中国能建(601868.SH)公告称，公司所属子公司中国葛洲坝集团路桥工程有限公司（联合体牵头人）和 中国电力工程顾问集团西北电力设计院有限公司，与华设设计集团股份有限公司组成联合体，中标陕西 省安康市恒口示范区恒河、月河流域生态综合治理项目（EPC总承包），中标金额约为68.64亿元人民 币。项目建设内容包括流域治理、交通基建、城市更新、水利设施与环保工程等,总工期为36个月。目 前相关方尚未与项目业主方正式签署合同，上述项目仍存在不确定性，敬请投资者注意投资风险。 ...

王新平任中国能建投资公司党委书记，推荐为董事长人选。 来源：能建投资微信公众号 End 欢迎分享给你的朋友！ 出品 | 中国能源报（c ne ne rgy） 责编 | 李慧颖 12月26日，中国能建投资公司召开会议，宣布中国能建党委关于投资公司主要负责人调整的决定。 会上，中国能建党委组织部有关负责同志宣读了干部任免决定：经中国能建党委研究， 王新平同志任投资公司党委书记，推荐为董事 长人选 ；徐陆同志不再担任投资公司董事长、董事职务。 ...

Core Viewpoint - The Jilin Provincial Secretary Huang Qiang emphasized the importance of the Songyuan project as a successful example of central-local cooperation, urging companies to increase investment in Jilin and focus on production operations, technology upgrades, and safety management to achieve the "14th Five-Year" development goals [1] Group 1: Project Overview - The "Qing Hydrogen No. 1" project at the China Energy Construction Songyuan Hydrogen Energy Industrial Park is the world's largest integrated green hydrogen and ammonia project [1] - The project plans to build 3 million kilowatts of renewable energy generation and produce 800,000 tons of green synthetic ammonia and green methanol [1] - The first phase of the project aims for an annual production of 45,000 tons of green hydrogen and 200,000 tons of green ammonia and methanol, which officially commenced production on December 16, 2025 [1] Group 2: Certifications and Contracts - The project has received the EU ISCC sustainability certification [1] - It has signed the world's first contract for the sale of green ammonia as a marine fuel for long-distance shipping [1] Group 3: Government Support and Infrastructure - Provincial departments are urged to accelerate the construction of hydrogen transmission pipelines and support the expansion of new technologies, products, and application scenarios [1] - Songyuan city is tasked with providing educational and medical services for employees' children of central enterprises to create a stable environment for business development [1]

Core Insights - China Energy Construction has successfully completed a large-scale artificial cavern gas storage in-situ test in Changsha, setting a world record for operational duration and reliability in this field [2] Group 1 - The test achieved the world's highest level of 18 MPa ultra-high pressure gas storage with a continuous stable operation verification of 500 hours [2] - The daily leakage rate was maintained below 0.1%, establishing a new record for operational duration and reliability in the field [2] - This milestone indicates that China has transitioned from individual technological breakthroughs to a comprehensive system solution, fully mastering the complete capability of artificial cavern gas storage from research exploration to industrial practice [2]

Core Viewpoint - The Anhui Provincial Government has awarded the 7th "Anhui Provincial Government Quality Award" to 4 organizations and 1 individual, and the nomination award to 8 organizations and 2 individuals, aiming to promote advanced quality management practices and innovation in the region [1]. Group 1: Awards and Recognition - The quality award is evaluated every two years, with a maximum of 5 awards and 10 nomination awards granted each time [1]. - A total of 32 quality awards and 40 nomination awards have been granted in Anhui Province to date [1]. Group 2: Company Profile - China Energy Construction Group - China Energy Construction Group operates in 31 provinces domestically and 24 countries internationally, with a total installed power generation capacity of 190 million kilowatts and over 60 million kilowatts in renewable energy [1]. - The company has constructed over 85 million square meters of housing and is recognized as a key player in national power construction and infrastructure development [1]. - In terms of green development, the company has installed 11.09 million kilowatts of clean energy in Anhui, reducing carbon emissions by 9.41 million tons annually [1]. - The company has implemented 52 "urban renewal" projects, delivering 5.146 million square meters of quality housing [1]. - It actively participates in ecological protection initiatives, including major projects for the Yangtze River and Chaohu Lake [1]. - The company contributes to local employment by absorbing approximately 30,000 jobs annually in Anhui Province [1].

Core Viewpoint - China Energy Engineering Corporation has achieved a world record in the field of artificial cavern gas storage with a successful large-scale in-situ test in Changsha, demonstrating significant advancements in technology and operational reliability [1] Group 1: Technological Achievements - The test validated the world's highest level of 18 MPa ultra-high pressure gas storage with a continuous stable operation for 500 hours, achieving a leakage rate of less than 0.1% [1] - This accomplishment signifies a transition from individual technological breakthroughs to comprehensive system solutions in artificial cavern gas storage [1] Group 2: Strategic Implications - The successful test establishes a new benchmark for high-end development in global compressed air energy storage, marking a strategic transformation for China in this sector [1] - The technology enhances the feasibility of constructing large-scale compressed air energy storage systems in various complex geological conditions across China, supporting high-power and large-scale energy storage layouts [1] Group 3: Practical Applications - The technology has been implemented in the world's first 300 MW compressed air energy storage project in Gansu Jiuquan, contributing to the establishment of a new energy system and ensuring national energy security [2]

Group 1 - The core point of the article is that China Energy Construction Group Tianjin Electric Power Construction Co., Ltd. has undergone a business change, increasing its registered capital from approximately 1.07 billion yuan to about 1.26 billion yuan [1]

Core Viewpoint - The successful completion of the world's largest artificial cavern gas storage in-situ testing platform by China Energy Engineering Corporation marks a significant advancement in the field of compressed air energy storage, demonstrating the country's comprehensive capabilities from research to industrial application [1] Group 1: Technological Achievements - The in-situ test achieved a high-pressure gas storage of 18 MPa and validated continuous operation for 500 hours [1] - The daily leakage rate remained stable at below 0.1% [1] - The development resulted in a full-chain system solution integrating theory, technology, equipment, and application [1] Group 2: Strategic Significance - The "China Energy Engineering Artificial Cavern Gas Storage System Solution" represents a new technological route for compressed air energy storage [1] - This technology significantly expands the site selection range for power plants, particularly in complex geological areas such as "shale deserts" [1] - The advancement is expected to play a crucial role in promoting the large-scale and industrialization of energy storage and in constructing a new power system [1]

证券研究报告 建筑装饰 行业定期报告 hyzqdatemark 2025 年 12 月 25 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 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com 重视"春季躁动" ，寻"重大工程"轨迹布局 投资评级： 看好（维持） ——建筑装饰行业周报（20251215-20251221） 投资要点： 本周观点： 联系人 2025 年建筑板块回顾：指数表现分化，我们看好 2026 年建筑板块整体表现。我们从两类不 同视角对建筑板块进行复盘。1）是从年内涨跌幅结构看，截至 2025 年 11 月，SW 建筑装 饰指数累计上涨 8.88%，表现弱于沪深 300 指数，但板块内部结构分化明显。其中，民营建 筑企业受并购重组及新业务拓展推动，相关 ...

Core Viewpoint - The increasing number of dissenting votes from H-share shareholders at various A+H listed companies indicates a growing concern over ESG (Environmental, Social, and Governance) standards, reflecting a shift in the importance of ESG from a supplementary factor to a prerequisite for engaging with global capital markets [3][4][5]. Group 1: Dissenting Votes in H-share Meetings - Numerous H-share shareholder meetings have seen significant opposition to ordinary resolutions, with dissenting votes reaching 3.08 billion shares (12.02%) at China Energy Construction and 1.21 billion shares (16.08%) at GF Securities [4]. - At China Telecom's meeting, two resolutions received 4.37 billion dissenting votes, exceeding 20% of the total [5]. - The trend of high dissenting votes has been persistent, with companies like Huatai Securities and Huaneng International also facing substantial opposition [6]. Group 2: ESG Concerns and Standards - Foreign investment institutions are increasingly critical of the ESG content in Chinese companies' reports, viewing dissenting votes as a statement on corporate governance [3][7]. - The disparity in ESG standards between domestic and international expectations poses a dual challenge for Chinese companies, as they must meet both international rating requirements and local policy directives [3][9]. - The MSCI research indicates that companies with lower ESG ratings face higher financing costs, with a difference of approximately 1.1 percentage points between the highest and lowest rated firms [8]. Group 3: Challenges in ESG Reporting - There is a perception among some overseas institutions that Chinese companies' ESG evaluations are biased, often focusing on documentation rather than practical actions [10]. - The Future Vision report highlights that 73.6% of Chinese companies lag in governance and behavior issues compared to a global average of 44.7%, indicating a significant gap in ESG performance [11]. - The need for a unified and industry-adapted disclosure standard is emphasized, with suggestions for collaborative governance among government, regulatory bodies, investment institutions, and companies to enhance ESG reporting quality [12][13]. Group 4: Progress in A-share ESG Reporting - A-share companies have made significant strides in ESG governance, with the disclosure rate of ESG reports increasing from 34.86% in 2022 to 41.51% in 2023, and projected to reach 46.34% in 2024 [14][15]. - The regulatory framework has evolved, with new guidelines promoting sustainable development reporting and aligning with international climate change disclosure requirements [14]. - Companies are shifting their perspective on ESG from viewing it as a cost to recognizing its potential as a capital-generating asset [15].