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.
China’s oil and gas blue book and China’s low carbon blue book were released
On April 15, Petrochina Company Limited(601857) Enterprise Association and the University of foreign economic relations and trade jointly released the blue book of China’s oil and gas industry development analysis and Outlook report (20212022) (hereinafter referred to as China’s oil and gas Blue Book), the blue book of China’s low carbon economic development report (20212022) (hereinafter referred to as China’s low carbon Blue Book) in Beijing. The two blue books focus on industrial transformation and energy security. Starting with the analysis of the international and China’s macro environment, they analyze in detail the annual development status of China’s oil and gas industry and the development status of China’s low-carbon economy, and study and judge the future trend.
The blue book of China’s oil and gas analyzes the development of international oil and gas in 2021 and looks forward to the development prospect of oil and gas in 2022. In 2021, New Coronavirus continued to rage around the world. The change of the world’s macroeconomic pattern posed new challenges to the global oil and gas market. China’s strong economic recovery provided a stronger support for China’s oil and gas industry development. Last year, the prospect of global oil and gas development investment was improved. The world’s oil and gas exploration and development investment increased by 7% compared with 2020, and the world’s newly proved oil and gas reserves increased by 6.6 billion barrels of oil equivalent. At the same time, due to the superposition of factors such as the better control of covid-19 pneumonia, the continuous improvement of vaccination rate and the gradual recovery of industrial economic activities, the world oil and gas production and consumption increased significantly in 2021, the world oil and gas prices showed an overall upward trend of fluctuation, and the development space of the world oil refining industry was further expanded. Among them, the operating rates of refineries in North America and the Asia Pacific region are at a high level. Looking forward to 2022, the exploration investment of international oil and gas companies is expected to continue to grow, but the investment focus will gradually shift to low-carbon and new energy businesses. Affected by the constraints of the “double carbon” target, the growth of world oil and gas demand and production has slowed down. The international oil and gas prices are expected to show a high and violent fluctuation in the first half of the year, and are expected to fall back and remain relatively stable in the second half of the year.
China’s oil and gas blue book reviews and prospects China’s oil and gas development in 2021. In 2021, China’s crude oil output remained stable, the import volume continued to grow, the import source was stable, the crude oil processing volume decreased, the demand decreased, and the oil price fluctuated upward throughout the year; China’s refined oil production has increased steadily, the import volume has decreased sharply, the export volume has shown a downward trend, the profits of refined oil enterprises have improved significantly, and the market maintains the competition pattern of “two most small”; The output and import of natural gas have maintained a growth trend. China’s supply and demand are basically balanced, prices have risen sharply, and the degree of marketization of trading is higher. Looking forward to 2022, it is expected that the global epidemic will slow down, the global economy will recover, the oil demand will boost, China’s crude oil production will rise steadily, and the import volume will continue to decrease; It is expected that the supply of refined oil will continue to grow, exports will decrease, demand will maintain low-speed growth and price volatility will increase.
China China oil and gas china blue one expects that one belt, one road, will be added to the international cooperation in oil and gas in 2022. The new era will bring more geopolitical risks to oil and gas cooperation. China’s active efforts in the international community will create more opportunities for international oil and gas cooperation. The goal of energy transformation and “double carbon” will change the key areas of international oil and gas cooperation. COVID-19 The application of big data in the field of oil and gas will further promote international cooperation in oil and gas. China will continue to expand international cooperation in oil and gas energy technology innovation. China and Russia have broad prospects for cooperation in oil science and technology innovation and technology R & D. Due to the increasing uncertainty outside China and the implementation of the “double carbon” policy goal, it is expected that crude oil imports will slow down, import prices will fluctuate, the external dependence of natural gas will continue to rise, and the import of liquefied natural gas will continue to grow in 2022.
China’s low-carbon blue book analyzes and prospects different government policies and China’s low-carbon economic development from four aspects. In terms of low-carbon economic policies, the global covid-19 epidemic situation in 2021 is still very severe, but this has not affected the ambition of countries to deal with climate change, develop low-carbon economy and work together to achieve the “double carbon” goal. At the national level, China has issued an action plan for reaching the peak of carbon by 2030, which has set phased goals and direction for China to achieve the peak of carbon. Under the leadership of the CPC Central Committee, local governments and enterprises will formulate more operational carbon emission reduction plans and comprehensive and effective supporting measures. In terms of low-carbon fiscal and tax policies, whether developed or developing countries, the development of low-carbon economy is inseparable from the support of government fiscal and tax policies. Developed countries such as Britain, Germany, France and Sweden generally attach importance to supporting their low-carbon development from climate change fiscal and tax policies and carbon tax policies. In terms of low-carbon industrial policy, it is mainly reflected in focusing on carbon neutralization and setting the tone of green development strategy; Launch the green recovery plan after the epidemic and take clean energy as the engine of economic recovery; Strategic support for the development of emerging industries; Promoting the process of decarbonization and accelerating the withdrawal of fossil fuels. In terms of low-carbon financial policy, on November 1, 2021, the 26th United Nations Climate Change Conference opened in Glasgow, UK. At this meeting, world leaders held consultations on key issues such as addressing climate change, and actively sought global collaboration on building resilient communities and ecosystems and mobilizing sufficient climate funds to support various climate actions. The new pattern of world green economy has been formed, and low-carbon finance has entered the era of “global cooperation”.
China low carbon blue book summarizes and analyzes the development of low-carbon technology in 2021 from four aspects: carbon utilization technology, clean coal technology, energy-saving technology and green lighting technology, and analyzes and prospects the development of low-carbon technology in China in 2022. In terms of carbon utilization technology, only about 14% of China’s CO2 emissions are captured and treated every year. In terms of clean coal technology, China’s clean and efficient utilization of coal resources is of great significance to promote the country to build a green, low-carbon, safe and efficient modern energy system, develop high-quality coal industry, deal with climate change and control air pollution. In terms of energy-saving technology, this paper introduces relevant energy-saving technologies from eight aspects: Iron and steel, petrochemical industry, electric power, non-ferrous metals, textile, cement, papermaking and building materials. In terms of green lighting technology, significant progress has been made in green lighting technology at home and abroad, and green lighting industry standards have been intensively issued. The 14th five year plan for national economic and social development of the people’s Republic of China and the outline of long-term objectives for 2035 clearly stated to promote the further development of green lighting industry, aiming to provide some reference experience for China’s emission reduction.
China’s low carbon Blue Book believes that under the background of low-carbon transformation of the global energy system, despite the influence of covid-19 epidemic and other factors, the low-carbon energy industry will still maintain a good development momentum in 2021. In terms of wind energy, the installed capacity of offshore wind power in the world is about 13 million 400 thousand kilowatts in 2021. Chinese mainland has the largest contribution of offshore wind power installed capacity, accounting for about 3/4.
Cecep Solar Energy Co.Ltd(000591) in 2021, governments of various countries continued to issue preferential and encouraging policies for Cecep Solar Energy Co.Ltd(000591) industry, and the development trend of international Cecep Solar Energy Co.Ltd(000591) industry was generally good. In terms of natural gas, the growth rate of international proved natural gas reserves increased significantly in 2021, but the natural gas market is still in short supply, and the prices of major natural gas trading centers have soared all the way. In terms of nuclear energy, the development of the global nuclear energy industry slowed down in 2021, and the nuclear power units under construction are mainly concentrated in developing countries in Asia. In terms of marine energy and geothermal energy, the overall development and utilization degree in 2021 is low, and the commercialization level needs to be improved. In terms of hydrogen energy, the number of clean hydrogen energy projects worldwide is increasing rapidly in 2021, and various countries have successively introduced practical hydrogen energy strategies. In terms of biomass energy, in 2021, countries around the world issued a number of policies to actively promote the development of biomass energy.
In 2022, driven by the goal of “double carbon”, it is expected that China’s low-carbon energy industry will usher in a new round of development. In terms of wind energy, we will adhere to both centralized and distributed development, pay equal attention to land and sea, and wind power technology will also be further developed Cecep Solar Energy Co.Ltd(000591) in terms of industrial development scale and affordable Internet access, the smart photovoltaic industry will continue to develop. In terms of natural gas, the growth rate of reserves will pick up, and the natural gas market will still be in short supply. In terms of nuclear energy, nuclear energy will play a more important role in China’s energy structure, and the scale of nuclear power is expected to maintain rapid growth. In terms of marine energy and geothermal energy, the development and utilization technology will accelerate the development in the direction of standardization and industrialization. In terms of hydrogen energy and biomass energy, policy support for hydrogen energy and biomass energy will be strengthened, and hydrogen energy and biomass energy will play a more important role in future energy development.
The opinions of the State Council on accelerating the construction of a national unified energy market was issued
The opinions of the CPC Central Committee and the State Council on accelerating the construction of a national unified market was issued on April 10. It is clear that we should accelerate the construction of an efficient, standardized, fair competition and fully open national unified market, and comprehensively promote the transformation of China’s market from large to strong. Accelerate the development of a unified capital market and build a unified national energy market. In the energy market, it is necessary to standardize the oil and gas trading center, establish the power trading center and improve the trading center. In the ecological environment market, we should unify the water right trading market and promote the construction of emission and energy rights.
Build a unified national energy market. On the premise of effectively ensuring the safe supply of energy, we will promote the construction of the national energy market in an orderly manner in combination with the goal of achieving carbon peak and carbon neutralization. On the basis of overall planning and optimized layout, improve the oil and gas futures product system, standardize the construction of oil and gas trading center, and optimize the layout of key infrastructure such as trading venues and delivery warehouses. Promote the interconnection of oil and gas pipeline networks and facilities and open them to all kinds of market subjects fairly. We will steadily promote market-oriented reform and accelerate the establishment of a unified natural gas energy measurement and pricing system. Improve the multi-level unified power market system, study and promote the timely establishment of the national power trading center. Give further play to the role of the national coal trading center and promote the improvement of the national unified coal trading market.
Cultivate and develop a unified national ecological environment market. Relying on the public resource trading platform, build a unified national carbon emission rights and water rights trading market, and implement unified and standardized industry standards and trading supervision mechanism. Promote the market-oriented trading of emission rights and energy use rights, and explore the establishment of systems such as initial distribution, paid use, market trading, dispute resolution and supporting services. Promote the construction of green product certification and labeling system, and promote green production and consumption.
Industry maintenance
[petrochemical sector]
Pure benzene: the production capacity under maintenance this week was 1.8684 million tons, an increase of 89000 tons over last week.
Toluene: the total production capacity under maintenance this week was 819000 tons, an increase of 290000 tons over last week.
Propylene: the production capacity under maintenance this week was 9.76 million tons, an increase of 550000 tons over last week.
Butadiene: the total capacity under maintenance this week was 900000 tons, the same as last 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 was 370000 tons, the same as last week.
PX: the production capacity under maintenance this week was 6.735 million tons, the same as last week.
PTA: the production capacity under maintenance this week was 30.42 million tons, an increase of 2.25 million tons over last week.
Acrylic acid: the production capacity under maintenance this week was 1.36 million tons, the same as last week.
Butyl acrylate: it is under maintenance this week, with a total capacity of 1.36 million tons, the same as last week.
Propylene oxide: the production capacity under maintenance this week was 1.51 million tons, the same as last week.
[coal chemical sector]
Ethylene glycol: the production capacity under maintenance this week was 10.118 million tons, an increase of 380000 tons over last week.
Acetic acid: the production capacity under maintenance this week was 7.26 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 985000 tons, the same as last week.
DMF: the production capacity under maintenance this week is 110000 tons, an increase of 40000 tons over 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 3.38 million tons, the same as last week.
The production capacity of polyester filament was 1.659 million tons last week, an increase over that of this week.
Nylon slicing: there are 4 companies in maintenance this week, the same as last week.
[pesticide and fertilizer sector]
Synthetic ammonia: a total of 73 companies were under maintenance this week, an increase of 2 over last week.
Multi dimensional tracking of key companies
\u3000\u3 Guocheng Mining Co.Ltd(000688) 065
Company information:
On April 15, the notice on the change of shareholders’ equity holding more than 5% was issued. After this equity change, Wuxi Diwei investment partnership (limited partnership) (hereinafter referred to as “Diwei investment”), Hangzhou Yanfu Xincai investment partnership (limited partnership) (hereinafter referred to as “Yanfu Xincai”), Hangzhou Yantian investment partnership (limited partnership) (hereinafter referred to as “Yantian investment”) and Wuxi changgu investment partnership (limited partnership) (hereinafter referred to as “changgu investment”) acted in concert with each other, 20833656 shares of Cathay Biotech Inc(688065) (hereinafter referred to as “the company”) are held in total, and the total shareholding ratio is reduced from 5.9133% to 4.9999%.
\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 309
Company information:
On April 16, an announcement on the change of supervisors was issued. According to the resolution of the employee congress of the company, Mr. Cong Hao was elected as the employee representative supervisor of the eighth board of supervisors of the company, and Ms. Yao Yanjun and Mr. Su Jingran no longer served as the employee representative supervisor; Mr. Sun Xiao, the external supervisor of the company, has served for six years and will no longer serve as the external supervisor of the company. The eighth board of supervisors of the company is composed of Mr. Cong Hao, Mr. Wang Jianbo and Mr. Liu Zhijun. In accordance with the provisions of the company law and the articles of association, supervisor Cong Hao is responsible for convening and presiding over the meeting of the board of supervisors before electing the convener of the eighth board of supervisors of the company.
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
