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纵向来看,城投不良率在2020-2023年处于高位,近两年持续下降
纵向来看,城投不良率在2020-2023年处于高位,近两年持续下降
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所属报告:
银行业资产质量十五年:上市银行不良出清与拨备压力观察-250929(27页).pdf
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| 类别   | 公司                             | 项目名称                                       | 项目地点         | 投资额(亿元) | 项目主要产品产能 | 建设周期/最新状态       |
|--------|----------------------------------|------------------------------------------------|------------------|--------------|------------------|--------------------------|
| 煤制油 | 国家能源集团新疆哈密能源化工有限公司 | 哈密能源集成创新基地项目(一阶段煤制油工程)     | 新疆哈密         | 900          | 400 万吨         | 2024~2027 年             |
| 煤制油 | 伊泰伊犁能源有限公司             | 100 万吨/年煤制油示范项目                       | 新疆伊犁         | 210          | 100 万吨         | 2025~2028 年             |
| 煤制油 | 中国神华煤制油化工有限公司       | 国家能源投资集团有限责任公司煤直接液化升级示范项目 | 内蒙古鄂尔多斯   | 365          | 216 万吨         | 2025/10 招标中           |
| 煤制油 | 中国神华煤制油化工有限公司       | 神华榆林循环经济煤炭综合利用项目               | 陕西榆林         | 798          | 216 万吨         | 2025~                     |
| 煤制油 | 陕西延长榆能清洁能源有限公司     | 榆林煤制清洁燃料升级示范项目                   | 陕西榆林         | 529          | 240 万吨         | 2025/5 设计签约         |
| 煤制气 | 国能新疆煤制气有限公司           | 准东 20 亿立方米/年煤制天然气项目               | 新疆准东         | 168          | 20 亿方          | 2025~2027 年             |
| 煤制气 | 新疆天池能源有限责任公司         | 准东 20 亿 Nm3/年煤制天然气项目                 | 新疆准东         | 170          | 20 亿方          | 2025~2027 年             |
| 煤制气 | 新疆新业国有资产经营(集团)有限责任公司 | 准东 20 亿立方米/年煤制天然气项目               | 新疆准东         | 155          | 20 亿方          | 2025/10 环评批复         |
| 煤制气 | 新疆庆华能源集团有限公司         | 煤制天然气二期项目                             | 新疆伊犁         | 194          | 40 亿方          | 2025/10 招标中           |
| 煤制气 | 中国华能集团公司新疆准东公司     | 40 亿 Nm3/a(一期 20 亿 Nm3/a)煤制天然气项目     | 新疆准东         |              | 20 亿方          | 2025/9 可研中            |
| 煤制气 | 中煤集团新疆能源有限公司         | 条湖煤炭清洁高效转化多能融合综合示范项目         | 新疆哈密         | 320          | 40 亿方          | 2025/9 可研中            |
| 煤制气 | 新疆其亚化工有限公司             | 年产 60 亿立方米煤制天然气项目一期工程           | 新疆准东         | 160          | 20 亿方          | 2024/7 环评公示           |
| 煤制气 | 新疆中新建煤炭产业有限公司       | 40 亿立方米/年煤制天然气项目                     | 兵团第十三师     | 300          | 40 亿方          | 2024/8 环评公示           |
| 煤制气 | 内蒙古华星新能源有限公司         | 40 亿立方米/年煤制天然气项目                     | 内蒙古鄂尔多斯   | 229          | 40 亿方          | 2025/6 土地供应           |
| 煤制气 | 神华煤制油化工有限公司           | 40 亿立方米煤制天然气项目                       | 内蒙古鄂尔多斯   | 233          | 40 亿方          | 2025/5 技术方案咨询       |
| 煤制烯烃 | 新疆东明塑胶有限公司             | 年产 80 万吨煤制烯烃项目                         | 新疆准东         | 190          | 80 万吨          | 2023~2026 年             |
| 煤制烯烃 | 新疆山能化工有限公司             | 准东五彩湾 80 万吨/年煤制烯烃项目                 | 新疆准东         | 209          | 80 万吨          | 2025~2027 年             |
| 煤制烯烃 | 新疆宝丰煤基新材料有限公司       | 煤炭清洁高效转化耦合植入绿氢制低碳化学品和新材料示范项目 | 新疆准东         |              | 400 万吨         | 2024/8 环评前公示         |
| 煤制烯烃 | 新疆中新建煤炭产业有限公司       | 150 万吨煤制烯烃项目                             | 兵团第十三师     | 300          | 150 万吨         | 2024/8 环评前公示         |
| 煤制烯烃 | 广西华谊能源化工有限公司         | 甲醇制烯烃及下游深加工一体化项目                 | 广西钦州         | 136          | 100 万吨         | 2023~2026 年             |
| 煤制烯烃 | 陕煤集团榆林化学有限责任公司     | 1500 万吨煤化工二期项目                           | 陕西榆林         | 620          | 150 万吨         | 2024~2027 年             |
| 煤制烯烃 | 中煤陕西能源化工集团             | 220 万吨甲醇项目、90 万吨聚烯烃项目               | 陕西榆林         | 239          | 90 万吨          | 2024~2026 年             |
| 煤制烯烃 | 内蒙古荣信化工有限公司           | 年产 80 万吨烯烃项目                             | 内蒙古达拉特     | 98           | 80 万吨          | 2024~2026 年             |
| 煤制烯烃 | 国能包头煤化工有限责任公司       | 神华包头煤制烯烃升级示范项目                     | 内蒙古包头       | 172          | 75 万吨          | 2024~2027 年             |
| 煤制烯烃 | 中石化长城能源化工有限公司       | 大路 80 万吨/年煤制烯烃升级示范项目               | 内蒙古准格尔     | 238          | 80 万吨          | 2026/1 环评受理           |
| 煤制烯烃 | 国能宁夏煤业公司                 | 70 万 t/a 煤制烯烃新材料项目                     | 宁夏银川         | 152          | 70 万吨          | 2025 力争开工             |
| 煤制烯烃 | 中煤能源集团有限公司             | 煤基烯烃新材料及下游深加工一体化项目             | 山西朔州         | 298          | 80 万吨          | 2025/3 论证申报           |

资料来源：各公司公众号，澎湃新闻，煤炭深加工现代煤化工公众号，石化联合会化工新材料专委会公众号，内蒙古化工公众号，华泰研究
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传统黄金品牌龙头2024年份额下滑,老铺、潮宏基、六福等近两年市占率提升
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竞争格局
2026-04-13
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表 1近两年全球ETF资金净流入比较
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行业数据
2026-04-08
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亚翔集成近两年订单周转率显著修复(单位:亿元,%)
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行业数据
2026-03-31
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近两年维生素A出口量大幅提升(吨)
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行业数据
2026-03-30
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近两年维生素E出口量大幅提升(吨)
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行业数据
2026-03-30
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图20 居民就业率的两年移动平均值 年龄在15至64岁之间的残疾人士
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行业数据
2026-03-17
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近两年国家医保目录调整时间线
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行业数据
2026-02-04
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最新数据
开源模型参数规模在今年4月开始突破
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市场规模
2026-08-03
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不同任务中,推理模式相比普通模式的token消耗倍数范围
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商业模式
2026-08-03
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全球专业开发者规模(百万人)
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市场规模
2026-08-03
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中国汽车出口政策由规模导向转向高质量发展
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政策法规
2026-08-03
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营收四年CAGR近39%,8000亿规模持续创新高
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市场规模
2026-08-03
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城投不良率 2023 年之后缓步下降。银行的贷款行业划分中并没有单独的城投行业,不过城投往往被划分到租赁商服、水利环境、交运仓储行业,也有些会划分到建筑业。当然,这些行业的企业也并非全是城投,不过我们可以将这四个行业的贷款放在一起作为城投贷款的代理变量,做一个大致的观察。横向来看,这四个行业整体的不良率一直较低,不过纵向来看这四个行业的整体不良率在 2019年之后上升,2020-2023 年处于较高水平,2024 年后明显回落。结合城投非标风险事件数量在 2023 年之后明显减少,而城投债信用利差在 2024 年之后也明显回落,我们认为随着 2023 年 9 月之后化债的推进,目前城投贷款的风险正在下降。
行业数据
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银行业资产质量十五年:上市银行不良出清与拨备压力观察-250929(27页).pdf
2026年银行不良资产行业报告:不良出清15年拨备可释8000亿
银行业资产质量十五年:上市银行不良出清与拨备压力观察-250929
存量拨备能够释放至少8000亿元净利润
2010年前后房地产政策收紧
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