作为能源革命的终极方向之一，可控核聚变凭借燃料充足、清洁环保、能量密度高且安全性佳的核心优 势，始终是全球能源领域的研发焦点。 近日，由中国科学院电工研究所和物理研究所联合攻关研制而成的全超导用户磁体，成功实现了中心磁 场达到35.6特斯拉的最高磁场强度，这是目前全球该领域的最高纪录，标志我国在高温超导应用方面已 具有国际先进水平，将为物质科学、生命科学、核聚变研究等提供技术支撑。 技术利好不断，推动可控核聚变产业热度持续攀升，发展节奏显著加快。 从技术路线看，目前核聚变的主流技术路线是围绕磁约束和惯性约束展开的，磁约束是当前核聚变研发 中最成熟、最接近商业化的技术路线，其核心装置为托卡马克以及仿星器。 此前，国内聚变能源领域企业——能量奇点能源科技（上海）有限公司通过官微宣布，洪荒70高温超导 托卡马克取得新突破，在第5609次实验中成功实现了335秒稳态长脉冲等离子体运行，长脉冲运行能力 再上新台阶。 在此背景下，行业内上市公司依托自身优势加码布局这一领域，积极抢占产业发展先机。 中国能源建设股份有限公司表示，该公司连续四年通过"揭榜挂帅"形式开展可控核聚变技术研究，包括 热核聚变发电常规岛概念设计研究、 ...

广发证券研报指出，中国能建是全球能源建设领军者，布局氢能、IDC第二成长曲线。公司具有规划咨 询、投建营、工业制造完整产业链服务能力。20-24年营收/归母净利润CAGR+12.7%/+15.8%。下属企业 强强联手，发力"四新"领域、走向海外。公司能源建设龙头地位凸显，加速海外业务+氢能&数据中心 新兴业务布局，助力业绩&估值中枢提升。预计25-27年公司归母净利润分别87.1/93.9/101.5亿元，根据 可比公司给予26年15倍PE，对应合理价值3.38元/股，根据AH溢价，公司H股合理价值为1.56港元/股， 首次覆盖给予"买入"评级。 ...

随着国家能源战略的深化推进和"双碳"目标的全面落实，我国电力基础设施建设迈入高质量发展新阶 段。2026年初，中国电力建设集团（以下简称"中国电建"）、中国能源建设集团（以下简称"中国能 建"）和中国安能建设集团（以下简称"中国安能"）相继召开2026年度工作会议，系统总结了"十四 五"发展成就，并公布了面向"十五五"的战略蓝图。 从披露的数据与规划看，新能源业务、境外业务与新兴业务已成为行业增长的三大支柱——新能源电力 业务特别是新能源与抽水蓄能持续领跑，境外市场拓展步伐加快，而以储能、综合智慧能源、数字基建 为代表的新兴业务迅猛增长，共同推动能源电力基建央企在结构优化中实现稳步跃升。 新能源业务、境外业务与新兴业务已成行业增长三大支柱 就在上周，中国电建、中国能建相继披露2025年新签合同额。中国电建全年新签合同总额达13332.83亿 元，同比增长4.93%；中国能建全年新签合同额14493.84亿元，同比增长2.88%，两家企业均保持良好增 长态势。 两家央企新签合同额增速与上年相比有所放缓。"十四五"以来，两家央企签约额增速经历了抛物线走 势。需要看到的是，近两年来增速放缓的背后是结构性跃升。 新能 ...

[Table_Page] 公司深度研究|基础建设 证券研究报告 [Table_Title] 中国能建(601868.SH)/中国能源建 设(03996.HK) 全球能源建设领军者，布局氢能、IDC 第二成长曲线 [Table_Summary] 核心观点： 盈利预测： | [Table_ 单位:Finance] 人民币百万元 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 406,032 | 436,713 | 470,674 | 512,415 | 550,865 | | 增长率（ % ） | 10.8% | 7.6% | 7.8% | 8.9% | 7.5% | | EBITDA | 28,393 | 30,557 | 31,178 | 33,284 | 35,524 | | 归母净利润 | 7,986 | 8,396 | 8,706 | 9,388 | 10,150 | | 增长率（ % ） | 2.3% | 5.1% | 3.7% | 7.8% | 8.1% | | EPS（ ...

Core Insights - The core focus of the articles is the significant shift in China's energy sector towards renewable energy, as evidenced by the substantial new contracts signed by major state-owned enterprises, China Electric Power Construction (China Electric) and China Energy Engineering (China Energy), totaling nearly 2.8 trillion yuan in new orders, primarily directed towards renewable energy projects [2][6]. Group 1: New Contracts and Performance - In 2025, China Electric signed new contracts worth 1.333 trillion yuan, with energy projects contributing 841.6 billion yuan [2]. - China Energy's new contract amount reached 1.449 trillion yuan, with its renewable and integrated smart energy business contracts totaling 592.6 billion yuan, reflecting a year-on-year growth of 6.7% [2][3]. - The data indicates a structural transformation in the energy industry, with traditional thermal power contracts declining and renewable energy projects, particularly wind and storage, experiencing rapid growth [3][7]. Group 2: Shift from Traditional to Renewable Energy - China Electric's thermal power contracts fell sharply by 46.25% to 33.8 billion yuan, while its wind power contracts surged by 54.67% to 182.9 billion yuan [3]. - China Energy's renewable energy and integrated smart energy business now account for over 40% of its total contracts, with growth rates surpassing overall business growth [3]. - The trend of "wind power rising while solar power declines" reflects a market reassessment of technology maturity and efficiency [3]. Group 3: Energy Storage Developments - The rapid growth of renewable energy installations has highlighted the need for energy storage solutions, which are becoming a key battleground worth hundreds of billions [4]. - In the first nine months of 2025, China Electric signed 142 new energy storage projects with a total contract value of 36.7 billion yuan [4]. - Successful energy storage projects are transitioning from cost burdens to profitable assets, with innovative revenue models emerging [5]. Group 4: Global Expansion of Renewable Energy - Both companies are expanding their renewable energy capabilities into international markets, with China Electric's overseas contracts reaching 213.8 billion yuan, a year-on-year increase of 21.45% [6]. - Recent international projects include significant wind and solar energy contracts in Vietnam and the Middle East, showcasing a comprehensive solution that includes technology and business model exports [6]. - The global outreach of Chinese renewable energy solutions is reshaping the discourse on global energy governance [6][7].

Investment Rating - The investment rating for the construction and decoration industry is "Positive" (maintained) [4] Core Views - Infrastructure investment is experiencing a short-term bottoming out, with cumulative year-on-year growth turning negative for the first time since 2004. In 2025, narrow infrastructure (excluding electricity) completed 18.08 trillion yuan, down 2.20% year-on-year, while broad infrastructure totaled 24.50 trillion yuan, down 1.48% year-on-year. December saw significant declines, with narrow and broad infrastructure down 12.22% and 15.95% year-on-year, respectively. Despite this, major strategic projects are expected to continue, and infrastructure investment is anticipated to stabilize and recover gradually [5][12][22]. Summary by Sections Infrastructure Investment - In 2025, narrow infrastructure investment completed 18.08 trillion yuan, down 2.20% year-on-year, while broad infrastructure totaled 24.50 trillion yuan, down 1.48% year-on-year. December saw a year-on-year decline of 12.22% for narrow infrastructure and 15.95% for broad infrastructure, with significant drops in water conservancy and public facilities management [5][12]. New Orders - New orders in 2025 showed a pattern of stability among central enterprises, with China State Construction, China Railway, China Electric Power, and China Energy achieving new orders of 4.15 trillion yuan, 2.75 trillion yuan, 1.33 trillion yuan, and 1.45 trillion yuan, respectively. Local state-owned enterprises exhibited more significant differentiation, with Shanghai Construction, Shaanxi Construction, and Pudong Construction seeing declines of 35%, 25%, and 23% year-on-year, while Sichuan Road and Bridge saw a substantial increase of 47% year-on-year [6][17]. Market Performance - The construction and decoration index rose by 1.88% during the week, with chemical engineering, steel structure, and international engineering leading the gains at 10.70%, 7.71%, and 4.49%, respectively. A total of 123 stocks in the construction sector rose, with the top five performers being Huawi Design (+51.92%), Zhite New Materials (+49.21%), and others [8][28]. Company Dynamics - Several companies reported significant changes in their financial performance for 2025. For instance, China Metallurgical Group expects a net profit decline of 76.28% to 80.73% due to ongoing losses in the real estate sector and substantial asset impairment provisions. In contrast, companies like Xinjiang Jiaojian anticipate a net profit increase of 50.14% to 125.22% [24][25].

Investment Rating - The report maintains an "Outperform" rating for the commercial aerospace sector, indicating a positive outlook for investment opportunities in this area [3]. Core Insights - The report highlights that fixed asset investment (FAI) in 2025 is under pressure, with a total of 485,186 billion yuan, representing a year-on-year decline of 3.8%, which is a worsening of 1.2 percentage points compared to the previous 11 months [15]. - Infrastructure investment (excluding electricity, heat, gas, and water production and supply) decreased by 2.2% year-on-year, with a similar trend observed in real estate development investment, which fell by 17.2% to 82,788 billion yuan [15]. - The report emphasizes the potential for a rebound in the construction and real estate markets driven by macroeconomic policies, particularly in urban renewal initiatives [16]. - Key companies such as China State Construction and China Energy Engineering reported year-on-year increases in new orders for Q4, indicating a positive trend in capital expenditure among leading industrial firms [16]. Summary by Sections Industry Outlook and Investment Recommendations - The report suggests focusing on the cyclical recovery of the construction sector, particularly in light of supportive policies aimed at urban renewal and infrastructure development [16]. - It recommends investing in high-quality cyclical stocks and companies involved in commercial aerospace and low-altitude economy sectors, such as Roman Holdings and Honglu Steel Structure [26]. Market Performance Review - The construction decoration index rose by 1.88%, outperforming the overall A-share index, which increased by 0.83% [14]. - Notable performers in the sector included chemical engineering (+10.70%) and steel structure (+7.71%) [14]. Key Company Dynamics - Roman Holdings is projected to achieve a profit of 1.8-2 billion yuan in 2025, indicating a turnaround from previous losses, driven by strong demand for computing power in major cities [19]. - China Energy Engineering reported a new contract amount of 1.45 trillion yuan for 2025, reflecting a year-on-year increase of 2.9% [19].

Group 1 - The report highlights a significant increase in the State Grid's capital expenditure during the "14th Five-Year Plan" period, with a projected investment of approximately 4 trillion yuan during the "15th Five-Year Plan," representing a 40% increase compared to the previous plan [15][18][21] - The report recommends focusing on power engineering companies, specifically China Electric Power Construction, China Huadian Engineering, and China Energy Engineering, which are well-positioned to benefit from the increased capital expenditure [21][22] - The report emphasizes the importance of selecting companies with strong fundamentals and low valuations based on ROE and valuation percentiles, recommending firms such as China Chemical, China National Materials, and Donghua Technology [23][24] Group 2 - Weekly tracking indicates steady progress in coal chemical projects, with significant contract awards for the coal-to-natural gas project in Xinjiang, totaling over 15 billion yuan [28][29] - The hydrogen energy sector is gaining momentum, with government initiatives promoting zero-carbon factory construction and the launch of major projects like the Baowu Green Hydrogen Industrial Park, which has a total investment of 110.9 billion yuan [31][32] - The report notes a slight decline in steel prices, with average prices for medium-thick plates and rebar decreasing by 0.5% and 0.8% respectively, indicating a stable but low price environment [31]

内容概要：绿氨是以可再生能源电解水制绿氢再合成的零碳氨产品，较灰氨减排约95%，核心区别于传 统氨的制氢路径与碳足迹。我国绿氨行业发展获多项政策多维支撑，尤其政策推动其内河航运应用增量 空间。产业链呈"上游供给-中游转化-下游需求"三层架构，上游以风光发电和电解槽等装备为核心，碱 性电解槽主导市场且成本下降显著，PEM电解槽增长迅猛；中游聚焦绿氢制备与氨合成，存在协同运 行难题；下游以农业绿色化肥为主要消纳场景，能源领域尤其是航运脱碳需求将成未来增长极。我国合 成氨行业成熟，绿氨因传统合成氨高碳痛点及新能源平价趋势兴起，截至2025年规划建设投产项目125 个，总产能超2300万吨/年，已迈入小规模商业化示范阶段。行业形成"国家队引领、多主体协同"格 局，企业呈"北产南运"区域布局特征。未来将沿技术迭代降本、产业链整合协同、应用场景拓展方向发 展，实现从示范到规模化商业化跨越。 上市企业：中国能建（601868.SH）、中国石化（600028.SH）、吉电股份（000875.SZ）、中国天楹 （000035.SZ）、深圳能源（000027.SZ）、隆基绿能（601012.SH）、宝丰能源（600989.SH） ...

Core Insights - China Energy Construction (03996) announced a new contract value of 456.609 billion yuan for the fourth quarter of 2025, with a cumulative new contract value of 1,449.384 billion yuan for the year, representing a year-on-year growth of 2.88% [1] Company Summary - The company reported a new contract value of 456.609 billion yuan for Q4 2025 [1] - The cumulative new contract value for 2025 reached 1,449.384 billion yuan, showing a year-on-year increase of 2.88% [1]