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🛢️Petrochemicals｜Crude oil is strengthening at a high level and high-endization is accelerating📊 Capacity and price: National oil refining capacity is 968 million tons/year (+0.3% month-on-month), and ethylene is 35.5 million tons/year. ； The coastal area accounts for 63.1%, and the elimination of backward production capacity in the Bohai Rim continues to advance. On May 20, Brent was US$110.5/barrel and WTI was US$105.1/barrel. ； PX +2.3% month-on-month, styrene rebounded (+1.5%). Sichuan's new shale gas production capacity is 18 billion cubic meters per year, and its ability to support gas chemical raw materials has been enhanced. 🏗️Project updates: There are 19 high-end coastal projects with a total investment of 420 billion yuan. ； Gulei Ethylene has entered the trial operation stage, and the progress of Huizhou Phase III is 45%. Zhenhai Refining and Chemical's 2 million tons/year aromatics complex unit started construction, helping to close the high-end industrial chain. 💰 M&A/🔬 Technology/📜 Policy: There were 14 mergers and acquisitions during the year/65 billion yuan, led by state-owned enterprises ； PetroChina-Hengli Petrochemical cooperation deepens. The localization rate of metallocene catalysts is 72% ； The energy consumption of green hydrogen refining is reduced by 28%, and the CCUS cost is 228 yuan/ton. The Ministry of Industry and Information Technology has implemented energy conservation supervision, and petrochemicals will be fully included in the carbon market in 2027. 🔭 Trending: The refinement rate will be 57% in 2028, with coordinated development of coastal high-end, central and western light hydrocarbons, and Sichuan and Chongqing gas and chemical industries. 🔥 Coal Chemical Industry | Maintenance Peak・Accelerating Low-Carbon Transformation📊 Production Capacity and Maintenance: Coal-to-olefins production is 33.5 million tons/year, methanol production is 97 million tons/year, and the northwest accounts for 80%/84%. Maintenance reduction from May to June was 1.356 million tons ； Ningmei's 4 million tons/year coal-to-liquids plant will undergo maintenance for 40 days starting from 5.26, and Lu'an's 1 million tons/year unit will undergo maintenance for 20 days starting from 5.20. Polyolefin prices were firm (PP +3.1% month-on-month), and methanol rebounded slightly (+0.9%). 🏗️Project progress: Xinjiang Yitai Yili's 1 million tons/year coal-to-liquids (21 billion) project is progressing by 78% and will be put into production in 2028. China Coal Shaanxi's second phase gasification unit was completed, and Hengyi's 25.7 billion yuan coal-to-ethylene glycol project was approved. 💰 M&A/🔬 Technology/🔭 Trends: There were 3 mergers and acquisitions in May/16 billion yuan, and CR5 rose to 49%. DMTO-Ⅲ cost per ton of alcohol reduced by 780 yuan ； The cost of producing hydrogen from coal is 8.1 yuan/kg. In 2030, coal-based new materials will account for 29%, and “green hydrogen + CCUS” will become standard. ⛏️ Coal Mining｜The off-season is not weak・High-quality coal premiums are strong📊 Capacity and price: The new raw coal production capacity of Shanxi, Shaanxi, Mengning and Ningxia is 4.25 billion tons (accounting for 91.5%) ； 5,500 kcal is 855 yuan/ton (+33.5% year-on-year), and high-quality main coking coal is 1,620 yuan/ton. The long-term synergy ratio premium of high-quality main coking coal is 220 yuan/ton. ； The spot basis difference is about 230 yuan/ton, and the delivery premium of Pingmei brand is 225 yuan/ton. From January to April, raw coal output was 1.585 billion tons (-0.2% year-on-year), and imports were 148 million tons (-2.3% year-on-year). 🏗️Projects/💰M&A/🔬Technology: The annual investment is 138 billion yuan, and the intelligent mining rate is 79%. There were 4 mergers and acquisitions in May/9 billion yuan, CR10 to 69%. Ultra-supercritical coal consumption is 255g/kWh, and unmanned mining has been applied on a large scale. 🔭 Trending: In 2030, on-site conversion will reach 43%, the dual attributes of fuel + raw materials will be strengthened, and the premium of high-quality coal will exist for a long time. 💨Industrial gases｜Accelerating domestic substitution of special gases and continuing tight balance📊Production capacity/🏗️Projects/💰Mergers and acquisitions: The market size in 2026 will be 295 billion yuan (+8.8%) ； The self-sufficiency rate of bulk gas is 98.8%, and the self-sufficiency rate of electronic special gas is 65%. There are 15 electronic and special gas projects in the east, worth 28 billion, and 10 air separation projects in the northwest, worth 40 billion. There were 3 mergers and acquisitions in May/8 billion, with foreign capital accounting for 38%. 🔬 Technology/🔭 Trends: Electronic characteristics reach 6N level, adapting to 14nm process ； Breakthrough in rare gas recovery technology. In 2030, the self-sufficiency rate of electronic special gas will be 85%. 🧪 Energy Materials｜Energy Storage Explosion·Domestic Substitution Accelerates📊Production Capacity/🏗️Projects/💰Mergers and Acquisitions: The market size is 2.95 trillion yuan, and energy storage materials have an annual growth rate of 38%. ； The northwest accounts for 49%, and the Yangtze River Delta lithium battery materials account for 69%. China Salt Chemical invested 25.3 billion to build 5 million tons/year trona to create green production capacity. There were 6 mergers and acquisitions in May/13.5 billion, with cross-border capital accounting for 42%. 🔬 Technology/🔭 Trends: PNE electrolyte density increased by 48% ； The localization rate of coal-based carbon fiber is 58%. In 2030, the domestic substitution rate will be 90%. 🌍 Global Impact｜Intensified disturbances in the Middle East·Energy independence accelerates petrochemicals: The conflict in the Middle East supported high oil prices. Domestic refining products rose by 10%-14%, and the export share rose to 19.5%. Coal chemical industry: High oil prices released dividends, methanol/olefins rose 7%-11% ； China-Kazakhstan Aktobe urea methanol project advances. coal: Global demand drops slightly, domestic supply is guaranteed and prices stabilized ； The premium of high-quality main coking coal is 220 yuan/ton, and the main price of coking coal futures is 1213.7 yuan/ton. energy materials: Global transformation resonates, and exports of domestically produced cost-effective products increased by 19%. 🤝 The five major industrial chains of industrial co-construction and win-win cooperation show the characteristics of regional stereotypes, low-carbon rigidity, concentration of leaders, and full-chain collaboration. Under global changes, my country's advantages in resource independence and complete industrial chain have become prominent. Quoting WeChat public account: 【Craftsmanship】 https://mp.weixin.qq.com/s/wYLNyFzEIZSAOR6JXWP4Zw