Core Viewpoint - China Power Construction Corporation (China Power) has announced the plan to spin off its subsidiary, China Power Construction New Energy Group Co., Ltd. (Power Construction New Energy), for a public listing on the main board, which has been accepted by the Shanghai Stock Exchange. The company aims to raise 9 billion yuan, which is expected to drive a total investment of 48.481 billion yuan in wind and solar power projects, with an anticipated new installed capacity of 8.46 million kilowatts [1]. Group 1 - Power Construction New Energy will remain a controlled subsidiary within the consolidated financial statements of China Power after the spin-off, meaning its financial status and profitability will still be reflected in the parent company's reports [1]. - The stock price of China Power closed at 5.76 yuan per share, up 1.05%, with a total market capitalization of 99.2 billion yuan as of September 15 [1]. - China Power has maintained steady growth in recent years, but it is projected to experience "revenue growth without profit growth" in 2024 and the first half of 2025, with revenues of 633.685 billion yuan and 292.757 billion yuan, respectively, showing year-on-year increases of 4.07% and 2.66%, while net profits are expected to decline by 7.21% and 13.81% [2]. Group 2 - Power Construction New Energy's revenue has also shown similar fluctuations, with revenues increasing from 8.382 billion yuan in 2022 to 9.810 billion yuan in 2024, and net profits rising from 1.981 billion yuan to 2.822 billion yuan. However, in the first half of 2025, revenue is expected to be 5.472 billion yuan, a year-on-year increase of 8.57%, while net profit is projected to decline by 18.19% [3]. - The decline in profitability for both China Power and Power Construction New Energy is attributed to market conditions and industry cycle changes, with pressure on infrastructure engineering contracting and a decrease in market electricity prices for renewable energy affecting profit margins [3]. - Power Construction New Energy has integrated various renewable energy assets from China Power's subsidiaries, becoming the sole platform for wind and solar power project development, investment, operation, and management within the company [4]. Group 3 - As of the first quarter of 2025, Power Construction New Energy has a total installed capacity of 21.2461 million kilowatts, with wind power projects accounting for 9.8909 million kilowatts and solar power projects for 11.3552 million kilowatts [4]. - The main source of revenue for Power Construction New Energy comes from electricity sales, with wind power contributing over 69% of the main business revenue in 2024, while solar power accounts for over 28% [5]. - In the first seven months of 2025, China Power signed 3,230 new projects in the energy sector, with a total contract value of 472.068 billion yuan, including 723 wind power projects worth 157.226 billion yuan, which is a year-on-year increase of 68.4% [5].

记者注意到，9月以来新股发行有所提速。根据时间安排，本周将有联合动力、锦华新材、建发致新 （301584）、瑞立科密（001285）、云汉芯城（301563）等5只新股发行，这意味着单周有5只新股发 行，而今年仅有3月10日当周出现过单周5只新股发行的案例。 【深圳商报讯】（记者 陈燕青）随着上周昊创瑞通（301668）等3家IPO公司完成发行，今年以来A股 IPO募资额已超过去年全年。根据统计，截至9月14日，按照网上发行日计算，今年以来已有68家新股 完成发行，合计募资额达677.4亿元。 去年全年，共有102家新股完成发行，合计募资662.8亿元。也就是说，今年至今IPO募资额已超去年全 年。 IPO募资额超过去年全年，得益于今年有几个募资额较高的新股。其中，华电新能（600930）IPO募资 额高达181.7亿元，位居榜首。紧随其后的是中策橡胶（603049）、天有为（603202），募资额分别为 40.7亿元和37.4亿元。此外，联合动力（301656）、屹唐股份、友升股份（603418）募资额超过20亿 元。 近日，中国电建（601669）旗下电建新能沪市主板IPO申请获受理，公司拟募资90亿元， ...

伊拉克卡迪西亚省阿尔·图拉女子学校教学楼。 本报记者 薛 丹摄 伊拉克卡尔巴拉省阿尔穆塔·阿里卡特国际学校学生在美 术室上课。 本报记者 薛 丹摄 伊拉克卡迪西亚省阿尔·图拉女子学校学生在上生物课。 本报记者 管克江摄 伊拉克卡尔巴拉省阿尔穆塔·阿里卡特国际学校学生参加 课间活动。 本报中东中心分社 伊纳斯·易卜拉欣摄 中国电建工作人员向伊拉克济加尔省法拉赫学校学生分发 学习用品。 本报中东中心分社 伊纳斯·易卜拉欣摄 迎着初升的朝阳，在伊拉克卡尔巴拉省首府卡尔巴拉市的街巷中一路穿行，记者来到阿尔穆塔·阿里卡 特国际学校。学生们盛装相迎，脸上洋溢着快乐。"欢迎来到这所美丽的学校！"三年级学生阿萨尔走上 前，用英语向记者问好。 伊拉克济加尔省法拉赫学校学生。 本报记者 薛 丹摄 中国企业在伊拉克济加尔省承建的纳西里耶第二高级中学 外景。 本报记者 管克江摄 这所中国企业承建的新学校，是伊拉克1000所示范学校之一。1000所示范学校项目已惠及50多万伊拉克 中小学生，是该国重大民生工程，是中伊高质量共建"一带一路"合作的重要项目。中国电建承建了其中 分布在伊拉克10个省份的679所示范学校。这些示范学校设计现代 ...

"这是一所公立国际学制学校，有200多名师生，是这一带设施最好的学校！"阿尔穆塔·阿里卡特国际学 校校长拉巴布·麦亚尔骄傲地介绍，每当看到学生们放学了还不肯走，希望在学校里多留一会儿，她就 倍感欣慰。 教室窗明几净，学生们读书声琅琅，教师哈尔拉·穆西迪正在给四年级学生上英语课。哈尔拉表示，搬 到新校址后，原先想转走的优秀学生都留了下来，大家学习劲头更足，成绩提高了不少。"我很开心能 在这样的学校上学，我爱我的学校。"11岁的海德尔高兴地走过来告诉记者。她的同学苏凯娜表示，等 她长大了，也要在这所学校当老师。 卡尔巴拉省共有44所示范学校。"以前孩子们连玩耍的操场都没有，示范学校功能齐全、设计美观。"教 师布斯拉·胡德尔曾在一所老旧学校任教，由于教学设施严重不足，学生只能一天分三个班次轮流上 课。示范学校不仅为学生正常上课提供了保障，还为激发学生兴趣配备了多个功能性教室。 美术室里，学生们认真作画，描绘对未来的期待；机房中，学生们在老师的指导下，操作计算机、浏览 互联网；图书室内，彩绘读本受到欢迎……四年级学生穆罕默德拿起自己制作的玩偶说："图书室也是 我们的手工教室。这个是阿里，这个叫哈桑，他们是一对好朋友。 ...

Core Viewpoint - The project marks a significant technological breakthrough in China's green and low-carbon transformation of oil and gas development, providing a replicable and promotable "Chinese solution" for the global heavy oil extraction sector [1][5]. Group 1: Project Overview - The project, located in the Karamay City of Xinjiang, covers an area of 150,000 square meters with a solar collection area of 51,500 square meters [3]. - It utilizes intelligent control of thousands of lightweight modular heliostats to reflect sunlight to a 113-meter high heat-absorbing tower, producing high-temperature steam at 305°C for underground injection to meet heavy oil thermal extraction needs [3][4]. Group 2: Innovative Technologies - The project innovatively uses underground steam chambers for thermal energy storage, allowing for continuous heat release during nighttime, achieving the economic and environmental goal of "zero-carbon oil extraction" [4]. - It successfully developed four pioneering technologies, including the "solar thermal-SAGD" integrated process and "mirror-furnace-control" integrated equipment, leading in six key indicators such as gas supply parameters and system reliability [5]. Group 3: Environmental Impact - The solar thermal conversion efficiency of the project is at an industry-leading level, capable of supplying 52,000 tons of high-quality superheated steam annually, replacing 3.92 million cubic meters of natural gas, and reducing carbon emissions by 8,500 tons [5].

Investment Rating - Industry rating is maintained at "Outperform the Market" [6] Core Insights - Infrastructure investment in August shows a narrowing year-on-year decline, with a focus on investment opportunities in the central and western regions [1] - Real estate sales area decreased by 4.7% year-on-year from January to August, with a significant drop of 11% in August alone [2] - Cement prices have started to rise after a prolonged period of decline, indicating potential recovery in profitability for cement companies [3] - The flat glass production showed a year-on-year decline of 4.5% from January to August, but the decline is narrowing, suggesting a potential improvement in demand [4] Summary by Sections Infrastructure Investment - From January to August, real estate development investment decreased by 12.9%, while narrow and broad infrastructure investments increased by 2% and 5.4% respectively [1] - Cumulative new special bonds reached 32,641.37 billion yuan, up 26.9% year-on-year, indicating strong support for infrastructure projects [1] Real Estate Market - New construction area decreased by 19.5% year-on-year from January to August, with a monthly decline of 19.8% in August [2] - Completion area saw a year-on-year decline of 17% from January to August, with a monthly drop of 21.2% in August [2] Cement Industry - Cement production from January to August was 1.105 billion tons, down 4.8% year-on-year, with August production at 148 million tons, a 6.2% decline [3] - The average cement price in August was 349 yuan per ton, showing a slight increase from earlier in the month [3] Glass Industry - Flat glass production from January to August was 64.818 million weight cases, down 4.5% year-on-year, with August production at 8.267 million weight cases, a 2% decline [4] - The market is showing signs of demand improvement as inventory levels decrease and production lines resume operations [4]

Investment Rating - The industry investment rating is "Overweight" [2][26]. Core Viewpoints - Fixed asset investment has continued to weaken, with a cumulative year-on-year increase of only 0.5% for January to August 2025, a decrease of 1.1 percentage points compared to July 2025. Manufacturing investment also saw a year-on-year increase of 5.1%, reflecting a similar decline [4][12]. - Infrastructure investment is under pressure, with transportation, water conservancy, and public utility investments all showing declining growth rates. Infrastructure investment (including all categories) increased by 5.4% year-on-year, down 1.9 percentage points from July 2025. Excluding electricity, the growth rate was only 2.0% [5][12]. - Real estate investment remains low, with a year-on-year decrease of 12.9% for January to August 2025, and construction starts down by 19.5% [12][18]. Summary by Sections Fixed Asset Investment - The cumulative year-on-year growth rate for fixed asset investment is 0.5%, down 1.1 percentage points from the previous month. Manufacturing investment growth is also down to 5.1% [4][12]. Infrastructure Investment - Infrastructure investment (all categories) shows a year-on-year increase of 5.4%, with a decline of 1.9 percentage points from the previous month. Excluding electricity, the growth rate is only 2.0% [5][12]. - Specific sectors like transportation and public utilities are experiencing significant pressure, with transportation investment growing by only 2.7% year-on-year [5][12]. Real Estate Investment - Real estate investment has decreased by 12.9% year-on-year, with construction starts down by 19.5% and completions down by 17.0% [12][18]. - The current cycle is characterized by excessive supply clearance and difficulties in inventory replenishment, leading to a slow recovery in investment [12][18]. Investment Recommendations - The report suggests that the overall industry is weak, but regional investments may gain flexibility as national strategic layouts deepen. Recommended companies include China Chemical, China Energy Construction, China Railway, and China Railway Construction among state-owned enterprises, and Zhi Te New Materials and Honglu Steel Structure among private enterprises [18].

Group 1 - The infrastructure sector increased by 0.42% on September 15, with Garden Co. leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] - Key stocks in the infrastructure sector showed significant gains, with Garden Co. rising by 10.01% to a closing price of 18.79 [1] Group 2 - Major stocks in the infrastructure sector experienced mixed performance, with some stocks like Huylv Ecological and Nongshang Environment declining by 8.13% and 4.67% respectively [2] - The infrastructure sector saw a net outflow of 293 million yuan from institutional investors, while retail investors contributed a net inflow of 190 million yuan [2][3] - The top stocks by net inflow included Construction Co. with 93.48 million yuan and Eastern Garden with 67.06 million yuan [3]

Group 1 - The core viewpoint of the news is that the construction of the Gigongo water supply project by a Chinese company is addressing the severe water shortage in Luanda, Angola, which currently has a water supply gap of 50% [1][3] - The project includes a water intake station with a daily capacity of 570,000 tons, a water treatment plant with a daily processing capacity of 500,000 tons, and five distribution centers, which will significantly alleviate the long-standing water supply issues in the eastern part of Luanda [1][2] - The project is progressing as planned, with the completion expected to greatly improve the water supply situation in Luanda by 2026 [3] Group 2 - The construction of the water intake station is a critical component of the project, facing complex conditions due to the swampy terrain and deep mud layers, requiring advanced foundation and safety techniques [2] - The project team has implemented a combination of various foundation techniques and has completed 3,245 piles over seven months to ensure the stability and safety of the construction [2] - The company is also committed to social responsibility, having initiated several community projects that improve local infrastructure and directly benefit thousands of residents [3]

Core Viewpoint - The news highlights the performance of the Central State-Owned Enterprises Modern Energy Index and its related ETF, emphasizing the integration of artificial intelligence in the energy sector to enhance operational efficiency and support high-quality development [2][3]. Group 1: Market Performance - As of September 15, 2025, the Central State-Owned Enterprises Modern Energy Index increased by 0.48%, with notable gains from Shanghai Electric (+8.60%), China National Materials Technology (+4.70%), and others [2]. - The Central State-Owned Enterprises Modern Energy ETF (561790) rose by 0.69%, marking its third consecutive increase, with the latest price at 1.18 yuan [2]. - Over the past week, the ETF has accumulated a rise of 1.92%, ranking in the top third among comparable funds [2]. Group 2: Liquidity and Trading Volume - The ETF recorded a turnover rate of 0.88% during the trading session, with a transaction volume of 399,500 yuan [2]. - The average daily trading volume of the ETF over the past year was 6.4154 million yuan [2]. Group 3: Policy and Industry Development - On September 8, the National Development and Reform Commission and the National Energy Administration released implementation opinions to promote "Artificial Intelligence + Energy" for high-quality development, outlining phased goals and 37 key tasks across various energy applications [2]. - In the electric power equipment sector, the policy aims to establish an innovative system by 2027, focusing on intelligent forecasting of power supply and demand, and enhancing the management capabilities of the power grid [3]. Group 4: Index Composition - The Central State-Owned Enterprises Modern Energy Index, customized by Guoxin Investment Co., includes 50 listed companies involved in green energy, fossil energy, and energy transmission and distribution, reflecting the overall performance of state-owned enterprises in the modern energy sector [3]. - As of August 29, 2025, the top ten weighted stocks in the index accounted for 48.28% of the total index weight, including companies like Yangtze Power, China National Power, and China Nuclear Power [3].