Investment Rating - The report maintains a "Buy" rating for China Chemical [4] Core Views - The domestic production of adiponitrile is accelerating, and the demand for civilian silk is expected to be released, indicating a broad growth space in the future. The nylon 66 (PA66) is one of the most widely used nylon products, with advantages such as high strength, good wear resistance, and excellent lubrication. However, the domestic demand for nylon 66 has not been fully released due to the influence of domestic civilian wire drawing technology. Currently, the application ratio of nylon 66 in civilian silk is low (13%). If breakthroughs in civilian silk technology are achieved, it is expected to partially replace the nylon 6 market [12][19]. Summary by Sections Production and Cost Analysis - The current production cost of adiponitrile is approximately 11,600 yuan/ton, with the main raw materials being butadiene, natural gas, and liquid ammonia. As of May 16, 2025, the prices are 11,000 yuan/ton for butadiene, 3.91 yuan/cubic meter for natural gas, and 2,430 yuan/ton for liquid ammonia [2][16][17]. Profitability and Financial Projections - The profitability of the adiponitrile project is expected to be good after reaching full production, with high profit elasticity anticipated. The report estimates the break-even price for the product under different capacity utilization scenarios. At 150% design capacity utilization (30,000 tons/year), the break-even price is 17,700 yuan/ton; at 100% (20,000 tons/year), it is 19,000 yuan/ton; and at 50% (10,000 tons/year), it is 22,900 yuan/ton. The average price of domestic adiponitrile since May is approximately 22,200 yuan/ton, close to the break-even line at 50% utilization [3][19]. Future Earnings Estimates - The report forecasts the company's net profit attributable to shareholders for 2025-2027 to be 6.4 billion, 7.3 billion, and 8.1 billion yuan, respectively, with year-on-year growth rates of 12.7%, 13.4%, and 11.2%. The current stock price corresponds to P/E ratios of 7.5, 6.6, and 6.0 for the respective years [19]. Investment Recommendation - Given the significant earnings elasticity of the company's industrial projects, accelerated execution of overseas orders, benefits from the acceleration of coal chemical investments, high profitability quality, ample cash flow, and potential for increased dividends, the report continues to recommend a "Buy" rating [19].

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1]. Core Insights - The report highlights the potential revaluation of phosphate rock value due to ongoing supply-demand tensions, with increasing demand for phosphate fertilizers and lithium iron phosphate batteries [6][4]. - The chemical industry is expected to enter a restocking cycle in 2025, driven by low inventory levels and improving profitability among leading chemical companies [5][27]. - The report emphasizes the expansion of phosphate production capacity by Batian Co., which is set to increase its phosphate rock extraction capacity to 2 million tons per year [4][6]. Summary by Sections Core Target Tracking - The report tracks key companies in the chemical sector, including Batian Co., which is expanding its phosphate production capacity significantly [4][6]. - It also notes the performance of various chemical products, with a focus on price increases for butadiene and polyester filament due to favorable market conditions [10][14]. Market Observation - The chemical sector has shown a relative performance of 6.7% over the past month, outperforming the CSI 300 index [2]. - The report indicates that the chemical industry is experiencing a recovery phase, with several companies poised for growth due to favorable market dynamics [5][27]. Data Tracking - The report provides detailed tracking of price movements for key chemical products, including butadiene, polyester filament, and various fertilizers, indicating a general upward trend in prices [10][12][17]. - It also highlights the current chemical industry sentiment index at 93.10, reflecting a positive outlook for the sector [6][33]. Investment Recommendations - The report suggests focusing on companies with low-cost expansion capabilities, such as Wanhua Chemical and various tire manufacturers, as well as those benefiting from rising product prices [5][7]. - It emphasizes the importance of high dividend yield companies in the chemical sector, particularly state-owned enterprises with stable financials [8][29].

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Viewpoints - The strategic importance of the central region has been further emphasized, particularly regarding the infrastructure boom in the Midwest, especially in Sichuan province. The central economic work conference at the end of 2023 highlighted the need to optimize major productivity layouts and strengthen the construction of national strategic hinterlands [2][13]. - The issuance of special bonds in the Midwest has significantly accelerated, with a total of 1.19 trillion yuan in new special bonds issued from January to April 2025, a year-on-year increase of 65%. This indicates a clear recovery in fixed asset investment sentiment in the region [3][14]. - The construction sector is expected to see a rebound in physical work volume, with cement shipment rates and asphalt plant operating rates showing positive trends. The cement shipment rate reached 49%, up 0.93 percentage points week-on-week, indicating optimism for Q2 [18]. Summary by Sections Strategic Importance of the Central Region - The central region's development opportunities, particularly in Sichuan, have been recognized at the highest levels of government, with strategic initiatives aimed at enhancing regional development and optimizing economic layouts [2][13][17]. Special Bond Issuance - The issuance of special bonds in the Midwest has accelerated, with Sichuan province alone issuing 800.17 billion yuan in new special bonds, a 162% increase year-on-year. This trend is expected to support infrastructure investment and economic recovery in the region [3][14]. Market Performance - The construction index rose by 1.10% during the week of May 12-16, 2025, with significant gains in the housing and construction decoration sectors. Notable stocks included Dongzhu Ecology (+22%) and Zhengzhong Design (+20%) [4][22]. Investment Recommendations - Focus on cyclical opportunities arising from improved infrastructure work volumes, particularly in water conservancy, railways, and aviation sectors. Recommended stocks include Sichuan Road and Bridge, Zhejiang Communications, and major state-owned enterprises like China Communications Construction [28][29]. - Emphasis on the transformation of the construction sector and emerging business directions, such as AI-driven computing power facilities and cleanroom technology, with recommendations for companies like Hainan Huatie and Baicheng Co [30][31].

Group 1 - The Ministry of Commerce has issued the third batch of best practice cases for the national service industry expansion pilot, focusing on replicable and promotable experiences for service industry development [1] - The best practices include 11 innovative measures across three areas: industrial ecosystem construction, international cooperation, and regional collaboration [1] - The measures reflect collaborative openness and integrated innovation in key industries such as culture, technology, and healthcare [1] Group 2 - The State Administration for Market Regulation is soliciting public opinions on the revised draft regulations to curb the abuse of administrative power that restricts competition [2] - The National Bureau of Statistics reported that the average annual salary for urban non-private and private sector employees in 2024 will be CNY 124,110 and CNY 69,476, respectively [2] Group 3 - The Ministry of Finance and the Financial Regulatory Bureau have announced a push for the digitalization of bank confirmations to enhance efficiency and security [3] - The notification emphasizes the importance of increasing the number of entities accessing the bank confirmation platform [3] Group 4 - The Ministry of Commerce and the National Development and Reform Commission have revised the "Catering Industry Promotion and Management Measures," adding provisions to encourage international cooperation and digital development [4] - The revised measures include 25 articles aimed at promoting high-quality development in the catering industry [4] Group 5 - The State-owned Assets Supervision and Administration Commission announced personnel changes in 10 central enterprises, including leadership appointments and removals [5][6] Group 6 - The China Securities Regulatory Commission encourages private equity funds to participate in mergers and acquisitions of listed companies, with adjustments to lock-up periods for investments [7] - The Shenzhen Stock Exchange is monitoring stocks with abnormal price fluctuations, including "ST Yushun" and "ST Jiajia" [8] Group 7 - The Shenzhen Stock Exchange will host the 2025 Global Investor Conference to showcase the investment value of Chinese assets and the A-share market [9] Group 8 - The Ministry of Industry and Information Technology is accelerating the development of 5G-A and 6G technologies to support modern industrial systems [13] - The National Data Bureau aims for the core value added of the digital economy to exceed 10% of GDP by the end of 2025 [14] Group 9 - The Ministry of Industry and Information Technology reported that China has built the world's largest and most advanced information and communication network, with 5G applications covering 86 of 97 national economic categories [15] Group 10 - Binhai Energy plans to acquire 100% equity of Cangzhou Xuyang Chemical Co., Ltd., with the stock expected to resume trading on May 19, 2025 [17] - The automotive industry is set to benefit from a significant release of funds due to a recent reserve requirement ratio cut, potentially exceeding CNY 1 trillion [18] Group 11 - Xiaomi's President revealed that products using the self-developed "Xuanjie" chip will extend beyond smartphones [21] - Huamin Co. and Tiantai Robotics signed a strategic cooperation agreement to advance the robotics industry [21] Group 12 - Xiangzi High-Tech announced the sale of an 80% stake in Heilongjiang Yunfeng Automobile Co., Ltd. for CNY 24.6 million, aiming to restructure its fuel vehicle business [22] - ST Kexin has successfully removed its delisting risk warning and will change its stock name to Kexin Development [23] Group 13 - *ST Aonong has received approval to remove its delisting risk warning, with its stock name changing to Aonong Biological [24][25] - Jianghan New Materials plans to repurchase shares worth CNY 200 million to CNY 400 million [26] Group 14 - Siyuan Electric intends to repurchase shares worth CNY 300 million to CNY 500 million [27] - Liren Lizhuang reported that products containing "Mikang Sulfur" have a minimal impact on overall business performance [28] Group 15 - Jinhe Biological's controlling shareholder plans to reduce its stake by up to 3% [29] - Guanghui Energy announced the transfer of 15.03% of its shares to two insurance companies [30] Group 16 - Tailing Microelectronics reported a reduction in the National Big Fund's shareholding to 6.95% [31] - AVIC High-Tech plans to invest CNY 918 million to enhance its capabilities in aviation composite materials [32]

Group 1 - The domestic production of adiponitrile is accelerating, and the demand for civilian silk is expected to be released, indicating a broad growth space for nylon 66 (PA66) [1] - Currently, the application ratio of nylon 66 in civilian silk is low (13%), but successful breakthroughs in civilian silk technology could partially replace the nylon 6 market, which had a consumption of 4.35 million tons in 2023 [1] - China's reliance on imports of adiponitrile from the US has been high, with US companies holding a significant share of global production capacity, leading to potential price fluctuations due to trade tensions [1][2] Group 2 - Invista's adiponitrile production capacity in Shanghai is primarily for internal supply, limiting external sales, while the domestic project by China Chemical has successfully overcome technical barriers [2] - The production cost of adiponitrile is approximately 11,600 yuan per ton, with key raw materials including butadiene, natural gas, and liquid ammonia [2] - The project by China Chemical is expected to benefit from the acceleration of domestic adiponitrile replacement and increased demand for civilian silk [2] Group 3 - The profitability of the adiponitrile project is projected to be strong, with break-even prices estimated at 17,700 yuan per ton at 150% capacity utilization and 19,000 yuan per ton at 100% utilization [3] - The average price of domestic adiponitrile since May has been around 22,200 yuan per ton, close to the break-even line at 50% capacity utilization [3] - The projected net profits for the company from 2025 to 2027 are expected to grow by 12.7%, 13.4%, and 11.2% respectively, with current price-to-earnings ratios of 7.5, 6.6, and 6.0 times [3] Group 4 - The company is recommended for continued focus due to significant earnings elasticity from industrial projects, accelerated execution of overseas contracts, and strong cash flow [4]

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The domestic production of adiponitrile is accelerating, and the demand for civilian nylon is expected to be released, indicating a broad growth space in the future. Nylon 66, one of the most widely used nylon products, has a low application ratio in civilian yarns (13%), which could potentially replace the nylon 6 market if technological breakthroughs occur [1][12] - The company has successfully overcome significant technical barriers in adiponitrile production, making it the first project in China with independent intellectual property rights to produce adiponitrile on a large scale using the direct hydrogenation method [1][12] - The project is expected to benefit from the acceleration of domestic adiponitrile production and the increase in demand for civilian yarns [1][12] Summary by Sections Production Cost and Profitability - The estimated cost of producing adiponitrile is approximately 11,600 CNY per ton, with the main raw materials being butadiene, natural gas, and liquid ammonia [2][16] - The break-even price for the company's adiponitrile project is estimated at 17,700 CNY per ton at 150% capacity utilization and 19,000 CNY per ton at 100% capacity utilization [3][17] - The projected net profit for the company is expected to be 3.62 billion CNY at full capacity and 7.64 billion CNY after technical upgrades [3][19] Financial Projections - The company’s projected net profits for 2025-2027 are 6.4 billion, 7.3 billion, and 8.1 billion CNY, respectively, with year-on-year growth rates of 12.7%, 13.4%, and 11.2% [3][19] - The current price-to-earnings (P/E) ratios for the years 2025, 2026, and 2027 are estimated at 7.5, 6.6, and 6.0 times, respectively [3][19] Market Context - The global capacity for adiponitrile production is currently dominated by American companies, with significant reliance on imports. The domestic market is expected to shift towards local production to ensure supply chain security [1][12] - The company is well-positioned to capitalize on the increasing domestic demand and the potential for market share growth in the nylon 66 sector [1][12]

本周76股获机构扎堆关注。 据证券时报·数据宝统计，本周（5月12日~16日），55家机构合计进行684次评级，共计541股被券商研报给予"买入型"评级（包括买入、增持、强烈推 荐、推荐）。 合计来看，共23股获3家及以上机构重点关注。机构关注度最高的是鼎捷数智，有5家机构评级；中芯国际、中国化学等5股有4家机构评级。 评级机构家数3家及以上的个股中，汽车股上榜数量最多，共6只。本周汽车板块表现强势，近日国家强制标准《轻型汽车自动紧急制动系统技术要求及试 验方法》完成起草，AEBS将强制安装（详见《强制安装！汽车新规来了，曾引爆大佬口水战，产业链公司曝光》），周五汽车行业指数大涨1.91%，逾 10股涨停。通信、机械设备行业紧随其后，分别有3只个股上榜。 23股获机构上调评级 14股最高上涨空间超60% | | | | 本周(5月12日~16日) 评级机构家数居前的个股 | | | | --- | --- | --- | --- | --- | --- | | 代码 | 简称 | 评级家数 | 息市值 (亿元) | 5月以来 涨跌幅 | 行业 | | | | | | (%) | | | 300378 | 鼎捷 ...

Core Viewpoint - The signing of the EPC contract for the Aktyubinsk Ferroalloy Plant flue gas power generation project marks a significant milestone in the collaboration between China Chemical Tianchen Company and Kazakhstan's ERG Group, representing the first flue gas recovery power generation project in Central Asia, emphasizing innovative environmental technology and substantial emission reduction benefits [2][3]. Group 1 - The project will utilize Tianchen Company's efficient green flue gas recovery power generation technology to recycle production flue gas from the ERG Group's Aktyubinsk Ferroalloy Plant, enabling power generation [2]. - Upon completion, the project is expected to save approximately 200 million standard cubic meters of natural gas annually and reduce carbon dioxide emissions by 320,000 tons, contributing to energy utilization efficiency and significantly lowering electricity costs for the enterprise [2]. - The project is recognized as a key initiative in Kazakhstan's green power sector, supporting the country's energy conservation and emission reduction goals while promoting sustainable economic development [2]. Group 2 - The successful implementation of the Aktyubinsk Ferroalloy Plant flue gas power generation project exemplifies Tianchen Company's innovative "T+EPC" business model, leveraging its advantages in flue gas recovery technology and engineering contracting experience [3]. - This project is expected to bring significant economic and environmental benefits to Kazakhstan and establish a benchmark for green energy engineering in the region, showcasing the core competitiveness of "China Chemical Intelligence Manufacturing" [3]. - The project will provide strong momentum for China Chemical's entry into the global high-end engineering market and serves as a vivid representation of the win-win cooperation between China and Kazakhstan under the "Belt and Road" initiative [3].

Investment Rating - The report maintains a "Positive" outlook for the building materials industry [2] Core Insights - The building materials sector continues to experience historical lows in 2024 and 2025, but signs of improvement are emerging [4][12] - Revenue for the building materials sector in 2024 is projected at CNY 682.93 billion, a year-on-year decline of 12.41%, ranking second to last among 31 industries [4][16] - In Q1 2025, the sector's revenue decline narrowed to 1.60%, with a revenue of CNY 129.83 billion, improving its ranking to 18th among industries [5][40] - The net profit margin and return on equity (ROE) are at historical lows, with the sector's net profit margin dropping to 2.61% in 2024 [25][28] Summary by Sections 1. Industry Performance Overview - The building materials sector's revenue and net profit continue to decline in 2024, remaining at the bottom of industry rankings [4][16] - Q1 2025 shows a narrowing revenue decline and improvements in net profit and cash flow, with a net profit of -CNY 243 million, a 74.02% year-on-year increase [5][44] 2. Segment Performance - In Q1 2025, segments like cement and glass fiber show positive revenue growth, with cement revenue up 0.11% and glass fiber up 25.24% [6][55] - Most segments, except for pipes, show improvements in net profit year-on-year, with cement, glass fiber, refractory materials, and coatings ending their respective revenue declines [6][58] 3. Investment Strategy - The report suggests that leading companies in the sector can achieve better growth in a challenging environment through internal and external development strategies [8][81] - The anticipated recovery of the real estate sector is expected to stabilize demand for building materials, leading to valuation recovery in the industry [8][84] - Recommended companies include Beixin Building Materials, Weixing New Materials, Shandong Pharmaceutical Glass, and others [8][84]

【导读】中国化学（601117）孙公司涉康得新证券虚假陈述责任纠纷诉讼 5月15日，中国化学工程股份有限公司（以下简称中国化学）发布公告称，孙公司中国化学赛鼎宁波工程有限公司（以下简称赛鼎 宁波）近日收到江苏省苏州市中级人民法院送达的《应诉通知书》，获悉赛鼎宁波涉及浙江中泰创赢资产管理有限公司（以下简称 中泰创赢）起诉康得新复合材料集团股份有限公司（以下简称康得新）证券虚假陈述责任纠纷诉讼。 中国化学表示，经初步核实，赛鼎宁波不存在明知康得新实施财务造假而依然配合的情形。 公告显示，中国化学孙公司赛鼎宁波近日收到江苏省苏州市中级人民法院送达的《应诉通知书》。 原告中泰创赢称，其于2016年11月起持续投资购买康得新股票，截至2021年5月减持完毕，上述投资发生损失。原告中泰创赢请求 法院判令被告一（康得新）支付因其虚假陈述造成的投资差额损失约51.47亿元，投资差额损失部分的佣金约154.42万元，印花税约 514.73万元。另有十位其他被告。 赛鼎宁波是共同被告中的第七被告。原告中泰创赢称，除被告一外，赛鼎宁波等十位被告在本案中对原告应承担的给付义务承担连 带赔偿责任。 截至5月15日收盘，中国化学股价报8 ...