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 ...

点击 最 下方 关注《材料汇》 ， 点击"❤"和" "并分享 添加 小编微信 ，寻 志同道合 的你 正文 导语： 作为工程塑料中的"贵族"，尼龙66（PA66）曾因核心原料己二腈被国外长期垄断而"高不可攀"。然而，随着 国产技术的突 破和百万吨级产能 的规划，这道坚固的护城河正在消融。2024年，尼龙66行业走到了一个关键的转折点。 第一部分：行业概要——工程塑料的"皇冠明珠" 1.1 尼龙66的定义与微观视界 聚酰胺66（Polyamide 66，简称PA66），俗称尼龙66，是一种由己二酸（Adipic acid）和己二胺（Hexamethylene diamine）通过缩聚反应生成的半结晶型热塑性树脂。 从分子结构上看， PA66之所以被称为" 工程塑料之王" ，源于其对称的分子链结构。每一个重复单元中含有6个碳原子，这 种高度对称性赋予了它极高的结晶度。分子链间形成的致密 氢键网络 ，就像是一把把微观层面的"锁"，锁住了材料的物理 性能，使其在高温、摩擦和受力环境下依然能保持极佳的形状稳定性。 1.2 跨越世纪的华章：PA66的发展历程 尼龙66的历史不仅是化工史的缩影，更是人类合成材料科技进步的里程 ...

1.1 尼龙66的定义与微观视界 聚酰胺66（Polyamide 66，简称PA66），俗称尼龙66，是一种由己二酸（Adipic acid）和己二胺（Hexamethylene diamine）通过缩聚反应生成的半结晶型热塑性树脂。 从分子结构上看， PA66之所以被称为" 工程塑料之王" ，源于其对称的分子链结构。每一个重复单元中含有6个碳原子，这 种高度对称性赋予了它极高的结晶度。分子链间形成的致密 氢键网络 ，就像是一把把微观层面的"锁"，锁住了材料的物理 性能，使其在高温、摩擦和受力环境下依然能保持极佳的形状稳定性。 1.2 跨越世纪的华章：PA66的发展历程 点击 最 下方 关注《材料汇》 ， 点击"❤"和" "并分享 添加 小编微信 ，寻 志同道合 的你 正文 导语： 作为工程塑料中的"贵族"，尼龙66（PA66）曾因核心原料己二腈被国外长期垄断而"高不可攀"。然而，随着 国产技术的突 破和百万吨级产能 的规划，这道坚固的护城河正在消融。2024年，尼龙66行业走到了一个关键的转折点。 第一部分：行业概要——工程塑料的"皇冠明珠" 尼龙66的历史不仅是化工史的缩影，更是人类合成材料科技进步的里程 ...

长江商报消息 ●长江商报记者 江楚雅 中国化学（601117.SH）揽单保持增长势头。 12月18日晚间，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，其中境内2601.92亿元，境外923.77亿元，实业及新材料销售88.02亿元。 长江商报记者注意到，中国化学持续攻坚核心技术，凸显了其以科技创新驱动高质量发展的战略定力。2020年至 2025年前三季度，中国化学研发费用逐年增长，近六年合计312.19亿元。 前11月揽单3525.69亿 12月18日，中国化学公告，2025年1—11月，中国化学新签合同额达3525.69亿元，业务版图持续向全球拓展。 从业务结构来看，建筑工程承包是绝对核心，2666项合同贡献3401.64亿元收入，其中化学工程业务表现突出， 2295项合同金额达2863.41亿元，彰显了公司在该领域的绝对领先优势；基础设施、环境治理业务分别新签476.23 亿元、62亿元，成为重要增长极。勘察设计监理咨询、实业及新材料销售等业务同步推进，分别实现30.1亿元、 88.02亿元新签合同额，多元化业务格局进一步巩固。 地 ...

Group 1 - The core viewpoint of the article is that Ascend Performance Materials has successfully received approval for its Chapter 11 restructuring plan, which is a significant milestone in reducing its debt and strengthening its capital structure for future development [1] - The restructuring process is expected to be completed by the end of the year, allowing the company to enhance its risk resilience and market competitiveness [1] - Ascend Performance Materials filed for Chapter 11 on April 22, 2025, to lower its leverage while continuing to serve approximately 1,650 global customers [1] Group 2 - On June 17, Ascend announced the orderly closure of its hexamethylenediamine production facility in Lianyungang, China, which was its largest investment outside the U.S. with a total investment of approximately 4.2 billion yuan [2] - The Lianyungang facility, which had only been operational for 8 months, was deemed not viable in the changing market dynamics and regulatory environment [2] - Ascend operates 12 production bases globally, employing nearly 3,000 people, and has significant nylon production capacities, including 700,000 tons/year of nylon 66 polymerization and 490,000 tons/year of adiponitrile [2]

"坚持创新驱动，加紧培育壮大新动能"是明年的重点任务之一。省科技厅前沿技术与基础研究处田 璐佳表示，省科技厅将深入贯彻落实中央经济工作会议精神，按照省委、省政府部署要求，聚焦航空装 备、精细化工、工业母机等重点产业领域，实施"人工智能赋能"专项行动，通过"揭榜挂帅"等方式，在 研发设计、生产制造、检测运维等关键环节，打造一批可复制、可推广的标杆示范场景，布局建设一批 省级人工智能重点实验室和技术创新中心，积极构建从技术攻关、成果转化到产业赋能的全链条创新生 态，加快发展新质生产力。 全省各市县区也迅速行动，掀起立足本地实际推动落实的热潮。 "我们将锚定高质量发展首要任务，聚焦全面振兴需求，进一步强化担当作为、深化改革创新，着 力打造最优营商环境，全力以赴为实现'十五五'良好开局贡献自然资源力量。"省自然资源厅综合处处 长葛昊圳表示，要优格局、强保障，绘好用好国土空间"一张蓝图"，优化创新要素供给模式，加速建设 战略矿产保障基地，联动激活"蓝色引擎"。要守底线、促转型，坚决守牢耕地保护红线，深入推进重点 生态区域保护修复和特大露天矿坑综合治理，全面提升自然资源利用效率，为谱写好人与自然和谐共生 现代化建设辽宁篇 ...

Investment Rating - The report maintains an investment rating of "Market Perform" for the basic chemical industry [3][4]. Core Insights - The basic chemical industry index rose by 1.63% in November 2025, outperforming the Shanghai Composite Index by 3.31 percentage points and the CSI 300 Index by 4.09 percentage points, ranking 7th among 30 first-level industries [3][7]. - The decline in chemical product prices has significantly slowed, with sulfur and phosphate fertilizers performing well [3][8]. - Investment strategies for December 2025 focus on polyester filament, organic silicon, spandex, and biofuels [3][8]. Market Review - In November 2025, 15 out of 33 sub-industries within the basic chemical sector saw price increases, with organic silicon, nitrogen fertilizer, and membrane materials leading the gains at 11.65%, 8.85%, and 7.92% respectively [8][11]. - A total of 213 stocks out of 527 in the basic chemical sector increased in value, with the top five gainers being Huasheng Lithium Battery, Haike New Source, Qing Shui Yuan, Fusheng Technology, and Tianhua New Energy, showing increases of 132.48%, 122.40%, 104.64%, 76.89%, and 70.74% respectively [8][11]. Product Price Tracking - In November 2025, international oil prices continued to decline, with WTI crude oil down 3.98% to $58.55 per barrel and Brent crude down 2.87% to $63.20 per barrel [3][8]. - Among 321 tracked products, 119 saw price increases, with the largest gains in sulfuric acid, argon, organic silicon intermediates, sulfur, and dimethyl carbonate, which rose by 28.24%, 21.57%, 21.10%, 20.69%, and 18.52% respectively [3][8]. Industry and Company News - The chemical raw materials and chemical products manufacturing industry achieved a total profit of 311.77 billion yuan from January to October 2025, reflecting a year-on-year decline of 5.4% [15][16]. - The expansion project of the Xiaogaozhai phosphate mine by Batian Co., Ltd. has been approved, increasing its design capacity from 2 million tons per year to 2.9 million tons per year [29][30].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The nylon new materials project by Tianchen Qixiang has achieved full production and has entered a phase of efficient and stable operation after a 72-hour full-load performance assessment, with key technical and economic indicators meeting or exceeding design values [5][11]. - The project, which began construction in 2019, aims to break foreign monopolies and address critical supply chain issues, with a total investment of approximately 20 billion yuan and an annual production capacity of 1 million tons of nylon new materials [11]. - The company has signed new contracts totaling 312.67 billion yuan from January to October 2025, reflecting a year-on-year increase of 0.45%, with significant contributions from industrial and new materials sales [11]. Summary by Sections Project Development - Tianchen Qixiang's nylon new materials project has fully achieved production capacity, marking a transition to a stable operational phase [11]. - The project is expected to produce 200,000 tons of nylon 66 products annually, along with other chemical products, thereby establishing a complete nylon 66 chip industry chain [11]. Financial Performance - The company reported a total revenue of 186.61 billion yuan for 2024, with projections of 207.62 billion yuan for 2025, indicating a steady growth trajectory [17]. - The net profit attributable to shareholders is projected to reach 6.35 billion yuan in 2025, reflecting a compound annual growth rate of no less than 15% from 2021 [11][17]. Market Position - The company is positioned to benefit from the ongoing development of coal chemical projects in Xinjiang, with potential orders amounting to 700-800 billion yuan, which could enhance performance [11]. - The company has maintained a high dividend payout ratio of 19.69%, distributing 611 million yuan in cash dividends, demonstrating a commitment to shareholder returns [11].

Group 1 - The core issue involves a lawsuit against China Chemical's subsidiary, Ningbo Engineering Co., related to false securities statements by Kangde Xin, with a claim for compensation of approximately 4.139 billion yuan [2][3] - The lawsuit includes 40 defendants, with Ningbo Engineering being a minor participant, and the company has assessed that the case will not materially impact current or future profits [2][3] - China Chemical's subsidiary, Tianchen Qixiang New Materials Co., has achieved full production capacity for its 200,000 tons/year adiponitrile project, which is part of a larger investment of 22.7 billion yuan [3] Group 2 - The conference on polymer recycling will explore global plastic recycling policies and China's 14th Five-Year Plan for plastic recycling, focusing on new technologies and collaborations [23][24] - Advanced recycling technologies will be discussed, including thermal cracking and depolymerization techniques for mixed low-value plastics and rubber [23][31] - The event will feature a youth forum aimed at discovering innovative technologies and fostering talent connections within the industry [23][32]

图片转自 微信公众号"中国化学工程集团有限公司" 据微信公众号"中国化学工程集团有限公司"消息，近日，我国首台套丁二烯法己二腈工业化生产项目 ——中国化学工程天辰齐翔新材料有限公司20万吨/年己二腈装置全面达产。 作为我国高端聚酰胺新材料工业化生产的标志性项目，其全面达产彻底打破了国外对我国己二腈技术的 封锁和垄断，对保障我国高端聚酰胺产业链安全稳定具有重要意义。 据介绍，己二腈是生产尼龙66的核心原料，被市场称为聚酰胺产业链的"咽喉"。作为高性能聚合物，尼 龙66像米粒一样大，却能拉伸2公里不断裂，指甲盖大小的玻纤增强尼龙66制品可承受1吨左右的压力而 不发生塑性变形，颗粒状阻燃级尼龙66产品遇明火后10秒内即可自行熄灭。被誉为尼龙66"面粉"的己二 腈实现规模化量产，意味着尼龙行业下游"面包坊"将获得充足、优质的原料供应，从而有力推动汽车、 轨道交通、航空航天及电子电气等高端制造领域的持续发展，保障我国高端聚酰胺产业链安全。 我国首台套丁二烯法己二腈工业化生产项目全面达产 图片转自科技日报 该项目采用中国化学工程自有技术，打破国外垄断、解决"卡脖子"难题。自项目投产以来，中国化学工 程系统梳理全流程瓶颈， ...