Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [2][3] Core Viewpoints - The National Development and Reform Commission (NDRC) has introduced a policy that includes minimum consumption targets for renewable energy, marking a significant shift towards a multi-energy consumption model that includes green hydrogen and methanol [3][6][8] - The policy creates a mandatory assessment framework for renewable energy consumption, expanding the focus from solely electricity to include non-electric consumption, thereby enhancing market demand for green hydrogen and methanol [5][7] - The introduction of punitive measures for failing to meet renewable energy consumption targets significantly strengthens the policy's enforcement and provides a clear long-term signal to the market [7][8] Summary by Sections Policy Overview - On October 13, the NDRC released a draft policy outlining minimum consumption targets for renewable energy, which can be achieved through various methods for both electric and non-electric consumption [3][5] - The policy emphasizes the inclusion of green hydrogen and methanol as compliant pathways, indicating a strategic focus on these sectors [3][8] Market Implications - The new policy is expected to create a substantial institutional market demand for green hydrogen and methanol, enhancing the certainty and market expectations for the industry [3][9] - The strategic opportunity for the green hydrogen and methanol industry is highlighted, with recommendations to focus on companies such as Goldwind Technology, Yunda Co., SANY Heavy Energy, Hewei Electric, and Huadian Technology [3][9] Financial Projections - Financial forecasts for related companies indicate growth in net profits, with Goldwind Technology projected to achieve a net profit of 1.86 billion RMB in 2024, increasing to 3.67 billion RMB by 2026 [11]

Market Performance - The professional engineering sector increased by 1.15% on September 29, with Donghua Technology leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Stock Performance - Donghua Technology (002140) closed at 13.50, up 10.02% with a trading volume of 193,700 shares and a turnover of 257 million yuan [1] - Roman Shares (605289) closed at 68.79, up 9.99% with a trading volume of 71,800 shares and a turnover of 471 million yuan [1] - Huadian Technology (601226) closed at 7.23, up 4.18% with a trading volume of 250,200 shares and a turnover of 180 million yuan [1] - Baili Technology (603959) closed at 6.40, up 4.07% with a trading volume of 596,700 shares and a turnover of 381 million yuan [1] Capital Flow - The professional engineering sector saw a net inflow of 45.12 million yuan from institutional investors, while retail investors experienced a net outflow of 1.32 million yuan [1] - Major stocks like China Metallurgical Group (601618) had a net inflow of 53.86 million yuan from institutional investors, but a net outflow of 1.43 million yuan from retail investors [2] - Roman Shares (605289) also experienced a net inflow of 31.73 million yuan from institutional investors, with a net outflow of 284.87 thousand yuan from retail investors [2]

Market Overview - On September 26, the professional engineering sector rose by 0.32% compared to the previous trading day, with Donghua Technology leading the gains [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Top Performers - Donghua Technology (002140) closed at 12.27, up 10.04%, with a trading volume of 549,800 shares and a transaction value of 656 million [1] - Shenghui Integration (603163) closed at 47.91, up 10.01%, with a trading volume of 54,300 shares and a transaction value of 251 million [1] - Yaxiang Integration (603929) closed at 44.78, up 6.29%, with a trading volume of 64,100 shares and a transaction value of 282 million [1] Market Capital Flow - The professional engineering sector saw a net inflow of 126 million from institutional investors, while retail investors experienced a net outflow of 12.29 million [2] - Major stocks in the sector showed varying levels of net inflow and outflow from different investor types [3] Individual Stock Performance - Donghua Technology had a net inflow of 14.21 million from institutional investors, while retail investors had a net outflow of 10 million [3] - Shenghui Integration experienced a net inflow of 62.13 million from institutional investors, with a net outflow of 39.47 million from retail investors [3] - Other notable stocks include Huasheng Huayuan (601096) with a net inflow of 21.90 million from institutional investors and a net outflow of 26.81 million from retail investors [3]

Core Viewpoint - The company has approved the purchase of two high-performance multifunctional wind power operation and maintenance vessels to enhance its operational capabilities in offshore wind power business [1][2]. Group 1 - The fifth meeting of the board of directors was held on September 25, 2025, with all nine directors participating in the voting process [1]. - The resolution to purchase the vessels was passed unanimously with 9 votes in favor, 0 against, and 0 abstentions [1]. - The total investment for the purchase of the two vessels and associated maintenance equipment is 55 million yuan [1]. Group 2 - The strategic committee of the board convened an early meeting to review and approve the proposal for the vessel purchase [2]. Group 3 - The announcement was officially made by the board of directors of the company on September 26, 2025 [4].

表决情况：同意 9 票；反对 0 票；弃权 0 票，通过此议案。 同意公司控股子公司华电（阳江）海上风电运维有限公司为加快自 主运维能力建设及实体化运转，推动海上风电业务稳健、可持续发展， 购买两艘高性能多功能风电运维船及配套运维检测装备，总投资额 5,500 万元。 证券代码：601226 证券简称：华电科工 公告编号：临2025-045 华电科工股份有限公司 第五届董事会第十九次会议决议公告 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。 华电科工股份有限公司（以下简称"公司"）第五届董事会第十九次 会议通知于 2025 年 9 月 18 日以电子邮件方式发出，会议于 2025 年 9 月 25 日上午 10 时以通讯表决方式召开。公司董事 9 名,实际参加表决的董 事 9 名。本次会议由公司董事长彭刚平先生主持，召集召开程序及表决 方式符合《公司法》与公司《章程》的有关规定，决议内容合法有效。 会议以记名方式投票表决，审议通过了以下议案： 一、《关于控股子公司华电（阳江）海上风电运维有限公司购买两 艘风电运维船的议案》 ...

Investment Rating - The report assigns an "Accumulate" rating for the construction engineering industry [8] Core Insights - In August, broad infrastructure investment decreased by 6.4%, with a month-on-month decline of 4.5 percentage points, while narrow infrastructure investment fell by 5.9%, with a month-on-month decline of 0.8 percentage points [4][6] - Real estate investment in August saw a year-on-year decline of 19.9%, with the drop expanding compared to July [7] - The report highlights a trend towards stabilization in the real estate market, despite ongoing challenges [7] - Infrastructure investment from January to August grew by 2.0% year-on-year, outpacing overall investment growth [7] Summary by Sections Infrastructure Investment - Broad infrastructure investment in August decreased by 6.4%, a decline of 12.6 percentage points compared to the same month in 2024, and a month-on-month drop of 4.5 percentage points [6] - Narrow infrastructure investment fell by 5.9%, with a year-on-year decline of 7.1 percentage points and a month-on-month decrease of 0.8 percentage points [6] - Specific sectors such as water conservancy saw a significant drop of 29.8% year-on-year, while public facilities decreased by 11.6% [6] Real Estate Market - Real estate investment in August dropped by 19.9% year-on-year, with sales area declining by 11.0% [7] - New construction area fell by 19.8%, and completed area decreased by 21.2% [7] - The report indicates that the real estate market is moving towards stabilization, with inventory reduction efforts showing results [7] Investment Recommendations - The report recommends undervalued high-dividend stocks such as China State Construction (dividend yield 4.85%), China Railway Construction (dividend yield 3.74%), and Tunnel Corporation (dividend yield 4.48%) [7] - It also highlights the potential for growth in private investment in infrastructure, particularly in green energy [7]

Group 1: Global Green Economy Development - The global green transition has entered a critical stage driven by innovation, with discussions on green economy innovation and global cooperation at the 2025 Service Trade Fair theme forum [2] - Future green bonds and SDGs bonds are expected to become crucial financial tools for achieving the UN's 2030 Sustainable Development Goals, with multilateral development banks playing a significant role in financing [2] - Emerging markets in Asia, Africa, and Latin America are identified as increasingly important growth engines for China's green industry development, shifting from "product export" to "industry export" [2] Group 2: Carbon Market and Business Growth - The expansion of the mandatory carbon market in China is set to create new business growth opportunities for enterprises by enhancing market mechanisms and reducing overall emission costs [3] - The improvement of the carbon market will stimulate the rapid development of new sectors such as carbon verification, monitoring, consulting, and finance [3] Group 3: Energy Sector Transformation - The green low-carbon transition in the energy sector is a multidisciplinary technical integration challenge, requiring tailored solutions for each project and strong project management capabilities [4] - Artificial intelligence is emerging as a core driver for the transformation of green energy and equipment manufacturing, enhancing efficiency and enabling cost reduction and zero-carbon goals [5] Group 4: Zero Carbon Park Development - The focus of building zero-carbon parks is on optimizing energy structure, improving energy efficiency, and enhancing production processes [6] - The creation of zero-carbon parks aims to achieve cost reduction and efficiency improvement, enhance brand image, and foster green industry development through technological innovation [7]

Meeting Overview - The third extraordinary general meeting of shareholders was held on September 11, 2025, at the company's headquarters in Beijing [2] - The meeting was presided over by Chairman Peng Gangping and utilized a combination of on-site and online voting, complying with the Company Law and the company's articles of association [2][3] Attendance - Out of 9 current directors, 6 attended the meeting, while 3 were absent due to work commitments [3] - Among 5 current supervisors, 2 attended, with 3 absent for similar reasons [3] - The Vice General Manager and other senior management were present at the meeting [3] Resolutions Passed - The following resolutions were approved: 1. Proposal to repurchase and cancel unvested restricted stock and adjust the repurchase price [4] 2. Proposal to change registered capital and cancel the supervisory board, along with amendments to the company's articles of association [4] 3. Proposal to amend the "Rules of Procedure for Shareholders' Meetings" [5] 4. Proposal to amend the "Rules of Procedure for Board Meetings" [5] - All proposals were special resolutions and received over two-thirds of the valid voting rights from attending shareholders [5] Legal Verification - The meeting was witnessed by Beijing Jingtian Gongcheng Law Firm, confirming that the meeting's procedures complied with relevant laws and regulations [6] Stock Repurchase Details - The company plans to repurchase a total of 3,498,600 shares of restricted stock due to retirement and performance-related issues [8][10] - The repurchase price for the shares is set at 2.34921 yuan per share, plus applicable bank interest [9] - The total funds allocated for this repurchase amount to 8,284,847.06 yuan, sourced from the company's own funds [9] Capital Reduction - Following the repurchase, the company's total share capital will decrease from 1,165,722,300 shares to 1,162,223,700 shares, and registered capital will reduce from 1,165,722,300 yuan to 1,162,223,700 yuan [10] - Creditors have a 30-day period from notification to claim debts or request guarantees, with a 45-day period for those not notified [10][11]

证券代码：601226 证券简称：华电科工 公告编号：临2025-044 华电科工股份有限公司 关于回购注销限制性股票减少注册资本 通知债权人的公告 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。 一、通知债权人的原由 根据《中华人民共和国公司法》等相关法律、法规、规范性文件 的有关规定，公司拟减少注册资本的，公司债权人自接到公司通知起 30 日内、未接到通知者自本公告披露之日起 45 日内，有权凭有效债 权文件及相关凭证要求公司清偿债务或者提供相应担保，逾期未提出 权利要求申报债权的，不会因此影响其债权的有效性，相关债务（义 务）将由公司根据原债权文件的约定继续履行。 （一）债权申报所需材料 公司各债权人如要求公司清偿债务或提供相应担保的，应根据 《中华人民共和国公司法》等相关法律法规的规定向公司提出书面请 求，并随附有关证明文件。 债权人申报所需材料包括：公司债权人可持证明债权债务关系存 在的合同、协议及其他凭证的原件及复印件到公司申报债权。债权人 为法人的，需同时携带法人营业执照副本原件及复印件、法定代表人 身份证明文件 ...

2025年第三次临时股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东会召开的时间：2025 年 9 月 11 日 (二) 股东会召开的地点：北京市丰台区汽车博物馆东路 6 号华 电发展大厦 B 座 11 层 1110 会议室 证券代码：601226 证券简称：华电科工 公告编号：临 2025-043 华电科工股份有限公司 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持 有股份情况： | 1、出席会议的股东和代理人人数 | 238 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 762,059,070 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 65.3722 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大 会主持情况等。 本次股东会由董事长彭刚平先生主持，本次会议采取现场与网络 投票相结合的方式，符合《公司法》 ...