Investment Rating - The industry rating is "Recommended" [4] Core Views - The report highlights a significant increase in fixed asset investment in water and electricity sectors, with a focus on regional infrastructure [1][3] - The cement market remains stable, while glass prices are experiencing fluctuations due to competitive dynamics [2] - The real estate market shows a decline in transaction volumes for both new and second-hand homes [3][21] - The report emphasizes the ongoing demand for construction materials driven by major national projects and infrastructure investments [7][8] Summary by Sections Investment Recommendations - Recommended stocks include strong performers like "Three Trees" and high-dividend stocks such as "Weixing New Materials" and "Rabbit Baby" [1] - Cement leaders like "Huaxin Cement" and "Conch Cement" are recommended due to their cost and scale advantages [7] - The report suggests focusing on companies benefiting from major engineering projects, such as "China Power Construction" and "China Energy Construction" [8] Market Trends - The national cement price is reported at 340.33 CNY/ton, showing stability despite low demand [2] - The average price of float glass has decreased to 1235.66 CNY/ton, reflecting a 3.08% decline from the previous week [2][73] - The report notes a 1.6% year-on-year increase in fixed asset investment, with infrastructure investment growing by 3.2% [3][6] Real Estate Market - New home transaction volume in 30 major cities decreased by 12% year-on-year, with a significant 44.7% drop from the previous week [3][21] - Second-hand home transactions in 15 monitored cities showed a slight decline of 1.7% year-on-year [3][21] Sector Performance - The report indicates a robust performance in the industrial sector, with a 9.0% year-on-year increase in industrial investment [6] - The water and electricity sectors are highlighted for their strong investment growth, with electricity supply investment up by 21.5% [6]

Core Viewpoint - The strategic cooperation agreement between China Energy Engineering Group and China Communications Construction Group focuses on areas such as energy integration, green energy, international engineering, and technological innovation [1] Group 1 - China Energy Engineering Group's Deputy Secretary of the Party Committee and General Manager Ni Zhen engaged in in-depth discussions with China Communications Construction Group's Party Secretary and Chairman Song Hailiang [1] - The signing of the strategic cooperation agreement marks a significant step in enhancing collaboration between the two companies in various strategic fields [1]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is a leader in energy and power construction, actively implementing the "Two Mountains" concept, focusing on green transformation and value reassessment [1] - The company has shown resilience with steady growth in orders and performance, outperforming other state-owned construction enterprises [3] - The company is advancing a new "Energy+" development model, integrating various energy sources and enhancing its data center infrastructure [2] Summary by Sections Company Overview - China Energy Construction (601868.SH) is positioned as a leader in energy and power construction, emphasizing green initiatives and technological innovation in traditional and renewable energy sectors [1] - The company has integrated resources across multiple energy types, achieving a 60% year-on-year increase in new energy capacity, totaling 15.2 GW by the end of 2024 [1] Financial Performance - The company expects steady revenue growth, with projected revenues of 436.7 billion yuan in 2024, up 7.6% year-on-year, and a net profit of 8.4 billion yuan, reflecting a 5.1% increase [4] - Earnings per share (EPS) are projected to grow from 0.19 yuan in 2023 to 0.26 yuan by 2027 [4] Market Position and Strategy - The company is enhancing its market position through strategic acquisitions and a focus on integrated operations in the data center sector, which is expected to be a new growth driver [2] - The company has implemented a detailed market value management plan, including increased dividends and share buybacks, to boost its valuation [2] Order and Contract Growth - New contract values have shown a steady increase, with a 10% year-on-year growth in 2024 and a 5% increase in Q1 2025 [3] - The company's order structure is improving, with the proportion of power engineering contracts rising from 45% at the end of 2021 to 66% by H1 2025 [3]

Group 1 - The core viewpoint of the news is that China Energy Engineering Group Jiangsu Electric Power Design Institute Co., Ltd. has obtained a patent for a new type of overhead transmission line four-circuit branch tower, which aims to reduce investment costs and environmental impact while enhancing safety [1] Group 2 - The patent, authorized under announcement number CN223227159U, was applied for on July 2024 and pertains to the field of transmission and distribution technology [1] - The new design features a seven-layer cross arm structure, with the top layer serving as a ground wire cross arm and the six layers below functioning as conductor cross arms, allowing for a dual-circuit system with reduced land occupation [1] - The implementation of this four-circuit branch tower allows for the completion of dual-circuit systems using only one tower, thereby minimizing the footprint and width of the power corridor, which in turn lowers construction impact on the surrounding environment [1] Group 3 - China Energy Engineering Group Jiangsu Electric Power Design Institute Co., Ltd. was established in 1990 and is located in Nanjing, with a registered capital of 600 million RMB [2] - The company has invested in 23 enterprises and participated in 4,312 bidding projects, holding 957 patents and 2 trademark registrations, along with 99 administrative licenses [2]

Group 1 - The company, China Energy Construction Group Jiangsu Electric Power Design Institute Co., Ltd., has applied for a patent related to energy storage configuration and scheduling methods, focusing on optimizing power flow fluctuations and coordination among sources, networks, loads, and storage [1] - The patent application was filed on May 2025, and the public number is CN120497982A, indicating the company's active engagement in innovative energy solutions [1] - The proposed method involves a dual-layer mixed-integer programming model to determine optimal energy storage capacity and daily scheduling curves, ensuring economic efficiency and avoiding redundancy or insufficiency in storage capacity [1] Group 2 - China Energy Construction Group Jiangsu Electric Power Design Institute Co., Ltd. was established in 1990 and is located in Nanjing, with a registered capital of 600 million RMB [2] - The company has invested in 23 enterprises and participated in 4,312 bidding projects, showcasing its extensive involvement in the energy sector [2] - The company holds 957 patents and has 99 administrative licenses, reflecting its strong focus on research and development in the energy industry [2]

Core Viewpoint - The company is leveraging digital intelligence to enhance project construction efficiency and quality, focusing on innovation and strategic development in the energy sector [3][8]. Group 1: Digital Transformation and Innovation - The company utilizes drones equipped with laser radar for high-precision surveying, creating 3D digital twin models for solar panel layout [1]. - A self-developed AI platform covers over 40 applications, enhancing safety management and construction efficiency [5]. - The company has established a comprehensive digital management platform that integrates various core functions, enabling real-time project monitoring [6]. Group 2: Strategic Development and Focus Areas - The company is optimizing its business structure and focusing on dual main businesses: energy construction and urban development, while ensuring seamless integration of traditional and new energy sectors [3][4]. - It aims to strengthen its capabilities in four key areas: new energy, new infrastructure, new industries, and new materials, with significant investments in R&D [3][4]. Group 3: Project Management and Quality Control - The company has implemented advanced monitoring systems and technologies, such as 3D laser scanning and robotic welding, to enhance construction precision and efficiency [6]. - It has achieved notable project management milestones, including the development of 14 national patents and 4 provincial engineering standards [6]. Group 4: Commitment to Sustainable Development - The company is actively pursuing projects that align with carbon neutrality goals, such as integrated renewable energy bases and zero-carbon supply chain initiatives [4][8]. - It is investing in strategic emerging industries like hydrogen and energy storage, positioning itself for future growth in the clean energy sector [8]. Group 5: Talent Development and Employee Empowerment - The company has implemented targeted talent development programs to enhance employee skills and prepare them for critical roles in project execution [8]. - A smart learning platform is in place to provide customized training for employees, fostering a culture of continuous improvement and innovation [8].

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份內容 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。 3996 董事會會議通告 中國能源建設股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於二零二 五年八月二十八日（星期四）舉行董事會會議，藉以（其中包括）批准本公司及其附屬公司 截至二零二五年六月三十日止六個月的中期業績及其發佈。 承董事會命 中國能源建設股份有限公司 副董事長 倪真 CHINA ENERGY ENGINEERING CORPORATION LIMITED* 中國，北京 2025年8月15日 於本公告日期，本公司執行董事為倪真先生；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 ...

Investment Rating - Investment rating: Positive (maintained) [5] Core Viewpoints - The shipping capacity of the Three Gorges ship lock is under pressure, necessitating the expansion of the "golden waterway." The Three Gorges-Gezhouba hub has been a key shipping channel since its completion, with a designed annual throughput capacity of 100 million tons, which was exceeded in 2011. In 2023, the cargo volume reached 169 million tons, nearly 70% above the design capacity, leading to significant delays in shipping [5][6] - The Three Gorges New Channel project has been officially initiated, marking a systematic upgrade for water transport hubs. The project, with an estimated total investment of 76.6 billion yuan and a construction period of 100 months, aims to enhance the shipping capacity from 100 million tons to 280 million tons annually, significantly reducing waiting times for vessels [5][9][10] - The project is expected to save approximately 468 million yuan in shipping time, 61 million yuan in reduced cargo transport time, and 5.742 billion yuan in cost savings from replacing land transport, thereby lowering logistics costs and enhancing operational efficiency in the region [12][19] Summary by Sections 1. Shipping Hub Capacity Constraints - The Three Gorges hub's capacity is nearing saturation, with increasing shipping demands leading to significant bottlenecks. The average waiting time for vessels has exceeded 200 hours, with extreme cases reaching 400 hours, severely impacting logistics efficiency [6][9] 2. Project Development and Timeline - The Three Gorges New Channel project has undergone extensive planning and has now entered the implementation phase, with feasibility studies approved and construction set to begin in mid-August 2025. The project includes the construction of a new channel and the expansion of the Gezhouba lock [10][11] 3. Investment Analysis - The estimated investment for civil engineering in the Three Gorges New Channel project is approximately 38.3 billion yuan, with total project costs projected at 76.6 billion yuan. The project emphasizes the need for advanced design and construction capabilities, suggesting a focus on companies with expertise in large-scale infrastructure [14][16] 4. Key Companies to Watch - Companies such as China Communications Construction Company, China Electric Power Construction Company, and China Energy Engineering Group are highlighted as key players due to their extensive experience in similar large-scale projects and their capabilities in complex engineering [16][17][18] 5. Cement Demand and Regional Impact - The construction of the Three Gorges New Channel is expected to require approximately 930,000 cubic meters of concrete, leading to a demand for about 4.185 million tons of cement, significantly benefiting regional cement suppliers like Huaxin Cement [19][20]

格隆汇8月15日丨中国能源建设(03996.HK)宣布，本公司将于2025年8月28日（星期四）举行董事会会 议，藉以（其中包括）批准本公司及其附属公司截至2025年6月30日止六个月的中期业绩及其发布。 ...

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份內容 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。 中國能源建設股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於二零二 五年八月二十八日（星期四）舉行董事會會議，藉以（其中包括）批准本公司及其附屬公司 截至二零二五年六月三十日止六個月的中期業績及其發佈。 承董事會命 中國能源建設股份有限公司 副董事長 倪真 中國，北京 2025年8月15日 CHINA ENERGY ENGINEERING CORPORATION LIMITED* 3996 董事會會議通告 * 僅供識別 於本公告日期，本公司執行董事為倪真先生；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。 ...