Core Viewpoint - The A-share capital market in China maintained a positive trend in Q1 2026, with significant growth in equity financing driven by favorable regulatory policies and an active market environment [2]. Group 1: Overview of Equity Financing Market - In Q1 2026, there were 96 equity financing events in the A-share market, an increase of 26 events year-on-year, raising a total of 230.22 billion yuan, which is a 106.88% increase compared to the same period last year [4][10]. - The number of IPOs reached 35, up by 8 from the previous year, with a total fundraising of 29.78 billion yuan, reflecting a year-on-year growth of 79.58% [20][4]. - The private placement (增发) projects accounted for 49 events, increasing by 14 year-on-year, with a total fundraising of 191.23 billion yuan, marking a 136.02% increase [36][4]. Group 2: Distribution of Financing Methods - In Q1 2026, the distribution of financing methods showed that IPOs raised 29.78 billion yuan (12.93% of total), private placements raised 191.23 billion yuan (83.06%), and convertible bonds raised 9.22 billion yuan (4%) [7][10]. Group 3: Industry Distribution of Financing Entities - The non-ferrous metals industry led the fundraising with 71.13 billion yuan, followed by the coal and chemical industries with 60.08 billion yuan and 19.71 billion yuan, respectively [11]. Group 4: Regional Distribution of Financing Entities - Beijing topped the regional fundraising with 79.56 billion yuan from 11 projects, largely due to China Shenhua's private placement. Shandong followed with 65.28 billion yuan from 5 projects, primarily from Hongqiao Group's private placement [14][17]. Group 5: IPO Trends - The IPO market saw 35 issuances in Q1 2026, raising 29.78 billion yuan, a 79.58% increase year-on-year [20]. - The innovation and entrepreneurship board led the fundraising with a total of 51.38% of the total IPO amount, while the Shanghai and Shenzhen main boards followed [22]. Group 6: Top IPO Financing Projects - The highest IPO financing in Q1 2026 was by Zhen Shi Co., Ltd., raising 2.92 billion yuan, followed by Shiya Technology and Hongming Electronics with 2.27 billion yuan and 2.12 billion yuan, respectively [34]. Group 7: Private Placement Trends - In Q1 2026, private placements had 49 projects, raising 191.23 billion yuan, significantly higher than the previous year [36]. - Private enterprises led the fundraising with 80.76 billion yuan, followed by central and local state-owned enterprises with a total of 103.26 billion yuan [39]. Group 8: Top Private Placement Projects - The largest private placement project was by Hongqiao Group, raising 63.52 billion yuan for asset acquisition, followed by China Shenhua with two projects totaling 60.08 billion yuan [50]. Group 9: Underwriting Rankings - CITIC Securities ranked first in underwriting amount with 61.95 billion yuan, followed by CITIC Construction Investment with 51.39 billion yuan and Huatai Securities with 45.01 billion yuan [54]. - In terms of the number of underwritings, CITIC Securities led with 15, followed by Huatai Securities with 13 [56].

Group 1: Medical and Biological Sector - The core conclusion is that Yingke Medical (300677.SZ) is a global leader in disposable protective gloves, with significant cost, capacity, and financial advantages, leading in production and revenue scale in China and globally [6][7] - The disposable glove industry is experiencing a supply-demand improvement, with the company expanding nitrile glove production capacity, enhancing market share and profitability, leading to a strong growth outlook [6][7] - The company’s revenue for 2024 and Q1 2025 showed a year-on-year increase of 37.6% and 4.6%, respectively, with profits increasing by 282.6% and 34.5% [6] Group 2: Media Sector - Xindong Company (02400.HK) reported a revenue of 57.64 billion yuan for 2025, a year-on-year increase of 15.0%, and a net profit of 15.35 billion yuan, up 89.2% [9] - The gaming business revenue reached 37.96 billion yuan, growing by 10.5%, driven by several successful new games [9][10] - The TapTap platform revenue increased by 24.7% to 19.68 billion yuan, with user engagement metrics showing positive trends [10] Group 3: Construction and Decoration Sector - China Energy Construction (601868.SH) achieved a revenue of 4529.30 billion yuan in 2025, a year-on-year increase of 3.71%, but net profit decreased by 30.44% [12][13] - The company’s overseas business showed strong growth, with a 34.65% increase in revenue from international operations [12] - The company is focusing on hydrogen energy, energy storage, and computing power, with significant investments in these areas [13] Group 4: Non-ferrous Metals Sector - Luoyang Molybdenum (603993.SH) reported a revenue of 2066.8 billion yuan in 2025, a decrease of 3.0%, while net profit increased by 50.3% [16][17] - The company’s copper production reached 741,100 tons, a year-on-year increase of 14.0%, positioning it among the top ten copper producers globally [17] - The company is pursuing a dual-core strategy focusing on copper and gold, with significant acquisitions planned to enhance production capacity [18] Group 5: Automotive Sector - XPeng Motors (9868.HK) reported total revenue of 767.2 billion yuan in 2025, a year-on-year increase of 87.7%, with a significant improvement in gross margin [20][21] - The company achieved a delivery volume of 429,400 vehicles, a 125% increase year-on-year, contributing to a substantial rise in automotive sales revenue [20] - The service and other income reached 83.4 billion yuan, growing by 65.6%, driven by technology services and government subsidies [21] Group 6: Agriculture, Forestry, Animal Husbandry, and Fishery Sector - Muyuan Foods (002714.SZ) reported a revenue of 1441.45 billion yuan in 2025, a year-on-year increase of 4.49%, but net profit decreased by 13.39% [24][25] - The company’s pig production volume increased by 19.10% year-on-year, but low pig prices negatively impacted overall profitability [25][26] - The slaughtering business achieved its first annual profit, with a capacity utilization rate of 98.8% [25] Group 7: Non-bank Financial Sector - New China Life Insurance (601336.SH) reported a net profit of 362.8 billion yuan in 2025, a year-on-year increase of 38.3% [31][32] - The company’s new business value (NBV) increased by 57.4%, indicating strong growth in its insurance sales channels [31] - Total investment income rose by 30.9% to 104.3 billion yuan, significantly contributing to profitability [32] Group 8: Aluminum Sector - Yun Aluminum (000807.SZ) achieved a revenue of 600.43 billion yuan in 2025, a year-on-year increase of 10.27%, with net profit rising by 37.24% [35][36] - The company’s gross margin improved to 16.79%, reflecting enhanced operational efficiency [35] - The company plans to develop a full industrial chain focusing on green aluminum production, with production targets set for 2026 [37]

（股份代號：3996） 海外監管公告 本公告乃由中國能源建設股份有限公司（「本公司」）根據香港聯合交易所有限公司證券上 市規則第13.10B條作出。 茲載列本公司於上海證券交易所網站刊發的《中國能源建設股份有限公司關於為所屬子公 司提供擔保的公告》，僅供參閱。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CHINA ENERGY ENGINEERING CORPORATION LIMITED* （在中華人民共和國註冊成立的股份有限公司） 承董事會命 中國能源建設股份有限公司 董事長 倪真 中國，北京 2026年3月30日 於本公告日期，本公司執行董事為倪真先生；職工董事為黃埔先生；非執行董事為劉學 詩先生及司欣波先生；及獨立非執行董事為程念高先生、魏偉峰博士、牛向春女士及裴 振江先生。 * 僅供識別 | | | 中国能源建设股份有限公司 关于为所属子公司提供担保的公告 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 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company is projected to achieve an operating revenue of 452.93 billion yuan in 2025, representing a year-on-year increase of 3.71%. However, the net profit attributable to shareholders is expected to decrease by 30.44% to 5.84 billion yuan, and the net profit after deducting non-recurring items is forecasted to decline by 29.08% to 4.63 billion yuan [5][10]. Summary by Sections Revenue Growth - The company is expected to see stable revenue growth, with strategic emerging industries and overseas markets experiencing rapid growth. The revenue from strategic emerging industries is projected to reach 184.85 billion yuan, a year-on-year increase of 9.5%, accounting for 40.81% of total revenue. The revenue from surveying, design, and consulting is expected to be 22.05 billion yuan, up 5.83%, while engineering construction revenue is anticipated to be 389.02 billion yuan, increasing by 6.05%. The industrial manufacturing revenue is projected at 34.26 billion yuan, a rise of 6.33%, and investment operation revenue is expected to be 38.75 billion yuan, up 7.26%. Notably, overseas revenue is forecasted to grow by 34.65% to 75.60 billion yuan, making up 17% of total revenue [10]. Profitability Challenges - The main factors contributing to profit loss include increased impairment losses and reduced asset disposals. The comprehensive gross profit margin is expected to be 12.19%, a decrease of 0.22 percentage points year-on-year. The overall expense ratio is projected to be 8.29%, down 0.09 percentage points. The asset and credit impairment losses are expected to total 4.43 billion yuan, an increase of 606 million yuan. The net profit margin is projected to decline to 1.29%, down 0.63 percentage points year-on-year, while the net profit margin after deducting non-recurring items is expected to be 1.02%, a decrease of 0.47 percentage points [10]. Cash Flow Improvement - The cash flow situation is expected to improve significantly, with a cash collection ratio of 103.30%, an increase of 7.02 percentage points year-on-year. The net cash inflow from operating activities is projected to be 11.55 billion yuan, an increase of 522 million yuan year-on-year. However, the company's asset-liability ratio is expected to rise to 77.74%, an increase of 1.42 percentage points, and the accounts receivable turnover days are projected to increase to 67.83 days [10]. New Contracts and Future Outlook - The company is expected to maintain stable growth in new contracts, with new contracts signed in surveying and design projected at 26.16 billion yuan, an increase of 32.7%, and engineering construction new contracts expected to reach 1,346.48 billion yuan, up 5.6%. Notably, new contracts in the renewable energy sector are projected to be 592.58 billion yuan, an increase of 6.7%, while transportation new contracts are expected to rise by 52.8% to 42.59 billion yuan. The company is also accelerating its investment operations, with a total installed capacity of 8.066 million kilowatts in new energy storage projects [10].

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company reported a revenue of 452.9 billion yuan for 2025, representing a year-on-year growth of 4%, while net profit attributable to shareholders decreased by 30% to 5.84 billion yuan [1] - The company’s revenue growth shows resilience, but profitability is under pressure due to increased competition and higher effective tax rates [8] - The company is focusing on new energy sectors such as energy storage and hydrogen energy, which are showing strong growth potential [8] Financial Performance Summary - Revenue for 2025 is projected at 452.93 billion yuan, with a growth rate of 3.7% for the year [2] - Net profit attributable to shareholders is expected to be 5.84 billion yuan, with a significant decline of 30.4% [2] - The company’s gross margin for 2025 is reported at 12.2%, a slight decrease of 0.2% year-on-year [8] - The company’s cash flow management has improved, with operating cash flow increasing by 5 billion yuan to 11.55 billion yuan [8] - The projected earnings per share for 2026 is 0.15 yuan, with a price-to-earnings ratio of 20 times [2] Business Segment Performance - The company’s design consulting, engineering construction, investment operation, and industrial manufacturing segments reported revenue growth of 6% each, indicating stable performance across major business lines [8] - The company’s installed power capacity increased by 5.9 GW year-on-year to 23.5 GW, with significant contributions from wind and solar energy [8] - The company has successfully acquired additional renewable energy indicators, increasing its total to 82 GW, reflecting its strategic focus on energy and new energy sectors [8]

| H | A | | --- | --- | | 股代码:03996 | 股代码:601868 | | H 股简称:中国能源建设 | A 股简称:中国能建 公告编号：临 2026-010 | 中国能源建设股份有限公司 关于为所属子公司提供担保的公告 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。 重要内容提示： 兹别克斯坦储能群项目，该笔贷款须由公司提供全程全额保证担保。 公司已将该项担保事项纳入 2024 年年度股东大会审议通过的 《2025 年度对外担保计划》，该计划有效期至公司 2025 年年度股东 会召开之日止。本次担保金额为 2,071,060,000 元人民币，未超过 2025 年度对外担保计划中已审定的为海投香港公司（曾用名：中国葛 洲坝集团海外投资香港有限公司）提供担保的 37 亿元人民币担保额 度中剩余可用额度，详见公司于 2025 年 3 月 29 日在上海证券交易所 网站披露的《关于 2025 年度对外担保计划的公告》（临 2025-018）。 截至本项担保合同签署日，上述担保额度已使用 14.2 亿 ...

Investment Rating - The report maintains a positive outlook on the construction and decoration industry, particularly highlighting opportunities in green fuel and coal chemical engineering sectors [3][4]. Core Insights - The 2026 Central Enterprises Industry Prosperity Conference in Xinjiang is expected to drive approximately 170 billion yuan in investments across 92 projects, focusing on energy, minerals, computing power, and equipment manufacturing [1]. - Xinjiang's renewable energy potential, particularly in solar and wind, positions it as a key player in addressing energy supply challenges in China [1]. - The coal chemical industry in Xinjiang is experiencing rapid development, with planned investments exceeding 500 billion yuan in various coal-to-chemical projects [1]. Summary by Sections Market Review - The construction index decreased by 0.83% while the building materials index increased by 1.12% during the week of March 23-27, 2026 [3][10]. - Year-to-date, the construction index has risen by 5.84%, ranking 9th among 30 industries, while the building materials index has increased by 7.74%, ranking 6th [3][10]. Special Debt Issuance - As of March 27, 2026, local government special bond issuance amounted to 102.415 billion yuan, a week-on-week decrease of 10.20% [2][21]. - Cumulatively, 11,365.75 billion yuan in special bonds have been issued this year, reflecting a year-on-year increase of 38.23% [24]. Cement Industry Data - National cement prices have shown a slight increase of 0.1% week-on-week, with significant price rises in regions like Hubei and Chongqing [34][36]. - The average ex-factory price of cement is reported at 255.7 yuan per ton, with a year-on-year decline of 16.5% [34][38]. Company Performance - Recommended stocks include China Energy Engineering and China Power Construction in the green fuel sector, and China Chemical Engineering and Sinopec Engineering in the coal chemical sector [3][4]. - The report highlights leading companies in the real estate chain, such as Oriental Yuhong and Honglu Steel Structure, as potential beneficiaries of market share growth [3][4].

Investment Rating - The report maintains a "Buy" rating for key companies in the coal chemical and energy sectors, emphasizing their potential benefits from the ongoing energy crisis and geopolitical tensions [10][9][31]. Core Insights - The escalation of the Iran conflict is significantly impacting global energy dynamics, leading to a recommendation for energy self-sufficiency as a strategic focus [1][15]. - The blockade of the Strait of Hormuz has resulted in a substantial increase in oil prices, with Brent crude futures rising from approximately $72 per barrel to $113 per barrel, marking a 55% increase [2][16]. - China's energy self-sufficiency strategy is becoming increasingly urgent, with a focus on enhancing domestic energy infrastructure and increasing the share of clean energy and nuclear power [3][17]. Summary by Sections Coal Chemical Sector - The coal chemical industry is expected to benefit from policy support and rising oil prices, enhancing its competitiveness against petroleum-based chemicals [4][23]. - Key companies such as China Chemical, Sanwei Chemical, and Donghua Technology are highlighted as beneficiaries of this trend, with projected revenue growth and increased profit margins [4][9][30]. Energy Price Surge - North International is positioned to benefit from the rising coal and electricity prices, driven by geopolitical tensions and post-war reconstruction opportunities [7][9]. - The price of Mongolian coal has increased by 36% to 1170 RMB per ton, indicating a favorable market environment for coal producers [7][9]. New Power Systems and Green Energy - The development of new power systems and green energy sources is crucial for achieving energy self-sufficiency, with recommendations for companies like Ankerui, China Energy Construction, and China Nuclear Engineering [8][27]. - The report emphasizes the importance of integrating renewable energy and digital technologies to enhance energy management and efficiency [8][27]. Investment Recommendations - The report recommends focusing on three main investment areas: coal chemical projects, companies benefiting from energy price increases, and firms involved in new power systems and green energy [9][30]. - Specific companies highlighted for investment include China Chemical, Sanwei Chemical, Donghua Technology, North International, Ankerui, and China Energy Construction, among others [9][30].

Investment Rating - The report maintains an "Outperform" rating for the construction and decoration industry, indicating a positive outlook compared to the broader market [4]. Core Insights - The report emphasizes three main investment directions: new infrastructure represented by computing power and energy, traditional domestic demand, and the "Belt and Road" initiative [3][19]. - The issuance of special bonds has accelerated, with a cumulative net financing of 9,863 billion yuan as of March 27, 2026, which is higher than the same period in the past two years [22][23]. Summary by Sections Industry Outlook and Investment Recommendations - The report suggests focusing on the synergy between computing power and renewable energy in new infrastructure projects, with a target for green electricity application in new computing facilities to reach over 80% [3][19]. - Companies with capabilities in both renewable energy and AI data center construction are expected to benefit significantly, including China Energy Engineering, China Power Construction, and China Railway Construction [3][19]. - In terms of domestic demand, new policies in Chengdu have increased the maximum loan amounts for housing, which is expected to boost the second-hand housing market and related services [20]. - Internationally, the ongoing geopolitical dynamics, particularly in the Middle East, are anticipated to enhance reconstruction demands, benefiting companies involved in the "Belt and Road" initiative [21]. Market Performance Review - The construction and decoration index (SW) decreased by 0.83%, while the overall A-share index fell by 1.10%, indicating a relative outperformance of 0.27 percentage points [18][34]. - Specific sectors such as international engineering (+2.58%) and chemical engineering (+1.78%) showed positive performance, while the housing construction sector experienced a decline of 1.08% [34]. Key Company Dynamics - The report tracks significant company performances, highlighting that China Chemical achieved a revenue of 189.5 billion yuan in 2025, a year-on-year increase of 1.97% [10]. - China Energy Engineering reported a revenue of 452.9 billion yuan in 2025, with a year-on-year growth of 3.71% [10]. - The report also notes the performance of individual stocks, with Ancar Detection rising by 12.9% and Guotai Group by 11.6% during the review period [34]. Investment Strategy - The report outlines three main investment lines for 2026: 1. Focus on state-owned enterprises that are key players in new infrastructure and are transitioning to emerging business lines, recommending companies like China Railway and China Construction [13][26]. 2. Target sectors benefiting from major engineering projects, including mining and civil explosives, with recommendations for companies like High-Quality Civil Explosives and China Railway Industry [26]. 3. Invest in commercial aerospace, embodied intelligence, and AI computing sectors, recommending companies such as Roman Co. and Honglu Steel Structure [29].

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company is experiencing steady revenue growth but faces pressure on profits, with a projected revenue of 452.9 billion yuan in 2025, a 4% increase year-on-year, while net profit is expected to decline by 30% to 5.84 billion yuan [1] - The company is actively expanding into emerging sectors such as hydrogen energy and energy storage, with significant potential for future growth [3] - The company has a strong order intake driven by urban construction and renewable energy projects, with a total new contract value of 1.4494 trillion yuan in 2025, reflecting a 3% year-on-year increase [2] Financial Performance - In 2025, the company's gross margin is projected to be 12%, a slight decrease of 0.2 percentage points year-on-year, but showing improvement in Q4 with a 1.2 percentage point increase [1] - The company reported a net profit margin decline of 0.6 percentage points to 1.3% in 2025, with operating cash flow showing a net inflow of 11.5 billion yuan, an increase of 5 billion yuan year-on-year [1] - The projected earnings per share (EPS) for 2025 is 0.14 yuan, with a forecasted net profit recovery in the following years, reaching 7.3 billion yuan in 2026, 8.4 billion yuan in 2027, and 9.5 billion yuan in 2028 [5][4] Business Segments - The engineering construction segment achieved revenue of 389 billion yuan in 2025, a 6% increase, with renewable energy projects growing by 2% [1] - The company has secured over 50 integrated hydrogen energy projects and has invested in 39 new energy storage projects with a total installed capacity of 8.07 million kilowatts [3] - The company is leveraging its leadership in the energy sector to develop integrated computing power infrastructure, enhancing its competitive edge in the market [3]