瑞财经 王敏 9月11日，据上交所官网，中电建新能源集团股份有限公司（以下简称"电建新能"）沪主板IPO获受理，保荐机构为中金 公司，保荐代表人为刘一飞、孟娇，会计师事务所为信永中和。 招股书显示，电建新能主营业务为中国境内风力及太阳能发电项目的开发、投资、运营和管理，主要产品是电力。 电建新能业务已覆盖国内28个省（自治区、直辖市），发电站遍布国内风光资源丰沛区域及消纳优势区域，是国内一流的新能源发电 运营商之一。 | | | | | 单位:万元 | | --- | --- | --- | --- | --- | | 项目 | 2025年1-3月/2025 | 2024年度/2024 | 2023 年度/2023 | 2022年度/2022 | | | 年3月31日 | 年12月31日 | 年12月31日 | 年12月31日 | | 营业收入 | 266.125.07 | 981.025.24 | 872.845.83 | 838.158.90 | | 营业成本 | 141,632.66 | 468,424.86 | 411.238.90 | 400.937.24 | | 利润总额 | 68.905.34 ...

Group 1 - The core viewpoint of the article is the strategic cooperation agreement signed between Jiuzhou Yitu and China Electric Power Construction Group Chengdu Survey and Design Research Institute Co., Ltd. to enhance collaboration in the rail transit sector [2] - The partnership aims to leverage both parties' technical and market advantages in the rail transit field [2] - The collaboration will focus on market development, project fulfillment, and technical exchanges, promoting deep cooperation in the rail transit segment [2]

Group 1 - The company, Jiuzhou Yitu (688485.SH), has signed a strategic cooperation agreement with China Electric Power Construction Group Chengdu Survey and Design Research Institute Co., Ltd. (referred to as "Chengdu Institute Infrastructure Branch") [1] - The collaboration aims to leverage both parties' technical and market advantages in the rail transit sector [1] - The partnership will focus on long-term strategic cooperation in market development, project execution, and technical exchanges within the rail transit field [1]

九州一轨公告，公司与中国电建集团成都勘测设计研究院有限公司基础设施分公司于2025年9月15日签 订了战略合作协议。双方将在轨道交通领域展开市场开发、项目履约、技术交流等方面的长期合作，促 进轨道交通板块业务的深度合作，构建可持续发展的战略合作关系。此次合作旨在充分发挥各自的技术 和市场优势，遵循优势互补、资源共享、协同创新、互利共赢的原则，共同推动轨道交通领域的发展。 协议为框架性约定，不涉及具体金额，预计不会对公司2025年业绩产生重大影响。 ...

9月11日，上交所官网披露了中电建新能源集团股份有限公司（以下简称"电建新能"）首次公开发行股票招股说明书（申报稿），电建新能IPO材料被正式受 理。 招股书显示，电建新能本次拟公开发行股票数量不低于8.33亿股且不超过25.00亿股（行使超额配售选择权前），占发行后总股本的比例不低于10%，且不高 于25%，拟于上交所主板上市，保荐机构为中金公司。 | 公司全称 | 中电建新能源集团股份有限公司 | 受理日期 | 2025-09-11 | | --- | --- | --- | --- | | 公司简称 | 电建新能 | 融资金额(亿元) | 90.00 | | 审核状态 | 已受理 | 更新日期 | 2025-09-11 | | 保荐机构 | 中国国际金融股份有限公司 | 保荐代表人 | 刘一飞,孟娇 | | 会计师事务所 | 信永中和会计师事务所(特殊普通合伙) | 签字会计师 | 詹军,吕相平 | | 律师事务所 | 北京市嘉源律师事务所 | 签字律师 | 黄国宝,齐曼 | | 评估机构 | 北京天健兴业资产评估有限公司 | 签字评估师 | 包迎春,邵伟伟 | 装机量方面，电建新能2022年底装机量为 ...

Core Viewpoint - China Power Construction Corporation (China Power) has announced the plan to spin off its subsidiary, China Power Construction New Energy Group Co., Ltd. (Power Construction New Energy), for a public listing on the main board, which has been accepted by the Shanghai Stock Exchange. The company aims to raise 9 billion yuan, which is expected to drive a total investment of 48.481 billion yuan in wind and solar power projects, with an anticipated new installed capacity of 8.46 million kilowatts [1]. Group 1 - Power Construction New Energy will remain a controlled subsidiary within the consolidated financial statements of China Power after the spin-off, meaning its financial status and profitability will still be reflected in the parent company's reports [1]. - The stock price of China Power closed at 5.76 yuan per share, up 1.05%, with a total market capitalization of 99.2 billion yuan as of September 15 [1]. - China Power has maintained steady growth in recent years, but it is projected to experience "revenue growth without profit growth" in 2024 and the first half of 2025, with revenues of 633.685 billion yuan and 292.757 billion yuan, respectively, showing year-on-year increases of 4.07% and 2.66%, while net profits are expected to decline by 7.21% and 13.81% [2]. Group 2 - Power Construction New Energy's revenue has also shown similar fluctuations, with revenues increasing from 8.382 billion yuan in 2022 to 9.810 billion yuan in 2024, and net profits rising from 1.981 billion yuan to 2.822 billion yuan. However, in the first half of 2025, revenue is expected to be 5.472 billion yuan, a year-on-year increase of 8.57%, while net profit is projected to decline by 18.19% [3]. - The decline in profitability for both China Power and Power Construction New Energy is attributed to market conditions and industry cycle changes, with pressure on infrastructure engineering contracting and a decrease in market electricity prices for renewable energy affecting profit margins [3]. - Power Construction New Energy has integrated various renewable energy assets from China Power's subsidiaries, becoming the sole platform for wind and solar power project development, investment, operation, and management within the company [4]. Group 3 - As of the first quarter of 2025, Power Construction New Energy has a total installed capacity of 21.2461 million kilowatts, with wind power projects accounting for 9.8909 million kilowatts and solar power projects for 11.3552 million kilowatts [4]. - The main source of revenue for Power Construction New Energy comes from electricity sales, with wind power contributing over 69% of the main business revenue in 2024, while solar power accounts for over 28% [5]. - In the first seven months of 2025, China Power signed 3,230 new projects in the energy sector, with a total contract value of 472.068 billion yuan, including 723 wind power projects worth 157.226 billion yuan, which is a year-on-year increase of 68.4% [5].

Core Insights - The total IPO fundraising amount in A-shares has surpassed the total amount raised in the entire previous year, reaching 67.74 billion yuan as of September 14, 2023, with 68 new stocks issued this year [1] - The increase in IPO fundraising is attributed to several high-raising new stocks, with Huadian New Energy leading at 18.17 billion yuan, followed by Zhongce Rubber and Tianyouwei at 4.07 billion yuan and 3.74 billion yuan respectively [1] - The upcoming IPO of China Power Construction's subsidiary, which aims to raise 9 billion yuan, indicates the arrival of another large-scale new stock in the A-share market [1] IPO Trends - The pace of new stock issuance has accelerated since September, with five new stocks scheduled for issuance in one week, a frequency not seen since March [2] - September is projected to have a total of nine new stock issuances, potentially matching the highest monthly issuance in March, which had 14 new stocks [2] - The average issuance price-to-earnings (P/E) ratio for new stocks in the first eight months of the year is approximately 18.8 times, lower than the 21.7 times in 2024, indicating a decrease in P/E ratios for new listings [2] Policy Support - Regulatory support for IPOs in the technology sector is evident, with the China Securities Regulatory Commission (CSRC) promoting policies to facilitate the listing of unprofitable companies in emerging sectors such as artificial intelligence and commercial aerospace [2] - The capital market is increasingly focusing on innovative enterprises, with over 80% of this year's IPOs coming from emerging industries like electronics, power equipment, machinery, pharmaceuticals, and computers [3] - A northern brokerage executive anticipates an increase in the number of A-share IPOs compared to last year, with a potentially larger growth in fundraising scale, although the speed of IPO issuance is unlikely to return to the rapid levels seen two to three years ago [3]

伊拉克卡迪西亚省阿尔·图拉女子学校教学楼。 本报记者 薛 丹摄 伊拉克卡尔巴拉省阿尔穆塔·阿里卡特国际学校学生在美 术室上课。 本报记者 薛 丹摄 伊拉克卡迪西亚省阿尔·图拉女子学校学生在上生物课。 本报记者 管克江摄 伊拉克卡尔巴拉省阿尔穆塔·阿里卡特国际学校学生参加 课间活动。 本报中东中心分社 伊纳斯·易卜拉欣摄 中国电建工作人员向伊拉克济加尔省法拉赫学校学生分发 学习用品。 本报中东中心分社 伊纳斯·易卜拉欣摄 迎着初升的朝阳，在伊拉克卡尔巴拉省首府卡尔巴拉市的街巷中一路穿行，记者来到阿尔穆塔·阿里卡 特国际学校。学生们盛装相迎，脸上洋溢着快乐。"欢迎来到这所美丽的学校！"三年级学生阿萨尔走上 前，用英语向记者问好。 伊拉克济加尔省法拉赫学校学生。 本报记者 薛 丹摄 中国企业在伊拉克济加尔省承建的纳西里耶第二高级中学 外景。 本报记者 管克江摄 这所中国企业承建的新学校，是伊拉克1000所示范学校之一。1000所示范学校项目已惠及50多万伊拉克 中小学生，是该国重大民生工程，是中伊高质量共建"一带一路"合作的重要项目。中国电建承建了其中 分布在伊拉克10个省份的679所示范学校。这些示范学校设计现代 ...

"这是一所公立国际学制学校，有200多名师生，是这一带设施最好的学校！"阿尔穆塔·阿里卡特国际学 校校长拉巴布·麦亚尔骄傲地介绍，每当看到学生们放学了还不肯走，希望在学校里多留一会儿，她就 倍感欣慰。 教室窗明几净，学生们读书声琅琅，教师哈尔拉·穆西迪正在给四年级学生上英语课。哈尔拉表示，搬 到新校址后，原先想转走的优秀学生都留了下来，大家学习劲头更足，成绩提高了不少。"我很开心能 在这样的学校上学，我爱我的学校。"11岁的海德尔高兴地走过来告诉记者。她的同学苏凯娜表示，等 她长大了，也要在这所学校当老师。 卡尔巴拉省共有44所示范学校。"以前孩子们连玩耍的操场都没有，示范学校功能齐全、设计美观。"教 师布斯拉·胡德尔曾在一所老旧学校任教，由于教学设施严重不足，学生只能一天分三个班次轮流上 课。示范学校不仅为学生正常上课提供了保障，还为激发学生兴趣配备了多个功能性教室。 美术室里，学生们认真作画，描绘对未来的期待；机房中，学生们在老师的指导下，操作计算机、浏览 互联网；图书室内，彩绘读本受到欢迎……四年级学生穆罕默德拿起自己制作的玩偶说："图书室也是 我们的手工教室。这个是阿里，这个叫哈桑，他们是一对好朋友。 ...

Core Viewpoint - The project marks a significant technological breakthrough in China's green and low-carbon transformation of oil and gas development, providing a replicable and promotable "Chinese solution" for the global heavy oil extraction sector [1][5]. Group 1: Project Overview - The project, located in the Karamay City of Xinjiang, covers an area of 150,000 square meters with a solar collection area of 51,500 square meters [3]. - It utilizes intelligent control of thousands of lightweight modular heliostats to reflect sunlight to a 113-meter high heat-absorbing tower, producing high-temperature steam at 305°C for underground injection to meet heavy oil thermal extraction needs [3][4]. Group 2: Innovative Technologies - The project innovatively uses underground steam chambers for thermal energy storage, allowing for continuous heat release during nighttime, achieving the economic and environmental goal of "zero-carbon oil extraction" [4]. - It successfully developed four pioneering technologies, including the "solar thermal-SAGD" integrated process and "mirror-furnace-control" integrated equipment, leading in six key indicators such as gas supply parameters and system reliability [5]. Group 3: Environmental Impact - The solar thermal conversion efficiency of the project is at an industry-leading level, capable of supplying 52,000 tons of high-quality superheated steam annually, replacing 3.92 million cubic meters of natural gas, and reducing carbon emissions by 8,500 tons [5].