广袤的草原上，银塔林立，管道如织，全球单厂规模最大煤制烯烃项目——宝丰能源（600989）内蒙古 年产烯烃项目正在此运转不息。这是一座现代煤化工转型升级的"活体展览馆"：中国科学院大连化物所 的全新DMTO-Ⅲ技术在这里实现首次产业化，沈鼓集团的"大国重器"在此轰鸣，中国化学（601117） 的建设者们在此与时代竞速……我国煤化工的升级突围之路，正在乌审旗的骄阳下镌刻新的坐标。 日前，该项目实现连续稳定生产超200天，来自国内能源领域的院士、科研专家，研究和设计机构、设 备制造商、建设安装单位及投资机构的百余名嘉宾齐聚内蒙古鄂尔多斯市乌审旗图克工业园区，共同见 证我国煤化工发展史上的"高光"时刻。 煤炭利用走出"新路子" 剑指高端化学品"中国制造" "煤炭清洁高效利用是破解资源约束与环保矛盾的必由之路，而现代煤化工正是这一战略的核心载 体。"中国科学院院士、北京大学能源研究院院长金之钧一锤定音地指出，宝丰能源内蒙古年产300万吨 烯烃项目的成功投产，不仅是宝丰集团发展历程中的"高光"时刻，更是我国煤炭清洁高效利用与现代煤 化工产业升级的标志性事件。 金之钧解释说，其标志性意义首先体现在能源安全方面。"我国'富 ...

Core Viewpoint - The modern coal chemical industry in China is transitioning from traditional and basic chemicals to fine chemicals and coal-based new materials, facing challenges such as green low-carbon development, energy security, and international competition, while also seizing opportunities for technological innovation and industry integration [1] Group 1: Industry Challenges and Opportunities - The modern coal chemical system has achieved industrialization with significant scale, including coal-to-oil, coal-to-gas, coal-to-olefins, and coal-to-ethylene glycol, which are crucial for energy security and low-carbon development [2] - Current challenges include a single product structure, short industrial chains, low capacity utilization leading to poor economic efficiency, high energy consumption, and significant carbon emissions that need to be addressed [2][3] - The government has mandated strict control over new coal production capacity and consumption, requiring comprehensive evaluations for new projects exceeding certain production thresholds [2] Group 2: Upgrading and Technological Innovation - Recommendations for upgrading the modern coal chemical projects include energy-saving and carbon-reducing technology improvements, strict water resource management, and promoting digital transformation for efficiency and safety [3] - Development of fine chemicals is emphasized as a key strategy to enhance value, with a focus on extending production to synthetic resins, synthetic fibers, and high-performance specialty fibers [3] Group 3: Strategic Resource Management - Coal-to-oil production technology has reached advanced levels, but new projects are generally not approved due to its strategic reserve nature, necessitating improvements in economic and technical standards [4] - The shift towards non-fossil energy sources is highlighted, with projections indicating that non-fossil energy generation will rise to 80% by 2050, necessitating a transition from coal-based to electric-based energy solutions [4] Group 4: Environmental Considerations - The coal chemical industry must integrate carbon dioxide management and water resource utilization into its development strategy, with significant carbon emissions produced during coal processing [6] - Current carbon management strategies focus on carbon capture, utilization, and storage (CCUS), resource utilization of CO2, and the coupling of green hydrogen with coal chemical processes [6] Group 5: Industry Collaboration and Development - The coal chemical industry should consider collaboration with related industries to enhance the industrial chain, supply chain, and value chain, while effectively controlling new capacity [7] - The focus should be on high-value products from coal coking byproducts, such as specialty aromatics and carbon fibers, to drive the high-end transformation of traditional industries [7][8]

证券研究报 告 新疆周报（20250609-20250615） 推荐（维持） 新业煤制气项目公众参与报批前公示 行业研究 基础化工 2025 年 06 月 16 日 华创证券研究所 证券分析师：杨晖 邮箱：yanghui@hcyjs.com 执业编号：S0360522050001 证券分析师：陈俊新 邮箱：chenjunxin@hcyjs.com 执业编号：S0360525040001 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 489 | 0.06 | | 总市值(亿元) | 41,430.39 | 4.28 | | 流通市值(亿元) | 36,742.13 | 4.79 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | -4.7% | -1.9% | -0.4% | | 相对表现 | -1.1% | 1.2% | -5.0% | -16% -4% 8% 20% 24/06 24/08 24/11 25/01 25/03 25/06 2024-06-14~2025-06 ...

2025 年 06 月 06 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 95 期 观点精粹: 公司概览：经营稳+高分红（国资央企背景，煤炭产运销一体化运营，低负债、高现金、高分红）：中国神华 是央企背景综合能源巨头，控股股东为国家能源集团公司，截至 2024 年 12 月，实际控制人国资委持股比例 为 62.62%。公司已形成煤炭"生产—运输—转化"的一体化运营模式，拥有煤炭、电力、铁路、港口、航运、 煤化工六大业务，2024 年毛利占比（合并抵消前）分别为 69.93%/13.36%/14.15%/2.42%/0.47%/0.28%。一 体化经营平抑周期波动（毛利率稳），优质管理下公司 2015-2024 年公司期间费用率稳中有降。除业绩稳健 以外，公司资产负债表亦较健康，具备低负债、现金充沛等特征。分红方面，公司截至 2024 年三年累计分红 占比高达 224.71%、位于行业第二位，且 2025-2027 年度股东回报规划中计划现金分红分配利润不低于当年 归母净利润的 65%，相 ...

该项目负责人张红玲解释说，对于新建的煤制烯烃企业，或者是要改造、扩建主要生产用水设施的企 业，每吨产品用水量不能超过12立方米；对于已经在生产的煤制烯烃企业，每吨产品用水量不超过21立 方米。考虑到现有企业改造需要时间，有36个月的过渡期，在这期间企业要将用水量降到规定的21立方 米以内。 《标准》的颁布实施，标志着对黄河流域煤制烯烃产业用水节水的管控从指导性标准向强制性约束升 级，对于推动落实水资源刚性约束制度、强化用水定额管理、提升水资源节约集约利用水平具有重要作 用。(完) （文章来源：中国新闻网） 中新网银川6月4日电 (记者于晶)6月4日，记者从宁夏水利科学研究院获悉，由该院首次牵头编制的强制 性用水定额国家标准《黄河流域高耗水工业用水定额第3部分：煤制烯烃》(GB45669.3-2025)(以下简称 《标准》)由国家市场监督管理总局、国家标准化管理委员会正式发布，于今年6月1日起实施。该标准 作为我国首批针对黄河流域制定的高耗水行业强制性国家标准，填补了流域层面工业节水强制性标准的 空白。 《标准》规定了黄河流域煤制烯烃强制性用水定额的计算方法、指标值和管理要求，明确了用水量的计 算范围及煤制烯烃 ...

化工子行业年报和 1 季报深度梳理 - 煤化工 20250514 摘要 • 煤化工行业利润受煤炭价格影响显著，成本控制能力成关键。中国煤化工 在全球占据主导地位，并在部分产品中掌握定价权，与全球能源格局差异 明显。 • 原油价格下跌削弱煤油相对优势，但整体可控。煤焦化受房地产市场低迷 影响，价差维持低位。合成氨与甲醇市场格局分化，2024 年后半程价差 范围进入重叠区间，供需格局发生变化。 • 2024 年禾昌新增甲醇合成氨产能超 400 万吨，合成氨行业供需格局转变， 价差回归大宗商品水平，受新增产能释放节奏影响承压。 • 甲醇产能随下游产品释放而提升，受 MTO 占比增加影响，煤油联动效应 逆向放大。短期内原油价格震荡对甲醇利润空间影响有限，需关注终端需 求。 • 煤制烯烃成本优势明显，CTO 技术盈利通常较高。2025 年一季度 CTO 价 差逆向反超，若原油维持低位震荡，将持续影响 CTO 价差，需关注煤炭下 行空间。 Q&A 请简要介绍煤化工行业在 2024 年和 2025 年的运行情况及其影响因素。 煤化工行业在 2024 年上半年整体处于高位运行，但到了年底开始明显回落， 进入四季度进一步下探， ...

Email：sunying@zts.com.cn 新疆煤化工正当其时，关注产业链三大投资方向 执业证书编号：S0740519070002 执业证书编号：S0740521120003 Email：nielei@zts.com.cn 分析师：曹惠 执业证书编号：S0740525030003 Email：caohui@zts.com.cn | 上市公司数 | 431 | | --- | --- | | 行业总市值(亿元) | 34,285.67 | | 行业流通市值(亿元) | 30,578.75 | 1、《重视涨价和民爆机遇；关注关 税豁免受益品种》2025-04-27 2、《重视新疆西藏民爆机遇；石英 坩埚内层砂进口价上涨》2025-04-20 3、《稳市场举措持续发力，新材料 国产替代加速》2025-04-13 基础化工 证券研究报告/行业专题报告 2025 年 05 月 09 日 | 评级： | 增持（维持） | | 重点公司基本状况 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | - ...

新型储能作为构建新型电力系统的关键基础设施，驱动着AI、算力与电力系统协同创新，有力支撑国家新质生产力战略落地。公司深度整合了 人工智能、大数据、物联网、云计算等前沿技术，精心搭建起云计算平台、万兆骨干网络、工业物联网平台等一系列数字化转型的"高速 路"与"硬基建"。据介绍，宝丰新型储能等项目投资105亿元，达产后可年产磷酸铁锂正极材料25万吨、人造石墨负极材料15万吨、电解液材料 17万吨，同时加快推进100GWh锂电池及储能系统和储能电站项目建设达产，基本形成立足宁夏、辐射西北、面向全国的新型储能材料生产和电 池储能全系统制造产业集群，为宁夏打造国家新能源综合示范区和"中国算力之都"，支撑绿电园区、新能源大基地与算力基地建设提供强有力 的基础保障，助力"源网荷储"新型能源系统构建，赋能新兴产业、未来产业发展壮大，推动能源绿色变革。 4月27日，宝丰集团在宁东基地举行集中开工现场推进会，证券时报记者从会上了解到，本次开工项目有宝丰储能正极、负极、电解液厂暨宝丰 能源（600989）四期烯烃新材料项目，项目总投资规模达310亿元，项目全部建成投产后，每年可实现工业总产值490亿元，解决社会就业近 10000人 ...

Core Insights - The China Coal Industry Association (CCIA) held a press conference to review the coal industry's reform and development since the 14th Five-Year Plan and to summarize the economic operation of the coal sector in 2024 [1] - The coal supply has been steadily increasing, with a shift in production focus towards the central and western regions of China, enhancing the industry's overall strength and modernized coal production system [1][2] Production and Supply - In 2024, China's coal production reached 4.78 billion tons, an increase of 880 million tons compared to 2020 [2] - The western region's raw coal output increased from 2.32 billion tons to 3.04 billion tons, accounting for an increase of 4.2% of the national total [2] - The eight major coal-producing provinces contributed 4.36 billion tons, representing 91.3% of the national output, with significant increases in regions like Xinjiang and Ordos [3] Industry Structure and Optimization - The number of coal mines in China decreased from over 4,600 to fewer than 4,300, with the average production capacity per mine increasing from 1.1 million tons/year to over 1.4 million tons/year [4] - The coal washing rate reached 68% in 2024, with significant improvements in the comprehensive utilization rates of coal gangue and mine water [4] - New coal chemical industries are rapidly developing, with a shift from coal as a single fuel to a dual role as both raw material and fuel [4] Future Outlook and Challenges - The coal industry is expected to face transformation challenges as it approaches peak consumption around 2028, transitioning from a growth phase to a stabilization phase [5] - The industry will need to adapt to fluctuations in consumption while ensuring energy supply stability, particularly as renewable energy sources develop [5] - There are ongoing issues such as the need for optimized production layout, increased transportation demands, and low levels of R&D investment that require systematic solutions [6]