宏川智慧（002930.SZ）11月26日在投资者互动平台表示，公司系一家致力于成为全球领先的能源及化 工仓储物流服务商，主要为境内外石化产品生产商、贸易商和终端用户提供仓储综合服务及其他相关服 务，主要储存的石化产品包括成品油、醇类及其他液体化学品。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：您好，请问公司存储产品的醇类产品中有煤化工的煤 制甲醇和煤制乙二醇等产品吗？公司的客户中是否有煤化工企业？ ...

证券研究报 告 新疆周报（20251110-20251116） 推荐（维持） 新疆天业拟与天池能源设立合资公司 行业研究 基础化工 2025 年 11 月 17 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 相关研究报告 《新疆周报（20251027-20251102）：国家能源 集团哈密煤制油配套 1500 万吨煤矿项目获批》 2025-11-03 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 ❑ 本周新疆指数 131.19，环比+1.29%；新疆煤化工投资指数 129.74，环比- 0.48%；新疆国企改革指数 133.26，环比+2.30%。本周涨幅前三：合金投资 （000633.SZ）上涨+20.85%，中基健康（000972.SZ）上涨+13.03%，ST 天山 （300313.SZ）上涨+11.87%。本周跌幅前三：东华科技（002140.SZ）下跌- 5.61%，特变电工（ ...

Summary of Donghua Technology Conference Call Company Overview - Donghua Technology is a large engineering company under China Chemical Engineering Group, with a registered capital exceeding 700 million yuan and over 60 years of development history [3][11] - As of April 2025, China Chemical Engineering holds 47.08% of Donghua Technology, while Shaanxi Coal and Chemical Industry Group is the second largest shareholder with 20.79% [2][3] Strategic Direction - The company has established a strategy termed "one basic plate plus three重三恒," focusing on chemical engineering as the core business while promoting differentiation, industrialization, and internationalization [2][5] - The differentiation strategy emphasizes original technology innovation and integrated production and operation, while industrialization focuses on high-end chemicals and environmental community operations [5] Business Development - Donghua Technology is actively expanding into the new energy sector, including electrolyte and DMC, lithium iron phosphate batteries, and lithium extraction from salt lakes, although currently, the focus is mainly on design and consulting services [2][7] - As of September 2025, the company has approximately 5.5 billion yuan in uncontracted orders, with 90% related to coal chemical projects, particularly in coal quality utilization [2][9] Market Position and Competitive Advantage - The company holds a 70% market share in the domestic coal-to-methanol sector, with a production capacity exceeding 10 million tons [2][10] - Collaborations with Shaanxi Coal Group on multiple projects and a focus on new project opportunities in Xinjiang are highlighted as significant growth areas [10] International Expansion - In 2025, Donghua Technology made progress in overseas markets, including an EPC project for titanium dioxide in South Africa and a basic chemical project in Bolivia with a total contract amount of 2.6 billion yuan [4][13] - The company is also involved in a significant infrastructure project in Iraq, with a total amount exceeding 5 billion yuan, currently in the financing stage [4][13] Financial Performance - Cash flow for the first three quarters of 2025 decreased year-on-year due to a high number of bill maturities, but the company expects overall cash flow to remain stable by year-end [4][15] - A mid-term dividend plan has been set, with an expected annual dividend ratio of over 30% of net profit attributable to the parent company [4][15] Project Updates - The graphene project is still under construction, expected to be completed by mid-2026 [6] - The lithium extraction from salt lakes is currently in the planning and design phase, with no investment or operational plans yet [8] Additional Insights - The company is cautious about the implementation of its new green culture concept due to limited market understanding [7] - Asset and credit impairment reversals increased by approximately 200 million yuan in 2025, primarily related to the Tianyin project [14]

Investment Strategy - The report emphasizes that Xinjiang is positioned as a frontier hub benefiting from the shift from coastal economies to the Belt and Road Initiative, enhancing its geopolitical advantage [7] - The coal chemical industry in Xinjiang is expected to thrive due to favorable external conditions, including rising coal prices and strategic resource allocation [7][8] - The focus is on two main investment themes: coal chemical investments and state-owned enterprise reforms in Xinjiang [7][11] Xinjiang Index Situation - The Xinjiang Index is reported at 125.30, with a week-on-week decrease of 0.52%, while the Xinjiang Coal Chemical Investment Index is at 124.22, down 0.50% [13] - The top three gainers this week include Hangyang Co., Ltd. (up 12.22%), Daqo New Energy Corp. (up 11.38%), and Unification Enterprise (up 6.57%) [13][14] Key Data Tracking - Key coal prices in Xinjiang include Q5000 mixed coal at 100 CNY/ton, Q5200 mixed coal at 215 CNY/ton, and main coking coal at 700 CNY/ton [20] - In September 2025, the coal railway dispatch volume from state-owned key coal mines was 3.109 million tons, a year-on-year decrease of 1.77%, while the raw coal output was 43.563 million tons, down 2.57% year-on-year [20] Key News and Company Announcements - The National Energy Group's coal-to-oil project in Hami, with a total investment of 13.284 billion CNY, has been approved, marking the start of substantial construction [4][33] - The Xinjiang New Industry Group's coal-to-natural gas project, with an investment of 15.5 billion CNY, has also received approval, aiming for an annual production capacity of 2 billion cubic meters [33][38] Overview of Key Coal Chemical Projects - The report outlines significant coal chemical projects in Xinjiang, including a coal-to-natural gas project with a total investment of 167.93 billion CNY and a production capacity of 20 billion cubic meters per year [38][39] - The total planned capacity for coal chemical projects in Xinjiang includes 41.6 billion cubic meters for coal-to-natural gas, 5 million tons for coal-to-oil, and 945 million tons for coal-to-olefins, with a total investment of 962.8 billion CNY [40][41]

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 frontline 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][8] - The report identifies two main investment themes: coal chemical investments and state-owned enterprise reforms in Xinjiang. It suggests that the external environment for coal chemical development is now favorable, driven by rising coal prices and the need for energy security [7][10] Xinjiang Index Situation - The Xinjiang index stands at 125.47, reflecting a week-on-week decrease of 3.43%. The coal chemical investment index is at 122.27, down 7.19%, while the state-owned enterprise reform index is at 130.68, down 0.61% [14] - The report lists the top gainers and losers in the market, with Huijia Times (603101.SH) up 13.82% and Guangdong Hongda (002683.SZ) down 12.21% [14] Key Data Tracking - Key prices in Xinjiang include Q5000 mixed coal at 100 CNY/ton, Q5200 mixed coal at 215 CNY/ton, and urea at 1430 CNY/ton, with a price difference of -130 CNY/ton compared to Shandong [18][27] - In September 2025, coal railway shipments from state-owned key coal mines reached 3.109 million tons, a year-on-year decrease of 1.77%, while the raw coal production in August was 42.2 million tons, down 2.18% year-on-year [18][30] Key News and Company Announcements - On October 14, a key evaluation meeting for the Xinjiang New Industry Group's 2 billion cubic meters/year coal-to-natural gas project was held, marking a significant step towards project approval and construction [33][37] - Several other coal chemical projects are progressing, including a 60,000 tons/year synthetic gas ethanol project and a 1.5 million tons/year coal clean utilization project, indicating a robust pipeline of developments in the sector [36][37] Overview of Target Companies - The report suggests focusing on companies involved in coal chemical investments in Xinjiang, such as Tebian Electric Apparatus, Jiufeng Energy, and Baofeng Energy, as well as service providers and local state-owned enterprises that may benefit from ongoing reforms [11][12][40]

Core Viewpoint - The recent "Work Plan for Stable Growth in the Petrochemical Industry (2025-2026)" issued by the Ministry of Industry and Information Technology and other departments aims to enhance high-end supply, regulate major project construction, and ensure fertilizer production stability, which is expected to optimize supply and improve industry prosperity [1][2]. Group 1: Capacity Control and Industry Impact - The plan emphasizes strict control over new refining capacity and rational planning for the addition of ethylene, PX, and coal-based methanol production, focusing on supporting the replacement and upgrading of outdated facilities [2]. - In 2024, China's refining, PX, and methanol capacities are projected to change by -1%, 0%, and 2% year-on-year, reaching 970 million tons, 44 million tons, and 103 million tons respectively, indicating a significant slowdown in capacity growth [2]. - Ethylene capacity is expected to grow by 7% in 2024 to 5.542 million tons, with a total of 2.415 million tons planned for addition in 2025/26, but the supply-demand balance is weakening due to concentrated investments in recent years [2]. Group 2: Fertilizer Production and Supply Stability - The plan requires optimization of minimum production plans for key fertilizer producers and encourages long-term supply agreements between raw material suppliers and fertilizer manufacturers to ensure stable raw material supply [3]. - Rising prices of upstream raw materials, particularly sulfur and sulfuric acid, due to refinery output declines and geopolitical conflicts, are expected to impact fertilizer production stability positively [3]. Group 3: High-end Supply and Emerging Technologies - The plan aims to enhance high-end supply and accelerate the digital and green transformation, promoting the development of new materials and emerging technologies [4]. - Key areas for high-end chemical materials include integrated circuits, new energy, medical devices, and low-altitude economy, with innovations in electronic chemicals, specialty engineering plastics, and carbon fiber materials expected to accelerate [4]. - Traditional materials are anticipated to improve in quality, with industries gradually transitioning towards low-energy consumption, environmental protection, and high-end production [4].

Group 1 - The core viewpoint of the article is the issuance of the "Work Plan for Stable Growth in the Petrochemical Industry (2025-2026)" by the Ministry of Industry and Information Technology and six other departments, which aims to enhance high-end supply and regulate major project construction [1] - The plan specifies new capacity regulation requirements for various sub-sectors including refining, ethylene, PX, coal-to-methanol, and modern coal chemical industry, which will help optimize supply [1] - The report from Huatai Securities suggests that the chemical raw materials and products industry is showing signs of a turning point in capital expenditure growth since the first half of 2025, indicating potential recovery in industry prosperity [1] Group 2 - The enhancement of high-end supply is expected to accelerate the development of high-end chemical materials in sectors such as electronics, new energy, and medical equipment, as well as emerging technologies like biochemistry, green ammonia/alcohol, and seawater potassium extraction [1]

Investment Rating - The report maintains an "Overweight" rating for the petrochemical and basic chemical sectors [6]. Core Insights - The petrochemical industry is expected to experience a recovery in prosperity due to the implementation of the "Stabilization Growth Work Plan" for 2025-2026, which aims to enhance high-end supply and optimize capacity in various sub-sectors [1][2]. - The report highlights the importance of controlling new capacity for key products such as refining, ethylene, PX, and coal-to-methanol, which is anticipated to improve the supply structure [2]. - The focus on fertilizer production stability and the development of new types of fertilizers is expected to continue, with recommendations for companies in this sector [3]. - The report emphasizes the acceleration of new materials and emerging technologies in the chemical industry, driven by policy support for high-end supply and digital transformation [4]. Summary by Sections Section 1: Industry Growth Policies - The Ministry of Industry and Information Technology and other departments have issued a plan to stabilize growth in the petrochemical industry, focusing on high-end supply and project management [1]. - The plan includes measures to enhance supply optimization and support the development of high-end chemical materials in electronics, new energy, and medical equipment [1]. Section 2: Capacity Control and Supply Optimization - The plan specifies strict control over new refining capacity and reasonable planning for the addition of ethylene, PX, and coal-to-methanol capacities, supporting the replacement and upgrading of old facilities [2]. - In 2024, China's refining, PX, and methanol capacities are projected to decrease by 1%, remain unchanged, and increase by 2% respectively, indicating a significant slowdown in capacity growth [2]. Section 3: Fertilizer Production Stability - The plan aims to optimize the production management of key fertilizer companies and ensure stable raw material supply through long-term contracts [3]. - The report notes that the prices of some upstream raw materials have risen significantly, which may impact fertilizer production [3]. Section 4: Development of New Materials and Technologies - The report anticipates accelerated development of high-end chemical materials and emerging technologies, including carbon capture and green ammonia applications [4]. - It encourages the development of new materials in sectors such as integrated circuits, new energy, and medical devices, with a focus on innovation and domestic substitution [4]. Section 5: Company Recommendations - The report recommends several companies based on their potential to benefit from the outlined policies, including: - **Buy**: Yun Tianhua, Dongcai Technology, Hualu Hengsheng, and Luxi Chemical [7]. - **Overweight**: Hengli Petrochemical, Huayi Group, Tongkun Co., Guangwei Composite, Xinfeng Group, and Wanwei High-tech [7].

Group 1 - Yulin is focusing on the development of six industrial chains related to coal, including coal-based methanol and olefins, coal-based aromatics, coal-to-oil, and high-end coal chemicals [1] - The city is promoting the integration of the energy and chemical industries, extending from basic chemical raw material production to high-end chemical product manufacturing and new material development [1] - Yulin has invested over 2.5 billion yuan in various research and innovation platforms, including the Yulin Zhongke Clean Energy Innovation Research Institute, which has led to breakthroughs in key technologies [1] Group 2 - Shaanxi province is a significant comprehensive energy base in China, producing 780 million tons of coal, 24.47 million tons of crude oil, and 35.9 billion cubic meters of natural gas last year [2] - The energy industrial added value in Shaanxi increased by 8% year-on-year, reflecting the province's efforts in energy green and low-carbon transformation [2] - Yulin is enhancing the clean and efficient utilization of coal while accelerating the construction of a modern energy system and a modern coal chemical industry system [2]

Core Viewpoint - The "Work Plan for Stable Growth in the Petrochemical Industry (2025-2026)" aims for an average annual growth of over 5% in the industry's added value, with a focus on enhancing economic efficiency and technological innovation [1][3]. Group 1: Industry Challenges - The petrochemical industry faces significant structural contradictions, including high redundancy in basic raw material capacities and insufficient supply of high-end chemical materials [2][3]. - The industry has experienced pressure from capacity expansion without corresponding growth in end-demand, leading to a decline in corporate profitability, particularly in the oil and basic chemical sectors [2][3]. Group 2: Key Tasks in the Work Plan - The work plan outlines ten key tasks focusing on five areas: strengthening innovation, improving efficiency, expanding demand, optimizing carriers, and promoting cooperation [3]. - It emphasizes enhancing high-end supply capabilities and supporting the development of key products like electronic chemicals and high-end polyolefins [3]. - The plan highlights the importance of expanding effective investment, controlling new refining capacities, and preventing overcapacity in the coal-to-methanol sector [3][4]. Group 3: Opportunities for Development - The implementation of the work plan is expected to create significant opportunities in areas such as technological innovation pilot projects, renovation of old facilities, and materials for emerging industries [5][6]. - The plan aims to optimize the management of pilot projects, facilitating their implementation and accelerating the industrialization of new technologies [6]. - There is a notable potential for upgrading old facilities, particularly in the refining and chemical sectors, which have a significant proportion of outdated equipment [6]. Group 4: Emerging Consumption Trends - The work plan targets traditional sectors like construction, automotive, and shipping for consumption potential, while also fostering new applications in emerging fields such as renewable energy and humanoid robotics [3][7]. - Specific examples include the anticipated growth in demand for polyether ether ketone (PEEK) and ultra-high molecular weight polyethylene fibers in robotics, with demand expected to increase from thousands of tons to tens of thousands of tons [7].