证券代码：601117 股票简称：中国化学 公告编号：临 2025-054 中国化学工程股份有限公司 关于经营情况简报的公告 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 和完整性承担个别及连带责任。 现将公司 2025 年 1—9 月主要经营情况公布如下，供各位投 资者参阅。 一、 按业务类型统计 三、 重大合同列示 9 月，公司单笔合同额在人民币 5 亿元以上的重大合同主要 如下： | 序号 | 单位名称 | 项目合同名称 | 合同金额 | | --- | --- | --- | --- | | 1 | 赛鼎工程有限 | 印尼 IBU 20 万吨/年绿色甲醇和 14 万 | 约 27.39 | | | 公司 | 吨/年绿色二甲醚项目 | （折合人民币） | | 2 | 中化学华谊工 程科技集团有 | 新疆三和精细化工有限责任公司氟材 料一体化项目烧碱装置及公辅工程总 | 16.00 | | | 限公司 | 承包合同 | | | 3 | 华陆工程科技 有限公司 | 兴化异地搬迁升级改造项目EPC工程 总承包合同（标段二：合成气净化及 公辅工程） ...

Core Viewpoint - Nomura analysts Zhang Kang and Frank Fan report that Goldwind Technology is expected to achieve revenue and profit growth by 2025, supported by strong order delivery [1] Group 1: Revenue and Profit Growth - Goldwind's sales are projected to increase by 57% year-on-year due to robust order reserves [1] - The company is expected to benefit from reduced competition, cost-cutting, and improved sales mix from offshore wind power and exports [1] Group 2: Long-term Growth Drivers - Long-term growth will also be supported by emerging drivers such as green methanol [1] - Nomura forecasts a compound annual growth rate (CAGR) of 41% for Goldwind's wind power business profit from 2024 to 2027, and a CAGR of 22% for revenue during the same period [1] Group 3: Investment Rating - Nomura has initiated a "Buy" rating for Goldwind's H-shares with a target price of HKD 18.00 [1]

Core Viewpoint - The stock of Fuan Energy (002911.SZ) surged by 10.02% to reach 14.05 CNY per share, with a market capitalization of 18.2 billion CNY, driven by positive developments in the SOFC and green methanol sectors [2][3]. Group 1: SOFC Business - Fuan Energy's SOFC business is gaining attention following a significant $5 billion collaboration between Brookfield Asset Management and Bloom Energy, which is expected to enhance SOFC market expectations [3][4]. - Despite the growing interest, Fuan Energy's SOFC revenue contribution is minimal, accounting for less than 0.1% of total revenue in the first half of 2025, with reported revenue of 11.5 million CNY [4][5]. - The company is currently in the prototype testing phase for its 50kW SOFC system and is actively working on a 300kW demonstration project [4]. Group 2: Green Methanol Business - Fuan Energy's joint venture, VENEX, has signed a strategic cooperation agreement with Veolia and Shanghai Port Group to develop a comprehensive green methanol supply and distribution network [7]. - The company has achieved a production capacity of 50,000 tons per year for green methanol through a partnership with Hong Kong China Gas, with 6,000 tons delivered from January to May 2025 [7]. - A strategic cooperation agreement with Hong Kong China Gas involves a total planned investment of 10 billion CNY to establish green methanol production bases across various regions, targeting a total capacity of 1 million tons per year [7].

Group 1: National Social Security Fund Report - The National Social Security Fund reported an investment income of 218.418 billion yuan for 2024, with an investment return rate of 8.10% [1] - The fund's realized income amounted to 43.651 billion yuan, with a realized return rate of 1.64% [1] - The fund's average annual investment return rate since its establishment is 7.39%, with a cumulative investment income of 1,900.998 billion yuan [1] Group 2: A-Share Market Performance - On September 29, the A-share market saw all three major indices rise, with the ChiNext Index increasing by over 2% [2] - More than 3,500 stocks in the A-share market rose, with over 60 stocks hitting the daily limit [2] - The market's trading volume reached 2.18 trillion yuan, marking the 34th consecutive trading day with a volume exceeding 2 trillion yuan [2] Group 3: AI Glasses Industry Growth - The AI glasses industry has experienced explosive growth this year, with major companies releasing new products and a significant increase in shipment volumes [3] - The Wind Intelligent Wearable Index rose by 1.34% as of September 29, with several stocks hitting the daily limit [3] - Analysts believe the AI glasses industry is transitioning from technological exploration to large-scale commercialization, with strategic value recognized across the industry [3] Group 4: New Policy Financial Tools - The National Development and Reform Commission is promoting new policy financial tools with a total scale of 500 billion yuan, aimed at supplementing project capital [4] - The commission is working to ensure these funds are allocated to specific projects to stimulate effective investment and promote economic stability [4] - The shipping industry is expected to see a surge in demand for green methanol, projected to increase from tens of thousands of tons annually to 30-40 million tons by 2030 [4] Group 5: Private Equity Fund Positioning - Over 65% of surveyed private equity funds plan to maintain high positions or be fully invested during the holiday, indicating a consensus to stay engaged in the market [5][8] - Some private equity funds are looking to invest in undervalued sectors, while others believe the technology sector will regain its status as a market leader [5][8] Group 6: Employee Stock Ownership Plans - A total of 167 listed companies have implemented employee stock ownership plans this year, with 144 companies disclosing a total funding scale of 15.399 billion yuan [6] - The enthusiasm for employee stock ownership plans has increased, with many companies seeing stock price increases following the announcement of these plans [6][7] Group 7: Solid-State Battery Sector - The solid-state battery sector has become a hot topic in the A-share market, with multiple stocks experiencing significant price increases [7] - Companies like Mengguli and Zhonglun New Materials have reported advancements in solid-state battery technology, indicating potential applications in various fields [7] Group 8: Public Fund Issuance Trends - Public funds have accelerated their product issuance, with 1,138 new funds launched this year, a 31.87% increase compared to the same period last year [9] - The "A+H" listing model is gaining traction, with 20 A-share companies planning to list in Hong Kong, driven by supportive policies and streamlined approval processes [9]

Fixed Income - The bond market experienced significant adjustments in September, influenced by strong stock market performance and institutional behaviors, particularly in technology stocks, leading to expectations of economic recovery [2][8][9] - The current configuration of the bond market is highlighted as having substantial value, with a potential stabilization and a downward trend in bond yields anticipated [11][14][16] - The People's Bank of China has indicated a need for continued monetary policy support, with expectations for further interest rate cuts as economic data shows signs of weakness [10][14] Transportation - The express delivery sector is witnessing a price increase, with major companies raising rates in Shanghai, indicating a shift from price competition to quality-driven growth, which is expected to enhance profitability [22][23][34] - The shipping and port sector is recommended for investment due to improved industrial profits and a favorable macroeconomic environment, with specific attention to oil transportation and shipping companies benefiting from OPEC+ production increases [24][25][35] Media - The media industry is focusing on the professionalization and quality enhancement of group broadcasts, with initiatives aimed at cultivating high-quality content and innovative cultural promotion [5][6] Automotive - Tesla's upcoming FSD V14 release is anticipated to significantly impact the autonomous driving sector, potentially leading to a paradigm shift in technology and competition within the industry [5][6] Pharmaceuticals - The pharmaceutical company Sinopharm is strategically expanding its CKM pipeline, focusing on chronic disease management, with several products entering clinical stages, reinforcing its leadership in the Chinese market [6][7] Public Utilities and Environmental Protection - The renewable energy sector is facing a decline in new installations, but there is optimism for policy support for green hydrogen and methanol, which could drive growth in the coming years [6][7] Metals and New Materials - The copper market is expected to enter an upward cycle due to supply disruptions, with significant price increases anticipated as demand remains strong [6][7]

Group 1: Private Equity Growth - The number of private equity firms with over 10 billion yuan in assets has increased to 94 as of September 29, up by 3 from the end of August [1] - Among these, 45 firms employ quantitative investment strategies, 41 use subjective strategies, and 7 utilize a mixed approach [1] Group 2: China CRRC Contracts - China CRRC has signed several major contracts totaling approximately 54.34 billion yuan, which accounts for about 22% of the company's projected revenue for 2024 [1] Group 3: Machinery Industry Growth Plan - The Ministry of Industry and Information Technology and five other departments aim for the machinery industry to achieve an average annual revenue growth rate of around 3.5% from 2025 to 2026, targeting a revenue surpassing 10 trillion yuan [2] - The plan emphasizes enhancing the resilience and safety of key industrial chains and supply chains, improving quality and efficiency, and fostering competitive small and medium-sized enterprises [2] Group 4: AI Model Releases - DeepSeek has uploaded a new model, DeepSeek-V3.2, to the HuggingFace community platform, which was later removed [3] - Zhiyuan is set to release its new model, GLM-4.6, which is currently accessible via API [3] Group 5: Corporate Changes - Sogou has undergone a leadership change with Yu Jun stepping down as chairman and Lu Jian taking over [5] - Wanda Real Estate has been ordered to execute a payment of over 20.99 million yuan [4] Group 6: Financial Updates - Longyun Co. plans to apply for a bank credit line of up to 32 million yuan [6] - Dongmu Co. has obtained a property certificate for its new industrial site in Shanghai [8] - Tianbang Foods has received an administrative regulatory decision from the China Securities Regulatory Commission for failing to disclose information regarding a significant stock buyback dispute [9] Group 7: Revenue Announcements - Shenhui Expressway reported a total toll revenue of 114 million yuan for August [10] - Huayin Technology signed two sales contracts totaling 402 million yuan [11] - Dash Smart signed a contract for a smart hospital project worth 113 million yuan [12] - Jiufeng Energy plans to invest up to 3.455 billion yuan in a coal-to-natural gas project in Xinjiang [13] - Yinglian Co. expects a significant increase in net profit for the first three quarters, projecting a year-on-year growth of 1531.13% to 1672.97% [14] Group 8: Stock Market Performance - The market showed strong performance with the ChiNext Index rising by 2.74%, driven by a surge in financial stocks [16] - The overall market saw over 3,500 stocks increase in value, with significant gains in sectors such as new energy and semiconductors [17]

Market Overview - The A-share market opened higher on September 29, with major indices experiencing a quick rise after initial fluctuations, driven by a surge in the financial sector [2] - The Shanghai Composite Index closed up 0.9% at 3862.53 points, the ChiNext Index rose 2.74% to 3238.01 points, and the Shenzhen Component Index increased by 2.05% to 13479.43 points [2] Trading Activity - A total of 3574 stocks rose while 1654 stocks fell, with a trading volume of 21.614 trillion yuan, an increase from the previous day's 21.469 trillion yuan [3] - The Shanghai market accounted for 9.682 trillion yuan of the total, while the Shenzhen market contributed 11.932 trillion yuan [3] Sector Performance - The financial sector saw significant gains, with major brokerage stocks like CITIC Securities nearing their daily limit [5] - The new energy sector continued its strong performance, with stocks like Sungrow Power hitting historical highs and many others experiencing substantial gains [5] - Conversely, coal, education, and banking sectors faced declines, with coal stocks leading the losses [6][8] Future Market Outlook - Analysts expect the A-share market to maintain a slow bull trend in the medium term, with a focus on domestic policies and structural economic recovery [9][10] - The market is anticipated to experience increased volatility as funds return post-holiday, but the overall trend remains positive [11] - Structural opportunities are expected to arise, particularly in the technology sector, as the market prepares for significant policy discussions [11][12]

Market Overview - The three major indices showed signs of stabilization, with the Shanghai Composite Index up 0.13%, the Shenzhen Component Index up 1.11%, and the ChiNext Index up 1.77% at midday [1] - Over 3,000 stocks rose across the two markets, with a total trading volume of 1.28 trillion yuan [1] Sector Performance - The new energy sector experienced a collective surge, particularly in green methanol stocks, with Jiaze New Energy achieving three consecutive trading limits and Donghua Technology achieving two consecutive trading limits [3] - Energy storage concept stocks rebounded, with Tongrun Equipment hitting two trading limits in four days [3] - Solid-state battery concept stocks performed strongly, with Tianji Co. achieving two consecutive trading limits, and multiple stocks like Wanrun New Energy and Duofuduo hitting trading limits [3] - The securities sector strengthened during the session, with Guosheng Jin控 hitting a trading limit and reaching a new high [3] Underperforming Sectors - Education stocks opened lower and fell further, with a decline of 2.7% at one point, ultimately down 1.75% at midday, with significant drops in stocks like China High-Tech and Kevin Education hitting trading limits [3] - Other underperforming sectors included super fungi, cross-border payments, tax refund stores, monoclonal antibody concepts, coal, and pork [3] News Highlights - China has built the world's largest, most comprehensive, and most beneficial water conservancy infrastructure system [3] - Spot gold prices broke previous highs, reaching a new historical high of $3,792.88 per ounce [3] - China successfully launched the experimental satellites 01 and 02 using the Long March 2D rocket from the Xichang Satellite Launch Center, with the satellites entering their designated orbits [3]

Core Viewpoint - The article highlights the strong performance of the new energy sector, particularly focusing on the surge in green methanol and solid-state battery stocks, driven by favorable policies and market dynamics [3][8][10]. Green Methanol Sector - The green methanol concept saw significant gains, with stocks like Fuzhi Environmental and Donghua Technology hitting the daily limit [6][8]. - Two main catalysts for this surge include the National Energy Administration's approval of nine projects for green liquid fuel technology and the International Maritime Organization's upcoming meeting to enforce net-zero emissions in the shipping industry by 2050 [8][9]. - The global demand for methanol is projected to increase significantly, with estimates suggesting a potential growth of over 40% if the penetration rate of methanol as a marine fuel reaches 10% by 2030 [9]. Solid-State Battery Sector - The solid-state battery sector also experienced a notable rise, with companies like Wanrun New Energy and Haibo Technology seeing substantial stock increases [11][12]. - The industry is expected to undergo significant developments, with pilot production lines launching between 2025 and 2026, and small-scale applications anticipated by 2027 [14]. - Investment opportunities in the solid-state battery supply chain are characterized by a phased approach, focusing on equipment, materials, and application scenarios [14].

Core Viewpoint - The market showed a rebound with the ChiNext Index rising significantly, driven by strong performance in the new energy sector, particularly in green methanol and solid-state battery stocks [1] Market Performance - The three major indices experienced fluctuations but ultimately rose, with the Shanghai Composite Index turning positive in the morning session [1] - The ChiNext Index saw a peak increase of nearly 3% during the session [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.28 trillion, a decrease of 85.4 billion compared to the previous trading day [1] Sector Highlights - The new energy sector collectively surged, with notable performances in: - Green methanol stocks, with companies like Jiaze New Energy achieving three consecutive trading limit increases and Donghua Technology achieving two [1] - Energy storage stocks rebounding, highlighted by Tongrun Equipment with two limit increases over four days [1] - Solid-state battery stocks showing strong performance, with Tianji Co. achieving two consecutive limit increases and multiple stocks like Wanrun New Energy and Molybdenum Flour reaching trading limits [1] - The securities sector also saw gains, with Guosheng Financial Holdings hitting a trading limit and reaching a new high [1] Declining Sectors - The education sector faced significant declines, with companies like China High-Tech and Kevin Education both hitting trading limits [1] - Other sectors that experienced declines included coal and pork, while sectors such as solid-state batteries, non-ferrous metals, and photovoltaic equipment led in gains [1] Closing Summary - By the end of the trading session, the Shanghai Composite Index rose by 0.13%, the Shenzhen Component Index increased by 1.11%, and the ChiNext Index climbed by 1.77% [1]