Core Viewpoint - China Chemical (601117.SH) reported an increase in production load and sales for its Tianchen Qixiang project since June, with significant growth in the sales volume of hexanediamine, hexanedinitrile, and nylon 66. However, a planned maintenance shutdown in August is expected to lead to a decrease in sales revenue [1] Group 1 - The production load of Tianchen Qixiang has increased to 85% since June [1] - There has been a substantial increase in the sales volume of hexanediamine, hexanedinitrile, and nylon 66 [1] - The sales revenue for industrial new materials has seen a significant increase in June [1] Group 2 - The profit margin for industrial new materials is not fully aligned with the growth in sales revenue [1] - A maintenance shutdown is scheduled for August, which will likely result in a decline in sales revenue [1]

格隆汇8月4日丨中国化学(601117.SH)在投资者互动平台表示，中国化学积极响应国家重要战略，正在 与雅江集团就雅鲁藏布江下游水电工程相关业务进行对接。目前尚未有正式落地的项目。 ...

每经AI快讯，有投资者在投资者互动平台提问：请问，中化学天辰泉州60万吨环氧丙烷项目，之前提 及5月试车，请问该项目试车情况如何（比如，良率是否达到行业领先）？产线是否存在需要改造升级 的环节？预计正式投入量产会到几月份了？ 中国化学（601117.SH）8月4日在投资者互动平台表示，中化学天辰泉州项目计划于8-9月试运行，受产 品价格影响，目前尚未确定正式投产时间。 （文章来源：每日经济新闻） ...

Group 1 - The core viewpoint is that China Chemical (601117.SH) has seen a significant increase in sales of its industrial new materials, particularly in June, with a total sales figure of 14.68 billion, indicating a substantial month-on-month growth [1][3] - Since June, Tianchen Qixiang's production load has increased to 85%, leading to a boost in the output of products such as adiponitrile, hexamethylenediamine, and nylon 66, contributing to the sales surge [1] - The company anticipates a decline in sales revenue after August due to scheduled maintenance and repairs on the project, despite the profit margin for industrial new materials improving [1] Group 2 - The total sales of industrial new materials from January to May amounted to 40.21 billion, while the sales from January to June reached 54.89 billion, highlighting a significant increase in sales during June [3] - There are inquiries regarding the sustainability of the sales growth in industrial new materials and whether the profit margin has improved alongside the sales increase [3]

（文章来源：第一财经） 中国化学在互动平台表示，公司积极响应国家重要战略，正在与雅鲁藏布江下游工程相关业主进行业务 对接，目前尚未有正式落地的项目。 ...

8月1日，从中国化学（601117）天辰公司获悉，近日，该公司总承包的工程，随着3#储罐5区最后一方 混凝土顺利浇筑完成，中国化学天辰公司总承包的江苏华电赣榆LNG接收站项目，较原定工期提前31 天完成3座22万方LNG储罐承台浇筑工作。这一关键节点的圆满达成，为后续储罐罐壁施工奠定了坚实 基础，也为项目整体推进赢得了宝贵时间。 作为全国首个由电力央企主导的LNG接收站项目的联合体牵头方，天辰公司项目团队始终锚定"安全零 容忍、质量创国优、进度保节点"工作目标，从"安全、质量、进度"三大关键要素出发，克服6月高温、 多雨气候等困难，提高对关键工序的检查频次，创新推行"关键节点举牌制""智慧AI+""网格化安全管 理"等举措，确保重要分部、分项工程实体质量和外观质量均符合规范标准，将"严、慎、细、实"的要 求贯穿施工全流程，保证承台工程质量与施工安全的全面可控。 据悉，江苏华电赣榆LNG接收站项目总投资约64亿元，该项目由接收站工程、码头工程、外输管道工 程三部分组成。该项目是国家天然气基础设施互联互通的重点工程，项目建成后，将进一步提升江苏省 及长三角地区供气安全性、灵活性及可靠性，优化区域能源结构，助力实现 ...

Investment Rating - The report maintains a "Buy" rating for the industry, indicating a positive outlook for investment opportunities in the Xinjiang region [5][8][9]. Core Insights - The upcoming Fourth Central Xinjiang Work Conference in 2025, coinciding with the 70th anniversary of the Xinjiang Uyghur Autonomous Region, is expected to catalyze significant policy support and investment in infrastructure and industry [1][12]. - Xinjiang's strategic importance, energy security, and ethnic unity are highlighted as key factors for sustained national support for high-quality development in the region [2][4]. - Major transportation infrastructure projects, such as the China-Kyrgyzstan-Uzbekistan Railway and the New Tibet Railway, are set to accelerate, with significant investments projected [3][15]. - The coal chemical industry in Xinjiang is anticipated to see substantial growth, with over 800 billion yuan in planned investments by mid-2025, driven by national energy security needs [4][19]. Summary by Sections Investment Opportunities - The report emphasizes the potential for investment in Xinjiang due to upcoming policy support and infrastructure projects, particularly in transportation and coal chemical sectors [1][3][4]. - Key companies recommended for investment include major construction firms like China Railway, China Railway Construction, and local firms such as Xinjiang Communications Construction [8][23]. Transportation Infrastructure - Significant railway projects are underway, including the China-Kyrgyzstan-Uzbekistan Railway with an estimated investment of 8 billion USD and the New Tibet Railway with an investment of 96 billion yuan [3][15]. - The report suggests that these projects will benefit major construction companies and local firms involved in infrastructure development [8][15]. Coal Chemical Industry - The coal chemical sector is projected to attract over 800 billion yuan in investments, with a significant portion already underway [4][19]. - Key players in this sector include China Chemical Engineering, Donghua Technology, and Sanwei Chemical, which are expected to benefit from the acceleration of project developments [19][23].

Investment Rating - The report maintains a positive outlook on industry leaders with low valuations, particularly China Chemical [1][3]. Core Viewpoints - The construction and building materials industry is currently at the bottom of its economic cycle, with expectations for stabilization and recovery due to supportive government policies [1][2]. - Recent government meetings emphasized the need for high-quality investment and the activation of private investment, which could enhance the industry's outlook [1]. - The report highlights the recent approval of two coal-to-natural gas projects in Xinjiang, marking a significant step towards low-carbon and clean development in the coal chemical industry [1]. Market Overview - As of August 1, 2025, the newly issued local government special bonds amounted to 183.204 billion yuan, a week-on-week decrease of 10.82% [2]. - In July, the total new local government special bonds issued reached 616.936 billion yuan, a month-on-month increase of 17.04% and a year-on-year increase of 119.18% [2]. - The construction index fell by 2.51% and the building materials index fell by 3.32% during the week of July 28 to August 1, 2025 [10]. Cement Market Analysis - National cement prices continued to decline, with a week-on-week drop of 0.3% as of August 1, 2025 [41]. - The average national cement price was 339.7 yuan per ton, with significant regional variations [46]. - The report anticipates a stabilization in cement prices in the short term, despite current demand not showing significant improvement [41]. Company Performance and Valuation - The report strongly recommends focusing on major construction blue-chip stocks such as China Communications Construction, China Railway Construction, and China State Construction [3]. - The construction sector's overall valuation is at a historical low, with the current price-to-earnings (P/E) ratios for the construction and building materials sectors at 8.72 and 19.67, respectively [18]. - Key companies in the construction sector are experiencing varying growth rates in new orders, with China Railway Construction showing a decline in order growth in recent quarters [63].

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Viewpoints - The "anti-involution" trend is driving quality upgrades in the industry, emphasizing investment opportunities in specialized engineering companies. This trend is expected to improve corporate profitability and increase capital expenditures in green and low-carbon transformations, benefiting specialized engineering firms [1][19][32] - The government is focusing on innovation-driven and green transformation, which is broader than the supply-side structural reforms of 2015. This includes enhancing industry self-discipline and optimizing supply structures through technological upgrades [2][13] Summary by Sections Industry Performance - The construction index fell by 2.5% in the week of July 28 to August 1, underperforming the broader market by 1.3 percentage points. Only the architectural design and services sub-sector maintained an upward trend, with notable individual stock gains [4][26] Investment Recommendations - Key investment opportunities include: 1. Cement Engineering: China National Materials (high dividend cement engineering leader, expected dividend yield over 5% in 2025) [19] 2. Metallurgical Engineering: China Steel International (low-carbon metallurgical engineering leader, expected dividend yield of 5.5% in 2025) [19] 3. Steel Structure Manufacturing: Honglu Steel Structure, Jinggong Steel Structure [19] 4. Chemical Engineering: China Chemical, Sanwei Chemical, Donghua Technology, benefiting from rising chemical product prices [19] Key Indicators - As of August 1, 2025, the cement shipment rate was 30%, down 13 percentage points from the previous week, while the asphalt plant operating rate was 33.1%, up 4.3 percentage points [3][20] Structural Changes and Opportunities - The report highlights the importance of focusing on infrastructure investments in regions with high demand, such as Sichuan, Zhejiang, Anhui, and Jiangsu, and recommends local state-owned enterprises and central enterprises involved in major infrastructure projects [32][35] Emerging Trends - The report suggests that the nuclear power sector remains highly attractive, with ongoing investments, and highlights the potential of AI and digital technologies in transforming traditional industries [34][36] Specialized Engineering Investment Targets - The report lists specific companies in specialized engineering fields, including: - China National Materials (Cement) - China Steel International (Metallurgy) - Honglu Steel Structure (Steel Structure) - China Chemical (Chemicals) [20] Conclusion - The overall sentiment is positive towards the construction and specialized engineering sectors, driven by government policies aimed at enhancing industry quality and profitability through technological and structural upgrades [1][19][32]

Group 1 - Major personnel changes have occurred at China Tianchen Engineering Co., Ltd. (China Tianchen) as announced by the China Chemical Corporation [3] - Guo Guihe has been appointed as the new Party Secretary and Chairman of China Tianchen, returning to the company after holding various leadership roles [3] - The leadership transition aims to enhance the company's contributions towards the goal of "rebuilding a higher quality China Chemical in five years" [3] Group 2 - Guo Guihe, born in June 1971, has a background as a senior engineer and has held multiple positions within China Tianchen and other related companies [3] - A training camp graduation ceremony for new employees was held on July 28, where Guo Guihe delivered a speech [3]