新华财经北京8月18日电（记者沈寅飞）记者从中国化学天辰公司获悉，近日，该公司牵头总承包的陕 西榆能精细化工材料有限公司100万吨／年高端化学品新材料公辅项目，成功完成加压泵站及消防水 池、全厂废水暂存池、6#现场机柜室三个主项结构的封顶工作。 据介绍，该项目作为榆林市能源化工产业"延链补链强链"的重点项目，承载着推动榆林能源化工产业向 高端化、多元化、低碳化转型的重要使命，对推动中西部地区的经济发展和产业结构优化具有深远的影 响。 天辰公司相关负责人表示，自项目开工以来，项目部构建了适配项目需求的团队管理机制和工作模式， 完善成员沟通制度，确保各专业与现场执行团队间信息沟通渠道畅通。施工管理部与联合体成员方深入 交流，依据项目实施策划与合同要求科学开展施工部署，明确责任主体，并结合现场实际，与设计、采 购等部门高效协同，最终顺利完成三个主项结构封顶工作。下一步，榆能精细化工公辅项目部将稳步推 进项目建设向着既定目标任务奋力冲刺。 （文章来源：新华财经） ...

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [5] Core Viewpoints - The "anti-involution" policy is transitioning from policy definition to implementation, with a focus on shifting from "price competition" to "value competition" in the construction industry [14][15] - The construction sector is expected to benefit from improved cash flow and report quality due to the optimization of supply and demand dynamics, which will enhance the dividend capacity of state-owned enterprises [15][24] - The report emphasizes the importance of technology transformation and the development of non-traditional construction businesses, such as smart cities and smart construction, as key paths for traditional construction companies [2][3] Summary by Sections 1. Traditional Low-Valuation State-Owned Enterprises - The market share of nine major state-owned construction enterprises has increased from 30.45% in 2016 to 48.9% in 2024, with a further rise to 59.89% in Q1 2025, indicating strong order acquisition capabilities [15][21] - The report highlights three dimensions for understanding the implications of "anti-involution": dividend capacity, price elasticity, and technology transformation [2][14] - Companies with strong dividend capabilities, such as China State Construction and Sichuan Road and Bridge, are recommended [2][24] 2. International Engineering Sector - The international engineering sector is expected to benefit from price elasticity due to rising expectations for resource prices, particularly in coal [3][29] - The report suggests that improvements in downstream profitability and high-quality development in industries like steel and cement will drive demand for engineering companies [3][29] 3. Steel Structure Sector - The steel structure sector is divided into manufacturing and installation, with rising steel prices benefiting manufacturing companies like Honglu Steel Construction [4][29] - The transition towards intelligent and green construction is expected to enhance the competitive advantages of leading companies in the steel structure installation segment [4][29] - Companies like Jianghe Group and Jinggong Steel Construction are highlighted for their significant growth in overseas orders [4][29] 4. Key Stock Recommendations - The report recommends several stocks based on their performance and valuation metrics, including China State Construction, China Chemical, and Honglu Steel Construction, all of which have favorable P/E ratios and dividend yields [9][25][27]

Group 1 - The core point of the article is that China Chemical (601117) reported its operating performance for the first seven months, highlighting significant contract amounts in construction and consulting services [1] - The total amount of construction engineering contracts signed from January to July reached 216.116 billion yuan, while the amount for surveying, design, supervision, and consulting contracts was 1.973 billion yuan, leading to a total contract amount of 224.845 billion yuan [1] - Domestic contracts accounted for 176.885 billion yuan, while overseas contracts amounted to 47.960 billion yuan, indicating a strong domestic market presence [1] Group 2 - In July, the company secured 11 major contracts, each exceeding 500 million yuan, showcasing its capability to attract large-scale projects [1]

现将公司 2025 年 1—7 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 1 业务类型 数量 合同金额 建筑工程承包 1659 2161.16 其 中 化学工程 1410 1765.86 基础设施 229 365.84 环境治理 20 29.46 勘察设计监理咨询 1052 19.73 实业及新材料销售 63.37 现代服务业 3.57 其他 0.62 合计 2711 2248.45 单位：亿元 币种：人民币 二、 按地区分布统计 单位：亿元 币种：人民币 证券代码：601117 股票简称：中国化学 公告编号：临 2025-042 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 担法律责任。 | 序 号 | 单位名称 | 项目合同名称 | 合同金额 | | --- | --- | --- | --- | | 1 | 中国成达工程有 限公司 | 印尼 AIM 年产 20 万吨甲酸钠项目 EP 合同及 CE 合同 | 约 16.87 （折合人民币） | | 2 | 中 ...

天津北方网讯：近日，中国化学天辰公司总承包的沙特沙比克PKN MTBE项目提前4天实现机械竣工， 延续了按期完工的优良纪录。 作为天辰公司与沙比克成功合作的又一重大项目，该项目于2022年11月正式签约，当年12月开工，主要 对PKN现有70万吨/年MTBE装置进行扩能改造，将其产能提升至100万吨/年。 据悉，该项目是沙比克首个采用自有专利技术的项目，建成后将成为全球单体规模最大的年产100万吨 MTBE工厂。改造后的装置在经济效益、环保性能和运行可靠性上均有显著提升，可有效利用副产低压 蒸汽发电10MW，每年减少催化剂消耗约6300吨，MTBE合成单元开停车操作周期也由8个月延长至2 年。 项目实施过程中，项目团队直面设计、供货、施工、质量、安全管理等多重挑战，与业主、供应商、分 包商紧密协作，实时监控设计、采购和施工进度，严格把控现场安全与执行质量。通过优化国际运输路 线和现场施工方案、提高管道和钢结构预制化比例、实施核心采购设备"包长制"及现场施工区域"区长 制"等举措，项目最终提前4天完成机械竣工，获得了沙比克业主的高度赞扬，彰显了"艰苦奋斗、团结 协作、模式创新、尽善服务"的沙特团队精神，为企业深 ...

Group 1 - The key clients of Sichuan Shengshi Steel Union International Trade Co., Ltd. include major state-owned enterprises directly supervised by the State-owned Assets Supervision and Administration Commission, covering various sectors such as construction, infrastructure, and energy engineering [1] Group 2 - The core list of top ten central enterprise construction companies includes China State Construction Engineering Corporation, which has a business focus on housing construction (over 50% of global super high-rise buildings) and infrastructure [4] - China Railway Group Limited specializes in railway engineering, accounting for 66% of the national railway mileage, with a significant increase of 51.6% in overseas business [4] - China Railway Construction Corporation is responsible for 52% of the national high-speed rail mileage and has established construction standards for high-speed rail in China [4] Group 3 - China Communications Construction Company focuses on port channels and cross-sea bridges, with a new contract amount of 9910.54 billion yuan in the first half of 2025 [5] - China Power Construction Group is a leader in hydropower, with a global market share exceeding 50% in overseas hydropower [5] - China Energy Engineering Group is innovating in traditional energy upgrades and has seen a growth rate of over 30% in new energy contracts [5] Group 4 - China Metallurgical Group Corporation leads the global market share in metallurgical engineering and is advancing hydrogen metallurgy technology for low-carbon transformation [5] - China Chemical Engineering Group dominates 70% of domestic petrochemical projects and has achieved a 12.3% growth in fine chemical contracts [5] - China National Nuclear Corporation is responsible for all domestic nuclear power units and plays a special role in national defense engineering and nuclear emergency support [5] - China Aneng Construction Group specializes in water conservancy and emergency rescue tasks [6]

8月18日，沪深两融数据显示，中国化学上周累计获融资净买入额1622.43万元，居两市第490位，上周 融资买入额2.84亿元，偿还额2.68亿元。 中国化学所属概念板块包括：工程建设、北京板块、中特估、破净股、标准普尔、富时罗素、MSCI中 国、证金持股、沪股通、上证180_、融资融券、机构重仓、中字头、HS300_、环氧丙烷、磷化工、氢 能源、一带一路、央国企改革、新材料、节能环保、煤化工。 资金流方面，中国化学近5日主力资金流入2060.35万元，区间涨幅1.01%；近10日主力资金流出1169.47 万元，区间跌幅0.29%。 天眼查商业履历信息显示，中国化学工程股份有限公司，成立于2008年，位于北京市，是一家以从事研 究和试验发展为主的企业。企业注册资本493300万人民币，实缴资本493300万人民币。公司法定代表人 为莫鼎革。 通过天眼查大数据分析，中国化学工程股份有限公司共对外投资了31家企业，参与招投标项目300次， 知识产权方面有商标信息4条，专利信息85条，此外企业还拥有行政许可24个。 ...

Investment Rating - The report maintains a "Recommended" rating for the basic chemical industry [1] Core Insights - The report highlights the price increases of lithium carbonate and photoinitiators, suggesting a potential recovery in the chemical industry driven by anti-involution trends [1] - The basic chemical sector has shown strong relative performance, with a 39.4% increase over the past 12 months compared to the 25.7% increase in the CSI 300 index [3] Summary by Sections Recent Trends - The report notes a decline in the Guohai Chemical Prosperity Index to 92.75 as of August 14, 2025, down 0.11 from August 7, 2025 [4] Investment Recommendations - Key opportunities identified include: 1. Low-cost expansion in companies such as Wanhua Chemical, Satellite Chemical, and others [5] 2. Improvement in industry prosperity for chromium salts, phosphate rock, and various chemical sectors [6] 3. Focus on new materials with high growth potential and low domestic substitution rates [7] 4. High dividend opportunities in state-owned enterprises like China Petroleum and Sinopec [8] Price Analysis of Key Products - Industrial-grade lithium carbonate price increased by 9.93% to 83,000 CNY/ton [10] - Photoinitiator (TPO) price rose by 5.56% to 95 CNY/kg [10] - Polyester filament price increased by 2.16% to 7,100 CNY/ton [10] Company Performance Tracking - Notable companies such as Zhenhua Co. reported a 10.17% increase in revenue for the first half of 2025 [13] - Wanhua Chemical's pure MDI price was reported at 17,900 CNY/ton, with a slight increase [11] Market Observations - The report indicates a potential inventory replenishment cycle in the chemical sector due to anticipated fiscal policy support in China and the US [29]

Core Viewpoint - The article discusses the strategic transformation challenges faced by China National Chemical Engineering Group (China Chemical) as the domestic petrochemical engineering market shrinks, highlighting the need for the company to pivot towards high-end materials manufacturing while maintaining its engineering contracting business [2][3][5]. Group 1: Industry Context - The domestic petrochemical engineering market is experiencing a rapid contraction due to the saturation of large-scale projects, with a significant decrease in new approvals for major refining projects since 2024 [3][4]. - China Chemical's accounts receivable reached 36.25 billion yuan at the end of 2024, more than six times its net profit of 5.688 billion yuan, indicating prolonged project payment cycles and financial strain on clients [3][4]. Group 2: Company Performance - In 2024, China Chemical reported revenues of 186.6 billion yuan, a year-on-year increase of 4.14%, with net profits of 5.688 billion yuan [3]. - The company's traditional chemical engineering business remains its main revenue source, generating 152.18 billion yuan in 2024, while its new materials business grew by 13.42% to 8.75 billion yuan, indicating a successful initial phase of its strategic transformation [5][8]. Group 3: Strategic Initiatives - China Chemical is implementing a "two-business strategy" of combining engineering contracting with high-end materials manufacturing to address transformation challenges [5][10]. - The company is focusing on overseas markets, with 30.88% of its new contracts in 2024 coming from international projects, although this proportion dropped to 20.13% in the first half of 2025 due to geopolitical challenges [4][10]. Group 4: Regional Development - Fujian province has become a critical area for China Chemical's strategic transformation, with significant investments in petrochemical projects totaling over 300 billion yuan, positioning it as a key player in the global petrochemical landscape [6][8]. - The ancient Gu Lei petrochemical base in Fujian is central to China Chemical's operations, with major projects like the Gu Lei integrated refining project and the Sino-Saudi ethylene project contributing to its growth [6][8]. Group 5: Collaborative Efforts - The partnership between China Chemical and Fujian Energy and Chemical Group is crucial for the company's transformation, leveraging technological expertise and manufacturing capabilities to enhance project execution and innovation [10][14]. - The establishment of Fujian Haichen Chemical Co., a joint venture between the two companies, aims to develop a full industrial chain for high-end chemical materials, further solidifying their collaboration [11][12].

Core Points - As of August 15, 2025, China Chemical (601117) closed at 8.12 yuan, down 2.17% from the previous week's 8.3 yuan [1] - The company's market capitalization is currently 49.588 billion yuan, ranking 2nd out of 39 in the professional engineering sector and 310th out of 5,152 in the A-share market [1] Company Announcements - China Chemical announced a cash dividend of 0.186 yuan per share for the 2024 annual equity distribution, with the record date set for August 21, 2025 [1] - The total cash dividend distribution amounts to approximately 1.136 billion yuan, based on a total share count of 6,106,877,362 shares after the implementation of the 2022 restricted stock incentive plan [1] - The cash dividend will be distributed by China Securities Depository and Clearing Corporation Limited Shanghai Branch for unrestricted circulating shares, while other entities will handle their own tax obligations [1]