证券代码：601117 股票简称：中国化学 公告编号：临 2025-028 中国化学工程股份有限公司 关于经营情况简报的公告 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 担个别及连带责任。 现将公司 2025 年 1—5 月主要经营情况公布如下，供各位投 资者参阅。 一、 按业务类型统计 | | 单位：亿元 | 币种：人民币 | | --- | --- | --- | | 业务类型 | 数量 合同金额 | | | 建筑工程承包 | 1162 | 1453.28 | | 化学工程 | 978 | 1169.00 | | 其 | | | | 基础设施 | 170 | 265.56 | | 中 | | | | 环境治理 | 14 | 18.72 | | 勘察设计监理咨询 | 667 | 11.80 | | 实业及新材料销售 | | 40.21 | | 现代服务业 | | 2.73 | | 其他 | 0.23 | | | 合计 | 1829 1508.25 | | | 二、 按地区分布统计 | | | | | 单位：亿元 | 币种：人民币 | ...

Group 1 - The construction materials and decoration industry indices showed positive growth in the first half of 2025, outperforming the same period in 2024, with construction materials index rising by 6.77% and decoration index by 8.48% [4][17][20] - The preference in the market has shifted towards leading companies and state-owned enterprises, with domestic demand and technological innovation identified as the two main investment themes for 2025 [4][31] - The negative cycle in the real estate sector continues but shows signs of weakening, with a reduction in the decline of new construction and sales areas in 2025 compared to 2024 [4][5][32] Group 2 - Infrastructure investment and manufacturing investment are expected to maintain good growth, countering the decline in real estate, with infrastructure investment projected to remain stable in 2025 [5][57] - The real estate sector's impact on construction materials demand is showing signs of improvement, with the first quarter of 2025 contributing positively to economic growth [5][68] - The construction materials industry is experiencing a gradual recovery in demand, aided by government policies aimed at stabilizing the real estate market [6][8][86] Group 3 - The supply side of the construction materials industry is undergoing optimization due to intensified competition and stricter industry policies, leading to a concentration of market share among leading companies [7][8][31] - The combination of domestic demand release and supply-side optimization is expected to bring about a new balance and valuation recovery in the construction materials industry [8][9] - The construction materials industry is anticipated to see improved valuation and performance elasticity for leading companies as the market stabilizes [8][9][31]

Core Viewpoint - The article highlights the achievements and innovations of China Chemical's subsidiary, Wuhuan Engineering Co., in the phosphate chemical industry, emphasizing its role in enhancing domestic production capabilities and expanding into international markets through advanced technologies and sustainable practices [2][4][20]. Group 1: Company Achievements - Wuhuan Engineering has developed a patented large-scale wet phosphoric acid production technology, breaking foreign monopolies and helping China become the world's largest producer of phosphate fertilizers [4][10]. - As of May 2025, Wuhuan has designed and constructed 36 large-scale wet phosphoric acid plants in China, with a total capacity exceeding 8.3 million tons of P2O5 per year, accounting for approximately 40% of the national total capacity [5][6]. - The company has received numerous awards for its engineering projects, including national quality engineering awards, reflecting its strong performance in the phosphate chemical sector [9]. Group 2: Technological Innovations - Wuhuan has pioneered the semi-hydrate and dihydrate phosphoric acid production technology, which significantly reduces energy consumption by 48% compared to traditional methods, while improving product quality [11][13]. - The company has established a comprehensive research and development framework, including a laboratory for evaluating phosphate rock, to support the advancement of its technologies [13][14]. - Wuhuan's innovative approach to treating phosphogypsum, a byproduct of phosphate production, includes a unique purification and modification technology that allows for resource recovery and safe disposal [14][17]. Group 3: Environmental and Strategic Initiatives - The company is actively involved in ecological protection efforts along the Yangtze River, contributing to the development of high-quality chemical industry plans and carbon neutrality initiatives [18][19]. - Wuhuan has developed integrated solutions for the transformation and upgrading of chemical enterprises, promoting sustainable practices in the industry [19]. - The company aims to balance industrial growth with environmental stewardship, ensuring that its operations contribute positively to the ecosystem [18][19]. Group 4: International Expansion - Wuhuan has successfully expanded its operations internationally, undertaking significant phosphate chemical projects in countries such as Tunisia, Pakistan, and Indonesia, showcasing its engineering capabilities on a global scale [20][21]. - The successful implementation of the Tunisian project marked a milestone in Wuhuan's international journey, demonstrating its ability to deliver high-quality projects using proprietary technology [20][21]. - The company's global footprint reflects its commitment to leveraging domestic expertise to compete in the international market, enhancing its reputation as a leader in the phosphate chemical industry [20][21].

Investment Rating - The industry investment rating is "Overweight" [2][27]. Core Viewpoints - Fixed asset investment continues to weaken, with manufacturing investment also declining. National Bureau of Statistics reported a cumulative year-on-year increase of 3.7% in fixed asset investment from January to May 2025, a decrease of 0.3 percentage points compared to January-April. Manufacturing investment increased by 8.5%, also down by 0.3 percentage points [3][4]. - Infrastructure investment shows marginal weakness, while transportation investment has improved slightly. Infrastructure investment (full caliber) increased by 10.4% year-on-year, down 0.4 percentage points from January-April. Transportation, warehousing, and postal investment increased by 4.0%, up 0.1 percentage points from January-April [5][6]. - Real estate investment remains low, with a narrowing decline in starts and an expanding decline in completions. Real estate investment decreased by 10.7% year-on-year from January to May 2025, a decrease of 0.4 percentage points compared to January-April [12][20]. Summary by Sections Fixed Asset Investment - Fixed asset investment has weakened, with a cumulative year-on-year increase of 3.7% from January to May 2025, down 0.3 percentage points from January-April. Manufacturing investment increased by 8.5%, also down by 0.3 percentage points [3][4]. Infrastructure Investment - Infrastructure investment (full caliber) increased by 10.4% year-on-year, down 0.4 percentage points from January-April. Excluding electricity, infrastructure investment increased by 5.6%, down 0.2 percentage points. Transportation, warehousing, and postal investment increased by 4.0%, up 0.1 percentage points [5][6]. Real Estate Investment - Real estate investment decreased by 10.7% year-on-year from January to May 2025, a decrease of 0.4 percentage points compared to January-April. Starts decreased by 21.4%, while completions decreased by 17.3% [12][20]. Investment Analysis Opinion - The current industry total is weak, but regional investments may gain elasticity as national strategic layouts deepen. Recommended undervalued state-owned enterprises include China Chemical, China Railway, and China Railway Construction. Attention is drawn to China Communications Construction and China Metallurgical Group [20].

2025 年 06 月 15 日 行业研究 评级：推荐(维持) 点关注 ——基础化工行业周报 最近一年走势 | 行业相对表现 | | | 2025/06/13 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 基础化工 | 1.0% | 0.3% | 8.8% | | 沪深 300 | -0.8% | -1.2% | 9.6% | 相关报告 《基础化工行业周报：丁二烯、涤纶长丝价格上涨， 磷矿石价值有望重估（推荐）*基础化工*李永磊， 董伯骏》——2025-05-18 研究所： 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn 《铬盐行业点评之五：金属铬价格持续上涨，铬盐 产业链受益（推荐）*基础化工*李永磊，董伯骏， 陈云》——2025-04-22 [Table_Title] 以色列伊朗冲突对化工行业的影响，铬盐值得重 《基础化工行业周报：金属铬、原油、双酚 A 价格 上涨，重视芭田股份磷矿产能扩张（推荐）*基础 化工*李永 ...

【DT新材料】 获悉，6月4日， 上海洁达化学有限公司 与 中国化学华陆公司 在上海举行上海洁达尼龙产业链资源化提质利用项目（以下简称"二期项目"）EPC总 承包合同签约仪式。 上海洁达尼龙产业链资源化提质利用项目位于上海化学工业区 ，是园区重点打造的循环经济示范工程，通过引进、消化和吸收英威达技术，联合中国化学华陆公 司进行下游技术研发，实现了国内外先进技术有效融合和落地，为上海化工区实现"全球规模最大、产业链最完整、技术最先进、最具竞争力的尼龙一体化产业 基地"建设起到进一步完善了产业链，提高了产业链的附加值，降低了产业链的碳排放和氮氧化物排放的重要作用。 据悉，今年4月23日， 上海洁达 尼龙66一体化项目 一期 工程整体通过竣工验收。一期项目占地206亩，总投资15亿元，以同样位于上海化工区的英威达上海40万 吨/年己二腈产能为中心，建设规模 ：12万吨/年己二胺、12万吨/年尼龙66以及尼龙610/612树脂切片、5万吨/年尼龙66/尼龙610/尼龙612改性树脂切片 。 其中，己二胺装置采用目前国内最先进的， 神马 具有自主知识产权的低压法己二胺生产技术，建设年产12万吨己二胺装置；尼龙66聚合装 ...

Core Viewpoint - The China Chemical Safety Association (CCSA) is actively implementing the spirit of the Central Eight Regulations to enhance party conduct and improve safety in the hazardous chemicals sector through education, self-examination, and rectification efforts [1][2][3][4][5] Group 1: Learning and Education - CCSA prioritizes learning and discussion as a continuous task, conducting seven collective learning sessions to deeply understand the importance of party conduct and the Central Eight Regulations [2] - The organization integrates learning into daily activities through various methods, ensuring no party member is left behind [2] - CCSA emphasizes the importance of party discipline by sharing typical cases of violations and conducting monthly theme days to reinforce awareness [2] Group 2: Self-Examination and Problem Identification - CCSA conducts a thorough self-assessment against the Central Eight Regulations, identifying issues through various feedback mechanisms [3] - The organization focuses on analyzing the effectiveness of industry self-regulation and the work ethic of its experts, ensuring a comprehensive review of both individual and organizational conduct [3] - A problem list and rectification ledger are established to address identified issues, with clear responsibilities assigned for corrective actions [3] Group 3: Rectification and Implementation - CCSA is committed to immediate and effective rectification of identified issues, translating educational outcomes into practical improvements [4] - The association has developed self-regulation agreements and ethical guidelines for member units to enhance safety standards and industry image [4] - CCSA promotes frugality by implementing regulations on public spending and ensuring compliance with the Central Eight Regulations during events [4] Group 4: Internal Management and Culture - CCSA is enhancing its internal management system and expert team development, recognizing the Central Eight Regulations as critical guidelines for behavior [5] - The organization emphasizes the importance of maintaining discipline and a serious approach to safety consultations and training [5]

Core Viewpoint - The company, as a leading state-owned enterprise in the chemical engineering sector, is actively engaging in green projects and innovative technologies to support national strategies and promote sustainable development [2][5][10]. Group 1: Company Background and Achievements - The company, established in 1958, has a rich history in the coal chemical industry, having completed over 70 pioneering projects in China, including the first coal-based methanol synthesis oil project and the first coal-to-natural gas project [1]. - It holds a leading position in various technologies such as methanol-to-gasoline (MTG) and toluene diisocyanate (TDI), with significant market shares in coal-to-natural gas and coking engineering [1]. - In 2024, the company ranked 71st in the China Petroleum and Chemical Industry 500 [1]. Group 2: Strategic Initiatives and Projects - The company is implementing the "135" strategy and focusing on strategic emerging industries, ecological and environmental protection, and high-value-added services to create new advantages and achieve growth [2][12]. - It is involved in significant projects like the hydrogen energy demonstration application in Guizhou and the world's largest coking park wastewater treatment plant in Shanxi, contributing to local sustainable development [5][9]. Group 3: Green Technology and Innovation - The company is advancing green technologies, including a low-carbon raw material gasification technology for producing green methanol, which is crucial for resource utilization and aligns with national carbon neutrality goals [10][11]. - It has developed a garbage gasification technology that transforms waste into hydrogen energy, contributing to pollution prevention and ecological civilization [7][10]. Group 4: International Engagement and Recognition - The company is actively participating in international exhibitions and projects, such as the first state-owned ammonium nitrate plant in Indonesia, showcasing its expertise in clean coal technology and green energy [18][21]. - It has received multiple awards for its engineering projects, including the prestigious Zhan Tianyou Award, highlighting its excellence in project planning, design, and management [13][12]. Group 5: Commitment to Sustainable Development - The company emphasizes green low-carbon development and is committed to transforming its operational model to support ecological and low-carbon economic growth [14][16]. - It has organized industry conferences to promote low-carbon concepts and technologies, enhancing its brand influence in the green sector [14][15].

周专题：公募REITs市值首破2000亿 ——建材、建筑及基建公募REITs周报（5月31日-6月6日） 2025年6月9日 孙伟风，光大建筑建材首席分析师，执业证书编号：S0930516110003 吴钰洁，光大建筑建材分析师，执业证书编号：S0930523100001 证券研究报告 核心观点 风险提示：基建投资不及预期；房地产需求恢复不及预期；原燃料价格上涨；相关测算不准确的风险。 请务必参阅正文之后的重要声明 1 周专题：公募REITs市值首破2000亿元。随着新基发售及二级市场持续走高，6月5日公募REITs总市值自上市以来首 破2000亿元。截至6月6日，公募REITs总市值较24年末上涨29%，同日公募REITs市值指数（全样本）收于113.91， 较24年末上涨19%，处于78%的历史分位数水平。可供分配收益率与长债的利差是使公募REITs市场持续上扬的重要 原因，在市场欠配突出的背景下，随着个别业态基本面超预期/修复，以及定价新基上市、分红及扩募等新交易要素， 使利差呈收窄态势。25年以来常态化发行持续推进，年初至今已上市8只产品，发行规模共计134亿元。当前尚有多 只产品在审核过程中，近期北 ...

Investment Rating - The report suggests a "Buy" rating for several companies including Honglu Steel Structure, China Communications Construction, and China Chemical [35][36]. Core Insights - The total market value of public REITs has surpassed 200 billion yuan for the first time, reaching 201.99 billion yuan as of June 5, 2025, marking a 29% increase since the end of 2024 [3][5]. - The public REITs market is experiencing a steady upward trend due to the issuance of new products and rising secondary market prices, with the market value index reaching 113.91, a 19% increase from the end of 2024 [3][5]. - The narrowing yield spread between public REITs and long-term bonds is a significant factor driving the market's growth, with the average distribution yield for public REITs at approximately 5.82% as of June 6, 2025 [15][19]. Summary by Sections 1. Weekly Topic: Public REITs Market Value Surpasses 200 Billion Yuan - As of June 6, 2025, the public REITs market value has increased by 29% compared to the end of 2024, with new products contributing to this growth [3][5]. - The market is characterized by a rotation among different sectors, with the rental housing and consumption REIT indices showing strong performance [19][20]. 2. Major Covered Companies' Earnings Forecast and Valuation - The report includes earnings per share (EPS) forecasts for various companies, with several companies rated as "Buy" or "Overweight" based on their projected performance [35][36]. - Companies such as Honglu Steel Structure and China Communications Construction are highlighted for their potential growth due to favorable market conditions [35][36]. 3. Weekly Market Review - The report provides insights into the weekly performance of the construction and building materials sectors, noting significant fluctuations in stock prices among key players [48][49]. - Specific companies such as Sichuan Jinding and Zhongheng Design have shown notable weekly gains, while others like Tianan New Materials have experienced declines [48][49].