Group 1 - The core viewpoint of the article highlights multiple significant events involving China Power Construction (China Electric Power) including asset swaps with its controlling shareholder and winning several energy storage and engineering projects [1][2]. Group 2 - On February 10, 2026, the company announced plans to swap assets with its controlling shareholder, Power Construction Group, exchanging real estate assets for grid-related assets, with the assessed value of the assets being approximately 24.719 billion yuan for the assets being disposed of and about 24.653 billion yuan for the assets being acquired, with the difference to be paid in cash [2]. - The company made progress in energy storage projects, winning a bid for the Shandong Yucheng Source Network Load Storage Project with a storage portion priced at 1.20 yuan/Wh and a total project investment of approximately 250 million yuan [2]. - On February 11, 2026, the company’s Fourth and Fifth Engineering Bureaus won the bid for the Qingyuan Huangmaoxia Reservoir Project, with a total amount of approximately 2.18 billion yuan [2]. - On February 9, 2026, a consortium led by the Hebei Electric Power Survey and Design Institute won the bid for the Xinxing Gas-fired Power Plant EPC project, amounting to approximately 1.72 billion yuan [2]. Group 3 - Over the past 7 days (February 6 to 12, 2026), the stock price of China Electric Power fluctuated, closing at 5.52 yuan, a slight decrease of 0.54%, with a price range of 5.59 yuan (highest on February 9) and 5.47 yuan (lowest on February 6), showing overall weaker performance compared to the market and industry average [3]. - On February 12, 2026, the stock saw a single-day increase of 0.55% with a trading volume of 954 million yuan and a net inflow of 76.5 million yuan from major funds [3]. Group 4 - Institutional attention towards China Electric Power is generally neutral, with a composite target price of 6.57 yuan as of February 12, 2026, indicating a potential upside of 19.67% from the current price [4]. - Profit forecasts show an expected net profit of 12.008 billion yuan for 2025 (a year-on-year decrease of 0.06%) and an expected 12.530 billion yuan for 2026 (a year-on-year increase of 4.34%) [4]. - There have been no new institutional ratings recently, but several institutions provided "buy" or "hold" recommendations in November 2025 [4].

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].

智光电气（002169）(002169.SZ)发布公告，公司控股子公司广州智光储能科技有限公司(以下简称"智光 储能")于近日与中国电建（601669）集团河北省电力勘测设计研究院有限公司(以下简称"买方")签订了 金额合计为2.1亿元的《采购合同》，买方向智光储能购买储能设备。 ...

Core Insights - The China Electric Power Construction Enterprise Association (CEPCA) released the Clean Energy Construction Prosperity Index (CEPI) and Power Construction Development Index (PCDI) for Q4 2025, indicating a stable recovery in the clean energy construction sector and an accelerated energy transition [1][11] CEPI Summary - The CEPI for Q4 2025 is 108.242, showing a year-on-year decrease of 8.22 points and a quarter-on-quarter decrease of 2.96 points, remaining within the prosperous range of 100-120 [2] - The index, based on 2017, focuses on hydropower, nuclear power, wind power, and solar power, with fluctuations attributed to a slowdown in the growth rate of new clean energy installed capacity [2] - By the end of 2025, the total installed power generation capacity reached 3.89 billion kilowatts, a year-on-year increase of 16.12%, with clean energy capacity at 2.35 billion kilowatts, accounting for over 60% [2] PCDI Summary - The PCDI for Q4 2025 is 93.29, showing a year-on-year decrease of 1.29 points but a quarter-on-quarter increase of 5.87 points, driven by improvements in all four sub-indices [9] - The economic efficiency sub-index performed best at 92.93, with a year-on-year increase of 3.53 points and a quarter-on-quarter increase of 9.15 points, despite slight declines in revenue and new contracts [10] - The green development sub-index is at 93.19, with a year-on-year decrease of 4.81 points but a quarter-on-quarter increase of 9.66 points, indicating a significant increase in non-fossil energy installed capacity [10] Investment and Capacity Insights - In Q4 2025, clean energy investment totaled 381 billion yuan, a year-on-year decrease of 23.97%, while the newly added power generation capacity was 17.944 million kilowatts, a year-on-year decrease of 5.88% but a quarter-on-quarter increase of 144.44% [2][5] - Clean energy generation reached 1,685.9 billion kilowatt-hours, a year-on-year increase of 20.65%, representing 53.34% of the national power generation, equivalent to a reduction of 138.4 million tons of CO2 emissions [5] Economic Context - In Q4 2025, China's GDP reached 38.791 trillion yuan, growing by 4.5% year-on-year and 1.2% quarter-on-quarter, with fixed asset investment (excluding rural households) at 11.3651 trillion yuan [11] - Power construction investment completed amounted to 695.8 billion yuan, with a quarter-on-quarter increase of 82.19%, reflecting its significance within fixed asset investment [11]

来源：新浪基金∞工作室 2月9日，基建ETF华夏（159635）开盘涨0.00%，报1.152元。基建ETF华夏（159635）重仓股方面，中 国建筑开盘涨0.59%，中国中铁涨1.09%，中国电建涨0.54%，徐工机械涨1.83%，中联重科涨2.14%，三 一重工涨1.74%，中国铁建涨0.55%，中国能建涨0.83%，中国交建涨0.49%，金诚信涨2.28%。 基建ETF华夏（159635）业绩比较基准为中证基建指数收益率，管理人为华夏基金管理有限公司，基金 经理为严筱娴，成立（2022-06-28）以来回报为15.34%，近一个月回报为1.19%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 ...

据介绍，"电建数绘"工程BIM平台采用全新国产BIM平台底座，可用于水利水电等复杂工程三维协同数 字化设计。该平台以多个复杂水利水电工程为样本，完成了从三维建模到生产出图的全过程应用验证， 能够满足重大复杂工程的应用需求，在布尔运算、轮廓线建模、离散建模等方面性能达到国际领先水 平，填补了国产组件在水利水电复杂结构精细化建模方面的技术空白。"电建数绘"工程BIM平台已成功 入选国内首版次软件并通过BIM软件自主研创首个"卓越"级（最高等级）认证。 在数绘勘察方面，"电建数绘"工程BIM平台提供从勘察数据标准化管理、地质三维精细化建模、模型分 析到图件自动化编绘的一站式勘察数字化解决方案；在数绘水工方面，平台功能覆盖拱坝、重力坝等全 坝型，满足厂房、坝工、建筑等多专业参数化需求，实现从模型到图纸的全流程三维设计；在数绘机电 方面，平台功能覆盖设备布置、管线设计、元器件参数化以及出图，为智慧电站的建设和运维提供精准 可靠的模型和数据。 "国产BIM软件及相关数字技术产品，在未来重大工程建设、智慧城市运营、产业数字化升级等诸多领 域，应用场景广阔、市场空间巨大，必将在推动我国未来产业发展、筑牢国家基础设施安全屏障中 ...

年关将近，记者走进肯尼亚西部乡村，中国企业海外建设者们正在工地上加班加点，修筑乡村道路。他 们与当地村民因路结缘，双方增进了解、互助友爱的故事每天在这里续写。 "在施工过程中经常与村民打交道，在交往中增进了解，友谊不断升温。"电建市政643标段项目部常务 副经理范高欣说，目前中方建设者和管理人员都能熟练使用斯瓦西里语，道路沿途村民也学会了不少中 文。 范高欣回忆，有一次他正在工地调配设备，眼看快要下雨，附近80多岁的村民彼得招呼他去家里避雨， 还热情招待吃饭。"盛情难却，我接受了邀约。"老人准备了丰盛的饭菜，有炸鱼、炖牛肉、甜豆、薄油 饼、米饭，还有蔬菜以及果汁、酸奶。"老人向我展示家人的老照片，介绍了家族在当地的情况。"范高 欣说，那次做客的经历很温暖，双方约好下次再聚。 随着公路畅通，"博达博达"司机们的生意也日益红火。摩的司机道格拉斯告诉记者："以前路况差，车 子损耗大，乘客数量相对少。现在每天忙着接送学生、农民、商贩，收入翻了一番。" 沿着由中企承建的肯尼亚乡村公路643标段平整的柏油路前行，两侧碧浪翻涌的茶田、硕果低垂的蕉园 与玉米挺直吐穗的田地次第展开，不时有小卖部映入眼帘。货车、农用车和当地摩的 ...

Group 1 - China Harbour Engineering Company won the bid for the Ghana Coastal Passenger and Cargo Corridor project, which includes the construction of two 290-meter square docks and associated facilities [3][11] - China Harbour Engineering Company also secured the bid for the Ecuador Posorja Multi-Purpose Dock extension project, which involves extending the dock by 100 meters and constructing a 40,000 square meter yard [3][11] - China Construction (Nanyang) Development Co., a subsidiary of China State Construction Engineering Corporation, won the bid for the Singapore Alexandra Hospital IP section project, which includes a 23-story inpatient building and a 3-story basement [3][11] Group 2 - A consortium led by China Jiangxi International Economic and Technical Cooperation Co. and Shandong Taikai Power Engineering Co. won the bid for the Cambodia National Grid Upgrade Project, which includes the construction of five substations [5][12] - The China-Laos 500kV interconnection project has achieved full line connectivity, with a total length of 177.5 kilometers, enabling a dual-direction power transmission capacity of 1.5 million kilowatts [6][13] - China Communications Construction Company completed the full track laying of the East Coast Railway Project Phase I in Malaysia, marking the transition to system integration and testing [6][13] Group 3 - Harbin Electric International Company successfully ignited the first gas turbine of the Uzbekistan Syr Darya Phase II 1600 MW combined cycle project, marking a significant milestone in the project [6][14] - China Electric Power Construction Group commenced the Laos 230kV Bamont 2-Napier transmission project, which includes the construction of new transmission lines and substations [6][14] - The Sri Lanka High Court building renovation project was completed and handed over, involving structural reinforcement and upgrades to various systems [8][15] Group 4 - The Algeria Western Railway Mining Line project was officially opened, with a total length of 950 kilometers, of which 575 kilometers were constructed by China Railway Construction Corporation [8][9] - The Mozambique graphite processing plant, initiated by Jinan Yuxiao Group, held its completion ceremony, with a total investment of approximately $150 million and an annual production capacity of 200,000 tons [8][9] - The Ethiopia Aissa Wind Power Project, constructed by China Dongfang Electric Group, commenced power generation with a total installed capacity of 120 MW [8][9]

Core Insights - The global wind power installed capacity is expected to reach 117 GW in 2024, marking a historical high, with onshore wind contributing 109 GW and offshore wind 8 GW [1] - The global wind power EPC market is projected to reach approximately $57.9 billion in 2024, driven by increasing demand for clean and renewable energy [3] - Onshore wind EPC projects dominate the market, accounting for about 59% of the global share due to lower installation costs and shorter project delivery times [6] - The Asia-Pacific region is a leading market for wind power EPC, with market shares of 39% in Europe, 25% in North America, and 23% in Asia-Pacific [8] - By 2030, the global wind power EPC market is expected to exceed $82 billion, supported by government policies promoting renewable energy and advancements in wind technology [10] Market Distribution - The global wind power EPC market is segmented into onshore and offshore projects, with onshore projects being favored due to their cost-effectiveness and familiarity among developers [6] - The geographical distribution of the wind power EPC market shows Europe as the largest market, followed by North America and the Asia-Pacific region [8] Future Projections - The wind power EPC market is anticipated to grow significantly, with projections indicating a market size exceeding $82 billion by 2030, driven by technological advancements and a focus on sustainability [10]

中国能源工程股份有限公司，成立于1987年，位于北京市，是一家以从事电力、热力生产和供应业为主 的企业。企业注册资本30000万人民币。通过天眼查大数据分析，中国能源工程股份有限公司共对外投 资了4家企业，参与招投标项目201次，财产线索方面有商标信息18条，专利信息7条，此外企业还拥有 行政许可5个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 国家知识产权局信息显示，中国电建集团福建省电力勘测设计院有限公司取得一项名为"一种水上架空 输电线路钢管桩-平台连接设计方法"的专利，授权公告号CN116401735B，申请日期为2023年2月。 天眼查资料显示，中国电建集团福建省电力勘测设计院有限公司，成立于1993年，位于福州市，是一家 以从事专业技术服务业为主的企业。企业注册资本60000万人民币。通过天眼查大数据分析，中国电建 集团福建省电力勘测设计院有限公司共对外投资了18家企业，参与招投标项目5000次，专利信息792 条，此外企业还拥有行政许可71个。 来源：市场资讯 ...