Main points:
We believe that the investment strategy of the chemical industry is to invest in systematic innovation and low-cost expansion. The next industrial pattern of chemical industry depends on talent competition. The chemical industry has changed from a simple capital intensive industry to a talent and capital intensive industry. The latecomers can't surpass the capital and can only stare at the latecomers. Therefore, the periodicity of the chemical industry becomes weaker. With effective incentives, excellent management and continuous innovation, excellent companies have created unshakable advantages in technology iteration, low cost and efficient service, and have conquered cities and occupied land in the global market.
Carbon neutralization may bring disruptive changes and opportunities to the chemical industry
Carbon neutralization has a far-reaching impact on the chemical industry. According to npcpi statistics, the carbon emissions of China Petroleum & Chemical Corporation(600028) and basic chemical industry rank first among all industries, accounting for about 18% of the total national carbon emissions, of which "process carbon emission" accounts for about 6% and "engineering carbon emission" accounts for about 12%, which is greatly affected by the 3060 carbon neutralization target. From the perspective of industry evolution, we believe that the chemical industry is expected to go through three stages in the context of carbon neutrality in the next 40 years:
The first stage is to reach the peak step by step. There are many chemical products. The energy consumption and carbon emission of each product are different, and its carbon peak requirements may be different. We understand that high energy consuming products or industries do not mean that there is no development, but will give priority to reaching the peak, and low energy consuming products or industries are expected to obtain a longer growth window;
The second stage of future competition is downstream and overseas. With the carbon peak, the upstream bulk raw materials of China's chemical industry hit the ceiling due to relatively high energy consumption, but the profit center increased significantly without a large amount of new production capacity. The huge cash flow obtained by large chemical enterprises may be invested in the downstream fine chemicals and new materials, or continue to expand the production capacity of similar products, but only transfer the new production capacity to countries or regions with greater carbon capacity. In the second stage, chemical enterprises may face large-scale technological transformation of public works, and use green energy alternatives to reduce energy consumption, so as to reduce the tax costs related to carbon neutralization;
The third stage is the era of bio based materials and energy. Chemical products are closely related to people's lives, and the demand will not disappear because of policies. However, under the goal of carbon neutralization, fossil based materials may face disruptive impact locally. Bio based materials are a possible alternative / supplement. With the decline of the cost of bio based materials, the rise of the cost of fossil based materials (the increase of carbon emission taxes), and the breakthrough of bio based materials of "non grain" raw materials, bio based materials are expected to become a new bottom material for global industry.
It is worth emphasizing that the above is the idea of industry evolution for 40 years. 3060 mainly affects the ceiling of long-term high energy consuming products or industrial development, and has little impact on the approved planning projects. In addition, a series of operable policies will evolve under the 3060 goal. With the implementation of specific policies and the breakthrough of new technologies (including synthetic biology, new energy storage technology, new nuclear power technology, new recycling technology, etc.), the three stages we understand may also be staggered.
The Ministry of ecology and environment issued new regulations on the management of enterprise greenhouse gas emission reports in 2022
On March 15, the Ministry of ecology and environment issued the notice on the key work related to the management of enterprise greenhouse gas emission report in 2022, strengthened the management of enterprise greenhouse gas emission data, strengthened the supervision and management of data quality, and issued the accounting methods and reporting guidelines for enterprise greenhouse gas emission, power generation facilities (revised in 2022).
National grid emission factor adjustment. When calculating the carbon emissions in 2021 and 2022, the national power grid emission factor is adjusted from 0.6101 tCO2 / MWh to the latest 0.5810 tCO2 / MWh. Change of calculation formula of fossil fuel combustion emission. Fossil fuel combustion emissions are the sum of carbon dioxide emissions from the combustion of various fossil fuels in power generation facilities during the statistical period.
Scope of power generation enterprises participating in greenhouse gas emission accounting and reporting. Power generation enterprises or other economic organizations (thermal power generation, cogeneration, biomass power generation) with greenhouse gas emissions of 26000 tons of carbon dioxide equivalent (comprehensive energy consumption of about 10000 tons of standard coal) or above in any year of 2020 and 2021 need to carry out the accounting and reporting of greenhouse gas in 2021. Self owned power plants (not limited to industries) that meet the above annual emission requirements shall be managed as key emission units in the power generation industry. The applicable time of the guidelines for accounting methods and reporting of greenhouse gas emissions of enterprises and power generation facilities. The annual greenhouse gas emission accounting report (20212022) shall be prepared according to the requirements of the greenhouse gas emission accounting method of enterprises (20212023). Since April 2022, key emission units in the power generation industry have updated the data quality control plan through the environmental information platform and organized its implementation in accordance with the requirements of the guidelines for accounting methods and reporting of greenhouse gas emissions of enterprises, power generation facilities (revised 2022).
Information disclosure requirements of power generation enterprises. Key enterprises in the power generation industry shall carry out information disclosure according to law and publish the verified greenhouse gas emission related information in the first performance cycle of the national carbon market (20192020) through the environmental information platform before March 31, 2022.
The Ministry of industry and information technology released the automobile standardization work in 2022 and launched the carbon footprint identification of automobile products
On the 18th, the Ministry of industry and information technology released the key points of automobile standardization in 2022 and proposed to strengthen the guidance of green technology standards and support the realization of double carbon goals. In the field of automobile carbon emission, carry out research and project approval of basic general standards such as general requirements for greenhouse gas management of road vehicles, term definitions, carbon neutralization implementation guidelines, etc. Promote the research and approval of relevant standards for vehicle production enterprises and products' carbon emission and accounting methods. Start the pre research on the carbon footprint identification of automobile products and the evaluation method and standard of greenhouse gas carbon emission reduction under the driving conditions of electric vehicles.
I. continuously improve the standard top-level design and strengthen the overall coordination of all parties 1 Improve the automobile technical standard system. 2. Comprehensively promote automobile standardization. 3. Strengthen the standard life cycle management.
II. Accelerate the research and development of standards in emerging fields and help industrial transformation and upgrading
III. strengthen the guidance of green technology standards and support the realization of double carbon goals
Energy consumption. Complete the solicitation of opinions on the phase IV fuel consumption limit standards for light and heavy commercial vehicles, and accelerate the formulation of phase VI fuel consumption limit standards for passenger vehicles and energy consumption limit standards for electric vehicles. Carry out the research on the evaluation methods and standards of high-efficiency motor and other passenger vehicle off cycle technical devices, and start the pre research on the monitoring specifications and standards of road energy consumption of passenger vehicles. Complete the review and approval of energy consumption identification standards for light gasoline diesel oil vehicles, externally rechargeable hybrid electric vehicles and pure electric vehicles.
Carbon emissions. Carry out research and project approval of basic general standards such as general requirements for greenhouse gas management of road vehicles, term definitions, carbon neutralization implementation guidelines, etc. Promote the research and approval of relevant standards for vehicle production enterprises and products' carbon emission and accounting methods. Start the pre research on the carbon footprint identification of automobile products and the evaluation method and standard of greenhouse gas carbon emission reduction under the driving conditions of electric vehicles.
IV. improve the relevant standards of vehicle foundation and consolidate the foundation of quality improvement
Industry overhaul: [petrochemical sector]
Pure benzene: the production capacity under maintenance this week was 1013400 tons, an increase of 355000 tons over last week.
Toluene: the total production capacity under maintenance this week was 941000 tons, an increase of 300000 tons over last week.
Propylene: the production capacity under maintenance this week was 7.16 million tons, 650000 tons less than last week.
The total capacity of butadiene was 390000 tons last week, an increase of 60000 tons this week.
Isobutylene: there is no production capacity under maintenance this week, which is the same as last week.
Bisphenol A: the production capacity under maintenance this week is 240000 tons, 240000 tons less than last week.
PX: the production capacity under maintenance this week was 2.145 million tons, 900000 tons less than last week.
PTA: the production capacity under maintenance this week is 24.12 million tons, an increase of 1.15 million tons over last week.
Acrylic acid: the production capacity under maintenance this week was 240000 tons, the same as last week.
Butyl acrylate: it is under maintenance this week, with a total capacity of 400000 tons, the same as last week.
Propylene oxide: the production capacity under maintenance this week was 1.795 million tons, the same as last week.
[coal chemical sector]
Ethylene glycol: the production capacity under maintenance this week was 9.638 million tons, an increase of 260000 tons over last week.
Acetic acid: the production capacity under maintenance this week was 6.31 million tons, the same as last week.
Acetic anhydride: the production capacity under maintenance this week was 310000 tons, the same as last week.
Adipic acid: the production capacity under maintenance this week was 915000 tons, the same as last week.
DMF: the production capacity under maintenance this week is 70000 tons, the same as last week.
[polyurethane sector]
MDI: the production capacity under maintenance this week was 1.67 million tons, the same as last week.
TDI: the total production capacity under maintenance this week was 2.237 million tons, the same as last week.
[chemical fiber sector]
Polyester chip: the production capacity under maintenance this week was 100000 tons, the same as last week.
Polyester bottle chips: the production capacity under maintenance this week was 3.35 million tons, the same as last week.
Polyester staple fiber: the production capacity under maintenance this week was 2.87 million tons, an increase of 300000 tons over last week.
Polyester filament: the production capacity under maintenance this week was 139182 million tons, the same as last week.
Nylon slicing: there are 3 companies in maintenance this week, an increase of 1 over last week.
[pesticide and fertilizer sector]
Synthetic ammonia: 68 companies were under maintenance this week, 2 more than last week. Multi dimensional tracking of key companies
\u3000\u30 Shanxi Huhua Group Co.Ltd(003002) 85
Industry information:
According to the State Patent Office, Shandong Sinocera Functional Material Co.Ltd(300285) 0 new patents were published this week.
Price information:
The average price of titanium dioxide (rutile, China) this week was 19800 yuan / ton, up 0.41% month on month, with a historical quantile of 73%; The price difference of rutile titanium dioxide this week was 19800 yuan / ton, with a month on month increase of 11.74% and a historical quantile of 100%.
\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 309
Industry information:
According to Baichuan Yingfu, the situation of MDI device has not changed this week and continues the situation of last week: Wanhua baoside, which is in shutdown due to force majeure, has resumed the operation of its 350000 T / a MDI device. In addition, the 400000 T / a MDI unit of Ningbo Wanhua phase I started shutdown and maintenance on November 27, and gradually recovered in the near future; Phase II 800000 T / a equipment will be shut down for maintenance on December 11, and the maintenance is expected to take 45 days.
MDI: the production capacity under maintenance this week was 1.67 million tons, the same as last week. According to Baichuan Yingfu, all manufacturers have no new maintenance plan this week.
According to the State Patent Office, Wanhua Chemical Group Co.Ltd(600309) this week, 0 new patents were published.
Company information:
On March 15, the company issued an announcement on the change of senior managers of the company Wanhua Chemical Group Co.Ltd(600309) recently received a written letter from Mr. Huo Pengtao. According to my wishes and the company's work arrangement, Mr. Huo Pengtao applied to resign as vice president of the company. As of the disclosure date of this announcement, Mr. Huo Pengtao did not hold shares of the company. Mr. Huo Pengtao will continue to work in the company after resigning as vice president.
On March 15, the company issued an announcement on renewing the appointment of accounting firms. The audit committee of the board of directors of the company has fully understood the practice of Deloitte Touche Tohmatsu (special general partnership), reviewed and evaluated its audit work in 2021, and believes that the Institute has good professional ethics and professional quality, strong professional ability, and has completed the audit of the company's financial report and internal control in 2021, The project members have not violated the independence requirements of the code of professional ethics for Chinese certified public accountants, and have not been subject to criminal punishment, administrative punishment, administrative supervision measures and self-discipline supervision measures in the past three years. Agree to propose to the board of directors that Deloitte Touche Tohmatsu (special general partnership) be reappointed as the company's financial and internal control audit institution in 2022.
On March 15, the announcement of annual profit distribution plan for 2021 was issued. Audited by Deloitte Touche Tohmatsu (special general partnership), the net profit of Wanhua Chemical Group Co.Ltd(600309) 2021 was 25.039 billion yuan, and the net profit attributable to the owner of the parent company was 24.649 billion yuan. After adding the undistributed profit attributable to the parent company of 40.281 billion yuan in previous years and the cash dividend of 4.082 billion yuan in the previous year, the profit available for distribution to shareholders in the current year was 60.848 billion yuan. The parent company realized a net profit of 16.65 billion yuan in 2021. According to the relevant provisions of the company law and the articles of association, the statutory surplus reserve and arbitrary surplus reserve will not be withdrawn in this year. The net profit of 2021 is added to the undistributed profit of previous years of 13.044 billion yuan, and the profit distribution of 2020 is deducted from 4.082 billion yuan. The profit available for distribution to shareholders in this year is 25.612 billion yuan. The profit distribution plan: Based on the total share capital of 3.140 billion shares on December 31, 2021, the profit available for distribution to all shareholders will be distributed with a cash dividend of 25 yuan (including tax) for every 10 shares. The total distributed profit is 7.849 billion yuan, and the remaining undistributed profit of 17.763 billion yuan will be carried forward for subsequent annual distribution.
On March 15, the company issued an announcement on providing guarantee to the company's associated enterprises. The joint liability guarantee with a maximum amount of 2 billion yuan (or equivalent foreign currency) is provided for the associated enterprise Fujian southeast electrochemical Co., Ltd. However, the guarantee is subject to the counter guarantee of 100% of the total guarantee amount provided by Fujian southeast electrochemical Co., Ltd. and Fujian Petrochemical Group Co., Ltd.
On March 15, a statement on the nomination of independent directors was issued. The nominees are the board of directors of Wanhua Chemical Group Co.Ltd(600309) and Wu Changqi, Wang Huacheng and Zhang Jin are hereby nominated as candidates for independent directors of Wanhua Chemical Group Co.Ltd(600309) the eighth board of directors. They have fully understood the nominees' professional expertise, educational background, work experience and concurrent positions. The nominee has agreed in writing to be an independent director candidate of Wanhua Chemical Group Co.Ltd(600309) the 8th board of directors (see the statement of independent director candidate). The nominees believe that the nominees are qualified to serve as independent directors and have no relationship with Wanhua Chemical Group Co.Ltd(600309) that affects their independence.
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