证券代码：601868 证券简称：中国能建 公告编号：临 2023-025 重要内容提示： 中国能源建设股份有限公司 会议召开时间： 关于召开 2022 年度业绩暨现金分红说明会的公告 2023 年 4 月 24 日(星期一)上午 10:00-11:30 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。 会议召开地点： 上证路演中心（网址：http://roadshow.sseinfo.com/） 价值在线（网址：www.ir-online.cn） 会议召开方式：视频直播和网络互动 价值在线（网址：www.ir-online.cn） （三）召开方式：视频直播和网络互动 投资者可于：2023 年 4 月 17 日(星期一)至 4 月 21 日(星 期五)16:00 前登录上证路演中心网站首页点击"提问预征集" 栏目或者 2023 年 4 月 19 日(星期三)17:00 前通过公司邮箱 zgnj3996@ceec.net.cn 进行提问，公司将在说明会上对投资者 普遍关注的问题进行回答。 中国能源建设股份有限公司（以下简称公司） ...

Financial Performance - In 2022, the company's operating revenue reached CNY 366.39 billion, an increase of 13.67% compared to CNY 322.32 billion in 2021[29]. - The net profit attributable to shareholders was CNY 7.81 billion, representing a growth of 20.07% from CNY 6.50 billion in the previous year[29]. - The total assets at the end of 2022 amounted to CNY 664.35 billion, up 25.62% from CNY 528.86 billion at the end of 2021[29]. - The basic earnings per share for 2022 was CNY 0.18, a decrease of 5.26% from CNY 0.19 in 2021[30]. - The weighted average return on equity was 8.46% in 2022, slightly down from 8.55% in 2021[30]. - The company reported a net profit of CNY 3.63 billion in Q4 2022, with a significant increase in revenue during this quarter[29]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 5.71 billion, up 12.52% from CNY 5.07 billion in 2021[29]. - The total profit for the year reached RMB 13.68 billion, reflecting a year-on-year growth of 4.8%[96]. - The net profit for 2022 was RMB 10.41 billion, which is an increase of 8.4% year-on-year[96]. - The company reported a significant increase in revenue from other businesses, which reached RMB 8.25 billion, a year-on-year growth of 29.82%[105]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.252 per 10 shares, totaling RMB 1.051 billion, subject to shareholder approval[3]. - The total share capital of the company is 41,691,163,636 shares, which serves as the basis for the dividend distribution[3]. Audit and Compliance - The company reported a standard unqualified audit opinion from Tianjian Accounting Firm for the fiscal year ending December 31, 2022[2]. - The report confirms that all board members are able to guarantee the accuracy and completeness of the annual report[5]. - The company has not faced any objections regarding its accounting policies and practices from the audit committee[6]. - The company has not violated any regulatory decision-making procedures in providing guarantees[5]. Innovation and Technology - As of the end of 2022, the company held 11,372 valid patents and received 48 national science and technology progress awards, showcasing its innovation capabilities[17]. - The company achieved significant breakthroughs in technology research and development, including the world's highest voltage level 535kV hybrid DC circuit breaker and two major equipment projects listed as national first sets[54]. - The company has established a comprehensive innovation platform with new research institutes focusing on air compression, smart transportation, and advanced materials[92]. - Research and development expenses increased by 18.80% to RMB 10.44 billion, supporting the company's technological advancements[97]. Market Expansion and Contracts - The company achieved a new contract signing amount of over 1 trillion RMB, marking a year-on-year growth of 20.2%[42]. - The company signed new contracts in the renewable energy sector, with a year-on-year growth of 82.2%[43]. - The company signed new contracts worth RMB 809.3 billion in the domestic market, a year-on-year increase of 23.5%[51]. - The overseas new contract signing amount reached RMB 239.79 billion, with a year-on-year growth rate among the leading central enterprises[51]. - The new energy engineering contract signing amount was RMB 355.01 billion, a significant year-on-year increase of 83.9%[52]. Strategic Goals and Development - The company aims to create a high-quality development platform focusing on new energy, new infrastructure, and new industries, aligning with national strategic goals[19]. - The company has a strategic vision of being industry-leading and world-class, aiming to push forward energy revolution and high-quality development[19]. - The company plans to enhance its focus on new energy as the primary growth engine and profit contributor in 2023[45]. - The company aims to deepen the integration of "new infrastructure" and accelerate breakthroughs in the "seven networks" integration[45]. - The company plans to sign new contracts worth RMB 1.15 trillion and aims for operating revenue of RMB 378 billion in 2023, with an investment plan of RMB 134.2 billion[163]. Governance and Management - The company has established a robust internal governance structure to ensure compliance with relevant laws and regulations, enhancing operational efficiency[173]. - The company has independent operational management institutions and a complete governance structure, ensuring that it operates independently from its controlling shareholders[192]. - The company has a diverse board policy aimed at sustainable development, considering factors such as gender, age, and professional experience in board member selection[181]. - The management team includes a general manager and several deputy general managers, responsible for implementing board decisions and reporting on operational performance[180]. Environmental and Social Responsibility - The company is committed to integrating into the green low-carbon economy and digital economy, aiming for high-quality and efficient development in energy, construction materials, and related infrastructure[170]. - The company is actively pursuing a dual-carbon strategy, leading to rapid growth in its new energy contracting business[99]. - The company has strengthened its safety production system, ensuring effective operation and compliance with safety regulations[137]. - The company achieved a zero-accident target in quality management for the year, winning 21 national quality engineering awards[136]. Financial Management - The company’s cash flow from operating activities was RMB 79.34 billion, a decrease of 10.29% compared to the previous year[115]. - The net cash flow from investing activities was -RMB 49.03 billion, an increase in outflow of 162.83% year-on-year, attributed to increased external investments and asset acquisitions[116]. - The company’s total capital expenditure in 2022 was RMB 23.46 billion, up from RMB 19.67 billion in 2021, with significant investments in construction projects[117]. - The company plans to enhance capital management and optimize financing arrangements to address increased debt levels and project costs due to rising commodity prices[167].

2022年年度报告 公司 A 股代码：601868 公司 A 股简称：中国能建 公司 H 股代码：3996 公司 H 股简称：中国能源建设 中国能源建设股份有限公司 2022 年年度报告 ...

Financial Performance - The company reported a total revenue of 100 billion RMB for the year 2022, representing a year-on-year increase of 15%[12]. - The company's operating revenue for 2022 was CNY 366,393,301, representing a 13.67% increase from CNY 322,318,565 in 2021[23]. - Net profit attributable to shareholders for 2022 was CNY 7,809,343, a 20.07% increase compared to CNY 6,504,102 in 2021[23]. - The net profit after deducting non-recurring gains and losses was CNY 5,706,785, up 12.52% from CNY 5,071,829 in 2021[23]. - The total assets of the company reached 200 billion RMB, with a year-on-year growth of 10%[12]. - The company's total assets increased by 25.62% to CNY 664,351,125 at the end of 2022, compared to CNY 528,862,588 at the end of 2021[23]. - The net profit amounted to RMB 10.41 billion, with attributable net profit to shareholders of RMB 7.81 billion, showing a year-on-year growth of 20.1%[31]. - The total profit reached RMB 13.68 billion, reflecting a year-on-year growth of 4.8%[31]. - The company reported a significant increase in total assets and net profit, indicating strong financial growth and stability[23]. Dividend Distribution - The company reported a total cash dividend distribution of RMB 1.051 billion, with a cash dividend of RMB 0.252 per 10 shares[6]. - The proposed cash dividend is RMB 1,050,617,323.63, which represents 14.02% of the net profit attributable to ordinary shareholders for the year[165]. - The company has not proposed any cash profit distribution plan despite having positive distributable profits during the reporting period[166]. - The company's board of directors recommends a cash dividend distribution plan, pending approval at the annual general meeting[165]. Corporate Governance - The board of directors has ensured the accuracy and completeness of the annual report, with no significant omissions or misleading statements[4]. - The company has established a governance structure that includes a general meeting of shareholders, a board of directors, specialized committees, a supervisory board, and senior management[114]. - The board of directors is required to hold at least four regular meetings annually, approximately once per quarter[116]. - The company has established a nomination committee to review the board's diversity and monitor the implementation of its diversity policy annually[120]. - The company has confirmed that it possesses all necessary assets for its main business, independent of its controlling shareholders[124]. - The company has independent operational management structures and has established a complete and independent corporate governance framework[127]. - The company has implemented internal control measures to ensure compliance with relevant laws and regulations after being listed in both A and H shares[114]. - The company emphasizes the importance of risk assessment and monitoring in international markets to safeguard overseas operations[109]. Strategic Initiatives - The company aims to achieve carbon neutrality by 2030, aligning with national energy policies[12]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% market share by 2025[12]. - The company aims to enhance its position as the "first development engine and first profit contributor" in the new energy sector[30]. - The company plans to focus on three major sectors: new energy (including hydrogen and energy storage), integrated transportation, and urban comprehensive development, aiming for high-quality and efficient investment growth[111]. - The company is committed to a value investment approach, transitioning towards industry and full-chain investments to enhance business value[111]. Research and Development - Investment in R&D increased by 30% to 5 billion RMB, focusing on innovative technologies in energy efficiency[12]. - The company has ongoing research and development efforts, particularly in the Beijing Huashihua project, which has a completion rate of 100%[94]. - Research and development expenses reached RMB 10.442 billion, representing a year-on-year increase of 18.80%[60]. - The total R&D investment was RMB 10.454 billion, which is 2.85% of the operating revenue, showing a year-on-year growth of 17.83%[61][64]. Market Expansion - The user base expanded to 5 million active users, a growth of 20% compared to the previous year[12]. - The company is expanding its market presence in regions such as Asia and Europe, targeting a market share increase of F% by the end of the fiscal year[136]. - The company signed new contracts worth RMB 239.79 billion in overseas markets, a year-on-year increase of 39.9%, accounting for approximately 68.8% of total overseas contracts[31]. Environmental Responsibility - The company invested approximately 712.4 million RMB in environmental protection during the reporting period[191]. - All pollution control facilities operated at a 100% efficiency rate, with no environmental incidents reported in 2022[191][193]. - The company advocates for green and low-carbon development, integrating energy conservation and ecological protection into its strategic planning[200]. - The company has established a comprehensive environmental monitoring plan, with real-time data uploaded to regulatory authorities[196]. Safety and Compliance - The company has not experienced any major production safety accidents throughout the year, reinforcing its safety measures[29]. - The company maintained a stable safety production situation in 2022, with no major safety responsibility accidents reported[88]. - The company emphasizes accurate and timely information disclosure, enhancing communication with shareholders and investors to improve transparency[185]. Employee Development - A total of 890,000 training sessions were conducted in 2022, enhancing employees' business skills and overall quality[162]. - The company has established a comprehensive training development plan and various training centers to strengthen professional talent cultivation[162]. - The company has implemented measures to support employee diversity and prohibits discrimination based on gender, age, religion, or race during recruitment[160].

Financial Performance - Operating revenue for Q3 2022 increased by 22.71% year-on-year, reaching RMB 241,782,384,000[5] - Net profit attributable to shareholders of the listed company rose by 37.48% year-on-year to RMB 4,177,832,000[5] - Net profit attributable to shareholders after deducting non-recurring gains and losses increased by 25.00% year-on-year, totaling RMB 2,827,785,000[5] - Basic earnings per share for the quarter was RMB 0.03, compared to RMB 0.00 in the same period last year[6] - Total operating revenue for the first three quarters of 2022 reached RMB 241,782,384 thousand, an increase from RMB 209,587,362 thousand in the same period of 2021, representing a growth of approximately 15.3%[23] - The net profit attributable to the parent company for the same period was RMB 4.178 billion, reflecting a year-on-year growth of 24.32%[12] - Net profit for the first three quarters of 2022 was RMB 6,229,555 thousand, slightly down from RMB 6,478,277 thousand in the same period of 2021, showing a decrease of about 3.8%[24] - The total comprehensive income for the first three quarters of 2022 was RMB 7,463,833 thousand, up from RMB 6,539,988 thousand in the previous year, representing an increase of about 14.1%[25] Assets and Liabilities - Total assets as of the end of the reporting period amounted to RMB 647,646,811,000, reflecting a 22.46% increase from the previous year[6] - Total assets reached RMB 647.65 billion, compared to RMB 528.86 billion at the end of 2021, marking a growth of approximately 22.5%[22] - Total current assets amounted to RMB 398.85 billion, an increase from RMB 309.94 billion as of December 31, 2021, representing a growth of approximately 28.7%[19] - Total liabilities increased to RMB 486.00 billion from RMB 379.13 billion, representing a rise of about 28.2%[21] - The company's equity attributable to shareholders rose to RMB 98.83 billion from RMB 94.20 billion, an increase of approximately 4.0%[22] - The company's long-term borrowings increased to RMB 112.03 billion from RMB 84.62 billion, reflecting a growth of approximately 32.4%[57] Cash Flow - The company reported a net cash flow from operating activities of -RMB 18,553,769,000 for the year-to-date[6] - The net cash inflow from operating activities was -18,553,769, compared to -8,664,871 in the previous year, indicating a decline in operational cash flow[26] - The net cash outflow from investing activities was -20,364,810, an increase from -15,127,639 year-over-year, reflecting higher investment expenditures[27] - The net cash inflow from financing activities was 43,487,292, significantly up from 8,217,737 in the previous year, showing improved financing capabilities[27] Contracts and Projects - The company signed new contracts worth RMB 694.642 billion, up 17.26% year-on-year, with domestic contracts at RMB 494.568 billion (16.26% increase) and overseas contracts at RMB 200.074 billion (19.8% increase)[13] - The new energy and integrated smart energy engineering construction contracts amounted to RMB 266.888 billion, a significant increase of 108.32%, accounting for 38.42% of total new contracts[14] - The company secured wind and solar energy development indicators totaling 12.78 million kilowatts, with energy storage development indicators of 10.21 million kilowatts[14] - The company has initiated major industrial demonstration projects in compressed air energy storage and high-altitude wind power generation, including the world's largest 300MW compressed air energy storage project[15] Research and Development - Research and development expenses rose to RMB 5,010,546 thousand in the first three quarters of 2022, compared to RMB 3,792,918 thousand in the same period of 2021, reflecting a growth of approximately 32.2%[23] - The company is actively pursuing technology innovation, having completed 14 key technology research projects in areas such as offshore wind power and IoT applications in the new energy sector[15] - Research and development expenses for the first three quarters of 2022 were 3,102 million, down from 8,975 million in the same period of 2021, representing a decrease of about 65.5%[31] Strategic Initiatives - The company is focusing on expanding its new energy and infrastructure projects as part of its "30•60" strategic goals[17] - The company is implementing a "1466" strategy aimed at maintaining stable growth and strengthening scientific management[12] - The company signed strategic cooperation agreements with six financial institutions, successfully issuing its first REITs and sustainable low-carbon transition bonds[16] - The company is enhancing its project management and financial capabilities, with a focus on improving revenue and operational efficiency[16] - The company is planning a private placement of A-shares to raise up to RMB 15 billion for new energy projects, including photovoltaic, wind power, hydrogen energy, and energy storage[17] - The feasibility of the private placement and the use of raised funds are still under evaluation, indicating potential uncertainties[17]

Financial Performance - China Energy Engineering Corporation reported a significant increase in revenue, reaching approximately 100 billion RMB, representing a year-on-year growth of 15%[16]. - Operating revenue for the first half of the year reached RMB 158,286,934 thousand, an increase of 11.83% compared to the same period last year[24]. - Net profit attributable to shareholders was RMB 2,793,554 thousand, reflecting an 18.69% increase year-on-year[24]. - Net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 7.13% to RMB 1,752,087 thousand[24]. - The total assets at the end of the reporting period amounted to RMB 588,509,043 thousand, up 11.28% from the end of the previous year[24]. - Basic earnings per share decreased by 17.11% to RMB 0.063 compared to the same period last year[25]. - The weighted average return on net assets was 3.03%, down 0.73 percentage points year-on-year[25]. - The company achieved a new contract amount of RMB 532.76 billion, representing a year-on-year growth of 10.24%[55]. - The company's operating revenue reached RMB 158.29 billion, an increase of 11.83% year-on-year[55]. Investments and Projects - The company has successfully completed over 50 new projects in the first half of the year, contributing to a 20% increase in operational capacity compared to the previous year[23]. - The company reported a significant increase in investment in water conservancy projects, with a total investment of RMB 7,480 billion, up 49.5% year-on-year[37]. - The company plans to invest in infrastructure projects through integrated business models such as BOT, BOOT, and PPP, enhancing its project management capabilities[44]. - The company signed new contracts worth RMB 95.69 billion in surveying, design, and consulting services, representing a year-on-year increase of 58.37%[43]. - The company is expanding its market presence in Southeast Asia, with plans to invest 5 billion RMB in new infrastructure projects over the next three years[23]. Risk Management - The company has detailed the risks it faces in the "Management Discussion and Analysis" section of the report[8]. - The report includes a risk statement regarding forward-looking statements and future plans[6]. - The company has established a risk management strategy to address cash flow risks and ensure timely debt repayment[98]. - The company aims to enhance investment management and risk identification to mitigate investment risks, particularly in project management and macroeconomic changes[96][99]. - The company has identified risks related to international operations, including instability in international security and prolonged pandemic effects[97]. Environmental and Social Responsibility - The company’s environmental protection measures have been effective, with no significant violations reported in the first half of 2022[113]. - The company has installed automatic monitoring systems for key pollutants, ensuring real-time data transmission to environmental authorities[114]. - The company has achieved a 100% operational rate for pollution control facilities across its key pollutant discharge enterprises, ensuring compliance with pollutant discharge standards[117]. - The company has organized various community support initiatives, achieving over RMB 5 million in consumer assistance through online sales of local agricultural products[127]. - The company has focused on reducing carbon emissions by procuring low-energy consumption equipment and implementing energy-saving technologies[126]. Corporate Governance - The company confirmed compliance with the corporate governance code throughout the reporting period[161]. - The board of directors held five meetings during the reporting period, reviewing 27 proposals and submitting 11 for shareholder approval[161]. - The company has established a governance structure to ensure independent financial decision-making and compliance with tax obligations[135]. - The company has made commitments to avoid conflicts of interest and ensure fair pricing in related transactions[135]. - The company has established a framework for timely and strict adherence to its commitments, with specific timelines and conditions outlined for compliance[130]. Shareholder Information - The total number of ordinary shareholders reached 532,926 by the end of the reporting period[162]. - China Energy Construction Group Co., Ltd. holds 18,686,568,022 shares, accounting for 44.82% of total shares, with 18,107,684,022 A-shares and 578,884,000 H-shares[169]. - The company has a diverse shareholder base, with significant holdings from both domestic and foreign investors[171]. - The company has no changes in the shareholding of directors, supervisors, and senior management during the reporting period, maintaining their holdings in both A-shares and H-shares[175]. - The company has confirmed that there is no risk of termination of trading for its shares on the Shanghai Stock Exchange[180]. Debt and Financing - The company reported a total external guarantee balance of RMB 4.732 billion as of the reporting period, excluding mortgage guarantees provided for homebuyers[158]. - The company provided mortgage guarantees totaling RMB 4.636 billion for homebuyers, with no defaults reported during the period, indicating low associated risks[158]. - The company’s main debt situation remains normal, with no overdue guarantees reported[156]. - The company has not incurred any guarantee fees, as the management fees are deducted during the investment operation process according to specific agreements[151]. - The company maintained a loan repayment rate of 100% and an interest payment rate of 100%, indicating full compliance with debt obligations[198].

Financial Performance - The company's operating revenue for the first half of 2022 was CNY 158,286,934, representing an increase of 11.83% compared to CNY 141,545,737 in the same period last year[21]. - The net profit attributable to shareholders of the listed company was CNY 2,793,554, reflecting an 18.69% increase from CNY 2,353,650 in the previous year[21]. - The net profit after deducting non-recurring gains and losses was CNY 1,752,087, which is a decrease of 7.13% compared to CNY 1,886,605 in the same period last year[21]. - The company's total assets at the end of the reporting period were CNY 588,509,043, an increase of 11.28% from CNY 528,862,588 at the end of the previous year[21]. - The net assets attributable to shareholders of the listed company were CNY 96,851,385, showing a growth of 2.82% compared to CNY 94,198,680 at the end of the previous year[21]. - The basic earnings per share for the first half of 2022 was CNY 0.063, down 17.11% from CNY 0.076 in the same period last year[22]. - The weighted average return on net assets was 3.03%, a decrease of 0.73 percentage points compared to 3.76% in the previous year[22]. - The company reported a net cash flow from operating activities of CNY -13,792,961, indicating a decline from CNY -11,010,748 in the previous year[21]. - The company achieved a new contract amount of RMB 532.76 billion in the first half of 2022, representing a year-on-year increase of 10.24%[45]. - The company's operating revenue reached RMB 158.29 billion, with a year-on-year growth of 11.83%[45]. Investments and Contracts - The company's new contract value for surveying, design, and consulting business reached RMB 95.69 billion, a year-on-year increase of 58.37%[36]. - The company's engineering construction business signed new contracts worth RMB 5,014.87 billion, reflecting a year-on-year growth of 6.61%[36]. - The investment in water conservancy construction reached RMB 748 billion, a year-on-year increase of 49.5%[30]. - The company secured 8.37 million kW of wind and solar energy development indicators, with a cumulative total of 22.26 million kW[47]. - The new contracts for renewable energy and integrated smart energy projects reached RMB 204.08 billion, up 116.61% year-on-year, accounting for 38.3% of total new contracts[47]. Financial Position and Liabilities - As of June 30, 2022, the company's total liabilities amounted to RMB 435.954 billion, with a total asset value of RMB 588.509 billion, resulting in a debt-to-asset ratio of 74.08%, an increase of 2.39 percentage points from the beginning of the year[64]. - The company's restricted cash was RMB 5,543.963 million, accounts receivable was RMB 4,567.785 million, and inventory was RMB 13,187.638 million, primarily due to loan pledges and litigation[63]. - The company's total bank loans and other borrowings reached RMB 149.307 billion, up from RMB 120.179 billion at the end of the previous year[65]. - The company's capital debt ratio at the end of the period was 97.87%, an increase of 17.61 percentage points from the beginning of the year[68]. - The company's asset-liability ratio increased to 74.08% from 71.69% year-on-year, a change of 2.39%[160]. Cash Flow and Financing - The company reported a net cash flow from operating activities of CNY -13,792,961, compared to -CNY 11,010,748 in the previous year[51]. - The financing activities generated a net cash flow of RMB 20.57 billion, a significant increase of 97.39% year-on-year[51]. - The company reported a significant increase in other income to 17,142,000 thousand RMB from 2,365,000 thousand RMB in the previous year[174]. - Cash flow from financing activities showed a net increase of 20,570,111 thousand RMB in the first half of 2022, compared to 10,421,237 thousand RMB in the same period of 2021, indicating improved financing conditions[176]. Environmental and Social Responsibility - The company has installed automatic monitoring systems for key pollutants at 60 wastewater treatment plants and 9 cement plants, ensuring compliance with emission standards[92]. - In the first half of 2022, the company achieved a 100% operational rate for pollution control facilities, with all major pollutants meeting discharge standards[93]. - The company has committed to reducing carbon emissions through energy-efficient equipment and innovative technologies, with a focus on energy consumption management[100]. - The company has developed an emergency response plan for environmental incidents and conducted regular drills to ensure preparedness[95]. - The company has strengthened its environmental compliance management, ensuring all construction projects adhere to environmental impact assessments[94]. Corporate Governance and Compliance - The company has adhered to all general provisions of the Corporate Governance Code during the reporting period[132]. - The company confirmed that all directors and supervisors complied with the standards set forth in the code of conduct during the reporting period[132]. - The company organized 5 board meetings during the reporting period, reviewing 27 proposals[132]. - The company has no changes in the shareholding of directors, supervisors, and senior management during the reporting period[143]. - The company has no strategic investors or general legal entities becoming major shareholders during the reporting period[140]. Future Outlook and Strategy - The company anticipates a rebound in China's economic growth in the second half of 2022, driven by macroeconomic policies and recovery of supply chains[84]. - The company aims to enhance its comprehensive design capabilities across various infrastructure sectors, including water conservancy and ecological protection[36]. - The company plans to maintain a prudent financial policy while seeking various funding sources to support its capital and operational needs[60]. - The company is facing intensified market competition in new energy and infrastructure sectors, which may impact operational performance if not effectively managed[81]. - The company has a strategic focus on high-quality investment and lifecycle investment, transitioning towards value and industrial investments[83].