2024 年度个人述职报告 二、重点关注事项情况 （一）勤勉尽职，关注重点事项。2024 年，本人切实从 维护全体股东和出资人权益角度出发，注重推动公司持续迈 向高质量发展与治理水平持续提升，在董事会及其专门委员 会审议决策时坚持原则、担当尽责、诚实守信、建言献策， 就公司预算、决算、年度担保、计提减值准备方案、利润分 配方案及关联交易事项等发表了意见。 一是支持公司高质量发展。鼓励公司加强对建筑行业的 战略研判，准确把握相关政策方向。持续优化经营管理方式， 审议通过公司"提质增效重回报"行动方案的议案，强调提 高投资质量、加强过程审批、保障投资收益、防范投资风险， 同时充分发挥管理创新、技术创新对创效的支撑作用，注重 把创新成果转化为创效能力，加快推动企业转型升级。 二是严格审核重要财务事项。认真审核公司综合授信、 财务预算和决算报告、利润分配方案、募集资金使用存放等 独立董事 兰春杰 2024 年，作为中国化学工程股份有限公司（以下简称"公 司"）独立董事，本人严格遵守《公司法》《证券法》和上市 公司监管规定，勤勉履职，积极参加董事会各类会议及调研 活动，独立、负责地行使职权。现将履职情况报告如下： 一、 ...

二、年度履职重点关注事项的情况 独立董事 杨有红 2024 年，作为中国化学工程股份有限公司（以下简称"公 司"）独立董事，本人严格按照《公司法》《证券法》等有关 规定和证券监管部门的相关要求，忠实勤勉履行职责，独立 负责地行使职权。现将履职情况报告如下： 一、履职情况 （一）出席公司各类会议，勤勉尽责履行董事职责。年 内我出席公司董事会 11 次，审议及听取汇报事项 60 项，其 中，审议董事会会议议案 52 项，均投赞成票，听取汇报事 项 8 项；出席董事会专门委员会 6 次，审议及听取汇报事项 33 项；出席外部董事沟通会 1 次，听取汇报事项 22 项；出 席股东大会 4 次，审议及听取汇报事项 17 项。对于公司董 事会及其专门委员会审议决策的重大事项的议案资料，作为 独立董事均要求公司严格按照公司《章程》规定时间提供， 对全部议案进行了客观审慎的思考和研究，根据实际情况及 时向公司相关部门和人员问询。在出席公司股东大会、董事 会及其专门委员会相关会议时，积极参与对议案的讨论、审 议，依法独立客观地发表意见、审慎表决，并向公司提出合 理化建议。关注决议执行情况和效果，督促公司严格按照会 议决议的相关 ...

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering sector [12]. Core Viewpoints - The Central Political Bureau meeting on April 25 emphasized the need for proactive macroeconomic policies to stabilize growth and address risks in key areas, signaling positive stability for the real estate chain [2][9]. - The meeting highlighted the importance of high-quality development to respond to external uncertainties, particularly in the context of international trade tensions, such as the escalating US-China tariff situation [8][9]. - Infrastructure investment is expected to receive policy support as a key driver for economic growth, with a focus on enhancing funding and implementing new policies [10][11]. Summary by Sections Macroeconomic Policies - The report outlines the need for consistent policy orientation, utilizing more proactive fiscal policies and moderately loose monetary policies, including the issuance of special bonds and maintaining liquidity to support the real economy [9][10]. Real Estate Market - The report indicates that real estate development investment in March 2025 was CNY 0.9 trillion, a decrease of 10.0% year-on-year, with sales and new construction areas also showing declines [62][63]. Infrastructure Investment - In March 2025, narrow infrastructure investment reached CNY 1.9 trillion, up 5.9% year-on-year, while broad infrastructure investment was CNY 2.6 trillion, reflecting a 10.7% increase [54][55]. Sector Performance - The construction sector is advised to focus on the dual themes of stabilizing growth and the "Belt and Road" initiative, with recommendations for companies with high overseas exposure to benefit from increasing international orders [11][12].

Group 1 - The company is currently valued at a historical low with a PB of 0.75, indicating strong safety margins [1] - The company has a low interest-bearing debt ratio of 6.3%, the lowest among the top eight state-owned construction enterprises, with cash assets of 39.7 billion yuan [1] - The company has consistently generated positive operating cash flow since its listing, with a total of 13.9 billion yuan in operating and investment cash flow over the past five years [1] Group 2 - The company's caprolactam project is progressing smoothly, benefiting from accelerated import substitution and declining raw material prices, which are expected to significantly enhance profitability [2] - The price of key raw materials for caprolactam, such as butadiene and natural gas, has decreased, leading to an estimated profit increase of 298 million yuan due to lower costs [2] - The company is focusing on a "technology + industry" integrated model, advancing several key pilot projects in new chemical materials and specialty chemicals [2] Group 3 - The domestic construction business is benefiting from accelerated investment in coal chemical projects, while overseas markets remain robust [3] - The company is expected to capture a significant share of the coal chemical investment, with projected annual investments of 117.7 billion yuan in 2025 and 210.4 billion yuan in 2026 [3] - The company signed overseas orders worth 113.3 billion yuan in 2024, continuing to grow from a high base last year, which will drive overall revenue and profit growth [3] Group 4 - The company is projected to achieve net profits of 5.7 billion yuan, 6.3 billion yuan, and 7.2 billion yuan from 2024 to 2026, with corresponding PE ratios of 7.9, 7.2, and 6.3 [4] - The company is recommended for investment due to the acceleration of overseas large orders, benefits from domestic coal chemical investment, and strong cash flow with potential for increased dividends [4]

Investment Strategy - The report emphasizes the strategic importance of Xinjiang in the context of national energy security and the Belt and Road Initiative, highlighting its transition from a geographical hinterland to a frontline hub [9][10] - The coal chemical industry in Xinjiang is poised for growth due to favorable external conditions, including rising coal prices and a shift towards resource-rich western regions [9][10] - The report suggests focusing on two main investment themes: coal chemical investments and state-owned enterprise reforms in Xinjiang [9][10] Xinjiang Index Situation - The Xinjiang index stands at 101.14, reflecting a week-on-week increase of 1.75%, while the coal chemical investment index is at 100.21, up 3.98% [16] - The top three performing companies this week include Fostda (603173.SH) with a 26.22% increase, followed by Sanwei Chemical (002469.SZ) at 21.83%, and Tianfu Energy (600509.SH) at 12.32% [16][17] Key Data Tracking - Key prices in Xinjiang include Q5000 mixed coal at 140 CNY/ton, Q5200 mixed coal at 225 CNY/ton, and urea at 1638 CNY/ton, with significant year-on-year production increases noted [21][29] - In March 2025, coal railway shipments from state-owned key coal mines reached 3.24 million tons, a year-on-year decrease of 16.9%, while raw coal production was 51.46 million tons, up 24.13% year-on-year [21][29] Key News and Company Announcements - The Ministry of Ecology and Environment has accepted the environmental impact assessment for the National Energy Group's 2 billion cubic meters per year coal-to-gas project, which will produce natural gas and several by-products [35][39] - Recent announcements from companies like Guanghui Energy indicate significant revenue declines, with a 40.72% drop in total revenue for 2024 compared to the previous year [38] Project Overview - The report outlines several key coal chemical projects in Xinjiang, including the National Energy Group's coal-to-gas project with an investment of 250 billion CNY and a production capacity of 40 billion cubic meters per year [41] - The total planned capacity for coal-to-gas, coal-to-oil, coal-to-olefins, and coal-to-methanol projects in Xinjiang is projected to reach 9,203 billion CNY in investments [41][43]

Investment Rating - Industry rating is maintained at "Outperform" [5] Core Viewpoints - The report emphasizes a more proactive fiscal policy and a demand for stabilizing domestic consumption, with a focus on accelerating the issuance and utilization of local government special bonds and ultra-long-term special treasury bonds [2][13] - The construction sector is expected to benefit from improved infrastructure investment, particularly in the central and western regions of China, as well as from cyclical opportunities in related sectors [2][30] - The report highlights a recovery in operational rates and an increase in new orders from central and state-owned enterprises, indicating an upward trend in construction activity [20][24] Summary by Sections Fiscal Policy and Economic Outlook - The April 25 Politburo meeting stressed the need for more active macroeconomic policies, including the use of fiscal and monetary tools to support the real economy [2][13] - The meeting also indicated a commitment to stabilizing the real estate market and enhancing local government investment capabilities [13][15] Market Performance - The construction index rose by 0.56% during the week of April 21-25, outperforming the CSI 300 index by 0.16 percentage points [4][25] - Key stocks that performed well included Hanjia Design (+31%), Sanwei Chemical (+22%), and Meichen Technology (+16%) [25][30] Investment Recommendations - Focus on traditional construction blue-chip stocks and cyclical opportunities in infrastructure, particularly in water conservancy, railways, and aviation projects [30][31] - Recommendations include high-performing local state-owned enterprises such as Sichuan Road and Bridge, Zhejiang Communications, and Anhui Construction [30][31] - Attention is also drawn to emerging business directions such as computing power and cleanroom investments, as well as the semiconductor sector [32][33]

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company's valuation is at a historical low with a price-to-book (PB) ratio of 0.75, indicating a strong margin of safety. The company has a low interest-bearing debt ratio of 6.3%, the lowest among major state-owned construction enterprises, and has significant cash assets of 39.7 billion yuan, leading to a net cash position of 25.6 billion yuan after deducting debt [1][12]. - The company's cash flow has been consistently positive since its listing, with a total of 13.9 billion yuan in net operating and investment cash flow over the past five years. This positions the company favorably compared to peers like China Steel International and China National Materials, which also have positive free cash flow and low debt ratios [1][12]. - The company's dividend payout ratio currently stands at 20%, with potential for significant increases in the future, especially when compared to the average 43% payout ratio of similar companies [1][12]. Summary by Sections Current Outlook - The company is benefiting from the acceleration of domestic coal chemical investments and maintains a strong position in overseas markets. The expected investment completion in Xinjiang's coal chemical sector is projected to reach 117.7 billion yuan in 2025 and 210.4 billion yuan in 2026, with the company likely to capture a significant share of these EPC orders [3][27]. - The company's ongoing projects, particularly in the production of adiponitrile, are progressing well, with a reduction in raw material costs contributing to improved profitability. The price of butadiene has decreased by 22.5% since the beginning of the year, enhancing the project's profit margins [2][18]. Financial Projections - The company is expected to achieve net profits of 5.7 billion yuan, 6.3 billion yuan, and 7.2 billion yuan for the years 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 5.8%, 9.8%, and 13.8%. The current stock price corresponds to price-to-earnings (PE) ratios of 7.9, 7.2, and 6.3 for the same years [4][31]. - The report highlights the company's strong cash flow and high-quality earnings, suggesting that the dividend payout could be increased in the future [4][31]. Market Position - The company has a robust order book, with new overseas orders expected to reach 113.3 billion yuan in 2024, representing 30.9% of total orders. This follows a significant increase in overseas orders by 165% last year, indicating continued growth in international markets [3][27].

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company's valuation is at a historical low with a price-to-book (PB) ratio of 0.75, indicating a strong margin of safety. The company has a low interest-bearing debt ratio of 6.3%, the lowest among major state-owned construction enterprises, and has significant cash assets of 39.7 billion yuan, leading to a net cash position of 25.6 billion yuan after deducting debt [1][12] - The company's cash flow has been consistently positive since its listing, with a total of 13.9 billion yuan in net operating and investment cash flow over the past five years. This positions the company favorably compared to peers like China Steel International and China National Materials, which also have positive free cash flow and low debt ratios [1][12] - The company's dividend payout ratio currently stands at 20%, with potential for significant increases in the future, especially when compared to the average 43% payout ratio of similar companies [1][12] Summary by Sections Project Developments - The company's caprolactam project is progressing well, benefiting from accelerated import substitution and declining raw material prices. The project is expected to improve profitability significantly as domestic prices for related products rise due to reduced imports from the U.S. [2][18] - The cost of key raw materials has decreased, with butadiene prices dropping by 22.5% since the beginning of the year, which is expected to enhance the project's profit margins [2][18] Construction Business - The domestic construction sector is expected to benefit from accelerated investment in coal chemical projects, particularly in Xinjiang, which is crucial for national energy security. The company is well-positioned to capture a significant share of this market [3][27] - The company is projected to secure substantial orders from coal chemical investments, with estimates of 39.1 billion yuan and 73.6 billion yuan in orders for 2025 and 2026, respectively [3][27] Financial Projections - The company is expected to achieve net profits of 5.7 billion yuan, 6.3 billion yuan, and 7.2 billion yuan for 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 5.8%, 9.8%, and 13.8% [4][31] - The current stock price corresponds to price-to-earnings (PE) ratios of 7.9, 7.2, and 6.3 for the years 2024, 2025, and 2026, indicating attractive valuation levels [4][31]

Investment Rating - The industry investment rating is "Buy" [2] Core Viewpoints - The municipal investment in March continues to show a warming trend, with a focus on domestic demand counter-cyclical adjustments and safe investment areas [1] - The construction industry PMI rose to 53.4 in March, indicating improved activity in the sector [36] - The issuance of special bonds has been stable, with a significant year-on-year increase in the amount issued [44] Summary by Sections 1. Water Conservancy and Power Investment - Water conservancy and power investments continue to maintain high growth, with municipal investment in March showing a year-on-year increase of 6.5% [23] - Narrowly defined infrastructure investment (excluding power) increased by 5.8% year-on-year, while broadly defined infrastructure investment (including power) rose by 11.5% [23][24] 2. Fund Tracking - As of April 18, 2025, the total amount of newly issued special bonds reached 1,063.39 billion CNY, a year-on-year increase of 40.4% [44] - The issuance of city investment bonds reached 1,824.42 billion CNY, with a year-on-year increase of 4.74% [48] 3. Recent Key Company Announcements - Shanghai Construction Group reported a cumulative new contract amount of 64.548 billion CNY for Q1 2025, a year-on-year decrease of 44.03% [60] - Jianghe Group announced a cumulative new contract amount of 1.435 billion CNY for Q1 2025, down 47.13% year-on-year [60]

戴继双表示，中国化学经过70多年的发展，成为我国工业工程领域资质最为齐全、功能最为完备、业务链最为完整、知识技术密集的工程公司，是石油和 化学工业工程领域的国家队，为国内外化工产业进步做出了巨大贡献。沈鼓集团期待与中国化学进一步深化战略合作关系，在新能源、化工新材料及共 建"一带一路"等领域开展更高水平、更宽领域的全面合作。 4月19日，中国化学工程集团有限公司（以下简称中国化学）党委书记、董事长莫鼎革一行到沈鼓集团调研。沈鼓集团党委书记、董事长兼CEO戴继双接 待来访，中国化学党委常委、副总经理胡富申参加调研，沈鼓集团总裁、党委副书记马诚，沈鼓集团副总裁、首席技术官张勇参加接待。 在戴继双的陪同下，莫鼎革一行参观了沈鼓展览展示中心、转子车间、定子车间、总装车间和核电公司。 戴继双对莫鼎革一行的到来表示热烈欢迎，对中国化学长期以来对沈鼓集团创新发展的鼎力支持致以衷心感谢。期间，戴继双详细介绍了沈鼓集团改革发 展、技术创新、生产运营、数字化转型以及与中国化学合作项目的情况。 莫鼎革对沈鼓集团在改革创新及重大装备研制等方面取得的卓越成果予以高度评价。他表示，沈鼓集团通过坚持不懈的科技创新，有力解决了中国能源与 化 ...