Core Insights - Compressed air energy storage (CAES) is emerging as a significant large-scale physical energy storage technology, gaining attention for its potential in the energy sector [1][4][6] - The industry is experiencing a critical phase of technological breakthroughs and large-scale applications, with costs decreasing rapidly and competitive advantages over electrochemical storage [1][4] Group 1: Project Overview - The CAES project in Feicheng, Shandong, involves the construction of a 2×300MW salt cavern energy storage station, utilizing two high-pressure gas storage caverns with a total capacity of 900,000 cubic meters [2][3] - The project has a total investment of 3.64 billion yuan, with a design charging duration of 8 hours and a continuous full-power generation duration of 6 hours, expected to generate an average annual grid electricity of 1.188 billion kWh [2][3] Group 2: Industry Growth and Investment - The CAES industry is witnessing a surge in investment, with multiple large-scale projects being developed in Feicheng, making it a hub for CAES technology [5][6] - By 2024, China's new energy storage installed capacity is projected to reach 42.37 million kW, with CAES's market share continuing to rise [5][6] Group 3: Technological Advancements - The domestic key equipment localization rate in the CAES sector has surpassed 90%, significantly reducing system construction costs and delivery times [6][7] - The unit investment cost for CAES is currently between 6,000 to 7,000 yuan per kW, with expectations for further reductions due to technological advancements and economies of scale [7][8] Group 4: Policy and Economic Support - The development of the CAES industry is supported by various policies and financial incentives, with over 20 provinces implementing specific plans to promote long-duration energy storage [8] - The expected reduction in unit investment intensity by over 15% by 2027, along with a shortened investment return period to 8-10 years, is anticipated to enhance the attractiveness of CAES projects [8]

Core Viewpoint - China Power Construction Corporation (中国电建) has commenced construction on the Dadu River Eagle Rock Level 1 Hydropower Station, which features the largest single-unit bulb turbine generator in Asia, marking a significant step in the country's clean energy initiatives [1] Group 1: Project Details - The Dadu River Eagle Rock Level 1 Hydropower Station is located in Shimen County, Ya'an City, Sichuan Province [1] - The project is a major national clean energy initiative with a total installed capacity of 300 megawatts [1] - The average annual power generation is estimated to be approximately 1.37 billion kilowatt-hours [1]

Investment Rating - The report maintains a "Recommended" rating for the construction industry [2] Core Viewpoints - The construction industry is experiencing a decline in prosperity, with fixed asset investment growth slowing down. In August, the construction PMI was 49.1, down 1.5 percentage points from the previous month, and the new orders index was 40.6%, down 2.1 percentage points [5][8] - The report highlights the establishment of the Xinjiang-Tibet Railway Company and the completion of the world's highest bridge, the Guizhou Huajiang Canyon Bridge, as significant developments in infrastructure [30][35] - The Ministry of Finance has issued guidelines to ensure the implementation and operation of existing PPP projects, which is expected to stabilize the construction sector [51][52] Summary by Sections 1. Construction Industry Prosperity - The construction industry's business activity index was 49.1 in August, indicating a decline in prosperity [7][8] - The new orders index for the construction industry was 40.6%, reflecting a decrease in demand [5][8] 2. Fixed Asset Investment Growth Slowing - From January to August, national fixed asset investment (excluding rural households) was 326,111 billion yuan, with a year-on-year growth of 0.5%, a decline of 1.1 percentage points compared to the previous month [19] - The investment in the secondary industry grew by 7.6%, while the tertiary industry saw a decline of 3.4% [19] 3. Infrastructure Investment Growth Decline and New Regulations for PPP - Broad infrastructure investment growth was 5.42%, down 1.95 percentage points, while narrow infrastructure investment growth was 2%, down 1.2 percentage points [30] - The establishment of the Xinjiang-Tibet Railway Company marks a significant step in advancing the project [44] - The Ministry of Finance's guidelines for existing PPP projects aim to enhance public service and operational efficiency [51][52] 4. Real Estate Investment and Sales Decline - From January to August, real estate development investment was 60,309 billion yuan, down 12.9% year-on-year, with the sales area of commercial housing decreasing by 4.7% [60] - The new construction area for residential buildings fell by 19.5%, indicating ongoing pressure in the real estate sector [61] 5. PPP Project Construction and Operation Assurance - The report emphasizes the large scale of existing PPP projects, with over 7 trillion yuan in investments expected [50] - The guidelines issued by the Ministry of Finance provide a framework for the construction and operation of these projects, ensuring their stability and efficiency [51][52]

| No. | 项目名称 | | --- | --- | | 1 | 泷悦玖宸(电建西山源著)限竞房 | | 2 | 懋源云纪(指导价)_ | | 3 | 懋源璟樗(指导价)_ | | 4 | 润泽御府 | | 5 | 鲁能格拉斯墅区 | | 6 | 懋源環玺 | | 7 | 鲁能钓鱼台美高梅公馆(别墅)(丰和台自住房)(汇琴购物中心 | | 8 | 富兴首府(含富兴鹏城自住房)_ | | 9 | 京基鹭府(含回迁房) | | 10 | 万科弗农小镇(雪溪镇) | | II | 富力首开金禧璞璟限竞房 | | 12 | 金隅上城郡 | | 13 | 玖瀛府(宜山居悦府)(麓鸣果墅) | | 14 | 葛洲坝北京中国府 | | ા ર | 长安府 | 图源：天朗房研网 北京新房，稳稳上扬。从别墅市场看，位于门头沟的电建泷悦玖宸，首期推出的56套别墅，去化率超过70%，开盘仅半月，网签就实现27套，成交金额高达 3.01亿元，斩获北京别墅销售面积、套数、金额三冠王！ 而回顾2025年上半年，新房市场同比去年均呈上涨趋势。成交套数达18563套，同比上涨23.89%；成交面积超238万㎡，涨幅为23.39%；总成交 ...

Core Viewpoint - The recent procurement results from China Electric Power Construction Group highlight the selection of Dongfang Risen Energy Co., Ltd. for a significant 3000MWp N-type photovoltaic module project, showcasing the company's technological strength and product quality [1] Group 1: Company Achievements - Dongfang Risen has been recognized in the 2025 Global Top 500 New Energy Enterprises list, reflecting its long-term commitment to technology research, product innovation, and market expansion [2] - The company has achieved a major breakthrough with its Vuxi Pro module, reaching an average mass production power of 740Wp and a certified battery conversion efficiency of 26.61%, setting a new industry efficiency record [2] Group 2: Product and Market Expansion - In 2025, Dongfang Risen is expanding its product ecosystem by entering the inverter market and launching integrated energy storage solutions for various scenarios, which have received industry recognition [3] - The company has actively engaged in global market expansion, with projects in Europe, America, and Asia-Pacific, demonstrating the efficiency of its products through successful installations and partnerships [4]

Industry Focus - The "Plan for Stable Growth in the Nonferrous Metal Industry (2025-2026)" has been released, emphasizing the implementation of a new round of mineral exploration strategies, particularly for copper, aluminum, lithium, nickel, cobalt, and tin [2] - The plan aims to promote energy-saving and pollution-reduction transformations in industries such as alumina, electrolytic aluminum, copper smelting, lead smelting, and zinc smelting [2] - It also includes regulations for the safe disposal and resource utilization of large solid wastes like red mud, lithium slag, and high-alumina fly ash [2] Domestic News - China's total length of underwater oil and gas pipelines has surpassed 10,000 kilometers, ranking among the world's top [3] - The largest compressed air energy storage power station in China has successfully delivered electricity, with a total volume of 1.2 million cubic meters, capable of storing 280,000 kilowatt-hours of electricity, which can meet the charging needs of 100,000 electric vehicles [3] - In the first half of 2025, global sales of new energy vehicles reached a record high of over 975,000 units, with a year-on-year growth of 31.3% and a market penetration rate of 21.4% [4] - China's new energy vehicle sales in the first half of 2025 reached 6.937 million units, a year-on-year increase of 40.3%, with a market penetration rate of 44.3% [4] International News - Iraq has resumed oil exports from the Kurdistan region to Turkey after a suspension of two and a half years, with the Iraqi Oil Ministry confirming the resumption [6][7] Corporate News - China Power Construction Corporation has successfully handed over its first geothermal power station project overseas, located in Indonesia, marking a significant achievement for Chinese enterprises in the region [8]

雄安新区，这颗在中国城市版图上冉冉升起的新星，自诞生之日起，便承载着千年大计、国家大事的重 任，其发展潜力与战略地位无可比拟，是当之无愧的臻稀城市。在国家以资金、项目、人才多方面政策 的大力扶持下，大量优质资源不断在这里汇聚，城市基础设施建设日新月异，高端高新产业加速集聚， 教育、医疗等公共服务水平不断提升，一座现代化的未来之城正在白洋淀畔拔地而起。 华曦璟宸屹立于雄安新区这片充满希望的土地上，尽享城市发展带来的红利。随着雄安新区的不断发 展，区域价值的持续攀升，华曦璟宸的价值也在同步增长，成为了购房者资产保值增值的优质选择。选 择华曦璟宸，不仅是选择了一套房子，更是选择了与一座蓬勃发展的城市共成长。 9月26日，雄安·电建智汇城华曦璟宸盛大开盘，凭借扎实的产品力与独特价值主张，赢得众多购房者青 睐。开盘当日人气爆棚，热销迅猛，成为市场关注的焦点。 华曦璟宸所呈现的热度，源于其对产品品质的持续打磨、对客户需求的精准洞察，以及对雄安未来发展 的深入理解。本文将从六大维度，系统解读其背后的热销逻辑与价值支撑。 (一)臻稀城市：价值飙升的潜力股 在房地产行业，品牌是品质与信誉的象征，而央企品牌更是其中的佼佼者。中国 ...

Core Points - The project marks the first successful handover of a geothermal power station EPC project by a Chinese company overseas [1] - The project has officially received the operation acceptance certificate from the owner, indicating its successful completion and entry into the warranty period [1] Company Summary - China Power Construction Corporation has completed the EPC project for the Lumut Balai Phase II geothermal power station in Indonesia [1] - This achievement highlights the company's capabilities in the energy sector and its commitment to high-quality development [1] Industry Summary - The successful handover of the geothermal power station reflects the growing trend of Chinese companies expanding their footprint in the global renewable energy market [1] - The project contributes to the advancement of geothermal energy as a sustainable energy source in Indonesia [1]

Core Viewpoint - The successful handover of the Lumut Balai Phase II Geothermal Power Plant EPC project by China Power Construction to the owner marks the first successful overseas geothermal power plant project completed by a Chinese company, entering the warranty period [1][3]. Group 1: Project Overview - The project received the operation acceptance certificate on September 24, indicating its successful completion and transition to the warranty phase [1]. - The project team overcame challenges such as tight schedules, complex environments, and resource limitations, ensuring high-quality execution across design, procurement, construction, and commissioning [3]. Group 2: Performance and Impact - The performance test results exceeded contract specifications, demonstrating the company's strong execution capabilities and commitment to quality [3]. - As a significant demonstration of Sino-Indonesian energy cooperation, the project showcases China Power Construction's engineering strength and technical expertise in complex environments, contributing to Indonesia's clean energy development [3]. Group 3: Future Commitments - The company will continue to uphold its principles of high standards, strictness, detail, and practicality during the warranty period, focusing on operational support and addressing any remaining defects to ensure the fulfillment of final contractual obligations [3].

Core Viewpoint - China Power Construction Corporation (China Power) is making significant advancements in hydropower construction and technology, contributing to national energy security and the global green transition during the 14th Five-Year Plan period [1][3][9]. Group 1: Technological Innovations - China Power has developed an intelligent temperature control system for the Baihetan Hydropower Station, utilizing 5,774 thermometers and 75,000 meters of temperature measurement fiber, effectively controlling the concrete pouring temperature to below 27°C [1]. - The company has achieved breakthroughs in high-altitude dam construction technology, particularly at the Lihekou Hydropower Station, filling a technical gap in the industry [1][3]. - The Baihetan Hydropower Station has overcome significant technical challenges, including the stability of underground cavern excavation and temperature control for high arch dams, leading to innovations such as "mirror concrete" in spillway tunnels [6]. Group 2: Hydropower Development - During the 14th Five-Year Plan, China Power has driven a leap in hydropower installed capacity, particularly in conventional hydropower and pumped storage sectors, participating in major projects across key river basins [3][4]. - The company has designed and constructed over 80% of large hydropower stations in China and more than 50% globally, establishing itself as a renowned brand in the hydropower sector [3]. Group 3: International Cooperation - China Power actively promotes the "Belt and Road" initiative, exporting Chinese hydropower technology and standards globally, with projects in Laos, Zambia, and Bangladesh serving as examples of successful international collaboration [9][11]. - The company has been involved in the construction of the Nam Ou River cascade hydropower stations in Laos, which is the first comprehensive planning project for a river basin by a Chinese enterprise overseas [9][11]. Group 4: ESG and Social Responsibility - China Power emphasizes ESG (Environmental, Social, and Governance) practices, having published the first overseas ESG report by a Chinese contractor and recognized by domestic and international rating agencies [13]. - The company has created over 200,000 jobs through its overseas projects and has engaged in community building and training programs to strengthen ties with host countries [13].