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🛢️Petrochemicals｜Strong oil prices・High-end + low-carbon dual main lines📊 Capacity and price: National oil refining capacity is 965 million tons/year (-1.2% year-on-year), and ethylene is 35.2 million tons/year. ； The coastal area accounts for 62.8%, and the Bohai Rim continues to be eliminated and lagged behind. On May 15, Brent was US$108.5/barrel and WTI was US$103.2/barrel. ； PX was +54.5% year-on-year, and styrene was -1.8% month-on-month. Sichuan's newly added shale gas reserves are 235.7 billion cubic meters, giving further confidence to the gas and chemical industry. 🏗️Project updates: 17 high-end coastal projects with a total investment of 385 billion yuan ； Gulei Ethylene was put into production in August, and the progress of Huizhou Phase III is 42%. Yangzhou Yizheng Chemical Fiber's 40,000 tons/year TPEE (242 million), Xuzhou Longxingtai's 2.6 million tons of coking + 300,000 tons of methanol (4.9 billion) are speeding up. 💰 M&A/🔬 Technology/📜: Policy "" There were 12 mergers and acquisitions at the beginning of the year/59 billion yuan, led by private enterprises ； Sinopec-China Aviation Oil reorganization was implemented. 68% localization of metallocene catalysts ； Green hydrogen refining energy consumption - 25%, CCUS cost 235 yuan/ton. The Ministry of Industry and Information Technology has fully covered energy conservation supervision, and Yanjiang has eliminated 8 million tons/year of backward production capacity within the year. 🔭 Trending: The refinement rate will be 56% in 2028, with the three pillars of coastal high-end, central and western light hydrocarbons, and Sichuan and Chongqing gas and chemical industries. 🔥 Coal Chemical Industry｜Maintenance Peak·Low Carbon Transformation Accelerates📊 Production Capacity and Maintenance: Coal-to-olefins production is 33 million tons/year, methanol production is 96.5 million tons/year, and the northwest accounts for 79%/83%. Maintenance reduction from May to June was 1.356 million tons ； Ningxia Coal's 4 million tons/year coal-to-liquids operation will be inspected for 40 days starting from 5.26. 🏗️Project progress: Xinjiang Yitai Yili's 1 million tons/year coal-to-liquids (21 billion) project is progressing by 77% and will be put into production in 2028. China Coal Pingshuo's 1 million tons/year olefins (29.8 billion) and Sinopec Dalu's 900,000 tons/year polyolefins (21.9 billion) are advancing. 💰 M&A/🔬 Technology/🔭 Trends: There were 3 mergers and acquisitions in May/15 billion yuan, CR5 to 48%. DMTO-Ⅲ Save 750 yuan per ton of alcohol ； The cost of producing hydrogen from coal is 8.3 yuan/kg. In 2030, coal-based new materials will account for 28%, and “green hydrogen + CCUS” will become standard. ⛏️Coal Mining｜Guaranteed Supply and Stable Price｜Smart Cleaning📊 Capacity and Price: 4.2 billion tons of new raw coal from Shanxi, Shaanxi, Mengning and Ningxia (accounting for 91%) ； 5,500 kcal is 846 yuan/ton, and coking coal is 1,552 yuan/ton. 🏗️Projects/💰M&A/🔬Technology: The annual investment is 135 billion yuan, and the intelligent mining rate is 78%. There were 4 mergers and acquisitions in May/8.5 billion yuan, CR10 to 68%. Ultra-supercritical coal consumption is 256g/kWh, and unmanned mining is possible on a large scale. 🔭 Trending: In 2030, the on-site conversion will be 42%, and the dual attributes of fuel + raw materials will be strengthened. 💨Industrial gases｜Special gas domestic substitution｜Tight balance📊Production capacity/🏗️Projects/💰M&A: Market 290 billion yuan in 2026 (+8.5%) ； The bulk self-sufficiency rate is 98.5%, and the electronic special gas rate is 63%. There are 14 electronic special gases/26 billion in the east and 9 air separation/38 billion in the northwest. There were 3 mergers and acquisitions in May/7.5 billion, with foreign capital accounting for 40%. 🔬 Technology/🔭 Trends: Electronic special gas up to 6N, adaptable to 14nm ； Rare gas recovery research. In 2030, the self-sufficiency rate of electronic special gas will be 82%. 🧪 Energy Materials｜Energy Storage Explosion｜Domestic Substitution📊 Production Capacity/🏗️ Projects/💰 Mergers and Acquisitions: The market is 2.9 trillion yuan, and energy storage materials have an annual growth rate of 36%. ； The northwest accounts for 48%, and the Yangtze River Delta lithium battery materials account for 68%. 38 new material projects/105 billion, focusing on electrolytes and photovoltaic packaging materials. In May, there were 6 mergers and acquisitions/13 billion, with cross-border capital accounting for 40%. 🔬 Technology/🔭 Trends: PNE electrolyte density + 45% ； Coal-based carbon fiber is 55% localized. In 2030, the domestic replacement rate will be 88%. 🌍 Global Impact｜Geographical Disturbance·Enhancing Energy Independence and Petrochemicals: Disturbances in the Middle East supported oil prices. Domestic refining and chemical products rose by 9%-13%, and the export share reached 19%. Coal chemical industry: High oil prices released dividends, methanol/olefins rose 6%-10% ； ““One Belt, One Road” exports +28%. coal: Global demand drops slightly, domestic supply is guaranteed and prices stabilized ； The premium for coking coal is 220 yuan/ton. energy materials: Global transformation resonates, and the export of domestically produced cost-effective products +18%. 🤝 The five major industrial chains of industrial co-construction and win-win cooperation show regional stereotypes, low-carbon rigidity, concentration of leaders, and full-chain collaboration. In the face of global changes, my country's resource independence and complete chain advantages have become prominent. Quote to: https://mp.weixin.qq.com/s/624FpkwgfJ7hi05EWekmUg