评报告 投资要点 投资建议 原油价格上涨显著提升替代能源需求，煤炭作为重要化石能源，可以从电力、化 工等途径替代原油，未来煤炭需求有望进一步提升，低估值煤炭资产有望重估， 我们从直接受益石油涨价、估值（PB）、股价距前高空间较大等方面筛选受益的 相关公司：直接受益石油涨价的无烟煤公司华阳股份、兰花科创等，PB 较低的 恒源煤电、上海能源、山西焦化、永泰能源、甘肃能化、淮北矿业、潞安环能、 平煤股份等，股价距前高空间较大的安泰集团、大有能源、宝泰隆、郑州煤电、 云煤能源等。 风险提示 国际局势动荡风险、油价波动风险、煤炭价格波动风险等。 煤炭 报告日期：2026 年 03 月 01 日 行业评级: 看好(维持) 分析师：樊金璐 执业证书号：S1230525030002 fanjinlu@stocke.com.cn 相关报告 http://www.stocke.com.cn 1/2 请务必阅读正文之后的免责条款部分 中东局势推升油价，油煤价差扩大。2 月 28 日以色列和美国对伊朗发动军事打 击，受中东局势影响，周五国内夜盘原油期 ...

根据公告，项目新建40万吨/年合成氨装置，新建100万吨/年联碱装置(年产轻质纯碱40万吨、重质纯碱 60万吨，并副产氯化铵103万吨)。同时可利用现有氨碱老线的煅烧、压缩、包装储运及部分公用工程设 施。 山东海化表示，项目以能源绿色低碳转型为核心目标，规划通过"绿电替代"与"直供降本"双重路径系统 构建绿色低碳技术体系，为企业碳达峰、碳中和提前布局，促进企业发展的绿色低碳转型。 山东海化（000822）2月26日公告，拟投资48.37亿元实施"基于资源和能源综合利用的纯碱装置提质增 效节能环保改造工程"，项目建设周期24个月。 公告称，山东海化现有的120万吨/年氨碱法纯碱老生产线已运行超30年，设备陈旧，能耗较高，且该生 产线排放压力大，已不适应现代工业发展的需求，工艺改型升级势在必行。本次氨碱改造联碱的规模规 划为年产100 万吨，替代原有120万吨索尔维(氨碱法)纯碱装置产能，产能置换比例为1.2:1，属于减量置 换，符合国家相关产业政策。 ...

新京报贝壳财经讯 2月25日，山东海化发布公告称，公司拟投资48.37亿元，实施"基于资源和能源综合 利用的纯碱装置提质增效节能环保改造工程"，以推动公司传统化工产业的转型升级，实现绿色低碳与 可持续发展。项目包括新建40万吨/年合成氨装置和100万吨/年联碱装置，预计运营期年均营业收入 21.57亿元，年均净利润2.71亿元。项目实施后，每年可减少180万吨石灰石用量。 转自：贝壳财经 ...

格隆汇2月25日丨山东海化(000822.SZ)公布，为加快推动公司传统化工产业的转型升级，实现绿色低碳 与可持续发展，公司拟投资48.37亿元，实施"基于资源和能源综合利用的纯碱装置提质增效节能环保改 造工程"。本次氨碱改造联碱的规模规划为年产100万吨，替代原有120万吨索尔维（氨碱法）纯碱装置 产能，产能置换比例为1.2:1，属于减量置换，符合国家相关产业政策。项目以能源绿色低碳转型为核 心目标，规划通过"绿电替代"与"直供降本"双重路径系统构建绿色低碳技术体系，为企业碳达峰、碳中 和提前布局，促进企业发展的绿色低碳转型。项目规模：新建40万吨/年合成氨装置；新建100万吨/年 联碱装置（年产轻质纯碱40万吨、重质纯碱60万吨，并副产氯化铵103万吨）。 ...

从宏达股份十大流通股东角度 截至发稿，闫冬累计任职时间6年346天，现任基金资产总规模217.96亿元，任职期间最佳基金回报 456.3%， 任职期间最差基金回报-41.27%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 数据显示，鹏华基金旗下1只基金位居宏达股份十大流通股东。鹏华中证细分化工产业主题ETF联接A （014942）三季度新进十大流通股东，持有股数2382.22万股，占流通股的比例为1.17%。根据测算，今 日浮盈赚取约2525.15万元。 2月25日，宏达股份涨5.69%，截至发稿，报19.68元/股，成交7.83亿元，换手率2.02%，总市值519.87亿 元。 鹏华中证细分化工产业主题ETF联接A（014942）成立日期2022年3月8日，最新规模1.16亿。今年以来 收益13.07%，同类排名529/5570；近一年收益53.61%，同类排名421/4305；成立以来收益4.5%。 资料显示，四川宏达股份 ...

华鑫证券近日发布基础化工行业周报：工业级碳酸锂（四川99.0%min，7.58%），电池级碳酸锂（新疆 99.5%min，7.46%），PVC（CFR东南亚，6.06%），氯化铵（农湿）（华东地区，5.71%），硫酸（双 狮98%，3.85%），磷酸二铵（美国海湾，3.71%），尿素（河南心连心(小颗粒)，3.41%），PA6切片 （华东地区，3.30%），国际汽油（新加坡，3.13%），国际石脑油（新加坡，3.06%）。 以下为研究报告摘要： 投资要点 工业级碳酸锂、电池级碳酸锂等涨幅居前，液氯、硝酸等跌幅较大 本周跌幅较大的产品：液化气（长岭炼化，-3.98%），合成氨（江苏新沂，-4.46%），硫磺（高桥石化 出厂价格，-4.61%），锂电池电解液（全国均价/磷酸铁锂电解液，-4.62%），盐酸（华东合成 酸，-4.65%），二氯甲烷（华东地区，-5.16%），天然气（NYMEX天然气(期货)，-5.99%），冰晶石 （河南地区，-6.76%），硝酸（安徽98%，-8.00%），液氯（华东地区，-46.95%）。 本周观点：受地缘局势影响，国际油价震荡运行，建议关注进口替代、纯内需、高股息等方向 判断理 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including Xin Yang Feng, Sen Qi Lin, Rui Feng New Material, Sinopec, Ju Hua Co., Yang Nong Chemical, China National Offshore Oil Corporation, Tong Kun Co., and Dao Tong Technology [11]. Core Insights - The report highlights significant price increases for industrial-grade lithium carbonate (up 7.58%) and battery-grade lithium carbonate (up 7.46%), while liquid chlorine and nitric acid experienced substantial declines [4][18]. - The report suggests focusing on investment opportunities in areas such as import substitution, domestic demand, and high-dividend stocks, particularly in light of fluctuating international oil prices [6][18]. - The chemical industry is currently facing a mixed performance, with some sectors showing resilience while others struggle due to overcapacity and weak demand [21]. Summary by Sections Chemical Industry Investment Recommendations - The report emphasizes the importance of monitoring price trends in key chemical products, noting both significant increases and decreases in various sectors [4][18]. - It recommends focusing on sectors like glyphosate, fertilizers, and companies with strong domestic demand and import substitution potential [21]. Price Trends - Key products that saw price increases include industrial-grade lithium carbonate, battery-grade lithium carbonate, PVC, and ammonium chloride, while products like liquid chlorine and nitric acid saw significant price drops [4][5][18]. - The report indicates that the overall chemical industry remains weak, with performance varying across sub-sectors due to past capacity expansions and weak demand [21]. Market Outlook - The report predicts that international oil prices will stabilize around $65 per barrel, influenced by geopolitical uncertainties and expectations of price declines [6][18]. - It highlights the potential for certain sectors, such as the lubricants and chemical fertilizers, to benefit from domestic demand and import substitution strategies [21].

Group 1: Report Summary - The report is titled "Soda Ash: Supply Pressure Remains High, Short - term Reversal Unlikely" and is from Hualong Futures Investment Consulting Department [1] - The research analyst is Hou Fan, and the report date is February 24, 2026 [5][7] Group 2: Market Review - Before the Spring Festival, the price of the main soda ash futures contract ranged from 1,148 to 1,196 yuan/ton. As of February 13, 2026, the main contract dropped 40 yuan/ton, a weekly decline of 3.36%, closing at 1,150 yuan/ton [5] Group 3: Fundamental Analysis Supply - As of February 12, 2026, the weekly domestic soda ash output was 792,300 tons, a month - on - month increase of 18,000 tons or 2.32%. The comprehensive capacity utilization rate was 85.18%, up 1.93% month - on - month [6][9] Inventory - As of February 12, 2026, the total inventory of domestic soda ash manufacturers was 1.588 million tons, a 0.61% increase. Light soda ash inventory was 831,600 tons (down 800 tons), and heavy soda ash inventory was 756,400 tons (up 10,400 tons) [7][14] Shipment - As of February 12, 2026, the weekly shipment volume of Chinese soda ash enterprises was 785,400 tons, a 6.50% increase. The overall shipment rate was 99.13%, up 3.89 percentage points [16] Profit - As of February 12, 2026, the theoretical profit of the dual - ton soda ash by the joint - alkali method was - 32.50 yuan/ton, a 12.07% decline. The theoretical profit of the dual - ton soda ash by the ammonia - alkali method was - 89.25 yuan/ton, a 0.51% decline [19][23] Group 4: Downstream Industry Float Glass Industry - As of February 12, 2026, the daily output of national float glass was 148,000 tons, a 1.2% decrease from February 5. The weekly output was 1.0452 million tons, a 1% month - on - month and 4.18% year - on - year decrease [26] - As of February 12, 2026, the total inventory of national float glass sample enterprises was 55.352 million weight boxes, a 4.31% month - on - month increase and a 12.28% year - on - year decrease [31] Group 5: Price Analysis - Most soda ash and related product prices remained stable from February 5 to February 12, 2026, except for a 1.01% increase in 5500 - kcal thermal coal and a 5.37% decrease in synthetic ammonia in Jiangsu [37] Group 6: Comprehensive Analysis and Suggestions - Before the Spring Festival, the soda ash futures price continued to decline weakly. The core market logic is the intensified contradiction between high - level supply and a demand vacuum. During the Spring Festival, the macro - level changes may provide marginal support, but the supply pressure of soda ash remains high, and a short - term reversal is unlikely [38] - Operational suggestions: For single - side trading, wait and see or try short on rebounds; for arbitrage, there is no suggestion; for options, consider selling a wide - straddle option combination to earn time value [39]

2月24日，宏达股份涨5.11%，截至发稿，报18.32元/股，成交6.23亿元，换手率1.70%，总市值483.94亿 元。 资料显示，四川宏达股份有限公司位于四川省成都市高新区交子大道499号中海国际中心H座14楼，成 立日期1994年6月30日，上市日期2001年12月20日，公司主营业务涉及矿山开采、有色金属冶炼、磷化 工产品的生产和销售。主营业务收入构成为：锌金属及副产品45.55%，磷铵盐系列产品33.44%，复肥 产品11.82%，合成氨5.16%，其他(补充)3.27%，其他产品及服务0.76%。 太平中证1000指数增强A（015466）基金经理为张子权。 截至发稿，张子权累计任职时间3年303天，现任基金资产总规模90.74亿元，任职期间最佳基金回报 76.41%， 任职期间最差基金回报2.94%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 从基金十大重仓股角度 数据显示，太平基金旗下1 ...

Project Positioning and Planning - The company announced the full production of the Lanzhou New Area 2×350MW supercritical coal-fired power heating unit on January 9, 2026, marking a breakthrough in the coal-electricity integration strategy. The project is expected to achieve full-load operation within 3 months and reach design capacity within 6 months, with an annual electricity generation of approximately 3.302 billion kWh and a heating capacity of 13.6241 million GJ [1]. Project Advancement - The Qinyang 2×660MW coal power project and the Lanzhou New Area 2×1000MW thermal power project are still under construction, with the latter having completed preliminary design and entering a substantial phase of development. These projects are expected to further enhance the scale of the power business. In the chemical sector, the first phase of the Liu Hua Chemical clean and efficient gasification project has begun trial production and yielded qualified products, while the second phase is under construction, producing products such as synthetic ammonia and urea [2]. Convertible Bond Termination - The company has a convertible bond balance of 1.946 billion yuan, which is set to mature on December 9, 2026. Management has indicated plans to advance the conversion work and fulfill related obligations, which may impact the company's capital structure [3]. Strategic Advancement - The company plans to replicate the coal-electricity integration model in other parks within Gansu Province and explore a complementary system of "thermal power + new energy," such as distributed photovoltaics. Additionally, it aims to extend into comprehensive energy services, including electricity trading agency and energy-saving renovations [4]. Institutional Research - In early February 2026, institutions such as Fuanda Fund conducted research on the company, focusing on coal quality improvement, power business operations, and project progress, reflecting market tracking of the transformation effectiveness [5]. Dividend Policy - The company commits to maintaining a stable cash dividend policy for the next three years, continuing a record of 17 consecutive years of dividends [6].