12月3日，驻马里使馆经商处于维华参赞会见中国电建（601669）马里代表处负责人。详细听取了萨福 光伏发电储能一期项目施工进展，以及在手拟推动新项目的筹备情况。于参对企业在马实施项目工作予 以充分肯定，称赞其在马里复杂环境下，高效推进能源项目建设，展现了中资企业的专业能力与责任担 当。同时着重强调，当前马里安全形势严峻，企业需严格压实安全主体责任，强化全流程风险防控，确 保项目建设与人员安全万无一失。经商处二秘袁征陪同。 ...

Group 1 - The core point of the news is that China Power Construction Corporation (China Power) has received approval for the environmental impact assessment of its 100MW photovoltaic power generation project, with a total investment of 515 million yuan [1] - The "A-share Green Report" project aims to enhance transparency in environmental information of listed companies by monitoring their environmental performance based on authoritative data from various government sources [1] - The latest A-share Green Weekly Report indicates that nine listed companies have recently exposed environmental risks [1] Group 2 - China Power's main business segments include construction engineering contracting (90.74% of revenue), other industries (4.63%), power investment and operation (4.23%), and other businesses (0.4%) as per the 2025 semi-annual report [2] - The projected operating revenue for China Power is 60.84 billion yuan in 2023, 63.37 billion yuan in 2024, and 43.91 billion yuan in the first three quarters of 2025 [3] - The net profit attributable to shareholders is expected to be 1.30 billion yuan in 2023, 1.20 billion yuan in 2024, and 747.4 million yuan in the first three quarters of 2025 [3]

在建设过程中，团队克服在复杂地质与地形条件下施工、生物多样性保护、长距离物流运输、跨雨季施 工组织、跨境输电并网等多重挑战。项目配套建设了超过160公里的场内道路，为当地村民的日常出行 和经济作物外运提供了便利。中方还聘请科研团队对当地生物多样性进行监测，记录到包括稀有火蝾 螈、杜鹃花在内的20余种保护动植物的活动轨迹和生长区，并通过调整施工路线保护生物栖息地。 老挝是东南亚地区重要电力出口国之一，近年来致力于实现"东南亚蓄电池"愿景。目前，老挝孟松二期 1000兆瓦风电项目已开展前期地勘等工作。预计未来5年内，老挝境内的沙湾一号风电、勘格风电等多 个项目将陆续投产，新增风电装机容量约4.4吉瓦。 "中国拥有现代化的技术和经验。老中能源合作对老挝清洁能源转型具有重要意义，为东盟国家合作开 发替代能源、降低能源风险提供了示范。期待未来双方继续加强清洁能源领域合作，促进两国和区域经 济社会发展。"琅潘表示。 据介绍，项目机组发出的绿色电能通过71公里长的500千伏输变电工程，一路向东输送至越南中部。孙 长江说："每年11月至次年4月，老挝进入旱季，降水减少、风力加大。项目的投用可有效弥补东南亚地 区季节性电力缺口 ...

证券研究报告 | 行业专题研究 gszqdatemark 2025 12 07 年 月 日 建筑装饰 明年预计有多少保险资金增配建筑板块？ 政策持续推动中长期资金入市，下调险企风险因子，二级市场有望持续迎 保险机构增量资金。今年初中央金融办、中国证监会等六部委联合印发《关 于推动中长期资金入市工作的实施方案》，提出力争大型国有保险公司从 2025 年起每年新增保费的 30%用于投资 A 股（对应每每年少少千亿新新增 长期资金）。本周金管局发布《关于调整保险公司相关业务风险因子的通 知》，应长期持仓的沪深 300 指数成分股、中证红利低波动 100 指数成分 股、科创板股票下调风险因子，同时降低出口信用与海外投资保险的保费 和准备金风险因子。长期持仓风险因子下调，一方面有助于减少险资投资 股票的资本消耗，腾出增持股票空间；另一方面有望提升险资长期持股意 愿，增强资本市场稳定性。2025 年 1-10 月我国实现保费收入 5.48 万新 元，同增 8.0%，2022 年以来我国保费收入持续增长。截少 2025Q3 末， 我国保险资金运用余额 37.5 万新元，同增 16.5%；其中投入少股票/基金 的资金分别为 ...

Core Viewpoint - The construction of the Meleg Dam in Tunisia, undertaken by China Electric Power Construction Group, represents a significant advancement in local water management and agricultural development, with a design capacity of 190 million cubic meters [1][5]. Group 1: Project Overview - The Meleg Dam is the largest comprehensive water conservancy project in Tunisia in the past decade, focusing on irrigation and flood control [1]. - The dam's construction is expected to be completed by June next year, with water storage beginning in September [5]. - The project employs advanced construction techniques and eco-friendly methods, significantly reducing costs and environmental impact [5]. Group 2: Educational and Local Engagement - Students from the National Engineering School of Tunisia are visiting the dam site for practical learning, enhancing their theoretical knowledge with real-world experience [1]. - The project emphasizes local workforce involvement, with 85.7% of the labor force being local employees, and over 340 local workers have been hired [7]. Group 3: Community Impact - The dam is anticipated to alleviate severe water shortages in the region, improving agricultural productivity and providing hope for local development [8]. - The successful execution of the Meleg Dam project has led to China winning another significant water conservancy project in Tunisia, the Laghaï Dam [8].

证券日报网讯12月4日，中国电建（601669）在互动平台回答投资者提问时表示，公司始终重视投资者 关系的有效沟通，并持续优化互动机制。针对同类问题，公司将加强回复的清晰度与可参考性，尽可能 提供具体内容或索引，切实提升投资者沟通的质量与效率。 ...

Core Viewpoint - China Power Construction Corporation (中国电建) is embroiled in a controversy regarding quality issues in the construction of the Yong'an Pumped Storage Power Station, with allegations of cost-cutting measures leading to serious safety concerns [2][4][6]. Group 1: Project Status and Issues - The Yong'an Pumped Storage Power Station's lower reservoir project is currently halted, with the owner, Fujian Mintou Yong'an Pumped Storage Co., Ltd., not disclosing the reasons for the suspension [2]. - Reports indicate that hundreds of anchor piles used for reinforcing the dam shoulder have significant quality defects, with actual lengths falling short of design standards, and many not meeting cement grouting requirements [4][6]. - Only about 30% of the anchor piles are believed to meet design specifications, raising serious concerns about the integrity of the construction [6]. Group 2: Investigation and Oversight - A special investigation team has been established to address the quality issues reported during the construction of the Yong'an Pumped Storage Power Station, with results to be disclosed in due course [2][8]. - The monitoring mechanism for the project has been criticized, with reports of monitoring personnel engaging in inappropriate activities with the construction team, raising questions about the oversight [6][9]. - The design, construction, and monitoring entities involved in the project are all subsidiaries of China Power Construction, leading to concerns about conflicts of interest and accountability [9]. Group 3: Industry Context and Growth - The Yong'an Pumped Storage Power Station is part of China's strategic plan for pumped storage development, with a total investment of approximately 7.5 billion yuan and a designed capacity of 1.2 million kilowatts [8]. - The pumped storage sector has seen significant growth, with a record number of new projects approved in recent years, indicating a strong demand for this type of energy storage solution [10][12]. - China Power Construction dominates the pumped storage market, handling 90% of the design and 78% of the construction tasks, reflecting its critical role in the industry [14].

公开资料显示，福建闽投永安抽水蓄能有限公司，由福建投资集团、永安市国有资产投资经营有限责任 公司分别持股80%和20%。福建投资集团是福建首家自主投资建设并成功运营抽蓄电站的省属企业， 2024年投资额增长101.48%。 12月3日，智通财经致电福建永安抽蓄电站下水库工程的业主单位——福建闽投永安抽水蓄能有限公 司，接线工作人员表示，项目已经是停工状态。但其未透露何时停工，对于承建单位曝出的施工问题不 予置评。 永安抽水蓄能电站下水库工程，由中国电建子公司水电三局承建。中国电建此前通报称，针对媒体反映 永安抽水蓄能电站施工过程中存在的质量等问题，已成立调查组。据《经济参考报》报道，国家能源局 相关部门正与有关政府部门开展联合调查工作，11月28日已赶往现场。 ...

Core Points - The National Energy Administration has announced adjustments to the members of the Electric Power Industry Network and Information Security Joint Conference [2][3] - The conference aims to enhance network and information security within the electric power sector [2] Group 1: Leadership Structure - The convener of the conference is He Yang, a member of the Party Leadership Group and Deputy Director of the National Energy Administration [2] - The deputy conveners include key figures from major energy companies such as Huang Xue'nong from the National Energy Administration and Wang Gang from State Grid Corporation [2] Group 2: Member Units - The member units consist of high-ranking officials from various energy companies, including China Southern Power Grid, China Huaneng Group, and China Datang Corporation [2][3] - The list includes representatives from regulatory offices across different regions, ensuring comprehensive coverage of the electric power industry [3] Group 3: Office Structure - The Electric Power Industry Network and Information Security Joint Conference Office is established within the Electric Power Safety Supervision Department of the National Energy Administration [3] - The office is led by Wang Yongjun, who also serves as the Director of the Electric Power Safety Supervision Department [3]

Core Viewpoint - The National Energy Administration has announced adjustments to the members of the Electricity Industry Network and Information Security Joint Conference, indicating a focus on enhancing cybersecurity within the energy sector [1][5]. Group 1: Leadership Structure - The convenor of the conference is He Yang, a member of the Party Leadership Group and Deputy Director of the National Energy Administration [1]. - The deputy conveners include key figures from major energy companies, such as Huang Xue'nong from the National Energy Administration and Wang Gang from State Grid Corporation [1][2]. Group 2: Member Composition - The member list includes high-ranking officials from various energy companies, such as Li Xinsong from China Energy Construction Group and Meng Yanbin from China National Nuclear Corporation, highlighting a collaborative approach to cybersecurity [2][3]. - The conference also includes representatives from regulatory bodies within the National Energy Administration, ensuring a comprehensive oversight mechanism [2][3]. Group 3: Operational Details - The Electricity Industry Network and Information Security Joint Conference Office is established within the Electric Safety Supervision Department of the National Energy Administration, indicating a structured approach to managing cybersecurity initiatives [3][5]. - The office is led by Wang Yongjun, the Director of the Electric Safety Supervision Department, ensuring that cybersecurity efforts are aligned with regulatory standards [5].