Core Viewpoint - China Chemical Engineering has announced a share buyback plan, with significant progress made in the acquisition of shares since the plan was disclosed [1] Group 1 - The company has cumulatively increased its shareholding by 26.323 million shares, which accounts for approximately 0.43% of the total share capital [1] - The total amount spent on the share buyback has reached RMB 200 million [1]

证券代码：601117 证券简称：中国化学 公告编号：2025-049 中国化学工程股份有限公司 关于控股股东增持股份进展公告 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。 增持计划的实施进展：本次增持计划时间过半，自本次增 持计划披露以来，截至本公告日，中国化学工程通过上海证券交 易所交易系统以集中竞价方式累计增持公司股份 26,323,000 股， 约 占 公 司 总 股 本 的 0 ...

格隆汇10月10日丨中国化学(601117.SH)公布，本次增持计划时间过半，自本次增持计划披露以来，截 至本公告日，中国化学工程通过上海证券交易所交易系统以集中竞价方式累计增持公司股份2632.3万 股，约占公司总股本的0.43%，累计增持金额为人民币2亿元。 ...

Core Viewpoint - China Chemical Engineering Group Co., Ltd. plans to increase its stake in China Chemical Engineering Co., Ltd. by 300 to 600 million CNY within 12 months, indicating confidence in the company's future performance [1] Summary by Sections Shareholding Plan - The controlling shareholder, China Chemical Engineering Group Co., Ltd., intends to increase its holdings of A-shares in the company by 300 to 600 million CNY within a year [1] - As of October 11, the company has already repurchased 26,323,000 shares, representing approximately 0.43% of the total share capital, with a total expenditure of 199,982,336.38 CNY [1] Future Actions - The company will continue to buy back shares as planned using either its own funds or borrowed funds [1] - There is a possibility that the share buyback plan may not meet expectations due to changes in the capital market, and the company will continue to disclose progress [1]

Core Viewpoint - The report highlights the growth trajectory of China's chemical fiber industry, projecting a production increase and providing insights into market dynamics from 2025 to 2031 [1] Industry Overview - In August 2025, China's chemical fiber production reached 7.45 million tons, marking a year-on-year growth of 7.1% [1] - Cumulatively, from January to August 2025, the total production of chemical fibers in China was 57.734 million tons, reflecting a growth of 5.5% [1] Companies Mentioned - Listed companies in the chemical fiber sector include Xinxiang Chemical Fiber (000949), Hengli Petrochemical (600346), Huafeng Superfiber (300180), Rongsheng Petrochemical (002493), Jilin Chemical Fiber (000420), Tongkun Co. (601233), Zhongtai Chemical (002092), Nanjing Chemical Fiber (600889), Taihe New Materials (002254), and Aoyang Health (002172) [1] Research Report - The report titled "Analysis of the Market Operation Status and Investment Prospects of China's Chemical Fiber Industry from 2025 to 2031" was published by Zhiyan Consulting, a leading industry consulting firm in China [1]

Investment Rating - The report maintains an "Outperform" rating for the construction materials sector, indicating expected performance above the market index by more than 10% over the next 6 to 12 months [5][89]. Core Views - The introduction of the "Stabilization Growth Work Plan for the Building Materials Industry (2025-2026)" aims to enhance profitability and strengthen industry management, promoting a competitive environment [1][3]. - Cement prices have seen a significant increase of 1.5% recently, with expectations for further price hikes as companies strive to meet annual growth targets [2][22]. - The glass market is experiencing a slight price increase, supported by downstream replenishment, although demand acceptance at higher prices remains limited [2][37]. - The fiberglass market shows stable pricing for non-alkali yarn, while electronic yarn remains in high demand, indicating a robust market for high-end products [2][54]. Summary by Sections Cement - National cement prices have risen significantly, with a 1.5% increase noted. Companies are expected to continue pushing for price increases as the fourth quarter approaches [2][22]. - The report anticipates that cement companies will maintain upward price momentum to achieve annual growth targets [2][22]. Glass - Float glass prices have shown a slight increase, supported by replenishment from downstream sectors, although the acceptance of high prices is limited [2][37]. - The photovoltaic glass market has seen a slight decline in demand, with inventory levels increasing, but manufacturers are maintaining stable pricing strategies [2][45]. Fiberglass - The price of non-alkali yarn remains stable, with mainstream prices for 2400tex yarn at 3250-3700 CNY/ton, while electronic yarn prices are stable due to high demand in the high-end market [2][54]. Investment Recommendations - The report suggests focusing on the cement and glass sectors due to stricter supply controls and improving profitability. Recommended companies include Conch Cement, Huaxin Cement, and Qibin Group [3][5]. - For fiberglass, companies like China National Materials and China Jushi are highlighted as beneficiaries of structural demand growth [3][5]. - In the construction sector, a recovery in infrastructure investment is anticipated, with recommendations for companies such as China Railway Construction and China State Construction [3][5].

Group 1 - Central enterprises are actively promoting projects and investments during the National Day holiday to stabilize the economy, with significant engineering projects continuing without interruption [1] - The world's first "dual-tower one machine" solar thermal energy storage power station has entered full system trial operation, marking a breakthrough in tower solar power generation technology [2] - The successful installation of the last wind turbine in the 200,000-kilowatt wind-storage project in Hegang, Heilongjiang, signifies the completion of the main engineering work [3] Group 2 - The G228 Binhai section's Tauer River Bridge has been completed and opened to traffic, significantly reducing travel time between the two banks [4] - The construction of the Zhongsha Gule Ethylene project is progressing rapidly, with over 4,000 workers on-site, achieving 82.5% overall progress [5] - The world's highest high-proportion co-firing high-alkali coal 660 MW ultra-supercritical thermal power unit has been put into operation, expected to generate 8 billion kilowatt-hours annually [6] Group 3 - The first batch of dam sections for the highest hyperbolic arch dam under construction in the domestic plateau has been successfully poured to the top, marking a significant milestone [7] - The National Development and Reform Commission is accelerating fund disbursement for the fourth quarter, with a new policy financial tool scale of 500 billion yuan aimed at supplementing project capital [8]

Core Viewpoint - The Chinese chemical pesticide raw material production is projected to grow significantly, with a notable increase in both annual and cumulative production figures for 2025, indicating a robust market outlook for the industry [1]. Industry Summary - In July 2025, the production of chemical pesticide raw materials in China (calculated as effective ingredients at 100%) is expected to reach 341,000 tons, representing a year-on-year growth of 13.7% [1]. - From January to July 2025, the cumulative production of chemical pesticide raw materials in China is anticipated to be 2.49 million tons, reflecting a cumulative growth of 9.3% [1]. - The report by Zhiyan Consulting provides a comprehensive analysis of the Chinese pesticide industry from 2025 to 2031, highlighting market trends and strategic insights [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].

Investment Rating - The industry rating is maintained at "Outperform the Market" [6] Core Viewpoints - The construction index decreased by 1.67%, while the CSI 300 index increased by 0.74%, indicating that the construction sector underperformed the market by 2.42 percentage points. The cleanroom sector is expected to benefit from the rising production expectations in the U.S. and the upcoming third-quarter reports, which may exceed expectations [1][2][3] - The cleanroom sector is experiencing renewed benefits due to U.S. policies that may require semiconductor companies to match domestic production with imports, potentially benefiting companies like TSMC and Micron Technology [2][13] - The construction sector in Sichuan is seeing a significant increase in new bids, with a total of 218 new projects worth approximately 72.2 billion yuan, a year-on-year increase of 22.20% [3][23] - The cement shipment rate and asphalt operating rate have rebounded, indicating a positive outlook for the conversion of physical workloads in construction projects [4][24] Summary by Sections Market Overview - The construction index fell by 1.67% from September 22 to September 26, while the CSI 300 index rose by 0.74%, with only the architectural design sub-sector recording a positive return of 1.02% [5][32] Investment Recommendations - Focus on infrastructure investment opportunities in regions with high growth potential, such as Sichuan, Xinjiang, and Tibet, as well as sectors like hydropower, coal chemical, and nuclear power [1][36] - Emphasize the cleanroom sector, particularly companies like Baicheng Co., Shenghui Integration, and Yaxiang Integration, which are expected to benefit from the ongoing semiconductor industry developments [17][38] Key Projects and Orders - Sichuan Road and Bridge has seen a significant increase in new bids, with a focus on major provincial projects and government special bond projects to accelerate construction progress [3][23] - The cleanroom sector's order volume remains robust, with Baicheng Co. and Shenghui Integration reporting significant year-on-year growth in new orders [18][19] Sector Performance - The cleanroom sector is expected to maintain a high level of activity, driven by domestic demand for new semiconductor production facilities and the ongoing transition of the semiconductor industry [17][21] - The construction sector is experiencing a structural recovery, with a focus on major transportation infrastructure projects and regional opportunities in high-demand areas [36][39]

Group 1 - China Chemical Engineering Fourth Construction Co., Ltd. was fined 20,000 yuan by the East China Regional Administration of Civil Aviation [1][4] - The administrative penalty decision number is Huadong Ju Fan Zhengfa Zi [2025] No. 11 [1][4] - China Chemical Engineering Fourth Construction Co., Ltd. is a subsidiary of China Chemical Engineering Group Co., Ltd., established in 1954 and relocated to Yueyang, Hunan Province in 1969 [4]