证券代码：601117 证券简称：中国化学 公告编号：2025-031 中国化学关于控股股东首次增持公司股份 暨增持计划进展公告 本公司董事会、全体董事及相关股东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。 重要内容提示： 已披露增持计划情况：中国化学工程股份有限公司（以下简 称"公司"）于 2025 年 4 月 12 日发布了《中国化学关于控股 股东增持公司股份计划的公告》（公告编号：2025-008），公 司控股股东中国化学工程集团有限公司（以下简称"中国化 学工程"）基于对公司价值的认可及未来持续稳定发展的信心， 为维护公司及股东利益，拟于公告披露之日起 12 个月内通过 上海证券交易所系统允许的方式增持公司 A 股股份，增持总 金额不低于人民币 3 亿元，不超过人民币 6 亿元。本次增持 资金来源为自有资金及金融机构借款。 首次增持情况：中国化学工程于 2025 年 7 月 10 日通过上海 证 券 交 易 所 交 易 系 统 以 集 中 竞 价 方 式 增 持 公 司 股 份 1,441,800 股，约占公司总股本 0.0236%，成 ...

Core Viewpoint - The Chinese pharmaceutical industry is experiencing positive changes driven by policy optimization and innovation, with a focus on internationalization and high-quality development [2][3]. Group 1: Industry Development - China's pharmaceutical industry has become a global leader in the production of active pharmaceutical ingredients (APIs) and small to medium-sized medical devices, playing an increasingly important role in the global pharmaceutical landscape [1][2]. - The industry is transitioning from exporting intermediates and APIs to a comprehensive export of innovative products, marking a significant shift in the internationalization of Chinese pharmaceuticals [2][3]. Group 2: Policy and Regulatory Environment - Recent reforms in drug and medical device regulation have enhanced the safety and effectiveness of products while stimulating innovation within the industry [4][5]. - The acceleration of drug review and approval processes, along with China's membership in the International Council for Harmonisation (ICH), has created a "fast track" for innovative drugs to enter international markets [2][3]. Group 3: Market Strategies and Internationalization - Companies are encouraged to adopt differentiated and refined market entry strategies by analyzing regional market characteristics, disease profiles, payment capabilities, and competitive landscapes [3][4]. - Successful case studies highlight the importance of collaboration, local production, and building partnerships to penetrate target markets effectively [5]. Group 4: Challenges and Future Directions - Despite the progress, the industry faces various internal and external challenges that require modernization of the regulatory system and governance capabilities to ensure high-quality development [3][5]. - The industry must maintain confidence and focus on enhancing innovation capabilities and quality control to navigate complex international environments and competition [5].

Summary of the Construction Industry Conference Call Industry Overview - The construction industry is entering a plateau phase, with a projected decline in corporate revenue for the first time in 2024, leading to an increase in receivables and weaker cash flow and profitability [1][2] - Infrastructure investment growth is expected to stabilize at 5-6% in 2025, supported by accelerated government bond issuance, although much of the new funding will be used for debt resolution rather than actual construction [1][5] Key Investment Directions - Future investments should focus on two main areas: external demand transformation and high dividend yields, along with quality business models [1][2] - Significant attention should be given to major national strategies and safety-related projects, such as special government bonds supporting dual construction initiatives, desertification control in Northeast China, and coal chemical projects in Xinjiang [1][7] Company Performance and Recommendations - In 2024, only China Energy Engineering and China Chemical Engineering are expected to achieve revenue growth, with similar expectations for 2025 [1][14] - Recommended stocks include: - **China Construction**: Strong dividend stability with an expected yield of 4-5% in 2025 [3][16] - **China Chemical**: Fast order growth and positive corporate improvement outlook [3][16] - **Sichuan Road & Bridge**: Notable for its high dividend yield and strong order backlog [17] Structural Opportunities - The construction industry is at a crossroads of transformation, with many small-cap companies in sectors like landscaping and decoration presenting merger and acquisition opportunities [4][31] - The manufacturing sector is outperforming infrastructure and real estate investments, with specific focus on power, water conservancy, and water transport investments [8] Economic Environment Impact - The overall economic environment is stable, with Q1 GDP at 5.4% and expectations for Q2 to exceed 5% [5] - Government bond issuance is robust, with special bonds increasing from 1 trillion in 2024 to 1.3 trillion in 2025, primarily for dual construction projects [7] Market Performance - In the first half of 2025, the construction industry ranked 28th in market performance, down 2.1%, with traditional state-owned enterprises underperforming [11] - Small-cap transformation companies have shown better performance compared to large state-owned enterprises [11] Industry Characteristics and Stock Selection - The construction industry is characterized by light assets, high debt, labor intensity, and a lack of significant scale advantages [12] - Stock selection should prioritize manufacturing, followed by new economy sectors, specialized engineering, and quality regional enterprises [12] Future Trends and Risks - Traditional state-owned enterprises face pressure from aging infrastructure projects, necessitating a focus on emerging fields and specialized markets [13] - The overall industry is expected to face significant pressure in 2025, with conservative performance expectations for most companies [14] Conclusion - The construction industry is currently in a transitional phase, with a need for strategic focus on high dividend stocks, emerging sectors, and structural opportunities through mergers and acquisitions. The economic environment remains stable, but the industry faces challenges that require careful navigation and selection of investment opportunities.

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The scarcity of orbital spectrum drives competition, and the construction of domestic low - orbit constellations has entered an accelerated phase. With limited low - orbit space and spectrum resources and strict deployment time requirements from the ITU, competition for resource locking is intensifying. China is expected to see an accelerated launch of low - orbit satellites from 2025 - 2030. Representative constellations include "Guowang", "Qianfan", and "Honghu - 3". Shanghai Harbor, with its satellite energy system products, is expected to benefit from the accelerated development of low - orbit satellites [5]. - Leading waterproofing companies such as Yuhong, Beixin, and Keshu have raised prices on both civil construction and engineering products. In the context of the industry's "anti - involution", the collective price increase by leading enterprises may promote price recovery, but the degree of price repair remains to be seen due to weak demand [5]. - Investment suggestions include paying attention to companies like Honglu Steel Structure, China Jushi, Punan Co., Ltd., Hainan Huatie, Beixin Building Materials, China National Chemical Engineering, China State Construction, Shanghai Harbor, Sinoma Science & Technology, and Keda Manufacturing [5]. 3. Summary According to the Table of Contents 3.1 Week - Specific Topic: Orbital Spectrum Scarcity Drives Competition, and Domestic Low - Orbit Constellation Construction Enters an Accelerated Phase - **Satellite Orbit Types**: Communication satellite orbits are mainly divided into GEO, MEO, and LEO. LEO can reduce power attenuation and communication delay, simplify terminal design, and is suitable for multi - satellite networking. Compared with GEO, LEO/MEO has smaller delay, and satellites are smaller and lighter, facilitating multi - satellite launches and reducing constellation construction costs and cycles [5][7]. - **Resource Scarcity and Competition**: Low - orbit space and frequency spectrum resources are scarce. The total capacity of low - orbit satellites is about 60,000, and Starlink plans to send 42,000 satellites into low - orbit by 2027, accounting for about 70%. The L, S, C frequency bands are almost exhausted, and the Ku, Ka bands are difficult to coordinate. According to ITU rules, operators need to complete satellite deployment within a specified time to lock resources, intensifying competition [5][11]. - **Policy Support**: Since 2014, China has successively introduced policies to encourage private capital to participate in commercial space activities. In 2023, commercial space was included in strategic emerging industries, and it has been mentioned in the government work reports of 2024 and 2025, indicating strong policy support [16]. - **Global and Domestic Constellation Construction Status**: Globally, SpaceX leads in low - orbit constellation construction, with other countries' enterprises following. In China, constellations like "Guowang", "Qianfan", and "Honghu - 3" have formulated phased launch plans. Although the number of launches in 2024 did not meet expectations, the launch rhythm is expected to accelerate from the second half of 2025 [5][17][23]. 3.2 Profit Forecast and Valuation of Main Covered Companies The report provides profit forecasts, valuations, and investment ratings for multiple companies, including Hainan Huatie, Punan Co., Ltd., China Jushi, etc. EPS, P/E, P/B, and other indicators for 2024 - 2027 are presented, and most investment ratings are maintained [33]. 3.3 Weekly Market Review - **Industry Index Performance**: In the week from June 28th to July 4th, 2025, the building and building materials industries showed certain fluctuations. Among building sub - sectors, the garden engineering index had the highest increase at 2.20%, while among various industries, the steel index had a relatively large decline [38][40]. - **Infrastructure Public REITs Performance**: The report lists the closing prices, 52 - week highs and lows, weekly, monthly, year - to - date, 250 - day, and IPO - since price changes of multiple infrastructure public REITs. The average weekly increase was 1.07%, the average monthly increase was 1.31%, and the average year - to - date increase was 20.99% [46][47]. 3.4 Aggregate Data Tracking - **Real Estate Data**: The report presents data on real estate new construction, construction, completion, sales area cumulative year - on - year growth, land transaction area, and real estate transaction data from 2022 - 2025 [49][58][68]. - **Social Financing Data**: Data on monthly new social financing, new RMB loans, new corporate bond financing, etc., from 2022 - 2025 are provided [78]. - **Infrastructure Investment Data**: The cumulative year - on - year growth rates of narrow - sense and broad - sense infrastructure investment, as well as investment in power, transportation, and water conservancy industries from 2022 - 2025, are shown. The new contract signing data of eight major construction central enterprises from 2022Q1 - 2025Q1 are also presented [88][94]. - **Special Bond Issuance Data**: Data on monthly and cumulative new and replacement special bond issuance from 2022 - 2025 are provided [96]. 3.5 High - Frequency Data Tracking - **Cement Data**: Information on national PO42.5 cement average price, East China regional cement price, cement - coal price difference index, cement capacity utilization rate, and cement production monthly year - on - year growth rate is presented [107][114]. - **Float Glass Data**: Data on glass spot price, futures price, inventory, and daily melting volume are provided [115][117][119][122]. - **Photovoltaic Glass Data**: Information on soda ash price, 2mm photovoltaic glass price, inventory, and daily melting volume is presented [122][123][125]. - **Glass Fiber Data**: Prices of SMC roving, winding direct roving, injection roving, G75 electronic yarn, and glass fiber inventory are shown [128][129][132][134][138]. - **Carbon Fiber Data**: Data on carbon fiber average price, raw silk price, inventory, production, capacity utilization rate, gross profit margin, cost, and gross profit are provided [135][139][142][146][148][151][152]. - **Magnesia and Alumina Price Data**: Prices of large - crystal fused magnesia and alumina are presented [153][156]. - **Upstream Raw Material Price Data**: Prices of asphalt, waste paper, PVC, and HDPE are shown [159][160][162][163]. - **Physical Workload Data**: Prices of titanium dioxide and acrylic acid, high - machine rental rate, excavator working hours, and asphalt average capacity utilization rate are presented [167][168][170][173].

Core Insights - The construction industry is officially entering a platform period, with infrastructure investment maintaining resilience but showing signs of decline in revenue among major state-owned enterprises [5][28][30] - The overall investment tone for infrastructure in the second half of 2025 will focus on stability, supported by proactive fiscal policies and accelerated government bond issuance [2][37] - Structural opportunities are emerging, particularly in manufacturing, power, water conservancy, and water transport sectors, driven by special government bonds [5][6] Industry Overview - The construction industry has seen a decline in total revenue for the first time in 2024, confirming a turning point for the industry [30] - The total revenue for the construction industry in 2024 was 86,962.78 billion, a decrease of 4.29% year-on-year, with net profit dropping by 13.74% [30][32] - The share of real estate in GDP has been declining since its peak in 2021, while infrastructure investment has been rising but not enough to offset the decline in real estate [26][28] Investment Strategy - Long-term investment should focus on manufacturing-oriented companies like Honglu Steel Structure, while short-term strategies should prioritize high-dividend stocks and significant changes in individual companies [6][7] - The report emphasizes the importance of structural opportunities in the construction sector, particularly in areas aligned with national strategic initiatives and safety capabilities [60] State-Owned Enterprises - There is a growing divergence among state-owned construction enterprises, with only a few, such as China State Construction and China Energy Engineering, showing positive growth in Q1 2024 [7][28] - The report recommends focusing on companies with strong dividend stability and growth potential, such as China Chemical Engineering and China Communications Construction [7][8] Professional Engineering and International Opportunities - The international engineering sector is expected to benefit from ongoing orders and the deepening of cooperation along the Belt and Road Initiative [8] - Companies like China National Materials and China Steel International are highlighted for their low valuations and high dividend yields, indicating strong performance potential [8] Mergers and Acquisitions - The construction industry is moving towards maturity, necessitating mergers and acquisitions to find new growth points [10] - The report anticipates that future mergers will primarily come from smaller, weaker segments of the industry, such as design and decoration [10]

Core Viewpoint - The article discusses recent personnel changes within China Chemical Engineering Group Co., Ltd., highlighting the appointment of Deng Zhaojing as the Deputy Secretary of the Party Committee and the nominated candidate for General Manager [1][2]. Group 1: Personnel Changes - Deng Zhaojing has been appointed as the Deputy Secretary of the Party Committee and nominated as the candidate for General Manager of China Chemical Engineering Group Co., Ltd. [1] - Hu Fushen has also been appointed as the Deputy Secretary of the Party Committee [2]. Group 2: Deng Zhaojing's Background - Deng Zhaojing, born in September 1970, is a member of the Communist Party, holds a master's degree, and is a senior engineer enjoying special government allowances [3]. - His career includes various leadership roles, such as Vice General Manager of China Tianchen Engineering Corporation and General Manager of China Chemical Science and Technology Research Institute [4]. Group 3: Achievements and Contributions - Deng Zhaojing has led significant projects, including the Xinjiang Shuguang Greenhua project with a total investment of 3.57 billion yuan, expected to generate annual sales revenue of 3.53 billion yuan [6]. - He has been instrumental in the development of high-performance single-atom materials and has played a core role in the construction of a technology innovation management system [5].

Investment Rating - The industry rating is maintained as "Outperform" [6] Core Viewpoints - The construction sector has underperformed the broader market, with a weekly increase of 0.72% compared to the 1.78% rise in the CSI 300 index, resulting in a 1.06 percentage point lag [5][26] - There is an increasing market focus on low-valuation, high-dividend stocks within the construction sector, particularly among central state-owned enterprises (SOEs), local SOEs, international engineering firms, and private enterprises [14][34] - The construction sector's central SOEs, such as China Chemical, have significantly lower price-to-earnings (PE) ratios compared to their peers, with China Chemical's PE at 7.99, placing it in the 6.8% percentile since 2010 [15][14] - Local SOEs like Shandong Road and Anhui Construction show low PE ratios of 3.94 and 6.10, respectively, with dividend yields exceeding those of central SOEs [16][14] - Private enterprises such as Jianghe Group and Sanwei Chemical also demonstrate strong dividend capabilities, with yields of 8.90% and 4.83% respectively [19][14] Summary by Sections Low-Valuation Stocks Worth Attention - Central SOEs like China Chemical and China Railway Construction have low PB ratios, with China Railway at 0.41 and China Railway at 0.45 [14][15] - Local SOEs such as Shandong Road and Anhui Construction have PE ratios significantly below 10, indicating potential investment opportunities [16][14] - Private enterprises like Jianghe Group and Yaxiang Integration have returned to reasonable valuation levels, with PE ratios of 11.66 and 12.21 respectively [19][14] Market Performance Review - The construction index increased by 0.72% in the week from June 30 to July 4, lagging behind the CSI 300's 1.78% increase [5][26] - Notable individual stock performances included Chengbang Co. (+42.23%) and Hangzhou Garden (+31.16%) [5][26] Investment Recommendations - Focus on cyclical opportunities arising from improvements in construction activity, particularly in water conservancy, railways, and aviation sectors [34][35] - Highlight the potential of nuclear power investments and emerging business directions within the construction sector [36][34] - Emphasize investment opportunities in major hydropower projects and the deep-sea economy, with recommendations for companies involved in these sectors [37][34]

Core Viewpoint - The article discusses the current state and future prospects of China's chemical new materials industry, highlighting the continuous expansion of production capacity, technological innovations, and the emergence of specialized chemical parks, while also addressing structural challenges and the need for high-quality development. Group 1: Industry Overview - In 2023, China's chemical new materials capacity reached approximately 49 million tons per year, with an output exceeding 36 million tons and a production value of over 1.37 trillion yuan, remaining stable compared to 2022, although lithium battery materials saw a decline from 540 billion yuan to 480 billion yuan [5][20]. - The chemical industry is experiencing a transition from high-speed growth to high-quality development, with total revenue of 15.95 trillion yuan in 2023, a decrease of 1.1% year-on-year, and total profits of 873.4 billion yuan, down 20.7% [20][21]. Group 2: Technological Innovations - Since the 13th Five-Year Plan, the chemical new materials sector has seen significant technological advancements, with breakthroughs in key technologies such as photovoltaic-grade EVA, optical-grade PMMA, and high-strength carbon fibers [7][8]. - A number of critical products have broken foreign monopolies and achieved industrialization, including HDI, PC, PPS, and electronic-grade chemicals [8][10]. Group 3: Key Players and Market Dynamics - Major companies in the sector include Sinopec, PetroChina, and China National Chemical Corporation, focusing on high-end polyolefins, synthetic rubber, and carbon fibers [11]. - Private enterprises are also making strides in specialized fields such as EVA, fluorinated chemicals, and nylon, contributing to the development of China's new materials industry [11]. Group 4: Specialized Chemical Parks - Several specialized chemical parks have emerged, such as the Shanghai Chemical Park and Ningbo Petrochemical Economic Development Zone, which are becoming core drivers for the development of new materials [11][12]. Group 5: Investment Trends and Policy Guidance - Under the guidance of industrial policies, there is a high investment enthusiasm in the chemical new materials sector, focusing on high-end polyolefins, engineering plastics, and functional films [17][23]. - The industry is urged to prioritize the import of high-potential products to address supply shortages and enhance domestic production capabilities [23][24]. Group 6: Challenges and Future Directions - The industry faces structural contradictions, including insufficient high-end supply and bottlenecks in key raw materials and technologies [18][20]. - The focus is shifting towards high-quality development, with an emphasis on enhancing product quality and meeting the growing domestic demand for high-performance materials [21][22].

证券代码：601117 股票简称：中国化学 公告编号：临 2025-030 中国化学工程股份有限公司 董事会原审计与风险管理委员会（监督委员会）改为审计与 风险委员会，由兰如达董事、李胜利董事、李健董事 3 人组成， 1 第五届董事会第二十七次会议决议公告 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。 重要内容提示： 一、董事会会议召开情况 中国化学工程股份有限公司（以下简称"公司"）第五届董 事会第二十七次会议通知于 2025 年 6 月 20 日发出，会议于 2025 年 6 月 27 日以现场会议方式召开。本次会议应出席董事 6 人， 实际出席董事 6 人。会议由董事长莫鼎革先生主持。本次会议的 召开符合有关法律、行政法规、规范性文件和《公司章程》《董 事会议事规则》的相关规定。 二、董事会会议审议情况 审议通过《关于调整公司董事会专门委员会名称及其组成人 员的议案》 同意调整公司董事会专门委员会名称及其组成人员： 二〇二五年七月一日 2 公司全体董事均出席本次董事会。 本次董事会所有议案均获通过。 召集人是兰如达董 ...

Summary of China Chemical's Conference Call Company Overview - **Company**: China Chemical - **Industry**: Chemical Engineering Key Points Contract and Revenue Goals - The company aims to sign new contracts worth **370 billion** yuan in 2025, with a revenue target of **196 billion** yuan and a profit target of **7.5 billion** or **7.6 billion** yuan, all showing growth compared to the previous year [2][3][4] Current Performance and Market Outlook - As of May 2025, the new contract amount reached **150.8 billion** yuan, a nearly **10%** decrease year-on-year, falling short of the **185 billion** yuan target for the first half of the year [3][4] - The company expects a rebound in the second half, driven by the release of contracts related to the Xinjiang coal chemical project and growth in overseas orders [2][3] Xinjiang Coal Chemical Project - The Xinjiang coal chemical project is projected to have a contract value of approximately **40 billion** yuan in 2025, significantly higher than the **22 billion** yuan in 2024 [2][19] - The overall investment in Xinjiang's coal chemical sector is expected to reach around **500 billion** yuan over the next **5-6 years** [19] Production and Technology Updates - The Jiuri New Materials project has upgraded to a second-generation catalyst, achieving a load of **80%-85%** as of mid-June 2025, with plans to reach full production in Q2 [2][5][6] - The company has no immediate plans for third or fourth-generation technology upgrades for adiponitrile but is exploring better processes [8] Product Focus and Market Strategy - The company is actively promoting the domestic substitution of nylon 66 and strengthening partnerships with leading industry clients such as Shenyang Chemical and Wanhua Chemical [10][12] - Current product offerings include adiponitrile, hexamethylenediamine, and nylon 66, with a focus on maintaining competitive pricing strategies [11][15] Overseas Market Expansion - The company is deepening its presence in the "Belt and Road" markets, particularly in South Asia and ASEAN, with an expected overseas market expansion scale of **140 billion** yuan in 2025, up from over **120 billion** yuan last year [2][4][16] - Key target regions include Indonesia, Vietnam, Malaysia, and the Middle East, with a focus on oil and gas and chemical market collaborations [17][18] Strategic Initiatives - The company has adopted a "135" strategy aimed at high-quality development through technological innovation and internal management improvements [3][25] - There are no current plans for a second phase of the equity incentive program due to regulatory constraints and high performance expectations [24] Financial Management and Future Outlook - The company is facing increased pressure on cash flow and project returns but is implementing measures to enhance contract selection and collection efforts [25][26] - Future dividend policies are under consideration, with potential improvements suggested based on recent trends among state-owned enterprises [26] Conclusion - China Chemical is navigating a challenging market environment with strategic initiatives aimed at growth in both domestic and international markets, while focusing on technological advancements and operational efficiency to meet its ambitious targets for 2025 [2][3][4][25]