来源：中国新闻网 2025年4月29日，一场题为"带三亿人上冰雪 中国冰雪经济践行范本"的开业典礼盛大举行。中国电建地 产联袂奥运冠军任子威，强强联合打造的"重庆之丘国际冰上运动中心"落成启幕，这是三好电建以冰雪 经济促进区域进阶，赋能高品质人居发展，持续营造美好生活的全新实践。 开业典礼上，中国电建地产集团有限公司党委书记、董事长王海波，重庆交通开投集团党委书记、董事 长石继东，重庆市体育局副局长杜学勇，全国人大代表、奥运冠军任子威等嘉宾出席，与媒体代表、各 界来宾百余人共同参与见证了这场足以载入城市体育运动发展史册的冰雪盛事。 逐冰之梦 闪耀重庆 一场盛大的开业典礼，由中国电建地产"重庆之丘国际冰上运动中心"为奥运冠军任子威颁发"冰雪推荐 大使"聘书启幕。这位2022年北京冬奥会短道速滑冠军，是"重庆之丘国际冰上运动中心"管理运营机构 和教练团队的带头人。站上演讲台的任子威，将自己20年的冰上故事和中国人的冰雪梦想娓娓道来。他 让大家知道，一座合乎国际标准的1800㎡冰场因何诞生在中国直辖市重庆，今后会给城市生活带来怎样 的变化。国际标准冰之于喜欢冰上运动的人们而言，会给予怎样的感受和体验。 关于未来，任 ...

证券代码：601669 股票简称：中国电建 公告编号：临 2025-023 中国电力建设股份有限公司 第四届监事会第六次会议决议公告 本公司监事会及全体监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。 中国电力建设股份有限公司（以下简称公司）第四届监事会第六次会议于 2025年4月28日以通讯方式召开。会议通知和会议议案等材料已以书面文件形式 送达各位监事。本次会议应当参与表决的监事5人，实际参与表决的监事5人，各 位监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司章程》的 规定。 本次会议经与会监事充分审议并经过有效表决，审议通过了以下议案： 一、审议通过了《关于中国电力建设股份有限公司2025年第一季度报告的议 案》。 表决情况：5票同意，0票弃权，0票反对。 二、审议通过了《中国电力建设股份有限公司关于部分募集资金投资项目变 更实施主体的议案》。 公司监事会同意公司下属全资子公司中国电建集团中南勘测设计研究院有 限公司将购置的一座75米水深海上自升式勘测试验 ...

第四届董事会第九次会议决议公告 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。 中国电力建设股份有限公司（以下简称公司）第四届董事会第九次会议于 2025年4月28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9人，实际参与表决的董事 9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 司章程》的规定。 证券代码：601669 股票简称：中国电建 公告编号：临 2025-022 中国电力建设股份有限公司 本次会议经与会董事充分审议并经过有效表决,审议通过了以下议案： 一、审议通过了《关于中国电力建设股份有限公司2025年第一季度报告的 议案》。 表决情况：9票同意，0票弃权，0票反对。 本议案已经公司第四届董事会审计与风险管理委员会第七次会议审议通过。 具体内容请详见与本公告同时刊登的《中国电力建设股份有限公司2025年 第一季度报告》。 二、审议通过了《中国电力建设股份有限公司 ...

中国国际金融股份有限公司 关于中国电力建设股份有限公司 部分募集资金投资项目变更实施主体的核查意见 中国电力建设股份有限公司（以下简称"中国电建"或"公司"）2022 年度 非公开发行股票募集资金投资项目之"75 米水深海上自升式勘测试验平台购置 项目"（以下简称"募投项目"）涉及的募集资金已使用完毕，该试验平台（两座） 已交付投入使用。为加强对该试验平台的规范化管理，同时满足主管机关注册登 记要求，公司下属全资子公司中国电建集团中南勘测设计研究院有限公司（即募 投项目原实施主体，以下简称"中南院"）拟向其全资子公司中电建中南（海南） 海洋科技有限公司（以下简称"海洋公司"）转让其中一座试验平台，将海洋公 司作为募投项目的实施主体。 中国国际金融股份有限公司（以下简称"保荐机构"或"保荐人"、"中金公 司"）作为中国电建本次非公开发行 A 股股票的保荐机构，根据《证券发行上市 保荐业务管理办法》《上海证券交易所股票上市规则》《上市公司监管指引第 2 号 ——上市公司募集资金管理和使用的监管要求》及《中国电力建设股份有限公司 募集资金管理办法》等相关法律、法规和规范性文件的规定，对中国电建本次变 更募投项目实施 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 142.56 billion, representing a year-on-year increase of 1.61% compared to CNY 140.15 billion in the same period last year[4]. - Net profit attributable to shareholders decreased by 12.03% to CNY 2.64 billion from CNY 3.04 billion in the previous year[4]. - Basic and diluted earnings per share were both CNY 0.1471, down 12.44% from CNY 0.1708 in the same period last year[5]. - The company reported a decrease in net profit due to increased operational costs and market challenges[4]. - Net profit for Q1 2025 was RMB 3.51 billion, down 11.4% from RMB 3.97 billion in Q1 2024[19]. - Operating profit for Q1 2025 was RMB 4.27 billion, a decrease of 10.5% from RMB 4.78 billion in Q1 2024[18]. - Total comprehensive income for Q1 2025 was RMB 3.50 billion, compared to RMB 3.78 billion in Q1 2024[19]. - The total comprehensive income for Q1 2025 was -230,002,086.24 RMB, compared to -336,904,522.09 RMB in Q1 2024, representing an improvement of approximately 31.7%[31]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 1,337.19 billion, an increase of 3.74% from CNY 1,289.00 billion at the end of the previous year[5]. - The company's current assets totaled RMB 574,929,513,336.05, up from RMB 532,807,364,815.79, indicating an increase of about 7.9%[14]. - The accounts receivable increased to RMB 137,898,192,228.54 from RMB 125,901,986,691.89, representing a rise of approximately 9.6%[14]. - The total liabilities reached RMB 1,064,480,983,059.27, up from RMB 1,017,424,198,397.00, which is an increase of approximately 4.3%[16]. - The company's equity attributable to shareholders rose to RMB 166,263,256,256.02 from RMB 165,557,167,983.65, reflecting a slight increase of about 0.4%[16]. - The company's short-term borrowings surged to RMB 81,087,807,771.09, compared to RMB 39,701,801,492.94, marking an increase of about 104.5%[15]. - The non-current liabilities totaled RMB 434,672,253,811.27, an increase from RMB 413,646,009,276.67, which is approximately 5.0% higher[16]. Cash Flow - The net cash flow from operating activities was negative at CNY -40.52 billion, compared to CNY -39.00 billion in the same period last year[5]. - Cash flow from operating activities for Q1 2025 was negative at RMB -40.52 billion, compared to RMB -39.08 billion in Q1 2024[22]. - The net cash flow from financing activities was CNY 53.71 billion, a decrease of 24.2% compared to CNY 70.78 billion in the previous period[23]. - The company's cash inflow from financing activities totaled CNY 98.38 billion, down from CNY 103.43 billion, a decrease of approximately 4.9%[23]. - Operating cash flow for Q1 2025 was -19,654,125,143.18 RMB, an improvement from -27,661,734,467.69 RMB in Q1 2024, indicating a reduction in cash outflow of about 29%[32]. Shareholder Information - The company had a total of 332,573 common shareholders at the end of the reporting period[9]. - The largest shareholder, China Power Construction Group Co., Ltd., held 53.0% of the shares, amounting to 9,138,371,913 shares[10]. Research and Development - Research and development expenses for Q1 2025 were RMB 3.22 billion, slightly up from RMB 3.19 billion in Q1 2024[18]. Other Financial Metrics - Non-recurring gains and losses totaled CNY 37.67 million, with significant contributions from asset disposal and government subsidies[6]. - The company incurred financial expenses of 294,717,867.49 RMB in Q1 2025, slightly down from 310,344,298.46 RMB in Q1 2024, indicating a decrease of about 5%[30]. - The company received cash inflows from financing activities totaling 28,500,000,000.00 RMB in Q1 2025, compared to 34,500,000,000.00 RMB in Q1 2024, a decline of approximately 17.4%[33]. - The company reported a significant increase in cash received from other operating activities, amounting to 9,731,345,094.30 RMB in Q1 2025, compared to 6,159,844,517.34 RMB in Q1 2024, a growth of about 57.5%[32]. - The company’s interest income for Q1 2025 was 241,391,842.61 RMB, up from 140,631,460.83 RMB in Q1 2024, reflecting an increase of approximately 71.7%[30].

Overview - Water conservancy is a crucial foundation for national economic and social development, directly related to flood safety, water supply safety, food security, economic security, ecological security, and national security [1][10] - In 2023, the number of ongoing water conservancy construction projects in China reached 41,014, a year-on-year increase of 0.82% [10] - The investment scale of ongoing projects reached 54,797 billion yuan, a year-on-year increase of 26.81% [10] - The completed investment in water conservancy construction projects amounted to 9,089 billion yuan, a year-on-year increase of 7.03% [10] Market Policies - The Chinese government has issued several policies to support water conservancy infrastructure construction, including guidelines for financial support, water resource conservation, and the promotion of contract water-saving management [5][7] - Policies aim to enhance the construction of major water conservancy projects, rural water facilities, and water-saving renovations, providing clear direction for the development of the water conservancy construction industry [5] Industry Chain - The upstream of the water conservancy construction industry includes suppliers of building materials such as cement, steel, and sand, as well as suppliers of hydropower equipment [8] - The midstream consists of water conservancy construction enterprises involved in surveying, design, consulting, supervision, and construction [8] - The downstream includes government departments, urban investment companies, and port enterprises, with government playing a leading role in planning, approval, and regulation [8] Competitive Landscape - As of March 2025, there are 304 construction enterprises with a level one or above qualification in water conservancy, including 36 enterprises with special qualifications [12][14] - Major companies include China Power Construction Group, China Railway Eighth Group, and China Water Resources and Hydropower Third Engineering Bureau, which have strong financial strength and project management experience [12][13] Development Trends - The importance of ecological protection in water conservancy projects is increasing, with a focus on ensuring harmony between water projects and the natural environment [24] - Investment in water conservancy projects in central and western regions is expected to increase, driven by national strategies such as the Western Development and Rural Revitalization [24] - Chinese water conservancy construction enterprises are likely to expand their international market presence through technology exports and engineering contracts under the Belt and Road Initiative [24]

Group 1 - The report highlights three main investment directions: 1) Technology AI+ led by Deepseek breakthroughs and open-source initiatives, 2) Valuation recovery and gradual revival of consumer stocks, 3) The rise of undervalued dividends [2] - Overall industry sentiment shows an upward trend in sectors such as machinery, food and beverage, non-bank financials, real estate, environmental protection, and retail, while sectors like oil and petrochemicals, pharmaceuticals, home appliances, banking, and public utilities are trending downward [2][20] - The report predicts strong performance in specific sub-industries over the next four weeks, emphasizing automotive services, general equipment, logistics, components, specialized equipment, paper, semiconductors, wind power equipment, consumer electronics, motors, textiles, optical electronics, photovoltaic equipment, jewelry, and infrastructure [2][20] Group 2 - In the agriculture sector, there is a strong short-term pig price due to a supply gap and inventory demand driven by state storage and increased channel inventory [3] - The report indicates a growing pressure on pig supply due to increasing inventory levels, with a notable rise in the number of small pigs stored [3] - The report recommends leading breeding companies such as Wens Foodstuffs, Muyuan Foods, and New Hope, while suggesting attention to flexible stocks like Shennong Group and Dekang Animal Husbandry [3] Group 3 - The aerospace industry is experiencing growth, with the domestic C919 aircraft entering commercial operation, leading to increased orders and production capacity [4][7] - The report anticipates significant benefits for the company as a key supplier in the aerospace engine industry, particularly with the development of advanced fighter jets and drones [4][7] - Revenue projections for the company are set at 44.84 billion, 54.48 billion, and 68.54 billion for 2025-2027, with a target price of 33.96 per share [7] Group 4 - The home appliance sector is seeing a return to growth, with new business and scenarios contributing to revenue despite short-term profitability pressure [8][29] - The company reported a revenue of 19.1 billion in 2024, with a slight increase in sales from industrial pumps and significant growth in the commercial pump segment [8][29] - The report maintains a "buy" rating for the company, projecting net profits of 2.7 billion, 3.3 billion, and 3.8 billion for 2025-2027 [29] Group 5 - The report on the food and beverage sector indicates a stable performance for Laobai Ganjiu, with revenue and net profit showing slight increases [10][14] - The company is benefiting from market dynamics in Hebei and Hunan, with a positive outlook for future sales growth [10][14] - The report adjusts profit forecasts for 2025-2026, expecting net profits of 8.87 billion and 10.27 billion, reflecting a cautious but optimistic view of the market [14] Group 6 - The cosmetics and personal care sector is experiencing a temporary performance pressure, but the color cosmetics business is showing remarkable growth [14][15] - The company reported a revenue of 57.36 billion in 2024, with a significant increase in color cosmetics sales [14][15] - The report anticipates a revenue growth trajectory for 2025-2027, with adjusted profit expectations reflecting competitive pressures in the market [15]

Investment Rating - The report maintains a "Buy" rating for the company [1][6] Core Views - The company achieved a revenue of 633.685 billion yuan in 2024, representing a year-on-year increase of 4.07%, while the net profit attributable to shareholders was 12.015 billion yuan, down 7.21% year-on-year [1] - The company is focusing on business transformation and upgrading, consolidating its traditional strengths in water conservancy and hydropower construction while actively pursuing opportunities in renewable energy and pumped storage projects [1] - The report anticipates a slowdown in revenue growth and has adjusted the net profit forecasts for 2025-2027 to 12.8 billion, 14.0 billion, and 15.7 billion yuan respectively [1] Revenue Breakdown - In 2024, the company generated revenue from engineering contracting and surveying design (575.003 billion yuan), power investment and operation (25.404 billion yuan), and other businesses (31.281 billion yuan), with year-on-year growth rates of 4.42%, 5.95%, and -1.71% respectively [2] - The renewable energy segment achieved a revenue of 10.757 billion yuan, reflecting a year-on-year increase of 13.12% [2] - The company’s installed capacity reached 33.13 GW by the end of 2024, a year-on-year increase of 22% [2] Profitability and Cash Flow - The company reported a gross margin of 13.19% in 2024, a slight decrease of 0.04 percentage points year-on-year [3] - The net cash flow from operations was 24.546 billion yuan, an increase of 2.281 billion yuan year-on-year [3] - The report highlights a decrease in net profit margin to 2.5%, down 0.33 percentage points year-on-year [3]