ab 25 July 2025 Global Research China Chemicals Sector Takeaways from MDI/refrigerant/electrolyte/urea expert calls pMDI: Prices to climb in Q3; Wanhua adjusts strategy amid overseas risks On 22-23 July, we hosted four experts from Oilchem to share views on key chemicals. As per the MDI expert (replay): 1) MDI earnings improved in H125, mainly on producers' voluntary production cuts to protect pricing. In H125, domestic demand was weaker than estimated, as the challenges of tariffs and anti-dumping surfaced ...

Core Viewpoint - China Chemical's Chairman Mo Dingge met with Marco Raffinett, CEO of Namibia's Haifen Hydrogen Energy Company, to discuss deepening cooperation in green energy projects in Namibia. Following the meeting, a contract was signed for the FEED+EPC project of a green ammonia facility with an annual production capacity of 2.4 million tons [1]. Group 1 - The meeting focused on enhancing collaboration in green energy between China Chemical and Haifen Hydrogen Energy [1]. - A contract was signed for a project that involves the construction of a green ammonia facility in Namibia [1]. - The facility is expected to have an annual production capacity of 2.4 million tons [1].

转自：证券时报 人民财讯7月29日电，7月29日，中国化学董事长莫鼎革在集团公司总部会见纳米比亚海芬氢能公司首席 执行官马尔科・拉菲内蒂，双方就深化在纳米比亚绿色能源合作进行深入交流。会后，中国化学所属七 化建与海芬氢能公司签署了纳米比亚海芬氢能项目年产240万吨绿氨装置FEED+EPC项目合同。 ...

证券研究报告 | 行业周报 gszqdatemark 2025 07 27 年 月 日 建筑装饰 后续还有哪些重大项目可以期待？ 雅下水电站的启动表明了中央加杠杆的趋势明确，预计后续仍有重大项 目、区域发展战略加码。从 2025 年 6 月经济数据看，基建、制造业投资 等数据均高位持续回落，地产投资、销售、资金到位跌幅扩大，显示目前 需求不足仍是核心问题，下半年经济整体仍面临一定压力。预计后续中央 仍会推出一批重大项目及区域重点发展战略，延续中央加杠杆趋势，从而 稳定整体基建投资和总需求。此外，预计下半年财政政策也将继续加力， 改善基建资金面，驱动实物工作量加快落地，从财政政策发力方向上看， 一方面政府将加快现有财政政策落地实施，专项债、特别国债、特殊再融 资债等预计将显著加快发行和使用；另一方面，下半年增量财政政策可期， 我国有望根据需要扩大赤字、专项债、特别国债和特殊再融资债券资金额 度，同时政策性金融机构、央企债券等"准财政"工具也有望发力。下半 年国内基建资金面有望改善，实物工作量有望落地加快，叠加去年下半年 基数较低，建筑央企收入与业绩有望边际改善。 下文梳理后续可能启动的重大项目及区域发展战略： ...

Investment Rating - The industry rating is maintained as "Outperform" [5] Core Viewpoints - The construction sector has seen a significant increase of 7.1% this week, outperforming the Shanghai and Shenzhen 300 index by 5.9 percentage points, driven by infrastructure projects and the rise in specialized engineering and civil explosives sectors [1][29] - The report emphasizes the ongoing trend of "anti-involution" in the industry, suggesting investment opportunities in construction blue chips and steel structure sectors, particularly in the central and western regions of China [1][2][36] Summary by Sections Investment Logic - Four angles to capture investment opportunities in the construction sector: 1. **Price Elasticity**: Companies involved in resource development or trade, such as Northern International and China Railway, are recommended due to expected price increases in resources [2][15] 2. **Supply-Demand Optimization**: Focus on construction blue chips as the anti-involution movement may alleviate price pressures in the industry, with recommendations for quality local state-owned enterprises like Sichuan Road and Bridge [2][17] 3. **Transformation and Upgrading**: Companies with stronger technological attributes are expected to benefit from structural high prosperity in technology-driven infrastructure demands, with recommendations for Tunnel Corporation and China State Construction International [2][21] 4. **Downstream Profit Improvement**: If anti-involution policies improve profitability in steel and cement industries, there will be a rebound in capital expenditure needs, recommending companies like China National Materials and China Steel International [2][23] Market Performance - The report notes a slight decline in the operating rates of petroleum asphalt and cement shipment rates, with the cement shipment rate at 43.07%, down by 2.8 percentage points [3][26] - Central state-owned enterprises showed a positive trend in order data for Q2, with notable growth in orders for companies like China Railway and China Nuclear Engineering [3][26] Key Recommendations - The report suggests focusing on high-growth local state-owned enterprises in regions with strong infrastructure investment, such as Sichuan, Zhejiang, and Anhui, as well as major central state-owned enterprises like China Communications Construction and China Railway [36][37] - Emphasis is placed on the potential of nuclear power and emerging business directions within the construction sector, highlighting the high prosperity of nuclear power investments [38]

会议资料 中国化学工程股份有限公司 议案：关于补选邓兆敬先生为公司董事的议案 ······················1 关于补选邓兆敬先生为公司董事的议案 各位股东及股东代表： 公司第五届董事会第二十八次会议审议通过了《关于补 选邓兆敬先生为公司董事的议案》，同意邓兆敬先生为公司 第五届董事会非独立董事候选人（简历附后）。 二○二五年八月 中国化学工程股份有限公司 二、网络投票 网络投票系统：上海证券交易所股东会网络投票系统。 网络投票起止时间：自 2025 年 8 月 1 日至 2025 年 8 月 1 日。 采用上交所网络投票系统，通过交易系统投票平台的投 票时间为股东会召开当日的交易时间段，即 9:15-9:25， 为股东会召开当日的 9:15-15:00。 目 录 现提请股东会审议。 附件：邓兆敬先生简历 中国化学工程股份有限公司 邓兆敬，男，1970 年 9 月出生，中共党员，硕士研究生， 正高级工程师，享受国务院政府特殊津贴专家。现任中国化 学工程集团有限公司党委副书记、董事、总经理，中国化学 工程股份有限公司党委副书记、总经理。历任中国天辰工程 有限公司上海分公司经理，总经理助理、上海分公 ...

中国化学工程股份有限公司 2025年第一次临时股东会 会议资料 二○二五年八月 中国化学工程股份有限公司 2025 年第一次临时股东会会议议程 一、会议议程 时间：2025 年 8 月 1 日（星期五）14:30 地点：北京市东城区东直门内大街 2 号 中国化学大厦 | 时 间 | 议 程 | | --- | --- | | 14:00-14:20 | 股东登记，会议签到 | | 14:30-15:00 | 一、宣布会议开始，介绍参会人员情况 | | | 二、汇报、审议议案 | | | 三、推选监票人 | | | 四、投票表决 | | | 五、计票、监票 | | | 六、宣布表决结果 | | | 七、律师发表法律意见 | | | 八、签署会议文件，宣布会议结束 | 二、网络投票 网络投票系统：上海证券交易所股东会网络投票系统。 目 录 议案：关于补选邓兆敬先生为公司董事的议案 ······················1 关于补选邓兆敬先生为公司董事的议案 各位股东及股东代表： 公司第五届董事会第二十八次会议审议通过了《关于补 选邓兆敬先生为公司董事的议案》，同意邓兆敬先生为公司 第五届董事会非独立董事候选 ...

证券代码：601117 股票简称：中国化学 公告编号：临 2025-037 中国化学工程股份有限公司 特此公告。 关于第五届董事会延期换届选举的提示性公告 中国化学工程股份有限公司 2025 年 7 月 25 日 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。 中国化学工程股份有限公司（以下简称"公司"）第五届董 事会将于 2025 年 7 月 26 日任期届满。鉴于相关换届工作尚在筹 备中，为确保公司董事会工作的连续性和稳定性，公司董事会将 延期换届，公司第五届董事会各专门委员会委员及高级管理人员 的任期亦相应顺延。 新一届董事会换届选举完成前，公司第五届董事会成员、董 事会各专门委员会委员及公司高级管理人员将按照相关法律法 规和《公司章程》等规定继续履行职责。 公司董事会延期换届不会影响公司的正常运营。公司将尽快 推进董事会换届工作，并按有关规定及时履行信息披露义务。 ...

Group 1 - The collaboration between China Chemical Tianchen Company, Beijing Heneng Times Biotechnology Co., Ltd., and East China University of Science and Technology aims to integrate resources to advance the technology for co-producing green cellulose ethanol and green methanol [1][2] - The technology developed has three main features: it addresses high energy consumption and investment costs in biomass dry powder gasification, reduces raw material costs, achieves zero waste emissions, and enhances overall energy efficiency [1] - The technology also tackles the challenge of high chlorine corrosion in biomass gasification by controlling chlorine ion content in biomass slurry to below 1800 ppm, which saves equipment investment and reduces operational costs [1] Group 2 - The joint production of green methanol and green ethanol is considered a significant innovation that impacts national energy security and promotes the upgrading of the chemical industry [2] - The co-production of ethanol and methanol enhances the efficiency of biomass resource utilization and improves the economic viability and competitiveness of projects [2]

Group 1 - The core point of the article is the appointment of Deng Zhaojing as the new Deputy Secretary of the Party Committee, Director, and General Manager of China Chemical Engineering Group after a 9-month vacancy, reflecting deeper strategic intentions behind personnel adjustments in state-owned enterprises [2][3][4]. - The 9-month vacancy is unusual for state-owned enterprises, indicating a careful consideration by the State-owned Assets Supervision and Administration Commission (SASAC) regarding the future positioning of the group [3]. - During the vacancy, China Chemical Engineering has accelerated its layout in the "Belt and Road" markets and advanced green chemistry and digital transformation, suggesting that the period may have allowed management to focus on strategic initiatives without disruption from personnel changes [4]. Group 2 - Deng Zhaojing's background in chemical engineering and his leadership in national-level technology projects signal a strong emphasis on technological innovation for the company, which is crucial in the context of carbon neutrality goals and the restructuring of the global chemical industry [5]. - The vacancy period highlights a unique logic in state-owned enterprise governance, where personnel changes serve long-term strategies rather than short-term efficiency, indicating a potential shift from being an "engineering contractor" to a "technology solution provider" [6]. - The case of China Chemical Engineering illustrates a new balance forming between the "slow" nature of personnel adjustments and the "fast" pace of strategic planning in the context of deepening state-owned enterprise reforms [6].