股票简称：中国能建 股票代码： 中国能源建设股份有限公司 2023 年度向特定对象发行 A 股股票 （注册稿） 保荐人（主承销商） 联席主承销商 北京市朝阳区建国门外大街 1 号国贸大厦 深圳市前海深港合作区南山街道桂湾五路 中国能源建设股份有限公司 2023 年度向特定对象发行 A 股股票募集说明书 声 明 601868.SH 募集说明书 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 2 座 27 层及 28 层 128 号前海深港基金小镇 B7 栋 401 二〇二五年五月 本公司及全体董事、监事、高级管理人员承诺本募集说明书内容真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，按照诚信原则履行承诺，并承担相应的法律 责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务会计资 料真实、完整。 中国证券监督管理委员会、上海证券交易所对本次发行所作的任何决定或意见，均 不表明其对申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对 发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相 反的声明均属虚假不实陈述。 根据《证券法》的规 ...

近日，位于广东肇庆市德庆县的简架头、云致冲矿区建筑用花岗岩矿项目工程的建设工地仍热火朝天。目前，该项目工业广场已实现封顶，建设进度已完 成95%，工作人员正对厂房内的生产设备进行最后调试。 目前，企业对市场前景充满信心。其产品可用于房屋道路、桥涵、隧道、港口和堤坝等建筑工程，应用场景丰富。企业不仅与中国香港客户达成了初步合 作意向，未来还将重点关注广州新机场、柳广高铁、广肇高速等重大基建项目的材料供应。 据公司相关工作人员介绍，"项目包括开采加工区、物流廊道工程和码头工程。其中，工业广场部分预计2026年5月投产。" 该项目是中能建（德庆）绿色建材科技有限公司项目，总投资30.5亿元，是中国能建有史以来储量最大、年产能最高的砂石骨料项目，最高年产能可达 1600万吨。 据中国砂石协会了解，2023年1月，中能建（德庆）绿色建材科技有限公司分别以11.83亿元、2.29亿元竞得（共计14.12亿元）广东省肇庆市德庆县简架 头、云致冲矿区两宗建筑用花岗岩矿采矿权。两矿区面积合计1.69平方公里，矿区范围内合计保有资源量15731.55万立方米，可采资源量15365.54万立方 米。两矿相距850米，未来具有约3亿 ...

Key Points - Tencent Holdings (00700), Yingfu Fund (02800), and Shandong Gold (01787) ranked the top three in net inflow of southbound funds, with net inflows of 736 million, 423 million, and 393 million respectively [1] - Alibaba-W (09988), SMIC (00981), and Hua Hong Semiconductor (01347) ranked the top three in net outflow of southbound funds, with net outflows of -524 million, -391 million, and -199 million respectively [1] - In terms of net inflow ratio, China Overseas Macro Holdings (00081), Xinhua Wencuan (00811), and China Oriental Education (00667) led the market with ratios of 55.30%, 50.59%, and 49.55% respectively [1] - Conversely, Zhengzhou Bank (06196), China Energy Construction (03996), and Hongye Futures (03678) had the highest net outflow ratios at -50.51%, -49.70%, and -48.03% respectively [1] Top 10 Net Inflow Stocks - Tencent Holdings (00700) had a net inflow of 736 million, representing a 5.67% increase, with a closing price of 548.000 [2] - Yingfu Fund (02800) saw a net inflow of 423 million, with a 5.13% increase, closing at 27.480 [2] - Shandong Gold (01787) experienced a net inflow of 393 million, with a significant 31.27% increase, closing at 40.180 [2] - Bilibili-W (09626) had a net inflow of 335 million, with a 27.53% increase, closing at 252.800 [2] - China National Offshore Oil (00883) had a net inflow of 301 million, with a 22.88% increase, closing at 24.800 [2] Top 10 Net Outflow Stocks - Alibaba-W (09988) faced a net outflow of -524 million, with a -6.30% decrease, closing at 160.100 [2] - SMIC (00981) had a net outflow of -391 million, with a -6.39% decrease, closing at 70.000 [2] - Hua Hong Semiconductor (01347) saw a net outflow of -199 million, with a -15.56% decrease, closing at 99.600 [2] - Changfei Optical Fiber (06869) experienced a net outflow of -172 million, with a -5.33% decrease, closing at 107.500 [2] - Minmetals Resources (01208) had a net outflow of -168 million, with a -32.19% decrease, closing at 10.160 [2] Top 10 Net Inflow Ratios - China Overseas Macro Holdings (00081) led with a net inflow ratio of 55.30%, with a net inflow of 8.1564 million, closing at 2.650 [3] - Xinhua Wencuan (00811) followed with a net inflow ratio of 50.59%, with a net inflow of 5.2208 million, closing at 11.080 [3] - China Oriental Education (00667) had a net inflow ratio of 49.55%, with a net inflow of 15.9379 million, closing at 6.100 [4] Top 10 Net Outflow Ratios - Zhengzhou Bank (06196) had the highest net outflow ratio at -50.51%, with a net outflow of -3.1282 million, closing at 1.150 [4] - China Energy Construction (03996) followed with a net outflow ratio of -49.70%, with a net outflow of -16.9578 million, closing at 1.180 [4] - Hongye Futures (03678) had a net outflow ratio of -48.03%, with a net outflow of -5.2165 million, closing at 3.220 [4]

Group 1 - The core viewpoint of the article highlights recent business developments of China Energy Engineering Corporation (China Energy) including multiple project wins and strategic adjustments [1] - On February 14, China Energy's subsidiary won the bid for a 200MW wind power project in Xingtai, with a contract value of approximately 1.256 billion yuan and a planned construction period of 365 days [1] - On February 11, China Energy's subsidiary secured two major projects for the State Grid, including an order for 5,107 tons of angle steel towers for the Mengxi to Beijing-Tianjin-Hebei ultra-high voltage line [1] - On February 7, the fourth unit of the Dazhou gas-fired power plant, the largest natural gas power base in Sichuan with a total installed capacity of 2.1 million kilowatts, completed a 168-hour trial run [1] - On February 9, the company held a board meeting to review organizational adjustments and released its 2024 ESG report on February 11, emphasizing its carbon neutrality path [1] Group 2 - As of February 14, institutions maintain a neutral outlook on China Energy, with a composite target price of 3.10 yuan, indicating a potential upside of 29.71% from the latest price [2] - The forecast for net profit growth in 2026 is projected at 7.16% year-on-year [2] - Recent institutional ratings are predominantly "buy," but market attention remains moderate with neutral sentiment [2]

Group 1 - The recent favorable policies in the electricity sector are expected to positively impact the business environment for China's energy construction [1] - The State Council has issued an implementation opinion to establish a unified national electricity market system by 2035, promoting grid interconnection and energy storage development [1] - The National Energy Administration's Chief Engineer stated that during the 14th Five-Year Plan period, a new energy system will be initially established, enhancing traditional energy industries with digital technologies like AI and actively developing emerging industries such as new energy storage [1] Group 2 - By 2025, the proportion of installed capacity for new energy nationwide is expected to reach 80.2%, with green electricity transaction volume increasing by 41.3% year-on-year, indicating a potential boost in grid construction and green electricity consumption [1] - The stock price of China Energy Construction (03996.HK) fluctuated between 1.14 HKD and 1.20 HKD over the past seven trading days, with a closing price of 1.18 HKD on February 13, reflecting a daily decline of 1.67% [2] - The environmental engineering sector, to which the company belongs, fell by 3.88% during the same period, suggesting that the company's stock movements may be influenced by broader market trends and industry policy expectations [2]

Summary of China Energy Engineering Corporation Conference Call Company Overview - **Company**: China Energy Engineering Corporation (中国能建) - **Industry**: Energy and Water Resources Key Points Financial Performance - In 2025, the total contract amount signed reached **1.5 trillion yuan** (approximately **$230 billion**) with a revenue of **184.8 billion yuan** (approximately **$28.5 billion**), representing a **9.5%** year-on-year growth [2][4] - From 2021 to 2024, the compound annual growth rates (CAGR) for new contracts, revenue, and net profit attributable to shareholders are projected to be **17.31%**, **10.65%**, and **8.88%**, respectively [2][4] - R&D expenses increased from **8.789 billion yuan** to **13.98 billion yuan**, accounting for **3.2%** of revenue by 2024 [2][6] Strategic Focus - The company is focusing on a **2+9 business layout**, emphasizing energy power and water resources as core areas, alongside nine related diversified industries [4][7] - The company aims to enhance its R&D intensity and accelerate the transition to new energy as the primary growth engine [4][7] Industry Trends and Opportunities - The national energy strategy aims to establish a clean, low-carbon, safe, and efficient energy system, with coal power still playing a significant role [2][9] - The expected new installed capacity for power generation during the 14th Five-Year Plan is **1.5 billion kilowatts**, with renewable energy accounting for nearly **70%** [13] - The domestic water conservancy sector is projected to see total investments of **6 trillion yuan** during the 14th Five-Year Plan, with fixed asset investments expected to grow by **30%** [3][15] Technological Innovations - The company has established **three academician workstations** and **14 postdoctoral research stations**, with over **12,000 patents** to support technological transformation [6] - Significant advancements in the **green hydrogen ammonia integration project** have been made, with production expected to reach **100,000 tons** by the end of 2025 [21] Market Dynamics - The company is well-positioned to benefit from the national unified electricity market reforms aimed at optimizing resource allocation and addressing renewable energy consumption challenges [11][12] - Internationally, while coal power is declining in the US and Europe, there are opportunities for Chinese companies in natural gas and coal power projects abroad [14] Future Outlook - The company anticipates maintaining an **8%** revenue growth rate in the energy, power, and water sectors, with new contracts expected to remain above **1.5 trillion yuan** [23][25] - Plans to enhance dividend levels are in place, with cumulative dividends nearing **10 billion yuan** [26] Conclusion - China Energy Engineering Corporation is strategically positioned to leverage national policies and industry trends, focusing on innovation and diversification to drive future growth and enhance shareholder value [25][27]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In 2025, the number and scale of issued accounts - receivable asset - backed securities increased year - on - year. The actual financiers were still concentrated in construction central enterprises and their subsidiaries, with a more prominent head - effect. These entities were more inclined to introduce in - system factoring companies, capital companies, asset management companies, trust companies, other financial platforms, and off - system commercial factoring companies as original equity holders or agents of original equity holders to issue securitized products. - In 2025, the average issuance scale of single accounts - receivable asset - backed special plans decreased compared to the previous year, the product term was slightly shortened, the issuance interest rate continued to decline, the securities were mainly of AAAsf credit rating, and the overall product credit risk remained at a low level. The trading activity in the secondary market increased significantly [38]. 3. Summary According to the Directory Issuance Situation - In 2025, 157 accounts - receivable asset - backed securitization products were issued in the exchange market, with a total issuance scale of 180.806 billion yuan. The number of issuances increased by 22, and the issuance scale rose by 9.40% year - on - year. The issuance scale accounted for 12.37% of the total issuance scale of enterprise asset - securitization products for the whole year, a decrease of 0.85 percentage points year - on - year [4][5]. - In terms of issuance venues, 140 products with an issuance amount of 172.474 billion yuan (accounting for 95.39%) were issued on the Shanghai Stock Exchange, and 17 products with an issuance amount of 8.332 billion yuan (accounting for 4.61%) were issued on the Shenzhen Stock Exchange [8]. - Regarding the distribution of original equity holders, the top five original equity holders were China Railway Capital Co., Ltd., China Railway Trust Co., Ltd., China Railway Construction Asset Management Co., Ltd., CCCC Commercial Factoring Co., Ltd., and Shenzhen United Factoring Co., Ltd., with issuance scale proportions of 32.27%, 16.95%, 11.06%, 2.73%, and 2.48% respectively. The total issuance scale of the top five original equity holders was 118.429 billion yuan, accounting for 65.50%; the total issuance scale of the top ten was 134.983 billion yuan, accounting for 74.66% [8]. - In terms of actual financiers, the total issuance scale of the top ten actual financiers was 165.964 billion yuan, accounting for 91.79%, an increase of 1.89 percentage points year - on - year. The actual financiers were mainly concentrated in central enterprises and their subsidiaries, with an issuance scale of 162.126 billion yuan, accounting for 89.67%, a year - on - year increase of 3.06 percentage points. In terms of industries, the actual financiers in the construction industry had an issuance scale of 165.423 billion yuan, accounting for 91.49% [10]. - Regarding the distribution of managers, the top five managers with the highest proportion of new management scale were CITIC Securities Co., Ltd., Huaxi Securities Co., Ltd., Ping An Securities Co., Ltd., Shanghai Guotai Haitong Securities Asset Management Co., Ltd., and CITIC Construction Securities Co., Ltd., with scale proportions of 17.61%, 16.95%, 14.64%, 10.13%, and 9.39% respectively. The total new management scale of the top five managers was 124.244 billion yuan, accounting for 68.72%, a year - on - year increase of 5.54 percentage points; the total new management scale of the top ten managers was 160.486 billion yuan, accounting for 88.76%, a year - on - year increase of 9.70 percentage points [14]. - In terms of product scale distribution, the highest single - product issuance scale was 5.4 billion yuan, and the lowest was 100 million yuan. The products with a single - scale in the (5, 10] billion yuan range had the largest number of issuances, with 51 units and a scale proportion of 21.47%. The average single - issuance scale was 1.152 billion yuan, a decrease of 73 million yuan compared to the previous year [16]. - Regarding the term distribution, the shortest term was 0.69 years, and the longest was 4.99 years. The products with a term in the (1, 3] - year range had the largest number of issuances, with 88 units and a scale proportion of 49.97%. The weighted average term was 2.14 years, slightly shorter than the previous year [17]. - In terms of level distribution, in 2025, AAAsf - rated securities accounted for 90.08%, AA + sf - rated securities accounted for 6.33%, and sub - grade securities accounted for 3.59% [19]. - Regarding the issuance interest rate, the median issuance interest rate of AAAsf - rated securities with a term of around 1 year was 1.85%, a year - on - year decrease of about 29BP [4][21]. Issuance Spread Statistical Analysis - Compared with government bonds of the same term, the average issuance spreads of 1 - year and 3 - year accounts - receivable asset - backed securities in 2025 narrowed compared to the previous year. For example, the average 1 - year spread decreased from 0.74 percentage points in 2024 to 0.48 percentage points in 2025 [26][28]. - Compared with AAA - rated corporate bonds of the same term, the average issuance spreads of 1 - year and 3 - year AAAsf - rated accounts - receivable asset - backed securities in 2025 also narrowed compared to the previous year. The average 1 - year spread decreased from 0.18 percentage points in 2024 to 0.14 percentage points in 2025 [31][32]. - In terms of issuance cost, the average issuance interest rate of 1 - year AAAsf - rated accounts - receivable asset - backed securities issued in 2025 decreased by 32BP year - on - year [32]. Filing Situation - In 2025, 105 accounts - receivable asset - backed special plans were filed with the Asset Management Association of China, with a total scale of 129.051 billion yuan. Compared with the previous year, the number of filings decreased by 12, and the filing scale decreased by 14.02% [4][33]. Secondary Market Trading Situation - In 2025, accounts - receivable asset - backed securities had 5,596 transactions in the secondary market, a year - on - year increase of 102.90%. The total transaction scale was 147.768 billion yuan, a year - on - year increase of 47.63%. The transaction scale accounted for 13.76% of the total transaction scale of enterprise asset - backed securities in the current period, a decrease of 1.11 percentage points year - on - year, ranking second in terms of transaction scale [4][36]. Maturity Situation in 2026 - It is estimated that 261 outstanding accounts - receivable asset - backed securities will mature in the exchange market in 2026, with a maturity scale of 168.808 billion yuan, accounting for 21.19% of the total maturity scale of all enterprise asset - backed securities in 2026, ranking second in terms of maturity scale [4][37]. - From the perspective of original equity holders, China Railway Capital Co., Ltd. had 43 maturing accounts - receivable asset - backed securities, with a repayment scale of 43.229 billion yuan, accounting for 25.61%; China Railway Trust Co., Ltd. had 33 maturing securities, with a repayment scale of 33.605 billion yuan, accounting for 19.91%; China Railway Construction Asset Management Co., Ltd. had 22 maturing securities, with a repayment scale of 25.449 billion yuan, accounting for 15.08% [37].

Core Viewpoint - China Energy Engineering Group Corporation is making significant strides in green transformation, focusing on compressed air energy storage, high-altitude wind energy, and green hydrogen products as it embarks on the "14th Five-Year Plan" [1] Group 1: Company Overview and Achievements - The company has a total order volume of nearly 1.5 trillion yuan, with approximately 360 billion yuan coming from overseas contracts annually [5][6] - Energy and electricity projects account for nearly 70% of the total contract value, including power generation, transmission, and distribution [7] - The company has contributed to the construction of approximately 2.6 billion kilowatts of the national total installed power capacity of 3.8 billion kilowatts, holding a market share of nearly 70% [10] Group 2: Innovative Projects - In Gansu, the company has invested in a large data center with 24,000 standard cabinets, supported by a 200,000-kilowatt renewable energy station, achieving 90% reliance on local renewable energy [12][14] - The world's largest high-altitude wind power generation project has successfully launched, utilizing wind energy from 300 meters above ground, which is an upgrade from traditional 100-meter wind energy systems [20][22] - The "Qing Hydrogen No. 1" project in Jilin has produced its first batch of green ammonia products and signed a contract for the world's first green ammonia marine fuel sales, providing a new path for large-scale renewable energy consumption [26][28] Group 3: Future Outlook and Strategic Goals - By 2030, China aims to establish a new energy system with non-fossil energy consumption accounting for 25% of total energy consumption, with renewable energy becoming the mainstay of power generation [40] - The company is focused on major strategic tasks such as energy security, water resource safety, and new infrastructure construction [40] - The company plans to innovate and transform into a technology-driven enterprise by the end of the "14th Five-Year Plan," emphasizing original, integrated, and open innovation [44][48]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CHINA ENERGY ENGINEERING CORPORATION LIMITED* （在中華人民共和國註冊成立的股份有限公司） （股份代號：3996） 海外監管公告 本公告乃由中國能源建設股份有限公司（「本公司」）根據香港聯合交易所有限公司證券上 市規則第13.10B條作出。 茲載列本公司於上海證券交易所網站刊發的《中國能源建設股份有限公司第三屆董事會第 五十四次會議決議公告》，僅供參閱。 承董事會命 中國能源建設股份有限公司 董事長 倪真 中國，北京 2026年2月9日 於本公告日期，本公司執行董事為倪真先生；職工董事為黃埔先生；非執行董事為劉學 詩先生及司欣波先生；及獨立非執行董事為程念高先生、魏偉峰博士、牛向春女士及裴 振江先生。 * 僅供識別 A 股代码：601868 A 股简称：中国能建 公告编号：临 2026-002 H 股代码:03996 H 股简称:中国能源建设 中国能源建设股份 ...

2026 年 2 月 10 日 审议通过《关于公司总部部分组织机构调整的议案》 表决结果：8 票同意，0 票反对，0 票弃权。 特此公告。 中国能源建设股份有限公司董事会 A 股代码：601868 A 股简称：中国能建 公告编号：临 2026-002 H 股代码:03996 H 股简称:中国能源建设 中国能源建设股份有限公司 第三届董事会第五十四次会议决议公告 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。 中国能源建设股份有限公司（以下简称公司）第三届董 事会第五十四次会议于 2026 年 2 月 6 日以书面形式发出会 议通知，各位董事一致同意豁免提前通知的时限要求，会议 于 2026 年 2 月 9 日以通讯表决方式召开。会议应参加表决 董事 8 名，实际参加表决董事 8 名，本次会议的召开符合有 关法律法规和《公司章程》的规定。经过有效表决，会议形 成以下决议： ...