Core Insights - The report highlights a significant decline in fixed asset investment (FAI) in 2025, with infrastructure investment becoming a drag on the economy, prompting the economic work conference to emphasize "investment stabilization" [2][9] - Looking ahead to 2026, the report suggests that "active fiscal policies" will drive investment stabilization, with a focus on structural opportunities in the construction sector, including western infrastructure, overseas engineering, and new infrastructure [2][9] Group 1: Economic Overview - In 2025, FAI experienced a comprehensive decline, with infrastructure investment significantly dropping, particularly in the third quarter, where narrow infrastructure investment turned negative, declining by 8.7% in October [23][28] - The report notes that the actual situation of infrastructure investment may have deteriorated earlier than expected in 2024, despite apparent growth in infrastructure investment [30][34] Group 2: Structural Opportunities - The report emphasizes the importance of structural opportunities in the construction sector, particularly in western infrastructure projects, overseas engineering, and new infrastructure driven by technological advancements [45][46] - Specific recommendations include focusing on high-dividend leading companies in western regions, such as Sichuan Road and Bridge, and exploring opportunities in Xinjiang and Tibet [9][10] Group 3: Overseas Engineering - The report indicates that overseas engineering demand remains strong, driven by favorable client structures and business models of central enterprises, as well as private enterprises expanding into international markets [10][11] - Key recommendations for overseas engineering include companies like China National Materials, Jianghe Group, and Jinggong Steel Structure, which are expected to perform well in terms of earnings and dividends [10][11] Group 4: New Infrastructure - The report identifies several sectors within new infrastructure that are expected to see growth, including clean rooms, commercial aerospace, nuclear power, and low-altitude economy, driven by technological advancements and safety demands [10][11] - Specific companies recommended in these sectors include Yaxiang Integration for clean rooms and China Nuclear Engineering for nuclear power projects [10][11] Group 5: Traditional Demand - The report notes that traditional demand, particularly in real estate, remains under pressure, with new and second-hand housing demand still facing challenges [11] - It highlights the potential turning point for companies like Honglu Steel Structure, which may benefit from improved cyclical sentiment and operational efficiency [11] Group 6: Reform and Restructuring - The report discusses the need for deep reforms in the construction sector to enhance global competitiveness, focusing on identifying quality assets and new business opportunities for central enterprises [12][12] - It also emphasizes the importance of market value management and the potential for mergers and acquisitions in the construction industry [12][12]

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。 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)股东会召开的时间：2025年12月24日 2、董事会秘书列席会议，部分公司高管列席。 二、议案审议情况 (一)非累积投票议案 1、议案名称：关于公司2025年中期利润分配的议案 审议结果：通过 (二)股东会召开的地点：中国化学大厦 (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： ■ (四)表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次会议由公司董事会召集，由公司董事长莫鼎革先生主持。会议的召集、召开及表决方式符合《公司 法》等法律法规及《公司章程》的规定。 (五)公司董事和董事会秘书的列席情况 1、公司在任董事7人，列席7人； 表决情况： ■ 2、议案名称：关于公司回购注销部分限制性股票及调整回购价格的议案 审议结果：通过 表决情况： ■ (二)现金分红分段表决情况 ■ (三)涉及重大事项，5%以下股东的表决情况 本次股东会表决方式符合《公司法》及《公司章程 ...

Core Viewpoint - The central economic work conference in December 2025 emphasizes the need to "promote investment stabilization" in 2026, leading to an optimistic outlook on fiscal policy for the upcoming year, particularly in infrastructure investment, which is expected to grow by 4.5% in 2026 [1][3][18]. Fiscal Policy Outlook - The fiscal measures for 2026 are anticipated to be more proactive, with a focus on stabilizing investment and stimulating private sector investment [3][4]. - The trend of "central government increasing leverage while local governments reduce leverage" is expected to continue, with the central government taking a more significant role in driving investment due to limited local government borrowing capacity [4][18]. Infrastructure Investment - Infrastructure investment is projected to be a crucial growth stabilizer in 2026, with a forecasted growth rate of 4.5% [18]. - The central government is expected to play a vital role in supporting infrastructure investment, particularly in the western regions, where there is significant potential for growth [18][32]. Construction Sector Insights - The construction state-owned enterprises (SOEs) are expected to benefit from debt reduction initiatives, leading to improved asset quality and valuation recovery [2][22]. - The share of receivables in total assets for major construction SOEs has been rising, indicating a need for financial improvement and valuation recovery as local government funding stabilizes [22][26]. Regional Investment Opportunities - The western provinces, particularly Sichuan, are highlighted as having high potential for infrastructure investment due to favorable central government funding and strategic positioning [32][39]. - The central transfer payment to western provinces is projected to be 4 trillion yuan, accounting for 42.2% of total central transfer payments, indicating strong financial support for infrastructure projects [32][36]. Manufacturing Sector Outlook - Manufacturing investment is expected to stabilize with a growth rate of around 5% in 2026, driven by a recovery in semiconductor capital expenditures [14][46]. - The cleanroom engineering sector is anticipated to benefit significantly from the upturn in semiconductor investments [46]. International Market Growth - The overseas market is projected to become a second growth curve for construction companies, with expectations of continued growth in new contracts and revenue from international projects [2][18].

Core Viewpoint - The article emphasizes optimism regarding fiscal policy in 2026, particularly in infrastructure investment as a means to stabilize economic growth amid a challenging real estate market [2][4][5]. Fiscal Policy Outlook - The 2026 fiscal policy is expected to be more proactive, with a focus on stabilizing investment and stimulating private sector activity [4][5]. - Central government investment is anticipated to increase, while local governments will continue to reduce leverage due to rising debt risks [5]. Infrastructure Investment - Infrastructure investment is projected to grow at a rate of 4.5% in 2026, driven by ongoing support from central fiscal measures [2][15]. - The central government is expected to play a significant role in funding infrastructure projects, particularly in the western regions of China [27][28]. Regional Investment Opportunities - The western provinces, especially Sichuan, are highlighted as having high potential for infrastructure investment due to favorable central government support and strategic positioning [3][27][34]. - Sichuan's transportation investment is leading nationally, with a compound annual growth rate of 4.9% from 2020 to 2024, indicating strong growth prospects [32]. Manufacturing Sector Insights - Manufacturing investment is expected to stabilize with a growth rate of around 5% in 2026, benefiting from a potential recovery in semiconductor capital expenditures [3][12]. - The cleanroom engineering sector is identified as a key beneficiary of increased capital spending in high-end manufacturing [3]. International Engineering Opportunities - The overseas market is anticipated to become a second growth curve for construction companies, with significant growth in new contracts and revenue from foreign projects since 2025 [3][12]. Debt Management and Corporate Valuation - The ongoing debt management efforts are expected to improve the asset quality and valuation of state-owned construction enterprises, which have seen a decline in price-to-book ratios due to rising receivables [2][16]. - The average funding cost for major construction enterprises is around 4%, with some companies achieving lower rates through bond issuance [22][23]. Construction Sector Dynamics - The construction sector is experiencing a shift towards higher market concentration, with leading companies increasing their market share significantly in recent years [22][23]. - The article notes that the average market share of major construction enterprises has risen to 22.9% in revenue terms and 48.9% in order terms [22][23].

（文章来源：证券日报） 证券日报网讯 12月24日，中国化学发布公告称，公司2025年第二次临时股东会审议通过《关于公司 2025年中期利润分配的议案》《关于公司回购注销部分限制性股票及调整回购价格的议案》。 ...

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。 重要内容提示： 证券代码：601117 证券简称：中国化学 公告编号：2025-064 中国化学工程股份有限公司 2025年第二次临时股东会决议公告 (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 | 977 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,878,714,931 | | 3、出席会议的股东所持有表决权股份数占公司有 | | | 表决权股份总数的比例（%） | 47.1389 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会 议主持情况等。 本次会议由公司董事会召集，由公司董事长莫鼎革先生主持。会 1 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东会召开的时间：2025 年 12 月 24 日 (二) 股东会召开的地点：中国化学大厦 议的召集、召开及表决方式符合《公司法》等法律法规及《公司章程》 的规定。 (五) 公司董事和 ...

北京海润天睿律师事务所 关于中国化学工程股份有限公司 2025 年第二次临时股东会的法律意见书 中国·北京 北京市朝阳区建外大街甲14号广播大厦5/9/10/13/17层 邮政编码：100022 电话：86-10-65219696 传真：86-10-88381869 北京海润天睿律师事务所 关于中国化学工程股份有限公司 2025 年第二次临时股东会的法律意见书 致：中国化学工程股份有限公司 北京海润天睿律师事务所（以下简称"本所"）接受中国化学工程股份有限 公司（以下简称"公司"）的委托，指派王彩虹律师、杨苡铭律师出席公司 2025 年第二次临时股东会，并依据《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》"）等相关法律、法规、规范性文件及《中国 化学工程股份有限公司章程》（以下简称"《公司章程》")的规定，就公司本 次股东会的召集、召开程序、出席会议人员的资格、召集人资格、表决程序、表 决结果等有关事宜出具本法律意见书。 对本法律意见书，本所及见证律师特作如下声明： 第 1 页 共 6 页 1. 本所 ...

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Core Viewpoint - The report highlights the trends and statistics in the Chinese chemical pharmaceutical industry, indicating a slight decline in production while maintaining overall growth in the sector [1]. Industry Summary - As of October 2025, the production of chemical pharmaceutical raw materials in China reached 313,000 tons, showing a year-on-year decrease of 1.6% [1]. - From January to October 2025, the cumulative production of chemical pharmaceutical raw materials was 3,049,000 tons, reflecting a cumulative growth of 1.3% [1]. - The report is based on data from the National Bureau of Statistics and is compiled by Zhiyan Consulting, a leading industry consulting firm in China [1]. Company Summary - Listed companies in the sector include Heng Rui Medicine, East China Pharmaceutical, Lizhu Group, Baiyunshan, North China Pharmaceutical, Haizheng Pharmaceutical, Fosun Pharmaceutical, Kelun Pharmaceutical, Enhua Pharmaceutical, and Xianju Pharmaceutical [1].