| | ☑特定对象调研 | □分析师会议 | | --- | --- | --- | | | □媒体采访 | 业绩说明会 | | 投资者关系活动类别 | □新闻发布会 | □路演活动 | | | □现场参观 | | | | □其他 广发证券 吴鑫然 | | | | 泰康资产 陈佳艺、王卓夫、陈炜璇 | | | | 华安基金 辛大伟 | | | 活动参与人员 | 中泰证券 刘梦岚 | | | | 长江证券 徐静 | | | | 国海证券 刘梦盈 | | | | 工银瑞信 吕焱、周鑫 | | | 时间 | 年 月 日 2025 12 17 | | | 地点 | 公司会议室 | | | 形式 | 现场交流 | | | 上市公司接待人员 | 董事会秘书 刘月刚 | | | 姓名 | 证券事务代表 柳青 互动沟通主要内容如下： | | | | 一、介绍公司近期生产经营情况 | | | | 近期园区整体生产经营情况正常，公司继续加强生产企业的安全 | | | 交流内容及具体问答 | 管控，大力度开展节能降耗、提质增效，规避市场风险，紧跟相关政 | | | 记录 | 策及行业发展动态，结合公司实际情况动态调整，统筹分析预 ...

科莱恩催化剂业务单元全球战略合作伙伴发展总监赵世忠表示，多年来，双方在多个项目和技术领域形 成了良好的互信与协同基础，新一轮战略合作有望进一步增强双方在乙烯及衍生物产业链上的综合优 势。 惠生工程副总裁李保有表示，科莱恩在催化剂与特种化学品领域拥有深厚技术积累，双方围绕化工产业 链高端化及绿色低碳化等重点方向，进一步强化"技术+工程"协同创新，实现更具价值的合作成果。 多年来，科莱恩与惠生工程已在多个前瞻性技术方向保持紧密合作与交流，双方团队紧贴市场需求，在 可持续发展大背景下不断拓展合作空间，探索低碳、绿色与高附加值方向的创新机会，为石化产业升级 共同努力，探索新的发展路径。 中化新网讯 12月5日，惠生工程(中国)有限公司与科莱恩化工科技(上海)有限公司签署战略合作协议， 双方将围绕乙烯相关产业链等业务方向开展深度合作，从催化剂的特性及工艺技术路线优化出发，联合 探索乙烯及其衍生物制备的最优化解决方案。 ...

内蒙古新材公司以"质量提升年"为契机，全面启动体系认证工作。公司将此项工作作为提升管理、应对挑战的关键举措，并专门成立工作组，通过系统的 标准培训、流程梳理、文件编制及内审管理评审，对现有制度与业务流程进行了全面优化与整合，将体系标准要求深度融入日常经营，有效提升了运营效 率与风险防控能力。 此次成功通过三体系认证，是内蒙古新材公司管理进程中的重要里程碑。未来，内蒙古新材公司将继续秉持"敢为人先、笃实力行"的企业精神，以高标准 的管理体系为引擎，不断固根基、补短板、强弱项，全力推动企业发展提质增效，为中国化学工程和东华公司的高质量发展贡献实业力量。 图文：王海钰 供稿部门：内蒙古新材公司 编辑：汪雨彤 近日，通过权威机构严格、全面的现场审核与评估，中国化学工程东华内蒙古新材公司成功获得质量管理体系（ISO 9001）、环境管理体系（ISO 14001）、职业健康安全管理体系（ISO 45001）认证证书，标志着内蒙古新材公司在质量、环境、职业健康安全规范化、标准化、系统化管理方面迈上了 新台阶，为实现更高质量、更可持续、更为安全的发展奠定了坚实的体系基础。 近日，通过权威机构严格、全面的现场审核与评估，中国化 ...

"2024年1月至2025年10月，外部项目中标金额达1亿元，这不仅是数字的突破，更是我们定制化方案+全链条服务模式在西北市场的成功验证。"近日，金 川集团信息与自动化工程公司负责人郑国锋在接受采访时道出了公司拓展外部市场的底气。 短短一年多时间，信息与自动化工程公司在外部市场版图上实现跨越式突破，一路高歌猛进，挺进化工领域，在新疆矿业市场连续落子深耕，在自动化、 信息化及工程总承包赛道树立起鲜明的"金川品牌"。1亿元中标额的背后，是一场从"守家"到"闯市"的战略突破，更是一套厚积薄发的攻坚方法论。 2300万项目打开化工新赛道 "接到柏德化学招标邀请时，团队一半是兴奋，一半是忐忑。"回忆起2024年中标柏德化学（山东）有限公司项目的经历，信息与自动化工程公司工程事业 部项目部经理邢海峰至今印象深刻。在此之前，信息与自动化工程公司工程业务更多聚焦在有色领域，化工行业的EPC总包项目则是一次全新的跨界挑 战。 此次中标项目金额达2300余万元，是信息与自动化工程公司首次承接大型化工领域EPC总包项目，主要负责硝酸盐系列产品生产线设备采购与安装总承 包。 为啃下这块"硬骨头"，团队用了3个月时间扎根项目现场，反复 ...

鲁西化工集团股份有限公司 投资者关系活动记录表 投资者关系活动类别 ☑特定对象调研 □分析师会议 □媒体采访 业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 活动参与人员 兴全基金 任相栋 广发证券 孟祥杰 富国基金 徐斌、黄彦东 申万宏源证券 邵靖宇 开源证券 金益腾、张晓锋、宋梓荣 时间 2025 年 12 月 4 日 地点 公司会议室 形式 现场交流 上市公司接待人员 姓名 董事会秘书 刘月刚 证券事务代表 柳青 交流内容及具体问答 记录 互动沟通主要内容如下： 一、介绍公司近期生产经营情况 近期园区整体生产经营情况正常，公司将继续加强生产企业的安 全管控，继续开展节能降耗、提质增效，规避市场风险，紧跟相关政 策及行业发展动态，统筹分析预判市场变化，及时调整生产经营策略， 发挥园区一体化优势，力争把握市场机遇，实现经济效益最大化。 二、沟通了解 2025 年四季度产品市场变化情况 第四季度，受同行企业及下游企业开工率波动、上下游需求变化、 石油价格波动等因素影响，化工产品价格变化涨跌不一，公司根据市 场行情变化，及时联动调整。公司产品在鲁西商城在线销售，价格公 | | 开透明。 | | --- ...

Core Insights - Shanghai Electric Group's subsidiary, Global Engineering, has a 60-year history and aims to become a leading global provider of oil and gas and chemical engineering solutions, focusing on green chemistry and modern coal chemical industries [1][17]. Historical Development - Global Engineering originated as the Shanxi Chemical Design Institute in 1965, evolving through various organizational changes and mergers over the decades [3][4]. - The company transitioned to a self-sustaining entity in 1986, marking its entry into the market [4][6]. - By 2002, it had established itself among the top provincial design institutes in China, gaining significant industry reputation [6]. Recent Developments - In 2020, Global Engineering rebranded as Shanghai Electric Group Global Engineering, marking a new phase of development and resource integration [10]. - The company has successfully launched several significant projects, including the 260 million tons/year coking project in Indonesia and the new dye project in Linfen [11][12]. - By 2023, the company achieved a breakthrough in overseas EPC performance, establishing a solid foundation for future international projects [11]. Strategic Focus - The company is committed to innovation and technology development, focusing on three main areas: green chemistry, low-rank coal pyrolysis, and coking [17][20]. - Global Engineering has formed partnerships with various universities and research institutions to enhance its technological capabilities [17][18]. - The company aims to expand its market presence through strategic collaborations with major enterprises in the industry [13][21]. Future Outlook - Global Engineering plans to enhance its core competitiveness by focusing on technological innovation, market expansion, and management improvement [22][23]. - The company is positioned to play a significant role in the transition to green energy and sustainable development, leveraging its expertise in green methanol production [18][20].

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]