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]

邓兆敬任中国化学工程集团有限公司党委副书记、董事，提名为中国化学工程集团有限公司总经理人选。 胡富申任中国化学工程集团有限公司党委副书记。 中国机械科学研究总院集团有限公司 免去李晓东的中国机械科学研究总院集团有限公司纪委书记职务，退休。 中国冶金地质总局 国资委网站截图 中国化学工程集团有限公司 免去丁传锡的中国冶金地质总局副局长职务，退休。 中国建筑科学研究院有限公司 聘任李跃平、魏锁为中国建筑科学研究院有限公司外部董事。 新兴际华集团有限公司 聘任庄小雄、彭碧宏、雷平为新兴际华集团有限公司外部董事，吴孟飞不再担任新兴际华集团有限公司外部董 事职务。 南光（集团）有限公司〔中国南光集团有限公司〕 聘任钟华、姜岩（女）、马绍祥为南光（集团）有限公司〔中国南光集团有限公司〕外部董事，张宗真不再担 任南光（集团）有限公司〔中国南光集团有限公司〕外部董事职务。 来源：国务院国有资产监督管理委员会网站 责编：汪云鹏 校对： 苏焕文 百万用户都在看 深圳，突发重磅！这个板块，集体飙升！"辐射效应"也在酝酿？ 全线爆发，美国突传大消息！ 刚刚！全线拉升！ 重大变数！半导体，突发！ 中央明确公职人员违规吃喝认定标准 违法 ...

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 2024 年年度股东会的法律意见书 中国·北京 北京市朝阳区建外大街甲 14 号广播大厦 5 层&9 层&10 层&13 层&17 层 电话（Tel）：86-10-65219696 传真（Fax）：86-10-88381869 第 1 页 共 11 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 2024 年年度股东会的 法律意见书 2．本所律师无法对网络投票过程进行见证，参与本次会议网络投票的股东 资格、网络投票结果均由相应的证券交易所交易系统和互联网投票系统予以认证； 3．本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理办 法》和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见书出 具日以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚 实信用原则，进行了充分的核查验证，保证本法律意见所认定的事实真实、准确、 完整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大 遗漏，并承担相应法律责任。 4．本法律意见书仅供公司本次会议之目的使用，不得用作任何其他用途。 本所律师同意将本法律意见书随 ...

中国化学工程股份有限公司 2024年年度股东会决议公告 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。 证券代码：601117 证券简称：中国化学 公告编号：2025-029 3、 董事会秘书朱今风先生出席会议；部分高管列席本次会议。 (五) 公司董事和董事会秘书的出席情况 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东会召开的时间：2025 年 6 月 26 日 (二) 股东会召开的地点：中国化学大厦 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持 有股份情况： 1、 公司在任董事5人，出席4人，职工董事李胜利先生因公未能 列席本次会议； | 1、出席会议的股东和代理人人数 | 713 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 3,329,513,731 | | 3、出席会议的股东所持有表决权股份数占公司有表决权 | | | 股份总数的比例（%） | 54.5042 | 2、 公司在任监事 3 人，出席 3 人； (四) 表决方式是 ...

Group 1 - The Shanghai Composite Index opened lower and the CSI 300 Construction Engineering Index reported 3545.51 points, with a 2.45% increase over the past month, a 0.96% increase over the past three months, and a 5.80% decrease year-to-date [1] - The CSI 300 Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing a comprehensive analysis tool for investors [1] Group 2 - The CSI 300 Construction Engineering Index is fully composed of stocks from the Shanghai Stock Exchange, with 56.84% in infrastructure construction, 35.92% in housing construction, and 7.24% in specialized engineering [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December, ensuring that weight factors are updated accordingly [2] - Temporary adjustments to the index samples occur when the CSI 300 Index undergoes changes, and special events affecting a sample company's industry classification will also prompt corresponding adjustments [2]