Group 1 - The development of commercial aerospace is expected to increase the demand for Nylon 66, a lightweight, high-strength, and high-temperature resistant material, which may lead to a growth in orders for related products from China Chemical [2] - The company advises investors to analyze the market demand uncertainties and the actual situation regarding the proportion of Nylon 66 sales revenue in the company's total operating income [2]

Core Insights - The professional engineering sector experienced a slight increase of 0.08% on January 19, with Hongsheng Huayuan leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up by 0.29%, while the Shenzhen Component Index closed at 14294.05, up by 0.09% [1] Stock Performance - The following stocks in the professional engineering sector showed significant declines: - Yaxiang Integration (603929) decreased by 10.00% to a closing price of 147.11, with a trading volume of 67,800 shares and a transaction value of 1.032 billion [1] - Hangxiao Steel Structure (600477) fell by 6.93% to 3.36, with a trading volume of 3,472,400 shares and a transaction value of 1.151 billion [1] - Shenghui Sun Cheng (603163) dropped by 4.91% to 86.67, with a trading volume of 103,400 shares and a transaction value of 908 million [1] Capital Flow - The professional engineering sector saw a net outflow of 182 million from institutional investors, while retail investors contributed a net inflow of 107 million [3] - Notable capital flows included: - Hongsheng Huayuan (601096) had a net inflow of 89.03 million from institutional investors, but a net outflow of 61.33 million from retail investors [3] - Lixiangte (605167) experienced a net inflow of 57.38 million from institutional investors and a net inflow of 57.46 million from retail investors [3]

Investment Rating - The report rates the industry as "Buy" [6] Core Insights - TSMC expects capital expenditure to reach USD 52-56 billion in 2026, an increase of 27%-37% from 2025 [2][3] - Longxin Technology plans to raise CNY 29.5 billion for technology upgrades in memory chip manufacturing [3] - China State Grid anticipates fixed asset investment of CNY 4 trillion during the 14th Five-Year Plan, a 40% increase from the previous plan [4] Summary by Sections Semiconductor Industry - TSMC's revenue for Q4 2025 is expected to grow by 20.5% year-on-year, with a net profit increase of approximately 35% [3] - The cleanroom sector is expected to benefit from increased capital expenditures in semiconductor manufacturing, with companies like Yaxin Integration showing significant revenue growth [3] Power and Infrastructure - China State Grid's investment plan aims to enhance system regulation capabilities and support large-scale development of new energy storage [4] - China Power Construction and China Energy Engineering are leading firms in power construction, with significant market shares in hydropower and energy storage [4] Cleanroom and Emerging Technologies - Yaxin Integration reported a 165.2% year-on-year increase in revenue for December, indicating strong demand in the cleanroom sector [3] - The report recommends companies involved in cleanroom technology, commercial aerospace, and controlled nuclear fusion as potential investment opportunities [8] Recommended Companies - The report highlights several companies for investment, including Yaxin Integration, China State Grid, and China Power Construction, based on their strong market positions and growth potential [8][9]

Group 1 - Since 2022, the chemical industry has faced price declines due to new capacity coming online and falling crude oil prices, leading to a decrease in overall profitability as companies adopt a price-for-volume strategy to capture market share [1] - In 2024, most chemical prices are stabilizing at low levels, with profitability still under pressure; however, the introduction of growth stabilization measures may lead to the elimination of some outdated capacities, improving the overall supply-demand balance and potentially enhancing product profitability [1] - According to Huatai Securities, by the second half of 2025, the profitability of bulk chemicals is expected to hit a ten-year low due to weak demand and the end of supply-side increases, with the current downturn resembling the bottom of the basic chemical sector in late 2015 [1] Group 2 - The chemical industry is characterized as a typical cyclical industry, usually experiencing a five-year cycle that includes phases of "profit upturn - capacity expansion - profit bottoming - capacity clearance/demand expectation improvement" [2] - With capital expenditure growth turning negative, anti-involution trends, global interest rate cuts, and domestic demand expansion, there is optimism for the chemical sector entering a "dawn" phase at the beginning of the 14th Five-Year Plan [2] - The chemical industry chain includes several Hong Kong-listed companies such as Sinopec (600028)(00386), Sinopec Oilfield Service (600871)(01033), and Shanghai Petrochemical (600688)(00338) [3]

Core Viewpoint - The report from Huatai Securities indicates that the profitability of bulk chemicals is expected to reach a ten-year low in the second half of 2025 due to weak demand and the end of supply-side increments [1] Group 1: Industry Outlook - The current downturn in the chemical raw materials and products industry is characterized by a fixed asset completion growth rate turning negative starting June 2025 after three years of profit stagnation [1] - The new capacity for bulk chemicals is projected to be limited in 2026-2027, indicating a challenging environment for the industry [1] - The textile, clothing, and rubber-plastic products sectors are experiencing a continuous decline in inventory, marking a transition from active destocking to passive restocking for chemical raw materials and products [1] Group 2: Future Projections - Huatai Securities believes that the bulk chemicals sector is at a dual inflection point concerning capacity and inventory cycles, with a potential recovery expected as domestic and international demand rebounds in 2026 [1] - The sales volume of Chinese chemicals accounts for over half of the global market, suggesting that future capital expenditure intensity for companies will significantly decrease compared to the period from 2015 to 2025, while dividend payout ratios are expected to rise [1]

Core Viewpoint - The report highlights the growth trends in China's chemical pesticide raw material production, indicating a positive outlook for the industry from 2025 to 2032 [1] Industry Summary - In November 2025, China's chemical pesticide raw material production reached 325,000 tons, reflecting a year-on-year increase of 4.2% [1] - From January to November 2025, the cumulative production of chemical pesticide raw materials was 3.753 million tons, showing a cumulative growth of 7.7% [1] - The report provides a comprehensive analysis of the pesticide industry, including market trends and strategic insights for the period from 2026 to 2032 [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]

转自：证券时报 人民财讯1月16日电，近日，中国化学工程东华公司与自然资源部天津海水淡化与综合利用研究所（简 称"自然资源部海水淡化所"）举行战略合作框架协议签约仪式。根据协议，双方将围绕石墨烯等新材料 的下游应用、海水资源综合利用，开展联合研发、平台共建与成果转化等合作。 ...

Group 1 - The global interest rate cut cycle is entering its second half in 2026, characterized by "internal and external easing resonance" and a shift from "extraordinary to normal" [3][4][5] - The macro liquidity environment remains favorable, with the People's Bank of China expected to maintain a moderately loose monetary policy, focusing on stabilizing economic growth and reasonable price recovery [7][59] - The depreciation of the US dollar is anticipated due to continued interest rate cuts by the Federal Reserve and worsening fiscal conditions, which will support the appreciation of the RMB and strengthen the A-share market [8][62][63] Group 2 - The long-term low interest rate environment is reshaping the stock-bond allocation logic, with a shift towards equity markets as the attractiveness of fixed income products continues to rise [13][16][44] - The "stock-bond seesaw" effect is expected to further support the A-share market, as funds flow into equities amid a low interest rate environment [14][17][44] - The demand for "deposit migration" from residents is projected to become the largest marginal increment for the market, as a significant amount of fixed-term deposits mature in 2026 [19][20][44] Group 3 - The capital market's status is significantly upgraded in the post-real estate era, becoming a core hub for economic development and resource allocation [22][47] - Policies are being implemented to enhance shareholder returns, with a focus on increasing dividend payouts and improving profit quality, which is becoming a trend in the market [32][33][56] - The overall funding ecology is improving, with a transition from a "financing-oriented" approach to a "balanced investment and financing" model, enhancing market attractiveness and stability [32][47][56]

证券日报网讯 1月14日，中国化学发布公告称，据中公司《2022年限制性股票激励计划（草案）》等相 关规定，公司6名激励对象因撤职、考核结果不达标，不符合解除限售条件，对其部分或全部限制性股 票应由公司回购，合计回购注销限制性股票21.12万股。本次注销完成后，公司总股本将由6，106， 877，362股变更为6，106，666，162股。注销日期：2026年1月19日。 （编辑 任世碧） ...

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 关于 2022 年限制性股票激励计划部分限制性股票 回购注销实施的公告 证券代码：601117 股票简称：中国化学 公告编号：临 2026-003 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》"）等相关规定，公司 6 名激励对象因撤职、考核结果不 达标，不符合解除限售条件，对其部分或全部限制性股票应由公 司回购，合计回购注销限制性股票 21.12 万股。 本次注销完成后，公司总股本将由 6,106,877,362 股变 更为 6,106,666,162 股。 本次注销股份的有关情况： 单位：万股 | 回购股份数量（万股） | 注销股份数量（万股） | 注销日期 | | --- | --- | --- | | 21.12 | 21.12 | 2026 年 1 月 19 日 | 实施情况：预计本次限制性股票将于 2026 年 1 月 19 日 完成注销。 1 一、本次 ...