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].

Macro Insights - The macro team believes that the financial data for April 2025 reflects continued policy efforts to stabilize growth, including accelerated issuance and utilization of government bonds, while also indicating that domestic demand, particularly in the household sector, still needs to be boosted [2][4][13] - In April, new social financing amounted to 1.2 trillion yuan, a year-on-year increase of 1.2 trillion yuan, raising the stock growth rate of social financing to 8.7%, the highest since March 2024 [3][13] - New loans in April were 280 billion yuan, a year-on-year decrease of 450 billion yuan, with corporate bill financing being the main support for credit in April [3][13] Retail Sector - The retail team notes that substantial progress has been made in China-US trade negotiations, benefiting companies with high exposure to the US market, which are expected to see valuation recovery [2][6] - Companies with strong brand momentum and expected marginal performance improvements are favored [2][6] Machinery Industry - The machinery team highlights that Hangzhou Steam Turbine's successful ignition of its self-developed 50MW heavy gas turbine represents a significant advancement for China's independent gas turbine industry, potentially accelerating the domestic industrial chain's localization [2][6][19] - The global gas turbine market is expected to see a definite upward trend due to demand from data center construction and other factors [6][19][20] Food and Beverage Sector - The food and beverage sector is experiencing a shift in public fund assessments, with an emphasis on optimizing allocations towards high-value segments [2][31] - The sector is characterized by a high weight in benchmark indices but is currently underrepresented in active fund holdings, indicating potential for increased investment [16][31] - The white liquor segment is undergoing a phase of differentiation, while beverage and snack categories are expected to benefit from seasonal demand [18][31] Communication Equipment and Services - The communication industry is rated as "overweight," with significant growth expected in AI-related capital expenditures, particularly in the domestic market [35] - The industry is poised to benefit from the acceleration of AI applications and infrastructure investments, with major players like Alibaba and Tencent significantly increasing their capital expenditures [35]

建材行业：部分细分行业最差的情况存在 改善迹象 2025 年 5 月 16 日 看好/维持 建材 行业报告 ——2024 年和 2025 年一季报综述 | | | 投资摘要： 2024 年和 2025 年一季建材板块基本面仍持续处历史低位，但一季度有改善迹象。2024 年建筑材料营业收入和净利润同比 依然下滑，处于申万行业末尾水平，营业收入为 6829.32 亿元，同比下降 12.41%，处于 31 个行业中的倒数第 2 位，仅次于 房地产行业。扣非后归母净利润为 96.37 亿元，同比下降 64.87%，处于各个行业排名的倒数第 4 位，主要是行业综合毛利 率下降，以及期间费用率和研发费用率均出现同比的提高导致。净利润率拖累下 2024 年板块净资产收益率水平同比下滑明 显，处于行业历史最低水平，主要原因是销售净利率和资产负债率的大幅下降。经营现金流也处于历史较差水平，现金及现 金等价物的资产占比在 2024 年处于历史较低水平，资产负债率相对平稳。资本支出/折旧也处于行业的历史较低水平。 2025 年一季度建筑材料板块营收降幅收窄，净利润和现金流同比改善。营业收入为 1298.27 亿元，同比下降 1.6 ...

Key Points - China Metallurgical Group Corporation (China MCC) reported a new contract signing amount of 308.4 billion yuan from January to April 2025, representing a year-on-year decrease of 24.9% [2] - The overseas contract signing amount was 19.29 billion yuan, down 7.7% compared to the same period last year [2] - Major contracts signed in April included significant engineering projects such as the comprehensive development project in the Zhengzhou Airport Economic Comprehensive Experimental Zone [2] - China Chemical's subsidiary, China Chemical Sading Ningbo Engineering Co., Ltd., is involved in a lawsuit concerning false statements related to securities, with a claim for 5.147 billion yuan in damages [3] - The lawsuit has not yet gone to court [3] - Xinyuan Environment plans to raise no more than 497 million yuan through a private placement to its controlling shareholder [5] - Yongshan Lithium Industry intends to raise up to 500 million yuan through a private placement to its wholly-owned subsidiary [6] - Yongshan Lithium Industry has terminated its 2022 non-public offering of A-shares due to changes in internal and external environments [7] - Hanchuan Intelligent Technology was criticized by the Shanghai Stock Exchange for failing to disclose significant matters in a timely manner [9] - Zhuoyue Technology's controlling shareholder's 12.48% stake will be auctioned, potentially changing the company's actual control [11] - ST Zhangjiajie and its subsidiary are involved in a lawsuit with a claim amount of 386 million yuan [12] - ST Dongyi's controlling shareholder's 7.63% stake is also set for judicial auction, but it will not change the company's actual control [13] - AVIC Xi'an Aircraft Industry Group reported a significant increase in the delivery of C919 components compared to 2024 [15] - Changgao Electric New Energy has increased the investment in its Jinzhou production base project to 504 million yuan [16] - Chunhui Intelligent Control's subsidiary has terminated its listing, which will not affect its normal business operations [17] - Xinjiang Torch plans to acquire 100% equity of Yushan Litai for 125 million yuan [18] - Shanxi Black Cat intends to increase the registered capital of its wholly-owned subsidiary Xinjiang Black Cat Coal Industry by 600 million yuan [19] - Zhongcheng Co., Ltd. is planning to acquire 100% equity of Zhongji Jiangsu through a share issuance [20][21]

【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 ...

Core Viewpoint - China Chemical (601117.SH) announced that its subsidiary, China Chemical Sading Ningbo Engineering Co., Ltd., is involved in a lawsuit concerning securities fraud against Kangde Xin Composite Materials Group Co., Ltd. [1][3] Group 1: Lawsuit Details - Zhejiang Zhongtai Chuangying Asset Management Co., Ltd. claims investment losses of 5.147 billion yuan due to Kangde Xin's false statements from 2016 to 2021 and seeks compensation, including related commissions and taxes [3] - Sading Ningbo is listed as the seventh defendant in the lawsuit, primarily due to previous business dealings with Kangde Xin, but the company asserts it did not knowingly assist in any fraudulent activities [3][4] - The case involves eleven defendants, and China Chemical preliminarily assesses that it will not materially impact current or future profits [3][4] Group 2: Background on Kangde Xin - Kangde Xin was listed in July 2010 and specializes in the research and consulting of polymer composite materials and functional film materials [4] - The company was forced to delist in 2021 after it was found to have fabricated over 10 billion yuan in profits [4] - Zhejiang Zhongtai Chuangying became the second-largest shareholder of Kangde Xin after signing a strategic cooperation agreement in 2016, which was terminated in 2018 [4]

中国化学公告，下属孙公司中国化学赛鼎宁波工程有限公司收到江苏省苏州市中级人民法院送达的《应 诉通知书》，涉及浙江中泰创赢资产管理有限公司起诉康得新复合材料集团股份有限公司证券虚假陈述 责任纠纷诉讼。原告中泰创赢请求判令康得新支付投资差额损失51.47亿元及相应佣金和印花税。赛鼎 宁波为第七被告，被告二至被告十一对被告一在本案中对原告应承担的给付义务承担连带赔偿责任。目 前诉讼尚未开庭。 城地香江公告称，公司全资子公司香江系统工程有限公司作为联合体成员，与中国移动通信集团有限公 司宁夏分公司等签署了"中国移动(宁夏中卫)数据中心B区B01、B02号机房楼项目EPC总承包合同"，签 约合同价为16.32亿元。该合同的签订预计将对公司未来营收产生积极影响，具体影响以实际审计结果 为准。 3、京源环保：全资子公司签订3.65亿元算力集群建设项目承包合同 京源环保公告称，公司全资子公司京源云计算与客户R公司签订算力集群建设项目承包合同，京源云计 算负责项目涉及的软硬件供货、安装、制作开发以及培训、运行维护等，合同金额为3.65亿元(含税)。 本合同将采用总额法确认收入，2025年项目交付验收完成后一次性确认收入约3.2 ...