Investment Rating - The industry investment rating is "Overweight" [2] Core Viewpoints - The economic operation in the first three quarters of 2025 shows steady progress, with fixed asset investment and manufacturing investment growth continuing to decline. The GDP growth rates for Q1, Q2, and Q3 of 2025 are 5.4%, 5.2%, and 4.8% respectively, leading to a cumulative year-on-year fixed asset investment decrease of 0.5% [4][5] - Infrastructure investment is under pressure, with transportation, water conservancy, and public utility investment growth all facing challenges. The total infrastructure investment growth rate (including all categories) is 3.3%, down 2.1 percentage points from the previous month [5] - Real estate investment remains low, with a year-on-year decrease of 13.9% in the first nine months of 2025, indicating a weak recovery in investment [10] Summary by Sections Economic Overview - The GDP growth for the first three quarters of 2025 is 5.2%, with a decline in fixed asset investment and manufacturing investment growth rates [4][5] Infrastructure Investment - Total infrastructure investment growth is 3.3%, with specific sectors like transportation and public utilities showing negative growth [5] Real Estate Investment - Real estate investment has decreased by 13.9% year-on-year, with construction starts and completions showing slight improvements [10] Investment Recommendations - The report suggests that the overall industry is weak, but regional investments may gain flexibility with national strategic layouts. Recommended companies include China Chemical, China Energy Construction, China Railway, and China Railway Construction [14]

证券代码：601117 股票简称：中国化学 公告编号：临 2025-054 中国化学工程股份有限公司 关于经营情况简报的公告 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 和完整性承担个别及连带责任。 现将公司 2025 年 1—9 月主要经营情况公布如下，供各位投 资者参阅。 一、 按业务类型统计 三、 重大合同列示 9 月，公司单笔合同额在人民币 5 亿元以上的重大合同主要 如下： | 序号 | 单位名称 | 项目合同名称 | 合同金额 | | --- | --- | --- | --- | | 1 | 赛鼎工程有限 | 印尼 IBU 20 万吨/年绿色甲醇和 14 万 | 约 27.39 | | | 公司 | 吨/年绿色二甲醚项目 | （折合人民币） | | 2 | 中化学华谊工 程科技集团有 | 新疆三和精细化工有限责任公司氟材 料一体化项目烧碱装置及公辅工程总 | 16.00 | | | 限公司 | 承包合同 | | | 3 | 华陆工程科技 有限公司 | 兴化异地搬迁升级改造项目EPC工程 总承包合同（标段二：合成气净化及 公辅工程） ...

人民财讯10月20日电，中国化学（601117）10月20日发布经营情况简报，1—9月公司累计合同金额 2845.61亿元。按地区分布统计，境内合同额为2309.09亿元，境外合同额为536.52亿元。9月份，公司签 约6个单笔合同额在5亿元以上的重大合同。 ...

智通财经APP讯，中国化学(601117.SH)发布公告，公司2025年1-9月累计签订合同3566项，合同金额 2845.61亿元。 ...

Core Viewpoint - China Chemical (601117.SH) announced that it signed a total of 3,566 contracts with a cumulative contract value of 284.561 billion yuan from January to September 2025 [1] Group 1 - The total number of contracts signed by the company during the specified period is 3,566 [1] - The cumulative contract amount reached 284.561 billion yuan [1]

中国化学公告，截至2025年1—9月，公司累计签订合同3566项，合同金额2845.61亿元。其中建筑工程 承包2195项，合同金额2735.64亿元；勘察设计监理咨询1371项，25.95亿元；实业及新材料销售78.51亿 元，现代服务业4.89亿元，其他0.62亿元。境内合同金额2309.09亿元，境外536.52亿元。9月新签5亿元 以上重大合同6项，单笔最高约27.39亿元。 ...

Core Viewpoint - The report by Zhiyan Consulting highlights the growth and future trends in China's chemical pharmaceutical industry, indicating a steady increase in production and market dynamics from 2025 to 2031 [1]. Industry Summary - According to the National Bureau of Statistics, the production of chemical pharmaceutical raw materials in China reached 263,000 tons in August 2025, with a cumulative production of 2,477,000 tons from January to August 2025, reflecting a growth of 3.1% [1]. - The report provides insights into the supply and demand situation in the chemical pharmaceutical industry, projecting future trends and market conditions [1]. Company Summary - Listed companies in the report include Heng Rui Medicine, East China Medicine, Lizhu Group, Baiyunshan, North China Pharmaceutical, Haizheng Pharmaceutical, Fosun Pharmaceutical, Kelun Pharmaceutical, Enhua Pharmaceutical, and Xianju Pharmaceutical, indicating a diverse range of players in the market [1]. - The report emphasizes the importance of industry research and consulting services in aiding investment decisions, showcasing Zhiyan Consulting's expertise in providing comprehensive industry solutions [1].

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **China Chemicals** industry, focusing on the implications of new U.S. port fees on ethane carriers for Chinese companies, particularly **Wanhua Chemical** [2][7]. Core Insights and Arguments 1. **New U.S. Port Fees**: Effective October 14, 2025, the U.S. Trade Representative (USTR) will impose a port service fee of **$50 per ton** on ethane carriers owned or operated by Chinese entities, escalating to **$80, $110, and $140** per ton in subsequent years [2][7]. 2. **Impact on Wanhua Chemical**: Wanhua, which imports U.S. ethane for its ethylene crackers, may face increased costs estimated at **Rmb1 billion** in 2026, rising to **Rmb2 billion** by 2028. This represents **6% to 7.6%** of the current consensus net profit for FY26/27 [2][7]. 3. **Mitigation Strategies**: Wanhua is reportedly working on strategies to mitigate these costs; however, failure to do so may lead to downward revisions in consensus earnings [2][7]. 4. **Geopolitical Tensions**: The combination of geopolitical tensions and China's anti-involution measures could lead to a significant slowdown in China's chemical capacity additions from **2026 to 2030** [2][7]. 5. **Stock Recommendations**: Preferred regional companies in light of these developments include **PetroChina, LG Chem, Hengli, PTTGC, and Reliance** [2][7]. Additional Important Points 1. **Limited Impact on Satellite Chemical**: Satellite Chemical operates a fleet of vessels that are largely unaffected by the new U.S. port fees, as most are owned by non-Chinese companies [11]. 2. **Delays in Satellite's ECC Phase 3**: Construction of Satellite Chemical's third ethylene cracker has been paused due to U.S.-China tensions, which may lead to downward revisions in consensus earnings for **2027-28** [11]. 3. **Wanhua's Ethylene Cracker Updates**: Wanhua's Yantai 2 ethylene cracker is fully operational, while the Yantai 1 cracker is undergoing feedstock conversion and is expected to restart in November 2025 [11]. 4. **Potential Benefits for Non-Chinese Projects**: The slowdown in Chinese ethane demand may benefit ethane cracking projects outside China, with companies like **Reliance** and **ONGC** planning to switch to ethane for better economics [11]. 5. **Market Dynamics**: A significant slowdown in Chinese net chemical capacity additions is anticipated, which may lead to a rebalancing of global supply and demand dynamics, positively impacting regional chemical companies [11]. Conclusion The conference call highlights significant challenges and potential shifts in the China Chemicals industry due to new U.S. port fees and geopolitical tensions. Companies like Wanhua Chemical may face increased costs, while other regional players could benefit from changing market dynamics.

本周（1013-1017）建筑指数下跌 1.06%，沪深 300 板块下跌 0.32%，建筑 板块跑输大盘 0.74pct。本周建筑转型、并购重组板块涨幅靠前。当前时点， 我们认为财政资金提前下达叠加新型政策性金融工具加速落地，四季度基 建稳增长值得期待，建议关注新疆、西藏等中西部基建景气向上，同时重 视反内卷主线和重点产业投资（水电站、煤化工、核电等）带来的产业链 相关机会，同时关注并购重组及中小市值建筑转型品种。 财政资金提前下达，5000 亿新型政策性金融工具的加速落地 行业报告 | 行业研究周报 建筑装饰 证券研究报告 基建受益增量资金和政策催化，重视低估值及高股息投资机会 核心观点 中国财政部预算司一级巡视员、政府债务研究和评估中心主任李大伟 17 日 在北京介绍，今年将继续提前下达 2026 年新增地方政府债务限额，保障重 点领域重大项目资金需求，巩固拓展经济回升向好势头。国家发展改革委 政策研究室副主任、新闻发言人李超 9 月 29 日在新闻发布会上表示，为贯 彻落实党中央、国务院决策部署，促进金融更好服务实体经济，推动扩大 有效投资，国家发展改革委会同有关方面积极推进新型政策性金融工具有 关工 ...

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].