分析师及联系人 丨证券研究报告丨 [Table_scodeMsg1] 联合研究丨公司点评丨中国化学（601117.SH） [Table_Title] 己二胺价格上行，继续重视化工实业重估 报告要点 [Table_Summary] 英威达宣布己二胺再次提价，己二胺价格从 2024 年 4 月 26500 元/吨高点后持续回调，2025 年底降至 17100 元/吨低点。此后从 2026 年 1 月起英威达开始上调报价，连续 3 次上调提至 18200 元/吨，累计上涨 1100 元。 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Author] SAC：S0490520080022 SAC：S0490516100002 SAC：S0490522060005 SFC：BUT917 SFC：BUT911 张弛 马太 张智杰 [Table_scodeMsg2] 中国化学（601117.SH） cjzqdt11111 [Table_Title2] 己二胺价格上行，继续重视化工实业重估 [Table_Summary2] 事件描述 英威达宣布己二胺再次提价，己 ...

气凝胶被誉为"凝固的烟"，是目前已知导热系数最低的固体材料。它是一种由纳米级微粒相互聚集构成的轻质多孔材料，孔隙率高达90%以上，赋予了其 0.015-0.019W/(m·K)的超低导热系数，仅为空气的一半。 合成工艺主要包括三个核心步骤：首先通过溶胶-凝胶法制备湿凝胶，形成三维网络骨架；然后经过溶剂交换，用低表面张力液体替换孔隙中的溶剂；最 后通过干燥技术（超临界干燥或常压干燥）在保持骨架结构的前提下将液体抽出，形成多孔气凝胶。其中超临界干燥能最大限度避免毛细管力导致的孔结 构塌陷，但设备投资巨大，是目前产业化的主要瓶颈。 主要用于电芯之间以及电池模组、PACK的上盖采用防火隔热材料，有效减少因电池问题导致起火的事故，阻止动力电池热失控蔓延。除动力电池热管理 外，气凝胶也广泛应用于其他领域，在建筑节能领域，作为超薄隔热涂料和保温板材；在石油化工领域，气凝胶毯用于深海管中管隔热、炼油设备和 LNG储罐，耐温范围覆盖-196℃至650℃；在航空航天领域，利用其超轻特性和吸能能力，用于航天器热防护、低温燃料储罐绝缘以及飞机发动机短舱隔 热。 2025年4月，工信部、住建部、应急管理部、市场监管总局、国家消防救援局 ...

泛亚微透发布业绩快报，2025年度公司实现营业收入7.22亿元，同比增长40.34%；净利润1.13亿元，同 比增长14.01%。报告期内，公司持续贯彻"市场利基、产品多元"的战略，在内生方面，围绕ePTFE膜、 气凝胶等微纳孔材料持续加大产品研发投入，充分发挥公司在材料复合方面的技术优势，在行业降本需 求迫切的大环境下，持续扩大进口替代的份额，为客户提供优质的产品及服务。在外延方面，公司通过 增资方式将常州凌天达新能源科技有限公司纳入公司合并报表范围，将高性能线缆及连接器业务拓展至 航空、航天、高能物理等领域。 ...

[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 ...

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]

Core Insights - The commercial aerospace industry is at a critical transition from validation to scaling, requiring a focus on efficiency, cost, and reliability to create a sustainable business ecosystem [1][2] Group 1: Importance of Chemical Materials - The commercial aerospace sector relies on chemical materials to support its business model, emphasizing cost reduction and efficiency improvements through material advancements [1] - High-performance alloys and composite materials can achieve component lightweighting, directly reducing launch costs by $10,000 for every kilogram of satellite weight reduced [1] Group 2: Key Developments in Commercial Aerospace - The government aims to promote the safe and healthy development of emerging industries like commercial aerospace, with significant catalysts expected by the end of 2025 [2] - Major events include the launch of the Long March 12 rocket and the introduction of IPO guidelines for commercial rocket companies to enhance financing channels [2] Group 3: Lightweight Materials and Their Impact - Lightweight materials are crucial for the aerospace economy, enabling large-scale access to space while minimizing costs [3] - Carbon fiber, UHMWPE fiber, and PEEK are highlighted as key lightweight materials that can significantly reduce weight and enhance performance in aerospace applications [3] Group 4: Specialized Materials for Spacecraft Performance - Spacecraft must operate in extreme conditions, necessitating specialized materials for thermal management and radiation resistance [4] - Materials like aramid paper and ceramic matrix composites provide essential properties such as high-temperature resistance and lightweight characteristics, benefiting from increased demand due to more rocket and satellite launches [4]

Core Viewpoint - China Railway Construction Corporation (CRCC) is driving an industrial leap through innovation during the 14th Five-Year Plan period, focusing on strategic national needs and the characteristics of the construction industry [1] Group 1: Strategic Development - CRCC is actively developing new productive forces and constructing a system that aligns with these forces, aiming to break down barriers to new momentum development [2] - The "1256" mid-to-long-term development strategy outlines CRCC's path for the next 10 to 20 years, with the goal of becoming a world-class modern enterprise and focusing on upgrading traditional construction and nurturing strategic emerging industries [2] - The establishment of the CRCC Research Institute and various industry technology research institutes supports a systematic innovation framework, enhancing the development of strategic emerging industries and providing a robust support system for a "second growth curve" [2] Group 2: Technological Advancements - CRCC is committed to overcoming key technical challenges and has achieved significant breakthroughs, such as the independent development of a 8.61-meter main bearing for shield machines, positioning itself at a world-leading level in this area [4] - The company has made strides in green production, with significant orders for bamboo-wound pipelines, indicating a strong market potential in the new materials sector [4][5] - Innovations in other fields include the development of aerogels and new photocatalytic materials, which have entered the market for air purification and building materials [5] Group 3: Digital Transformation - Since the 14th Five-Year Plan, CRCC has been promoting transformation through six key areas: high-end, intelligent, green, digital, refined, and international [6] - The company has developed advanced machinery for railway construction, such as the world's first thousand-ton high-speed rail bridge erection machine, showcasing its technological leadership [6] - CRCC is advancing digital transformation by establishing a computing power center and integrating technologies like Beidou and laser radar to enhance efficiency in design and construction processes [7]

Group 1 - The core viewpoint is that Gongyi, a city in Henan Province, has transitioned from traditional agriculture to an industrial economy, achieving a GDP exceeding 100 billion yuan, making it the first "billion county" in Henan [1] - Gongyi's aluminum processing industry has become significant, producing over 1.4 billion yuan in annual output value and capturing more than 30% of the domestic market share for aluminum products [3] - The city is also advancing in the hydrogen energy sector, with the development of domestic hydrogen liquefaction equipment, which has applications in aerospace, marking a new energy industry formation in Gongyi [7] Group 2 - The aluminum products manufactured in Gongyi are crucial, with one in ten global aluminum cans and one in three domestic can lids produced there, showcasing the city's manufacturing capabilities [3] - The innovative material, aerogel, known for its exceptional insulation and waterproof properties, is being utilized in various applications, highlighting Gongyi's focus on advanced materials [5] - The hydrogen liquefaction equipment being developed in Gongyi is set to enhance the transportation and storage of hydrogen, indicating a strategic move towards sustainable energy solutions [7]

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].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company, China Chemical (601117.SH), has a broad layout in the chemical industry and is expected to contribute to performance in 2026 due to the recovery of the chemical sector driven by anti-involution trends [5][11]. - The company's asset quality is significantly undervalued, with approximately 80% of new orders coming from chemical engineering, and a good repayment situation, indicating a strong financial position [11]. - The company's operational quality is high, with a mid-term dividend reflecting shareholder returns, and an expected improvement in performance due to rising chemical product prices [11]. Summary by Relevant Sections Company Overview - China Chemical has signed new orders worth 352.6 billion yuan from January to November, a year-on-year increase of 6%, with chemical engineering orders increasing by 14% [11]. - The company has a total share capital of 610.688 million shares, with a current stock price of 7.75 yuan [7]. Financial Performance - The company is expected to achieve a net profit of 6.346 billion yuan in 2025, with projected profits of 7.058 billion yuan in 2026 and 7.806 billion yuan in 2027 [11]. - The estimated price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 7.46, 6.71, and 6.06 respectively, indicating the company is still undervalued [11]. Market Position - The company has a significant presence in the chemical industry, with projects like the nylon new materials project expected to break technical barriers and create a complete nylon 66 chip industry chain [11]. - The company has a strong cash position with 38 billion yuan in cash and 17 billion yuan in interest-bearing debt, providing a safety margin [11].