近年来，中国能源建设集团财务有限公司（简称"中国能建财务公司"）围绕"依托集团、服务集团"的功 能定位，统筹推进改革深化提升行动，有效促进企业规范健康高质量发展，在金融赋能实体经济发展的 新征程上彰显担当作为。 推进思维革新，激活管理新动能 中国能建财务公司坚持把金融服务实体经济作为根本宗旨，通过领导班子"三力"建设、"金融铁军"党建 品牌创建等举措，引导干部员工以"有利于国家战略实施、有利于集团高质量发展、有利于企业员工双 向赋能"为各项工作的出发点与检验标准，全力打造"创新驱动力强、价值创造力强、风险控制力强、数 智支撑力强、融合协作力强"的行业一流财务公司。 推进机制更新，焕发队伍新活力 中国能建财务公司持续推进管理机制改革和运行机制更新。不断深化三项制度改革，实施管理人员"全 体起立"竞聘上岗；优化完善薪酬绩效机制，合理拉开收入差距；启动中层管理人员任期制和契约化管 理，推动部门负责人和业务骨干轮岗锻炼。以集团产业发展布局为指引，构建绿色金融"专班+专员"一 站式服务体系，组建团队深入新能源、新材料等项目现场调研，"一企一策"研究推出金融服务解决方 案。深度参与集团战略市场政策研究，在企业精益管理、稳 ...

Core Viewpoint - The recent advanced training program for project managers organized by China Energy Construction has initiated a comprehensive learning journey at the Elephant Hotel project, symbolizing a new beginning for the participants [1]. Group 1: Training Program Overview - The training program includes a diverse group of participants, comprising 1 person at level 5, 20 at level 6, 20 at level 7, and 43 at other levels, with 24 holding master's degrees and 48 holding bachelor's degrees [3]. - The program features 9 industry experts, including 4 internal and 5 external professionals, aimed at cultivating a team of project managers with strong ethics, technical skills, management capabilities, and financial acumen [6]. Group 2: Project Focus - The Elephant Hotel project is noted as the company's first super high-rise modular project, showcasing innovative construction methods and a commitment to green building practices [8]. - Participants are engaged in immersive experiences to explore cutting-edge practices in construction and innovation [8]. Group 3: Learning and Development - The training consists of 46 sessions divided into three major modules, focusing on macro perspectives, project management, and comprehensive skills, providing substantial and practical knowledge [6]. - The program emphasizes the integration of learning and application, fostering innovation and development among participants [15].

中诚信国际认为，中国能源建设集团投资有限公司信用水平在未来12~18个月内将保持稳定。 来源：金融界 2025年7月29日，中诚信国际公布评级报告，中国能源建设集团投资有限公司2024年面向专业投资者公 开发行绿色公司债券(第一期)跟踪评级获"AAA"评级。 本次跟踪维持主体及债项上次评级结论，主要基于中国能源建设集团投资有限公司（以下简称"能建投 资"或"公司"）股东支持力度大、电源品种多元且布局分散、项目储备充足、控股装机容量及上网电量 持续提升、海外BOT煤电项目优质以及债务结构较优等方面的优势。同时中诚信国际也关注到公司海外 业务利润贡献占比较高、地缘政治风险、可再生能源补贴对资金形成一定占用、投资需求较大、债务规 模及财务杠杆水平持续上升、权益结构稳定性有待加强等因素对其经营和整体信用状况造成的影响。 ...

转自：新华财经 该项目位于安徽合肥市长丰县龙湖北路与凤麟路交口，总用地面积约6.4万平方米，总建筑面积约12.8万平方米， 其中地上建筑面积约11.9万平方米，地下建筑面积约0.9万平方米（含智能化停车系统及设备用房），共建设18栋4 至15层多功能单体建筑，包括企业服务用房、开闭所、宿舍楼、厂房等。 该项目聚焦高新技术、生物医药、医疗器械等智能制造产业领域，建成后，将大幅提升区域产业承载能力，提升 智能制造发展水平，创造大量优质就业机会，并带动周边商业配套升级，成为北城新区产业发展的新引擎。（陈 奥 程松） 编辑：赵鼎 7月28日，中国能建安徽电建二公司以联合体形式总承包的合肥工投·北城智谷项目顺利通过竣工验收。 ...

Core Viewpoint - The "Labor Heat Prevention Festival" initiative aims to provide care and support for workers in high-temperature environments, particularly at the China Energy Construction Qingyang Data Center Industrial Park, highlighting the importance of worker health and safety in energy construction projects [1][4]. Group 1: Initiative and Support - The "Labor Heat Prevention Festival" was launched in collaboration with the China Workers Development Foundation and supported by China National Pharmaceutical Group, focusing on providing cooling supplies to frontline workers [1][2]. - The initiative includes the distribution of heat prevention materials such as herbal medicine and cooling beverages to workers, emphasizing the recognition of their contributions to energy construction [2][3]. Group 2: Health and Safety Measures - The Qingyang Data Center has implemented various health measures, including adjusting work schedules and providing heat prevention supplies to ensure worker well-being during high temperatures [2][3]. - A layered heat prevention mechanism has been established, including avoiding outdoor work during peak sun hours and providing cooling stations with refreshments [2][3]. Group 3: Future Plans and Innovations - The China Electric Power Engineering Consulting Group is exploring the implementation of an "AI Heat Prevention Manager" to provide personalized protection reminders based on local climate data [3]. - The initiative aims to expand its coverage to more sectors, ensuring that workers in various fields, such as transportation and sanitation, receive adequate support and care [3].

Core Viewpoint - China Energy Construction Group (China Energy) held a meeting to summarize its achievements in the first half of 2025 and to plan key tasks for the second half, emphasizing high-quality development and strategic reforms [1][2]. Group 1: Achievements and Strategies - In the first half of 2025, China Energy implemented the "1466" and "Four New" strategies, focusing on high-quality development and achieving steady progress in its core business and innovation [1]. - The company highlighted the importance of strengthening its core capabilities, enhancing brand culture, and reinforcing talent support to maintain a positive growth trajectory [1]. Group 2: Key Focus Areas for the Second Half - The company outlined seven key focus areas for the second half of 2025, including enhancing strategic planning, ensuring growth targets, deepening reforms, promoting technological innovation, implementing lean management, mitigating major risks, and strengthening high-quality party leadership [3]. - Specific actions include completing the evaluation of the "14th Five-Year" plan, improving operational efficiency in various markets, and addressing critical reform tasks to stimulate vitality and drive high-quality development [3].

Investment Rating - The report maintains a "Buy" rating for the construction and decoration industry, indicating a positive outlook for major projects and regional development strategies [4][10]. Core Insights - The initiation of the Yaxia Hydropower Station signals a clear trend of central government leveraging, with expectations for further major projects and regional development strategies to stabilize overall infrastructure investment and total demand [1][9]. - The report highlights that infrastructure and manufacturing investments are experiencing a high-level continuous decline, with real estate investment, sales, and funding showing significant drops, indicating a core issue of insufficient demand [1][14]. - It is anticipated that fiscal policies will continue to strengthen in the second half of the year, improving the funding situation for infrastructure and accelerating the implementation of physical workloads [1][14]. Summary by Sections Major Projects and Regional Development Strategies - Significant transportation projects are expected, including the China-Kyrgyzstan-Uzbekistan Railway and the New Tibet Railway, with total investments of approximately $8 billion and 960 billion yuan respectively [2][21]. - The report outlines several large canal projects, such as the Pinglu Canal, with a total investment of about 72 billion yuan, which is expected to enhance logistics efficiency and stimulate economic growth [3][26]. - The Xinjiang regional strategy is highlighted, with over 800 billion yuan in coal chemical projects planned, driven by the region's abundant coal resources [7][10]. Key Recommendations - The report recommends major construction enterprises that will benefit from large-scale transportation and water conservancy projects, including China Energy Engineering, China State Construction, and China Railway Construction [10][11]. - It also emphasizes companies involved in coal chemical development in Xinjiang, such as China Chemical Engineering and Donghua Technology, as key beneficiaries of the regional strategy [10][11]. - Companies like Sichuan Road and Bridge are recommended due to their involvement in the construction of the national strategic hinterland [10][11].

Core Insights - The launch of the "Xiao An" AI intelligent platform marks a new phase in the company's research and application of artificial intelligence [1] - The platform has over 40 intelligent applications covering various fields such as smart Q&A, knowledge management, smart office, production operations, and public services [1][6] Group 1: Core Capabilities - The "Xiao An" platform features four core capabilities: rapid intelligent agent construction, resource intelligent scheduling, full-scene collaboration, and data security control [3][5] - Rapid intelligent agent construction allows for quick configuration of AI agents using modular tools to meet work requirements [3] - Resource intelligent scheduling automatically allocates computing resources based on task needs, ensuring smooth operation of each intelligent agent [4] - Full-scene collaboration breaks down information silos, enabling different fields and positions to communicate and collaborate, enhancing overall work efficiency [5] - Data security control integrates with the company's unified identity authentication system, ensuring user identity security and privacy protection [5] Group 2: Application in Business Scenarios - The platform has been deeply embedded in various business scenarios, significantly enhancing project management and operational efficiency [6] - Applications include safety monitoring, market bidding, intelligent construction, training, and compliance warning systems [6] - The AI visual algorithm acts as a "24-hour electronic safety officer," automatically identifying risks on-site and providing immediate alerts [6] - The AI bidding system enhances the quality and efficiency of bid preparation, making the company more competitive in the market [7][8] Group 3: Technological Advancements - The company has developed an enterprise-level BIM+ intelligent construction cloud platform that integrates AI algorithms and IoT technologies [10] - This platform enables comprehensive monitoring and management of construction sites, enhancing operational efficiency [10] - The company has obtained multiple software copyrights and has been recognized for its innovative technologies in intelligent construction [10] Group 4: Future Directions - The company plans to continue strengthening the integration of AI with its production and operations, focusing on iterative upgrades of the "Xiao An" platform [12] - Future efforts will aim to create AI scenarios unique to the company, promoting deeper digital transformation and high-quality development [12]

Core Viewpoint - The 2024 annual assessment results of central enterprises benchmarking against world-class enterprises in value creation have been released, with several energy and power central enterprises achieving an A rating, indicating strong performance in value creation initiatives [1][2][3][4]. Group 1: Company Performance - China Huaneng has received an A rating in the 2024 assessment, marking its second consecutive A rating since the implementation of the value creation assessment by the State-owned Assets Supervision and Administration Commission in 2023 [1][5]. - Harbin Electric Group has also been awarded an A rating for the second consecutive year, demonstrating its solid progress in becoming a world-class enterprise [1][6]. - Dongfang Electric Group achieved an A rating in the 2024 assessment, reflecting its commitment to enhancing core capabilities and competitiveness [2][7]. - China Energy Engineering Corporation received an A rating, showcasing its focus on value creation and operational stability [3][8]. - China Electrical Equipment has been rated A, emphasizing its efforts in value creation and sustainable development [4][9]. Group 2: Strategic Focus and Future Plans - China Huaneng aims to enhance its core functions and competitiveness while implementing a long-term value creation mechanism, aligning with national strategic goals [5]. - Harbin Electric Group plans to continue focusing on value creation and enhancing core capabilities, contributing to national modernization efforts [6]. - Dongfang Electric Group intends to optimize its value creation mechanisms and strengthen its position as a world-class equipment manufacturing group [7][8]. - China Energy Engineering Corporation will maintain its focus on value creation and enhance its core functions to achieve high-quality development [8]. - China Electrical Equipment is set to improve its value creation capabilities and strengthen its role in the new industrialization process [9].

Summary of China Energy Construction Conference Call Company Overview - China Energy Construction (CEC) is a leading enterprise in the energy construction sector in China, involved in traditional energy, renewable energy construction, surveying and design, housing construction, and transportation infrastructure [2][4] - Established in 2014 and listed on the Hong Kong Stock Exchange in 2015, CEC absorbed and merged with Gezhouba Group in 2021, achieving A-share listing [3] Financial Performance - Projected revenue for 2024 is 436.7 billion yuan, a year-on-year increase of 7.6%, with engineering construction accounting for 84% of total revenue [2][4] - Engineering construction revenue for 2024 is expected to be 366.8 billion yuan, growing by 7% year-on-year [2][6] - New contract value for 2024 is anticipated to reach 1.28 trillion yuan, up 6.4% year-on-year, with renewable energy contracts making up 44% [2][6] Market Position and Advantages - CEC holds over 70% of the domestic thermal power engineering construction market and over 30% in hydropower, with more than 50% market share in large hydropower projects [7] - In nuclear power conventional island surveying and design, CEC has a market share of 90% [7] - The company aims to achieve a total installed capacity of 20GW in renewable energy by the end of 2025, having already connected 15.2GW to the grid [9] Business Segments - The engineering construction segment includes various projects in renewable and traditional energy, urban construction, and comprehensive transportation [6] - The design consulting segment reported revenue of 20.8 billion yuan in 2024, with a stable gross margin between 35%-40% [10] - The industrial manufacturing segment includes construction materials and civil explosives, with stable revenue but a decline in aggregate production [10] Future Outlook - Revenue growth is expected to stabilize between 3% and 4% over the next three years, with a steady improvement in gross margins [4][14] - The investment operation business is projected to maintain high growth rates, contributing to overall profitability [14] Recent Developments - In the first half of 2025, new contract value reached 775.4 billion yuan, a 5% increase year-on-year, with notable growth in urban construction and design consulting [17] - The company is undergoing a capital increase plan initiated in 2022, initially set at 15 billion yuan, later adjusted to 9 billion yuan, which has received regulatory approval [12][13] Strategic Projects - The Yarlung Tsangpo project, with a total investment of approximately 1.2 trillion yuan, is expected to significantly impact CEC, contributing to annual infrastructure investments exceeding 100 billion yuan [18] - CEC is positioned to benefit from the ongoing development of the Yarlung Tsangpo project, which is crucial for its long-term growth strategy [19]