Core Points - China Power Construction Corporation has received a notice from its sponsor, China International Capital Corporation, regarding the replacement of the continuing sponsor representative for its non-public issuance of A-shares in 2022 [1][2] - The original sponsor representative, Qiao Xiaowei, is no longer serving due to a job change, and Meng Jiao has been appointed to continue the supervisory work [1][2] - After this change, the continuing sponsor representatives for the 2022 non-public issuance of A-shares will be Liu Yifei and Meng Jiao [1] Summary of Related Information - Meng Jiao is currently the Executive General Manager of the Investment Banking Department at CICC and obtained her sponsor representative qualification in 2023 [2] - She has previously served as a co-organizer for the 2022 non-public issuance of A-shares for China Power Construction and has experience in various significant projects, including major asset restructuring and non-public offerings [2] - Meng Jiao has a good professional record and has strictly adhered to relevant regulations during her sponsorship activities [2]

Core Viewpoint - Sany Group is actively advancing its strategic initiatives in the Yaxia Hydropower Project through a recent visit to Linzhi City, Tibet, focusing on key operational aspects and client engagement [1] Group 1 - Sany Group's delegation, led by Chairman Xiang Wenbo, conducted an in-depth inspection in Linzhi City on September 10-11 [1] - The visit included meetings with the Linzhi City government and strategic clients such as China Power Construction [1] - The focus of the inspection was on the strategic promotion of Sany Group's role in the Yaxia Hydropower Project, covering various critical aspects [1] Group 2 - Key activities during the visit included strategic client engagement, site selection for offices, unveiling of service centers, and operational support for the Yaxia Hydropower Project [1] - The efforts aim to solidify Sany's service support and strategic implementation in the Yaxia Hydropower Project [1]

中国电力建设股份有限公司 关于更换持续督导保荐代表人的公告 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。 近日，中国电力建设股份有限公司（以下简称"公司"）收到保荐机构中国 国际金融股份有限公司（以下简称"中金公司"）《关于更换中国电力建设股份 有限公司非公开发行A股股票项目持续督导保荐代表人的函》，中金公司原保荐 代表人乔小为因工作变动，不再担任公司2022年度非公开发行A股股票项目的持 续督导保荐代表人。为保证持续督导工作的正常进行，中金公司拟委派保荐代表 人孟娇（简历详见附件）接替乔小为继续履行持续督导工作。 本次变更后，公司2022年度非公开发行A股股票的持续督导保荐代表人变更 为刘一飞、孟娇。 特此公告。 证券代码：601669 股票简称：中国电建 公告编号：临 2025-056 中国电力建设股份有限公司董事会 二〇二五年九月十二日 1 附件：孟娇简历 孟娇，现任中金公司投资银行部执行总经理，于2023年取得保荐代表人资格， 曾担任中国电建2022年度非公开发行A股股票项目、五矿资本向特定对象发行优 先股项目的协办 ...

Core Viewpoint - The solar thermal power generation industry in China is poised for significant growth, driven by policy support, technological advancements, and the need for cost reduction to achieve competitive pricing [1][2][3]. Policy Support - Solar thermal power is recognized as a clean and renewable energy technology, with China's installed capacity reaching 838.2 MW by the end of 2024, accounting for 10.6% of the global total [2]. - The Chinese government has implemented various policies to support the industry, including a benchmark grid price of 1.15 yuan per kWh established in 2016 and the promotion of demonstration projects [2][3]. - The Energy Law, effective January 1, 2025, emphasizes the active development of solar thermal power, providing a legal framework for its growth [3]. Technological Innovation - The industry has achieved significant technological breakthroughs, with a fully autonomous supply chain and key components being domestically produced [4]. - Innovations include advanced heat collection systems, high-temperature energy storage solutions, and large-scale solar thermal power plant designs [4][5]. - The rapid development of technology is expected to substantially lower generation costs, facilitating large-scale commercial applications [4]. Economic Viability - Despite the growth potential, the current levelized cost of electricity for solar thermal power remains high, estimated at 0.8-0.9 yuan per kWh [7]. - To enhance economic viability, the industry must leverage economies of scale and establish a "technology-standard-market" ecosystem [7]. - Recommendations include improving policy support mechanisms, integrating carbon market benefits, and prioritizing advanced large-capacity projects to avoid unhealthy competition [7][8]. Collaboration and Future Directions - Industry stakeholders, including companies, research institutions, and government bodies, are encouraged to collaborate to address key scientific and engineering challenges [8]. - Increased investment in research and development is essential for advancing high-capacity and intelligent solar thermal technologies [8].

近日，位于毛里塔尼亚南部的贝尼纳吉原水预处理项目现场（见图，杨金鑫摄），随着中方项目经理杨 东彬一声指令："开闸！"塞内加尔河水滚涌而出，通过钢管流入高密度沉淀池。该地区上游目前已进入 雨季，河水裹挟着泥浆，在沉淀池内逐渐平静下来。 进入全面运行后的贝尼纳吉原水预处理项目，将毛里塔尼亚首都地区饮用水供应稳定性提升至90%，霍 乱、痢疾等水源性疾病病例预计将大幅减少。业主代表、项目协调员卡内·马马杜表示："首都居民终于 能在雨季喝上清洁、安全的饮用水，这不仅改善了生活质量，也增强了民众对政府的信任。" 中国驻毛里塔尼亚大使唐中东表示，贝尼纳吉原水预处理项目是中毛高质量共建"一带一路"的又一生动 案例。中毛两国不断深化务实合作，携手共同发展，将为两国人民带来更大福祉，为新时代中非合作注 入强劲动力。 （文章来源：人民日报） 毛里塔尼亚水利部部长阿玛勒·穆卢德特意来到现场观摩。她走上操作平台，仔细查看出水水质和各类 监测数据。水样检测结果显示，出水浊度已从最初的3000NTU降至113NTU（注：NTU为水的浊度指 标。世界卫生组织最新版《饮用水水质准则》将龙头水的浊度最高限值定为1NTU）。穆卢德向现场技 术人员 ...

证券日报网讯恒华科技（300365）9月9日在互动平台回答投资者提问时表示，公司与中国电建 （601669）集团四川工程有限公司组成的联合体中标了晟储100MW独立储能电站项目，该项目招标单 位为晋中晟储新能源科技有限公司，其中公司作为联合体成员负责该项目的设计环节，对应的合同金额 占比较小。 ...

8月29日，中国电建（601669）建设的哈萨克斯坦单体最大风电项目——哈萨克斯坦赫罗姆陶150兆瓦风 电项目实现全容量并网发电。 项目投运后，年平均发电量约509吉瓦时，每年节约标煤17万吨，减排二氧化碳50万吨，将极大缓解地区 缺电问题，有效推动哈萨克斯坦减碳、电力结构调整、生态环境保护目标实现。 该项目位于哈萨克斯坦西北部的阿克纠宾州，共安装24台单机容量6.25兆瓦的风机，是目前哈萨克斯坦一 次建成投运的最大风电项目。面对困难，项目团队创新管理模式，在中亚区域首次实现项目开发端与履 约端的无缝衔接。通过深度融合中哈员工优势，深度发掘利用属地资源，推行管理属地化，在有效保障 施工安全质量的同时提高了整体效率。 ...

Core Viewpoint - The company reported a revenue of 292.76 billion yuan in the first half of the year, showing a year-on-year growth of 2.66%, but the net profit attributable to shareholders decreased by 13.81% to 5.43 billion yuan [1][2]. Financial Performance - The company achieved a total revenue of 2927.57 billion yuan in the first half, with a year-on-year increase of 2.66% [1][2]. - The net profit attributable to shareholders was 5.43 billion yuan, down 13.81% year-on-year, while the net profit after deducting non-recurring items was 4.82 billion yuan, a decrease of 22.66% [1][2]. - The comprehensive gross margin for the first half was 11.23%, a decline of 1.03 percentage points year-on-year, with a second-quarter gross margin of 11.63%, down 1.11 percentage points [3]. Order and Contract Performance - The company signed new contracts totaling 686.70 billion yuan in the first half, representing a year-on-year growth of 5.83%, achieving 49.13% of the annual target [2]. - Domestic contracts accounted for 79.37% of the total new contracts, amounting to 545.03 billion yuan, with a year-on-year growth of 3.16% [2]. - International contracts reached 141.67 billion yuan, up 17.50% year-on-year, making up 20.63% of the total [2]. Cost and Cash Flow Management - The company managed to control its expense ratio, which was 7.58% in the first half, a decrease of 0.15 percentage points year-on-year [3]. - Operating cash flow showed a net outflow of 51.20 billion yuan in the first half, an increase in outflow by 4.57 billion yuan year-on-year, with a cash collection ratio of 97.63%, up 6.53 percentage points [4]. - The asset-liability ratio increased by 1.17 percentage points to 79.86%, and accounts receivable turnover days increased by 9.31 days to 85.11 days [4]. Sector and Investment Insights - The company has significantly increased its investment in wind and solar energy, with new contracts in the energy sector amounting to 431.39 billion yuan, representing 62.82% of total new contracts, and a year-on-year growth of 12.27% [4]. - New contracts for wind energy reached 142.90 billion yuan, a substantial increase of 68.78% year-on-year, while solar energy contracts decreased by 28.55% to 113.74 billion yuan [4]. - The company is positioned as a leader in hydropower infrastructure in China, with potential benefits from major infrastructure projects such as the Yarlung Tsangpo River downstream hydropower project and the South-to-North Water Diversion Project [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company achieved a revenue of 292.757 billion yuan in the first half of the year, representing a year-on-year growth of 2.66%. However, the net profit attributable to shareholders decreased by 13.81% to 5.426 billion yuan, and the net profit after deducting non-recurring gains and losses fell by 22.66% to 4.821 billion yuan [2][6]. Summary by Sections Revenue and Profitability - In the first half of the year, the company signed new contracts totaling 686.699 billion yuan, a year-on-year increase of 5.83%, achieving 49.13% of the annual target of 1,397.8 billion yuan. Domestic contracts accounted for 79.37% of the total, while international contracts made up 20.63% [13]. - The overall gross margin for the first half was 11.23%, down 1.03 percentage points year-on-year. The net profit margin attributable to shareholders was 1.85%, a decrease of 0.35 percentage points [13]. Cash Flow and Financial Health - The company experienced a net cash outflow from operating activities of 51.196 billion yuan in the first half, an increase of 4.569 billion yuan year-on-year. The cash collection ratio improved to 97.63%, up 6.53 percentage points [13]. - The asset-liability ratio increased by 1.17 percentage points to 79.86%, and the accounts receivable turnover days rose by 9.31 days to 85.11 days [13]. Business Segments and Future Outlook - The company signed energy and power business contracts worth 431.388 billion yuan, accounting for 62.82% of the total new contracts, with a year-on-year growth of 12.27%. Notably, wind power contracts surged by 68.78% [13]. - The company is positioned as a leader in hydropower infrastructure in China, with potential benefits from major projects such as the Yarlung Tsangpo River downstream hydropower project and the South-to-North Water Diversion West Route Project [13].

Core Viewpoint - The article emphasizes the increasing importance of community operations in the real estate sector, highlighting how companies are leveraging community engagement to enhance brand value and customer experience [3][4][27]. Group 1: Community Engagement Trends - Real estate companies are intensifying their community operations, moving beyond traditional community engagement to create commercial value through resource collaboration [3][4]. - A market survey indicates that "community service experience" has risen to 47% in the decision-making factors for homebuyers in 2024, up from 18% in 2019, reflecting a shift in value assessment from location to quality of life [4]. - Community engagement has become a standard feature for many real estate companies, evolving into a critical component of residential products [4]. Group 2: Innovative Community Activities - Companies like Greentown China are launching themed community events, such as the "Dolphin Plan," which includes a comprehensive ecosystem for youth swimming talent development [6][9]. - China Merchants Shekou initiated the "Deck Life Festival," integrating community activities across over 30 cities, emphasizing a holistic approach to community engagement [7][20]. - China Electric Power Real Estate introduced the "Little Wave Camping Season Community Carnival," focusing on sports and outdoor activities to enhance community interaction [7][12]. Group 3: Community as a Value Driver - The article discusses how community initiatives are evolving to create unique emotional value and differentiation in a highly competitive market [11][19]. - Companies like China Resources Land are innovating by integrating pet-friendly spaces within residential areas, fostering community engagement through pet-related activities [19][21]. - The article highlights the emergence of community leaders who are driving the co-creation of community experiences, moving towards a model of shared governance and collaboration [18][27]. Group 4: Commercial Value Creation - Real estate companies are exploring new commercial opportunities through community engagement, aiming for sustainable development by building trust and effective communication with residents [19][20]. - The article notes that successful community initiatives can lead to significant brand value and customer loyalty, as seen in the case of China Railway Construction's diverse community events [26][27]. - The integration of community activities with commercial partnerships is becoming a key strategy for enhancing the overall value proposition of real estate offerings [20][27].