第一條 為維護中石化煉化工程（集團）股份有限公司（簡稱「公司」）和股東的 合法權益，保證股東會規範高效運作及依法行使職權，根據《中華人民共和國公司 法》《中華人民共和國證券法》《上市公司章程指引》《香港聯合交易所有限公司證券 上市規則》（簡稱「《上市規則》」）等相關法律、法規和規範性文件及公司股票上市地 證券監管規則（簡稱「相關監管規則」）以及《中石化煉化工程（集團）股份有限公司章 程》（簡稱「《公司章程》」），特制定本規則。 第二條 本規則適用於公司股東會，對公司、全體股東（含股東代理人）、董 事、高級管理人員和列席股東會的其他有關人員均具有約束力。 中石化煉化工程（集團）股份有限公司 股東會議事規則 第一章 總則 第三條 公司應嚴格遵守相關監管規則、《公司章程》及本規則的規定召開股東 會，保證股東能夠依法行使權利。 公司董事會應當切實履行職責，認真、按時組織股東會。公司全體董事應當勤 勉盡責，確保股東會正常召開和依法行使職權。 第四條 合法有效持有公司股份的股東均有權出席或委託代理人出席股東會， 並享有知情權、發言權、質詢權和表決權等各項權利。 出席股東會的股東及股東代理人，應當遵守相關監管規則、《公司章 ...

中石化煉化工程（集團）股份有限公司 章程 第一章 總則 第一條 為維護中石化煉化工程（集團）股份有限公司（簡稱「公司」）、股東、職 工及債權人的合法權益，規範公司的組織和行為，根據《中華人民共和國公司法》（簡 稱「《公司法》」）《中華人民共和國證券法》（簡稱「《證券法》」）《香港聯合交易所有限 公司證券上市規則》（簡稱「《上市規則》」）等相關法律、法規和規範性文件及公司股 票上市地證券監管規則的相關規定（簡稱「相關監管規則」），並結合公司實際，制定 本章程。 公司系依照《公司法》和國家其他有關法律、行政法規成立的股份有限公司。 公司系由原中石化煉化工程（集團）有限公司改制設立的股份有限公司。公司 以發起方式設立，於2012年8月28日在中華人民共和國（簡稱「中國」，為本章程之 目的，不包括中國香港特別行政區、中國澳門特別行政區和中國台灣省）國家工商 行政管理總局註冊登記，取得公司企業法人營業執照。公司的統一社會信用代碼： 911100007109349087。 公司發起人為：中國石油化工集團公司和中國石化集團資產經營管理有限公司。 第三條 公司住所：中國北京市西城區安德路甲67號 郵政編碼：100032 第四 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 於臨時股東大會召開日期，本公司概無任何股份的持有人有權出席臨時股東大 會但根據《香港上市規則》第13.40條所載須放棄投票贊成決議案。概無任何股 東根據《香港上市規則》的規定須放棄投票。概無任何股東於通函中表示打算在 臨時股東大會上就決議案投票反對或放棄投票之意向。 中 石 化 煉 化 工 程（ 集 團 ）股 份 有 限 公 司 SINOPEC Engineering (Group) Co., Ltd.* （於中華人民共和國註冊成立的股份有限公司） （股份代號：2386） 2025年第一次臨時股東大會決議公告 茲提述中石化煉化工程（集團）股份有限公司（簡稱「本公司」）日期為2025年11月6日 之通函（簡稱「通函」）、《2025年第一次臨時股東大會通知及暫停辦理股份過戶登記 手續》，內容有關2025年第一次臨時股東大會（簡稱「臨時股東大會」）之詳情。本公 司於2025年12月23日（星期二）上午10時正 ...

Investment Rating - The report recommends a "Buy" rating for several construction companies, highlighting their potential for high returns based on expected dividend yields and low valuations [9][32]. Core Insights - The current policy environment is driving an increase in insurance capital allocation to the stock market, with a notable acceleration in Q3 this year. Insurance capital is favoring construction stocks with high ROE, high dividend yields, and low valuations, particularly focusing on companies like China Electric Power Construction, China State Construction, and Sichuan Road and Bridge [1][2][14]. - It is estimated that the construction sector will receive an additional allocation of 28.6 billion yuan by 2026, representing 3.5% of the free float market value. Key A-share stocks recommended include Sichuan Road and Bridge (6.3% yield), Jianghe Group (6.5%), and others, while H-share stocks include China State Construction International (7.2%) and China Communications Construction (6.0%) [1][8][32]. Summary by Sections Insurance Capital Trends - As of Q3 2025, the total balance of insurance capital in China reached 37.5 trillion yuan, a year-on-year increase of 16.5%. The allocation to stocks and funds was 3.6 trillion and 2.0 trillion yuan, respectively, accounting for 15.5% of total investments, with a significant increase noted in Q3 [2][22]. - The top three construction stocks held by insurance capital are China Electric Power Construction, China State Construction, and Sichuan Road and Bridge, which together account for 75% of the insurance capital's construction sector holdings [2][22]. Expected Capital Allocation - The projected allocation of insurance capital to the construction sector is estimated at 50.8 billion yuan in 2025 and 79.4 billion yuan in 2026, with an incremental increase of 28.6 billion yuan in 2026 [3][28]. - The overall allocation ratio for the construction sector is expected to rise from 1.31% in 2025 to 1.60% in 2026, driven by the sector's attractive dividend yield compared to other sectors [3][28]. Recommended Stocks - Key A-share stocks with expected dividend yields over 5% include Sichuan Road and Bridge (6.3%), Jianghe Group (6.5%), and others. H-share stocks include China State Construction International (7.2%) and China Communications Construction (6.0%) [1][29][32]. - The report also highlights semiconductor cleanroom leaders such as Yaxiang Integration and Shenghui Integration, which are expected to benefit from the ongoing AI investment wave [1][8][32].

Group 1 - The current policy is driving insurance capital to increase allocation in the stock market, with a significant acceleration observed in 2023, particularly in Q3 [1][2] - Insurance capital is favoring high ROE, high dividend yield, and undervalued stocks in the construction sector, with major holdings in China Power Construction, China State Construction, and Sichuan Road and Bridge [1][2] - Sichuan Road and Bridge has recently received a stake increase from Zhongyin Life, indicating a trend of insurance capital focusing on high-quality construction stocks [2] Group 2 - It is estimated that insurance capital will allocate 286 billion yuan to the construction sector by 2026, representing 3.5% of the free float market value [3] - The projected allocation for the construction sector from insurance capital is expected to be 508 billion yuan in 2025 and 794 billion yuan in 2026, with incremental increases of 271 billion yuan and 286 billion yuan respectively [3] - The construction sector is expected to attract long-term capital due to the presence of stable performance, high dividends, and low valuations among key A-share companies [4] Group 3 - The global demand for computing power is expected to grow significantly, driven by AI development, leading to a new growth cycle for cleanroom engineering [5] - Major semiconductor companies are increasing their capital expenditures, with TSMC projecting a doubling of its AI business by 2025 and a compound annual growth rate of approximately 40% over the next five years [5] - The cleanroom investment in the semiconductor industry is projected to reach approximately 168 billion yuan globally and 50.4 billion yuan in China by 2025, representing about 15% of the total industry capital expenditure [5]

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec Group) has initiated a "Special Action for Enhancing the Market Value of Listed Companies" to improve investment value and increase shareholder returns [1][2]. Group 1: Company Overview - Sinopec Group is the world's largest refining company and the second-largest chemical company, with nine listed companies that have become industry leaders or champions in their segments [2]. - The group has completed over 550 billion yuan in various equity financing and has contributed to the capital market by increasing the total market value of its listed companies by 220 billion yuan since the 14th Five-Year Plan [3]. Group 2: Special Action Details - The special action focuses on three main areas: enhancing governance efficiency, improving return mechanisms, and optimizing capital layout [3]. - The governance enhancement includes improving management systems and focusing on strategic development, capital operations, and talent development in the capital market [3]. - The return mechanism aims to increase the quality of information disclosure, strengthen investor relations, and maintain a stable and predictable cash dividend policy [3]. Group 3: Investor Engagement - The investor engagement event featured executives from nine listed companies under Sinopec, addressing questions from domestic and international investors regarding business prospects and future plans [5][6]. - Executives expressed confidence in achieving significant revenue targets and highlighted growth areas such as carbon fiber and hydrogen energy equipment [5]. Group 4: Market Impact and Policy Context - The initiative is seen as a significant shift from conventional market value management, emphasizing strategic collaboration and the deepening of state-owned asset value [4]. - Recent policies, including the "National Nine Articles" and the CSRC's guidelines on market value management, have prompted more listed companies to focus on enhancing their investment value [8][9]. - The current trend in market value management is moving towards transparency, which is expected to optimize the A-share valuation system and enhance market resilience [9].

Group 1 - The core viewpoint of the news is the launch of a special action by Sinopec to enhance the market value of its listed companies and improve shareholder returns [1] - The special action includes three main aspects: improving governance efficiency, enhancing the return system, and optimizing capital layout [1] - Sinopec aims to strengthen the management of its listed companies, focusing on strategic development, capital operations, and talent development in the capital market [1] - The company plans to improve its return system by enhancing information disclosure, strengthening investor relations, and maintaining a stable cash dividend policy [1] - Sinopec intends to optimize its capital layout through mergers and acquisitions, equity financing, and adjusting its industrial structure to enhance market value during the 14th Five-Year Plan period [1] Group 2 - CICC reports that the petrochemical industry has been in a downturn for approximately three and a half years, but expects a turning point due to declining capital expenditure and the exit of outdated overseas capacity [2] - The report suggests that the industry will enter a low-growth phase, with self-discipline accelerating the recovery of product profitability [2] - CICC anticipates that the demand growth in new energy and other sectors will contribute positively to the chemical industry [2] Group 3 - Related companies in the chemical industry chain listed in Hong Kong include Sinopec, Sinopec Oilfield Service, Sinopec Engineering, Shanghai Petrochemical, Sinopec Kantons, China Sanjiang Chemical, and Wuhan Organic [3]

Group 1 - China Petroleum & Chemical Corporation (Sinopec) launched a special action to enhance the market value of its listed companies during an investor communication event held on December 16 [1] - The action aims to improve investment value and increase shareholder returns through three main aspects: enhancing governance efficiency, improving the return system, and optimizing capital layout [1][2] - The governance efficiency will focus on management enhancement, strategic development planning, capital operation, and talent development in the capital market [1] - The return system will emphasize quality information disclosure, investor relations management, and a stable cash dividend policy, along with share buybacks to enhance shareholder returns [1] - The capital layout optimization will involve mergers and acquisitions, equity financing, and adjustments to the industrial layout to enhance the overall market value of listed companies during the 14th Five-Year Plan period [1] Group 2 - The event included executives from nine listed companies under Sinopec, as well as representatives from state-owned securities regulatory agencies, central enterprises, and financial institutions [2] Group 3 - The U.S. stock market saw the Dow Jones Industrial Average and S&P 500 decline for three consecutive days, while large tech stocks mostly rose [3] - The Dow Jones fell by 302.3 points to close at 48,114.26, a decrease of 0.62%, and the S&P 500 dropped by 16.25 points to 6,800.26, a decline of 0.24% [3] - The Nasdaq Composite Index increased by 54.05 points to 23,111.46, a rise of 0.23%, with Tesla reaching a historic high [3] Group 4 - The European Union is preparing to propose easing emissions regulations for new cars, effectively abolishing the ban on internal combustion engines, allowing manufacturers to slow down the rollout of electric vehicles [4] - This move aligns the EU's policies more closely with the U.S., where former President Trump is rolling back automotive efficiency standards [4] - Ford has announced a $19.5 billion charge related to its electric vehicle business overhaul due to the profitability challenges faced by global automakers [4] Group 5 - The Ministry of Commerce of China announced that starting December 17, 2025, anti-dumping duties will be imposed on imported pork and pork products from the EU for a period of five years [5] - The anti-dumping duties will be calculated based on the customs-determined taxable price of the imported goods [5] Group 6 - China Energy Engineering Corporation announced that the first phase of the world's largest green hydrogen and ammonia integrated project, the Zhongnengjian Songyuan Hydrogen Energy Industrial Park, has officially commenced operations [6][7] Group 7 - Kangfeng Biotechnology received approval from the National Medical Products Administration for its anti-reflux system, enhancing the diversity of its product portfolio [8] Group 8 - Hansoh Pharmaceutical entered into a licensing agreement with Glenmark for the commercialization of Amivantamab, a treatment for non-small cell lung cancer [9] - The agreement includes upfront payments and potential milestone payments exceeding $1 billion, along with tiered royalties on net sales in the licensed regions [9] Group 9 - Shandong High Holding signed an EPC contract for a wind farm project in Guangxi, marking its active integration into the clean energy sector [10] Group 10 - MMG Australia Limited and Minmetals North-Europe signed a sales agreement for Rosebery concentrate, covering 100% of production for 2026 and 2027, with an expected annual output of approximately 6,000 dry metric tons [11] Group 11 - China General Nuclear Power Corporation announced the commencement of full construction for the Ningde Unit 6 nuclear reactor, marking a significant milestone in its development [12] Group 12 - Daqi Pharmaceutical received approval in Malaysia for its drug Selinexor to treat relapsed or refractory diffuse large B-cell lymphoma in adult patients [13] Group 13 - CIMC Enric's first large-scale biomass methanol project in Guangdong officially commenced production, with an expected annual capacity of 50,000 tons [14] - The project aims to achieve full operational capacity before the 2026 Spring Festival, contributing significantly to revenue [14][15] - The company is also exploring a second phase of the project, with plans for an annual output of 200,000 tons by 2027 [15]

Group 1: Industry Overview - The overall economic environment is expected to remain stable in 2026, supported by policies aimed at counter-cyclical and cross-cyclical adjustments, with a projected growth rate of fixed asset investment (FAI) at 3% for the year [1][12][17] - Infrastructure investment is anticipated to grow by approximately 5% in 2026, driven by key projects and policy support, while real estate investment is expected to decline by 10% after a significant drop in 2025 [1][17][25] - Manufacturing investment is projected to recover slightly, with a growth rate of 6% in 2026, benefiting from domestic demand and supportive policies [1][18] Group 2: Overseas Expansion - There is a strong demand for overseas investment, particularly in regions like Southeast Asia, Africa, and the Middle East, which are experiencing rapid economic growth and urbanization [2][4] - Chinese engineering firms have competitive advantages such as shorter construction periods, higher efficiency, and lower costs, positioning them well for overseas projects [2][4] - The share of overseas income for leading companies is expected to increase, driving improvements in profitability and business models [2][4] Group 3: Regional Opportunities - The "Five Five Five" strategy is expected to create abundant investment opportunities in the western regions of China, particularly in Sichuan and Xinjiang, which are set to benefit from national strategic support [2][4][3] - Sichuan is identified as a core area for national strategic development, with significant investments anticipated in transportation infrastructure, manufacturing, and technology [2][4][3] - Xinjiang's development is crucial for national energy security and unity, with expected increases in investment in infrastructure and coal chemical industries [2][4][3] Group 4: Cleanroom Investment - The demand for cleanroom facilities is projected to grow due to the increasing need for computing power driven by AI applications, with global semiconductor cleanroom investment expected to reach approximately 168 billion yuan in 2025 [3][4] - The semiconductor industry is forecasted to see a capital expenditure of around 160 billion USD in 2025, reflecting a 3% year-on-year increase [3][4] - Leading companies in the cleanroom sector are expected to maintain high levels of capital expenditure, driven by the demand for AI and data center infrastructure [3][4] Group 5: Investment Recommendations - The report recommends focusing on companies with strong overseas expansion capabilities, such as China Chemical, Precision Steel Structure, Jianghe Group, China National Materials, and China Steel International [4][8] - In the context of regional development, companies like Sichuan Road and Bridge, Xinjiang Communications Construction, and China Chemical are highlighted as key players [4][8] - For cleanroom investments, leading firms such as Yaxin Integration, Shenghui Integration, and Bocheng Co. are recommended for their growth potential [4][8]

Core Viewpoint - Southbound funds increased their holdings in Sinopec Engineering (02386.HK) by 16,500 shares on December 9, indicating a fluctuating interest from investors in recent trading days [1] Group 1: Southbound Fund Activity - In the last 5 trading days, there were 2 days of net reductions in holdings by southbound funds, totaling a net decrease of 841,000 shares [1] - Over the past 20 trading days, there were 13 days of net increases in holdings by southbound funds, with a cumulative net increase of 2.8855 million shares [1] - Currently, southbound funds hold 385 million shares of Sinopec Engineering, representing 26.96% of the company's total issued ordinary shares [1] Group 2: Company Overview - Sinopec Engineering Co., Ltd. primarily engages in engineering contracting services in China [1] - The company operates four divisions: - The Design, Consulting, and Technology Licensing division provides design, consulting, R&D, feasibility studies, and compliance certification services to the refining and chemical industries [1] - The Engineering Contracting division offers comprehensive engineering, procurement, construction, maintenance, and project management services to the refining and chemical sectors [1] - The Construction division provides new construction, renovation, expansion, repair, and maintenance services for infrastructure, oil and gas storage tanks, and transportation pipelines, as well as heavy equipment lifting and transportation services for construction projects [1] - The Equipment Manufacturing division is involved in the design, R&D, manufacturing, and sales of equipment and components required in refining and chemical facilities [1]