According to the Caitong Securities Research Report, China Chemical (601117.SH) is a leader in the chemical engineering industry, with strong hematopoietic capacity and abundant monetary assets. In recent years, the company has made major breakthroughs in Russia, Central Asia and other regions, and is currently constructing a Baltic Sea chemical complex project of 94.5 billion yuan, which is currently the largest ethylene integration project in the world. Countries along the “Belt and Road” are rich in oil and gas resources combined with the upgrading of the petrochemical industry, and overall demand is strong. The company has extensive overseas experience, operates in more than 80 countries and regions around the world, and has completed more than 70,000 projects, ranking first in the global oil and gas service field. In 2023, the company received another large order in Russia (Baltic Sea gas to methanol chemical complex project, 65 billion yuan), and overseas orders may increase and be maintained. Maintain an “Overweight” rating.