Core Viewpoint - The China Chemical Safety Association (CCSA) is actively implementing the spirit of the Central Eight Regulations to enhance party conduct and improve safety in the hazardous chemicals sector through education, self-examination, and rectification efforts [1][2][3][4][5] Group 1: Learning and Education - CCSA prioritizes learning and discussion as a continuous task, conducting seven collective learning sessions to deeply understand the importance of party conduct and the Central Eight Regulations [2] - The organization integrates learning into daily activities through various methods, ensuring no party member is left behind [2] - CCSA emphasizes the importance of party discipline by sharing typical cases of violations and conducting monthly theme days to reinforce awareness [2] Group 2: Self-Examination and Problem Identification - CCSA conducts a thorough self-assessment against the Central Eight Regulations, identifying issues through various feedback mechanisms [3] - The organization focuses on analyzing the effectiveness of industry self-regulation and the work ethic of its experts, ensuring a comprehensive review of both individual and organizational conduct [3] - A problem list and rectification ledger are established to address identified issues, with clear responsibilities assigned for corrective actions [3] Group 3: Rectification and Implementation - CCSA is committed to immediate and effective rectification of identified issues, translating educational outcomes into practical improvements [4] - The association has developed self-regulation agreements and ethical guidelines for member units to enhance safety standards and industry image [4] - CCSA promotes frugality by implementing regulations on public spending and ensuring compliance with the Central Eight Regulations during events [4] Group 4: Internal Management and Culture - CCSA is enhancing its internal management system and expert team development, recognizing the Central Eight Regulations as critical guidelines for behavior [5] - The organization emphasizes the importance of maintaining discipline and a serious approach to safety consultations and training [5]

Core Viewpoint - The company, as a leading state-owned enterprise in the chemical engineering sector, is actively engaging in green projects and innovative technologies to support national strategies and promote sustainable development [2][5][10]. Group 1: Company Background and Achievements - The company, established in 1958, has a rich history in the coal chemical industry, having completed over 70 pioneering projects in China, including the first coal-based methanol synthesis oil project and the first coal-to-natural gas project [1]. - It holds a leading position in various technologies such as methanol-to-gasoline (MTG) and toluene diisocyanate (TDI), with significant market shares in coal-to-natural gas and coking engineering [1]. - In 2024, the company ranked 71st in the China Petroleum and Chemical Industry 500 [1]. Group 2: Strategic Initiatives and Projects - The company is implementing the "135" strategy and focusing on strategic emerging industries, ecological and environmental protection, and high-value-added services to create new advantages and achieve growth [2][12]. - It is involved in significant projects like the hydrogen energy demonstration application in Guizhou and the world's largest coking park wastewater treatment plant in Shanxi, contributing to local sustainable development [5][9]. Group 3: Green Technology and Innovation - The company is advancing green technologies, including a low-carbon raw material gasification technology for producing green methanol, which is crucial for resource utilization and aligns with national carbon neutrality goals [10][11]. - It has developed a garbage gasification technology that transforms waste into hydrogen energy, contributing to pollution prevention and ecological civilization [7][10]. Group 4: International Engagement and Recognition - The company is actively participating in international exhibitions and projects, such as the first state-owned ammonium nitrate plant in Indonesia, showcasing its expertise in clean coal technology and green energy [18][21]. - It has received multiple awards for its engineering projects, including the prestigious Zhan Tianyou Award, highlighting its excellence in project planning, design, and management [13][12]. Group 5: Commitment to Sustainable Development - The company emphasizes green low-carbon development and is committed to transforming its operational model to support ecological and low-carbon economic growth [14][16]. - It has organized industry conferences to promote low-carbon concepts and technologies, enhancing its brand influence in the green sector [14][15].

Investment Rating - The report suggests a "Buy" rating for several companies including Honglu Steel Structure, China Jushi, and Puyang Refractories, among others [35]. Core Insights - The total market value of public REITs has surpassed 200 billion yuan for the first time, reaching 201.99 billion yuan as of June 5, 2025, marking a 29% increase since the end of 2024 [3][5]. - The public REITs market is experiencing a steady upward trend due to the issuance of new products and rising secondary market prices, with the market value index reaching 113.91, a 19% increase from the end of 2024 [3][5]. - The narrowing yield spread between public REITs and long-term bonds is a significant factor driving the market, with the average distribution yield for public REITs at approximately 5.82% as of June 6, 2025 [15][3]. Summary by Sections 1. Weekly Topic: Public REITs Market Value Surpasses 200 Billion Yuan - As of June 6, 2025, the public REITs market value has increased by 29% compared to the end of 2024, with new products contributing to this growth [3][5]. - The market is characterized by a rotation among different sectors, with the rental housing and consumption REIT indices showing strong performance [19][20]. 2. Major Covered Companies' Earnings Forecast and Valuation - The report includes earnings per share (EPS) forecasts for various companies, with notable mentions such as Honglu Steel Structure and China Jushi, which are expected to perform well in the coming years [35]. - The report maintains a "Buy" rating for most covered companies, indicating a positive outlook for their performance [35]. 3. Weekly Market Review - The report provides insights into the weekly performance of the construction and building materials sectors, highlighting significant price movements among key companies [48][49]. - It notes that the public REITs market has shown resilience, with various indices reflecting positive trends in the infrastructure sector [49].

Investment Rating - Industry rating is maintained at "Outperform the Market" [4] Core Viewpoints - The construction sector has shown a positive performance with a 1.33% increase, outperforming the CSI 300 by 0.36 percentage points. The focus on infrastructure investment in the central and western regions has significantly increased, with major projects and events expected to catalyze growth [1][3] - Continuous recommendations are made to focus on infrastructure investment opportunities in the central and western regions, particularly in construction, cement, and civil explosives, as well as key industries like coal chemical and nuclear power [1][2] Summary by Sections Major Projects and Catalysts in Central and Western Infrastructure - Significant projects include the Three Gorges Waterway New Channel with an investment of approximately 76.6 billion yuan and a total construction period of 100 months. Key beneficiaries include Yipuli and Kailong Co. [12][21] - The Zhejiang-Jiangxi-Guangdong Canal project is estimated to require 320 billion yuan and is expected to start construction during the 14th Five-Year Plan period, with key beneficiaries being Huase Group and Guotai Group [13][21] - In Tibet, the opening of the Yarlung Tsangpo River downstream hydropower project is anticipated, with an estimated investment exceeding 1 trillion yuan and a planned capacity of 60 million kilowatts [19][21] - The Xinjiang region is seeing the commencement of the China-Kyrgyzstan-Uzbekistan Railway, with a total cost of 8 billion USD, which is expected to catalyze related investments [20][21] Market Review - The construction index increased by 1.33% during the week, with the building design and service sectors showing strong performance, achieving gains of 2.09% and 1.34% respectively [3][23] Investment Recommendations - Emphasis on cyclical opportunities arising from improvements in infrastructure physical volume, with a focus on traditional construction blue-chip stocks and regional high-growth companies [24][28] - Recommendations include companies like Sichuan Road and Bridge, China Communications Construction, and China Railway Construction, which are expected to benefit from ongoing infrastructure projects [28] - Attention is drawn to emerging business directions and the transformation of the construction sector, particularly in AI and cleanroom sectors, with specific companies recommended for investment [29][30]

Core Viewpoint - Environmental risks are increasingly becoming a significant operational risk for listed companies, impacting both their development and public image [6][10]. Group 1: Environmental Violations and Penalties - China Chemical's subsidiary, China Chemical Second Construction Group, was fined 600,000 yuan for illegally disposing of hazardous waste by handing it over to an unqualified individual [8]. - Gansu Energy Chemical's subsidiary, Liuhua Chemical, was fined 609,000 yuan for exceeding water pollutant discharge limits, with chemical oxygen demand (COD) and ammonia nitrogen levels significantly exceeding regulatory standards [10][11]. - Innovation Medical's subsidiary, Haining Kanghua Hospital, was fined 219,050 yuan for constructing buildings without the necessary planning permits [9]. Group 2: Impact on Shareholders - The eight listed companies involved in environmental violations collectively have 628,000 shareholders, indicating potential investment risks for these stakeholders [7]. Group 3: Regulatory Context and Public Awareness - The report highlights the increasing importance of environmental information transparency in the capital market, driven by enhanced regulatory frameworks and public participation in environmental protection [12]. - The environmental information disclosure has been supported by legal frameworks, ensuring that citizens and organizations can access and supervise environmental protection efforts [12].

Group 1: Market Trends and Performance - The construction and building materials indices have shown a W-shaped fluctuation in 2025, with the building materials sector outperforming the Shanghai Composite Index by 2.5 percentage points[12] - As of May 30, 2025, the CI building materials index has increased by 0.05% compared to the end of 2024, while the CI construction index has decreased by 3.3%[12] - The construction sector's operating cash flow has improved significantly, with a net cash inflow of CNY 1,668 billion in 24Q4 and 25Q1, an increase of CNY 1,534 billion year-on-year[38] Group 2: Industry Outlook and Recommendations - The demand for renovation and urban renewal is expected to support the building materials sector, with an estimated 1.1 to 1.2 million units of renovation demand per year from 2024 to 2026, growing at a CAGR of 5%[4] - Key recommendations for investment include China State Construction, China National Materials, and China Nuclear Engineering, with target prices set at CNY 8.60, CNY 13.04, and CNY 10.81 respectively[10] - The cement industry is projected to see a 6% year-on-year decline in demand, while the glass fiber and carbon fiber sectors are expected to maintain high demand due to emerging industries[5] Group 3: Corporate Strategies and Transformations - Many small and medium-sized construction enterprises are actively seeking cross-industry transformations, with a focus on sectors like semiconductors and renewable energy[45] - The "6+4+2" trillion yuan debt restructuring plan has led to a total of CNY 3.38 trillion in debt replacement funds in 2024, benefiting smaller construction firms more significantly[37] - The construction industry is entering a phase of deep integration, with state-owned enterprises likely to increase their market share as private firms exit the market[43]

Group 1 - The company will hold its 2024 Annual General Meeting on June 26, 2025, with both on-site and online voting options available [1][3][6] - The online voting system will be provided by the Shanghai Stock Exchange, allowing shareholders to vote from 9:15 AM to 3:00 PM on the day of the meeting [1][3] - Shareholders must register to attend the meeting between June 19 and June 23, 2025, and can do so via various methods including in-person and electronic means [14][15] Group 2 - The company has proposed several resolutions for the upcoming shareholder meeting, including the appointment of directors and the approval of the 2025 audit firm [36][38] - The company plans to revise its Articles of Association and related rules to comply with updated regulations [29][40] - The company will continue to use cumulative voting for the election of directors and independent directors, allowing shareholders to allocate their votes among candidates [21][22] Group 3 - The company has selected Zhongshun Zhonghuan Accounting Firm as its auditor for the 2025 fiscal year, which has a strong track record and meets regulatory requirements [46][47][57] - The audit firm has been in operation since 1987 and has a significant number of registered accountants and audit clients across various industries [47][49] - The proposed audit fee for the upcoming year will not exceed 2.9 million yuan, which includes fees for financial statement audits and internal control audits [56]

附件 1： 中国化学工程股份有限公司章程 （2008 年 12 月 1 日公司 2008 年第三次临时股东大会审议制定） （2009 年 5 月 15 日公司 2008 年年度股东大会审议修订） （2011 年 5 月 16 日公司 2010 年年度股东大会审议修订） （2013 年 5 月 24 日公司 2012 年年度股东大会审议修订） （2017 年 5 月 19 日公司 2016 年年度股东大会审议修订） （2018 年 9 月 20 日公司 2018 年第二次临时股东大会审议修订） （2020 年 5 月 22 日公司 2019 年年度股东大会审议修订） （2021 年 2 月 23 日 2021 年第一次临时股东大会审议修订） （2021 年 10 月 12 日 2021 年第二次临时股东大会审议修订） （拟于 2025 年 6 月 26 日提请 2024 年年度股东会审议修订） 第 1页 共 41页 目 录 第 2页 共 41页 第一章 总 则 第二章 经营宗旨和范围 第三章 股 份 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第四章 股东和股东会 第一节 股东的一般规定 第二节 ...

附件 2： 股东会议事规则 目 录 第四章 附 则 第一章 总 则 第一条 为维护中国化学工程股份有限公司（以下简称公司）和股东的合法权益， 明确股东会的职责和权限，保证股东会规范、高效、平稳运作及依法行使职权，根 据《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》）、《上市公司股东会规则》等法律、法规、规范性文件及《公司章 程》的有关规定，制定本规则。 第二条 公司股东会由公司股东组成，股东会是公司的权力机构。股东会应当在 《公司法》和公司章程规定的范围内行使职权。 第三条 本规则适用于公司股东会，对公司、全体股东、股东授权代理人、公司 董事、高级管理人员以及列席股东会的其他有关人员均具有约束力。 第四条 股东会分为年度股东会和临时股东会。年度股东会每年召开一次，并应 于上一会计年度结束之后的 6 个月之内举行。临时股东会不定期召开，出现《公司 法》第一百一十三条和《公司章程》规定的应当召开临时股东会的情形时，临时股 东会应当在 2 个月内召开。 公司在上述期限内不能召开股东会的，应当报告中国证券监督管理委员会北京 监管局（以下简称北京证监局）和上海证券交易所， ...

附件 3： 第三条 董事会下设董事会办公室，处理董事会日常事务。 第四条 本规则适用于公司董事会、董事会各专门委员会、董事及本规则中涉 及的有关部门及人员。 董事会议事规则 目 录 第一章 总 则 第一章 总 则 第二章 董事会组成及职权 第一条 为进一步规范中国化学工程股份有限公司（以下简称公司）董事会的 议事方式和决策程序，促使董事和董事会有效地履行其职责，提高董事会规范运作 和科学决策水平，根据《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》）《上市公司治理准则》等法律、法规、规范 性文件和《中国化学工程股份有限公司章程》（以下简称《公司章程》）等有关规定， 制定本规则。 第一节 董事会 第二条 董事会是公司的决策机构，董事会根据股东会和《公司章程》的授权， 决定公司的重大事项，对股东会负责并报告工作。 第二章 董事会组成及职权 第一节 董事会 第二节 独立董事 第三节 董事会专门委员会 第三章 董事会会议 第四章 董事会审议程序及决议 第五章 附 则 第五条 董事会设董事 7 名，其中职工董事 1 人，设董事长 1 人，董事长由董 事会以全体董事的过半数选 ...