[Table_Report] 相关报告 建筑工程业《财政地产等建筑产业链全景数据库 20260209》2026.02.09 建筑工程业《国常会促进有效投资，低空经济指 南发布》2026.02.08 建筑工程业《财政地产等建筑产业链全景数据库 20260203》2026.02.03 顺周期铜资源品和化工品涨价，重估相关建筑公司价值 [Table_Industry] 建筑工程业 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 韩其成(分析师) | 021-38676162 | hanqicheng@gtht.com | S0880516030004 | | 郭浩然(分析师) | 010-83939793 | guohaoran@gtht.com | S0880524020002 | | 曹有成(分析师) | 021-23185701 | caoyoucheng@gtht.com | S0880525040079 | 本报告导读： 资源品：推荐标的中国中铁/中国电建/上海建工。化工：推荐标的中国化学，相关标 的三维化学/东华科技/ ...

Summary of China Chemical's Conference Call Company Overview - **Company**: China Chemical - **Industry**: Chemical and Petrochemical Engineering - **Positioning**: National team in chemical and petrochemical engineering, responsible for 90% of chemical projects and 70% of petrochemical projects in China [2][6] Key Points and Arguments Industry Context - High dependence on oil imports, with the rate rising from 53% in 2010 to 73% currently, necessitating the development of modern coal chemical projects as a supplement [3][4] - The market recognizes the profitability and policy support for Xinjiang coal chemical projects, with significant potential for growth [2][3] Company Strengths - China Chemical has a clear advantage in the gasification and synthesis gas segment, being the only company capable of total package coal chemical projects, with over 80% market share in large coal chemical projects [2][4] - The company has maintained a strong financial position, with a low debt ratio of 7% and cash assets exceeding interest-bearing debt [2][8][21] Shareholder Confidence - The controlling shareholder has increased holdings by 200 million in 2024 and plans to add another 300-600 million in 2025, reflecting confidence in the company's future [2][7] Strategic Initiatives - The "Two Business" strategy aims to develop both engineering and industrial sectors, focusing on high-performance materials and new chemical products [7][8] - R&D investment has increased significantly, with a compound annual growth rate of 16.6% from 2015 to 2024, indicating a commitment to innovation [9] Financial Performance - Revenue has shown a compound annual growth rate of nearly 13% from 2015 to 2024, with new orders growing at a rate of 20% over the same period [18] - The gross margin for chemical engineering is significantly higher at 10.7% compared to 6.2% for infrastructure, indicating better financial health [8][20] Future Outlook - The modern coal chemical sector is expected to see accelerated project approvals and construction, particularly in Xinjiang, which could drive business growth [4][15][16] - The company is positioned to benefit from increasing demand for methanol and other chemical products, with ongoing monitoring of market conditions [12] Risks and Challenges - The domestic chemical industry is currently in a down cycle, but policy support for green and low-carbon development is expected to stabilize demand [14] - The company faces competition from other state-owned enterprises in the oil and gas sector, but maintains a competitive edge in the coal chemical space [4][6] Additional Important Information - The Tianchen Qixiang adiponitrile project has reached production capacity of 200,000 tons and is operating at high load levels, breaking foreign technology monopolies [10][11] - The overseas business has shown strong growth, with new contracts increasing by 12.63% in 2024 and 9.9% in 2025, indicating a robust international presence [13][17] This summary encapsulates the key insights from the conference call, highlighting the strengths, strategies, and future outlook of China Chemical within the chemical and petrochemical industry.

中国化学 20260228 摘要 中国化学在现代煤化工工程领域占据主导地位，市占率超 80%，受益于 油价上涨和化工品价格回暖，以及双碳政策推动的减碳需求，公司股价 处于底部，具备配置吸引力。 新疆煤化工项目储备丰富，受领导班子调整影响，项目推进受阻。2026 年新疆政府工作报告强调煤化工发展方向，后续项目加速推进及环保审 批将成为板块催化剂。 中国化学在煤化工产业链前端煤气化环节具备优势，是唯一具备煤化工 总包能力的工程方，受益于优势产能扩张和淘汰落后产能并行的产业结 构调整。 2025 年中国化学订单保持增长，资产质量优良，现金流充裕，人员扩 张，体现项目储备充足。控股股东持续增持，对股价形成支撑。 中国化学"两商"战略包括工业工程和高端化学品与先进材料，2024 年化学工程营收占比 82.1%，毛利占比 83%，盈利质量更优。基建业 务占比较低，财务报表质量相对更优。 Q&A 推荐中国化学的核心投资逻辑是什么，近期催化因素主要来自哪些方面？ 核心逻辑聚焦现代煤化工景气与战略地位抬升：在委内瑞拉、伊朗等外部事件 扰动下，国内对石油安全问题的重视度显著提升，叠加油价走高，煤化工相对 石油路线的经济性与战略补 ...

证券研究报告 | 行业周报 gszqdatemark 2026 03 01 年 月 日 建筑装饰 建筑板块哪些标的受益涨价？ 需求平稳+供给受限，有色/化工/钢铁/煤炭等行业有望迎来涨价。需求 端看：2 月 27 日政治局会议表态要"实施更加积极有为的宏观政策"、"持 续扩大内需、优化供给"、"继续实施更加积极的财政政策和适度宽松的货 币政策"；此前中央经济工作会议表态要"推动投资止跌回稳"；叠加近期 上海等城市地产政策优化，进一步稳固地产行业预期。在系列政策呵护下 预计我国 2026 年总需求有望平稳。供给端看：各行业积极推动反内卷政 策落地，以及高耗能行业积极落实控制碳排放，整体供给端受限。在需求 平稳、供给受限背景下，预计有色/化工/钢铁/煤炭等行业有望迎来涨价。 有色：宏观流动性、地缘贸易变局与产业基本面硬约束三重共振驱动价格 上涨。宏观流动性方面，2026 年美联储降息周期的演进为大宗商品提供 了流动性基础。地缘贸易方面，以铜为例，由于近期美国铜关税政策调整 预期，导致美国市场以溢价持续囤积库存，在此类关税政策多变背景下， 全球资金更愿意把部分金属当作战略资源/硬资产来配置，从而推高阶段 性波动。产 ...

证券研究报告 | 行业周报 gszqdatemark 2026 03 01 年 月 日 建筑装饰 建筑板块哪些标的受益涨价？ 需求平稳+供给受限，有色/化工/钢铁/煤炭等行业有望迎来涨价。需求 端看：2 月 27 日政治局会议表态要"实施更加积极有为的宏观政策"、"持 续扩大内需、优化供给"、"继续实施更加积极的财政政策和适度宽松的货 币政策"；此前中央经济工作会议表态要"推动投资止跌回稳"；叠加近期 上海等城市地产政策优化，进一步稳固地产行业预期。在系列政策呵护下 预计我国 2026 年总需求有望平稳。供给端看：各行业积极推动反内卷政 策落地，以及高耗能行业积极落实控制碳排放，整体供给端受限。在需求 平稳、供给受限背景下，预计有色/化工/钢铁/煤炭等行业有望迎来涨价。 有色：宏观流动性、地缘贸易变局与产业基本面硬约束三重共振驱动价格 上涨。宏观流动性方面，2026 年美联储降息周期的演进为大宗商品提供 了流动性基础。地缘贸易方面，以铜为例，由于近期美国铜关税政策调整 预期，导致美国市场以溢价持续囤积库存，在此类关税政策多变背景下， 全球资金更愿意把部分金属当作战略资源/硬资产来配置，从而推高阶段 性波动。产 ...

[Table_scodeMsg1] 联合研究丨公司深度丨中国化学（601117.SH） [Table_Title] 化学工程国家队，实业资产待重估 报告要点 %% %% %% %% research.95579.com 1 丨证券研究报告丨 [Table_Summary] 中国化学是国务院国资委监管的化学工程国家队，创立 70 余年来设计建造了我国 90%的化工 项目、70%的石油化工项目。2021 年公司提出"两商"战略，向"科研创新+化工实业+工程设计+ 工程施工"转型，2024 年实业背景的莫鼎革接任董事长，提出"5 年再造一个更高质量的中国化 学"。工程板块，新疆煤化工与海外是核心增长极，化工实业逐步成长为第二增长极。 分析师及联系人 [Table_Author] SAC：S0490516100002 SAC：S0490520080022 SAC：S0490522060005 SFC：BUT911 SFC：BUT917 马太 张弛 张智杰 请阅读最后评级说明和重要声明 2 / 31 %% %% %% %% research.95579.com 2 [Table_scodeMsg2] 中国化学（6011 ...

证券研究报告 基础化工 | 化学制品 非金融|首次覆盖报告 证券分析师 hyzqdatemark 2026 年 02 月 25 日 李辉 SAC：S1350526010001 lihui01@huayuanstock.com 张峰 SAC：S1350525120003 zhangfeng03@huayuanstock.com 李佳骏 SAC：S1350526010004 lijiajun@huayuanstock.com 市场表现： | 基本数据 | | | | 2026 | 年 | 02 | 月 24 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 29.59 | | | 一 年 内 最 低 | 最 | 高 | / | | | | 30.99/19.52 | | | （元） | | | | | | | | | | 总市值（百万元） | | | | | | | 90,942.55 | | | 流通市值（百万元） | | | | | | | 89,860.74 | | | 总股本（百万股） ...

Group 1 - The core point of the article is that China Chemical's adiponitrile project has an annual production capacity of 200,000 tons, with an equity capacity of 150,000 tons, and the project has reached full production last year [2] - The company is currently operating at a high load level for the adiponitrile project [2] - Future capacity planning for the project is still under research [2]

Group 1 - The core point of the article is that China Chemical (601117.SH) has successfully achieved production capacity for its adiponitrile project, reaching an annual output of 200,000 tons, with an equity capacity of 150,000 tons [1] - The project has already reached full production capacity last year and is currently operating at a high load level [1] - Future capacity planning for the project is still under research [1]

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering sector [11] Core Insights - In the inflation cycle, the prices of commodities such as copper and gold are rising, benefiting construction state-owned enterprises with quality mining rights, while the chemical industry is also expected to show profit resilience due to price elasticity [2][10] Summary by Relevant Sections Resource Sector - China Railway has invested in five modern mines, producing significant quantities of copper, cobalt, molybdenum, lead, zinc, and silver, with a revenue increase of 8.04% year-on-year in resource utilization business [6] - China Power Construction holds a 25.28% stake in Huagang Mining, with copper and cobalt production figures reported for 2025 [7] - Shanghai Construction's mining operations include a significant gold mine in Eritrea, contributing to substantial revenue from gold sales [8] - Sichuan Road and Bridge has developed a resource reserve system focusing on various minerals, with significant overseas projects [9] Chemical Industry - China Chemical has a broad chemical industrial layout, including significant production capacities for various chemicals and advancements in technology for epoxy propylene production [10] - The company has also made progress in potassium and phosphate mining, with substantial production and sales figures reported for 2025 [10] Market Performance - The construction sector's performance has varied, with specific sub-sectors showing positive growth rates year-to-date, such as chemical engineering and steel structure [20][21]