Core Insights - The project for the construction and implementation of a digital delivery platform for Fujian Haichen Chemical Co., Ltd. has officially commenced, with a focus on producing 400,000 tons of adiponitrile annually [1][2] - The project aims to integrate engineering digital delivery and intelligent factory operations, laying a solid foundation for Haichen Chemical's digital transformation and "smart upgrade and digital transformation" goals [2] Group 1 - The meeting reached a consensus on the project's overall objectives, implementation scope, key milestones, responsibilities, and management requirements [1] - The Tianchen Company's digital center team will leverage its expertise in engineering digitalization to ensure high-quality project delivery and establish a data foundation for a smart factory [1] - The project marks the official implementation phase, highlighting Tianchen Company's enhanced "T+EPC" full-chain service capabilities in the petrochemical industry's digital delivery management [1] Group 2 - The Haichen Chemical project is a key construction project in Fujian Province, with the digital delivery platform being a crucial component of its digital construction [2] - Tianchen Company aims to closely collaborate with Haichen Chemical and other participating units to fully utilize its engineering experience, digital technology, management systems, and talent advantages [1] - The company is committed to enhancing the brand influence of China Chemical in the field of engineering digitalization [1]

Investment Rating - The report maintains a "Buy" rating for the construction and decoration industry, indicating a positive outlook for major projects and regional development strategies [4][10]. Core Insights - The initiation of the Yaxia Hydropower Station signals a clear trend of central government leveraging, with expectations for further major projects and regional development strategies to stabilize overall infrastructure investment and total demand [1][9]. - The report highlights that infrastructure and manufacturing investments are experiencing a high-level continuous decline, with real estate investment, sales, and funding showing significant drops, indicating a core issue of insufficient demand [1][14]. - It is anticipated that fiscal policies will continue to strengthen in the second half of the year, improving the funding situation for infrastructure and accelerating the implementation of physical workloads [1][14]. Summary by Sections Major Projects and Regional Development Strategies - Significant transportation projects are expected, including the China-Kyrgyzstan-Uzbekistan Railway and the New Tibet Railway, with total investments of approximately $8 billion and 960 billion yuan respectively [2][21]. - The report outlines several large canal projects, such as the Pinglu Canal, with a total investment of about 72 billion yuan, which is expected to enhance logistics efficiency and stimulate economic growth [3][26]. - The Xinjiang regional strategy is highlighted, with over 800 billion yuan in coal chemical projects planned, driven by the region's abundant coal resources [7][10]. Key Recommendations - The report recommends major construction enterprises that will benefit from large-scale transportation and water conservancy projects, including China Energy Engineering, China State Construction, and China Railway Construction [10][11]. - It also emphasizes companies involved in coal chemical development in Xinjiang, such as China Chemical Engineering and Donghua Technology, as key beneficiaries of the regional strategy [10][11]. - Companies like Sichuan Road and Bridge are recommended due to their involvement in the construction of the national strategic hinterland [10][11].

Investment Rating - The industry rating is maintained as "Outperform" [5] Core Viewpoints - The construction sector has seen a significant increase of 7.1% this week, outperforming the Shanghai and Shenzhen 300 index by 5.9 percentage points, driven by infrastructure projects and the rise in specialized engineering and civil explosives sectors [1][29] - The report emphasizes the ongoing trend of "anti-involution" in the industry, suggesting investment opportunities in construction blue chips and steel structure sectors, particularly in the central and western regions of China [1][2][36] Summary by Sections Investment Logic - Four angles to capture investment opportunities in the construction sector: 1. **Price Elasticity**: Companies involved in resource development or trade, such as Northern International and China Railway, are recommended due to expected price increases in resources [2][15] 2. **Supply-Demand Optimization**: Focus on construction blue chips as the anti-involution movement may alleviate price pressures in the industry, with recommendations for quality local state-owned enterprises like Sichuan Road and Bridge [2][17] 3. **Transformation and Upgrading**: Companies with stronger technological attributes are expected to benefit from structural high prosperity in technology-driven infrastructure demands, with recommendations for Tunnel Corporation and China State Construction International [2][21] 4. **Downstream Profit Improvement**: If anti-involution policies improve profitability in steel and cement industries, there will be a rebound in capital expenditure needs, recommending companies like China National Materials and China Steel International [2][23] Market Performance - The report notes a slight decline in the operating rates of petroleum asphalt and cement shipment rates, with the cement shipment rate at 43.07%, down by 2.8 percentage points [3][26] - Central state-owned enterprises showed a positive trend in order data for Q2, with notable growth in orders for companies like China Railway and China Nuclear Engineering [3][26] Key Recommendations - The report suggests focusing on high-growth local state-owned enterprises in regions with strong infrastructure investment, such as Sichuan, Zhejiang, and Anhui, as well as major central state-owned enterprises like China Communications Construction and China Railway [36][37] - Emphasis is placed on the potential of nuclear power and emerging business directions within the construction sector, highlighting the high prosperity of nuclear power investments [38]

Core Viewpoint - The company is proposing the re-election of Mr. Deng Zhaojing as a non-independent director of the board during the upcoming shareholders' meeting scheduled for August 1, 2025 [2][3]. Group 1: Meeting Details - The shareholders' meeting will take place on August 1, 2025, at 14:30 in the China Chemical Building, located at 2 Dongzhimen Inner Street, Dongcheng District, Beijing [3]. - The agenda includes announcing the meeting's commencement, reporting and reviewing proposals, electing scrutineers, voting, counting votes, announcing results, legal opinions from lawyers, and signing meeting documents [3]. Group 2: Proposal for Director Election - The board of directors has approved the proposal to re-elect Mr. Deng Zhaojing as a non-independent director, and this proposal is now submitted for shareholder approval [2]. - Mr. Deng Zhaojing, born in September 1970, is a senior engineer and has held various significant positions within the company, including the current roles of Deputy Secretary of the Party Committee and General Manager of China Chemical Engineering Group Co., Ltd. [2].

中国化学工程股份有限公司 2025年第一次临时股东会 会议资料 二○二五年八月 中国化学工程股份有限公司 2025 年第一次临时股东会会议议程 一、会议议程 时间：2025 年 8 月 1 日（星期五）14:30 地点：北京市东城区东直门内大街 2 号 中国化学大厦 | 时 间 | 议 程 | | --- | --- | | 14:00-14:20 | 股东登记，会议签到 | | 14:30-15:00 | 一、宣布会议开始，介绍参会人员情况 | | | 二、汇报、审议议案 | | | 三、推选监票人 | | | 四、投票表决 | | | 五、计票、监票 | | | 六、宣布表决结果 | | | 七、律师发表法律意见 | | | 八、签署会议文件，宣布会议结束 | 二、网络投票 网络投票系统：上海证券交易所股东会网络投票系统。 目 录 议案：关于补选邓兆敬先生为公司董事的议案 ······················1 关于补选邓兆敬先生为公司董事的议案 各位股东及股东代表： 公司第五届董事会第二十八次会议审议通过了《关于补 选邓兆敬先生为公司董事的议案》，同意邓兆敬先生为公司 第五届董事会非独立董事候选 ...

证券代码：601117 股票简称：中国化学 公告编号：临 2025-037 中国化学工程股份有限公司 特此公告。 关于第五届董事会延期换届选举的提示性公告 中国化学工程股份有限公司 2025 年 7 月 25 日 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。 中国化学工程股份有限公司（以下简称"公司"）第五届董 事会将于 2025 年 7 月 26 日任期届满。鉴于相关换届工作尚在筹 备中，为确保公司董事会工作的连续性和稳定性，公司董事会将 延期换届，公司第五届董事会各专门委员会委员及高级管理人员 的任期亦相应顺延。 新一届董事会换届选举完成前，公司第五届董事会成员、董 事会各专门委员会委员及公司高级管理人员将按照相关法律法 规和《公司章程》等规定继续履行职责。 公司董事会延期换届不会影响公司的正常运营。公司将尽快 推进董事会换届工作，并按有关规定及时履行信息披露义务。 ...

Group 1 - The collaboration between China Chemical Tianchen Company, Beijing Heneng Times Biotechnology Co., Ltd., and East China University of Science and Technology aims to integrate resources to advance the technology for co-producing green cellulose ethanol and green methanol [1][2] - The technology developed has three main features: it addresses high energy consumption and investment costs in biomass dry powder gasification, reduces raw material costs, achieves zero waste emissions, and enhances overall energy efficiency [1] - The technology also tackles the challenge of high chlorine corrosion in biomass gasification by controlling chlorine ion content in biomass slurry to below 1800 ppm, which saves equipment investment and reduces operational costs [1] Group 2 - The joint production of green methanol and green ethanol is considered a significant innovation that impacts national energy security and promotes the upgrading of the chemical industry [2] - The co-production of ethanol and methanol enhances the efficiency of biomass resource utilization and improves the economic viability and competitiveness of projects [2]

Group 1 - The core point of the article is the appointment of Deng Zhaojing as the new Deputy Secretary of the Party Committee, Director, and General Manager of China Chemical Engineering Group after a 9-month vacancy, reflecting deeper strategic intentions behind personnel adjustments in state-owned enterprises [2][3][4]. - The 9-month vacancy is unusual for state-owned enterprises, indicating a careful consideration by the State-owned Assets Supervision and Administration Commission (SASAC) regarding the future positioning of the group [3]. - During the vacancy, China Chemical Engineering has accelerated its layout in the "Belt and Road" markets and advanced green chemistry and digital transformation, suggesting that the period may have allowed management to focus on strategic initiatives without disruption from personnel changes [4]. Group 2 - Deng Zhaojing's background in chemical engineering and his leadership in national-level technology projects signal a strong emphasis on technological innovation for the company, which is crucial in the context of carbon neutrality goals and the restructuring of the global chemical industry [5]. - The vacancy period highlights a unique logic in state-owned enterprise governance, where personnel changes serve long-term strategies rather than short-term efficiency, indicating a potential shift from being an "engineering contractor" to a "technology solution provider" [6]. - The case of China Chemical Engineering illustrates a new balance forming between the "slow" nature of personnel adjustments and the "fast" pace of strategic planning in the context of deepening state-owned enterprise reforms [6].

Core Insights - The Guangdong Jieyang Dongyue Chemical 200,000 tons/year mixed waste plastic resource utilization demonstration project has successfully completed its trial production, marking a significant advancement in the chemical recycling of waste plastics [1][2] - The project utilizes an innovative "one-step" process for chemical recovery, which eliminates the need for complex sorting of low-value mixed waste plastics, achieving a product recovery rate of over 92% [1][2] Group 1 - The project is the world's first continuous and large-scale chemical recycling project for waste plastics, successfully passing industrial verification [1] - The "one-step" process allows for direct conversion of mixed waste plastics into high-value chemical raw materials, significantly reducing sorting costs [1] - When international crude oil prices are above $45 per barrel, the cost of producing basic chemical raw materials from waste plastics is comparable to that of using crude oil [1] Group 2 - The technology can replace approximately 100 million to 150 million tons of crude oil annually when processing 50 million tons of waste plastics, leading to a reduction of about 250 million tons of CO2 emissions [2] - The project aims to transform the petrochemical industry from reliance on crude oil to a model based on waste plastic resource recycling [2] - The long-term goal includes the establishment of a 3 million tons/year industrial base, creating a global hub for green circular economy in the chemical industry [2]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Viewpoints - The construction index rose by 0.32% this week, while the Shanghai and Shenzhen 300 index increased by 1.07%, indicating that the construction sector underperformed the market by 0.75 percentage points. Professional engineering, architectural design, and infrastructure sectors showed stronger gains [1][33] - Infrastructure investment continued to support the economy, with energy-related and water conservancy investments maintaining strength, while transportation infrastructure showed signs of recovery. For the first half of 2025, real estate development investment, narrow infrastructure, broad infrastructure, and manufacturing grew by -11.2%, +4.6%, +8.9%, and +7.5% year-on-year, respectively [1][13] - Recent disclosures of second-quarter orders from central state-owned enterprises (SOEs) indicate a recovery trend, with China Railway's second-quarter orders showing a year-on-year growth of 20.08%. The overall order situation for central SOEs is optimistic, suggesting a rebound in physical workload [2][27] Summary by Sections Macro and Micro Verification of Infrastructure Recovery - Infrastructure investment in June continued to provide support, with energy and water conservancy investments remaining strong, while transportation infrastructure showed signs of recovery. The year-on-year growth rates for real estate development investment, narrow infrastructure, broad infrastructure, and manufacturing from January to June 2025 were -11.2%, +4.6%, +8.9%, and +7.5%, respectively [1][13][14] Recent Order Disclosures from Central SOEs - Central SOEs such as China Railway, China Energy Construction, China Chemical, and China Nuclear Engineering reported a recovery in second-quarter orders. For instance, China Railway's first-half orders showed a year-on-year growth of 2.8%, with a significant increase in the second quarter [2][27][28] Valuation Perspective - As of July 18, the construction sector's PE (TTM) and PB (LF) ratios were among the lowest across all primary industries, indicating significant room for valuation improvement. The construction sector's PE (TTM) was 11.12 times, with a historical percentile of 48.50%, compared to the Shanghai and Shenzhen 300's PE of 13.39 times [3][30][32]