Core Viewpoint - The article emphasizes optimism regarding fiscal policy in 2026, particularly in infrastructure investment as a means to stabilize economic growth amid a challenging real estate market [2][4][5]. Fiscal Policy Outlook - The 2026 fiscal policy is expected to be more proactive, with a focus on stabilizing investment and stimulating private sector activity [4][5]. - Central government investment is anticipated to increase, while local governments will continue to reduce leverage due to rising debt risks [5]. Infrastructure Investment - Infrastructure investment is projected to grow at a rate of 4.5% in 2026, driven by ongoing support from central fiscal measures [2][15]. - The central government is expected to play a significant role in funding infrastructure projects, particularly in the western regions of China [27][28]. Regional Investment Opportunities - The western provinces, especially Sichuan, are highlighted as having high potential for infrastructure investment due to favorable central government support and strategic positioning [3][27][34]. - Sichuan's transportation investment is leading nationally, with a compound annual growth rate of 4.9% from 2020 to 2024, indicating strong growth prospects [32]. Manufacturing Sector Insights - Manufacturing investment is expected to stabilize with a growth rate of around 5% in 2026, benefiting from a potential recovery in semiconductor capital expenditures [3][12]. - The cleanroom engineering sector is identified as a key beneficiary of increased capital spending in high-end manufacturing [3]. International Engineering Opportunities - The overseas market is anticipated to become a second growth curve for construction companies, with significant growth in new contracts and revenue from foreign projects since 2025 [3][12]. Debt Management and Corporate Valuation - The ongoing debt management efforts are expected to improve the asset quality and valuation of state-owned construction enterprises, which have seen a decline in price-to-book ratios due to rising receivables [2][16]. - The average funding cost for major construction enterprises is around 4%, with some companies achieving lower rates through bond issuance [22][23]. Construction Sector Dynamics - The construction sector is experiencing a shift towards higher market concentration, with leading companies increasing their market share significantly in recent years [22][23]. - The article notes that the average market share of major construction enterprises has risen to 22.9% in revenue terms and 48.9% in order terms [22][23].

（文章来源：证券日报） 证券日报网讯 12月24日，中国化学发布公告称，公司2025年第二次临时股东会审议通过《关于公司 2025年中期利润分配的议案》《关于公司回购注销部分限制性股票及调整回购价格的议案》。 ...

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： 证券代码：601117 证券简称：中国化学 公告编号：2025-064 中国化学工程股份有限公司 2025年第二次临时股东会决议公告 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持 有股份情况： | 1、出席会议的股东和代理人人数 | 977 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,878,714,931 | | 3、出席会议的股东所持有表决权股份数占公司有 | | | 表决权股份总数的比例（%） | 47.1389 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会 议主持情况等。 本次会议由公司董事会召集，由公司董事长莫鼎革先生主持。会 1 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东会召开的时间：2025 年 12 月 24 日 (二) 股东会召开的地点：中国化学大厦 议的召集、召开及表决方式符合《公司法》等法律法规及《公司章程》 的规定。 (五) 公司董事和 ...

北京海润天睿律师事务所 关于中国化学工程股份有限公司 2025 年第二次临时股东会的法律意见书 中国·北京 北京市朝阳区建外大街甲14号广播大厦5/9/10/13/17层 邮政编码：100022 电话：86-10-65219696 传真：86-10-88381869 北京海润天睿律师事务所 关于中国化学工程股份有限公司 2025 年第二次临时股东会的法律意见书 致：中国化学工程股份有限公司 北京海润天睿律师事务所（以下简称"本所"）接受中国化学工程股份有限 公司（以下简称"公司"）的委托，指派王彩虹律师、杨苡铭律师出席公司 2025 年第二次临时股东会，并依据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规 则》（以下简称"《股东会规则》"）等相关法律、法规、规范性文件及《中国 化学工程股份有限公司章程》（以下简称"《公司章程》")的规定，就公司本 次股东会的召集、召开程序、出席会议人员的资格、召集人资格、表决程序、表 决结果等有关事宜出具本法律意见书。 对本法律意见书，本所及见证律师特作如下声明： 第 1 页 共 6 页 1. 本所 ...

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Core Viewpoint - The report highlights the trends and statistics in the Chinese chemical pharmaceutical industry, indicating a slight decline in production while maintaining overall growth in the sector [1]. Industry Summary - As of October 2025, the production of chemical pharmaceutical raw materials in China reached 313,000 tons, showing a year-on-year decrease of 1.6% [1]. - From January to October 2025, the cumulative production of chemical pharmaceutical raw materials was 3,049,000 tons, reflecting a cumulative growth of 1.3% [1]. - The report is based on data from the National Bureau of Statistics and is compiled by Zhiyan Consulting, a leading industry consulting firm in China [1]. Company Summary - Listed companies in the sector include Heng Rui Medicine, East China Pharmaceutical, Lizhu Group, Baiyunshan, North China Pharmaceutical, Haizheng Pharmaceutical, Fosun Pharmaceutical, Kelun Pharmaceutical, Enhua Pharmaceutical, and Xianju Pharmaceutical [1].

Core Viewpoint - China National Chemical Engineering Co., Ltd. (China Chemical) has shown mixed financial performance with a slight increase in revenue and profit, while its financing activities indicate a low level of investor confidence as reflected in the financing balance and stockholder changes [1][2][3]. Financing Summary - On December 19, China Chemical's financing buy-in amounted to 22.93 million yuan, while financing repayment was 35.66 million yuan, resulting in a net financing outflow of 12.73 million yuan [1]. - The total financing and securities balance for China Chemical reached 1.748 billion yuan, which is 3.73% of its market capitalization, indicating a low financing balance compared to the past year [1]. - The company had a high securities lending balance with 120,300 shares remaining, valued at 926,300 yuan, which is above the 60th percentile of the past year [1]. Financial Performance Summary - As of September 30, China Chemical reported a total of 1.35845 billion yuan in revenue for the first nine months of 2025, reflecting a year-on-year growth of 1.26% [2]. - The net profit attributable to shareholders for the same period was 4.232 billion yuan, showing a year-on-year increase of 10.28% [2]. Shareholder and Dividend Information - Since its A-share listing, China Chemical has distributed a total of 9.958 billion yuan in dividends, with 3.305 billion yuan paid out in the last three years [3]. - As of September 30, 2025, the number of shareholders increased to 111,200, up by 19.23%, while the average number of circulating shares per person decreased by 15.74% to 54,562 shares [2][3]. - The second-largest circulating shareholder, Hong Kong Central Clearing Limited, reduced its holdings by 11.2 million shares to 182 million shares [3].

Core Viewpoint - China Chemical's contract signing continues to grow, with a total of 4,332 projects signed and a total contract value of 352.57 billion yuan from January to November 2025, showcasing its strong market presence and technological innovation strategy [2][3][4]. Group 1: Contract Performance - In the first 11 months of 2025, China Chemical signed contracts worth 352.57 billion yuan, with 2,601.92 billion yuan from domestic markets and 923.77 billion yuan from international markets [3][4]. - The construction engineering contracting remains the core business, contributing 340.16 billion yuan from 2,666 contracts, with the chemical engineering sector leading at 286.34 billion yuan from 2,295 contracts [3][4]. - The company has also seen significant contributions from infrastructure and environmental governance, with new contracts worth 476.23 billion yuan and 6.2 billion yuan, respectively [3]. Group 2: Financial Performance - For the first three quarters of 2025, the company achieved revenue of 135.84 billion yuan, a year-on-year increase of 1.26%, and a net profit attributable to shareholders of 4.23 billion yuan, up 10.28% year-on-year, indicating improved operational quality [6]. - The new contract amount of 2,846 billion yuan in the first three quarters has reached 1.53 times the expected revenue for 2024, providing a solid foundation for future performance growth [4]. Group 3: Technological Innovation - China Chemical has invested heavily in R&D, with total R&D expenses reaching 31.22 billion yuan over the past six years, reflecting a commitment to technological innovation [8]. - The company has achieved significant breakthroughs in key technologies, including the development of hexanediamine and high-end environmental catalysts, which have filled domestic technological gaps and reduced reliance on foreign technologies [8][9]. - The successful production of nylon new materials by its subsidiary marks a significant step in reducing dependency on imports and enhancing market competitiveness [9]. Group 4: Strategic Planning - The company aims to "rebuild a higher quality China Chemical in five years," focusing on deepening technological innovation and optimizing its global business layout [10]. - Future strategies include enhancing collaboration among construction engineering, industrial, and modern service sectors, while prioritizing the development of strategic emerging industries such as new energy and new materials [10].

Investment Rating - The report rates the industry as "Overweight" [7] Core Insights - The potential for investment growth in new infrastructure remains significant, with a focus on expanding effective investment space and enhancing private investment vitality [2][3] - Central enterprises are encouraged to identify new growth areas, particularly in renewable energy, aerospace, and low-altitude economy sectors [4] - The government is increasing support for capital in key infrastructure projects, including railways and smart construction initiatives [5] Summary by Relevant Sections Recent Key Reports - The report highlights the importance of strategically expanding investment in new infrastructure and emphasizes the need for a coordinated approach to urbanization and rural revitalization [3][4] Key Company Recommendations - Recommended companies include China Railway, China Communications Construction, and China State Construction, all of which are expected to benefit from high dividend yields and stable growth [8][11] - Specific sectors such as clean rooms, commercial aerospace, and controlled nuclear fusion are highlighted for their growth potential, with recommended stocks including Yaxiang Integration and Shanghai Port [6][10] Macro/Meso/Micro Data - The report indicates a projected increase in broad infrastructure funding by 7.3% in 2025, driven by enhanced fiscal policies and the issuance of special bonds [31][32] - It also notes that the construction industry is experiencing a decline in net profit margins, with a 10% year-on-year decrease in net profit reported [14][15]