近日，位于广东肇庆市德庆县的简架头、云致冲矿区建筑用花岗岩矿项目工程的建设工地仍热火朝天。目前，该项目工业广场已实现封顶，建设进度已完 成95%，工作人员正对厂房内的生产设备进行最后调试。 目前，企业对市场前景充满信心。其产品可用于房屋道路、桥涵、隧道、港口和堤坝等建筑工程，应用场景丰富。企业不仅与中国香港客户达成了初步合 作意向，未来还将重点关注广州新机场、柳广高铁、广肇高速等重大基建项目的材料供应。 据公司相关工作人员介绍，"项目包括开采加工区、物流廊道工程和码头工程。其中，工业广场部分预计2026年5月投产。" 该项目是中能建（德庆）绿色建材科技有限公司项目，总投资30.5亿元，是中国能建有史以来储量最大、年产能最高的砂石骨料项目，最高年产能可达 1600万吨。 据中国砂石协会了解，2023年1月，中能建（德庆）绿色建材科技有限公司分别以11.83亿元、2.29亿元竞得（共计14.12亿元）广东省肇庆市德庆县简架 头、云致冲矿区两宗建筑用花岗岩矿采矿权。两矿区面积合计1.69平方公里，矿区范围内合计保有资源量15731.55万立方米，可采资源量15365.54万立方 米。两矿相距850米，未来具有约3亿 ...

Core Viewpoint - The article discusses the innovative compressed air energy storage project in Jiuquan, Gansu, which aims to harness wind energy and convert it into a reliable power source for the Hexi Corridor, addressing the challenges of energy wastage due to grid limitations [2][18]. Project Overview - The Jiuquan project involves a 300 MW underground compressed air energy storage system, utilizing advanced technology to store energy in the form of compressed air [3][18]. - The project is located in a region characterized by strong winds and abundant sunlight, making it an ideal site for renewable energy generation [18][22]. Technical Challenges and Innovations - The project team has adopted a "six-sided engineering" approach, which includes research, design, construction, testing, and optimization, to ensure the project's success despite the lack of precedents [8][9]. - Significant technical challenges include the need for rock blasting instead of traditional earth excavation, with over 200,000 cubic meters of rock being removed [12]. - Innovations in the design of heat exchangers reduced the number from 42 to 26, which introduced new challenges in ensuring no air leakage [12][13]. Economic Impact - The project is expected to create over 100 temporary jobs during construction and contribute more than 100 million yuan in annual output value and several million in tax revenue once operational [17][18]. - It is anticipated to attract more renewable energy and storage projects to the region, fostering the development of an industrial cluster [18]. Energy Storage and Utilization - Once operational, the facility will be capable of consuming 800 million kWh of green electricity annually, providing stable power for 200,000 households for six hours daily [18][24]. - The project aims to convert previously wasted wind and solar energy into a usable form, effectively addressing the issue of energy abandonment in the region [18][24]. Historical Context and Future Vision - The article highlights the historical significance of Yumen as a pioneer in renewable energy development in Gansu, evolving from wind energy capture to energy storage solutions [22][25]. - The project symbolizes a shift in energy strategy, aiming not only to harness but also to store renewable energy effectively, ensuring its availability for future use [22][25].

Group 1 - The core viewpoint of the article highlights recent business developments of China Energy Engineering Corporation (China Energy) including multiple project wins and strategic adjustments [1] - On February 14, China Energy's subsidiary won the bid for a 200MW wind power project in Xingtai, with a contract value of approximately 1.256 billion yuan and a planned construction period of 365 days [1] - On February 11, China Energy's subsidiary secured two major projects for the State Grid, including an order for 5,107 tons of angle steel towers for the Mengxi to Beijing-Tianjin-Hebei ultra-high voltage line [1] - On February 7, the fourth unit of the Dazhou gas-fired power plant, the largest natural gas power base in Sichuan with a total installed capacity of 2.1 million kilowatts, completed a 168-hour trial run [1] - On February 9, the company held a board meeting to review organizational adjustments and released its 2024 ESG report on February 11, emphasizing its carbon neutrality path [1] Group 2 - As of February 14, institutions maintain a neutral outlook on China Energy, with a composite target price of 3.10 yuan, indicating a potential upside of 29.71% from the latest price [2] - The forecast for net profit growth in 2026 is projected at 7.16% year-on-year [2] - Recent institutional ratings are predominantly "buy," but market attention remains moderate with neutral sentiment [2]

Core Insights - The report highlights the growth and competitive landscape of the wind power EPC (Engineering, Procurement, and Construction) market in China, emphasizing the dominance of state-owned enterprises in this sector [1][2][3]. Group 1: Industry Overview - The wind power EPC market is primarily composed of state-owned enterprises, with major players including China Energy Engineering Group (中国能建) and China Power Construction Group (中国电建) [1][3]. - The report provides a list of Class A wind power design enterprises, indicating a concentration of expertise within state-owned firms [1]. Group 2: Award Recognition - In October 2025, the China Association of Surveying and Mapping announced awards for outstanding wind power EPC projects, with most awards going to projects completed by subsidiaries of China Energy and China Power Construction [2]. - Specific projects recognized include the Zhoushan Putuo No. 6 Offshore Wind Farm and the Zhanjiang Xuwen Offshore Wind Farm, showcasing the capabilities of the awarded enterprises [2]. Group 3: Financial Performance - The report ranks the top wind power EPC design firms by total revenue, revealing that many of the highest-earning firms are affiliated with China Power Construction [2]. - For instance, the China Power Construction Group's Central South Survey and Design Institute reported a revenue of 42,490 million yuan, ranking it among the top firms in the sector [2]. Group 4: Company Profiles - The China Power Construction Group's East China Survey and Design Institute has the highest number of project wins, with a registered capital of 50 billion yuan and 8,784 projects won [3][4]. - Other notable firms include the Guangdong Electric Power Design Institute of China Energy, which has won 4,793 projects, and the Central South Survey and Design Institute, which has won 4,119 projects [4].

新闻聚焦 企业新闻 ◐ 中国神华资产重组获证券会同意注册批复。 中国神华2月12日晚发布公告称，公司作价1 335. 98亿元收购控股股东国家能源集 团旗下12家核心企业股权的交易，当日获得中国证监会注册批复。 ◐ 我国首个钙钛矿光伏电池国际标准立项。 据中国华能微信公众号2月12日消息，2月9日，中国华能集团有限公司牵头编制的 IEC国际标准《研发用钙钛矿光伏电池测量规范》(IEC/TS 63 202 - 9 ED1）成功立项，这是我国在钙钛矿光伏领域牵头制定的首 个国际标准。 国际新闻 ◐ 苏丹官员：冲突致该国石油和能源产业损失数十亿美元。 据央视新闻2月1 3日报道，苏丹能源和石油部长穆塔西姆当地时间2 月1 2日表示，苏丹武装冲突给该国石油和能源产业造成数十亿美元的经济损失，相关损害评估工作仍在进行中。 ◐ 涉及化工、冶金等6大行业，工信部243项标准征求意见。 据工信部网站消息，2月13日，工信部发布《硫酸行业节能监察技 术规范》等24 3项行业标准报批征求意见的公示。本次发布的行业标准覆盖化工、黑色冶金、有色金属、建材、机械、船舶等行 业。 国内新闻 ◐我国科研团队破解电合成氨全球难题。 据中国新 ...

Group 1 - The recent favorable policies in the electricity sector are expected to positively impact the business environment for China's energy construction [1] - The State Council has issued an implementation opinion to establish a unified national electricity market system by 2035, promoting grid interconnection and energy storage development [1] - The National Energy Administration's Chief Engineer stated that during the 14th Five-Year Plan period, a new energy system will be initially established, enhancing traditional energy industries with digital technologies like AI and actively developing emerging industries such as new energy storage [1] Group 2 - By 2025, the proportion of installed capacity for new energy nationwide is expected to reach 80.2%, with green electricity transaction volume increasing by 41.3% year-on-year, indicating a potential boost in grid construction and green electricity consumption [1] - The stock price of China Energy Construction (03996.HK) fluctuated between 1.14 HKD and 1.20 HKD over the past seven trading days, with a closing price of 1.18 HKD on February 13, reflecting a daily decline of 1.67% [2] - The environmental engineering sector, to which the company belongs, fell by 3.88% during the same period, suggesting that the company's stock movements may be influenced by broader market trends and industry policy expectations [2]

Summary of China Energy Engineering Corporation Conference Call Company Overview - **Company**: China Energy Engineering Corporation (中国能建) - **Industry**: Energy and Water Resources Key Points Financial Performance - In 2025, the total contract amount signed reached **1.5 trillion yuan** (approximately **$230 billion**) with a revenue of **184.8 billion yuan** (approximately **$28.5 billion**), representing a **9.5%** year-on-year growth [2][4] - From 2021 to 2024, the compound annual growth rates (CAGR) for new contracts, revenue, and net profit attributable to shareholders are projected to be **17.31%**, **10.65%**, and **8.88%**, respectively [2][4] - R&D expenses increased from **8.789 billion yuan** to **13.98 billion yuan**, accounting for **3.2%** of revenue by 2024 [2][6] Strategic Focus - The company is focusing on a **2+9 business layout**, emphasizing energy power and water resources as core areas, alongside nine related diversified industries [4][7] - The company aims to enhance its R&D intensity and accelerate the transition to new energy as the primary growth engine [4][7] Industry Trends and Opportunities - The national energy strategy aims to establish a clean, low-carbon, safe, and efficient energy system, with coal power still playing a significant role [2][9] - The expected new installed capacity for power generation during the 14th Five-Year Plan is **1.5 billion kilowatts**, with renewable energy accounting for nearly **70%** [13] - The domestic water conservancy sector is projected to see total investments of **6 trillion yuan** during the 14th Five-Year Plan, with fixed asset investments expected to grow by **30%** [3][15] Technological Innovations - The company has established **three academician workstations** and **14 postdoctoral research stations**, with over **12,000 patents** to support technological transformation [6] - Significant advancements in the **green hydrogen ammonia integration project** have been made, with production expected to reach **100,000 tons** by the end of 2025 [21] Market Dynamics - The company is well-positioned to benefit from the national unified electricity market reforms aimed at optimizing resource allocation and addressing renewable energy consumption challenges [11][12] - Internationally, while coal power is declining in the US and Europe, there are opportunities for Chinese companies in natural gas and coal power projects abroad [14] Future Outlook - The company anticipates maintaining an **8%** revenue growth rate in the energy, power, and water sectors, with new contracts expected to remain above **1.5 trillion yuan** [23][25] - Plans to enhance dividend levels are in place, with cumulative dividends nearing **10 billion yuan** [26] Conclusion - China Energy Engineering Corporation is strategically positioned to leverage national policies and industry trends, focusing on innovation and diversification to drive future growth and enhance shareholder value [25][27]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In 2025, the number and scale of issued accounts - receivable asset - backed securities increased year - on - year. The actual financiers were still concentrated in construction central enterprises and their subsidiaries, with a more prominent head - effect. These entities were more inclined to introduce in - system factoring companies, capital companies, asset management companies, trust companies, other financial platforms, and off - system commercial factoring companies as original equity holders or agents of original equity holders to issue securitized products. - In 2025, the average issuance scale of single accounts - receivable asset - backed special plans decreased compared to the previous year, the product term was slightly shortened, the issuance interest rate continued to decline, the securities were mainly of AAAsf credit rating, and the overall product credit risk remained at a low level. The trading activity in the secondary market increased significantly [38]. 3. Summary According to the Directory Issuance Situation - In 2025, 157 accounts - receivable asset - backed securitization products were issued in the exchange market, with a total issuance scale of 180.806 billion yuan. The number of issuances increased by 22, and the issuance scale rose by 9.40% year - on - year. The issuance scale accounted for 12.37% of the total issuance scale of enterprise asset - securitization products for the whole year, a decrease of 0.85 percentage points year - on - year [4][5]. - In terms of issuance venues, 140 products with an issuance amount of 172.474 billion yuan (accounting for 95.39%) were issued on the Shanghai Stock Exchange, and 17 products with an issuance amount of 8.332 billion yuan (accounting for 4.61%) were issued on the Shenzhen Stock Exchange [8]. - Regarding the distribution of original equity holders, the top five original equity holders were China Railway Capital Co., Ltd., China Railway Trust Co., Ltd., China Railway Construction Asset Management Co., Ltd., CCCC Commercial Factoring Co., Ltd., and Shenzhen United Factoring Co., Ltd., with issuance scale proportions of 32.27%, 16.95%, 11.06%, 2.73%, and 2.48% respectively. The total issuance scale of the top five original equity holders was 118.429 billion yuan, accounting for 65.50%; the total issuance scale of the top ten was 134.983 billion yuan, accounting for 74.66% [8]. - In terms of actual financiers, the total issuance scale of the top ten actual financiers was 165.964 billion yuan, accounting for 91.79%, an increase of 1.89 percentage points year - on - year. The actual financiers were mainly concentrated in central enterprises and their subsidiaries, with an issuance scale of 162.126 billion yuan, accounting for 89.67%, a year - on - year increase of 3.06 percentage points. In terms of industries, the actual financiers in the construction industry had an issuance scale of 165.423 billion yuan, accounting for 91.49% [10]. - Regarding the distribution of managers, the top five managers with the highest proportion of new management scale were CITIC Securities Co., Ltd., Huaxi Securities Co., Ltd., Ping An Securities Co., Ltd., Shanghai Guotai Haitong Securities Asset Management Co., Ltd., and CITIC Construction Securities Co., Ltd., with scale proportions of 17.61%, 16.95%, 14.64%, 10.13%, and 9.39% respectively. The total new management scale of the top five managers was 124.244 billion yuan, accounting for 68.72%, a year - on - year increase of 5.54 percentage points; the total new management scale of the top ten managers was 160.486 billion yuan, accounting for 88.76%, a year - on - year increase of 9.70 percentage points [14]. - In terms of product scale distribution, the highest single - product issuance scale was 5.4 billion yuan, and the lowest was 100 million yuan. The products with a single - scale in the (5, 10] billion yuan range had the largest number of issuances, with 51 units and a scale proportion of 21.47%. The average single - issuance scale was 1.152 billion yuan, a decrease of 73 million yuan compared to the previous year [16]. - Regarding the term distribution, the shortest term was 0.69 years, and the longest was 4.99 years. The products with a term in the (1, 3] - year range had the largest number of issuances, with 88 units and a scale proportion of 49.97%. The weighted average term was 2.14 years, slightly shorter than the previous year [17]. - In terms of level distribution, in 2025, AAAsf - rated securities accounted for 90.08%, AA + sf - rated securities accounted for 6.33%, and sub - grade securities accounted for 3.59% [19]. - Regarding the issuance interest rate, the median issuance interest rate of AAAsf - rated securities with a term of around 1 year was 1.85%, a year - on - year decrease of about 29BP [4][21]. Issuance Spread Statistical Analysis - Compared with government bonds of the same term, the average issuance spreads of 1 - year and 3 - year accounts - receivable asset - backed securities in 2025 narrowed compared to the previous year. For example, the average 1 - year spread decreased from 0.74 percentage points in 2024 to 0.48 percentage points in 2025 [26][28]. - Compared with AAA - rated corporate bonds of the same term, the average issuance spreads of 1 - year and 3 - year AAAsf - rated accounts - receivable asset - backed securities in 2025 also narrowed compared to the previous year. The average 1 - year spread decreased from 0.18 percentage points in 2024 to 0.14 percentage points in 2025 [31][32]. - In terms of issuance cost, the average issuance interest rate of 1 - year AAAsf - rated accounts - receivable asset - backed securities issued in 2025 decreased by 32BP year - on - year [32]. Filing Situation - In 2025, 105 accounts - receivable asset - backed special plans were filed with the Asset Management Association of China, with a total scale of 129.051 billion yuan. Compared with the previous year, the number of filings decreased by 12, and the filing scale decreased by 14.02% [4][33]. Secondary Market Trading Situation - In 2025, accounts - receivable asset - backed securities had 5,596 transactions in the secondary market, a year - on - year increase of 102.90%. The total transaction scale was 147.768 billion yuan, a year - on - year increase of 47.63%. The transaction scale accounted for 13.76% of the total transaction scale of enterprise asset - backed securities in the current period, a decrease of 1.11 percentage points year - on - year, ranking second in terms of transaction scale [4][36]. Maturity Situation in 2026 - It is estimated that 261 outstanding accounts - receivable asset - backed securities will mature in the exchange market in 2026, with a maturity scale of 168.808 billion yuan, accounting for 21.19% of the total maturity scale of all enterprise asset - backed securities in 2026, ranking second in terms of maturity scale [4][37]. - From the perspective of original equity holders, China Railway Capital Co., Ltd. had 43 maturing accounts - receivable asset - backed securities, with a repayment scale of 43.229 billion yuan, accounting for 25.61%; China Railway Trust Co., Ltd. had 33 maturing securities, with a repayment scale of 33.605 billion yuan, accounting for 19.91%; China Railway Construction Asset Management Co., Ltd. had 22 maturing securities, with a repayment scale of 25.449 billion yuan, accounting for 15.08% [37].

Core Viewpoint - China Energy Engineering Group Corporation is making significant strides in green transformation, focusing on compressed air energy storage, high-altitude wind energy, and green hydrogen products as it embarks on the "14th Five-Year Plan" [1] Group 1: Company Overview and Achievements - The company has a total order volume of nearly 1.5 trillion yuan, with approximately 360 billion yuan coming from overseas contracts annually [5][6] - Energy and electricity projects account for nearly 70% of the total contract value, including power generation, transmission, and distribution [7] - The company has contributed to the construction of approximately 2.6 billion kilowatts of the national total installed power capacity of 3.8 billion kilowatts, holding a market share of nearly 70% [10] Group 2: Innovative Projects - In Gansu, the company has invested in a large data center with 24,000 standard cabinets, supported by a 200,000-kilowatt renewable energy station, achieving 90% reliance on local renewable energy [12][14] - The world's largest high-altitude wind power generation project has successfully launched, utilizing wind energy from 300 meters above ground, which is an upgrade from traditional 100-meter wind energy systems [20][22] - The "Qing Hydrogen No. 1" project in Jilin has produced its first batch of green ammonia products and signed a contract for the world's first green ammonia marine fuel sales, providing a new path for large-scale renewable energy consumption [26][28] Group 3: Future Outlook and Strategic Goals - By 2030, China aims to establish a new energy system with non-fossil energy consumption accounting for 25% of total energy consumption, with renewable energy becoming the mainstay of power generation [40] - The company is focused on major strategic tasks such as energy security, water resource safety, and new infrastructure construction [40] - The company plans to innovate and transform into a technology-driven enterprise by the end of the "14th Five-Year Plan," emphasizing original, integrated, and open innovation [44][48]

Core Viewpoint - The Huainan Pingwei Power Plant Phase IV, a 2×1000 MW ultra-supercritical coal-fired power project, has officially commenced commercial operation after a successful 168-hour full-load trial run, showcasing the commitment to quality and safety through the establishment of youth technical teams [1][7]. Group 1: Project Overview - The project is located in Huainan City, Anhui Province, known as the "hometown of tofu and energy capital," and is the largest pithead power station in East China [1]. - The Phase IV project includes the construction of two 1000 MW ultra-supercritical reheat coal-fired generating units, along with efficient denitrification, desulfurization, and dust removal facilities [1]. Group 2: Technical Innovations - The project features the world's tallest and largest all-concrete cooling tower, standing at 238.9 meters high and 181.7 meters in diameter, with a water surface area of 21,200 square meters [2]. - The cooling tower employs a three-vertical-shaft water distribution system, allowing flexible operation based on the number of running units, load, and temperature conditions, which helps reduce outlet water temperature and unit operating back pressure [5]. Group 3: Youth Involvement and Efficiency - A youth task force, with an average age of 28, has been established to tackle key challenges in the project, focusing on precision control and high-altitude operations [1][2]. - The team has integrated 31 smart construction modules and deeply applied BIM (Building Information Modeling) technology across 14 scenarios, enhancing construction visualization and traceability, thereby improving work efficiency [5][7]. - The youth team comprises 92% members under 30 years old, who view challenging tasks as opportunities for growth and practical experience [7]. Group 4: Economic Impact - Upon completion, the project will have a total installed capacity of 6.54 million kW, making it the largest power plant in Anhui Province, with an annual electricity generation exceeding 33 billion kWh, sufficient to meet the annual electricity needs of 12 million households [7].