Investment Rating - The report maintains a "Buy" rating for key companies in the construction and decoration industry, particularly focusing on international engineering leaders such as China National Materials (中材国际), China Steel International (中钢国际), and others [9][24]. Core Viewpoints - The expectation of a ceasefire in the Russia-Ukraine conflict has increased, which could lead to significant reconstruction investments in Ukraine, estimated at $523.6 billion over the next decade, creating substantial demand for construction projects and building materials [2][18]. - Chinese construction companies are well-positioned to benefit from overseas projects, especially in post-war reconstruction efforts in Ukraine, as they possess competitive advantages in technology, efficiency, and cost [3][20]. - The trend of urbanization and industrialization in emerging markets, combined with the relocation of some manufacturing capacities from China, indicates a long-term trend of Chinese construction companies expanding overseas [7][24]. Summary by Sections Industry Dynamics - The report highlights the potential for large-scale reconstruction in Ukraine if the conflict ends, with significant investment needs in housing (16% of total needs) and infrastructure (32.4% of total needs) [2][18]. - The demand for basic construction materials like cement and steel is expected to rise significantly due to reconstruction efforts [18][19]. Investment Recommendations - Key companies recommended for investment include: - China National Materials (中材国际) with a PE of 7.2X and a dividend yield of 5.5% - China Steel International (中钢国际) with a PE of 9.6X and a dividend yield of 5.3% - Northern International (北方国际) with a PE of 11X - China Chemical Engineering (中国化学) with a PE of 6.3X and a PB of 0.70X - Jianghe Group (江河集团) with a PE of 12X and a dividend yield of 6.5% - Precision Steel Structure (精工钢构) with a PE of 10X and a dividend yield of 6.9% [8][24][26]. Market Trends - The report notes that overseas construction demand remains robust, driven by urbanization and industrialization in emerging markets, such as Saudi Arabia's Vision 2030 and various infrastructure initiatives in Southeast Asia [7][22][23]. - The report cites that 68% of A-share listed companies have disclosed overseas business income, indicating a growing trend of Chinese companies expanding internationally [7][24].

格隆汇11月21日丨三维化学(002469.SZ)在互动平台表示，公司自主开发的无在线炉硫磺回收技术处于 国内领先、国际先进的水平，是国内设计、总承包硫磺回收装置最多的公司，能为客户提供工程咨询、 工程设计、工程总承包、项目开车等一站式、全生命周期的工程技术服务。如有项目承接机会，公司将 充分发挥自身优势，积极为相关客户提供优质服务。 ...

Group 1 - EVE Energy signed a procurement framework agreement with its affiliate, Smoore International, for continuous procurement of battery cells starting from January 1, 2026 [1] - Zhaoyi Information plans to issue H-shares and list on the Hong Kong Stock Exchange [1] - Fuke Environmental announced a change in its stock abbreviation to "Fuke Technology" effective November 26 [1] Group 2 - Dajia Weikang's shareholder and director terminated a share reduction plan ahead of schedule, having reduced 1% of total shares [2] - Aohong Electronics received approval from the China Securities Regulatory Commission for the issuance of convertible bonds [2] - Yingfeng Environment's controlling shareholder plans to issue exchangeable bonds not exceeding 1 billion yuan [2] Group 3 - Longshen Rongfa's subsidiary obtained a renewed drug production license covering various pharmaceutical products [4] - Xinhua News' subsidiary invested 15 million yuan in a fund with a total commitment of 221 million yuan [5] - Guang'an Aizhong appointed two new deputy general managers [6] Group 4 - Fosun Pharma's subsidiary's drug for gastric cancer treatment was included in the breakthrough therapy program by the National Medical Products Administration [7] - Nanjiao Foods reported a significant decline in October net profit due to rising raw material costs [8] - Nanfeng Co. won two nuclear power project bids totaling 928.7 million yuan [10] Group 5 - Puluo Pharmaceutical received a drug registration certificate for its Cefdinir capsules [11] - Liming Co.'s subsidiary received environmental approval for a new pesticide raw material project [12] - Longhua New Materials' expansion project for polyether polyols has commenced trial production [13] Group 6 - Pumen Technology's products received IVDR CE certification from TÜV Rheinland [15] - China Chemical reported new contracts worth 312.67 billion yuan from January to October [18] - China Nuclear Construction achieved new contracts totaling 123.84 billion yuan as of October [19] Group 7 - Changshu Bank's executives plan to purchase at least 550,000 shares of the bank [20] - Shandong Steel's subsidiary is applying for bankruptcy liquidation to focus on core business [21] - Huakang Clean is expected to win a bid for a purification system project worth 176 million yuan [23] Group 8 - Huawu Co. plans to internally transfer subsidiary equity [24] - Tianen Kang's subsidiary received clinical trial acceptance for a new drug [26] - Tianyi Medical's subsidiary obtained a medical device registration certificate for a blood dialysis product [27] Group 9 - Xuelang Environment is facing a pre-restructuring application from creditors [27] - Chitianhua's subsidiary resumed production after passing safety inspections [28] - Huaping Co.'s director plans to reduce 0.03% of company shares [30] Group 10 - Xizhuang Co. plans to establish a wholly-owned subsidiary in Singapore [31] - Ruisheng Intelligent's subsidiary won a 60.23 million yuan ICT project bid [32] - Junyi Digital plans to invest 120 million yuan in Guanghong Precision [33] Group 11 - Fuguang Co.'s controlling shareholder plans to increase holdings between 80 million to 150 million yuan [34] - Ganyue Express reported a 13.68% increase in logistics revenue in October [39] - Jiangsu Sop terminated its 2025 private placement plan [41] Group 12 - Langke Intelligent's shareholders plan to reduce a total of 1.68% of company shares [42] - Yuantong Express reported an 8.97% increase in express product revenue in October [45] - Jinbei Automotive plans to invest 158 million yuan to acquire 52% of Zhongtuo Technology [46]

证券代码：601117 股票简称：中国化学 公告编号：临 2025-058 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—10 月主要经营情况公布如下，供各位 投资者参阅。 | 地区 | 合同金额 | | --- | --- | | 境内 | 2526.09 | | 境外 | 600.61 | | 合计 | 3126.70 | 三、 重大合同列示 10 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 | 中国化学工程第 | 张掖市晋昌源煤业有限公司 120 万吨捣 | 21.00 | | | 四建设有限公司 | 固炼焦项目 PC 总承包 | | | 2 | 中国天辰工程有 限公司、中国化学 | 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 | 13.55 | | | 工程 ...

2025年1至6月份，中国化学的营业收入构成为：化学工程占比82.46%，基础设施占比10.04%，其他行 业占比5.32%，现代服务业占比0.89%，其他业务占比0.72%。 每经AI快讯，中国化学（SH 601117，收盘价：7.74元）11月18日晚间发布公告称，截至本公告披露 日，中国化学工程股份有限公司总经理助理聂宁新先生持有公司股份24万股，占公司总股本的 0.0039%。自公告披露之日起15个交易日后的3个月内，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6万股，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。 截至发稿，中国化学市值为473亿元。 每经头条（nbdtoutiao）——段睿：我与蔡磊是 "找钥匙的人"，纵使生前寻不到，也要为其他渐冻症患 者铺就近路 （记者 王晓波） ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company achieved a revenue of 135.845 billion yuan in the first three quarters, representing a year-on-year growth of 1.26%. The net profit attributable to shareholders was 4.232 billion yuan, up 10.28% year-on-year, while the net profit after deducting non-recurring items was 4.014 billion yuan, reflecting a growth of 3.43% [5][11]. Financial Performance - The company reported a comprehensive gross margin of 9.43%, an increase of 0.35 percentage points year-on-year. The expense ratio for the first three quarters was 5.65%, up 0.26 percentage points year-on-year. The net profit margin attributable to shareholders was 3.12%, an increase of 0.25 percentage points year-on-year [11]. - The cash collection ratio improved to 103.00%, up 10.90 percentage points year-on-year, indicating a positive cash flow from operating activities [11]. Contract and Project Updates - The company signed new contracts totaling 284.561 billion yuan from January to September, a slight increase of 0.2% year-on-year. The construction engineering contract amount was 273.564 billion yuan, up 0.9% year-on-year, with the chemical engineering segment contributing 226.170 billion yuan, a growth of 6.8% [11]. - The company is advancing its chemical industrial projects, with significant contributions expected from the Xinjiang coal chemical projects, which are projected to release orders worth approximately 700 to 800 billion yuan [11]. Shareholder Returns - The company declared a mid-term cash dividend of 1.00 yuan per 10 shares, with a payout ratio of 19.69%, totaling 611 million yuan, reflecting a commitment to shareholder returns [11]. Future Growth Potential - The company aims for a compound annual growth rate of no less than 15% in net profit attributable to shareholders by 2025, with a target of 6.067 billion yuan in net profit after deducting non-recurring items, representing a 10% increase from 2024 [11].

Core Viewpoint - China Chemical's stock experienced a slight increase of 0.25% on November 11, with a trading volume of 609 million yuan, indicating stable market interest in the company [1] Financing Summary - On November 11, China Chemical had a financing buy-in amount of 78.54 million yuan, with a net financing buy of 885,700 yuan after repayments [1] - The total financing and securities balance reached 1.905 billion yuan, accounting for 3.86% of the circulating market value, which is below the 30th percentile level over the past year, indicating a low financing balance [1] - In terms of securities lending, 27,900 shares were repaid, with 6,000 shares sold, amounting to a selling value of 48,600 yuan, and a remaining securities lending balance of 25,680 yuan, also below the 10th percentile level over the past year [1] Financial Performance - As of September 30, China Chemical reported a total of 111,200 shareholders, an increase of 19.23% from the previous period, while the average circulating shares per person decreased by 15.74% to 54,562 shares [2] - For the period from January to September 2025, the company achieved a revenue of 136.3 billion yuan, reflecting a year-on-year growth of 1.15%, and a net profit attributable to shareholders of 4.232 billion yuan, which is a 10.28% increase year-on-year [2] Dividend Information - Since its A-share listing, China Chemical has distributed a total of 9.958 billion yuan in dividends, with 3.305 billion yuan distributed over the past three years [3] Institutional Holdings - As of September 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 182 million shares, a decrease of 112 million shares from the previous period [3] - China Securities Finance Corporation remains the seventh-largest circulating shareholder with 98.6542 million shares, unchanged from the previous period [3] - Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF are also among the top ten circulating shareholders, with both experiencing a decrease in holdings [3]

Investment Rating - The investment rating for the construction industry is "Positive" and is maintained [9]. Core Insights - The construction industry has experienced a decline in revenue and performance, but the rate of decline has narrowed compared to the previous year. The overall profitability remains relatively stable, with only a slight decrease compared to the same period last year [6][19]. - The industry is facing challenges due to sluggish demand, but companies are adopting more conservative approaches to new orders, focusing on the payment capabilities of owners and reducing capital advances [6][19]. - The first three quarters of 2025 saw a decrease in operating cash outflow, and while the asset-liability ratio and interest-bearing debt ratio increased compared to the beginning of the year, they showed a slight decrease on a quarter-on-quarter basis [6][19]. Summary by Sections Industry Overview - As of October 31, 2025, the construction industry reported a total revenue of 58,403.89 billion, a decrease of 5.14% year-on-year, with the decline rate narrowing by 0.09 percentage points compared to the same period in 2024. The net profit attributable to shareholders was 1,288.62 billion, down 8.41%, with a narrowing decline of 2.98 percentage points [21][19]. Profitability - The overall gross margin for the industry decreased to 10.0%, down 0.05 percentage points year-on-year. The net profit margin was 2.21%, a decrease of 0.08 percentage points [28][31]. Cash Flow - The net cash outflow from operations for the first three quarters of 2025 was 4,082.54 billion, a reduction of 719.02 billion year-on-year. The cash collection ratio increased by 3.45 percentage points to 99.24%, while the cash payment ratio increased by 3.07 percentage points to 106.04% [38][39]. Subsector Performance - Most subsectors experienced a decline in revenue, with the international engineering sector seeing a drop of 25.4%, and the decoration sector down by 22.32%. However, the chemical engineering sector reported a revenue increase of over 10% [50][53]. - The gross margin for seven subsectors increased year-on-year, with the international engineering sector achieving a gross margin of 15.81%, an increase of 2.88 percentage points [54][55].

Core Viewpoint - Donghua Technology's stock has shown significant growth this year, with a year-to-date increase of 33.92% and a recent surge of 11.18% over the past five trading days [1]. Financial Performance - For the period from January to September 2025, Donghua Technology reported a revenue of 6.795 billion yuan, reflecting a year-on-year growth of 5.61%. The net profit attributable to shareholders was 365 million yuan, marking a 14.97% increase compared to the previous year [2]. - The company has distributed a total of 840 million yuan in dividends since its A-share listing, with 255 million yuan distributed over the last three years [3]. Stock Market Activity - As of November 7, Donghua Technology's stock price was 13.03 yuan per share, with a trading volume of 211 million yuan and a turnover rate of 3.02%. The total market capitalization stood at 9.225 billion yuan [1]. - The stock has appeared on the "Dragon and Tiger List" twice this year, with the most recent occurrence on September 29 [1]. Shareholder Structure - As of October 31, the number of shareholders for Donghua Technology was 32,200, a decrease of 2.13% from the previous period. The average number of circulating shares per shareholder increased by 2.17% to 16,877 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 3.0456 million shares, an increase of 72,800 shares from the previous period. Century Securities has reduced its holdings by 103,500 shares [3].

Group 1 - Wuhan is positioned as a central city in the central region and a core city in the Yangtze River Economic Belt, with its importance in national development further highlighted in recent years [2] - The local government emphasizes the need for technological innovation to lead industrial innovation and aims to build a modern industrial system while accelerating the construction of a national central city [2] - The petrochemical industry is identified as a key pillar industry for Wuhan, with a focus on deepening cooperation in energy chemistry, green chemistry, new chemical materials, and ecological environmental protection [3] Group 2 - China Chemical Engineering Group is recognized as a leading enterprise in the global chemical engineering sector and is referred to as the "national team" in China's chemical engineering field [3] - The group expresses gratitude for the support from Wuhan and highlights its strategic focus on the city for future business development, aiming to enhance investment and expand cooperation [5] - The group plans to leverage its advantages to meet Wuhan's development needs and contribute significantly to the construction of a modernized Wuhan [5]