格隆汇1月8日｜长江证券研报指出，中国化学化工实业广泛布局，在化工行业反内卷带动景气修复背景 下，2026年实业部门有望贡献业绩。化学工程主业订单向好，支撑公司业绩稳健增长，前三季度实现业 绩增速10%，全年两位数增长可期。资产质量被显著低估。公司约80%新签订单来自化学工程，客户为 头部化工企业，海外订单占比为26%，总体订单优质、回款情况好，不存在传统建筑企业因地产商、地 方城投欠款导致减值压力激增等风险，2023-2024年连续2年经营活动现金流净额超过净利润。此外，高 经营质量下中期分红体现公司股东回报。公司仍被低估，关注公司业绩弹性。 ...

分析师及联系人 [Table_Author] 张弛 张智杰 袁志芃 SAC：S0490520080022 SAC：S0490522060005 SAC：S0490525070008 SFC：BUT917 丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨中国化学（601117.SH） [Table_Title] 资产显著低估，关注化工实业弹性 报告要点 [Table_Summary] 中国化学化工实业广泛布局，在化工行业反内卷带动景气修复背景下，2026 年实业部门有望贡 献业绩。 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 中国化学（601117.SH） cjzqdt11111 [Table_Title2] 资产显著低估，关注化工实业弹性 [Table_Summary2] 事件描述 中国化学化工实业广泛布局，在化工行业反内卷带动景气修复背景下，2026 年实业部门有望 贡献业绩。 事件评论 丨证券研究报告丨 2026-01-08 公司研究丨点评报告 [Table_Rank] 投资评级 买入丨维持 ...

12月19日，中国化学涨0.65%，成交额3.56亿元。两融数据显示，当日中国化学获融资买入额2292.67万 元，融资偿还3565.76万元，融资净买入-1273.08万元。截至12月19日，中国化学融资融券余额合计 17.48亿元。 融资方面，中国化学当日融资买入2292.67万元。当前融资余额17.47亿元，占流通市值的3.73%，融资 余额低于近一年10%分位水平，处于低位。 截至9月30日，中国化学股东户数11.12万，较上期增加19.23%；人均流通股54562股，较上期减少 15.74%。2025年1月-9月，中国化学实现营业收入1358.45亿元，同比增长1.26%；归母净利润42.32亿 元，同比增长10.28%。 分红方面，中国化学A股上市后累计派现99.58亿元。近三年，累计派现33.05亿元。 机构持仓方面，截止2025年9月30日，中国化学十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股1.82亿股，相比上期减少1.12亿股。中国证券金融股份有限公司位居第七大流通股东，持 股9865.42万股，持股数量较上期不变。华泰柏瑞沪深300ETF（510300）位居第八大流通股 ...

12月18日，中国化学发布2025年1—11月主要经营情况：1—11月总签约项目数量合计4332个，签约总额达3525.69亿元。并列示了11月重大合同。 按业务类型统计，实业及新材料销售88.02亿元，建筑化学工程2863.41亿元。按照地区分布统计，境内合同金额2601.1亿元，境外合同金额923.77亿元。 11月，公司单笔合同额在人民币5亿元以上的重大合同有10个。分别为尼日利亚MIPL化肥项目EPC合同约151.65亿元、陕煤集团榆林化学有限责任公司 1500万吨/年煤炭分质清洁高效转化示范项目烯烃、芳烃及深加工工程一阶段项目聚丙烯装置建设工程总承包合同9.77亿元、沙特ACMC钒回收中心（一 期）项目EPC合同约9.23亿元、陕煤集团榆林化学有限责任公司1500万吨/年煤炭分质清洁高效转化示范项目烯烃、芳烃及深加工工程一阶段工程空分装置 项目建设工程总承包合同8.97亿元等。 地址：北京市西城区六铺炕北小街甲2号 电话：010-82037659 15101019166 投稿邮箱：zgsyhhg@ccin.com.cn 监制：陈葳 | 序号 | 单位名称 | 项目合同名称 | 合同金额 | | -- ...

Core Viewpoint - China Chemical (601117) has highlighted the superior thermal stability and flame-retardant properties of its subsidiary Hualu New Material's silica-based nano-aerogel products, which are suitable for high safety and energy efficiency requirements in extreme high-temperature environments [1] Group 1: Product Features - The silica-based nano-aerogel products maintain excellent thermal stability and flame-retardant performance under extreme high-temperature conditions [1] - These products are applicable in chemical and metallurgy projects, particularly for high-temperature large-diameter pipeline insulation and other industrial equipment insulation renovation projects [1] Group 2: Product Development - Hualu New Material is continuously developing new products to meet building energy-saving demands [1] - The company has established a complete product line that includes building insulation boards, energy-saving transparent coatings, and multifunctional integrated energy-saving building solutions [1]

证券日报网讯12月18日晚间，中国化学（601117）发布公告称，2025年1月—11月累计新签合同4332 项，金额3525.69亿元，其中单笔超5亿元重大合同10项，最大为尼日利亚MIPL化肥项目EPC合同约 151.65亿元。 ...

铂金再次成为市场上最受关注的资产之一，铂金首饰的价格也水涨船高。12月18日，记者在六福珠宝等 官网看到，足铂999的价格达到每克815元。深圳水贝市场的铂金饰品克价也涨至470元左右，今年6月克 价还在300元左右。而在国内期货市场，以铂为例，12月18日广期所铂期货主力合约价格再度大涨，当 天收盘涨幅高达5.32%。 (证券时报) 品牌首饰铂金报价突破800元/克大关 数据显示：美国投资者今年爆买中国科技ETF 按管理资产规模计，在美上市最大中国股票ETF——KraneShares中国海外互联网ETF(KWEB)今年以来 已累计吸金23亿美元，有望创下2021年以来最佳年度表现。资产规模排名第四的景顺中国科技 ETF(CQQQ)也录得21亿美元资金流入，有望创下历史最佳年度表现。（智通财经） 机构：DDR5高获利放大产能排挤效应 2026年HBM3e定价动能同步转强 根据TrendForce集邦咨询最新调查，近期因存储器市况呈现供不应求，带动一般型DRAM(Conventional DRAM)价格急速攀升，尽管HBM3e受惠于GPU、ASIC订单同步上修，价格也随之走扬，但是预期未来 一年HBM3e和DD ...

Economic News - In November, Shanghai's import and export value reached 387.49 billion yuan, a year-on-year increase of 10.6%, with exports at 186.6 billion yuan, up 18.2%, marking a monthly historical high [1] - The Ministry of Commerce reported that China and Europe are negotiating on electric vehicle issues, with China willing to resolve differences through dialogue [1] - The National Bureau of Statistics released unemployment rates for November, showing a youth unemployment rate of 16.9% for ages 16-24 and 7.2% for ages 25-29 [1] - The National Development and Reform Commission emphasized the need to optimize investment structure and maintain stable growth in traditional sectors while fostering new investment growth [1] - Yantai, Shandong, announced the discovery of Asia's largest underwater gold mine with proven reserves of over 39,000 tons, accounting for 26% of the national total [1] - The China Meteorological Administration aims to establish an advanced earth system forecasting system by 2035 [1] - The Sichuan Provincial Government plans to form a diversified R&D investment pattern by 2027, targeting a R&D investment intensity of 2.5% [1] - The People's Bank of China completed three financial preparations for Hainan Free Trade Port, enhancing cross-border financial risk prevention capabilities [1] - The China Photovoltaic Industry Association reported a total export value of photovoltaic products at $24.42 billion from January to October 2025, a decrease of 13.2% year-on-year, but a significant improvement from the previous year's decline [1] - The Hubei Provincial Government is advancing the asset reform of state-owned water resources [1] Important Company News - China National Airlines' subsidiary Shenzhen Airlines plans to raise 16 billion yuan through equity financing [2] Metal Industry Outlook - The metal industry is experiencing an optimization in supply-demand structure, with a weak supply cycle expected to continue until 2028, while demand is anticipated to rise due to green energy transitions and new productivity developments [5] - The liquidity cycle shift is expected to enhance metal price elasticity, with small metals projected to see significant price and valuation increases due to supply-demand improvements and liquidity premiums [5] - Small metals like rare earths, rubidium, cesium, lithium, antimony, molybdenum, and magnesium are highlighted for their potential in terms of supply-demand dynamics and future trends [5] Rare Earth Industry - The rare earth industry is undergoing a supply-demand optimization, with supply growth slowing and demand increasing due to sectors like electric vehicles and robotics [6] - The introduction of export controls has redefined the value of the rare earth industry, enhancing China's global pricing power [6] - Related companies include China Rare Earth, Northern Rare Earth, and others [7] Rubidium and Cesium Market - The global rubidium and cesium market is entering a rapid expansion phase, with significant supply growth expected from companies like Zhongmin Resources and Jinyin Galaxy [8] - Demand is projected to grow significantly due to upgrades in consumption structures and emerging applications [8] - Related companies include Zhongmin Resources and Jinyin Galaxy [9] Lithium Industry - The lithium supply-demand relationship is expected to improve, with supply growth driven by low-cost production in South America and increasing demand from the electric vehicle sector [10] - Global lithium supply is projected to grow from 1.231 million tons LCE in 2024 to 1.86 million tons LCE by 2027, with a CAGR of 15% [10] - Related companies include Zhongmin Resources, Jinyin Galaxy, Tianqi Lithium, and others [11] Antimony Industry - The antimony industry is entering a strong growth cycle due to supply constraints and increasing demand from the photovoltaic sector [11] - The global antimony supply-demand gap is expected to widen, leading to price increases and enhanced profitability for related companies [11] - Related companies include Huayu Mining, Huaxi Nonferrous, and Hunan Gold [12] Molybdenum Industry - The molybdenum market is expected to maintain a tight balance, with prices projected to rise due to increased demand from high-end steel and aerospace sectors [12] - Global molybdenum supply is expected to grow slowly, with demand projected to increase at a CAGR of 3.8% [12] - Related companies include Luoyang Molybdenum, Jintong Molybdenum, and Western Mining [13] Magnesium Industry - The magnesium industry is entering a state of sustained balance, with significant demand growth expected from sectors like automotive lightweighting and renewable energy [14] - Global magnesium demand is projected to grow from 1.12 million tons in 2024 to 2 million tons by 2027, with a CAGR of 21% [14] - Related companies include Baowu Magnesium, Xingyuan Zhuomai, and Wanfu Aoxian [15]

展望未来，中国化学将进一步加强上市公司市值管理，系统推进价值创造与价值传播体系建设， 努力提升上市公司投资 价值，切实维护广大投资者利益，让全体投资者共享企业发展成果。 "中国上市公司价值评选"由证券时报主办，迄今已成功举办多届，是中国资本市场最具公信力和影响力的权威奖项之 一，旨在表彰治理规范、业绩稳健、积极回报股东的优秀上市公司，受到业界广泛认可。此次再度入选"主板价值100 强"，不仅是对中国化学成绩的肯定，也反映出资本市场对企业未来发展前景的持续看好。 近年来，中国化学始终保持高质量发展态势，经营业绩连年增长，新签合同额屡创新高，科技创新和管理创新成效显 著。在市值管理方面，公司积极落实国务院国资委要求，坚持"以投资者为本"，以高质量增长为基础，运用分红、增 持、股权激励等多种方式，努力实现公司内在价值与市场价值之间的协同统一。 上班公司价值体通 ALL CHILLE CALLER OF 100 d min 40117 ...

中化新网讯 近日，中国化学工程所属东华工程科技股份有限公司与东盟钾肥股份有限公司(APOT)正式 签署泰国APOT钾肥项目合同。 图为项目签约现场。(企业供图) 该项目由东盟钾肥股份有限公司投资建设，位于泰国猜也蓬府，占地约780亩。项目依托泰国丰富的钾 盐资源，采用钾盐矿高效溶解结晶法工艺技术，可有效提升钾盐回收率和产品质量，兼具高效与环保优 势。项目建设内容包括年产123.5万吨氯化钾，年产40万吨氯化钠及配套公辅装置。项目建成后可填补 泰国国内钾肥市场的缺口，降低泰国农业生产对化肥进口依赖。 ...