Investment Rating - The industry rating is maintained as "Outperform" [5] Core Viewpoints - The construction sector is expected to benefit from increased funding and policy catalysts, with a focus on undervalued and high-dividend investment opportunities [13][19] - The construction index decreased by 1.06% during the week, underperforming the broader market by 0.74 percentage points, while the construction transformation and M&A sectors showed positive growth [4][30] - The government is accelerating the implementation of 500 billion yuan in new policy financial tools to support major projects, which is expected to enhance infrastructure growth in the fourth quarter [2][13] Summary by Sections Infrastructure Funding and Policy - The Ministry of Finance will continue to advance the 2026 new local government debt limit to ensure funding for key projects, with an increase of 100 billion yuan from the previous year, totaling 500 billion yuan [2][13] - The issuance of special bonds and long-term special government bonds is progressing rapidly, with a total issuance of 1.148 trillion yuan for the year, nearing 90% of the target [15][16] Valuation and Dividend Analysis - Central state-owned enterprises in the construction sector are showing significantly low price-to-earnings (PE) ratios, with China Chemical at a PE of less than 5%, and price-to-book (PB) ratios also low, indicating potential undervaluation [3][24] - China Construction currently has a dividend yield of 4.86%, outperforming other central state-owned enterprises [3][24] Regional Investment Opportunities - The western region's fixed asset investment grew by 6.6% in the first half of the year, with significant projects in Xinjiang and Tibet expected to catalyze further investment opportunities [19][20] - Key projects include the China-Kyrgyzstan-Uzbekistan railway and the Yaxia hydropower station, which are anticipated to drive demand for construction and related services [20][21] Recommended Stocks - Recommended stocks include China Chemical, China Railway Construction, and China Communications Construction, which are expected to benefit from strategic infrastructure projects and regional growth [9][37] - The report highlights the importance of focusing on high-dividend and low-valuation stocks within the construction sector, particularly in the context of ongoing government support for infrastructure development [3][21]

Investment Rating - The report recommends a "Buy" rating for several key companies in the construction and infrastructure sectors, including 精工钢构 (Jinggong Steel Structure), 鸿路钢构 (Honglu Steel Structure), 国检集团 (Guojian Group), and others [14]. Core Insights - The construction industry is entering a "stock era," focusing on urban renewal and high-quality construction, driven by the need for green, low-carbon, and smart living environments [1][18]. - Prefabricated construction is identified as a long-term trend, with steel structures expected to show high prosperity due to labor shortages and sustainability requirements [2][21]. - The demand for inspection and testing services is anticipated to peak as the existing building stock ages, with significant market potential estimated at over 20 billion yuan [3][24]. - New infrastructure initiatives, particularly in low-altitude economy and energy sectors, are expected to see rapid growth supported by government policies [4][31]. - The report highlights the strategic importance of regions like Xinjiang and Sichuan, which are set to benefit from increased investment and infrastructure development [10][12][39]. Summary by Sections Construction and Decoration - The construction industry is transitioning from extensive expansion to intensive development, focusing on urban renewal and infrastructure maintenance [1][18]. - The urbanization rate is projected to reach 67% by the end of 2024, indicating a shift in investment focus [1][18]. Prefabricated Construction - The labor force in construction is declining, with the number of construction workers dropping to 42.86 million in 2024, a significant decrease from previous years [2][21]. - The average monthly salary for construction workers is expected to rise to 5,743 yuan in 2024, reflecting a 26% increase since 2019 [2][26]. - The report sets targets for the penetration rate of prefabricated construction at 30% by 2025 and 40% by 2030 [2][21]. Inspection and Testing - The existing building area is projected to reach approximately 38.4 billion square meters by the end of 2024, leading to a surge in demand for building inspections [3][24]. - The establishment of a housing pension system and regular inspection policies in various cities is expected to drive the inspection market [3][24]. New Infrastructure - The low-altitude economy is projected to grow to 2 trillion yuan by 2030, with related infrastructure investments estimated at 300-400 billion yuan [4][31]. - Government policies are increasingly supporting the development of low-altitude infrastructure, with significant funding expected [4][31]. Strategic Regions - Xinjiang is highlighted for its robust economic growth and infrastructure investment, with over 800 billion yuan allocated for coal chemical projects by 2025 [12][41]. - Sichuan is identified as a strategic region for national development, with ongoing support for infrastructure projects [10][39].

Core Viewpoint - The report by Zhiyan Consulting highlights the growth trends in China's chemical pharmaceutical industry, projecting a production increase in raw chemical drugs by 3.4% year-on-year in April 2025, with a cumulative growth of 3.9% from January to April 2025 [1] Industry Summary - In April 2025, China's production of raw chemical drugs reached 332,000 tons, marking a year-on-year increase of 3.4% [1] - The cumulative production of raw chemical drugs from January to April 2025 totaled 1,257,000 tons, reflecting a cumulative growth of 3.9% [1] - The report provides insights into the supply and demand dynamics of the chemical pharmaceutical industry in China from 2025 to 2031 [1] Company Summary - Listed companies in the report include Heng Rui Medicine, East China Pharmaceutical, Lijun Group, Baiyunshan, North China Pharmaceutical, Haizheng Pharmaceutical, Fosun Pharmaceutical, Kelun Pharmaceutical, Enhua Pharmaceutical, and Xianju Pharmaceutical [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services for investment decisions [1]

Core Insights - The environmental impact assessment for the hydrogen acetic acid pipeline project by Fujian Haichen Chemical Co., Ltd., an indirect subsidiary of China Chemical, has received preliminary approval, with a total investment of 27.0733 million yuan [1] - The "A-share Green Report" project aims to enhance transparency in environmental information of listed companies, utilizing authoritative environmental regulatory data from 31 provinces and 337 cities [1] Financial Performance - As of the 2025 half-year report, China Chemical's main business segments include chemical engineering (82.46% of revenue), infrastructure (10.04%), and other sectors [3] - The company's market capitalization is 46.29 billion yuan, with reported revenues of 178.36 billion yuan for 2023, projected to increase to 185.84 billion yuan in 2024, and 90.42 billion yuan in the first half of 2025 [4] - The net profit attributable to shareholders for 2023 was 5.43 billion yuan, expected to rise to 5.69 billion yuan in 2024, with 3.10 billion yuan reported for the first half of 2025 [4] - The return on equity was 9.83% in 2023, decreasing to 9.50% in 2024, with a drop to 4.86% in the first half of 2025 [4] - The gross profit margin was 9.41% in 2023, increasing to 10.11% in 2024, and slightly decreasing to 9.58% in the first half of 2025 [4] - The cash flow from operating activities showed a decline, with 9.13 billion yuan in 2023, 8.72 billion yuan in 2024, and a negative cash flow of -10.03 billion yuan in the first half of 2025 [4] - Accounts receivable increased from 26.26 billion yuan in 2023 to 36.25 billion yuan in 2024, reaching 38.70 billion yuan in the first half of 2025 [4]

Core Points - China Chemical Engineering Co., Ltd. announced that the second unlock period for its 2022 restricted stock incentive plan will expire on November 11, 2025 [2] - A total of 458 eligible participants will be able to unlock 18,486,600 shares, which represents approximately 0.3027% of the company's total share capital [2] - The company will issue a notice regarding the unlocking of restricted stocks and the listing of shares after completing the necessary application procedures [2]

证券代码：601117 股票简称：中国化学 公告编号：临 2025-050 中国化学工程股份有限公司 关于回购注销 2022 年限制性股票激励计划部分限制 性股票及调整回购价格的公告 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。 重要内容提示： 回购注销原因：根据中国化学工程股份有限公司（以下 简称"公司"）《2022 年限制性股票激励计划（草案）》（以 下简称"《激励计划》"）、《2022 年限制性股票激励计划管 理办法》《2022 年限制性股票激励计划实施考核管理办法》等 相关规定，公司 1 名激励对象因被撤职，不再属于激励范围，对 其已获授权的全部限制性股票 9.9 万股由公司回购注销；公司 5 名激励对象 2024 年度考核为合格或不合格，对上述人员当年计 划解除限售股票的部分或全部由公司回购，其中 3 人考核为合格， 其个人当年计划解除限售股票的 80%可解除限售，其余 20%由公 司回购注销，2 人考核为不合格，其当年计划解除限售股票的 100%由公司回购注销。上述 5 人回购注销的限制性股票数量共计 11.2 ...

证券代码：601117 股票简称：中国化学 公告编号：临 2025-052 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 除限售条件达成的公告 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。 重要内容提示： 中国化学工程股份有限公司（以下简称"公司"）2022 年限 制性股票激励计划（以下简称"《激励计划》"）第二个解除限售 期将于 2025 年 11 月 11 日届满，相应的解除限售条件已经成就， 符合解除限售条件的激励对象共计 458 名，可解除限售的限制性股 票数量合计 18,486,600 股，约占目前公司总股本的 0.3027%。 公司将在办理完毕相关解除限售申请手续后、股份上市 流通前，发布限制性股票解除限售暨股份上市公告，敬请投资者 注意。 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》，现就 相关事项公告如下： 1 一、股权激励计划批 ...

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 二零二五年十月 北京市朝阳区建外大街甲14号广播大厦5/9/10/13/17层 邮政编码：100022 电话：86-10-65219696 传真：86-10-88381869 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》"） ...

中国化学工程股份有限公司 证券代码：601117 股票简称：中国化学 公告编号：临 2025-051 二、通知债权人的相关信息 公司本次回购注销股份将导致公司注册资本减少，根据《中 华人民共和国公司法》等相关法律、法规和《公司章程》的规定， 公司特此通知债权人。本公司债权人自接到公司通知起 30 日内、 1 未接到通知者自本公告披露之日起 45 日内，均有权凭有效债权文 件及相关凭证有权要求本公司清偿债务或者提供相应担保。债权 人如未在规定期限内行使上述权利的，不会因此影响其债权的有 效性，公司承担的相关债务（义务）将由公司根据原债权文件的 约定继续履行。 关于回购注销部分限制性股票减少注册资本 暨通知债权人的公告 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。 一、通知债权人的原因 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第三十次会议，审议通过了《关于回 购注销部分限制性股票及调整回购价格的议案》。公司将回购注销 6 名激励对象的限制性股票共计 21.12 万股，前述 ...

证券代码：601117 股票简称：中国化学 公告编号：临 2025-053 李胜利先生作为关联董事回避表决。 表决结果：通过。同意 6 票，反对 0 票，弃权 0 票。 中国化学工程股份有限公司 第五届董事会第三十次会议决议公告 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 事会第三十次会议通知于 2025 年 10 月 10 日发出，会议于 2025 年 10 月 15 日以通讯会议方式召开。本次会议应出席董事 7 人， 实际出席董事 7 人。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 （一）审议通过《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》； 1 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。 （二）审议通过《关于公司回购注销部分限制性股票及 调整回购价格的议案》； 董事会同意将该议案提交公司 2025 年第二次临时股东 ...