Core Viewpoint - China Railway Construction Corporation (CRCC) is focusing on developing new quality productivity during the 14th Five-Year Plan period, leveraging innovation to drive industrial transformation and meet national strategic needs [1][2]. Group 1: Strategic Development - CRCC has established a long-term development strategy called "1256," which outlines its vision and key directions for the next 10 to 20 years, aiming to become a world-class modern enterprise [2]. - The strategy emphasizes consolidating and upgrading traditional construction industries while cultivating strategic emerging industries [2]. - CRCC is forming a scientific research system with a focus on various fields, including green low-carbon technologies and high-end equipment, to support the development of strategic emerging industries [2]. Group 2: Technological Advancements - CRCC has made significant breakthroughs in core technologies, such as the independent development of a 8.61-meter main bearing for shield machines, enhancing its capabilities in the equipment manufacturing sector [4]. - The company is also advancing green production technologies, with notable projects like the bamboo-based materials that have the potential to tap into a billion-level market [4][5]. - Innovations in materials, such as a 2mm aerogel that can replace thicker insulation materials, demonstrate CRCC's commitment to sustainable development [5]. Group 3: Digital Transformation - CRCC is undergoing a transformation through six key areas: high-end, intelligent, green, digital, refined, and international [6]. - The company has developed advanced machinery for railway construction, including the world's first thousand-ton high-speed rail bridge erection machine, showcasing its technological leadership [6]. - CRCC is actively promoting digitalization, establishing a computing power center and integrating technologies like Beidou and laser radar to enhance efficiency in design and construction processes [7].

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 ...

新闻事件 近日，中国化学工程华陆公司所属华陆新材成功完成A轮融资，引入了中化学新材料基金、中国石油集团昆仑资本、建信股权等多家大型中央企业投资平 台。这一资本市场的重大动向，标志着气凝胶这一新材料的产业化进程进入加速期。 TODAY'S NEWS 新闻深一度 化工行业新闻热点解读 在"双碳"目标持续推进的背景下，作为已知热导率最低的固体隔热材料，气凝胶正迅速从实验室走向产业化前沿，成为油气开采、石油化工、能源储运等 关键领域节能降碳的首选方案。 资本入局 气凝胶产业迎来央企战略投资潮 此次华陆新材的A轮融资，不仅融资规模可观，更引人注目的是投资方的产业背景。中化学新材料基金、中国石油集团昆仑资本、中国电气装备投资、国 家能源国华投资等，清一色来自大型中央企业投资平台。 这些投资方并非普通的财务投资者，而是深耕于油气开采、石油化工、能源储运等气凝胶关键应用领域的产业巨头。它们带来的不仅是资金，更有丰富的 产业资源与协同优势，为气凝胶材料的应用场景拓展提供了坚实基础。 应用场景 多元化需求驱动市场爆发 随着技术突破和成本下降，气凝胶的下游应用呈现"多点开花"态势。 新能源汽车是增长最快的领域之一。动力电池热失控问 ...

近日，中国化学工程华陆公司所属华陆新材成功完成A轮融资，引入中化学新材料基金、中国石油集团昆仑资本、建信股权、中国电气装备投资、国家能 源国华投资等大型中央企业投资平台。本次融资的成功落地，标志着中国化学工程在气凝胶领域的产业布局与综合实力获得资本市场的高度认可，也充分 彰显了各方对气凝胶产业广阔发展前景及华陆新材核心竞争力的坚定信心。 本轮融资引入的战略投资者均深耕于油气开采、石油化工、电力电网、能源储运、工业制造等气凝胶关键应用领域，具备深厚的产业资源与协同优势，将 为华陆新材加速拓展多元化应用场景、推动产品规模化落地提供强有力的产业支撑，也将助力企业深化产融结合，优化资源配置，提升资本运作效能，为 后续高质量发展构建多维度、全链条的资源保障体系。 作为目前已知热导率最低的固体隔热材料，气凝胶兼具优异的隔热保温性能与显著的节能减排效果，其产业化进程高度契合我国绿色低碳转型战略。在国 家"双碳"目标持续推进的背景下，气凝胶新材料已在工业保温、建筑节能、新能源汽车、电化学储能等多个领域展现出巨大的应用潜力，市场空间广阔。 本次A轮融资的顺利完成，不仅为华陆公司气凝胶业务夯实了资本基础，也为打造"产学研用"深度 ...

每经AI快讯，12月31日，中国化学（601117）在互动平台表示，公司生产的尼龙66和气凝胶可应用于商 业航天中的材料。 ...

（来源：安徽新闻网） 转自：安徽新闻网 截至目前，该校已选派98名教师赴87家企业出任，其中65人服务学校所在地芜湖市企业，占比达66%， 覆盖人工智能、机械制造等10余个领域，实现人才供给与地方产业发展需求的精准嵌合与高效匹配。 教师下得去，还得留得住。为了鼓励"科技副总"们安心驻扎一线，安工程相继出台了教师年度考核工作 量计分办法等制度，将教师在企业完成的技术服务、项目合作、成果转化等业绩量化冲抵为教学科研工 作量，每年考核的结果也被作为职务晋升、职称评聘的重要参考，形成了"服务产业有为有位"的鲜明导 向，有效激发了教师投身产教融合的内生动力与持续热情。 "科技副总"们也将产业前沿转化为教学资源。他们不仅踊跃带领学生赴企业实践，还与企业共建起20多 个实验室、冠名班、本科生实习实践基地、研究生联合培养基地等平台。该校化学与环境工程学院李兴 扬博士告诉记者，依托挂职企业，今年已组织学生60余人次参与企业研发，校企联合培养了3名硕士研 究生，还成功推荐2名优秀研究生入职企业，实现了科研反哺教学、实践赋能育人的良性循环。 围绕科技创新、产业发展和国家战略需求协同育人。 ——摘自"十五五"规划建议 "这只是一个起 ...

Core Viewpoint - The article highlights the innovative use of aerogel, a material originally developed for space exploration, in the production of thermal pants, emphasizing its superior insulation properties compared to traditional cold-resistant pants [1][22][26]. Product Features - The pants feature a combination of thick cotton outer layer and warm plush inner layer, providing enhanced comfort and warmth [3][20]. - A protective layer of aerogel is specifically added to the knee area, which is prone to cold, effectively doubling the warmth [4][20]. - The pants are designed to be comfortable and stylish, with a fit that does not constrict the body, making them suitable for various body types [20][44]. Performance Testing - In a temperature drop test using a cooling spray that reached -20°C, the aerogel pants maintained a temperature above 15°C, while regular cold-resistant pants dropped below 0°C within seconds [8][10]. - The pants were also tested against dry ice at -78°C, showing that the inner layer remained warm even after half an hour of exposure [12][13]. Market Response - The previous version of the aerogel pants received excellent feedback, leading to high sales volumes, with many customers purchasing multiple pairs at once [15]. - The latest model has been upgraded for comfort and is offered at a promotional price of 139 yuan, lower than the official price of 159 yuan [17][19]. Material Innovation - Aerogel is recognized as one of the top ten materials that could change the 21st century, with over 80% of its composition being air, making it an ideal insulator [23][29]. - A 18mm thick layer of aerogel can withstand extreme temperatures ranging from 1300°C to -130°C, showcasing its remarkable thermal resistance [26]. Design and Usability - The pants feature a 3D one-piece cut in the crotch area to prevent discomfort during movement, making them suitable for various activities [46]. - The waistband is designed with an adjustable drawstring for convenience, and the cuffs are elastic to prevent cold air from entering [61][63]. - Available in both men's and women's sizes, the pants come in black and gray, catering to different style preferences [65].

Industry Overview - The thermal insulation materials industry is a significant branch of the new materials sector, focusing on functional materials that reduce energy loss through thermal conduction, convection, or radiation [2] - Products are categorized based on raw materials, including rubber and plastic materials, fiberglass materials, ceramic fiber materials, aerogel materials, and rock wool materials, with applications in HVAC, industrial, marine, rail, new energy, and building structures [2] Historical Development - The modern thermal insulation materials industry in China began in the 1980s, with industrial production facilitated by the reform and opening-up policy, leading to significant advancements in the development and production of high-efficiency insulation materials [3] - China's rapid economic growth and urbanization have accelerated the industry's scale, supported by improved research capabilities, making China the largest manufacturer and processor of thermal insulation materials globally [3] Global Market Trends - The global market for thermal insulation and soundproofing products was valued at $55.1 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 5.4%, reaching $71.7 billion by 2026 [3] - Key growth drivers include the demand for lightweight and stable insulation materials in high-end equipment manufacturing, particularly in the shipbuilding, aerospace, and rail transportation sectors, as well as enhanced building energy efficiency standards and green building policies [3] Domestic Industry Landscape - China's thermal insulation materials industry has a diverse range of products and applications, with a well-established industrial layout across provinces such as Hebei, Jiangsu, Guangdong, and Shandong [4] - The "14th Five-Year Plan" period has seen various provinces introduce supportive policies for the development of thermal insulation materials, further accelerating industry growth [4] Production Capacity Distribution - For fiberglass, Hebei accounts for approximately 45% of national production capacity, with additional capacity in Jiangxi, Hubei, and Shandong [5] - Shandong holds nearly 50% of the national production capacity for ceramic fibers, while Hebei dominates rubber and plastic production with about 80% of the total capacity [5] - The aerogel industry in China is still in its early stages, with around 30 companies and limited large-scale enterprises, indicating a developing production chain [5][11]

Group 1 - The exhibition "Good House Technology Exhibition" focuses on technological innovations in housing, emphasizing safety, comfort, and green intelligence as core standards for a "good house" [1][2] - The exhibition showcases 58 affordable housing technologies aimed at middle and low-income families, promoting a secure and comfortable living environment [1] - The "zero-carbon demonstration zone" features a high-efficiency cooling machine room model that improves energy utilization efficiency by 15% through advanced technologies [2] Group 2 - Innovative materials like aerogel and aramid film enhance building efficiency and contribute to green and low-carbon construction [2] - The "full-cycle renovation smart home" integrates smart devices for safety and convenience, such as smoke detectors that automatically open windows when smoke is detected [2] - The exhibition includes a special area for major national construction equipment, showcasing models that represent advancements in bridge construction, underground tunneling, and high-rise building techniques [2][3]

Core Insights - China Chemical has recently signed two major high-end chemical new material projects, marking significant advancements in the industry [1][4]. Group 1: High-End Polyoxymethylene (POM) Project - China Chemical Engineering Hualu Company has signed a cooperation framework agreement with China Coal Ordos Energy Chemical Co., Ltd. for a high-end POM project, which will be the first engineering application and industrialization of self-developed high-end POM technology [1]. - POM is recognized for its excellent self-lubricating properties, fatigue resistance, and dimensional stability, making it a key polymer material to replace traditional metals like steel, copper, and aluminum [1]. - The domestic supply of high-end POM has long relied heavily on imports, with global production mainly dominated by companies like DuPont and Asahi Kasei [1][6]. Group 2: Special Nylon Series Project - China Chemical Engineering Hualu Company has also signed a cooperation framework agreement with Shanghai Jieda Chemical Technology Co., Ltd. to initiate the third phase of the Jieda project, which will cover approximately 200 acres with a total investment of about 1.85 billion yuan [4]. - The project will utilize hexamethylenediamine and 2-methylpentanediamine produced in previous phases as primary raw materials, aiming to enhance the high-end nylon industry chain and improve product value and market competitiveness [4]. Group 3: Overall Project and Financial Performance - From January to September, China Chemical signed a total of 3,566 projects with a cumulative contract amount of 284.56 billion yuan, with domestic contracts accounting for 230.91 billion yuan and overseas contracts for 53.65 billion yuan [7]. - The latest financial report indicates that in Q3 2025, China Chemical achieved revenue of 45.42 billion yuan, a year-on-year increase of 4.32%, and a net profit of 1.13 billion yuan, up 13.21% [7]. - The sales of industrial and new materials reached 7.85 billion yuan, showing a significant year-on-year growth of 23.37%, indicating a strong second growth curve for the company [7].