Core Viewpoint - The relocation of China Huaneng Group and China Sinochem Holdings to Xiong'an New Area marks a significant step in the central enterprises' efforts to alleviate non-capital functions from Beijing, contributing to the development of the new area [1][4]. Group 1: Company Overview - China Huaneng is a state-owned enterprise with a registered capital of 20 billion RMB, focusing on power development, investment, construction, and management, as well as related industries such as finance, coal, transportation, new energy, and environmental protection [3]. - The headquarters of China Huaneng covers an area of approximately 111,100 square meters, featuring a 26-story tower with a height of 130 meters, and includes offices, meeting rooms, and service facilities [3]. - China Sinochem, formed from the merger of China Sinochem Group and China National Chemical Corporation, is a major state-owned enterprise with 220,000 employees, operating in eight sectors including life sciences, materials science, petrochemicals, and urban operations [3]. Group 2: Development in Xiong'an New Area - The Xiong'an New Area is currently undergoing large-scale construction and is in the process of accommodating the non-capital functions of Beijing [4]. - In addition to China Huaneng and China Sinochem, China Satellite Network Group has also moved into the Xiong'an headquarters building, while China Mineral Resources Group's headquarters project is under construction and has entered the finishing stage [4].

Core Viewpoint - DuPont has signed an agreement to acquire Zhonghua (Ningbo) Runwo Membrane Technology Co., Ltd. to expand its reverse osmosis (RO) manufacturing business in China and the Asia-Pacific region, addressing the growing demand for industrial water purification and reuse [1][2]. Group 1: Acquisition Details - The acquisition aims to enhance local production and improve logistics reliability while reducing carbon footprint. The transaction is expected to be completed by Q4 2025 [1]. - The new facility will be DuPont's third RO production base, following advanced facilities in Minnesota, USA, and Jubail, Saudi Arabia [1]. - The RO technology is crucial for desalinating brackish and seawater for various applications, including industrial and municipal water treatment [1]. Group 2: Company Background - Zhonghua (Ningbo) Runwo was established on January 8, 2019, with a registered capital of 675 million RMB, and is a state-owned enterprise controlled by Sinochem International [2]. - The company specializes in the research, manufacturing, and sales of composite RO membranes and nanofiltration membranes, with a planned annual production capacity of 220,000 RO membranes by March 2024 [2]. Group 3: Financial Performance - The financial performance of Zhonghua (Ningbo) Runwo shows a net loss of 20.91 million RMB in the first five months of 2025, with zero revenue and net assets of 37.85 million RMB [2][3]. - Sinochem International has also reported declining performance, with a 37.94% year-on-year drop in revenue to 54.27 billion RMB in 2023 and a net loss of 1.848 billion RMB, reflecting a significant decrease of 240.99% [3].

北京市天元律师事务所 关于中化国际(控股)股份有限公司 2025 年第四次临时股东大会 的法律意见 京天股字(2025)第 612 号 致:中化国际(控股)股份有限公司 中化国际(控股)股份有限公司(以下简称"公司")2025 年第四次临时 股东大会(以下简称"本次股东大会")采取现场投票与网络投票相结合的方式 召开,现场会议于 2025年 9 月 29 日 14 点 30 分在北京中化大厦会议室召开。 北京市天元律师事务所(以下简称"本所")接受公司委托,指派本所律师参加 本次股东大会现场会议,并根据《中华人民共和国公司法》(以下简称"《公司 法》")、《中华人民共和国证券法》(以下简称"《证券法》")、《上市公 司股东会规则》(以下简称"《股东会规则》")以及《中化国际(控股)股份 有限公司章程》(以下简称"《公司章程》")等有关规定,就本次股东大会的 召集、召开程序、出席现场会议人员的资格、召集人资格、会议表决程序及表决 结果等事项出具本法律意见。 为出具本法律意见,本所律师审查了《中化国际(控股)股份有限公司第十 届董事会第十次会议决议公告》、《中化国际(控股)股份有限公司第十届董事 会第十一次会议决 ...

证券代码：600500 证券简称：中化国际 公告编号：2025-058 中化国际(控股)股份有限公司 2025年第四次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中化国际（控股）股份有限公司 2025 年第四次临时股东大会采取现场投票和网 络投票相结合的方式召开。现场会议由董事长张学工先生主持，完成了全部会议 议程。本次会议符合《公司法》、《公司章程》及相关法律、法规的规定。 (五)公司董事、监事和董事会秘书的出席情况 二、 议案审议情况 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 9 月 29 日 (二)股东大会召开的地点：北京中化大厦会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 431 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,973,819,787 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 ...

| 证券代码：600500 | 证券简称：中化国际 | | | 编号：2025-057 | | --- | --- | --- | --- | --- | | 债券代码：138949 | 债券简称：23 | 中化 | K1 | | | 债券代码：241598 | 债券简称：24 | 中化 | K1 | | 中化国际（控股）股份有限公司 根据相关规定， 公司于 2025 年 8 月 29 日披露了《中化国际（控股）股份 有限公司关于发行股份购买资产暨关联交易事项的进展公告》（公告编号： 2025-051）。 三、 本次交易的后续工作安排 关于发行股份购买资产暨关联交易事项的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、 本次交易基本情况 中化国际（控股）股份有限公司（以下简称"公司"）拟通过发行股份方式 购买中国蓝星（集团）股份有限公司下属全资子公司南通星辰合成材料有限公司 100%股权（以下简称"本次交易"）。本次交易完成后，南通星辰将成为上市 公司的全资子公司。本次交易预计构成关联交易。本次交易预计不构 ...

Core Viewpoint - The construction of major transportation projects, such as the He-Ruo Railway, is significantly enhancing regional economic development and improving connectivity in China, particularly in remote areas like Xinjiang [1][5]. Group 1: Transportation Infrastructure Development - The He-Ruo Railway, built by China Railway Construction Corporation, has transformed the previously inaccessible Taklamakan Desert region into a vital economic corridor, ending the history of no train access for five counties [1]. - The railway construction faced extreme challenges, with 460 kilometers traversing a desert with no water, electricity, or roads, showcasing the engineering capabilities of state-owned enterprises [1][2]. - The introduction of innovative construction techniques, such as the "bridge instead of road" approach, has significantly reduced transportation distances by over 1,000 kilometers [2]. Group 2: Investment and Economic Impact - From 2021 to 2024, state-owned enterprises (SOEs) completed fixed asset investments totaling 19 trillion yuan, with an average annual growth rate of 6.3% [5]. - The opening of the He-Ruo Railway has reduced transportation costs for local products by over 20%, boosting tourism and local economies [15]. - The completion of the Changtai Yangtze River Bridge has drastically cut travel time between Changzhou and Taizhou from 1 hour and 20 minutes to approximately 20 minutes, enhancing local connectivity [4][15]. Group 3: Technological Innovation - SOEs are leading in technological advancements, with the introduction of the world's largest diameter shield tunneling machine and innovations in high-speed rail technology, such as the development of high-speed train wheels that improve performance [9][11]. - The use of advanced construction methods and equipment has resulted in significant time savings in infrastructure projects, with some urban subway construction periods reduced by 1 to 2 years [9][11]. - SOEs have been involved in 22 major national technology projects, contributing to the development of key products in the manufacturing sector [13]. Group 4: Future Outlook - The investment focus of SOEs is expected to shift towards high-quality development, optimizing multi-modal transportation structures, and integrating smart and green technologies into infrastructure [7]. - The ongoing development of transportation infrastructure is anticipated to further enhance economic opportunities and improve the quality of life for citizens [17].

Core Viewpoint - Sinochem International (600500) is undergoing significant governance changes by proposing to abolish its supervisory board, transferring its powers to the audit and risk committee of the board of directors, which will be subject to shareholder approval [1] Group 1: Stock Performance - As of September 22, 2025, Sinochem International's stock closed at 4.22 CNY, down 2.54% from the previous trading day [1] - The stock opened at 4.34 CNY, reached a high of 4.34 CNY, and a low of 4.19 CNY during the trading session [1] - The total market capitalization of the company is 15.144 billion CNY, with a trading volume of 1.58 billion CNY and a turnover rate of 1.04% [1] Group 2: Corporate Governance Changes - The company has announced plans to cancel its supervisory board, with the responsibilities being transferred to the audit and risk committee of the board of directors [1] - Proposed amendments to the company's articles of association, shareholder meeting rules, and board meeting rules are also part of the changes, pending approval at the upcoming shareholder meeting [1] - The relevant documents have been disclosed on the Shanghai Stock Exchange website [1]

中化国际（控股）股份有限公司 二 O 二五年第四次临时股东大会会议文件 SINOCHEM INTERNATIONAL CORPORATION 中化国际（控股）股份有限公司 二 O 二五年第四次临时股东大会 会议文件 中化国际（控股）股份有限公司 S I N OC HE M I N TE RN A TI O NA L C OR P OR AT I ON 中化国际（控股）股份有限公司 二 O 二五年第四次临时股东大会会议文件 SINOCHEM INTERNATIONAL CORPORATION 文件目录 | 编号 | 文件名称 | 页码 | | --- | --- | --- | | 1. | 《关于取消监事会并修订<中化国际公司章程>的议案》 | 1 | | 2. | 《关于修订<中化国际股东会议事规则>的议案》 | 2 | | 3. | 《关于修订<中化国际董事会议事规则>的议案》 | 3 | | 4. | 《关于为参股公司提供反担保的议案》 | 4 | | 5. | 《关于续聘公司2025年度财务审计及内控审计机构的议案》 | 6 | | 6. | 附件：《股东表决票》 | 11 | 中化国际（控股）股份有 ...

Company Overview - Sinochem International is located in the China (Shanghai) Free Trade Zone and was established on December 14, 1998, with its listing date on March 1, 2000. The company specializes in fine chemical businesses, including chemical new materials and agricultural chemicals [2] - The revenue composition of Sinochem International includes: Other 31.04%, Chemical Material Marketing 29.68%, High-Performance Materials 17.53%, Basic Raw Materials and Intermediates 14.48%, and Polymer Additives 7.28% [2] - As of June 30, the number of shareholders of Sinochem International was 70,600, an increase of 1.76% from the previous period, with an average of 50,797 circulating shares per person, a decrease of 1.73% [2] Financial Performance - For the first half of 2025, Sinochem International achieved operating revenue of 24.353 billion yuan, a year-on-year decrease of 5.83%. The net profit attributable to the parent company was -886 million yuan, a year-on-year decrease of 7.29194 billion yuan [2] - The company has cumulatively distributed 5.533 billion yuan in dividends since its A-share listing, with 539 million yuan distributed in the last three years [3] Stock Performance - On September 18, Sinochem International's stock price fell by 2.02%, trading at 4.37 yuan per share, with a total market capitalization of 15.682 billion yuan [1] - Year-to-date, the stock price has increased by 8.71%, with a decline of 4.17% over the last five trading days, a rise of 3.80% over the last 20 days, and an increase of 17.79% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on July 29, where it recorded a net purchase of 546.943 million yuan [1]

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Insights - The chemical industry in China is expected to undergo a revaluation due to anti-involution measures, which may lead to a significant slowdown in global chemical capacity expansion. This shift could enhance the cash flow and dividend yield of Chinese chemical companies, transforming them from cash-consuming entities to profit-generating ones [6][29] - The demand for chromium salts is anticipated to rise significantly due to increased orders for gas turbines and commercial aircraft engines in Europe and the US, leading to a projected shortfall of 250,000 tons by 2028, which is about 23% of the total annual production [6] - The report highlights four key investment opportunities: low-cost expansion, improving industry conditions, new materials, and high dividend yields from state-owned enterprises [7][8] Summary by Sections Recent Performance - The basic chemical sector has shown a performance increase of 51.0% over the past 12 months, compared to 42.5% for the CSI 300 index [4] Investment Recommendations - The report emphasizes the potential for low-cost expansion in major companies such as Wanhua Chemical, Hualu Hengsheng, and others, alongside sectors like tires and fertilizers [7] - It also points out the improving conditions in various segments, including chromium salts, phosphate rock, and agricultural chemicals [8] Key Products Analysis - Recent price increases were noted for acrylic acid and esters, with butyl acrylate priced at 7,600 RMB/ton, reflecting a 3.40% increase [10] - The report also mentions the price of polymer MDI in East China at 15,550 RMB/ton, up by 1.97% [10] Company Tracking and Earnings Forecast - The report provides a detailed earnings forecast for key companies, indicating a positive outlook for many, with several companies rated as "Buy" [30]