未来五年，环球工程将充分借助上海电气集团和潞安化工集团在管理、市场、资金、技术等方面的优 势，依托核心技术，以"绿色化工、低阶煤热解、焦化"为锚，全力提升高端能源、现代化工、绿色化工 板块的综合实力和核心竞争力，迅速发展成为全球油气与化工工程解决方案的引领者，全力打造国内一 流、国际知名的高技术工程服务企业。 甲子匠心 环球新章 回望山河，功成丰碑致敬历史。六十年磨砺，锋芒毕露；六载融合，新章初启。 峥嵘岁月风雨兼程 (1965年—1985年) 六十载风雨兼程，一甲子春华秋实。上海电气集团国控环球工程有限公司(以下简称环球工程)是上海电 气集团股份有限公司(以下简称上海电气集团)的控股子公司。其前身是成立于1965年的山西省化工设计 院。该公司从山西省轻化厅小化肥设计室、山西省煤化局化工设计室、山西省化工设计室、山西省化工 设计院、山西国控环球工程有限公司一路蜕变而来，距今已有六十年历史。 环球工程现已形成集绿色化工、焦化、现代煤化工、精细化工、基础设施及环保产业于一体的工程业务 新格局，国内业务覆盖20多个省、市、自治区，海外业务已拓展至东南亚、南亚、北美、非洲、欧洲等 地区。 ●1965年，黄土高原的工业 ...

Core Viewpoint - China Chemical Engineering's subsidiary, China Wuhuan Engineering Co., has commenced the foundation work for the Indonesia Nitric Acid Ammonium project, marking the transition to the construction phase of the project [1] Group 1: Project Details - The Indonesia BBP Nitric Acid Ammonium project is the eighth total contracting project for the company in the Indonesian market, located in Surabaya, East Java [1] - The project plans to construct a facility with a daily production capacity of 455 tons of nitric acid, 580 tons of liquid ammonium nitrate, and 240 tons of solid ammonium nitrate [1] - The project will also include the construction of utilities, auxiliary facilities, and external works [1] Group 2: Economic Impact - The execution of the project is expected to create numerous job opportunities locally, alleviating employment pressure and training a group of technical workers and management talents [1] - Upon completion, the project will promote the development of related local industries and reduce Indonesia's dependence on imported ammonium nitrate products [1] Group 3: Company Commitment - The project team is committed to the mission of "creating quality projects and achieving customer success," emphasizing practical responsibility and striving for advanced positions [1] - The company aims to ensure that all key milestones are completed on time and with high quality [1]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Viewpoints - The construction index rose by 1.53% this week, outperforming the broader market by 0.21 percentage points, with sectors like clean rooms and chemical engineering showing strong performance [1][4] - High demand in the semiconductor-related clean room sector and the chemical engineering industry chain is recommended for investment, particularly in regions like Xinjiang and Tibet where infrastructure growth is expected [1][3] - The clean room sector shows a high level of order backlog, with significant contracts signed by companies like Yaxiang Integration and Shenghui Integration, indicating robust future performance [2][13] - The coal chemical investment landscape is promising, with projected investments exceeding 1 trillion yuan nationally, driven by green energy initiatives and the International Maritime Organization's net-zero emissions framework [3][16][20] - Anticipated infrastructure stimulus in the fourth quarter is expected to benefit the construction sector, with a focus on major transportation projects and regional opportunities in high-growth areas [22][25] Summary by Sections 1. Industry Investment Opportunities - Focus on the high-demand semiconductor clean room sector, with Yaxiang Integration reporting an order backlog of 6.105 billion yuan and a significant improvement in gross margins [2][13] - The coal chemical sector is projected to see investments of nearly 500 billion yuan in Xinjiang alone, with a national total exceeding 1 trillion yuan, indicating a strong growth trajectory [3][19] - The fourth quarter is expected to see increased infrastructure spending, with special bonds and long-term treasury bonds being issued at a rapid pace, enhancing investment in construction [22][23] 2. Market Performance Review - The construction index's performance this week reflects a positive trend, with notable gains in individual stocks such as Hainan Development (+27%) and Chongqing Construction (+25%) [4][29] - The clean room engineering sector is highlighted for its low valuation compared to peers, making it an attractive investment opportunity [14][15] 3. Investment Recommendations - Emphasis on infrastructure projects in regions with high growth potential, particularly in water conservancy, railways, and aviation, with specific recommendations for companies like Sichuan Road and Bridge and China Communications Construction [36][37] - Attention to the nuclear power sector and emerging business directions, with recommendations for companies like Libat and China Nuclear Engineering [38] - The clean room sector is expected to benefit from domestic substitution trends and the demand for new display panel production lines, with a focus on companies like Baicheng Co. and Shenghui Integration [38]

Summary of Donghua Technology Conference Call Company Overview - Donghua Technology is a large engineering company under China Chemical Engineering Group, with a registered capital exceeding 700 million yuan and over 60 years of development history [3][11] - As of April 2025, China Chemical Engineering holds 47.08% of Donghua Technology, while Shaanxi Coal and Chemical Industry Group is the second largest shareholder with 20.79% [2][3] Strategic Direction - The company has established a strategy termed "one basic plate plus three重三恒," focusing on chemical engineering as the core business while promoting differentiation, industrialization, and internationalization [2][5] - The differentiation strategy emphasizes original technology innovation and integrated production and operation, while industrialization focuses on high-end chemicals and environmental community operations [5] Business Development - Donghua Technology is actively expanding into the new energy sector, including electrolyte and DMC, lithium iron phosphate batteries, and lithium extraction from salt lakes, although currently, the focus is mainly on design and consulting services [2][7] - As of September 2025, the company has approximately 5.5 billion yuan in uncontracted orders, with 90% related to coal chemical projects, particularly in coal quality utilization [2][9] Market Position and Competitive Advantage - The company holds a 70% market share in the domestic coal-to-methanol sector, with a production capacity exceeding 10 million tons [2][10] - Collaborations with Shaanxi Coal Group on multiple projects and a focus on new project opportunities in Xinjiang are highlighted as significant growth areas [10] International Expansion - In 2025, Donghua Technology made progress in overseas markets, including an EPC project for titanium dioxide in South Africa and a basic chemical project in Bolivia with a total contract amount of 2.6 billion yuan [4][13] - The company is also involved in a significant infrastructure project in Iraq, with a total amount exceeding 5 billion yuan, currently in the financing stage [4][13] Financial Performance - Cash flow for the first three quarters of 2025 decreased year-on-year due to a high number of bill maturities, but the company expects overall cash flow to remain stable by year-end [4][15] - A mid-term dividend plan has been set, with an expected annual dividend ratio of over 30% of net profit attributable to the parent company [4][15] Project Updates - The graphene project is still under construction, expected to be completed by mid-2026 [6] - The lithium extraction from salt lakes is currently in the planning and design phase, with no investment or operational plans yet [8] Additional Insights - The company is cautious about the implementation of its new green culture concept due to limited market understanding [7] - Asset and credit impairment reversals increased by approximately 200 million yuan in 2025, primarily related to the Tianyin project [14]

Core Insights - The eighth China Enterprise Forum emphasizes the importance of innovation in reshaping growth engines and enhancing global competitiveness [1] - Chinese enterprises play a crucial role in shaping global innovation patterns and promoting sustainable development [2] Group 1: Innovation and Growth - Enterprises are key components of the global economic system, and innovation is essential for reshaping growth dynamics and countering external uncertainties [1] - Continuous optimization of technology innovation mechanisms and incentive systems is supported by the State-owned Assets Supervision and Administration Commission [1] - The integration of ESG principles into corporate strategies is vital for building competitive advantages and benefiting society [5] Group 2: Sustainable Development - The transition to low-carbon energy and the promotion of green technologies are critical for achieving sustainable development [4][5] - Collaboration between international partners is essential for addressing energy security and achieving sustainable development goals [7] - The modernization of power grids, particularly ultra-high voltage grids, is crucial for stable green electricity supply [4] Group 3: Global Cooperation - Joint innovation between Chinese and foreign enterprises is key to creating future opportunities and addressing geopolitical challenges [7] - The establishment of regional supply chain collaboration networks can enhance resilience and risk management in complex environments [7][8] - Cross-border cooperation in green finance and technology sharing can facilitate the scaling of green projects [4] Group 4: Market Dynamics - The changing cost structure of global supply chains necessitates a reevaluation of local market relationships by multinational companies [8] - The current global supply chain is undergoing deep adjustments, and open cooperation is essential for achieving win-win outcomes [8]

Core Insights - The Zambia fertilizer project, undertaken by China Chemical's China Five Rings Company, has achieved significant milestones in its operational phases, including the successful ignition of the boiler and the generation of steam to drive the turbine for electricity production [1] - The successful completion of the air separation compressor's turbine rotation and compressor linkage testing marks a comprehensive breakthrough in the plant's power system and core rotating equipment operation, providing a solid foundation for the commissioning of the main process units [1] Group 1 - The successful ignition of the boiler and steam generation indicates that the Zambia fertilizer project has established a stable and reliable self-sufficient energy supply system through the key process of "coal transportation—boiler steam generation—steam conversion—electricity output" [1] - The completion of the air separation compressor's turbine rotation and linkage testing will provide high-quality instrument air and purge gas for the process pipelines and equipment, signifying the transition from auxiliary systems debugging to the commissioning phase of the chemical process units [1] - The project is now set to commence the trial operation of main process units such as gasification, synthetic ammonia, and urea production [1]

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 - The company Aerospace Engineering (603698.SH) announced a share reduction plan involving its major shareholders, Guochuang Fund and New Car Fund, who plan to reduce their holdings by up to 16,079,700 shares, representing 3% of the total share capital [1][2]. Share Reduction Plan - Guochuang Fund and New Car Fund will reduce their holdings through block trades and centralized bidding, with a maximum reduction of 2% and 1% of the total share capital respectively during specified periods [1][2]. - The reduction period is set from November 10, 2025, to February 9, 2026 [2]. Shareholder Information - As of the announcement date, Guochuang Fund holds 46,736,523 shares (approximately 8.72% of total shares), while New Car Fund holds 19,223,800 shares (approximately 3.59% of total shares) [2][3]. - Guochuang Fund is the second-largest shareholder, and New Car Fund is the fifth-largest shareholder of the company [3]. Financial Performance - In the first half of the year, Aerospace Engineering reported revenue of 1.988 billion yuan, a year-on-year increase of 80.04%, and a net profit attributable to shareholders of 96.87 million yuan, up 6.7% year-on-year [5]. - As of October 17, the company's stock price was 20.91 yuan per share, with a total market capitalization of 11.208 billion yuan, reflecting a year-to-date increase of 35.58% [5].

Core Insights - The successful shipment of core equipment for the NPG project marks a significant milestone for the company in the Indonesian market [1][2] - The project utilizes a fully localized process technology with a 100% domestic material rate, showcasing China's advanced chemical technology and high-end equipment going global [1] Group 1 - The NPG project has a capacity of 30,000 tons per year and is the seventh EPC project undertaken by the company in Indonesia [1] - The project team faced challenges such as tight schedules and transportation difficulties, which were addressed through careful planning and integration of equipment from eight suppliers, totaling approximately 4,500 tons [1] - Innovative logistics strategies were employed, including a framework bidding model and direct land transport solutions, which reduced booking difficulties and overall logistics costs [1] Group 2 - The successful shipment propels the project into a peak phase of equipment delivery, laying a foundation for subsequent construction [2] - The project team aims to enhance the "China Chemical" brand's influence in the international market through localized management and rich engineering experience [2]

Core Insights - China Chemical Tianchen Company has been awarded the 2025 China Future Enterprise Award for its independently developed Chemical Hydrogen Energy Optimization Model Management System [1] - The system integrates artificial intelligence technology and provides intelligent support across key project management phases, including design, procurement, and construction [1] - This award highlights the company's efforts in digital transformation and its role as a significant driver for the company's transition towards high-end and intelligent operations [1] Company Summary - The Chemical Hydrogen Energy Optimization Model Management System is a proprietary technology with independent intellectual property rights developed by Tianchen Company [1] - The system effectively overcomes the limitations of existing single energy system simulations by leveraging multi-energy system collaborative simulation capabilities [1] - It aims to enhance the efficiency of digital empowerment in design, procurement, and construction while achieving comprehensive optimization of energy systems and efficient resource allocation [1] Industry Recognition - The IDC Future Enterprise Award has been established for 10 years, recognizing efforts and achievements in digital transformation across various organizations and individuals [1] - The award process includes public solicitation, voting, and evaluations by internal and external experts to identify representative digital transformation cases [1] - This recognition underscores the commercial value of digital transformation and celebrates pioneers in future business [1]