Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 3.38 CNY per share for 2026, and a corresponding target price of 1.56 HKD per share for its H-shares [7]. Core Insights - The company is a global leader in energy construction, with a comprehensive layout in hydrogen energy and data centers, marking a second growth curve [7]. - The company has a strong position in the energy construction sector, with a projected compound annual growth rate (CAGR) of 12.7% for revenue and 15.8% for net profit from 2020 to 2024 [7]. - The company aims to enhance its overseas business and expand into emerging sectors such as hydrogen energy and data centers, which are expected to drive performance and valuation improvements [7]. Summary by Sections 1. Global Energy Construction Leader - The company is formed by the merger of China Gezhouba Group, China Electric Power Engineering Consulting Group, and other entities, providing a full-cycle development solution in energy and infrastructure [15]. - It has a complete service capability that includes planning, consulting, construction, manufacturing, and investment operations [15]. 2. Competitive Advantages - The company focuses on four core industries: new energy, new infrastructure, new equipment, and new materials, aiming to reshape its operational framework to adapt to new production forces [48]. - It has established a robust overseas presence with six regional headquarters and 256 branches, covering over 140 countries [50]. 3. Business Development - The company has a significant market share in the domestic thermal power market (over 80%) and large hydropower market (over 50%) [7]. - It has integrated investments in hydrogen energy and data centers, with substantial projects underway, including a total investment of 5.5 billion CNY in the Gansu Qingyang data center project [7]. 4. Financial Forecast and Investment Recommendations - The company is expected to achieve net profits of 8.7 billion CNY in 2025, 9.4 billion CNY in 2026, and 10.2 billion CNY in 2027 [2]. - The report highlights a stable financial structure with a healthy cash flow, despite a slight decline in profit margins [35][38].

Core Insights - China Energy Construction (03996) announced a new contract value of 456.609 billion yuan for the fourth quarter of 2025, with a cumulative new contract value of 1,449.384 billion yuan for the year, representing a year-on-year growth of 2.88% [1] Company Summary - The company reported a new contract value of 456.609 billion yuan for Q4 2025 [1] - The cumulative new contract value for 2025 reached 1,449.384 billion yuan, showing a year-on-year increase of 2.88% [1]

中国能源建设(03996)发布公告，该公司2025年第四季度新签合同额4566.09亿元;于2025年累计新签合同 额14493.84亿元，同比增长2.88%。 ...

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。 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13.09條及香港法例第571章《證券及期貨條例》第XIVA部項下內幕消息條文作 出。 現將本公司2025年度主要經營情況公佈如下，供投資者參閱。 一、按業務類型統計 單位：億元 幣種：人民幣 | | | 2025年10-12月 | | 年度累計 | | | | --- | --- | --- | --- | --- | --- | --- | | | | 新簽項目 | | 新簽項目 | | | | 業務類型 | | 數量（個） | 新簽合同額 | 數量（個） | 新簽合同額 | 同比增減 | | 工程建設 | | 1,735 | 4,300.04 | 7,748 | 13,464.80 | 5.60% | | 其中 | 傳統能源 | 1,033 | 507.40 | 4,730 | 2,909.49 | -7.0 ...

现将本公司 2025 年度主要经营情况公布如下，供投资者参 阅。 中国能源建设股份有限公司 2025 年度主要经营数据公告 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。 | A H | | | | | --- | --- | --- | --- | | | 股代码：601868 股代码:03996 | | | | | | A H | | | | | | 股简称：中国能建 公告编号：临 2026-001 股简称:中国能源建设 | 单位：亿元 币种：人民币 注: 1.传统能源业务包括火电、水电、输变电、核电等业务。2025 年，公司工程建设板块传统能源业务新签合同额同比有所下降， 主要因该业务境外市场新签合同波动所致，但境内市场延续良好 增长态势，在 2024 年 49%高速增长的基础上，2025 年继续保持 20%的较快增长。 2.新能源及综合智慧能源业务包括风电、太阳能发电、生物 质发电、综合智慧能源、各类储能（包括抽水蓄能）、氢能、地 热及其他新能源。 3.城市建设业务包括市政、房建、房地产开发等。 4.综合交通业务包括 ...

Group 1 - The core point of the article highlights the significant differences in profitability among four major state-owned enterprises (SOEs) under the State-owned Assets Supervision and Administration Commission (SASAC), with China Chemical achieving a net asset return rate of 6.46%, while China Energy Engineering only reached 2.66% [1] - China Chemical has the lowest financial leverage among the four SOEs, yet it leads in profitability efficiency, showcasing its strong technical moat [1] - China Electric Power Construction Corporation (China Electric) holds over half of the global hydropower construction rights and is a major player in wind power, with its satellite monitoring significant engineering projects across China [3] Group 2 - China Chemical's innovation includes producing a "fireproof suit" made of silicon-based aerogel for electric vehicles, which is in high demand from companies like Tesla and CATL [5] - China Energy Engineering has a substantial renewable energy base, with 20.28 million kilowatts of power stations, and is advancing in nuclear waste treatment technology [6] - China Nuclear Engineering is a leading nuclear power construction company, involved in high-profile projects like the ITER project in France and various domestic nuclear initiatives [8] Group 3 - Financial performance shows that China Chemical earns 6.46 per project, while China Electric earns 4.37, China Nuclear earns just over 3.30, and China Energy Engineering lags at 2.60 [10] - China Chemical's asset turnover rate is notably high, completing projects in half the time of its competitors due to modular construction techniques [12] - China Electric's order growth is at 19.7%, indicating a strong backlog of projects despite slower construction timelines [12] Group 4 - In the international market, China Electric secured a significant order for a power station in Indonesia, while China Chemical's project in Saudi Arabia has redefined cost structures in the region [15] - China Nuclear's projects, such as the Karachi nuclear power station, demonstrate its capability in high-stakes international contracts [15] - The financial details reveal that China Chemical has a high product quality rate of 98%, while China Electric is monetizing satellite data services [15]

Core Viewpoint - China Energy Construction (03996) has seen a stock price increase of over 4%, currently trading at 1.19 HKD, with a transaction volume of 1.04 billion HKD, driven by positive news regarding state investment in energy infrastructure [1] Group 1: Investment and Growth - The State Grid has announced that during the 14th Five-Year Plan period, fixed asset investment is expected to reach 4 trillion CNY, representing a 40% increase compared to the previous plan [1] - The investment aims to enhance system regulation capabilities, optimize pumped storage station layouts, and support the large-scale development of new energy storage [1] Group 2: Industry Position and Technology - China Energy Construction is positioned to benefit as a leading player in power construction, possessing critical technologies such as ultra-supercritical secondary reheating power generation, large hydropower units, and advanced nuclear power systems [1] - The company has a price-to-book ratio (PB) of 0.95, which is at the 41st percentile over the past decade, indicating a favorable valuation relative to historical performance [1]

Group 1 - The core viewpoint of the article highlights that China Energy Construction (03996) has seen a stock price increase of over 4%, currently trading at 1.19 HKD with a transaction volume of 104 million HKD [1] - The State Grid has announced that during the 14th Five-Year Plan period, the company's fixed asset investment is expected to reach 4 trillion CNY, representing a 40% increase compared to the 13th Five-Year Plan [1] - The company aims to enhance system regulation capabilities, optimize pumped storage station layouts, and support the large-scale development of new energy storage [1] Group 2 - Guotai Junan believes that leading companies in power construction will benefit from these developments [1] - China Energy Construction possesses a range of key core technologies and standards, including ultra-supercritical secondary reheating power generation, large hydropower units, and various energy storage solutions [1] - The company's price-to-book ratio (PB) is at 0.95, which is at the 41st percentile over the past 10 years [1]

Core Viewpoint - The completion of the 2×1000 MW expansion project at Guoneng Changyuan Hanchuan New Energy Co., Ltd. marks a significant milestone in enhancing energy supply capacity in Hubei Province, contributing to regional economic development and energy security [1][3]. Group 1: Project Overview - The project is located in Hanchuan City, Hubei Province, and is a key energy project under the "14th Five-Year Plan" for the province [3]. - It includes the construction of two 1000 MW ultra-supercritical reheat coal-fired generating units, with additional facilities for flue gas desulfurization and denitrification [3]. - The project is expected to generate an annual output of 9 billion kilowatt-hours, significantly alleviating potential winter electricity shortages in the eastern Hubei region [3]. Group 2: Strategic Importance - The power plant will become the largest in terms of installed capacity and energy supply capability in Hubei Province [3]. - It plays a crucial role in supporting the "West-to-East Power Transmission" and "North-to-South Power Transmission" initiatives, optimizing the power supply structure [3]. - The project is anticipated to enhance the grid's ability to cope with extreme cold weather conditions, thereby improving overall energy security [3].

Core Viewpoint - The Shandong Regional Center of China Energy Construction (中国能建) is proactively preparing for significant snowfall and temperature drops from January 17 to 20, ensuring the safety and smooth operation of highways in the region [1] Group 1: Risk Management and Safety Measures - The Shandong Regional Center has initiated a comprehensive risk assessment and safety training program focusing on winter road conditions, particularly addressing issues like icy roads and visibility problems due to snow [3] - A targeted inspection campaign has been launched to identify and address potential hazards on highways, including road surface conditions and traffic signage, with a focus on historically problematic areas during snowfall [5] - The center has established a detailed inspection ledger for risk-prone sections of the highways, implementing immediate corrective actions for identified issues to mitigate risks associated with snowfall [5] Group 2: Emergency Preparedness - The maintenance project team has entered a "wartime state" to enhance emergency snow removal capabilities, with all personnel on standby and equipment being tested for readiness [7] - Over 3,000 tons of de-icing agents have been prepared, with a strategic distribution plan based on the risk levels of different highway sections, ensuring 24-hour monitoring of supplies [7] - The center is committed to a dynamic response strategy, adjusting resources based on real-time weather updates to ensure safe and efficient highway operations during and after snowfall [10]