Group 1 - Zhao Dianlong appointed as Deputy Secretary of the Party Committee and Director of China Railway Engineering Group Co., Ltd., nominated as the candidate for General Manager of the company, and relieved of his position as a member of the Standing Committee of the Party Committee of China Railway Construction Group Co., Ltd. [1] - Chen Zhiming appointed as Deputy Secretary of the Party Committee of China Railway Construction Group Co., Ltd. [2] - Sun Liqiang appointed as a member of the Standing Committee of the Party Committee of China Railway Construction Group Co., Ltd. [3] Group 2 - Lin Cunzeng appointed as Deputy Secretary of the Party Committee and Director of China Steel Research Group Co., Ltd., nominated as the candidate for General Manager of the company, and relieved of his position as a member of the Standing Committee of the Party Committee of China CRRC Group Co., Ltd. [4] - Zhao Tao appointed as a member of the Standing Committee of the Party Committee of China Chemical Engineering Group Co., Ltd. [5] Group 3 - Liu Xueshi no longer serves as Chief Accountant of China Guoxin Holdings Limited, retiring from the position. [6] Group 4 - Zhang Zhenga appointed as an external director of China Chengtong Holdings Group Co., Ltd., while Ma Liangjie is no longer an external director of the company. [7] - Wu Aihong appointed as an external director of China International Technology and Intelligence Cooperation Group Co., Ltd. [8] - Zhu Ze appointed as an external director of China Agricultural Development Group Co., Ltd., while Yang Youhong is no longer an external director of the company. [9] - Huang Xudan appointed as an external director of China Forestry Group Co., Ltd. [10] - Tan Xinghui appointed as an external director of China Poly Group Co., Ltd., while Guo Jianxin is no longer an external director of the company. [11]

Group 1 - Zhao Dianlong appointed as Deputy Secretary and Director of China Railway Engineering Group Co., Ltd., nominated as candidate for General Manager, removed from the Standing Committee of China Railway Construction Group Co., Ltd. [1] - Chen Zhiming appointed as Deputy Secretary of China Railway Construction Group Co., Ltd. [2] - Sun Liqiang appointed as a member of the Standing Committee of China Railway Construction Group Co., Ltd. [3] Group 2 - Lin Cunzeng appointed as Deputy Secretary and Director of China Steel Research Group Co., Ltd., nominated as candidate for General Manager, removed from the Standing Committee of China CRRC Group Co., Ltd. [4] Group 3 - Zhao Tao appointed as a member of the Standing Committee of China Chemical Engineering Group Co., Ltd. [5] Group 4 - Liu Xueshi no longer serves as Chief Accountant of China Guoxin Holdings Limited, retired. [6] Group 5 - Zhang Zhenga appointed as an external director of China Chengtong Holdings Group Co., Ltd., Ma Liangjie no longer serves as an external director. [7] - Wu Aihong appointed as an external director of China International Technology and Intelligence Cooperation Group Co., Ltd. [8] - Zhu Ze appointed as an external director of China Agricultural Development Group Co., Ltd., Yang Youhong no longer serves as an external director. [9] - Huang Xudan appointed as an external director of China Forestry Group Co., Ltd. [10] - Tan Xinghui appointed as an external director of China Poly Group Co., Ltd., Guo Jianxin no longer serves as an external director. [11]

中国铁路工程集团有限公司、中国铁道建筑集团有限公司 赵佃龙任中国铁路工程集团有限公司党委副书记、董事，提名为中国铁路工程集团有限公司总经理人 选，免去其中国铁道建筑集团有限公司党委常委职务。 陈志明任中国铁道建筑集团有限公司党委副书记。 孙立强任中国铁道建筑集团有限公司党委常委。 中国钢研科技集团有限公司、中国中车集团有限公司 林存增任中国钢研科技集团有限公司党委副书记、董事，提名为中国钢研科技集团有限公司总经理人 选，免去其中国中车（601766）集团有限公司党委常委职务。 中国化学工程集团有限公司 赵涛任中国化学（601117）工程集团有限公司党委常委。 人民财讯1月8日电，国务院国资委1月8日发布11户中央企业14名领导人员职务任免： 中国诚通控股集团有限公司 聘任张振高为中国诚通控股集团有限公司外部董事，马良杰不再担任中国诚通控股集团有限公司外部董 事职务。 中国国际技术智力合作集团有限公司 聘任吴爱红(女)为中国国际技术智力合作集团有限公司外部董事。 中国农业发展集团有限公司 聘任朱泽为中国农业发展集团有限公司外部董事，杨有红不再担任中国农业发展集团有限公司外部董事 职务。 中国林业集团有限公司 聘 ...

Core Viewpoint - The report from Changjiang Securities indicates that China Chemical Industry is well-positioned for performance contributions in 2026, driven by a recovery in the chemical industry amidst reduced competition [1] Group 1: Company Performance - The main business of chemical engineering is seeing a positive trend in orders, supporting stable growth in company performance, with a 10% growth rate achieved in the first three quarters and a forecast of double-digit growth for the entire year [1] - Approximately 80% of new contracts are from chemical engineering, with clients being leading chemical enterprises, and 26% of total orders coming from overseas, indicating high-quality orders and good payment conditions [1] Group 2: Financial Health - The company does not face the risk of significant impairment pressure due to debts from real estate developers or local government financing vehicles, as seen in traditional construction firms [1] - The net cash flow from operating activities is expected to exceed net profit for two consecutive years in 2023-2024, reflecting strong financial health [1] Group 3: Shareholder Returns - The company demonstrates high operational quality, with mid-term dividends reflecting shareholder returns [1] - The company remains undervalued, suggesting potential for performance elasticity [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company, China Chemical (601117.SH), has a broad layout in the chemical industry and is expected to contribute to performance in 2026 due to the recovery of the chemical sector driven by anti-involution trends [5][11]. - The company's asset quality is significantly undervalued, with approximately 80% of new orders coming from chemical engineering, and a good repayment situation, indicating a strong financial position [11]. - The company's operational quality is high, with a mid-term dividend reflecting shareholder returns, and an expected improvement in performance due to rising chemical product prices [11]. Summary by Relevant Sections Company Overview - China Chemical has signed new orders worth 352.6 billion yuan from January to November, a year-on-year increase of 6%, with chemical engineering orders increasing by 14% [11]. - The company has a total share capital of 610.688 million shares, with a current stock price of 7.75 yuan [7]. Financial Performance - The company is expected to achieve a net profit of 6.346 billion yuan in 2025, with projected profits of 7.058 billion yuan in 2026 and 7.806 billion yuan in 2027 [11]. - The estimated price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 7.46, 6.71, and 6.06 respectively, indicating the company is still undervalued [11]. Market Position - The company has a significant presence in the chemical industry, with projects like the nylon new materials project expected to break technical barriers and create a complete nylon 66 chip industry chain [11]. - The company has a strong cash position with 38 billion yuan in cash and 17 billion yuan in interest-bearing debt, providing a safety margin [11].

图为硫铁矿制酸装置全景。 该装置采用硫精砂为原料，采用先进的"3+1"两转两吸工艺，制备92.6%浓硫酸，使用国产高效低压降 触媒和纤维除雾器，整个流程中二氧化硫总转化率达99.8%以上，三氧化硫吸收率达99.9%。该装置于 2025年12月26日投料，12月27日产出产品，目前已实现稳定生产。 该项目位于湖北省黄冈市武穴市马口工业园，是湖北省重点项目、黄冈市单体投资规模最大的工业项 目。其中，40万吨/年硫铁矿制酸装置是该项目核心配套工程。作为十三化建在硫化工领域的成功范 例，该项目为公司后续承接同类型重大项目奠定基础。 中化新网讯1月1日，中国化学（601117）工程十三化建承建的湖北新祥云磷系新材料项目40万吨/年硫 铁矿制酸装置投产。 ...

中新网山西新闻1月6日电 近日，中国化学二化建跨文化研究课题成果《加强跨文化融合与国际传播能 力讲好中国故事的实践研究》荣获2025年度中央企业党建思想政治工作研究会优秀课题研究成果三等 奖，该成果创新性提出"3C融合模型框架"，为中央企业境外发展提供了增强软实力的系统解决方案。 中国化学二化建以文化软实力建设为突破口，依托境外建设项目，对标中央企业优秀案例，聚焦境外员 工思想动态与行为特征，重点提炼属地化管理、本土化传播、创新性融合三大核心经验，形成一套可复 制、可推广的跨文化管理"组合拳"，助力企业突破单一市场资源局限，在全球范围内构建产业链闭环。 为确保研究的深度与广度，中国化学二化建组建6人课题小组，研究办公室设立在党委宣传部(企业文化 部)，历时半年走访全部涉外二级单位，对公司所属7家分(子)公司及项目部开展"线上+线下"座谈调研。 调研范围覆盖印尼、文莱、安哥拉、哈萨克斯坦、阿布扎比、俄罗斯等9个国家，234名中外职工及国际 友人参与访谈，全面掌握了跨越18个时区、南越赤道北出极圈的万余名一线工作者的思想动态与行为特 征，为课题研究奠定了坚实的实践基础。 课题研究过程中，中国化学二化建对标中国中铁 ...

Core Viewpoint - The successful completion of the second DN1200 large-diameter heating pipeline in Shanxi's coal-to-clean energy project marks a significant achievement in overcoming complex geological challenges and inter-departmental coordination, contributing to the region's clean heating and ecological development goals [1][5]. Group 1: Project Challenges and Solutions - The second pipeline construction faced increased difficulty due to complex geological conditions, including "soft above, hard below" strata, which posed significant challenges to the accuracy and safety of the pipeline installation [1]. - The project required coordination among multiple departments, including power, water, and transportation, with any delays potentially halting the entire project [1]. - A specialized task force was established to enhance inter-departmental communication and address core issues such as high-voltage protection and irrigation guarantees, successfully navigating bureaucratic hurdles [4]. Group 2: Construction Strategies and Execution - To minimize the impact on agricultural production and local residents, critical construction processes were confined to a limited "construction window," necessitating precise and efficient coordination [3]. - The construction team employed a scientific strategy of "slow rotation, low drilling pressure, and frequent cleaning" to manage the complex geological challenges effectively [3]. - The project utilized advanced construction equipment and a highly experienced team, implementing a 24-hour operation schedule to ensure safety and quality standards were met throughout the welding and inspection processes [4]. Group 3: Societal Impact and Development Goals - The successful crossing of the two heating pipelines not only facilitates the heating supply in the Shangdang District but also supports the broader goal of achieving clean heating and environmental protection in the region [5]. - The project is a key initiative for Shanxi's ecological and social development, addressing winter heating challenges while promoting green development and rural revitalization [5]. - The collaboration and technical expertise demonstrated in this project reflect a commitment to prioritizing public welfare and driving high-quality development in the province [5].

近日，中国化学工程华陆公司所属华陆新材成功完成A轮融资，引入中化学新材料基金、中国石油集团昆仑资本、建信股权、中国电气装备投资、国家能 源国华投资等大型中央企业投资平台。本次融资的成功落地，标志着中国化学工程在气凝胶领域的产业布局与综合实力获得资本市场的高度认可，也充分 彰显了各方对气凝胶产业广阔发展前景及华陆新材核心竞争力的坚定信心。 本轮融资引入的战略投资者均深耕于油气开采、石油化工、电力电网、能源储运、工业制造等气凝胶关键应用领域，具备深厚的产业资源与协同优势，将 为华陆新材加速拓展多元化应用场景、推动产品规模化落地提供强有力的产业支撑，也将助力企业深化产融结合，优化资源配置，提升资本运作效能，为 后续高质量发展构建多维度、全链条的资源保障体系。 作为目前已知热导率最低的固体隔热材料，气凝胶兼具优异的隔热保温性能与显著的节能减排效果，其产业化进程高度契合我国绿色低碳转型战略。在国 家"双碳"目标持续推进的背景下，气凝胶新材料已在工业保温、建筑节能、新能源汽车、电化学储能等多个领域展现出巨大的应用潜力，市场空间广阔。 本次A轮融资的顺利完成，不仅为华陆公司气凝胶业务夯实了资本基础，也为打造"产学研用"深度 ...

Investment Rating - The report rates the construction industry as "Buy" [1] Core Insights - The National Development and Reform Commission has announced a significant investment plan for 2026, with a total of approximately 295 billion yuan allocated for major infrastructure projects, including the Guangzhou New Airport and the Zhanjiang to Haikou ferry project, with total investments exceeding 400 billion yuan [4][3] - The report emphasizes the orderly expansion of low-altitude economic application scenarios, with significant progress expected in housing quality improvement by 2030 [4][3] - The report recommends several companies in emerging sectors such as clean rooms, commercial aerospace, and controlled nuclear fusion, highlighting specific stocks like Yaxiang Integration and China Nuclear Engineering [4][6] Summary by Sections Recent Key Reports - The report discusses the need for high-demand, high-barrier, and high-profit leading companies in the construction industry, focusing on sectors like AI, controlled nuclear fusion, and low-altitude economy [8][10] Key Company Recommendations - Recommended companies include China Construction (dividend yield 5.29%), China Railway (dividend yield 4.81%), and China Communications Construction (dividend yield 3.39%), all of which are expected to benefit from stable growth and government investment [6][4] Macro/Meso/Micro Data Tables - The report includes various data tables that provide insights into the financial performance and projections of key construction companies, indicating a trend of improving cash flow and profitability in certain sectors [6][4] Infrastructure Investment Trends - The report predicts a significant increase in infrastructure investment, with a projected growth rate of 10.9% for broad infrastructure investment in 2025, driven by government policies and funding mechanisms [29][30]