2026 年甲醇产能仍有扩张，但投产速度放缓，新增项目多与下游一体化装置配套， 因此新产能落地对国内供应影响或不大。甲醇下游需求依旧由煤制烯烃主导，消费 占比稳居首位，但烯烃装置投产计划不多，传统需求行业中醋酸、BOD 等存在一定 增量。在国内甲醇具有价格优势的情况下，部分货源转出口。冬季阶段海外生产装 置存在限气扰动，甲醇进口或阶段性缩减。2026 年，甲醇市场有望转为缓慢去库， 供需关系依旧偏弱。经过持续调整后，甲醇期货盘面存在修复需求，重心有望逐步 回到前期宽幅震荡区间内，2026 年或前低后高，下方支撑关注 1850-1950 附近，上 方 2600-2700 附近存在阻力。 甲醇市场2026年年报 甲醇：千风过甲醇岸 冰消未见春 ——2025年甲醇市场回顾与2026年展望 方正中期期货研究院 能源化工团队 夏聪聪 Z0012870 摘要： 甲醇期货 2025 年行情偏弱，打破宽幅区间震荡走势，重心不断下探。基本面缺乏 驱动，甲醇行情表现低迷。 我国甲醇现货市场产能过剩，随着部分新增产能落地，供需压力进一步增加。除 了几套长期停车的装置外，大部分企业生产平稳，甲醇行业开工保持在高位，带动 月度产量提升 ...

"研究团队通过工艺创新，将加压塔与常压塔的链接模式由串联改为并联，再在工艺流程中增加减压 塔，同时调整工艺参数、降低加压塔塔压，使用新型高效换热器，成功将系统中低温热替代低压蒸汽作 为再沸器的热源，从而达到降低蒸汽消耗的目的。"李士雨介绍说。 低压蒸汽及循环水节约效果显著 中化新网讯 11月11日至14日，河南龙宇煤化工有限公司低温热耦合甲醇精馏装置通过了中国石油和化 学工业联合会组织的专家组72小时连续运行考核。 由中国中煤能源集团有限公司原副总工程师李晓东领衔的专家组一致认为，该装置采用的低温热耦合甲 醇精馏技术具有创新性，节约低压蒸汽及循环水的效果显著，考核期内甲醇产品蒸汽单耗统计值小于 0.2吨蒸汽/吨精甲醇，产出的精甲醇产品质量合格，超精甲醇按年折算产量超过10万吨。 低温热耦合甲醇精馏技术由广东工业大学特聘教授李士雨提出技术方案，与天津华赛尔传热设备有限公 司合作开发完成。据李士雨介绍，该技术是一种新型的、可以耦合低温热的甲醇精馏技术，其技术原理 具有通用性，在低温热大量存在的煤化工、石油化工等领域均可借鉴。 中国石油和化学工业联合会科技与装备部副主任王秀江表示，低温热耦合甲醇精馏技术极具创新性， ...

Core Viewpoint - Huachang Chemical's stock performance shows a slight increase, but financial metrics indicate significant declines in revenue and net profit, suggesting potential challenges ahead for the company [1][2]. Financial Performance - As of June 30, Huachang Chemical reported a revenue of 3.217 billion yuan, a year-on-year decrease of 24.03% [2]. - The net profit attributable to shareholders was 10.9243 million yuan, reflecting a substantial year-on-year decline of 97.58% [2]. Shareholder and Market Activity - As of September 17, the total number of shareholders was 49,700, a decrease of 6.81% from the previous period [2]. - The average number of circulating shares per shareholder increased by 7.30% to 18,865 shares [2]. - On September 17, Huachang Chemical's financing buy amounted to 5.7908 million yuan, while financing repayment was 9.5161 million yuan, resulting in a net financing outflow of 3.7253 million yuan [1]. Dividend Distribution - Since its A-share listing, Huachang Chemical has distributed a total of 1.708 billion yuan in dividends, with 857 million yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, the fourth largest circulating shareholder is the Southern CSI 1000 ETF, holding 5.274 million shares, an increase of 986,700 shares from the previous period [3]. - The Hong Kong Central Clearing Limited is the sixth largest circulating shareholder, holding 4.3969 million shares, a decrease of 2.5688 million shares from the previous period [3].

Economic Overview - Hainan's economy showed stable and positive performance in the first five months of the year, with industrial added value above designated size increasing by 11.6% year-on-year [2][3] - The province's industrial enterprises reported a revenue increase of 6.9% and a profit growth of 23.5% [2] Industrial Growth - The equipment manufacturing sector experienced significant growth, with added value increasing by 73.2% [2] - Major industrial products such as methanol, primary plastic, synthetic fiber polymers, and optical fibers saw notable production increases [2] Consumer Market - Retail sales of consumer goods reached 1099.70 billion yuan, marking a 6.7% year-on-year increase, with a notable acceleration of 0.6 percentage points compared to the previous month [2] - The automotive retail sector experienced exceptional growth, with an increase of 76.1%, and new energy vehicle sales surged by 150% [2] Investment Trends - Infrastructure investment (excluding electricity, gas, and water supply) grew by 27%, contributing 5.6 percentage points to overall investment growth [3] - Public service investment rose by 25.1%, and several sectors, including information transmission and software services, saw substantial investment increases [3] Foreign Trade and Finance - Service imports and exports totaled 282.85 billion yuan, reflecting a 20.6% year-on-year growth, with exports increasing by 66.7% [3] - Financial institutions reported a year-on-year increase of 5.8% in loan balances and a 7.5% increase in deposit balances by the end of May [3] Consumer Prices and Environmental Quality - The consumer price index in Hainan decreased by 0.4% year-on-year [3] - The province maintained high environmental quality, with an air quality rate of 96.2% and water quality compliance rates of 100% for water sources and 95.2% for urban rivers and lakes, an improvement of 5.1 percentage points year-on-year [3]