格隆汇11月18日丨中国化学(601117.SH)公布，自公告披露之日起15个交易日后的3个月内（法律法规禁 止减持的期间除外），总经理助理聂宁新先生拟通过集中竞价方式减持其所持公司股份不超过60,000 股，未超过其所持公司股份总数的25%，减持价格按照减持实施时的市场价格确定。 ...

中国化学公告，截至本公告披露日，公司总经理助理聂宁新持有24万股，占0.0039%；拟自披露后15个 交易日后的2025年12月10日～2026年3月9日期间，以集中竞价方式减持不超过60000股，占0.00098%， 不超过其持股总数25%，减持价格按实施时市场价格确定。 ...

项目以湿法磷酸副产的氟硅酸为主要原料，主要产品包括无水氟化氢及含氟电子化学品和磷基新材料， 是国家重点鼓励的伴生氟资源开发利用项目，十三化建承建了本项目装置区1#无水氟化氢装置及其配套 工程。项目建成后，将满足日益增长的锂离子电池新材料及其他高端化学品和新材料的市场需求。 中化新网讯 11月11日，中国化学（601117）工程十三化建承建的中化学五环祥云磷氟新材料项目通过 竣工验收。 自开工以来，项目部克服高温、多雨的恶劣天气的不利影响，本着"安全第一，质量至上"的原则，有效 组织施工，积极统筹协调，高质量完成施工任务。下一步，项目部将严把质量关、安全关，继续强化项 目管理，做好项目后续工作，为公司高质量发展贡献力量。 在验收过程中，质量监督站首先明确了验收程序和验收要求，专家组对现场实体、竣工资料进行了严格 审查。质量监督站认为项目建设符合要求，质量保证体系健全，工程质量现场验收合格，同意项目竣工 验收通过。 ...

活动中，志愿者将教具、爱心书籍交付给康复中心，并参观了教学区域，深入了解孤独症儿童的康复训 练与日常学习生活。在随后的互动环节中，志愿者们融入集体课堂，与孩子们共同参与趣味游戏、手工 创作等活动，以细致引导和温暖陪伴逐步建立起信任。 中化新网讯 近日，中国化学工程蓝鸽志愿服务队在合肥经济技术开发区思语儿童康复中心，开展了"关 爱思语儿童，点亮无垠星空"主题志愿服务活动，以行动践行青年担当。 ...

Group 1 - The new policy financial tools have been fully deployed, supporting private investment and REITs issuance [2] - As of October 29, 500 billion yuan of new policy financial tools have been allocated, with a portion supporting key private investment projects [2] - A total of 18 private investment projects have been recommended to the CSRC, with 14 projects already issued, raising nearly 30 billion yuan [2] Group 2 - The central bank aims to maintain reasonable price levels and ensure steady growth, employment, and expectations [3] - In October, new social financing amounted to 815 billion yuan, a year-on-year decrease of 597 billion yuan [3] - The central bank emphasizes the importance of promoting reasonable price recovery as a key consideration in monetary policy [3] Group 3 - The National Energy Administration has issued guidelines to promote the integrated development of renewable energy [4] - The guidelines aim to enhance the complementary development of various renewable energy sources and optimize energy structures [4] - There is a focus on improving the collaborative development of wind, solar, hydrogen, and storage technologies [4] Group 4 - Recommendations include sectors such as copper and cobalt resources, energy storage, dividends, and infrastructure in the western region [5] - Specific stock recommendations include China Railway (601390) for copper, China Metallurgical (601618) for nickel, and China Construction (601668) for low valuation and high dividends [5] - The report also highlights opportunities in AI and low-altitude economy sectors, recommending companies like Design Institute (603357) and Huazhong International (002949) [5]

Investment Rating - The report maintains a "Buy" rating for several companies in the construction and building materials sector, including China Chemical, Fuyao Glass, Jinggong Steel Structure, Dongfang Yuhong, China Jushi, Yaxiang Integration, Tubaobao, and Huaxin Cement, while maintaining an "Overweight" rating for Zhongfu Shenying [10][39]. Core Insights - The short-term fundamentals of the industry remain subdued, with a focus on price increases, new technologies, and long-term potential. Investment in infrastructure, real estate, and manufacturing has shown mixed results, with infrastructure investment declining by 0.1% year-on-year, real estate down by 14.7%, and manufacturing up by 2.7% [1][16]. - The report suggests three main investment themes for 2026: companies benefiting from overseas expansion that are not fully priced in, companies in the real estate chain that have cleared risks and are seeing income or profitability turning points, and domestic replacement new material companies benefiting from high-end manufacturing [1][14]. - The report highlights the importance of policy support for consumption and investment, with recent government meetings emphasizing the need for project construction and funding allocation [16][18]. Summary by Sections Industry Overview - The construction and building materials sector is experiencing a mixed performance, with infrastructure investment showing a decline and real estate facing significant challenges. However, there are positive signals from government policies aimed at boosting consumption and investment [1][16]. Company Dynamics - Dongfang Yuhong announced plans to sell part of its real estate assets to improve its financial structure, expecting a loss of approximately 25.81 million yuan from the asset disposal [3]. Price Trends - As of November 14, national cement prices increased by 0.3% week-on-week, while the average price of float glass decreased by 2.6% [2][31]. The report notes that the cement market is expected to continue its upward trend due to seasonal demand [30]. Recommended Companies - The report recommends several companies for investment, including: - China Chemical (Target Price: 12.05) - Fuyao Glass (Target Price: 98.21) - Jinggong Steel Structure (Target Price: 5.75) - Dongfang Yuhong (Target Price: 17.19) - China Jushi (Target Price: 19.80) - Yaxiang Integration (Target Price: 64.65) - Tubaobao (Target Price: 16.01) - Huaxin Cement (Target Price: 26.70) - Zhongfu Shenying (Target Price: 31.80) [10][39].

Core Viewpoint - The China Chemical Engineering Tianchen Company has commenced the foundational design of the calcium ammonium nitrate project for the Keshan Group's green fertilizer initiative in Kenya, marking it as the world's first integrated project for "geothermal electricity to hydrogen/ammonia/fertilizer" [1] Group 1: Project Overview - The project aims to create a demonstration project driven by geothermal energy for the production of hydrogen, ammonia, and green fertilizers [1] - It represents a significant achievement in the deepening cooperation between China and Kenya in the fields of new energy and chemicals [1] Group 2: Technological and Economic Impact - The project will utilize local geothermal resources to produce green hydrogen through water electrolysis, capture carbon dioxide at geothermal wellheads, and produce nitrogen for green ammonia, urea, and calcium ammonium nitrate [1] - It is expected to enhance Kenya's self-sufficiency in fertilizer production, improve agricultural productivity, and promote local employment while driving the development of upstream and downstream industries [1] Group 3: Strategic Goals - The company plans to leverage this project to enhance its advantages in integrating green energy and chemicals, constructing green hydrogen models, and engineering design and technology integration [1] - This initiative aims to contribute to the development of clean energy in Africa and provide an innovative example for deepening cooperation under the Belt and Road Initiative in the East African region [1]

Core Insights - The Chinese chemical and physical power source industry is experiencing a transformative leap in new energy battery technology, moving from a parallel development phase to a leading position driven by innovation [1] Industry Summary - Current new energy battery technology is in a critical exploration phase, with solid progress in liquid battery foundations and breakthroughs in solid-state battery research [1] - Innovation is identified as the core driver to address resource constraints, safety challenges, and cost pressures within the industry [1] - The acceleration of mainstream technology iteration is evident, with the next breakthrough focusing on solid-state battery technology, and the large-scale deployment of hybrid solid-liquid batteries is imminent [1] - The industry is evolving from a singular focus on automotive power applications to a multi-scenario energy carrier approach, necessitating global collaboration across the supply chain for significant breakthroughs [1]

Investment Rating - The report maintains a "Buy" rating for key companies in the construction and decoration industry, emphasizing long-term growth logic, low valuations, and high dividend yields [12][15][22]. Core Viewpoints - The market has been characterized by a "high cut low" trend since the fourth quarter, with the dividend index rising by 8.3% from early October, significantly outperforming major indices [2][15]. - The construction sector has shown significant underperformance year-to-date, with a rise of only 11.6%, ranking 23rd among 30 industries, while valuations remain at historical lows [2][22]. - Key investment directions include overseas expansion driven by urbanization and industrialization in emerging markets, and regional economic support in areas like Sichuan and Xinjiang [3][7][15]. Summary by Sections Overseas Demand and Expansion - The report highlights the sustained high demand for overseas construction, driven by urbanization and industrialization in emerging countries, such as Saudi Arabia's "Vision 2030" and various infrastructure investment plans in Southeast Asia [3][24]. - Chinese companies are accelerating their overseas operations, with 3,667 A-share companies disclosing overseas revenue, totaling 9.52 trillion yuan, a 56.58% increase from 2020 [3][27]. - Recommended companies benefiting from this trend include China Chemical Engineering, Jinggong Steel Structure, Jianghe Group, and China National Materials [6][15][22]. Regional Economic Opportunities - The report identifies Sichuan, Xinjiang, and Tibet as regions likely to receive significant policy support, with Sichuan positioned as a strategic hub for national development [7][29]. - Investment in Xinjiang's coal chemical industry is projected to accelerate, with estimated annual investments of 690 billion yuan in 2025, 1,293 billion yuan in 2026, and 2,156 billion yuan in 2027 [7][30]. - Key companies recommended in this context include Sichuan Road and Bridge, China Chemical Engineering, Sanwei Chemical, and Donghua Technology [7][15][35]. High Dividend Yield Opportunities - Many recommended companies have committed to high dividend payouts, with Sichuan Road and Bridge promising a minimum payout ratio of 60% from 2025 to 2027, and Jinggong Steel Structure committing to at least 70% [8][35]. - Expected dividend yields for 2026 are projected at 6.6% for Sichuan Road and Bridge, 6.3% for Jinggong Steel Structure, and 5.4% for China National Materials, indicating strong investment appeal [8][35]. Semiconductor Cleanroom Sector - The report notes that the AI development wave is driving demand for semiconductor cleanrooms, with global investment expected to reach 168 billion yuan by 2025 [9][35]. - Key players in this sector include Yaxin Integration, Shenghui Integration, and Bocheng Co., which are positioned to benefit from the expanding market [9][35]. Commercial Satellite Sector - The report emphasizes the increasing support for the commercial aerospace industry, with a focus on low-orbit satellite constellations and a projected surge in satellite launches starting next year [10][11]. - Recommended companies in this area include Shanghai Port Bay, which is expected to benefit from the increase in launch activities [10][11].

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector [2][28]. Core Insights - Fixed asset investment growth has further declined, with a cumulative year-on-year decrease of 1.7% for January to October 2025, a drop of 1.2 percentage points compared to the previous period [4][5]. - Traditional infrastructure investment growth has turned negative, with infrastructure investment (excluding electricity) showing a year-on-year decrease of 0.1% [5]. - Real estate investment remains low, with a year-on-year decline of 14.7% for January to October 2025, indicating a weak recovery trajectory [11]. Summary by Sections Fixed Asset Investment - The cumulative year-on-year growth rate for fixed asset investment is -1.7%, with manufacturing investment at +2.7% [4]. - Infrastructure investment (all-inclusive) shows a year-on-year increase of 1.5%, but infrastructure investment excluding electricity is down by 0.1% [5]. Infrastructure Investment - Transportation, water conservancy, and public utility investments are under pressure, with transportation and postal services showing a slight increase of 0.1% year-on-year, while water and environmental management investments are down by 4.1% [5]. - Regional investment varies, with the eastern region down by 5.4% and the northeastern region down by 11.7% [5]. Real Estate Investment - Real estate investment has decreased by 14.7% year-on-year, with construction starts down by 19.8% and completions down by 16.9% [11]. - The report anticipates a slow recovery in real estate investment due to challenges in supply and inventory replenishment [11]. Investment Recommendations - The report suggests that in 2026, industry investment will stabilize, with emerging sectors expected to benefit from national strategic implementations [18]. - Specific companies to watch include Sichuan Road and Bridge, China Chemical, and others in the new infrastructure and overseas markets [18].