Group 1 - The core viewpoint of the news is the performance and holdings of the Jiao Yin State-Owned Enterprise Reform Flexible Allocation Mixed A Fund, which has shown a recent net value increase of 1.04% [1] - The fund's recent one-month return is -0.06%, ranking 71 out of 73 in its category, while its six-month return is 8.76%, ranking 19 out of 72 [1] - Year-to-date, the fund has achieved a return of 6.18%, ranking 26 out of 72 in its category [1] Group 2 - The top ten stock holdings of the fund account for a total of 50.78%, with significant positions in SF Express (9.90%), China Chemical (6.04%), and ShouLve Hotel (5.44%) [1] - The fund was established on June 10, 2015, and as of March 31, 2025, it has a total scale of 1.802 billion yuan [1] - The fund manager is Shen Nan, who has been in this role since the fund's inception [2]

第五届董事会第二十八次会议决议公告 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。 重要内容提示： ? 公司全体董事均出席本次董事会。 ? 本次董事会所有议案均获通过。 一、董事会会议召开情况 中国化学工程股份有限公司（以下简称"本公司"或"公司" 证券代码：601117 股票简称：中国化学 公告编号：临 2025-033 中国化学工程股份有限公司 表决结果：通过。同意 6 票，反对 0 票，弃权 0 票。 （二）《关于补选邓兆敬先生为公司董事的议案》； 同意补选邓兆敬先生为公司非独立董事候选人，提交股东会 审议。 表决结果：通过。同意 6 票，反对 0 票，弃权 0 票。 （三）《关于召开公司 2025 年第一次临时股东会的议案》； 同意将上述第（二）项议案提交公司 2025 年第一次临时股 东会审议。 表决结果：通过。同意 6 票，反对 0 票，弃权 0 票。 ） 第五届董事会第二十八次会议通知于 2025 年 7 月 11 日发出，会 议于 2025 年 7 月 16 日以通讯会议的方式召开。本次会议应出席 董事 6 ...

证券代码：601117 股票简称：中国化学 公告编号：临 2025-035 中国化学工程股份有限公司 近日，中国化学工程股份有限公司（以下简称"公司"） 董事会收到公司副总经理胡富申先生递交的书面辞职报告。胡富 申先生因工作原因申请辞去公司副总经理职务。 董事会对胡富申先生在公司任职期间勤勉尽职的工作及对 公司发展做出的贡献表示衷心感谢！ 特此公告。 关于副总经理辞职的公告 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。 中国化学工程股份有限公司 二〇二五年七月十七日 ...

证券代码：601117 证券简称：中国化学 公告编号：2025-034 中国化学工程股份有限公司 关于召开2025年第一次临时股东会的通知 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： 股东会召开日期：2025年8月1日 本次股东会采用的网络投票系统：上海证券交易所股东会网络 投票系统 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网 络投票相结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 8 月 1 日 14 点 30 分 一、 召开会议的基本情况 (一) 股东会类型和届次 2025年第一次临时股东会 召开地点：中国化学大厦（北京市东城区东直门内大街 2 号） (五) 网络投票的系统、起止日期和投票时间。 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 采用上海证券交易所网络投票系统，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 ...

第五届董事会第二十八次会议决议公告 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。 重要内容提示： 一、董事会会议召开情况 中国化学工程股份有限公司（以下简称"本公司"或"公司"） 第五届董事会第二十八次会议通知于 2025 年 7 月 11 日发出，会 议于 2025 年 7 月 16 日以通讯会议的方式召开。本次会议应出席 董事 6 人，实际出席董事 6 人。会议由董事长莫鼎革先生主持。 本次会议的召开符合有关法律法规、规范性文件和《公司章程》 《董事会议事规则》的相关规定。 二、董事会会议审议情况 证券代码：601117 股票简称：中国化学 公告编号：临 2025-033 中国化学工程股份有限公司 （三）《关于召开公司 2025 年第一次临时股东会的议案》； 同意将上述第（二）项议案提交公司 2025 年第一次临时股 东会审议。 表决结果：通过。同意 6 票，反对 0 票，弃权 0 票。 中国化学工程股份有限公司 二〇二五年七月十七日 （一）《关于聘任公司总经理的议案》； 同意聘任邓兆敬先生为公司总经理，任期与本届董事 ...

Investment Rating - The industry investment rating is "Overweight" [2][22]. Core Viewpoints - The economy showed stable growth in the first half of 2025, with GDP increasing by 5.3% year-on-year. However, fixed asset investment growth weakened, with a cumulative year-on-year increase of 2.8%, down 0.9 percentage points from January to May [3][4]. - Infrastructure investment growth also weakened, with total infrastructure investment (including all categories) increasing by 8.9% year-on-year, a decrease of 1.5 percentage points compared to January to May. Notably, investment in transportation, warehousing, and postal services rose by 5.6% year-on-year, while investment in water conservancy, environment, and public facilities management increased by 3.5% [4][7]. - Real estate investment remained low, with a year-on-year decrease of 11.2% in the first half of 2025. The decline in construction starts and completions narrowed, with starts down 20.0% and completions down 14.8% year-on-year [7][8]. Summary by Sections Economic Overview - The first half of 2025 saw a GDP growth of 5.3%, with quarterly growth rates of 5.4% in Q1 and 5.2% in Q2. Fixed asset investment growth was at 2.8%, with manufacturing investment increasing by 7.5% [3][4]. Infrastructure Investment - Infrastructure investment (all categories) grew by 8.9% year-on-year, while investment excluding electricity increased by 4.6%. Transportation and postal services saw a 5.6% increase, while water and environmental management investment rose by 3.5% [4][5]. Real Estate Investment - Real estate investment decreased by 11.2% year-on-year, with construction starts down 20.0% and completions down 14.8%. The pace of investment recovery is expected to be slower than in previous cycles, highlighting the need for more supportive policies [7][8]. Investment Recommendations - The report suggests that the overall industry is currently weak, but regional investments may gain momentum due to national strategic initiatives. Recommended companies include state-owned enterprises like China Chemical, China Energy Construction, and China Railway Construction, as well as private firms like Zhi Te New Materials and Honglu Steel Structure [15].

证券代码：601117 证券简称：中国化学 公告编号：2025-032 中国化学工程股份有限公司 关于高级管理人员减持计划时间届满暨未减持股份的公告 本公司董事会、全体董事及相关股东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： ?减持主体减持前基本情况 中国化学工程股份有限公司（以下简称"公司"）副总经理 邓兆敬先生持有公司股份 200,000 股，占公司总股本的 0.0033%。 上述股份均来源于公司 2022 年限制性股票激励计划已解除 限售股份。 ?减持计划的实施结果情况 公司于 2025 年 3 月 22 日披露了《高级管理人员集中竞价减 持股份计划公告》 （公告编号：2025-006）。邓兆敬先生拟于 2025 年 4 月 15 日至 2025 年 7 月 14 日期间，通过集中竞价方式减持 其所持公司股份不超过 50,000 股，未超过其所持公司股份总数 的 25%，减持价格按照减持实施时的市场价格确定。 截至本公告披露日，本次减持时间期限届满，邓兆敬先生未 实施减持计划。 一、减持主体减持前基本情况 股东名称 邓兆 ...

证券代码：601117 证券简称：中国化学 公告编号：2025-032 中国化学工程股份有限公司 关于高级管理人员减持计划时间届满暨未减持股份的公告 本公司董事会、全体董事及相关股东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： 减持主体减持前基本情况 中国化学工程股份有限公司（以下简称"公司"）副总经理 邓兆敬先生持有公司股份 200,000 股，占公司总股本的 0.0033%。 上述股份均来源于公司 2022 年限制性股票激励计划已解除 限售股份。 1 截至本公告披露日，本次减持时间期限届满，邓兆敬先生未 实施减持计划。 减持计划的实施结果情况 公司于 2025 年 3 月 22 日披露了《高级管理人员集中竞价减 持股份计划公告》（公告编号：2025-006）。邓兆敬先生拟于 2025 年 4 月 15 日至 2025 年 7 月 14 日期间，通过集中竞价方式减持 其所持公司股份不超过 50,000 股，未超过其所持公司股份总数 的 25%，减持价格按照减持实施时的市场价格确定。 2 | 减持总金额 | 0元 | | --- ...

Investment Rating - The report maintains a "Buy" rating for major construction enterprises, indicating a significant demand for rebound in the construction sector compared to the banking sector [8][31]. Core Insights - The domestic construction industry has evolved into a model with financial attributes similar to banks, where construction companies provide financing to clients, thus resembling "shadow banks" [1][14]. - The construction sector has lagged behind the banking sector in terms of stock performance, with a 76.1% increase in the banking sector since December 20, 2023, compared to only 13.5% in the construction sector, indicating a clear need for catch-up [2][15]. - The dividend yield of leading construction state-owned enterprises (SOEs) is attractive, with several companies offering yields above 3% in A-shares and over 5% in H-shares, making them appealing for long-term investors [3][22]. Summary by Sections Section 1: Industry Overview - The construction industry operates with a business model that has financial characteristics, requiring companies to provide upfront financing to secure projects, which has led to a high-leverage, asset-heavy structure [1][14]. - Major assets of construction firms include cash and receivables, which are akin to financial assets, while liabilities are primarily operational debts, similar to bank deposits [1][14]. Section 2: Market Performance - The construction sector's performance has been hindered by concerns over slow repayments from government and real estate developers, but these pessimistic expectations are now largely priced in, suggesting a potential for valuation recovery [2][15]. - The report highlights that the construction sector's valuation has been stabilizing, indicating a potential for upward movement as market conditions improve [2][15]. Section 3: Dividend Appeal - A-shares of leading construction SOEs show a competitive dividend yield, with companies like China Railway, China Railway Construction, and China Communications Construction yielding over 3% [3][22]. - In H-shares, the average dividend yield for construction SOEs matches that of leading banks, reflecting strong investment attractiveness [3][22]. Section 4: Policy Impact - Upcoming policies are expected to accelerate infrastructure project implementation, which, combined with a low base effect, may lead to improved revenue and performance for construction SOEs in the latter half of the year [4][26]. - The report anticipates that fiscal policies will be enhanced, with an increase in the issuance of special bonds and other financing tools to support infrastructure development [4][26]. Section 5: Competitive Landscape - The construction industry is witnessing a push against "involution" or excessive competition, with major players advocating for a focus on sustainable growth and innovation rather than aggressive expansion [7][30]. - This initiative aims to improve project profitability and stabilize the competitive environment within the industry [7][30]. Section 6: Investment Recommendations - The report recommends investing in undervalued construction SOEs, highlighting companies such as China Energy Engineering, China State Construction, and China Communications Construction as key targets for investment [8][31]. - The expected recovery in earnings and the attractive dividend yields position these companies favorably for long-term investment [8][31].

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The report indicates that the total investment in the industry is expected to stabilize, with a focus on advancing modern infrastructure systems without excessive preemption [1][3] - The National Development and Reform Commission (NDRC) has stated that all 102 major projects outlined in the "14th Five-Year Plan" are expected to be completed by the end of the year [11] - The report highlights that regional investments are likely to gain significant elasticity as national strategic layouts deepen [3] Industry Performance - The construction industry saw a weekly increase of 2.59%, outperforming major indices such as the Shanghai Composite Index (+1.09%) and the Shenzhen Component Index (+1.78%) [4][6] - The best-performing sub-industries for the week were Ecological Landscaping (+5.49%), International Engineering (+5.34%), and Design Consulting (+4.20%) [6][9] - Year-to-date, the top three sub-industries are Ecological Landscaping (+27.48%), Decorative Curtain Walls (+15.98%), and Design Consulting (+15.74%) [6][9] Key Company Developments - Anhui Construction won contracts for the S27 Hohhot to Ordos Expressway and G4212 Hefei to Anqing Expressway, totaling 8.085 billion yuan, which represents 8.38% of its 2024 revenue [13] - Zhejiang Communications won a contract for the G2531 Hangzhou to Shangrao Expressway, valued at 4.222 billion yuan, accounting for 8.84% of its 2024 revenue [13] - The report recommends low-valuation state-owned enterprises such as China Chemical, China Railway, and China Railway Construction, while also highlighting private companies like Zhite New Materials and Honglu Steel Structure [3][11]