（来源：工人日报） 2017年，天业集团60万吨煤制乙二醇项目启动，这是国内单套规模最大的同类项目。1000多个日夜，曹 志晔驻守一线，牵头核对5万多个DCS控制点位，调校两万多个SIS安全联锁，将图纸上的设计转化为现 实中的装置。 2025年，他取得TUV莱茵仪表功能安全工程师资格认证，在工业安全领域的专业能力获得国际权威认 可。他还入选兵团中小企业数字化转型专家库，参与专业著作编写，实现了从实践者到分享者的跨越。 20余年初心不改，曹志晔用匠心赋能产业升级，在戈壁滩上书写着新时代产业工人的奋斗篇章。 气化炉调试阶段，曹志晔大胆创新，提出在气化炉顶部安装可视化监测装置，为炉膛装上"眼睛"，他用 5个昼夜完成技术可行性分析报告并监督施工改造，最终解决点火异常难题。该项目创下国内同类型煤 化工装置开车最快纪录，攻克百余项仪表自控难题。 2023年，"曹志晔劳模创新工作室"挂牌，成为技术攻坚与人才培养的主阵地。曹志晔发挥传帮带作用， 引领一线职工提升技能，工作室累计取得10项创新专利、3项发明专利，在6个方向收获技术创新成果。 2025年，曹志晔牵头建设的"煤基新材料智能制造示范工厂"项目通过国家级验收，其中先进 ...

"十四五"时期，习近平总书记多次来陕考察，赋予陕西"谱写中国式现代化建设的陕西新篇章"的时代使 命和"在西部地区发挥示范作用"的战略定位。5年来，陕西牢记嘱托，以构建现代化产业体系为抓手， 推动传统产业转型升级，培育新兴产业加速崛起，能源化工行业高质量发展取得重大成就。煤油气风光 电氢多能融合，现代煤化工与绿电、绿氢、绿氧耦合发展，陕北能源化工基地已成为国家能源安全保障 的核心承载区与产业转型的示范引领区，陕西能源化工产业交出了一份亮眼的答卷。 区域特色优势凸显，发展协调性、均衡性持续增强。5年来，陕西推进关中科技赋能创新升级、陕北能 源革命转型升级、陕南生态优先绿色升级。陕北能源化工基地已成为国家能源安全保障的核心承载区与 产业转型的示范引领区，能源供给能力大幅跃升。2024年，陕北能化基地原煤产量达6.8亿吨，占全省 总量的87.2%；天然气产量353亿立方米，占全省总量的98.3%，两者分别较"十三五"末增长19.4%、 28.5%，能源保供"压舱石"作用更加牢固。榆林能源革命创新示范区创建加快推进，设立20亿元科技创 新基金，规划10平方千米的中试及示范基地，实施"基础研究+中试试验+路演推介+产业示 ...

1月27日上午，陕西省第十四届人民代表大会第四次会议在西安开幕。省长赵刚代表省人民政府向大会 报告工作。 刚刚过去的一年，是"十四五"收官之年。陕西省深化开展"三个年"活动，聚力打好"八场硬仗"，多措并 举稳就业、稳企业、稳市场、稳预期，地区生产总值增长5.1%，城镇新增就业44.1万人，居民人均可支 配收入增长5.6%，粮食产量1347万吨，单位生产总值能耗累计降幅完成"十四五"任务，全省高质量发展 和现代化建设迈出坚实步伐。 2025年，陕西紧抓国家超常规逆周期调节政策机遇，用好"两重""两新"和新型政策性金融工具，争取中 央预算内投资、超长期特别国债分别增长64.8％、42.5％。围绕产业链加大工业投资，法士特新能源汽 车传动系统等项目开工建设，有色高新材料中试线、修正生物医药产业园等项目加快推进，工业、制造 业、工业技改投资分别增长9.4％、13.3％、6.1％，民间投资增长4.6％，投资结构和效益进一步优化提 升。坚决稳住能源生产基本盘，可可盖等11处煤矿建成试运转、新增产能3095万吨／年，陕煤榆林化学 二期等项目进展顺利，国能煤炭综合利用等重大项目开工，陕皖直流输电工程有序推进，新增可再生能 源 ...

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The energy and chemical industry is on the path of "anti - involution" through industrial structural upgrading, including measures such as "reducing oil and increasing chemicals", eliminating small and medium - sized refineries, and upgrading and transforming ethylene, polyolefin, chlor - alkali, and other industries [5][6][7]. - The textile industry is undergoing technological upgrading and industry structure optimization, with regions like Xinjiang and Southwest China leading the transformation, and Jiangsu and Zhejiang maintaining their positions [34][43]. - For profitable and supply - guaranteeing products, policies such as energy - efficiency requirements and supply - guarantee policies are being implemented to promote anti - involution [63]. 3. Summary by Relevant Catalogs 3.1 Energy and Chemical Industry "Anti - Involution" Focus - **Who needs anti - involution**: Loss - making industries such as refineries, polyolefins, textile terminals, and the chlor - alkali industry [5]. - **How to achieve anti - involution**: Through measures like "reducing oil and increasing chemicals", including存量改造, technological upgrading, and phasing out old facilities. Profitable enterprises are more likely to carry out technological transformation and upgrading, while loss - making enterprises are passively eliminated [5]. - **Impact of "reducing oil and increasing chemicals" in 2026**: Gasoline demand has reached its peak, and it is difficult to further reduce oil and increase chemicals with existing stock devices. Eliminating small and medium - sized refineries has become inevitable, but the impact on the energy and chemical industry is limited [6][7][10]. 3.2 Polyolefin and Chlor - Alkali Industries - **Polyolefins**: For PE, state - owned and coal - based processes are expected to lead the device renewal, with about 11.2% of state - owned coal - based processes potentially affected. For PP, about 14.4% of coal - based devices need to be renovated, while PDH devices are less affected by policies [21][24][27]. - **Chlor - alkali industry**: In the caustic soda industry, old devices over 20 years old, accounting for nearly 7.94%, need attention. In the PVC industry, attention should be paid to externally purchased calcium carbide - based devices and old devices [28][31][30]. 3.3 Textile Industry - **PTA and coal - based ethylene glycol**: The PTA industry's energy - efficiency level is high, with most existing devices better than the benchmark. For coal - based ethylene glycol, devices put into production before 2022 may need to be renovated, with about 556 tons potentially requiring upgrading [39][40][42]. - **Textile industry transformation and upgrading**: Xinjiang and Southwest China are leading the transformation due to cost and resource advantages. The vortex spinning process has cost advantages and potential for long - term cost reduction through domestic substitution of equipment [43][54][58]. 3.4 Profitable and Supply - Guaranteeing Products - **Synthetic ammonia (urea)**: The "Supply - guarantee and Price - stabilization" policy has a higher priority than the "Energy - consumption Dual Control" policy. The impact of the 2025 energy - efficiency requirements on the industry is limited, and attention should be paid to the transformation and upgrading of fixed - bed devices in Shanxi [68][69][70]. - **Methanol**: The 2025 energy - efficiency requirements have a limited impact on existing methanol production capacity. If capacity elimination occurs, attention should be paid to state - owned coal - based methanol devices over 10 years old [74][75][76].

Group 1 - The National Development and Reform Commission, along with other ministries, has issued a notice to promote the coal industry from low-end to high-end and to upgrade coal products from primary fuels to high-value products, with the release of the "Key Areas for Clean and Efficient Utilization of Coal Benchmark Levels and Baseline Levels (2025 Edition)" [1] - The 2025 edition includes indicators for coal consumption in coal-fired power generation and coal-to-natural gas, updating technical indicators based on national standards and policies from the past three years [1] - By the end of 2025, China's total ethylene glycol production capacity is projected to reach 29.865 million tons, a year-on-year increase of 3.93%, with coal-to-ethylene glycol capacity accounting for 993,000 tons per year, representing 33% of the total [1] Group 2 - There are approximately 26 coal-to-ethylene glycol enterprises in China, including major players like Henan Coal Industry, Yangquan Coal Group, and Yulin Chemical, with core production areas in Inner Mongolia, Shaanxi, Shanxi, and Xinjiang [2] - These regions benefit from low-cost raw coal and resource advantages, accounting for over 60% of the national production capacity, while provinces like Shandong, Jiangsu, and Zhejiang, despite lacking coal resources, have some coal-to-ethylene glycol facilities to meet local demand [2] - The main consumption markets for coal-to-ethylene glycol are concentrated in East China and South China, with specific companies supplying various regional markets [2] Group 3 - The coal-to-ethylene glycol industry in China shows significant differentiation in energy consumption control and efficiency standards, with leading companies achieving breakthroughs in energy consumption through process optimization and catalyst upgrades [3] - These top companies utilize direct synthesis gas methods or improved oxalic ester methods, achieving a coal conversion rate of over 80% and a by-product recovery rate of 95% [3] - Currently, most coal-to-ethylene glycol enterprises have energy consumption levels concentrated in the range of 2.9 to 3.2 tons [3] Group 4 - Approximately 75% of enterprises in the coal-to-ethylene glycol industry can stably meet advanced energy efficiency limits and strict environmental control requirements [4] - However, a significant proportion of enterprises, about 25%, do not meet the standards, primarily due to the use of outdated fixed-bed gasification technology and smaller overall plant sizes [4] - There are currently nine long-term shutdown plants, with some production capacities already being eliminated [4]

Core Viewpoint - The National Development and Reform Commission (NDRC) has revised and issued the "Benchmark and Baseline Levels for Clean and Efficient Utilization of Coal (2025 Edition)" to enhance the clean and efficient utilization of coal in line with national policies and the "dual carbon" goals [1][2][3]. Group 1: Policy and Framework - The "2025 Edition" aims to strengthen the leading role of benchmark levels and the constraint role of baseline levels in the coal industry, promoting a transition from low-end to high-end coal products [1][3]. - The document reflects the urgency of updating standards for clean and efficient coal utilization, as the proportion of coal in total energy consumption is projected to decrease from 56.7% in 2020 to 53.2% in 2024 [2][3]. Group 2: Key Updates and Adjustments - Compared to the previous "2022 Edition," the "2025 Edition" expands the applicable scope by adding two new areas: coal-to-natural gas and coal-to-oil, while also introducing new efficiency indicators for existing sectors [5][6]. - The updated indicators reflect recent national standards and policies, enhancing the constraints and guiding roles of the benchmark and baseline levels [6][7]. Group 3: Implementation and Support - The "2025 Edition" encourages enterprises to upgrade projects to meet benchmark levels, with a focus on categorizing management for new and existing projects [7][8]. - Specific timelines for upgrades are set, generally not exceeding three years, with a clear directive for projects failing to meet standards to be phased out [7][8]. - Financial and technical support mechanisms will be enhanced to facilitate the transition to cleaner and more efficient coal utilization, including funding, financial policies, and preferential policies for equipment and technology upgrades [8].

Core Viewpoint - The A-share market is at a critical point of style rebalancing by the end of 2025, with the ongoing "anti-involution" policy reshaping investment logic in cyclical industries [1][4] Group 1: Market Dynamics - Since Q3 2025, the A-share market has shown a significant "technology + cyclical" dual-driven pattern, indicating a transition from a single growth line to a balanced allocation of "growth + value" [1] - The technology sector has experienced a substantial cumulative increase, with the electronics industry rising by 45% and the communication equipment sector by over 38%, significantly outperforming the CSI 300 index's 14.7% [4] - The concentration of institutional holdings in the technology sector has reached nearly historical peaks, with TMT sector holdings exceeding 40.16%, indicating a risk of overcrowding [4] Group 2: Policy Impact - The Ministry of Industry and Information Technology has proposed three major measures for the chemical industry in 2026, signaling a shift from mere advocacy to substantial implementation of the "anti-involution" policy [4] - The "anti-involution" policy has extended to industry self-discipline, with products like long silk, PTA, and urea achieving industry collaboration through "production limits to maintain prices + price alliances + punitive agreements" [10] Group 3: Chemical Industry Insights - The chemical industry is experiencing a supply-side improvement driven by "downward capacity cycles + policy-guided elimination," with fixed asset investments in the chemical raw materials and products manufacturing sector decreasing by 5.6% year-on-year from January to September 2025 [5][6] - The demand side is supported by both domestic recovery and overseas improvement, with textile and apparel exports increasing by 8.7% year-on-year from January to October 2025 [12] Group 4: Investment Opportunities - Investment opportunities in the chemical industry under the "anti-involution" wave include selecting leading companies with strong management systems and cost advantages [14] - Specific sectors to focus on include: 1. Petrochemicals: Expected to see a turning point due to supply contraction and demand upgrades [15] 2. Coal chemicals: Benefiting from policy catalysts and cost advantages, with potential for profit recovery [16] 3. Polyester filament and PTA: Leading sectors in the implementation of the "anti-involution" policy, currently entering an inventory digestion phase [17]

Group 1 - The company, Hongchuan Wisdom, aims to become a global leader in energy and chemical storage logistics services [2] - The company primarily provides comprehensive storage services for domestic and international petrochemical product manufacturers, traders, and end-users [2] - The main stored petrochemical products include refined oil, alcohols, and other liquid chemicals [2] Group 2 - The company was asked about the presence of coal-based methanol and ethylene glycol products in its storage offerings [2] - The inquiry also included whether the company's clients include coal chemical enterprises [2]

Group 1 - The provincial political consultative conference chairman Xu Xinrong emphasized the importance of advancing key projects in the coal industry chain to achieve annual targets and ensure a solid foundation for the "14th Five-Year Plan" and a good start for the "15th Five-Year Plan" [1] - Xu visited the Xinyuan High-end Energy Chemical Park in Binzhou, inspecting the operation of the Shaanxi Coal Weihe Chemical Group's 300,000-ton coal-to-ethylene glycol project, urging the company to focus on high-end development and enhance the value and competitiveness of the industry chain [1] - At the Yangjiaping coal mine project in Changwu County, Xu discussed progress, mining technology, and environmental protection with company leaders, stressing the need for safety and green production while accelerating project construction through technological innovation [1] Group 2 - Xu visited the Datang Binchang Power Co., Ltd., where he learned about unit operations, smart management, and energy conservation, encouraging the company to leverage the advantages of coal-electricity joint operations to enhance energy supply capabilities for regional economic development [1] - During a visit to the Binzhou Municipal Political Consultative Conference, Xu highlighted the necessity of integrating the Party's leadership throughout the consultative work and aligning with the new requirements set by the provincial committee [2] - Xu called for strengthening political guidance and uniting various parties and communities to contribute to the successful completion of the "14th Five-Year Plan" and a strong start for the "15th Five-Year Plan" [2]

Core Insights - China Chemical has recently signed two major high-end chemical new material projects, marking significant advancements in the industry [1][4]. Group 1: High-End Polyoxymethylene (POM) Project - China Chemical Engineering Hualu Company has signed a cooperation framework agreement with China Coal Ordos Energy Chemical Co., Ltd. for a high-end POM project, which will be the first engineering application and industrialization of self-developed high-end POM technology [1]. - POM is recognized for its excellent self-lubricating properties, fatigue resistance, and dimensional stability, making it a key polymer material to replace traditional metals like steel, copper, and aluminum [1]. - The domestic supply of high-end POM has long relied heavily on imports, with global production mainly dominated by companies like DuPont and Asahi Kasei [1][6]. Group 2: Special Nylon Series Project - China Chemical Engineering Hualu Company has also signed a cooperation framework agreement with Shanghai Jieda Chemical Technology Co., Ltd. to initiate the third phase of the Jieda project, which will cover approximately 200 acres with a total investment of about 1.85 billion yuan [4]. - The project will utilize hexamethylenediamine and 2-methylpentanediamine produced in previous phases as primary raw materials, aiming to enhance the high-end nylon industry chain and improve product value and market competitiveness [4]. Group 3: Overall Project and Financial Performance - From January to September, China Chemical signed a total of 3,566 projects with a cumulative contract amount of 284.56 billion yuan, with domestic contracts accounting for 230.91 billion yuan and overseas contracts for 53.65 billion yuan [7]. - The latest financial report indicates that in Q3 2025, China Chemical achieved revenue of 45.42 billion yuan, a year-on-year increase of 4.32%, and a net profit of 1.13 billion yuan, up 13.21% [7]. - The sales of industrial and new materials reached 7.85 billion yuan, showing a significant year-on-year growth of 23.37%, indicating a strong second growth curve for the company [7].