Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Viewpoints - The construction index rose by 1.53% this week, outperforming the broader market by 0.21 percentage points, with sectors like clean rooms and chemical engineering showing strong performance [1][4] - High demand in the semiconductor-related clean room sector and the chemical engineering industry chain is recommended for investment, particularly in regions like Xinjiang and Tibet where infrastructure growth is expected [1][3] - The clean room sector shows a high level of order backlog, with significant contracts signed by companies like Yaxiang Integration and Shenghui Integration, indicating robust future performance [2][13] - The coal chemical investment landscape is promising, with projected investments exceeding 1 trillion yuan nationally, driven by green energy initiatives and the International Maritime Organization's net-zero emissions framework [3][16][20] - Anticipated infrastructure stimulus in the fourth quarter is expected to benefit the construction sector, with a focus on major transportation projects and regional opportunities in high-growth areas [22][25] Summary by Sections 1. Industry Investment Opportunities - Focus on the high-demand semiconductor clean room sector, with Yaxiang Integration reporting an order backlog of 6.105 billion yuan and a significant improvement in gross margins [2][13] - The coal chemical sector is projected to see investments of nearly 500 billion yuan in Xinjiang alone, with a national total exceeding 1 trillion yuan, indicating a strong growth trajectory [3][19] - The fourth quarter is expected to see increased infrastructure spending, with special bonds and long-term treasury bonds being issued at a rapid pace, enhancing investment in construction [22][23] 2. Market Performance Review - The construction index's performance this week reflects a positive trend, with notable gains in individual stocks such as Hainan Development (+27%) and Chongqing Construction (+25%) [4][29] - The clean room engineering sector is highlighted for its low valuation compared to peers, making it an attractive investment opportunity [14][15] 3. Investment Recommendations - Emphasis on infrastructure projects in regions with high growth potential, particularly in water conservancy, railways, and aviation, with specific recommendations for companies like Sichuan Road and Bridge and China Communications Construction [36][37] - Attention to the nuclear power sector and emerging business directions, with recommendations for companies like Libat and China Nuclear Engineering [38] - The clean room sector is expected to benefit from domestic substitution trends and the demand for new display panel production lines, with a focus on companies like Baicheng Co. and Shenghui Integration [38]

Core Insights - The epoxy propane concept has seen a rise of 2.60%, ranking 6th among concept sectors, with 19 stocks increasing in value, including Chlor-alkali Chemical and Guoen Co., which hit the daily limit, while Binhua Co., Shida Shenghua, and Wanhua Chemical also showed significant gains of 6.64%, 6.50%, and 5.79% respectively [1][2] Market Performance - The top-performing concept sectors today include: - Organic Silicon Concept: +4.65% - Fluorochemical Concept: +3.92% - Silicon Energy: +3.67% - Phosphorus Chemical: +3.47% - Titanium Dioxide Concept: +3.37% - Epoxy Propane: +2.60% [2] Capital Flow - The epoxy propane concept sector attracted a net inflow of 663 million yuan, with 13 stocks receiving net inflows, and 5 stocks exceeding 50 million yuan in net inflow. Wanhua Chemical led with a net inflow of 499 million yuan, followed by Shida Shenghua, Chlor-alkali Chemical, and China Chemical with net inflows of 108 million yuan, 77 million yuan, and 56 million yuan respectively [2][3] Stock Performance - The leading stocks in the epoxy propane concept based on net inflow and performance include: - Wanhua Chemical: +5.79%, net inflow of 498.8 million yuan, net inflow ratio of 10.15% - Shida Shenghua: +6.50%, net inflow of 108.3 million yuan, net inflow ratio of 6.78% - Chlor-alkali Chemical: +10.04%, net inflow of 77 million yuan, net inflow ratio of 40.35% - Guoen Co.: +9.99%, net inflow of 50.2 million yuan, net inflow ratio of 12.63% [4][5]

Group 1 - Wuhan is positioned as a central city in the central region and a core city in the Yangtze River Economic Belt, with its importance in national development further highlighted in recent years [2] - The local government emphasizes the need for technological innovation to lead industrial innovation and aims to build a modern industrial system while accelerating the construction of a national central city [2] - The petrochemical industry is identified as a key pillar industry for Wuhan, with a focus on deepening cooperation in energy chemistry, green chemistry, new chemical materials, and ecological environmental protection [3] Group 2 - China Chemical Engineering Group is recognized as a leading enterprise in the global chemical engineering sector and is referred to as the "national team" in China's chemical engineering field [3] - The group expresses gratitude for the support from Wuhan and highlights its strategic focus on the city for future business development, aiming to enhance investment and expand cooperation [5] - The group plans to leverage its advantages to meet Wuhan's development needs and contribute significantly to the construction of a modernized Wuhan [5]

Core Insights - China Chemical has recently signed two major high-end chemical new material projects, marking significant advancements in the industry [1][4]. Group 1: High-End Polyoxymethylene (POM) Project - China Chemical Engineering Hualu Company has signed a cooperation framework agreement with China Coal Ordos Energy Chemical Co., Ltd. for a high-end POM project, which will be the first engineering application and industrialization of self-developed high-end POM technology [1]. - POM is recognized for its excellent self-lubricating properties, fatigue resistance, and dimensional stability, making it a key polymer material to replace traditional metals like steel, copper, and aluminum [1]. - The domestic supply of high-end POM has long relied heavily on imports, with global production mainly dominated by companies like DuPont and Asahi Kasei [1][6]. Group 2: Special Nylon Series Project - China Chemical Engineering Hualu Company has also signed a cooperation framework agreement with Shanghai Jieda Chemical Technology Co., Ltd. to initiate the third phase of the Jieda project, which will cover approximately 200 acres with a total investment of about 1.85 billion yuan [4]. - The project will utilize hexamethylenediamine and 2-methylpentanediamine produced in previous phases as primary raw materials, aiming to enhance the high-end nylon industry chain and improve product value and market competitiveness [4]. Group 3: Overall Project and Financial Performance - From January to September, China Chemical signed a total of 3,566 projects with a cumulative contract amount of 284.56 billion yuan, with domestic contracts accounting for 230.91 billion yuan and overseas contracts for 53.65 billion yuan [7]. - The latest financial report indicates that in Q3 2025, China Chemical achieved revenue of 45.42 billion yuan, a year-on-year increase of 4.32%, and a net profit of 1.13 billion yuan, up 13.21% [7]. - The sales of industrial and new materials reached 7.85 billion yuan, showing a significant year-on-year growth of 23.37%, indicating a strong second growth curve for the company [7].

Investment Rating - The report indicates a positive investment outlook for the construction state-owned enterprises (SOEs) in the ESG context, highlighting strong performance in green development and social responsibility [5][11]. Core Insights - The overall ESG scores for the 19 construction SOEs are good, with 8 companies scoring above 80 and 10 between 60-79, while only 1 company scored below 60. Climate governance and governance improvements are identified as key weaknesses [11][21]. - The importance assessment is well-disclosed among the companies, with 19 companies reporting their assessments, and 17 completing dual importance assessments. However, third-party verification is lacking, with only 3 companies engaging external validation [13][18]. - Environmental disclosures are mature, but climate disclosures need improvement. The total score for "environment + climate change response" ranges from 0 to 32 out of a maximum of 34, indicating a need for better climate-related disclosures [21][22]. - Social responsibility is a strong focus, with all 19 companies disclosing relevant information, particularly in rural revitalization and social welfare, showcasing their commitment to social responsibility [50][53]. - Governance structures are generally robust, with most companies having established boards and supervisory committees, although transparency in performance evaluation and ESG integration remains an area for improvement [60][65]. Summary by Sections Overall Performance - The ESG performance of the 19 construction SOEs is generally good, with strengths in green development and social responsibility, while climate governance remains a critical shortcoming [11][21]. Importance Assessment - All 19 companies have disclosed their importance assessments, with a high level of completeness. However, third-party verification is limited, indicating a need for greater transparency [13][18]. Environmental & Climate - Environmental disclosures are well-developed, but climate-related disclosures are lagging. The overall score for environmental and climate issues indicates a need for enhanced climate strategy integration [21][22]. Social Responsibility - Social issues are prominently featured in disclosures, with a focus on rural revitalization and community welfare, reflecting a strong commitment to social responsibility among the companies [50][53]. Governance - Governance frameworks are well-established, with most companies having comprehensive governance structures. However, the integration of ESG metrics into performance evaluations is not uniformly transparent [60][65].

Investment Rating - The report rates the industry as "Positive" for A-share central enterprises in the construction sector, indicating an expectation of outperforming the overall market [3]. Core Insights - The ESG performance of 19 central enterprises in the construction industry is generally good, with strengths in green development and social responsibility, while climate governance and governance enhancement remain key weaknesses [5][13]. - The overall ESG scores show that 8 companies scored above 80, 10 companies scored between 60-79, and 1 company scored below 60, with a maximum score of 100 [13]. - Importance assessments are disclosed by all 19 companies, with 17 completing dual importance assessments, although third-party verification is lacking, with only 3 companies engaging third-party validation [16][18]. Summary by Sections 1. Overall Scores and Areas for Improvement - The ESG scores of the 19 central enterprises are generally good, with green development and social responsibility as strong areas, while climate governance and governance improvements are identified as critical weaknesses [5][13]. 2. Importance Assessment - All 19 companies disclosed importance assessments, with 17 completing dual assessments. However, third-party verification is limited, with only 3 companies providing such validation [16][18]. 3. Environmental & Climate - The total score for "Environment + Climate Change" among the 19 companies ranges from 0 to 32 points (out of 34). Two companies scored between 30-34, indicating strong performance in both environmental and climate disclosures. Twelve companies scored between 20-29, primarily focusing on environmental disclosures, while five companies scored between 10-19, showing limited engagement with climate issues [24][25]. 4. Social Responsibility - All 19 companies disclosed social responsibility initiatives, with a focus on rural revitalization and social welfare, reflecting a strong commitment to social responsibility. However, some disclosures lack quantitative performance indicators [57][60]. 5. Governance - The governance scores are primarily in the mid to high range, with most companies having established governance structures. However, the integration of ESG performance indicators into governance mechanisms remains unclear for many companies [68][73].

Core Points - The announcement from China Chemical regarding the second unlock period of the 2022 restricted stock incentive plan indicates that 18,486,600 shares will be listed for trading [2] - The shares are categorized as equity incentive shares and will be available for trading starting from November 11, 2025 [2] - The subscription method for these shares is offline [2]

证券代码：601117 证券简称：中国化学 公告编号：2025-056 中国化学工程股份有限公司 关于 2022 年限制性股票激励计划第二个解除限售期解 除限售股份上市流通的提示性公告 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、准确性和完整性依 法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下， 上市股数为18,486,600股。 本次股票上市流通总数为18,486,600股。 本次股票上市流通日期为2025 年 11 月 11 日。 中国化学工程股份有限公司（以下简称"公司"）于 2025 年 10 月 15 日召开第五届董事会考核与薪酬委员会第六次会议及第 五届董事会第三十次会议，审议通过了《关于公司 2022 年限制性 股票激励计划第二期解除限售的议案》，根据《中国化学工程股 份有限公司 2022 年限制性股票激励计划（草案）》（以下简称"《激 励计划》"）的规定和公司 2022 年第三次临时股东大会的授权， 董事会同意为公司 2022 年限制性股票激励计划符合第二期解除限 售条件的激励对象办理解除限售及股份 ...

北京海润天睿律师事务所 关于中国化学工程股份有限公司 2022 年限制性股票激励计划首次授予第二期解除限售及回购注 第 1 页 共 14 页 北京海润天睿律师事务所关于中国化学工程股份有限公司 2022 年限 制性股票激励计划首次授予第二期解除限售及回购注销部分限制性 股票相关事项的法律意见书 致：中国化学工程股份有限公司 北京海润天睿律师事务所（以下简称"本所"）接受中国化学工程股份有限 公司（以下简称"中国化学"或"公司"）的委托，就中国化学 2022 年限制性 股票激励计划（以下简称"本激励计划"）首次授予第二期解除限售（以下简称 "本次解除限售"）及回购注销部分限制性股票（以下简称"本次回购注销"） 相关事项，根据现行有效适用的《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公 司股权激励管理办法》（以下简称"《管理办法》"）、《中央企业控股上市公 司实施股权激励工作指引》（国资考分〔2020〕178 号）等有关法律法规的规定， 出具本法律意见书。 销部分限制性股票相关事项的 法律意见书 二零二五年十月 北京市朝阳区建外大街甲14号广播大 ...

Core Viewpoint - The traditional infrastructure giants are facing challenges in the first three quarters of the year, with five out of eight major state-owned construction enterprises experiencing revenue declines and seven seeing profit reductions, prompting a shift towards overseas markets as a key growth strategy [3][12]. Group 1: Performance of Major Construction Enterprises - In the first three quarters, major construction enterprises like China State Construction, China Railway, and China Communications Construction reported significant revenue declines, with China Metallurgical Group experiencing a nearly 20% drop [13][14]. - Only China Electric Power Construction, China Energy Construction, and China Chemical managed to achieve revenue growth, with increases of 3.04%, 9.62%, and 1.26% respectively [13]. - The net profit of these enterprises also showed a downward trend, with China Metallurgical Group's net profit decreasing by 41.88% [14]. Group 2: Overseas Expansion and New Opportunities - Major construction companies are increasingly focusing on overseas markets, with China Communications Construction signing contracts worth 319.746 billion yuan abroad in 2023, a 47.50% increase year-on-year [6]. - China Railway and China Electric Power Construction also reported significant growth in overseas contracts, with increases of 35.2% and 21.45% respectively [7][10]. - The "Belt and Road" initiative and other international cooperation mechanisms are providing new opportunities for these companies, as global infrastructure investment gaps are projected to reach $15 trillion by 2030 [9][10]. Group 3: Major Projects and Future Trends - Significant projects are increasingly concentrated among leading enterprises, with China Electric Power Construction and others securing large contracts in various regions, including Latin America and the Middle East [11][12]. - The demand for diverse infrastructure projects, including renewable energy and digital construction, is expected to grow, with global low-carbon infrastructure investments projected to reach $9.2 trillion from 2023 to 2030 [10]. - Countries like Indonesia, Vietnam, and Thailand are planning substantial infrastructure investments, indicating a robust future demand for construction services [10].