Core Insights - China National Chemical Corporation's subsidiary, China Tianchen Engineering Corporation, has completed the mechanical construction of the Saudi Sabic PKN MTBE project four days ahead of schedule, marking it as the largest single-unit MTBE plant globally [1] Group 1: Project Overview - The project was officially signed in November 2022 and commenced in December 2022, focusing on upgrading an existing 700,000 tons/year MTBE facility to a capacity of 1,000,000 tons/year [1] - The upgraded facility will significantly enhance economic benefits, environmental performance, and operational reliability, including the ability to generate 10 megawatts of electricity from low-pressure steam byproducts and reducing catalyst consumption by approximately 6,300 tons annually [1] - The operational downtime for the MTBE synthesis unit has been extended from 8 months to 2 years, improving overall efficiency [1] Group 2: Implementation Challenges - The project team faced multiple challenges in design, supply, construction, quality, and safety management, necessitating close collaboration with owners, suppliers, and subcontractors [1] - Real-time monitoring of design, procurement, and construction progress was implemented, along with strict control over on-site safety and execution quality [1] - Various measures were adopted, including optimizing international transportation routes, enhancing the prefabrication ratio of pipelines and steel structures, and implementing a "long-package" system for core procurement equipment, leading to the early completion of the project [1] Group 3: MTBE Characteristics - MTBE is known for its good miscibility with gasoline, low water absorption, and minimal environmental pollution, making it an effective gasoline additive with excellent anti-knock properties [2] - It improves gasoline cold-start characteristics and acceleration performance, with tests showing that gasoline containing 10% MTBE can reduce fuel consumption by 7% and significantly lower emissions of lead, carbon monoxide, and carcinogenic polycyclic aromatic hydrocarbons [2]

Core Insights - The Uzbekistan Tashkent 20 MW green hydrogen project, designed by China Chemical's Donghua Engineering Technology Co., has successfully produced hydrogen with a purity of 99.99%, marking it as the first green hydrogen project in Central Asia to enter the implementation phase [1][2] - The project is a key component of Uzbekistan's government "green energy strategy" and is the first green hydrogen project independently developed by international energy giant ACWA Power [1] Group 1 - The project is located within the MAXAM chemical plant in Tashkent, Uzbekistan, and utilizes alkaline water electrolysis technology [1] - It is equipped with four alkaline electrolyzers with a capacity of 1000 standard cubic meters per hour each, along with a rectifier, control system, gas-liquid separation, and purification systems, designed for a maximum production capacity of 4000 standard cubic meters per hour of high-purity hydrogen [1] - Upon completion, the project is expected to produce over 3000 tons of green hydrogen annually, reducing approximately 30,000 tons of CO2 emissions per year compared to the previous gray hydrogen production model [1] Group 2 - Since the project's launch in October 2023, the project team has overcome multiple challenges, including complex design standards and a variety of deliverables, successfully completing detailed engineering design work by December 2024 [2] - The company places a high emphasis on the development of the green hydrogen industry, having undertaken over 50 projects related to green hydrogen, green ammonia, green methanol, and SAF, accumulating rich engineering practice experience [2]

Core Insights - The central government has clarified its stance on addressing "involution" competition, transitioning from policy formulation to implementation since the second half of 2024 [1][2] - In July 2025, 33 construction-related central enterprises, state-owned enterprises, and private enterprises issued a "Proposal" advocating for the "Four No's" principle: no scale assembly, no blind expansion, no excessive debt, and no shell structures, aiming to resist "involution" competition and shift focus from price competition to value competition [1][2] Construction Industry Analysis - The report emphasizes the shift from price competition to value competition in the construction industry, driven by the "anti-involution" policy [2] - The analysis categorizes the construction industry into three major segments: central state-owned enterprise blue chips, international engineering, and steel structure [2] Central State-Owned Enterprises - For traditional undervalued central state-owned enterprise blue chips, the focus should be on three dimensions: dividend capability, price elasticity, and technological transformation [3] - In Q1 2025, the market share of nine major construction central enterprises increased to 59.89%, indicating strong order acquisition capabilities [3] - Companies with strong dividend capabilities, such as China State Construction and Sichuan Road and Bridge, are recommended [3] International Engineering Sector - The international engineering sector benefits from price elasticity, particularly with rising expectations for resource prices [4] - North China International, which has a significant coal sales volume, is highlighted for its potential profit contributions from coal business in 2026 [4] Steel and Cement Industries - The steel and cement industries are expected to improve profitability through the exit of outdated capacities and product structure upgrades [5] - Companies like China National Materials and China Steel International are recommended, with China Aluminum International suggested for attention [5] Steel Structure Sector - The steel structure sector is divided into manufacturing and installation segments, with rising steel prices benefiting manufacturing companies like Honglu Steel Structure [6] - The transition towards intelligent construction and green building is expected to enhance the competitive advantages of leading companies in the installation segment, such as Jinggong Steel Structure and Jianghe Group [6]

Group 1 - Hangyang Global (Ningbo) Intelligent Heavy Industry Co., Ltd. has been established with a registered capital of 170 million yuan [1][2] - The company's business scope includes manufacturing of gas and liquid separation and purification equipment, as well as processing of mechanical parts and components [1][2] - The company is jointly owned by Hangyang Co., Ltd. (002430) and China Chemical Engineering Sixth Construction Co., Ltd., a wholly-owned subsidiary of China Chemical Engineering [1][2] Group 2 - The company is located in Xiangshan County, Ningbo City, Zhejiang Province, and is registered under the local market supervision administration [2] - The legal representative of the company is Gao Yi, and it is classified as a limited liability company [2] - The business operations are set to last until August 18, 2025, with no fixed end date thereafter [2]

Key Points - The article highlights significant announcements from various companies, including stock trading issues, project investments, contract wins, operational data, equity acquisitions, share buybacks, and financial performance [1][2]. Group 1: Company Highlights - Chunzhong Technology may apply for a trading suspension if further stock trading anomalies occur [1] - North New Building Materials plans to invest in a project to produce 80 million square meters of paper-faced gypsum board and 20,000 tons of light steel keel annually [1] - Jindun Co., Ltd. recently won contracts totaling 90.8256 million yuan [1] - Xinhua Insurance reported a cumulative original insurance premium income of 137.806 billion yuan from January to July, a year-on-year increase of 23% [1] - Jiemai Technology's subsidiary plans to acquire 100% equity of Jiangxi Hongmei [1] - Shanying International has repurchased 2.65% of its shares [1] - Unisoc achieved a revenue of 3.047 billion yuan in the first half of the year, a year-on-year increase of 6.07% [1] - Aihome's net profit for the first half of the year was 789 million yuan, with a proposed dividend of 12 yuan per share [1][2] Group 2: Financial Data - Blue Lithium Chip reported a net profit of 333 million yuan in the first half of the year, a year-on-year increase of 99.09% [2] - China Construction signed new contracts totaling 2.6798 trillion yuan from January to July, a year-on-year increase of 1.4% [1] - China Chemical's total contract amount from January to July was 224.845 billion yuan [1] Group 3: Shareholder Actions - Yahui Long's actual controller and chairman plans to reduce holdings by no more than 3% [2] - Hai Kan Co., Ltd. shareholders plan to reduce holdings by a total of no more than 5.36% [2] - Shareholders of Haichuan Intelligent plan to reduce holdings by a total of no more than 6% [2] Group 4: Other Financial Activities - Shengquan Group plans to issue convertible bonds to raise no more than 2.5 billion yuan [1][2] - Jin Sanjiang plans to issue convertible bonds to raise no more than 290 million yuan for the construction of a silica production base in Malaysia [1][2]

新华财经北京8月18日电（记者沈寅飞）记者从中国化学天辰公司获悉，近日，该公司牵头总承包的陕 西榆能精细化工材料有限公司100万吨／年高端化学品新材料公辅项目，成功完成加压泵站及消防水 池、全厂废水暂存池、6#现场机柜室三个主项结构的封顶工作。 据介绍，该项目作为榆林市能源化工产业"延链补链强链"的重点项目，承载着推动榆林能源化工产业向 高端化、多元化、低碳化转型的重要使命，对推动中西部地区的经济发展和产业结构优化具有深远的影 响。 天辰公司相关负责人表示，自项目开工以来，项目部构建了适配项目需求的团队管理机制和工作模式， 完善成员沟通制度，确保各专业与现场执行团队间信息沟通渠道畅通。施工管理部与联合体成员方深入 交流，依据项目实施策划与合同要求科学开展施工部署，明确责任主体，并结合现场实际，与设计、采 购等部门高效协同，最终顺利完成三个主项结构封顶工作。下一步，榆能精细化工公辅项目部将稳步推 进项目建设向着既定目标任务奋力冲刺。 （文章来源：新华财经） ...

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [5] Core Viewpoints - The "anti-involution" policy is transitioning from policy definition to implementation, with a focus on shifting from "price competition" to "value competition" in the construction industry [14][15] - The construction sector is expected to benefit from improved cash flow and report quality due to the optimization of supply and demand dynamics, which will enhance the dividend capacity of state-owned enterprises [15][24] - The report emphasizes the importance of technology transformation and the development of non-traditional construction businesses, such as smart cities and smart construction, as key paths for traditional construction companies [2][3] Summary by Sections 1. Traditional Low-Valuation State-Owned Enterprises - The market share of nine major state-owned construction enterprises has increased from 30.45% in 2016 to 48.9% in 2024, with a further rise to 59.89% in Q1 2025, indicating strong order acquisition capabilities [15][21] - The report highlights three dimensions for understanding the implications of "anti-involution": dividend capacity, price elasticity, and technology transformation [2][14] - Companies with strong dividend capabilities, such as China State Construction and Sichuan Road and Bridge, are recommended [2][24] 2. International Engineering Sector - The international engineering sector is expected to benefit from price elasticity due to rising expectations for resource prices, particularly in coal [3][29] - The report suggests that improvements in downstream profitability and high-quality development in industries like steel and cement will drive demand for engineering companies [3][29] 3. Steel Structure Sector - The steel structure sector is divided into manufacturing and installation, with rising steel prices benefiting manufacturing companies like Honglu Steel Construction [4][29] - The transition towards intelligent and green construction is expected to enhance the competitive advantages of leading companies in the steel structure installation segment [4][29] - Companies like Jianghe Group and Jinggong Steel Construction are highlighted for their significant growth in overseas orders [4][29] 4. Key Stock Recommendations - The report recommends several stocks based on their performance and valuation metrics, including China State Construction, China Chemical, and Honglu Steel Construction, all of which have favorable P/E ratios and dividend yields [9][25][27]

Group 1 - The core point of the article is that China Chemical (601117) reported its operating performance for the first seven months, highlighting significant contract amounts in construction and consulting services [1] - The total amount of construction engineering contracts signed from January to July reached 216.116 billion yuan, while the amount for surveying, design, supervision, and consulting contracts was 1.973 billion yuan, leading to a total contract amount of 224.845 billion yuan [1] - Domestic contracts accounted for 176.885 billion yuan, while overseas contracts amounted to 47.960 billion yuan, indicating a strong domestic market presence [1] Group 2 - In July, the company secured 11 major contracts, each exceeding 500 million yuan, showcasing its capability to attract large-scale projects [1]

现将公司 2025 年 1—7 月主要经营情况公布如下，供各位投 资者参阅。 一、 按业务类型统计 1 业务类型 数量 合同金额 建筑工程承包 1659 2161.16 其 中 化学工程 1410 1765.86 基础设施 229 365.84 环境治理 20 29.46 勘察设计监理咨询 1052 19.73 实业及新材料销售 63.37 现代服务业 3.57 其他 0.62 合计 2711 2248.45 单位：亿元 币种：人民币 二、 按地区分布统计 单位：亿元 币种：人民币 证券代码：601117 股票简称：中国化学 公告编号：临 2025-042 中国化学工程股份有限公司 关于经营情况简报的公告 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。 | 序 号 | 单位名称 | 项目合同名称 | 合同金额 | | --- | --- | --- | --- | | 1 | 中国成达工程有 限公司 | 印尼 AIM 年产 20 万吨甲酸钠项目 EP 合同及 CE 合同 | 约 16.87 （折合人民币） | | 2 | 中 ...

天津北方网讯：近日，中国化学天辰公司总承包的沙特沙比克PKN MTBE项目提前4天实现机械竣工， 延续了按期完工的优良纪录。 作为天辰公司与沙比克成功合作的又一重大项目，该项目于2022年11月正式签约，当年12月开工，主要 对PKN现有70万吨/年MTBE装置进行扩能改造，将其产能提升至100万吨/年。 据悉，该项目是沙比克首个采用自有专利技术的项目，建成后将成为全球单体规模最大的年产100万吨 MTBE工厂。改造后的装置在经济效益、环保性能和运行可靠性上均有显著提升，可有效利用副产低压 蒸汽发电10MW，每年减少催化剂消耗约6300吨，MTBE合成单元开停车操作周期也由8个月延长至2 年。 项目实施过程中，项目团队直面设计、供货、施工、质量、安全管理等多重挑战，与业主、供应商、分 包商紧密协作，实时监控设计、采购和施工进度，严格把控现场安全与执行质量。通过优化国际运输路 线和现场施工方案、提高管道和钢结构预制化比例、实施核心采购设备"包长制"及现场施工区域"区长 制"等举措，项目最终提前4天完成机械竣工，获得了沙比克业主的高度赞扬，彰显了"艰苦奋斗、团结 协作、模式创新、尽善服务"的沙特团队精神，为企业深 ...