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]

Core Viewpoint - The meeting between China Electric Power Construction (China Electric) and Inner Mongolia Power Group focuses on accelerating the construction of a new power system and promoting green and low-carbon energy transformation [1][3]. Group 1: Company Overview - China Electric's Chairman Ding Yanzhang welcomed the visiting delegation from Inner Mongolia Power Group and introduced the company's operational development and cooperation status [3]. - China Electric aims to leverage its professional advantages in the fields of "water, energy, city, and data" and its integrated advantages in the "investment, construction, and operation" industry chain to promote strategic transformation and high-quality development [3]. Group 2: Strategic Cooperation - Both parties emphasized the importance of enhancing communication and strategic trust to utilize their respective advantages in promoting green and low-carbon energy transformation and constructing a modern energy system [3]. - Inner Mongolia Power Group is recognized as a leading state-owned enterprise in the region, making significant progress in green transformation and energy system construction [4]. Group 3: Future Collaboration - Inner Mongolia Power Group expressed gratitude for the support from China Electric and highlighted the achievements in their collaborative efforts [4]. - The two companies aim to strengthen cooperation in areas such as green and low-carbon transformation, new productivity cultivation, and talent exchange and training, establishing a new benchmark for collaboration [4].