中国电建 20251113 摘要 中国电建 2024 年营收 6,336 亿元，净利润 120 亿元，位列《财富》世 界 500 强第 100 位。2025 年前三季度营收同比增长 3%，但净利润同 比下降 17%，受建筑行业竞争和电价市场化影响，经营性现金流为负 370 亿元，预计四季度回款将改善。 公司主营业务包括水利水电、能源电力、城市基础设施建设和数字化转 型。水利水电业务占全球一半以上，能源板块涵盖火电、风电、太阳能 和核电，重点发展新能源和抽水蓄能。截至 2025 年 6 月，投运装机总 量约 3,500 万千瓦，其中光伏 13GW，风电 11GW。 2025 年前三季度，水利水电订单同比增长 60%-70%，风电订单大幅 增长，光伏订单增速放缓至 4%。新签合同计划完成率仅为 5%，预计年 底提升，有望实现全年 10%目标。预计 2026 年风电和水电保持增长， 光伏可能继续下降。 抽水蓄能领域，中国电建每年新签订单约 1,000 亿，自投项目核准开工 节奏较快，承担全国 90%以上已核准项目选点规划与勘测设计工作，自 投项目装机接近 2000 万千瓦。公司还涉足压缩空气储能、电化学储能 等新型 ...

Core Viewpoint - Zhejiang Boxu Zhiguang Technology Co., Ltd. has been established with a registered capital of 20 million yuan, focusing on the development and sales of intelligent robots, photovoltaic equipment manufacturing, and AI application software development [1] Company Summary - The legal representative of the newly established company is Xiang Yang [1] - The company is wholly owned by China Electric Power Construction (601669) through indirect holdings [1] Industry Summary - The company operates in sectors including intelligent robotics, photovoltaic equipment, and artificial intelligence software, indicating a focus on advanced technology and renewable energy solutions [1]

Market Performance - The solar thermal power sector declined by 2.20%, ranking among the top losers in the concept sector, with major declines seen in companies like Shuangliang Energy, Xizi Clean Energy, and Chuanrun Co., Ltd. [1] - Among the concept stocks, only two saw price increases, with Guoji General rising by 2.76% and Wujin Stainless Steel by 0.79% [1]. Capital Flow - The solar thermal power sector experienced a net outflow of 1.108 billion yuan, with 34 stocks seeing net outflows, and five stocks exceeding 100 million yuan in outflows [1]. - China Power Construction led the outflows with a net outflow of 188.18 million yuan, followed by Lansi Heavy Industry, Shuangliang Energy, and Dongfang Electric with net outflows of 139.11 million yuan, 116.88 million yuan, and 112.60 million yuan, respectively [1]. - The top inflow stocks included Guoji General, Nenghui Technology, and Zhonglv Electric, with net inflows of 15.28 million yuan, 12.18 million yuan, and 8.26 million yuan, respectively [2]. Stock Performance - The top decliners in the solar thermal power sector included China Power Construction (-2.05%), Lansi Heavy Industry (-3.44%), and Shuangliang Energy (-7.59%) [1]. - Guoji General and Nenghui Technology were among the few stocks that saw gains, with Guoji General increasing by 2.76% [2].

Group 1 - China Power Construction Corporation's stock price decreased by 2.05% to 5.73 CNY per share, with a total market capitalization of 98.706 billion CNY as of November 12 [1] - The company experienced a net outflow of 142 million CNY in principal funds, with significant selling pressure observed [1] - Year-to-date, the stock has increased by 7.44%, but has seen a decline of 2.22% over the past 20 days and 8.76% over the past 60 days [1] Group 2 - China Power Construction Corporation, established on November 30, 2009, primarily engages in construction contracting, power investment and operation, real estate development, and equipment manufacturing [2] - The company's revenue composition shows that engineering contracting and surveying design account for 90.84% of total revenue, while power investment and operation contribute 4.23% [2] - As of September 30, 2025, the company reported a revenue of 439.553 billion CNY, reflecting a year-on-year growth of 3.10%, while net profit attributable to shareholders decreased by 15.13% to 7.474 billion CNY [2] Group 3 - Since its A-share listing, China Power Construction has distributed a total of 19.31 billion CNY in dividends, with 6.606 billion CNY distributed over the past three years [3] - As of September 30, 2025, the top ten circulating shareholders include China Securities Finance Corporation and Hong Kong Central Clearing Limited, with notable changes in shareholding [3]

Core Viewpoint - China Electric Power Construction Group Leasing Co., Ltd. and Shantui Construction Machinery Co., Ltd. signed a strategic cooperation agreement to integrate resources and promote high-quality development in the equipment manufacturing industry and national infrastructure construction [1] Group 1 - The strategic cooperation aims to create a new pattern of mutual benefit and collaborative development [1] - The partnership will leverage both companies' strengths to serve the national infrastructure initiatives [1] - The agreement is expected to set a demonstration and leading role in the equipment manufacturing sector [1]

中国电力建设股份有限公司 2025 年第一次临时股东大会会议资料 中国电力建设股份有限公司 2025 年第一次临时股东大会 会议资料 中国电力建设股份有限公司 二○二五年十一月 中国电力建设股份有限公司 2025 年第一次临时股东大会会议资料 | | | | 会议须知 2 | | | --- | --- | | 会议议程 4 | | | 会议议案 5 | | | 1.关于修订《中国电力建设股份有限公司章程》并取消监事会的议案 5 | | | 2.关于修订《中国电力建设股份有限公司股东大会议事规则（2022 | 版）》的议案 6 | | 3.关于修订《中国电力建设股份有限公司董事会议事规则（2022 版）》的议案 7 | | | 8 4.关于修订《中国电力建设股份有限公司募集资金管理办法》的议案 | | | 5.关于修订《中国电力建设股份有限公司对外担保管理办法（2022 | 版）》的议案 29 | | 6.关于修订《中国电力建设股份有限公司独立董事工作制度（2024 | 版）》的议案 37 | | 7.关于修订《中国电力建设股份有限公司关联交易管理制度（2024 版）》的议案 51 | | 1 中国电力建设股 ...

Core Insights - The project is the world's largest single green ammonia facility, integrating wind and solar energy for green hydrogen production [1] - The project includes a 700 MW wind power component and a 100 MW solar power component, totaling 800 MW of renewable energy capacity [1] - The facility is designed to produce 32,000 tons of green hydrogen annually and 180,000 tons of green ammonia [1] Group 1 - The project represents a new paradigm for local conversion of renewable energy [1] - The facility utilizes alkaline and PEM mixed electrolysis for hydrogen production [1] - The full capacity of the wind power project has been connected to the grid [1]

Core Viewpoint - Recently, China Electric Power Construction Group (CEPC) established a new company named China Electric Power Construction Airport (Guyuan) Low-altitude Technology Co., Ltd., which indicates a strategic expansion into the general aviation sector [1] Company Summary - The new company is fully owned by China Electric Power Construction Group Airport Construction Co., Ltd., a subsidiary of CEPC, highlighting the company's commitment to diversifying its operations [1] - The legal representative of the new company is Li Mengping, suggesting a potential leadership structure that may influence its operational strategies [1] Industry Summary - The business scope of the new company includes general aviation services, public air transport, flight training, and civil aviation pilot training, indicating a broad engagement in the aviation industry [1] - The establishment of this company reflects a growing trend in the aviation sector towards enhancing training and service capabilities, which may present new opportunities for investment and growth [1]

Core Viewpoint - Recently, China Electric Power Construction Group Northwest Institute (Xi'an) Solar Thermal Technology Co., Ltd. was established, indicating a strategic move into the solar thermal energy sector by China Electric Power Construction Group [1] Company Summary - The new company is registered with a capital of 30 million RMB, focusing on the sales of solar thermal power products, equipment, and utilization technologies [1] - The company is wholly owned by China Electric Power Construction Group, showcasing the group's commitment to expanding its renewable energy portfolio [1] Industry Summary - The establishment of this company aligns with the growing trend in the renewable energy sector, particularly in solar thermal technology, which is gaining traction as a sustainable energy solution [1] - The focus on solar thermal energy reflects the industry's shift towards more efficient and environmentally friendly energy sources, which is critical for meeting future energy demands [1]

Group 1 - The establishment of China Electric Power Construction Northwest Institute (Xi'an) Solar Thermal Technology Co., Ltd. has been reported, with a registered capital of 30 million yuan [1] - The company's business scope includes sales of solar thermal power generation products and solar power generation technology services [1] - The company is wholly owned by China Electric Power Construction Group Northwest Survey and Design Research Institute Co., Ltd. [1]