中国化学工程股份有限公司 第五届董事会第三十四次会议决议公告 一、董事会会议召开情况 中国化学工程股份有限公司第五届董事会第三十四次会议 通知于 2026 年 1 月 4 日发出，会议于 2026 年 1 月 9 日以通讯方 式召开。本次会议应出席董事 7 人，实际出席董事 7 人。会议由 董事长莫鼎革先生主持。本次会议的召开符合有关法律法规、规 范性文件和《公司章程》《董事会议事规则》的相关规定。 二、董事会会议审议情况 证券代码：601117 股票简称：中国化学 公告编号：临 2026-001 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 担法律责任。 重要内容提示： 2026 年 1 月 10 日 1 公司全体董事均出席本次董事会。 本次董事会所有议案均获通过。 附件： 赵涛先生简历 赵涛，男，1979 年 6 月出生，中共党员，硕士研究生，正 高级工程师。现任中国化学工程集团有限公司党委常委、科技与 数字化部部长,中国化学工程股份有限公司党委常委、副总经理、 科技与数字化部部长，中化学数智科技有限公司党支部书记、董 事。历任中国 ...

Group 1 - The State-owned Assets Supervision and Administration Commission announced personnel changes for 11 central enterprises, involving 14 leadership appointments and dismissals [1] - Zhao Dianlong has been appointed as the Deputy Secretary and Director of China Railway Engineering Group Co., Ltd., and is nominated as the candidate for General Manager [2] - Chen Zhiming has been appointed as the Deputy Secretary of China Railway Construction Group Co., Ltd. [3] Group 2 - Lin Cunzeng has been appointed as the Deputy Secretary and Director of China Steel Research Group Co., Ltd., and is nominated as the candidate for General Manager [5] - Zhao Tao has been appointed as a Standing Committee Member of China Chemical Engineering Group Co., Ltd. [6] - Liu Xueshi has retired from the position of Chief Accountant of China Guoxin Holdings Co., Ltd. [7] Group 3 - Zhang Zhenga has been appointed as an external director of China Chengtong Holdings Group Co., Ltd., while Ma Liangjie has been dismissed from the external director position [8] - Wu Aihong has been appointed as an external director of China International Technology Cooperation Group Co., Ltd. [9] - Zhu Ze has been appointed as an external director of China Agricultural Development Group Co., Ltd., while Yang Youhong has been dismissed from the external director position [10] Group 4 - Huang Xudan has been appointed as an external director of China Forestry Group Co., Ltd. [11] - Tan Xinghui has been appointed as an external director of China Poly Group Co., Ltd., while Guo Jianxin has been dismissed from the external director position [12]

人民财讯1月9日电，聚变新能今日官网发布《BEST环布系统总装工程采购项目中标结果公示》。中标 单位为中国电子系统工程第四建设有限公司、中国化学（601117）工程第四建设有限公司联合体。中标 金额为1.422亿元。 ...

Group 1: Launch Services and Satellite Projects - Blue Arrow Aerospace has signed contracts with China Star Network and Yuanxin Satellite to provide batch launch services, indicating promising commercial prospects [1] - The GW constellation, operated by China Star Network, plans to launch approximately 12,992 satellites, with 10% deployment expected within five years and full deployment by 2035; currently, 136 satellites are in orbit after 17 network launches [1] - The Qianfan constellation, operated by Yuanxin Satellite, aims to launch around 15,000 satellites, with 108 satellites currently in orbit after 6 network launches [1] Group 2: Guangzhou's Advanced Manufacturing Plans - Guangzhou has issued a plan to accelerate the construction of advanced manufacturing, focusing on reusable rocket technology and establishing testing bases for liquid rockets [2][3] - The city aims to become a global hub for commercial aerospace by 2035, fostering the growth of intelligent aircraft and key enterprises in the commercial aerospace sector [2] - Support will be provided for the development of satellite constellations like "Wuyang Series" and "Bay Area Smart Connectivity," promoting the entire commercial aerospace industry ecosystem [3] Group 3: AI and Healthcare Innovations - OpenAI has launched ChatGPT Health, a dedicated space for health-related conversations, which can connect to electronic medical records and health applications, tapping into the trillion-dollar AI healthcare market [4] - The global AI healthcare market is projected to grow from approximately $26.65 billion in 2024 to about $505.59 billion by 2033, with a compound annual growth rate of 38.8% [4] Group 4: Railway and Infrastructure Development - The National Railway Administration emphasized the need to accelerate railway planning and construction, focusing on green and low-carbon transitions [5][6] - Key areas of focus include reducing logistics costs, enhancing transportation service quality, and advancing the modernization of the railway industry [6] Group 5: Superconducting Materials Research - Guangzhou is advancing research on high-temperature superconducting materials for applications in controlled nuclear fusion, power transmission, and medical devices [9] - The city plans to establish a large-scale research platform for the preparation and characterization of superconducting materials [9] Group 6: Sodium-Ion Battery Standards - A new group standard for sodium-ion batteries for energy storage has been approved, detailing requirements for battery modules and clusters, effective from February 1, 2026 [10]

Core Insights - The lithium battery industry is entering a new development phase after two years of deep adjustments, driven by rising prices of battery-grade lithium carbonate, improved supply-demand dynamics in the materials sector, and sustained orders from battery manufacturers [1][2] Group 1: Recovery Signals - The lithium battery supply chain includes upstream lithium mining and raw materials, midstream key materials manufacturing, and downstream applications such as power batteries and energy storage [2] - Since December of last year, all segments of the supply chain have shown synchronized improvement, with lithium hexafluorophosphate leading the recovery, as many companies operate at full capacity and have ample orders [2] - The overall lithium battery industry has transitioned from a deep adjustment phase to an early recovery stage, marked by expanding orders in the energy storage market, rapid inventory depletion, and improved performance of leading companies [2][3] Group 2: Price Trends and Demand - Battery-grade lithium carbonate prices experienced a significant V-shaped rebound in 2025, with prices rising from below 60,000 yuan/ton to over 100,000 yuan/ton within six months, reflecting a more than 60% increase [3] - Leading companies predict a 30% increase in demand for battery-grade lithium carbonate by 2026, with potential price increases if demand exceeds expectations [3] - The global demand for lithium is expected to reach 2 million tons by 2026, driven by renewable energy integration and electrification of commercial heavy trucks [3] Group 3: Long-term Strategies - Rising material prices have led companies to seek solutions, including cost control through process optimization and raw material self-supply, while some leading firms have opted for direct price increases [4] - The industry is shifting from a "buyer-dominated" market to a "structural seller's market," with a focus on technological upgrades and supply chain resilience rather than mere capacity expansion [5] - Companies are increasingly adopting long-term strategies, emphasizing value creation and collaboration across the supply chain [5][6] Group 4: Profitability and Market Dynamics - The lithium battery industry is experiencing significant differentiation, with leading companies enjoying high order volumes and rising profits, while many mid-tier firms face challenges [7] - The ongoing demand for electric vehicles and energy storage is expected to accelerate the exit of low-quality capacities, concentrating resources and orders among leading and integrated companies [7][8] - Salt lake lithium extraction companies have a cost advantage over imported lithium ore processing, allowing them to achieve higher profit margins during price upswings [7] Group 5: Industry Evolution - The lithium battery industry is moving from a price-driven cycle to a value-driven cycle, with technological innovation becoming the core determinant of future profit distribution [8] - The recent meeting by the Ministry of Industry and Information Technology aims to regulate competition and promote high-quality development, indicating a shift towards quality improvement in the industry [8] - The industry's ability to achieve profitability in 2026 will depend on collective efforts towards value return, emphasizing long-termism and deep value creation as essential strategies for navigating cycles [8]

Group 1 - Zhao Dianlong appointed as Deputy Secretary of the Party Committee and Director of China Railway Engineering Group Co., Ltd., nominated as the candidate for General Manager of the company, and relieved of his position as a member of the Standing Committee of the Party Committee of China Railway Construction Group Co., Ltd. [1] - Chen Zhiming appointed as Deputy Secretary of the Party Committee of China Railway Construction Group Co., Ltd. [2] - Sun Liqiang appointed as a member of the Standing Committee of the Party Committee of China Railway Construction Group Co., Ltd. [3] Group 2 - Lin Cunzeng appointed as Deputy Secretary of the Party Committee and Director of China Steel Research Group Co., Ltd., nominated as the candidate for General Manager of the company, and relieved of his position as a member of the Standing Committee of the Party Committee of China CRRC Group Co., Ltd. [4] - Zhao Tao appointed as a member of the Standing Committee of the Party Committee of China Chemical Engineering Group Co., Ltd. [5] Group 3 - Liu Xueshi no longer serves as Chief Accountant of China Guoxin Holdings Limited, retiring from the position. [6] Group 4 - Zhang Zhenga appointed as an external director of China Chengtong Holdings Group Co., Ltd., while Ma Liangjie is no longer an external director of the company. [7] - Wu Aihong appointed as an external director of China International Technology and Intelligence Cooperation Group Co., Ltd. [8] - Zhu Ze appointed as an external director of China Agricultural Development Group Co., Ltd., while Yang Youhong is no longer an external director of the company. [9] - Huang Xudan appointed as an external director of China Forestry Group Co., Ltd. [10] - Tan Xinghui appointed as an external director of China Poly Group Co., Ltd., while Guo Jianxin is no longer an external director of the company. [11]

Group 1 - Zhao Dianlong appointed as Deputy Secretary and Director of China Railway Engineering Group Co., Ltd., nominated as candidate for General Manager, removed from the Standing Committee of China Railway Construction Group Co., Ltd. [1] - Chen Zhiming appointed as Deputy Secretary of China Railway Construction Group Co., Ltd. [2] - Sun Liqiang appointed as a member of the Standing Committee of China Railway Construction Group Co., Ltd. [3] Group 2 - Lin Cunzeng appointed as Deputy Secretary and Director of China Steel Research Group Co., Ltd., nominated as candidate for General Manager, removed from the Standing Committee of China CRRC Group Co., Ltd. [4] Group 3 - Zhao Tao appointed as a member of the Standing Committee of China Chemical Engineering Group Co., Ltd. [5] Group 4 - Liu Xueshi no longer serves as Chief Accountant of China Guoxin Holdings Limited, retired. [6] Group 5 - Zhang Zhenga appointed as an external director of China Chengtong Holdings Group Co., Ltd., Ma Liangjie no longer serves as an external director. [7] - Wu Aihong appointed as an external director of China International Technology and Intelligence Cooperation Group Co., Ltd. [8] - Zhu Ze appointed as an external director of China Agricultural Development Group Co., Ltd., Yang Youhong no longer serves as an external director. [9] - Huang Xudan appointed as an external director of China Forestry Group Co., Ltd. [10] - Tan Xinghui appointed as an external director of China Poly Group Co., Ltd., Guo Jianxin no longer serves as an external director. [11]

中国铁路工程集团有限公司、中国铁道建筑集团有限公司 赵佃龙任中国铁路工程集团有限公司党委副书记、董事，提名为中国铁路工程集团有限公司总经理人 选，免去其中国铁道建筑集团有限公司党委常委职务。 陈志明任中国铁道建筑集团有限公司党委副书记。 孙立强任中国铁道建筑集团有限公司党委常委。 中国钢研科技集团有限公司、中国中车集团有限公司 林存增任中国钢研科技集团有限公司党委副书记、董事，提名为中国钢研科技集团有限公司总经理人 选，免去其中国中车（601766）集团有限公司党委常委职务。 中国化学工程集团有限公司 赵涛任中国化学（601117）工程集团有限公司党委常委。 人民财讯1月8日电，国务院国资委1月8日发布11户中央企业14名领导人员职务任免： 中国诚通控股集团有限公司 聘任张振高为中国诚通控股集团有限公司外部董事，马良杰不再担任中国诚通控股集团有限公司外部董 事职务。 中国国际技术智力合作集团有限公司 聘任吴爱红(女)为中国国际技术智力合作集团有限公司外部董事。 中国农业发展集团有限公司 聘任朱泽为中国农业发展集团有限公司外部董事，杨有红不再担任中国农业发展集团有限公司外部董事 职务。 中国林业集团有限公司 聘 ...

Core Viewpoint - The report from Changjiang Securities indicates that China Chemical Industry is well-positioned for performance contributions in 2026, driven by a recovery in the chemical industry amidst reduced competition [1] Group 1: Company Performance - The main business of chemical engineering is seeing a positive trend in orders, supporting stable growth in company performance, with a 10% growth rate achieved in the first three quarters and a forecast of double-digit growth for the entire year [1] - Approximately 80% of new contracts are from chemical engineering, with clients being leading chemical enterprises, and 26% of total orders coming from overseas, indicating high-quality orders and good payment conditions [1] Group 2: Financial Health - The company does not face the risk of significant impairment pressure due to debts from real estate developers or local government financing vehicles, as seen in traditional construction firms [1] - The net cash flow from operating activities is expected to exceed net profit for two consecutive years in 2023-2024, reflecting strong financial health [1] Group 3: Shareholder Returns - The company demonstrates high operational quality, with mid-term dividends reflecting shareholder returns [1] - The company remains undervalued, suggesting potential for performance elasticity [1]

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].