联合体单位同意作为EPC承包方向江门新会提供EPC服务，以建设EPC项目。EPC合约项下的EPC服务 包括(其中包括)EPC项目范围内的所有勘察、设计、设备材料采购、建筑、安装、检测及验收工作。联 合体单位将根据EPC合约施工及完成EPC项目的建设工作，并修复根据EPC合约进行的EPC项目于一年 质保期内的任何故障或缺陷。 本集团已加快扩大清洁能源规模化发展及扩大可再生能源业务规模的步伐，并专注其业务的多元化。签 订EPC合约的决策，在战略层面上与国家政策相契合，该政策旨在推动大型能源基地的建设，尤其是在 分布式能源的背景下。此举不仅支持政府推动能源多元化与可持续发展的目标，亦使本公司在不断演变 的能源格局中占据有利地位。此外，推动能源结构多元化将令本公司得以透过多种能源来源平衡其投资 组合，提升其灵活性与可持续性，预期将推动可持续增长，并为股东创造更佳回报。 北京能源国际(00686)发布公告，于2025年11月13日，江门新会(本公司的附属公司，作为发包方)与联合 体单位(由中国能建（601868）浙江火电(作为联合体单位牵头人)及中国能建安徽院(作为联合体单位成 员)组成的联合体单位)(作为承包方)订立 ...

1.36GWh！远景能源再获储能大单 近 日 ， 远 景 能 源 与 英 国 Statera Energy 公 司 达 成 合 作 ， 将 为 后 者 位 于 英 国 的 680MW/1360MWh卡灵顿储能项目(Carrington Storage Project)提供电池储能系统。该项目 目前已获得 2.35 亿英镑（约合21.95亿元人民币）融资。项目位于大 曼彻斯特特拉福德低碳能 源园区，预计在2026年底投入运营，建成后，该电站将为约220万户家庭提供长达两小时的电 力。 该项目将主要采用远景能源的储能系统，该系统利用AI模型技术，可实时监测电网状况，并在可 再生能源高渗透率下，确保电网稳定性。其"预测-调度-交易-自学习"闭环算法将收益生成从经 验驱动转变为模型驱动，从而实现可复制、可衡量和可持续的增长。 三年200GWh！海博思创与宁德时代达成十年期战略合作 11月12日，海博思创发布自愿性披露公告，宣布公司与宁德时代签订《战略合作协议》，合作 期限自2026年1月1日至2035年12月31日，为期十年。 合作期内海博思创生产经营所需电芯类、系统类产品将采购并使用宁德时代产品，宁德时代需确 保产 ...

Core Insights - The successful test of the world's largest 5000 square meter high-altitude wind power capturing parachute marks a significant advancement in China's high-altitude wind power technology [1][3][5] Group 1: Technology and Innovation - High-altitude wind power technology utilizes components above 300 meters to convert wind energy into electricity, consisting of airborne components, traction cables, and ground components [3][5] - The successful deployment of the super-large parachute confirms the feasibility of the parachute-based ground high-altitude wind power generation technology for large capacity and power [7] - The high-altitude wind energy system can save 95% of land, reduce steel usage by 90%, and lower electricity costs by 30% compared to traditional land-based wind power [8] Group 2: Market Potential and Development - High-altitude wind energy is considered an undeveloped "no man's land" with significant potential due to its high wind speeds, stable wind directions, and high energy density [5][9] - Research indicates that wind energy density at 6000 meters is over 20 times that of surface wind energy density, with the high-altitude wind energy exceeding the total energy demand of human society by more than 100 times [11] - China has a rich resource of high-altitude wind energy and has developed a series of independent intellectual property rights in this field, aiming to create a comprehensive energy center and expand the industry chain [11]

高空风力发电是利用自主系留空中组件捕获300米以上高空风能，实现风能到电能转换的新能源技术。 捕风伞也被称为做功伞，是高空风力发电系统捕获高空风能的核心设备，此次试验的伞梯式陆基高空风 力发电系统利用在空中展开的做功伞捕获风能带动伞梯升空，从而牵引地面发电系统做功发电。 中国能建12日宣布，我国首个高空风能国家重点研发计划核心装备——世界最大5000平方米高空风力发 电捕风伞在内蒙古阿拉善左旗试验场成功开伞，完成全部预定试验内容并成功实现空中收伞，标志着我 国高空风力发电技术在工程化应用方面迈出了坚实一步。 高空风能具有风速高、风向稳定、风能密度大等优势，蕴藏着巨大潜力。近年来，高空风能发电技术的 价值逐步凸显，为全球能源转型提供可持续、可再生的能源解决方案。 （文章来源：新华网） "本次试验通过测量做功伞在自然风况开伞状态下的拉力，进而计算其开伞特性，验证5000平方米做功 伞在预定工况下具备开伞做功能力，为高空风能伞梯系统的设计和优化提供关键数据支撑。"中国能建 中电工程高空风能国家重点研发计划试验工程现场总指挥曹仑说。 ...

截至9月30日，中国能建股东户数47.30万，较上期增加41.21%；人均流通股0股，较上期增加0.00%。 2025年1月-9月，中国能建实现营业收入3235.44亿元，同比增长9.62%；归母净利润31.56亿元，同比减 少12.43%。 分红方面，中国能建A股上市后累计派现46.86亿元。近三年，累计派现37.48亿元。 机构持仓方面，截止2025年9月30日，中国能建十大流通股东中，中国证券金融股份有限公司位居第四 大流通股东，持股6.13亿股，持股数量较上期不变。香港中央结算有限公司位居第五大流通股东，持股 4.88亿股，相比上期减少3.68亿股。华泰柏瑞沪深300ETF（510300）位居第七大流通股东，持股2.22亿 股，相比上期减少1053.59万股。易方达沪深300ETF（510310）位居第八大流通股东，持股1.60亿股， 相比上期减少511.78万股。华夏沪深300ETF（510330）位居第九大流通股东，持股1.19亿股，相比上期 减少166.19万股。嘉实沪深300ETF（159919）位居第十大流通股东，持股1.03亿股，为新进股东。 融券方面，中国能建11月11日融券偿还98.3 ...

Group 1 - The core viewpoint of the article highlights the target price increases for certain listed companies, with Heng Rui Pharmaceutical, Lens Technology, and Weichai Power leading the rankings with target price increases of 52.03%, 36.05%, and 31.00% respectively [2] - On November 10, a total of 85 listed companies received recommendations from brokerages, indicating a positive sentiment in the market [2] - Among the recommended companies, Zhongtung High-tech received recommendations from 2 brokerages, while China Energy Construction and Urban Development received recommendations from 1 brokerage each [2]

Industry News - The State Council issued measures to promote private investment, proposing 13 targeted policy measures, including feasibility studies for private capital participation in certain sectors like railways and nuclear power, with a minimum private capital share of 10% for eligible projects [4][6] - The National Development and Reform Commission and the National Energy Administration aim to establish a new power system adaptable to high proportions of renewable energy by 2035, with a multi-level renewable energy consumption and regulation system in place by 2030 [4][6] Company News - China Energy Construction held high-level talks with China Southern Power Grid to discuss cooperation in energy transition, enhancing energy infrastructure intelligence, and promoting green low-carbon development [6] - The Daan Wind-Solar Green Hydrogen Integrated Demonstration Project, the world's largest single green ammonia facility, has successfully connected its 700 MW wind power project to the grid, producing 32,000 tons of green hydrogen annually and 180,000 tons of green ammonia [6] - Huadian Energy announced an investment of 12.043 billion yuan in a project to build a combined heat and power generation unit and integrate it with renewable energy in Heilongjiang, enhancing the company's competitiveness and profitability [8] Local News - Inner Mongolia's renewable energy installed capacity reached 150 million kW by the end of October, a 35% year-on-year increase, with wind power at 97.41 million kW (23% increase) and solar power at 52.12 million kW (66% increase) [9] - The Nanning Pumped Storage Power Station, a major project under the 14th Five-Year Plan, has begun filling its reservoir, expected to take 32 days, with a total capacity of 1.2 million kW and the ability to consume up to 2.5 billion kWh of clean energy annually [9] International News - Reports of unidentified drones were observed over the Doel nuclear power station in Belgium, although the operator stated that these sightings would not affect the station's operations [11]

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering sector [9] Core Views - The construction sector exhibits characteristics such as low valuation, low institutional holdings, large market capitalization, and stable outlook for quality targets. The report identifies four key investment directions within the construction industry: 1) Companies with strong Q3 performance and short-term earnings certainty 2) High dividend yield stocks providing a safety cushion 3) Strong long-term growth potential 4) Large-cap stocks with low absolute valuations [5][6][7] Summary by Sections Valuation Metrics - As of the latest closing, the Jiangsu Construction Index has a PE ratio of 12.83, ranking 28th across all industries, with a 10-year percentile of 68.5%. The PB ratio stands at 0.84, ranking 31st, with a 10-year percentile of 16.22%. Notably, the construction sector and the banking sector are the only indices within the Jiangsu framework that are trading below book value [5][6] Institutional Holdings - The construction sector has historically low institutional holdings, which may reflect a weak outlook for the industry and a lack of attention from investors. This could lead to undervaluation of high-quality construction stocks [6] Market Capitalization - The construction sector has a limited number of listed companies, with eight major state-owned enterprises collectively valued at 941.19 billion, accounting for 47% of the Jiangsu Construction Index's market capitalization. These enterprises play a crucial role in stabilizing economic growth and are likely to be favored in a market shift towards undervalued sectors [6][7] Investment Directions - **Direction One**: Focus on companies with strong Q3 earnings, such as Sichuan Road and Bridge, China Chemical, and others, which show robust growth and sufficient order backlogs [7] - **Direction Two**: Invest in high dividend yield stocks like Jianghe Group (6.2%), Sichuan Road and Bridge (5.6%), and others, which provide a strong holding safety net [7] - **Direction Three**: Target companies with strong long-term growth potential, such as Honglu Steel Structure and others benefiting from semiconductor capital expenditure [7] - **Direction Four**: Invest in large-cap stocks with low absolute valuations, including eight major state-owned enterprises that are all trading below book value [7]

Core Insights - The Bacolod 50 MW solar project in the Philippines has successfully completed full-capacity grid connection, marking a significant milestone for the project [1][3] - This project is the first investment and operation by Thailand's BGRIMM company in the Philippines, indicating a growing interest in renewable energy investments in the region [3] Project Details - The Bacolod solar project is located in Bacolod City, Negros Occidental, with a total installed capacity of 50 MW [3] - The project utilizes a centralized solar power generation model, consisting of 8 solar units, 104,858 monocrystalline solar panels, 336 centralized inverters, and 8 box transformers [3] - The generated electricity is transmitted via two 69 kV collection lines to a 69 kV booster station located 2 kilometers away, with all generated power being fed into the grid [3] Expected Impact - Upon completion, the project is expected to generate an annual electricity output of 70 million kWh, significantly alleviating local power shortages [3] - The project contributes to the optimization of the Philippines' energy structure and supports the country's carbon reduction goals [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company's main business operations are stable, but the real estate sector has negatively impacted its Q3 performance. The company achieved a revenue of 323.54 billion yuan in the first three quarters, representing a year-on-year growth of 9.62%. However, the net profit attributable to shareholders decreased by 12.43% to 3.156 billion yuan [2][6][15]. Summary by Sections Financial Performance - In Q3 alone, the company reported a revenue of 111.45 billion yuan, a year-on-year increase of 10.48%. However, the net profit for this quarter fell sharply by 56.92% to 354 million yuan, with the non-recurring net profit dropping by 79.98% to 10.4 million yuan [2][6][15]. - The overall gross margin for the first three quarters was 10.92%, a slight decrease of 0.05 percentage points year-on-year. In Q3, the gross margin was 10.23%, also down by 0.05 percentage points [15]. Business Segments - The strategic emerging industries saw a revenue growth of 16.75%, accounting for 38.81% of total revenue. The company continues to focus on energy, water conservancy, and infrastructure as its core responsibilities [15]. Order and Cash Flow - The company signed new contracts worth 992.78 billion yuan in Q3, a 0.4% increase year-on-year. Notably, overseas contracts grew significantly by 12.7%, while domestic contracts fell by 3.4% [15]. - Operating cash flow showed improvement, with a net outflow of 9.11 billion yuan in the first three quarters, which is 3.41 billion yuan less than the previous year. In Q3, the net inflow was 4.291 billion yuan, an increase of 2.294 billion yuan year-on-year [15].