Investment Rating - The report maintains a "Buy" rating for the company [5][11] Core Views - The company has signed 3,579 new energy and power projects with a total contract value of 516.24 billion RMB from January to August 2025, representing a year-on-year increase of 14.3% [1] - The overseas business has shown rapid growth, with new contracts amounting to 179.84 billion RMB, up 21.9% year-on-year [2] - The company has achieved significant growth in its electricity investment and operation business, with a total installed capacity of 35.16 million kilowatts as of June 2025, including wind power capacity of 10.83 million kilowatts, solar power capacity of 13.04 million kilowatts, and hydropower capacity of 7.09 million kilowatts [3] Summary by Sections Business Performance - The company signed 692 new hydropower projects with a contract value of 123.54 billion RMB, up 58.88% year-on-year, and 811 new wind power projects with a contract value of 166.26 billion RMB, up 61.27% year-on-year [1] - In August alone, the company signed 24 projects with individual contract values exceeding 500 million RMB, an increase of 2 projects from the previous month [1] Financial Forecast - The company is expected to achieve net profits attributable to shareholders of 12.30 billion RMB, 13.50 billion RMB, and 13.89 billion RMB for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 2.4%, 9.8%, and 2.9% [3][4] - The projected earnings per share (EPS) for the same years are 0.71 RMB, 0.78 RMB, and 0.81 RMB [3][4] Key Data - The company's revenue is projected to grow from 608.44 billion RMB in 2023 to 733.55 billion RMB in 2027, with a compound annual growth rate (CAGR) of approximately 5.5% [4] - The price-to-earnings (P/E) ratio is expected to decrease from 7.4 in 2023 to 6.9 in 2027, indicating a potentially undervalued stock [4]

Core Viewpoint - The aging population and the deepening of the Beijing-Tianjin-Hebei coordinated development are accelerating the growth of elderly care services, with a focus on integrating ecological health care and rural revitalization [1][2] Group 1: Company Initiatives - China Electric Power Construction (CEPC) is developing the Beijing Valley project in the Yanshan region to meet the market demand for high-quality elderly care, focusing on a full-service chain from prevention to rehabilitation and care [1] - The project aims to create a health service network that covers all age groups, with a particular emphasis on the elderly [1] - The CEPC rehabilitation center integrates emergency, rehabilitation, and health check-up functions, equipped with professional equipment and multidisciplinary teams to handle common illnesses and assist with emergencies [1] Group 2: Technological Integration - A smart health management platform has been established to create a closed loop of "monitoring-analysis-intervention," allowing real-time health data uploads from residential devices [1] - The health manager provides medication reminders and lifestyle suggestions based on health profiles formed from health check reports and daily habits [1] Group 3: Community and Economic Impact - The project promotes a win-win model among enterprises, village collectives, and farmers, transforming traditional agricultural villages into culturally and tourism-oriented villages [2] - CEPC's approach emphasizes sustainable development rather than short-term solutions, aiming to convert professional capabilities into tangible benefits for the community [2] - The upcoming full operation of the CEPC rehabilitation center and the upgrade of the smart elderly care system will enhance the efficient connection between health data and medical resources [2]

Core Viewpoint - Compressed air energy storage (CAES) is emerging as a significant large-scale physical energy storage technology, with rapid cost reductions and competitive advantages over electrochemical storage, marking a critical phase of technological breakthroughs and large-scale applications in the energy sector [1][4][10]. Group 1: Project Overview - The CAES project in Shandong Feicheng utilizes underground salt caverns for high-pressure air storage, with a total capacity of 900,000 cubic meters, allowing for the absorption of 770,000 kWh of electricity during low-demand periods [4][5]. - The project has a total investment of 3.64 billion yuan, with a design charging duration of 8 hours and a continuous full-power generation duration of 6 hours, expected to generate an average annual grid electricity of 1.188 billion kWh, sufficient for 600,000 households [4][5]. Group 2: Industry Development - The CAES industry is experiencing a surge in investment and construction, with multiple large-scale projects underway in Feicheng, making it a hub for CAES technology in China [7][8]. - The domestic CAES market is expected to see a significant increase in installed capacity, with projections of 42.37 million kW of new installations by 2024, contributing to a total exceeding 73.76 million kW [8]. Group 3: Economic Viability - The unit investment cost for CAES currently ranges from 6,000 to 7,000 yuan per kW, with expectations of further reductions due to increased domestic production of key equipment [10][11]. - The economic model for CAES includes capacity-based, energy-based, and ancillary service revenue streams, enhancing project profitability through participation in electricity markets [10][11]. Group 4: Policy Support - The development of the CAES sector is bolstered by supportive policies from various levels of government, including measures that allow CAES projects to participate in electricity spot markets and receive enhanced compensation for capacity [11]. - By 2027, it is anticipated that the unit investment intensity for CAES will decrease by over 15%, with investment payback periods potentially shortening to 8-10 years, making the sector more attractive for investors [11].

Power Industry - As of the end of August, the cumulative installed power generation capacity in China reached 3.69 billion kilowatts, a year-on-year increase of 18.0% [2] - Solar power generation capacity reached 1.12 billion kilowatts, growing by 48.5% year-on-year, while wind power capacity reached 580 million kilowatts, increasing by 22.1% [2] - The average utilization hours of power generation equipment from January to August were 2,105 hours, a decrease of 223 hours compared to the same period last year [2] Energy Equipment Development - The "Guiding Opinions on Promoting High-Quality Development of Energy Equipment" was released, aiming for a self-controlled, high-end, intelligent, and green development of the energy equipment industry by 2030 [4] - The guidelines support the achievement of carbon peak and carbon neutrality goals, accelerating the new industrialization process [5] Renewable Energy Certificates - In August, 271 million green power certificates were issued, involving 306,500 renewable energy projects, with 152 million being tradable, accounting for 55.99% [8] - From January to August, a total of 1.878 billion green certificates were issued, with 1.277 billion being tradable [9] Hydropower - By the end of August, China's pumped storage power stations had a total installed capacity of 62.365 million kilowatts, achieving the "14th Five-Year Plan" target of 62 million kilowatts [6] - The continuous improvement in pumped storage capacity supports power supply and green transition [7] Carbon Market - As of the end of August, the national carbon emissions trading market recorded a cumulative transaction volume of nearly 700 million tons, with a transaction value of approximately 48 billion yuan [37] - The trading volume and value for 2024 have reached new highs since the market's launch in 2021, indicating significant progress in carbon market development [38] Energy Contracts - From January to August, China Power Construction Company signed 3,579 energy power projects with a total contract value of 516.24 billion yuan, a year-on-year increase of 14.3% [35] - Wind power contracts accounted for 811 projects worth 166.26 billion yuan, a significant increase of 61.27% year-on-year [35] Electric Vehicles - In August, the total import and export value of automotive goods was 25.81 billion USD, with exports increasing by 5.6% month-on-month and 13.2% year-on-year [43] - From January to August, 4.292 million vehicles were exported, a year-on-year increase of 13.7%, with new energy vehicle exports reaching 1.532 million, up 87.3% [43]

（原标题：废弃盐穴变身"超级充电宝"！这一产业，迎来投资热潮） 近年来，压缩空气储能作为极具发展潜力的大规模物理储能技术，逐渐成为能源领域的研究热点和投资 热点。目前，该行业正迎来技术突破与规模化应用的关键阶段。 "近两年，压缩空气储能成本下降得非常快，全寿命周期成本与电化学储能相比，已具有竞争优势。"中 国电建相关负责人表示。 日前，证券时报记者实探山东肥城盐穴压缩空气储能电站项目了解到，在政策端、应用端的多重助力 下，压缩空气储能的整体性能和经济性持续提升，行业正进入发展新阶段。 废弃矿洞再利用 在山东省肥城市边院镇，中国电建肥城2×300MW（一期）盐穴压缩空气储能电站项目正在紧锣密鼓地 建设中。 记者在现场看到，该项目占地221亩，项目周边被农田环绕。就在距离该厂区西北方向的地下1300米深 处，深藏着两个被改造为高压储气库的总容量90万立方米的地下盐穴，储气库与厂区通过埋在地下的输 气管线连接。 项目现场相关负责人向记者介绍："电网低谷时，电站从电网取电驱动压缩系统，把空气沿着管路压缩 到地下盐穴，每小时可以消纳77万度电，还可将压缩过程中所产生的大量热量存储起来。等到电网用电 高峰，再将地下盐穴中 ...

人民财讯9月29日电，近日，中国电建（601669）全阶段勘测设计的亚洲单机最大灯泡贯流式机组—— 大渡河老鹰岩一级水电站正式开工，工程主体进入全面建设阶段。该项目位于四川省雅安市石棉县境 内，是国家重大清洁能源项目，总装机容量300兆瓦，多年平均年发电量约13.7亿千瓦时。 ...

Investment Rating - The report maintains a "Recommended" rating for the construction industry [2] Core Viewpoints - The construction industry is experiencing a decline in prosperity, with fixed asset investment growth slowing down. In August, the construction PMI was 49.1, down 1.5 percentage points from the previous month, and the new orders index was 40.6%, down 2.1 percentage points [5][8] - The report highlights the establishment of the Xinjiang-Tibet Railway Company and the completion of the world's highest bridge, the Guizhou Huajiang Canyon Bridge, as significant developments in infrastructure [30][35] - The Ministry of Finance has issued guidelines to ensure the implementation and operation of existing PPP projects, which is expected to stabilize the construction sector [51][52] Summary by Sections 1. Construction Industry Prosperity - The construction industry's business activity index was 49.1 in August, indicating a decline in prosperity [7][8] - The new orders index for the construction industry was 40.6%, reflecting a decrease in demand [5][8] 2. Fixed Asset Investment Growth Slowing - From January to August, national fixed asset investment (excluding rural households) was 326,111 billion yuan, with a year-on-year growth of 0.5%, a decline of 1.1 percentage points compared to the previous month [19] - The investment in the secondary industry grew by 7.6%, while the tertiary industry saw a decline of 3.4% [19] 3. Infrastructure Investment Growth Decline and New Regulations for PPP - Broad infrastructure investment growth was 5.42%, down 1.95 percentage points, while narrow infrastructure investment growth was 2%, down 1.2 percentage points [30] - The establishment of the Xinjiang-Tibet Railway Company marks a significant step in advancing the project [44] - The Ministry of Finance's guidelines for existing PPP projects aim to enhance public service and operational efficiency [51][52] 4. Real Estate Investment and Sales Decline - From January to August, real estate development investment was 60,309 billion yuan, down 12.9% year-on-year, with the sales area of commercial housing decreasing by 4.7% [60] - The new construction area for residential buildings fell by 19.5%, indicating ongoing pressure in the real estate sector [61] 5. PPP Project Construction and Operation Assurance - The report emphasizes the large scale of existing PPP projects, with over 7 trillion yuan in investments expected [50] - The guidelines issued by the Ministry of Finance provide a framework for the construction and operation of these projects, ensuring their stability and efficiency [51][52]

| No. | 项目名称 | | --- | --- | | 1 | 泷悦玖宸(电建西山源著)限竞房 | | 2 | 懋源云纪(指导价)_ | | 3 | 懋源璟樗(指导价)_ | | 4 | 润泽御府 | | 5 | 鲁能格拉斯墅区 | | 6 | 懋源環玺 | | 7 | 鲁能钓鱼台美高梅公馆(别墅)(丰和台自住房)(汇琴购物中心 | | 8 | 富兴首府(含富兴鹏城自住房)_ | | 9 | 京基鹭府(含回迁房) | | 10 | 万科弗农小镇(雪溪镇) | | II | 富力首开金禧璞璟限竞房 | | 12 | 金隅上城郡 | | 13 | 玖瀛府(宜山居悦府)(麓鸣果墅) | | 14 | 葛洲坝北京中国府 | | ા ર | 长安府 | 图源：天朗房研网 北京新房，稳稳上扬。从别墅市场看，位于门头沟的电建泷悦玖宸，首期推出的56套别墅，去化率超过70%，开盘仅半月，网签就实现27套，成交金额高达 3.01亿元，斩获北京别墅销售面积、套数、金额三冠王！ 而回顾2025年上半年，新房市场同比去年均呈上涨趋势。成交套数达18563套，同比上涨23.89%；成交面积超238万㎡，涨幅为23.39%；总成交 ...

在全球积极应对气候变化、加速向清洁能源转型的大背景下，新能源产业已成为推动经济可持续发展的 关键力量。东方日升能在众多企业中脱颖而出，离不开与卓越成就。 自2023年成立全球光伏研究院以来，东方日升持续致力于可落地的、可量产的创新技术。凭借敏锐洞察 与不懈探索，伏曦Pro组件迎来重大突破——量产平均功率正式突破740Wp，刷新行业量产效率纪录， 电池转化效率经权威认证（福建计量院）达26.61%，其凝聚了研究院在高效光伏电池组件技术上的深 厚积累与创新智慧，集成光转膜、钢网印刷、高迁移靶材等多项前沿技术，在降低成本的同时显著增强 了产品的市场竞争力，是研究院科技创新成果的有力见证。 2025年，东方日升进一步完善产品生态版图，正式进军逆变器领域，并推出"昇家、昇企、昇能"三大场 景光储一体化解决方案。其中，工商业场景方案凭借实战成果获行业认可——在第四届EESA储能展 上，公司凭借icon 100kW/215kWh 工商业液冷储能一体机在浙江一鸣食品工厂的成功应用，斩获"2025 年度最佳工商业储能解决方案"奖项。经测算，该项目10年可为工厂增收近1000万元，同时以稳定的电 力供应为生产线筑牢运行保障。 中 ...

◐ 四川前8月完成投资3323 . 61亿元。 据四川日报 9月25日 报道，从四川省发展改革委获悉，前8月，32 0个共建成渝地区双城 经济圈重点项目完成投资3 3 23.61亿元，投资完成率7 5. 29%，超时序进度8.62个百分点。现代基础设施项目完成投资1933 .64亿 元，投资完成率6 7.88%。如成渝中线高铁四川段首座牵引变电所封顶，渝湘高铁重庆至黔江段开通运营，重庆巫溪至开州高速 公路主体工程基本完工，成都天府站配套综合交通枢纽工程站台及上下主体结构完工。 新闻聚焦 国际新闻 ◐ 乌克兰无人机袭击"友谊"输油管道泵站。 据央视新闻9月28日报道，乌克兰媒体9月27日援引乌克兰国家安全局消息人士的话 报道称，乌克兰国家安全局无人机当天对俄罗斯楚瓦什共和国的一处输油泵站进行了打击。乌方称袭击造成火灾，目前通过该泵 站的石油运输已停止。 ◐ 《有色金属行业稳增长工作方案（2025—2026年）》发布。 9月28日，工信部等八部门印发的《有色金属行业稳增长工作方 案（2 025—2 02 6年）》指出，实施新一轮找矿突破战略行动，加强铜、铝、锂、镍、钴、锡等资源调查与勘探，形成一批找矿 新成果。推 ...