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🛢️Petrochemicals｜Oil prices plummet and cost dividends released📊 Capacity and price: National oil refining capacity is 970 million tons/year (+0.2% month-on-month), and ethylene is 35.8 million tons/year. ； Coastal areas account for 63.5%, and the elimination of backward production capacity in the Bohai Rim is accelerating. On May 21, Brent was US$105.6/barrel (-4.9%), WTI was US$99.1/barrel (-6.9%) ； PX fell by -1.8% month-on-month, and styrene fell by 1.2%. The new shale gas production capacity in Sichuan is 18 billion cubic meters per year, and the supply of raw materials for gas chemical industry has been enhanced. 🏗️Project updates: 21 high-end coastal projects with a total investment of 450 billion yuan ； The trial run of Gulei Ethylene is advanced, and the progress of Huizhou Phase III is 48%. Fushun Petrochemical's 350,000 tons/year HDPE unit was inspected for one day today. 💰 M&A/🔬 Technology/📜 Policy: There were 15 mergers and acquisitions during the year/68 billion yuan, led by state-owned enterprises ； PetroChina-Hengli cooperation deepens. The localization rate of metallocene catalysts is 75% ； The energy consumption of green hydrogen refining is reduced by 28%, and the CCUS cost is 225 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 58% in 2028, and the coastal high-end, central and western light hydrocarbons, and Sichuan-Chongqing gas and chemical industries will collaborate. 🔥 Coal Chemical Industry | Maintenance Peak・Green Hydrogen Transformation Accelerates📊 Production Capacity and Maintenance: Coal-to-olefins production is 33.8 million tons/year, methanol production is 97.5 million tons/year, and the northwest accounts for 81%/85%. Maintenance reduction from May to June was 1.42 million tons ； Ningxia Coal's 4 million tons/year coal-to-liquids plant started maintenance for 40 days at 5.26, and Lu'an's 1 million tons/year unit completed maintenance. PP increased by 2.8% month-on-month, and methanol fell slightly (-0.7%). 🏗️Project progress: Baofeng Ningxia's 150,000 tons/year green hydrogen project was put into trial operation in June, with a purity of 99.999%. Hengyi's 25.7 billion yuan coal-to-ethylene glycol project was approved and will be put into production in 2028. 💰 M&A/🔬 Technology/🔭 Trends: There were 3 mergers and acquisitions in May/17 billion yuan, and CR5 rose to 50%. DMTO-Ⅲ cost per ton of alcohol reduced by 780 yuan ； The cost of producing hydrogen from coal is 8.0 yuan/kg. In 2030, coal-based new materials will account for 30%, 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 4.28 billion tons (accounting for 91.8%) ； 5,500 kcal is 858 yuan/ton (+34% year-on-year), and high-quality main coking coal is 1,630 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 premium of Pingmei brand is 225 yuan/ton. From January to April, raw coal output was 1.59 billion tons (-0.1% year-on-year), and imports were 149 million tons (-2.1% year-on-year). 🏗️Projects/💰M&A/🔬Technology: The annual investment is 142 billion yuan, and the intelligent mining rate is 80%. There were 4 mergers and acquisitions in May/9.5 billion yuan, CR10 to 70%. Ultra-supercritical coal consumption is 254g/kWh, and unmanned mining has been applied on a large scale. 🔭 Trending: In 2030, on-site conversion will reach 44%, and the premium for 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 is 298 billion yuan (+9.1%) ； The self-sufficiency rate of bulk gas is 99%, and the self-sufficiency rate of electronic special gas is 67%. There are 16 electronic special gas projects in the east, worth 30 billion, and 11 air separation projects in the northwest, worth 42 billion. There were 3 mergers and acquisitions in May/8.5 billion, with foreign capital accounting for 37%. 🔬 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 87%. 🧪 Energy Materials｜Energy Storage Explosion·Domestic Substitution Accelerates📊Production Capacity/🏗️Projects/💰Mergers and Acquisitions: The market size is 3.0 trillion yuan, and energy storage materials have increased by 40% annually. ； The northwest accounts for 50%, and the Yangtze River Delta lithium battery materials account for 70%. 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/14 billion, with cross-border capital accounting for 43%. 🔬 Technology/🔭 Trends: PNE electrolyte density increased by 50% ； The localization rate of coal-based carbon fiber is 60%. In 2030, the domestic substitution rate will be 92%. 🌍 Global Impact｜Defense in the Middle East and falling oil prices reshaping the petrochemical landscape: The situation in the Middle East has eased, oil prices have plummeted, refining costs have fallen by 8%-12%, and export competitiveness has increased. Coal chemical industry: Dividends from high oil prices have narrowed, the growth of methanol/olefins has slowed down (+5%-8%), and the transformation of green hydrogen has accelerated. coal: Global demand is stable, domestic supply is guaranteed and prices are stable ； The premium of high-quality main coking coal is 220 yuan/ton, and the premium of coking coal futures is 1,212.7 yuan/ton. energy materials: Global transformation resonates, and exports of domestically produced cost-effective products increased by 21%. 🤝 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. Quoted from the WeChat public account [Huayu Craftsmanship]: https://mp.weixin.qq.com/s/EIuFsTlDqXyYMzRb6u0ZWw