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]

Meeting Overview - The shareholders' meeting was held on August 1, 2025, at China Chemical Building [1] - The meeting was convened by the board of directors and chaired by Chairman Mo Dingge, complying with the Company Law and Articles of Association [1][2] Attendance - All 6 current directors attended the meeting, along with the board secretary Zhu Jinfeng and some senior executives [2] - The voting method adhered to legal regulations and the company's articles [2] Resolutions - A resolution to elect Mr. Deng Zhaojing as a director was passed with more than half of the voting rights from attending shareholders [2] - No resolutions were rejected during the meeting [1] Legal Verification - The meeting was witnessed by Beijing Hairun Tianrui Law Firm, with lawyers Wang Caihong and Yang Yingming present [3] - The legal opinion confirmed that the meeting's procedures and resolutions were in compliance with relevant laws and regulations [4] Conclusion - The resolutions made during the shareholders' meeting are deemed legal and valid [4][5]

Group 1 - The article lists companies along with their recommendation counts and corresponding industry classifications [1] - Dongfang Fortune leads with 6 recommendations in the non-bank financial sector [1] - Other notable companies include Dongpeng Beverage, Dajin Heavy Industry, Wanhua Chemical, and Huadian Co., each with 3 recommendations in their respective industries [1] Group 2 - The industries represented include food and beverage, power equipment, basic chemicals, electronics, non-ferrous metals, agriculture, forestry, animal husbandry, steel, and construction decoration [1] - Companies like Huazhong Steel and China Chemical received 2 recommendations, indicating a moderate level of interest [1] - Xinwangda is also noted with 2 recommendations in the power equipment sector [1]

Meeting Overview - The shareholders' meeting was held on August 1, 2025, at China Chemical Building [1] - The attendance rate of ordinary shareholders and preferred shareholders with restored voting rights was 46.0375% [1] - The meeting was convened by the board of directors and chaired by Chairman Mo Dingge, complying with the Company Law and Articles of Association [1] Voting Results - All non-cumulative voting proposals were approved, with 99.7452% of A-shareholders voting in favor [1] - The proposal for the re-election of director Deng Zhaojing was also approved, with voting percentages for support, opposition, and abstention being below 5% [1] Legal Compliance - The meeting's procedures, attendance qualifications, and voting processes were verified by lawyers Wang Caihong and Yang Yingming, confirming compliance with legal regulations and the company's Articles of Association [2][3]

Core Viewpoint - The legal opinion letter confirms that the convening and procedures of the 2025 First Extraordinary General Meeting of China Chemical Engineering Co., Ltd. comply with relevant laws and regulations, ensuring the legitimacy and effectiveness of the resolutions made during the meeting [1][6]. Group 1: Meeting Procedures - The notice for the meeting was issued on July 1, 2025, and the meeting took place on August 1, 2025, at 14:30 in Beijing [2][3]. - The meeting utilized a combination of on-site and online voting, with specific time slots for online voting through the Shanghai Stock Exchange's system [3][4]. - The procedures for convening and holding the meeting were found to be in accordance with the Company Law and the rules governing shareholder meetings [3][4]. Group 2: Attendance and Voting - A total of 746 shareholders and representatives attended the meeting, representing 2,812,307,840 shares, which is 46.0375% of the total voting shares [4]. - Of the attendees, 2 shareholders voted on-site, representing 2,638,964,675 shares (43.1999%), while 744 participated via online voting, representing 173,343,165 shares (2.8376%) [4][5]. - The voting results showed that 2,805,142,531 shares (99.7452%) were in favor of the proposal, while 6,397,909 shares (0.2274%) opposed it, and 767,400 shares were abstained [5][6]. Group 3: Conclusion - The legal opinion concludes that all aspects of the meeting, including the convening, attendance, and voting procedures, were compliant with the relevant laws and regulations, rendering the resolutions valid [6].

Group 1 - The Shanghai Composite Index decreased by 0.37%, while the Shanghai Urban Infrastructure Index fell by 0.46%, closing at 1237.37 points with a trading volume of 20.049 billion yuan [1] - The Shanghai Urban Infrastructure Index has increased by 6.04% over the past month and 6.76% over the past three months, but has declined by 1.59% year-to-date [2] - The index series reflects the performance of listed companies influenced by changes in economic and consumption structures, focusing on themes such as intensive, intelligent, and green low-carbon development [2] Group 2 - The top ten weighted stocks in the Shanghai Urban Infrastructure Index include China State Construction (9.44%), China Railway (6.99%), and Poly Development (6.86%) [2] - The index is composed entirely of stocks listed on the Shanghai Stock Exchange, with the industrial sector accounting for 57.81%, real estate for 31.30%, and materials for 10.90% [3] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [3]