Group 1 - The central enterprise energy ETF has a turnover rate of 2.38% and a transaction volume of 3.0688 million yuan, with an average daily transaction volume of 5.4144 million yuan over the past week as of May 16 [2] - The index tracked by the ETF, the China Securities National New Central Enterprise Modern Energy Index, is currently at a historical low valuation with a price-to-book ratio (PB) of 1.41, which is below 95.4% of the time over the past year, indicating a strong valuation cost-effectiveness [2] - The top ten weighted stocks in the index, including Changjiang Electric Power and China Nuclear Power, account for a total of 51.18% of the index as of April 30, 2025 [2] Group 2 - The A-share market has historically undervalued low-covariance assets due to insufficient risk awareness, but there is a growing recognition of the importance of the "return-risk ratio" amid increased market volatility, leading to a valuation uplift for utility and other low-covariance assets [2] - Huayuan Securities recommends selecting hydropower with strong risk resistance and undervalued quality thermal power benefiting from declining coal prices, while also suggesting a preference for undervalued quality wind power operators despite uncertainties in the new energy market under Document No. 136 [2]

Core Viewpoint - The construction of the Bangbed Interchange in Conakry, Guinea, by China Power Construction Group marks a significant advancement in the country's infrastructure, addressing severe traffic congestion and enhancing urban development [1][2]. Group 1: Project Overview - The Bangbed Interchange is a three-layer structure located at the intersection of Prince Avenue and T2 Road, designed to alleviate traffic congestion in a high-traffic area where daily vehicle flow exceeds design capacity by three times [1]. - The interchange will provide solutions for entering and exiting the city, inter-regional travel, and quick access to the airport, effectively easing traffic conditions in the surrounding areas [1]. Group 2: Local Impact - Local residents express optimism about the interchange, anticipating significant improvements in travel times and overall quality of life, as the previous traffic conditions were described as torturous [1][2]. - The project is seen as a model for urban road expansion and management in African countries, showcasing a successful collaboration between Chinese and local builders [2].

Investment Rating - The report maintains a "Positive" outlook for the building materials industry [2] Core Insights - The building materials sector continues to experience historical lows in 2024 and 2025, but signs of improvement are emerging [4][12] - Revenue for the building materials sector in 2024 is projected at CNY 682.93 billion, a year-on-year decline of 12.41%, ranking second to last among 31 industries [4][16] - In Q1 2025, the sector's revenue decline narrowed to 1.60%, with a revenue of CNY 129.83 billion, improving its ranking to 18th among industries [5][40] - The net profit margin and return on equity (ROE) are at historical lows, with the sector's net profit margin dropping to 2.61% in 2024 [25][28] Summary by Sections 1. Industry Performance Overview - The building materials sector's revenue and net profit continue to decline in 2024, remaining at the bottom of industry rankings [4][16] - Q1 2025 shows a narrowing revenue decline and improvements in net profit and cash flow, with a net profit of -CNY 243 million, a 74.02% year-on-year increase [5][44] 2. Segment Performance - In Q1 2025, segments like cement and glass fiber show positive revenue growth, with cement revenue up 0.11% and glass fiber up 25.24% [6][55] - Most segments, except for pipes, show improvements in net profit year-on-year, with cement, glass fiber, refractory materials, and coatings ending their respective revenue declines [6][58] 3. Investment Strategy - The report suggests that leading companies in the sector can achieve better growth in a challenging environment through internal and external development strategies [8][81] - The anticipated recovery of the real estate sector is expected to stabilize demand for building materials, leading to valuation recovery in the industry [8][84] - Recommended companies include Beixin Building Materials, Weixing New Materials, Shandong Pharmaceutical Glass, and others [8][84]

非公开发行 A 股股票之持续督导保荐总结报告书 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准中国电力建设股 份有限公司非公开发行股票的批复》（证监许可〔2022〕3103 号）核准，中国电力建设 股份有限公司（以下简称"中国电建""上市公司"或"公司"）非公开发行人民币普通 股（A 股）2,080,124,211 股（以下简称"本次非公开发行"），每股面值人民币 1.00 元， 每股发行价格为 6.44 元，募集资金总额为人民币 13,395,999,918.84 元。公司已于 2023 年 1 月 13 日办理完毕本次非公开发行的新增股份登记。 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为中国电建 本次非公开发行 A 股股票的保荐机构，履行持续督导职责期间截至 2024 年 12 月 31 日， 持续督导期限已满。根据《证券发行上市保荐业务管理办法》《上海证券交易所上市公司 自律监管指引第 11 号——持续督导》等有关法律法规和规范性文件的要求，出具本持续 督导保荐总结报告书，具体情况如下： 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不 ...

文 | 中关村储能产业技术联盟 5月15日，中国电建北京院辽宁大唐国际本溪100MW/196.07MWh共享储能电站EPC总承包项目飞轮储 能及其附属设备采购项目成交公示。 采购人：中国电建集团北京勘测设计研究院有限公司 中标人：贝肯新能源有限公司 相关阅读 新会员 | 先进飞轮储能技术制造企业—贝肯新能源有限公司 山西2个飞轮储能项目最新进展 300MW/1200MWh！国内首个碳纤维复合材料飞轮储能+磷酸铁锂储能电站开工 飞轮+超级电容+锂电！新疆首个新型混合储能示范项目并网运行 联盟官微 关注政策、项目、企业、市场活动 联盟官方小秘书 入会、入群、产业交流、活动对接 ...

Core Viewpoint - Central state-owned enterprises (SOEs) are addressing the issue of stock prices falling below net asset value (known as "破净") by implementing valuation enhancement plans to boost company value and investor confidence [2][3] Group 1: Valuation Enhancement Plans - 27 central SOEs have disclosed targeted valuation enhancement plans this year, with over 50 SOEs revealing their market value management systems [2] - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the importance of addressing the long-term "破净" issue as a key annual task [2] - Companies are focusing on improving core business operations as the primary task in their disclosed valuation enhancement plans [3] Group 2: Strategic Development Initiatives - China Electric Power Construction plans to develop strategic emerging industries such as offshore wind power, hydrogen energy, and artificial intelligence in engineering [3] - China State Construction Engineering is focusing on industrialization, digitalization, and green transformation to enhance its competitive edge [4] Group 3: Mergers and Acquisitions - High-quality mergers and acquisitions are seen as essential for optimizing business layout and expanding market share in the steel industry [5] - China Communications Construction Company is planning to integrate its subsidiaries to reduce costs and enhance efficiency [5][6] Group 4: Long-term Return Mechanisms - The "three-piece set" of dividends, share buybacks, and stock repurchases is crucial for enhancing investor returns and is a significant part of the market value management toolbox [7] - Daqin Railway plans to maintain a cash dividend ratio of at least 55% of net profit by 2025, while other companies like China Merchants Port and Shanghai Energy are also increasing their dividend payouts [7][8] Group 5: Market Stabilization Efforts - Since April, central SOEs have initiated share buybacks and repurchases exceeding 30 billion yuan to stabilize the capital market [8] - A rapid response mechanism has been established by many central SOEs to address market fluctuations effectively [8]

Core Viewpoint - China Power Construction Corporation (China Power) demonstrated resilience in 2024, achieving stable growth in key operational metrics despite a challenging external environment [2] Group 1: Financial Performance - In 2024, China Power reported a total revenue of 633.685 billion yuan, a year-on-year increase of 4.07% [2] - The company signed new contracts worth 1.27 trillion yuan, reflecting an 11.19% increase compared to the previous year [2] - The net profit attributable to shareholders reached 12.015 billion yuan, with net cash inflow from operating activities amounting to 24.546 billion yuan, up 10.34% year-on-year [2] Group 2: Strategic Development - China Power is focusing on strategic transformation and high-quality development, aiming for new contracts of 1.4 trillion yuan and revenue exceeding 650 billion yuan in 2025 [2] - The company is enhancing traditional business through high-end, intelligent, and green integration, while also accelerating the cultivation of strategic emerging industries, with over 40% of revenue coming from new energy [2] Group 3: International Business Growth - In 2024, China Power signed international contracts worth 223.957 billion yuan, a 4.08% increase, and achieved international revenue of 90.628 billion yuan, up 11.43% [3] Group 4: Shareholder Returns - China Power plans to distribute a cash dividend of 1.2695 yuan per 10 shares, totaling 2.187 billion yuan, which represents 20% of the net profit attributable to shareholders [4] - The company has distributed over 17 billion yuan in cash dividends from 2011 to 2023 and aims to enhance the stability and predictability of cash dividends in the future [4] Group 5: Market Value Management - China Power is committed to becoming a world-class enterprise in green low-carbon industry development and technology innovation, focusing on value creation, management, and transmission [5] - The company is actively engaging with investors through initiatives like the "Walk into Listed Companies" event to showcase its strategic transformation and development potential [5]

5月13日下午，中国电建（601669）举办2024年度业绩暨现金分红说明会，并联合上海证券交易所同步 举办"走进上市公司"活动。 会上，中国电建管理层表示，2024年，公司总体呈现核心功能持续增强、战略转型加力提速、创新生态 不断优化、战新业务加速培育、品牌形象持续提升的积极态势。全年，新签合同额12706.91亿元，同比 增长11.19%，实现营业收入6336.85亿元，同比增长4.07%；归属于上市公司股东的净利润120.15亿元； 实现经营活动现金净流入245.46亿元，同比增长10.34%。 在投资者交流阶段，与会公司管理层积极回应投资者问题，对资本市场关注的市值管理、海外业务规 划、科技与数字化业务等热点问题进行了交流。 中国电建管理层表示，上市以来，公司始终将市值管理作为战略发展的重要组成部分，积极采取一系列 有效措施，致力于提升公司投资价值，增强股东回报能力。公司将以改善、解决"破净问题"为核心目 标，按照已经制定的《市值管理制度》要求，围绕《估值提升计划》的"价值创造-价值经营-价值传 递"三大环节，系统性推进市值管理举措。 具体来看，首先是加强价值创造，提高上市公司质量。一是强调建立健全市 ...

Investment Rating - The investment rating for the construction and engineering sector is "Positive" and maintained [7]. Core Insights - The China Securities Regulatory Commission (CSRC) released the "Action Plan for Promoting the High-Quality Development of Public Funds" on May 7, which emphasizes the importance of performance benchmarks and strict regulation of fund companies' selection of benchmarks [2][6]. - The Action Plan aims to optimize fund operation models and establish a mechanism that binds fund company income to investor returns, addressing market concerns about fund companies profiting while investors do not [10]. - The plan encourages the issuance of actively managed equity funds with performance-based management fees, aiming for at least 60% of the top fund management institutions to issue such funds within a year [10]. - The Action Plan also stresses the need for long-term performance assessments and incentives for fund managers, with a significant weight on performance metrics [10]. - The focus on performance benchmarks is expected to reduce the tendency of funds to concentrate on single sectors or styles, promoting a more stable investment approach [10]. - The construction sector, particularly stocks with significant weight in the CSI 300 index, is highlighted as a key area for investment, with major state-owned enterprises included [10]. - Recommended stocks for weight allocation include Sichuan Road & Bridge, China State Construction, and others that align with high dividend characteristics and stable growth expectations [10]. Summary by Sections - **Event Description**: The CSRC's release of the "Action Plan" on May 7 [6]. - **Event Commentary**: The Action Plan's implications for fund management and investment strategies in the construction sector [10].

Group 1 - The company announced its 2024 annual report and 2025 Q1 report, with revenues, net profit attributable to the parent, and net profit excluding non-recurring items for 2024 projected at 633.7 billion, 12 billion, and 11.1 billion respectively, showing year-on-year changes of +4%, -7%, and -5% [1] - The company continues to show resilience in revenue growth, with engineering and power investment and operation revenues for 2024 expected to increase by 4% and 6% to 575 billion and 25.4 billion respectively [1] - The net profit margin is slightly under pressure, with the comprehensive gross margin for 2024 and 2025 Q1 expected to decrease by 0.1 and 1.0 percentage points to 13.3% and 10.9% respectively [1] Group 2 - The strategic transformation of the company is promising, maintaining a "buy" rating despite adjustments to profit forecasts due to macro investment rhythm impacts [1] - Revenue projections for 2025-2027 are expected to grow year-on-year by 8%, 10%, and 10% to 685.2 billion, 754.5 billion, and 826.7 billion respectively, with net profit attributable to the parent expected to increase by 10%, 9%, and 8% to 13.2 billion, 14.3 billion, and 15.5 billion respectively [1]