证券代码：601669 股票简称：中国电建 公告编号：临 2025-059 中国电力建设股份有限公司 第四届董事会第十三次会议决议公告 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。 一、审议通过了《关于王斌不再担任中国电力建设股份有限公司董事、副董 事长、总经理的议案》。 公司董事会同意王斌先生因年龄原因（退休）不再担任公司董事、副董事长、 总经理职务。 表决情况：8票同意，0票弃权，0票反对。 二、审议通过了《关于公司"十四五"发展规划总结评估报告的议案》。 表决情况：8票同意，0票弃权，0票反对。 特此公告。 中国电力建设股份有限公司董事会 二〇二五年九月二十五日 中国电力建设股份有限公司（以下简称"公司"）第四届董事会第十三次会 议于2025年9月23日以通讯方式召开。会议通知和会议议案等材料已以电子邮件 和书面方式送达各位董事。本次会议应当参与表决的董事8人，实际参与表决的 董事8人，各位董事以书面及传真方式提交了表决意见。本次会议的召开符合《中 华人民共和国公司法》等法律法规及规范性文件以及《中国电力建设股份有限公 ...

Group 1 - The core point of the article is the resignation of Wang Bin, the Vice Chairman and General Manager of China Power Construction Corporation, due to age reasons [1] - As of the announcement date, the market capitalization of China Power Construction Corporation is 95.9 billion yuan [1] - The revenue composition for China Power Construction Corporation from January to June 2025 is as follows: construction engineering contracting accounts for 90.74%, other industries 4.63%, power investment and operation 4.23%, and other businesses 0.4% [1]

Group 1 - The core point of the article is that China Power Construction (SH 601669) held its 13th board meeting on September 23, 2025, to review the "14th Five-Year Plan" development summary evaluation report [1] - For the first half of 2025, the revenue composition of China Power Construction was as follows: construction engineering contracting accounted for 90.74%, other industries 4.63%, power investment and operation 4.23%, and other businesses 0.4% [1] - As of the report date, the market capitalization of China Power Construction was 95.9 billion yuan [1]

Core Points - Wang Bin, the Vice Chairman and General Manager of China Power Construction Corporation, has retired due to age reasons, submitting his resignation to the board of directors [1] - His original term was set to end on August 22, 2027, but he will no longer hold any positions in the listed company or its subsidiaries after retirement [1] - The board expressed gratitude for Wang Bin's contributions during his tenure, and the resignation has been effective since it was delivered to the board [1] Summary by Sections - **Retirement Announcement** - Wang Bin has submitted a written resignation report to the board of directors due to age [1] - The announcement was published on September 25 [1] - **Tenure and Transition** - Wang Bin's term was originally scheduled to last until August 22, 2027 [1] - There are no outstanding public commitments that he has not fulfilled [1] - His departure will not reduce the number of board members below the legal requirement, and the work handover has been completed [1]

Core Insights - The Ningxia Hui Autonomous Region plans to develop a total of 20.62 million kilowatts of renewable energy projects by 2025, focusing on green electricity parks and guaranteed grid connection projects [2][3] - The priority for 2025 includes 6.02 million kilowatts for characteristic advantage industry green electricity parks and 14.6 million kilowatts for guaranteed photovoltaic projects [2] - As of now, seven cities in Ningxia have announced the allocation of wind and solar projects, totaling 17.6 GW [2][3] Project Scale Summary - The total project scale for various cities in Ningxia is as follows: - Wuzhong City: 600,000 kW - Yinchuan City: 440,000 kW - Zhongwei City: 350,000 kW - Shizuishan City: 180,000 kW - Ningdong Modern Coal Chemical Industry Green Electricity Park: 170,000 kW - Guyuan City: 20,000 kW - Total: 1,760,000 kW [3] Project Owners - A total of 44 companies have been awarded the 17.6 GW wind and solar project scale, with the following key players: - China Power Construction: 3.37 GW - Ningxia Guoyun: 2 GW - Ningxia Ningdong New Energy: 1.7 GW [5][6][8] Central Enterprises Involvement - Eleven central enterprises have received wind and solar project quotas, including: - China Power Construction - China Nuclear Power - China Energy Engineering - State Power Investment Corporation - China National Petroleum Corporation [8][11] Competitive Configuration of Projects - In Wuzhong City, 29 photovoltaic projects were selected for competitive configuration, totaling 6 GW from an initial application of 16.1 GW [12] - In Yinchuan City, 9 projects were selected, with a total scale of 3.4 GW after adjustments [15] - Zhongwei and Guyuan cities have a combined planned scale of 3.5 GW for guaranteed grid connection projects [18]

Market Overview - The Shanghai Composite Index fell by 0.18% on September 23, with five industries experiencing gains, led by banking and coal, which rose by 1.52% and 1.11% respectively [1] - The social services and retail trade sectors saw the largest declines, down by 3.11% and 2.90% respectively [1] - Overall, the main funds in the two markets experienced a net outflow of 99.685 billion yuan, with only three industries seeing net inflows [1] Industry Performance - The construction and decoration industry declined by 0.27%, with a net inflow of 169 million yuan [2] - Out of 156 stocks in this sector, 42 rose, including 2 that hit the daily limit, while 111 fell, with 2 hitting the lower limit [2] - The top three stocks with the highest net inflow in the construction and decoration sector were Shanghai Construction with 999.8 million yuan, Chengbang Co. with 106.42 million yuan, and Quanzhu Co. with 100.23 million yuan [2] Fund Flow Analysis - The construction and decoration industry had a total of 36 stocks with net inflows, with 6 stocks seeing inflows exceeding 50 million yuan [2] - The stocks with the largest net outflows included China Power Construction with 2448 million yuan, ST Zhengping with 708.76 million yuan, and Gaoxin Development with 692.46 million yuan [4] - The top stocks with the highest net outflows also included Deep Sanda A and Taiji Industry, with outflows of 676.09 million yuan and 612.64 million yuan respectively [4]

Core Insights - The China Securities National New State-Owned Enterprise Modern Energy Index has decreased by 0.80% as of September 23, 2025, with mixed performance among constituent stocks [3] - The National Energy Administration and other departments have issued guidelines aiming for significant advancements in the energy equipment industry by 2030, focusing on self-sufficiency, high-end, intelligent, and green development [3][4] Market Performance - The top-performing stocks include Nanshan Energy, which rose by 6.16%, and XJ Electric, which increased by 2.50%, while China Rare Earth fell by 5.75% [3] - The Central State-Owned Enterprise Modern Energy ETF (561790) has seen a decline of 0.88%, with a latest price of 1.13 yuan, but has accumulated a 6.55% increase over the past three months [3] Trading Activity - The trading volume for the Central State-Owned Enterprise Modern Energy ETF was 30.02 million yuan with a turnover rate of 0.7% [3] - The average daily trading volume over the past year for the ETF was 628.85 million yuan [3] Industry Outlook - Experts emphasize the necessity of new energy infrastructure to support the construction of a new energy system, including low-carbon transformation of coal power and improvements in energy storage systems [4] - The index tracks 50 listed companies involved in modern energy sectors, with the top ten stocks accounting for 48.28% of the index [4]

Investment Rating - The report maintains an "Overweight" rating for the construction and decoration industry [1] Core Views - Infrastructure investment growth is under pressure, with a cumulative year-on-year increase of 2.0% from January to August, slowing down by 1.2 percentage points compared to the previous month. In August, infrastructure investment saw a year-on-year decline of 5.9% [2][11] - The report highlights that while the construction and real estate sectors face challenges, there is potential for policy support to boost growth, particularly through major infrastructure projects and urban renewal initiatives [2][11] - The report recommends focusing on leading state-owned enterprises in infrastructure, such as China Communications Construction Company, China Electric Power Construction, and China Railway Group, which are expected to see valuation recovery [2][11] Summary by Sections Industry Views - From January to August, the year-on-year growth rates for various sectors are as follows: railway transportation +4.5%, road transportation -3.3%, water conservancy management +7.4%, and public facilities management -1.1%. All sectors showed a slowdown compared to the previous month [2][11] - Cement production from January to August decreased by 4.8% year-on-year, with a notable decline of 6.2% in August alone. The overall revenue and profit in the construction sector remain under pressure, although cash flow has improved [2][11][16] International Expansion - In the first half of 2025, China's overseas contracting projects saw a revenue increase of 9.3% year-on-year, with new contracts growing by 13.7%. Notably, contracts in Belt and Road Initiative countries increased by 21% [3][12] - The report suggests that the ongoing geopolitical tensions and trade frictions may lead to increased infrastructure cooperation abroad, benefiting companies involved in international engineering projects [3][12] Demand Structure and New Opportunities - The report identifies opportunities in the semiconductor cleanroom sector, driven by increased capital expenditures from international semiconductor giants and cloud service providers. Companies like Shenghui Integrated and Yaxiang Integrated are recommended for investment [3][12]

Group 1 - The core viewpoint of the news highlights the recent stock performance and trading activity of China Power Construction Corporation, indicating a decline in stock price and significant net outflow of funds [1] - As of September 22, the stock price of China Power Construction was reported at 5.61 yuan per share, with a total market capitalization of 966.39 billion yuan [1] - The company has experienced a year-to-date stock price increase of 5.19%, but has seen a decline of 2.60% over the last five trading days and 11.23% over the last twenty days [1] Group 2 - China Power Construction Corporation, established on November 30, 2009, and listed on October 18, 2011, is primarily engaged in construction contracting, power investment and operation, real estate development, and related services [2] - The main revenue composition of the company includes 90.84% from engineering contracting and design, 4.63% from other sources, and 4.23% from power investment and operation [2] - As of June 30, 2025, the company reported a revenue of 2930.55 billion yuan, reflecting a year-on-year growth of 2.69%, while the net profit attributable to shareholders decreased by 14.39% to 54.26 billion yuan [2] Group 3 - Since its A-share listing, China Power Construction has distributed a total of 193.10 billion yuan in dividends, with 66.06 billion yuan distributed over the past three years [3] - As of June 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited and China Securities Finance Corporation, with significant increases in holdings for some shareholders [3]

Core Viewpoint - China Power Construction Corporation (China Power) successfully held a reverse roadshow in Tai'an, Shandong, focusing on the strategic transformation results of its core businesses in "water, energy, city, and digital" and the accelerated layout of strategic emerging industries [1] Group 1: Company Performance - In the first half of 2025, China Power signed new contracts worth 686.699 billion yuan, a year-on-year increase of 5.83% [2] - The company achieved operating revenue of 292.757 billion yuan, reflecting a year-on-year growth of 2.66% [2] - China Power maintains its leading role in the global clean energy sector, holding the largest market share in hydropower engineering contracting worldwide [2] Group 2: Strategic Initiatives - The company is responsible for over 60% of domestic wind and solar power engineering design and construction tasks [2] - In the pumped storage sector, China Power undertakes nearly 90% of the key implementation projects outlined in the national "14th Five-Year Plan" [2] - The company aims to enhance investor communication, optimize information disclosure, and improve ESG performance to convey investment value to the market [3] Group 3: Project Highlights - Investors visited benchmark projects in pumped storage and new energy, including the Tai'an pumped storage power station with a capacity of 1000MW, which is the first in China to use geomembrane technology for seepage prevention [3] - The Feicheng 2×300MW salt cavern compressed air energy storage project utilizes advanced adiabatic compressed air storage technology to enhance grid peak regulation capabilities [3] - These projects showcase China Power's strong technical foundation and innovative strength in the fields of pumped storage and new energy [3]