现将本公司 2025 年度主要经营情况公布如下，供投资者参 阅。 中国能源建设股份有限公司 2025 年度主要经营数据公告 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。 | A H | | | | | --- | --- | --- | --- | | | 股代码：601868 股代码:03996 | | | | | | A H | | | | | | 股简称：中国能建 公告编号：临 2026-001 股简称:中国能源建设 | 单位：亿元 币种：人民币 注: 1.传统能源业务包括火电、水电、输变电、核电等业务。2025 年，公司工程建设板块传统能源业务新签合同额同比有所下降， 主要因该业务境外市场新签合同波动所致，但境内市场延续良好 增长态势，在 2024 年 49%高速增长的基础上，2025 年继续保持 20%的较快增长。 2.新能源及综合智慧能源业务包括风电、太阳能发电、生物 质发电、综合智慧能源、各类储能（包括抽水蓄能）、氢能、地 热及其他新能源。 3.城市建设业务包括市政、房建、房地产开发等。 4.综合交通业务包括 ...

你知道吗？ 同样是国资委亲儿子，这四家央企巨头赚钱能力居然差三倍！ 最新三季报揭开惊人真相，中国化学净资产收益率冲到6.46%，而中国能建只有 可怜的2.66%。 更魔幻的是，中国化学明明拿着最低的财务杠杆，却硬生生干出了四家之首的赚钱效率。 当别人还在靠借钱撑门面时，这家化工工程龙头 已经用实打实的技术护城河把同行甩开两条街。 中国核建玩的是人类终极能源游戏。 全球独一份连续40年没断档的核电建设商，华龙一号的每个螺丝钉都经它手。 最科幻的是在法国卡达拉舍的ITER项 目，中国团队亲手组装的真空室部件正在挑战1.5亿℃的等离子体。 国内八个省份的钍基熔盐堆试验堆，从图纸到施工全是它操刀。 中国电建手握全球过半的水电建设权，国内每两座风电站就有一座出自它手。 去年底那颗"电建一号"卫星上天可不是作秀，现在从青藏高原到南海岛礁， 所有重大工程都逃不过它的"天眼"监控。 最狠的是悄悄布局的商业航天赛道，等马斯克的星链开始收网时，搞不好最先接住招的竟是这家老牌基建央企。 中国化学的杀手锏藏在实验室里。 他们给新能源汽车造的"防火衣"硅基纳米气凝胶，薄得像纸却能扛住千度高温。 华陆新材的车间正24小时赶工，因为特 斯 ...

证券研究报告 建筑装饰 行业定期报告 hyzqdatemark 2026 年 01 月 20 日 证券分析师 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 建议关注具备电力工程总承包能力、深度参与电网及新能源配套建设的建筑央企龙头， 如中国电建、中国能建等。两家公司在特高压输变电工程、电源基地建设、抽水蓄能、新 能源电站及配套基础设施等领域均具备长期深厚积累，是国家电网投资体系中的核心施工 与系统集成力量。"十五五"期间电网投资维持较高强度释放叠加新能源装机持续扩张， 预计将直接拉动电建、能建在电力施工、能源工程与综合能源服务板块的订单规模与在手 项目体量，同时其业务结构中新能源、电力工程占比较高，受益弹性更为直接、确定性更 强，在建筑板块中具备更高的景气传导效率。 基建数据跟踪 1）新增专项债：本周新增专项债发行量为 227.56 亿元，截至 2026 ...

截至1月20日收盘，水泥概念上涨1.59%，位居概念板块涨幅第7，板块内，34股上涨，红宝丽涨停，新 疆天业、海螺水泥、宁波富达等涨幅居前，分别上涨8.12%、5.74%、5.63%。跌幅居前的有和泰机电、 海南瑞泽、银龙股份等，分别下跌3.31%、3.17%、2.76%。 资金流入比率方面，红宝丽、青松建化、中国能建等流入比率居前，主力资金净流入率分别为 46.60%、12.77%、9.87%。（数据宝） 水泥概念资金流入榜 | 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | | | | （%） | （%） | 元） | （%） | | 002165 | 红宝丽 | 9.96 | 11.78 | 33819.10 | 46.60 | | 601868 | 中国能 建 | 2.83 | 2.93 | 23634.54 | 9.87 | | 600585 | 海螺水 泥 | 5.74 | 2.82 | 22875.17 | 8.72 | | 600326 | 西藏天 路 | 3.96 | ...

Group 1: Company Overview - The report highlights that the company Lin Qingxuan has been deeply engaged in the oil-based skincare sector for many years, establishing itself as a pioneer in this field with significant growth potential driven by product expansion and channel development [1][2] - The main brand Lin Qingxuan, founded in 2003, initially focused on natural skincare products and later launched the Camellia Oil Essence in 2014, which has become a leading product in the oil-based skincare category [2][3] - The company has experienced remarkable growth, with revenue and net profit for the first half of 2025 reaching 1.05 billion and 180 million RMB, respectively, representing year-on-year increases of 98% and 110% [2] Group 2: Market Position and Growth Potential - The oil-based skincare market is expected to grow significantly, with a projected market size of 5.3 billion RMB in 2024, reflecting a year-on-year increase of 43% and a compound annual growth rate (CAGR) of 42% from 2019 to 2024 [2][3] - Lin Qingxuan holds a leading market share of 12.4% in the facial oil category, significantly ahead of other brands, thanks to its long-term market education and the popularity of its Camellia Oil Essence [2][3] Group 3: Sales Channels and Performance - The company's star product, the Camellia Oil Essence, has seen rapid sales growth, with revenue from this category increasing by 176% year-on-year in the first half of 2025, accounting for 46% of total revenue [3] - Online sales have surged, with a 137% year-on-year increase in online revenue, which now represents 65% of total sales, driven by the popularity of platforms like Douyin [3] - The company has expanded its offline presence, with over 554 stores as of the first half of 2025, indicating significant potential for further growth in physical retail [3]

消息面上，近日，国家电网表示"十五五"期间公司固定资产投资预计4万亿元，较"十四五"增长40%， 同时提升系统调节能力，优化抽蓄站点布局，支持新型储能规模化发展，提高新能源运行支撑和并网消 纳水平。国泰海通认为，电力建设龙头受益。中国能建掌握超超临界二次再热发电、百万千瓦大型水电 机组、三代四代核电常规岛、高压交直流输电、氢制储运、抽水蓄能、电化学储能、300MW压缩空气 储能、重力储能等一系列关键核心成套技术与标准规范，PB0.95倍近10年分位数41%。 智通财经APP获悉，中国能源建设(03996)盘中涨超4%，截至发稿，涨3.48%，报1.19港元，成交额1.04 亿港元。 ...

消息面上，近日，国家电网表示"十五五"期间公司固定资产投资预计4万亿元，较"十四五"增长40%， 同时提升系统调节能力，优化抽蓄站点布局，支持新型储能规模化发展，提高新能源运行支撑和并网消 纳水平。国泰海通认为，电力建设龙头受益。中国能建（601868）掌握超超临界二次再热发电、百万千 瓦大型水电机组、三代四代核电常规岛、高压交直流输电、氢制储运、抽水蓄能、电化学储能、 300MW压缩空气储能、重力储能等一系列关键核心成套技术与标准规范，PB0.95倍近10年分位数 41%。 中国能源建设(03996)盘中涨超4%，截至发稿，涨3.48%，报1.19港元，成交额1.04亿港元。 ...

据悉，四期项目建成后，该电厂将成为湖北省装机容量最大、能源保供能力最强的现代化火力发电基地，预计年发电量可达90亿千瓦时，可有效缓解鄂东地 区冬季可能出现的电力紧张问题，提升电网在极端寒冷天气下的应对能力。同时，对进一步增强"西电东送"通道上的电源支撑，优化电源结构，推动区域经 济高质量发展具有重要意义。（宋亚奇 张洁） 该项目位于湖北省汉川市，是湖北省"十四五"重点能源项目，华中电网"西电东送""北电南送"重要电源支撑点。四期项目包括扩建2台1000兆瓦超超临界二 次再热燃煤发电机组，兼顾供热，同步建设烟气脱硫和脱硝装置。安徽电建二公司承担该项目烟囱、冷却塔工程。 1月19日，中国能建安徽电建二公司承建的国能长源汉川新能源有限公司四期2×1000兆瓦扩建工程8号机组通过168小时满负荷试运行，正式投入商业运营。 编辑：穆皓 ...

Investment Rating - The report rates the industry as "Buy" [6] Core Insights - TSMC expects capital expenditure to reach USD 52-56 billion in 2026, an increase of 27%-37% from 2025 [2][3] - Longxin Technology plans to raise CNY 29.5 billion for technology upgrades in memory chip manufacturing [3] - China State Grid anticipates fixed asset investment of CNY 4 trillion during the 14th Five-Year Plan, a 40% increase from the previous plan [4] Summary by Sections Semiconductor Industry - TSMC's revenue for Q4 2025 is expected to grow by 20.5% year-on-year, with a net profit increase of approximately 35% [3] - The cleanroom sector is expected to benefit from increased capital expenditures in semiconductor manufacturing, with companies like Yaxin Integration showing significant revenue growth [3] Power and Infrastructure - China State Grid's investment plan aims to enhance system regulation capabilities and support large-scale development of new energy storage [4] - China Power Construction and China Energy Engineering are leading firms in power construction, with significant market shares in hydropower and energy storage [4] Cleanroom and Emerging Technologies - Yaxin Integration reported a 165.2% year-on-year increase in revenue for December, indicating strong demand in the cleanroom sector [3] - The report recommends companies involved in cleanroom technology, commercial aerospace, and controlled nuclear fusion as potential investment opportunities [8] Recommended Companies - The report highlights several companies for investment, including Yaxin Integration, China State Grid, and China Power Construction, based on their strong market positions and growth potential [8][9]

Summary of Key Points from Conference Call Records Industry Overview - **Investment in Power Grid**: The State Grid plans to invest 4 trillion yuan during the 14th Five-Year Plan, a 40% increase compared to the previous plan, focusing on cross-regional transmission, distribution networks, ultra-high voltage, and digital dispatching, with an average annual investment of 800 billion yuan, benefiting companies like China Electric Power Construction and China Energy Engineering [1][4][5] Company-Specific Insights - **China Electric Power Construction**: Expected to gain significantly from the State Grid's investment due to its experience in ultra-high voltage direct current transmission [4] - **China Energy Engineering**: Positioned to benefit from the investment due to its design advantages [4] - **China Aviation Energy's Solar Projects**: The Yulin and Wuhan solar projects showed significant performance differences, with the Wuhan project experiencing a 35% year-on-year decline in output, attributed to both sunlight variability and competition from hydropower [7] - **CITIC Construction's Wind Projects**: The Cangzhou project performed well, while the Chifeng project faced challenges due to consumption issues, highlighting the supply-demand imbalance in the wind power sector [8] - **Jia Shi China Electric Power's Hydropower Projects**: Experienced a decline in output due to changes in water temperature and adjustments in dispatch strategies, though overall hydropower remains stable [9] Market Dynamics - **REITs Market Performance**: The REITs total return index fell by 0.4%, with operational REITs declining by 0.8% and property REITs by less than 0.2%, while industrial parks maintained a 0.4% increase, indicating a return to normal trading activity [6] - **Energy RISE Resources**: High uncertainty and significant regional differentiation in energy resources, with market mechanisms leading to increased supply pressure in general demand areas [10] Regulatory and Policy Insights - **Public REITs Feedback**: The second feedback from Shan Zheng Jinzhong emphasized the need for reasonable performance forecasts and management capabilities, encouraging long-term platform projects with appropriate reward and punishment systems [12] - **Real Estate Support Policies**: Recent supportive policies in the real estate sector include extending the housing tax refund policy until the end of 2027, lowering the minimum down payment for commercial properties to 30%, and a 25 basis point reduction in various structural monetary policy tool rates, aimed at promoting inventory reduction in the real estate market [3] Future Outlook - **Green Hydrogen Development**: Green hydrogen is seen as a crucial part of the energy transition, with increasing economic viability as global emission reduction policies become more established, particularly with international shipping companies investing in methanol ships that could transition to green hydrogen [15] - **Yunnan Modern Industrial System Policy**: This policy aims to integrate water, wind, and solar development to reduce costs and enhance competitiveness, with significant growth potential despite lengthy approval processes [13] Additional Considerations - **Market Mechanism Impacts**: The restructuring of market mechanisms will lead to unique advantages for different energy projects, with larger projects better positioned to optimize resources and enhance trading strategies [11] - **Lancang River Basin Development Potential**: The basin has significant development potential, with pricing for new hydropower units influenced by local market prices and cost-sharing arrangements [14]