中化新网讯 10月18日，从中国化学（601117）工程第三建设有限公司设计院传来消息，由该院EPC总 包的铜陵利夫生物科技有限公司生物质呋喃基新材料呋喃二甲酸（FDCA）万吨级生产线项目建设进入 攻坚阶段，投产在即。 该项目将建设世界首条FDCA万吨级生产线。项目计划总投资约10亿元，本次开工的项目一期投资4亿 元，占地面积85亩，计划于2025年底正式投产。项目建成达产后，年产FDCA1.5万吨，预计产值超10亿 元。 项目将采用全流程连续化工艺，以葡萄糖等廉价糖和非粮生物质酶水解糖液为原材料，通过自主研发的 催化剂体系、连续流反应设备和固定床氧化装置，实现高效的异构化脱水和温和条件下的空气氧化。 ...

Core Viewpoint - The report highlights the growth trends in China's chemical pesticide raw material production, indicating a positive outlook for the industry from 2025 to 2031, with specific data on production volumes and growth rates [1]. Industry Summary - In August 2025, China's chemical pesticide raw material production reached 304,000 tons, marking a year-on-year increase of 3.8% [1]. - From January to August 2025, the cumulative production of chemical pesticide raw materials was 2.782 million tons, reflecting a cumulative growth of 7.2% [1]. - The report provides a comprehensive analysis of the pesticide industry, including market research and strategic insights for the period from 2025 to 2031 [1]. Company Summary - Listed companies in the pesticide sector include Yangnong Chemical (600486), Adama Agricultural Solutions A (000553), Xianda Co., Ltd. (603086), ST Hongtai (000525), Noposion (002215), Lier Chemical (002258), Runfeng Co., Ltd. (301035), and Xin'an Chemical (600596) [1].

此次液碱顺利输储，不仅为后续化水调试及系统投运奠定了坚实基础，也赢得了业主方的高度认可。项 目团队将继续秉持严谨高效的工作作风，以高标准实现项目中交为目标，全力以赴保障项目整体顺利投 产，以实干实绩助力公司高质量发展迈向新台阶。(完)(胡丹婧封泽伟) 在项目实施过程中，面对印尼现场持续高温、频繁强降雨等不利气候，项目部以精益管理为抓手，严格 把控每一环节——从管道系统检查、水压试验，到隐蔽验收、泵体对中及水运测试，均做到标准化、流 程化、责任到人。全员坚守岗位，迎难而上，在确保安全与质量的前提下稳步推进各项工作，彰显了团 队在复杂环境下的攻坚能力和专业素养。 中新网山西新闻10月27日电近日，由 中国化学 二化建承建的印尼晨曦硫磺制酸项目取得关键进展—— 液硫罐区液碱储罐顺利实现首批工艺介质一次性装碱成功，标志着项目由建设阶段逐步转入调试投产阶 段。 作为该装置的核心设备，液碱储罐由中国化学二化建依托国内自有制造厂优势自主设计并生产，实现了 从国内精工制造到海外现场安装的完整产业链协同。项目团队克服跨国物流、环境差异等挑战，将"国 内生产+国外安装"的高效模式落到实处，充分展现了中国化学二化建在非标设备领域一 ...

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [21]. Core Insights - The construction and decoration sector has shown a weekly increase of 2.91%, with the infrastructure private enterprises leading the performance at +7.55% [3][4]. - The report highlights that the GDP for the first three quarters of 2025 increased by 5.2%, while fixed asset investment decreased by 0.5% year-on-year [10][12]. - The "14th Five-Year Plan" emphasizes expanding high-level opening-up and optimizing regional economic layout, which is expected to provide significant elasticity to regional investments [10][12]. Summary by Sections 1. Market Performance - The construction sector outperformed the Shanghai Composite Index, with a weekly increase of 2.91% [4]. - The best-performing sub-sectors for the week were infrastructure private enterprises (+7.55%), decorative curtain walls (+7.00%), and infrastructure state-owned enterprises (+4.78%) [6][9]. 2. Industry Changes - The National Bureau of Statistics reported a year-on-year GDP growth of 5.2% for the first three quarters of 2025, with fixed asset investment down by 0.5% [10][12]. - Infrastructure investment (including all categories) grew by 3.3%, while real estate investment saw a significant decline of 13.9% [10][12]. 3. Key Company Updates - Jianfa Hecheng reported a revenue increase of 10.55% year-on-year and a net profit increase of 21.2% for the first three quarters of 2025 [12][14]. - Zhongyan Dadi won a procurement project worth 77.98 million yuan, accounting for 9.77% of its 2024 revenue [12][14]. - Anhui Construction won a project for the Yangzhou to Huainan expressway with a total value of 620 million yuan, representing 0.64% of its 2024 revenue [13][14]. 4. Investment Recommendations - The report recommends state-owned enterprises such as China Chemical, China Railway, and China Railway Construction due to their low valuations [3][12]. - It also suggests focusing on private enterprises like Zhizhi New Materials and Honglu Steel Structure, as well as international engineering firms like China Steel International and China Materials International [3][12].

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [4][26]. Core Insights - The report highlights a week-on-week increase in the SW Construction Decoration Index by 2.91%, with the infrastructure private enterprises sector showing the best performance at +7.55% [4][5]. - Key macroeconomic indicators include a GDP growth of +5.2% year-on-year for the first three quarters and a decline in real estate investment by -13.9% [12][14]. - The report emphasizes the potential for regional investments to gain traction as national strategic layouts deepen, suggesting that state-owned enterprises are currently undervalued [4][12]. Summary by Sections 1. Market Performance - The construction industry saw a weekly increase of +2.91%, outperforming the Shanghai Composite Index which rose by +2.88% [5][6]. - The top three sub-sectors for weekly gains were infrastructure private enterprises (+7.55%), decorative curtain walls (+7.00%), and infrastructure state-owned enterprises (+4.78%) [7][10]. 2. Industry Changes - Major changes reported include the approval of the "14th Five-Year Plan" which emphasizes high-level opening-up and optimization of regional economic layouts [12][14]. - Fixed asset investment for January to September 2025 showed a cumulative year-on-year decline of -0.5%, while infrastructure investment (including electricity) grew by +3.3% [12][14]. 3. Key Company Updates - Key companies reported significant changes, such as Jianfa Hecheng with a revenue increase of +10.55% and net profit growth of +21.2% for the first three quarters of 2025 [14][17]. - Zhongyan Dadi won contracts totaling 77.98 million yuan, representing 9.77% and 9.40% of its projected 2024 revenue from two major projects [14][17]. 4. Investment Recommendations - The report recommends state-owned enterprises like China Chemical, China Railway, and China Railway Construction, while also highlighting private companies such as Zhizhi New Materials and Honglu Steel Structure as potential investment opportunities [4][12].

中化新网讯 近日，由中国化学中国五环公司总承包的赞比亚化肥项目在连续完成输煤系统投运、锅炉 点火产汽并驱动汽轮机发电等多个重要节点后，再度完成空分压缩机透平冲转及压缩机联动试车，标志 着全厂动力系统和核心转动设备运行取得全面突破，为主工艺装置试车推进提供了坚实保障。 作为全厂运行的动力核心，锅炉点火产汽及汽轮机发电的成功，意味着赞比亚化肥项目已打通"燃煤输 送—锅炉产汽—蒸汽转化—电力输出"的关键流程，建立稳定可靠的自主能源供应体系。继项目发电并 网之后，空分压缩机透平冲转、压缩机的联动试车完成，将为工艺管道和设备提供高质量的仪表空气与 吹扫气源，标志着该项目已从公辅装置/系统调试正式转入化工装置试车阶段，将全面开启煤气化、合 成氨、尿素等主工艺装置试车序幕。 图为赞比亚化肥项目空分压缩机。(企业供图) ...

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [5] Core Insights - Infrastructure investment showed weakness in September, but the fourth quarter may benefit from increased funding and policy catalysts. The report highlights the importance of infrastructure as a stabilizing measure for the economy, with a focus on undervalued, high-dividend construction stocks [1][2] - The real estate sector saw a decline in sales area by 5.5% year-on-year from January to September, with a significant drop of 21.3% in September alone. However, the completion rate for real estate projects turned positive for the first time since 2024, indicating a potential recovery [2] - Cement demand is gradually weakening, with a production drop of 5.2% year-on-year from January to September. The report suggests that cement companies may seek to optimize supply and increase prices to recover profitability [3] - The flat glass market showed signs of improvement in September, with a slight increase in demand. However, overall production still declined by 5.2% year-on-year, and inventory levels have risen significantly [4] Summary by Sections Infrastructure Investment - Infrastructure investment from January to September showed a year-on-year increase of 1.1%, but September alone saw a decline of 4.7%. The report anticipates a recovery in the fourth quarter due to early fiscal funding and new policy financial tools [1][2] Real Estate Sector - Real estate sales area decreased by 5.5% year-on-year from January to September, with a notable drop of 11.9% in September. New construction area fell by 18.9% year-on-year, while completion area saw a slight increase in September, marking the first positive growth since 2024 [2] Cement Industry - Cement production from January to September was 1.259 billion tons, down 5.2% year-on-year. The average shipment rate was 41.3%, a decrease of 2.6 percentage points year-on-year. The report indicates that cement companies are likely to push for price increases to enhance profitability [3] Glass Industry - Flat glass production from January to September was 72.881 million weight cases, down 5.2% year-on-year. The report notes a slight improvement in demand in September, but overall inventory levels have increased significantly, indicating potential challenges ahead [4]

从资金流向上来看，当日专业工程板块主力资金净流出3.39亿元，游资资金净流入1.4亿元，散户资金净 流入2.0亿元。专业工程板块个股资金流向见下表： 证券之星消息，10月23日专业工程板块较上一交易日上涨0.03%，圣晖集成领涨。当日上证指数报收于 3922.41，上涨0.22%。深证成指报收于13025.45，上涨0.22%。专业工程板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603163 | 圣晖集成 | 46.59 | 10.01% | 5.43万 | 2.46亿 | | 605178 | 时空科技 | 39.41 | 9.99% | 4431.2 | 1746.34万 | | 300986 | 志特新材 | 12.21 | 4.72% | - 19.41万 | 2.32亿 | | 002564 | 天沃科技 | 9.38 | 3.99% | 79.67万 | 7.51亿 | | 603929 | 亚翔隼成 | 39.12 | 1.66% | 1.91万 | 73 ...

Core Insights - China Chemical Engineering Co., Ltd. (China Chemical) signed a total of 3,566 projects from January to September, with a total contract amount of 284.56 billion yuan, including 28.2 billion yuan in September alone [1][3]. Group 1: Business Performance - The total number of signed projects reached 3,566, with a cumulative contract value of 284.56 billion yuan [3]. - The breakdown of contract amounts by business type includes: - Construction Engineering Contracting: 2,195 projects totaling 273.56 billion yuan - Chemical Engineering: 1,876 projects totaling 226.17 billion yuan - Infrastructure: 291 projects totaling 43.50 billion yuan - Environmental Governance: 28 projects totaling 3.90 billion yuan - Surveying, Design, Supervision, and Consulting: 1,371 projects totaling 2.60 billion yuan - Sales of Industrial and New Materials: 785 million yuan - Modern Service Industry: 48.9 million yuan - Others: 6.2 million yuan [4]. Group 2: Major Contracts - In the first nine months, there were 78 major contracts exceeding 500 million yuan, particularly in the field of new chemical materials, involving companies such as Zhejiang Petrochemical, China National Offshore Oil Corporation, and Juhua [5]. - Significant contracts in September included: - 27.39 million yuan for a green methanol and dimethyl ether project in Indonesia - 16 million yuan for a caustic soda facility in Xinjiang - 15.40 million yuan for an EPC project in Xinhua - 14.50 million yuan for an asphalt deep processing project in Inner Mongolia - 11.79 million yuan for an ammonia synthesis project [5].

Core Viewpoint - The Chinese pesticide industry is projected to experience growth, with a significant increase in production expected by 2025, indicating potential investment opportunities in related companies [1]. Industry Summary - According to the National Bureau of Statistics, the production of chemical pesticide active ingredients in China is expected to reach 351,000 tons by April 2025, representing a year-on-year growth of 10% [1]. - From January to April 2025, the cumulative production of chemical pesticide active ingredients is projected to be 1,314,000 tons, reflecting a cumulative growth of 7.5% [1]. - The report by Zhiyan Consulting provides a comprehensive analysis of the pesticide industry in China, covering market trends and strategic insights from 2025 to 2031 [1]. Company Summary - Listed companies in the pesticide sector include Yangnong Chemical (600486), Adama Agricultural Solutions A (000553), Xianda Co., Ltd. (603086), ST Hongtai (000525), Noposion (002215), Lier Chemical (002258), Runfeng Co., Ltd. (301035), and Xin'an Chemical (600596) [1].