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分內容 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。 委任董事長及總經理辭任 茲提述中國能源建設股份有限公司（「本公司」）日期為2025年6月30日及2025年7月14日之 公告，內容有關（其中包括）宋海良先生辭任本公司董事長、執行董事（「董事」）、董事會 （「董事會」）戰略委員會主任、提名委員會主任及香港聯合交易所有限公司（「香港聯交 所」）證券上市規則（「上市規則」）第3.05條項下的授權代表（「授權代表」）職務。根據《中國 能源建設股份有限公司章程》，在選舉產生新任董事長之前，由本公司副董事長、執行董 事倪真先生代行董事長及法定代表人職責。 董事會宣佈，根據《中華人民共和國公司法》、《上海證券交易所股票上市規則》、上市規 則等有關法律法規、規範性文件以及《中國能源建設股份有限公司章程》的規定，選舉副 董事長倪真先生為董事長，任期自董事會批准之日起至本公司第三屆董事會任期屆滿 止；根據工作安排，倪真先生不再擔任本公司總經理職務。 CHINA ENERG ...

Group 1 - Wu Bingqi appointed as Party Secretary and Chairman of Overseas Chinese Town Group Co., Ltd. [1] - Liu Kaixin nominated as candidate for Vice General Manager of Overseas Chinese Town Group Co., Ltd., relieved of the position of Discipline Inspection Commission Secretary [1] - He Changqing appointed as Party Committee Member and Discipline Inspection Commission Secretary of Overseas Chinese Town Group Co., Ltd. [1] - Zhang Liyong relieved of Party Committee Member position and retired from Vice General Manager role at Overseas Chinese Town Group Co., Ltd. [1] Group 2 - Qin Hanjun appointed as Party Secretary and Chairman of China Machinery Science and Technology Group Co., Ltd. [2] - Wang Desheng relieved of Party Secretary, Chairman, and Director positions at China Machinery Science and Technology Group Co., Ltd., retired [2] Group 3 - Jiang Bo appointed as Party Secretary and Chairman of China Civil Aviation Information Group Co., Ltd. [3] Group 4 - Ni Zhen appointed as Party Secretary and Chairman of China Energy Construction Group Co., Ltd., no longer serving as General Manager [4] - Wang Xiaojun appointed as Deputy Party Secretary and Director of China Power Construction Group Co., Ltd., nominated as candidate for General Manager [4] Group 5 - Huang Zhuo appointed as Deputy Party Secretary of China Nonferrous Metal Industry Group Co., Ltd., no longer serving as Vice General Manager [5] Group 6 - Chen Jian appointed as Party Committee Member and nominated as candidate for Vice General Manager of China Coal Energy Group Co., Ltd. [6] - Tang Baoguo relieved of Party Committee Member position and retired from Vice General Manager role at China Coal Energy Group Co., Ltd. [6] Group 7 - Li Xiehua appointed as external director of Mining and Metallurgy Technology Group Co., Ltd. [7]

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。 中国能源建设股份有限公司（以下简称公司）第三届董事会 第五十二次会议于 2025 年 11 月 21 日以书面形式发出会议通知， 全体董事一致同意豁免提前通知的时限要求，会议于 2025 年 11 月 21 日以通讯表决方式召开。会议应参加表决董事 8 名，实际 参加表决董事 8 名。本次会议的召开符合有关法律法规和《公司 章程》的规定。 A 股代码：601868 A 股简称：中国能建 公告编号：临 2025-059 H 股代码:03996 H 股简称:中国能源建设 中国能源建设股份有限公司 第三届董事会第五十二次会议决议公告 经过有效表决，会议形成以下决议： 一、审议通过《关于选举公司董事长的议案》 同意选举倪真先生为公司董事长，任期自董事会批准之日起 至公司第三届董事会任期届满止。根据工作安排，倪真先生不再 担任中国能源建设股份有限公司总经理职务。 表决结果：8 票同意，0 票反对，0 票弃权。 倪真先生简历详见附件。 二、审议通过《关于调整董事会战略委员会成员的议案》 同 ...

每经AI快讯，中国能建（SH 601868，收盘价：2.35元）11月21日晚间发布公告称，公司第三届第五十 二次董事会会议于2025年11月21日以通讯表决方式召开。会议审议了《关于选举公司董事长的议案》等 文件。 （记者 曾健辉） 2025年1至6月份，中国能建的营业收入构成为：工程建设业务-新能源及综合智慧能源占比32.38%，勘 测设计及咨询业务占比4.29%，房地产（新型城镇化）占比2.21%，建材占比1.71%，新能源及综合智慧 能源占比1.68%。 每经头条（nbdtoutiao）——展望"十五五" | 专访黄群慧：既要重视AI赋能千行百业，也要考量其对就业 的替代效应和带来的收入极化 截至发稿，中国能建市值为980亿元。 ...

Core Viewpoint - The article reports on the recent appointments and dismissals of leadership positions within ten central enterprises, as announced by the State-owned Assets Supervision and Administration Commission (SASAC) on November 21. Group 1: Appointments - Wu Bingqi has been appointed as the Party Secretary and Chairman of China Overseas Chinese Town Group Co., Ltd. [3] - Liu Kaixin has been nominated as the candidate for Vice General Manager of China Overseas Chinese Town Group Co., Ltd. [4] - He Changqing has been appointed as a member of the Standing Committee of the Party and Secretary of the Discipline Inspection Commission of China Overseas Chinese Town Group Co., Ltd. [5] - Qin Hanjun has been appointed as the Party Secretary and Chairman of China Machinery Science and Technology Group Co., Ltd. [7] - Gao Hongbin has been appointed as the Party Secretary and Chairman of China Steel Research Technology Group Co., Ltd. [9] - Jiang Bo has been appointed as the Party Secretary and Chairman of China Civil Aviation Information Group Co., Ltd. [11] - Ni Zhen has been appointed as the Party Secretary and Chairman of China Energy Construction Group Co., Ltd. [12] - Wang Xiaojun has been appointed as the Deputy Secretary and Director of China Power Construction Group Co., Ltd., and nominated as the candidate for General Manager. [13] - Huang Zhuo has been appointed as the Deputy Secretary of China Yuhua Technology Group Co., Ltd. [14] - Chen Jian has been appointed as a member of the Standing Committee of the Party and nominated as the candidate for Vice General Manager of China Coal Energy Group Co., Ltd. [16] Group 2: Dismissals - Zhang Liyong has been removed from his position as a member of the Standing Committee of the Party and Vice General Manager of China Overseas Chinese Town Group Co., Ltd. and is now retired. [6] - Wang Desheng has been removed from his positions as Party Secretary, Chairman, and Director of China Machinery Science and Technology Group Co., Ltd. and is now retired. [8] - Zhang Shaoming has been removed from his positions as Party Secretary, member of the Standing Committee, Chairman, and Director of China Steel Research Technology Group Co., Ltd. [10] - Tang Baoguo has been removed from his position as a member of the Standing Committee of the Party and Vice General Manager of China Coal Energy Group Co., Ltd. and is now retired. [17]

Group 1 - Wu Bingqi appointed as Party Secretary and Chairman of China Overseas Chinese Town Group Co., Ltd. [1] - Liu Kaixin nominated as Vice General Manager candidate of China Overseas Chinese Town Group Co., Ltd., removed from the position of Discipline Inspection Commission Secretary [1] - He Changqing appointed as Party Committee Member and Discipline Inspection Commission Secretary of China Overseas Chinese Town Group Co., Ltd. [1] - Zhang Liyong removed from the position of Party Committee Member and Vice General Manager of China Overseas Chinese Town Group Co., Ltd., retired [1] Group 2 - Qin Hanjun appointed as Party Secretary and Chairman of China Machinery Science Research Institute Group Co., Ltd. [2] Group 3 - Wang Desheng removed from the positions of Party Secretary, Chairman, and Director of China Machinery Science Research Institute Group Co., Ltd., retired [3] Group 4 - Gao Hongbin appointed as Party Secretary and Chairman of China Steel Research Group Co., Ltd., no longer serving as General Manager [4] - Zhang Shaoming removed from the positions of Party Secretary, Party Committee Member, Chairman, and Director of China Steel Research Group Co., Ltd. [4] Group 5 - Jiang Bo appointed as Party Secretary and Chairman of China Civil Aviation Information Group Co., Ltd. [5] Group 6 - Ni Zhen appointed as Party Secretary and Chairman of China Energy Construction Group Co., Ltd., no longer serving as General Manager [6] Group 7 - Wang Xiaojun appointed as Deputy Party Secretary and Director of China Power Construction Group Co., Ltd., nominated as General Manager candidate [7] Group 8 - Huang Zhuo appointed as Deputy Party Secretary of China Nonferrous Metal Industry Group Co., Ltd., no longer serving as Vice General Manager [8] Group 9 - Chen Jian appointed as Party Committee Member of China Coal Energy Group Co., Ltd., nominated as Vice General Manager candidate [9] - Tang Baoguo removed from the position of Party Committee Member and Vice General Manager of China Coal Energy Group Co., Ltd., retired [9] Group 10 - Li Xiehua appointed as external director of Mining and Metallurgy Technology Group Co., Ltd. [10]

Core Insights - The 2025 Annual Conference of the China New Energy Storage Industry Innovation Alliance was held in Wuhan, focusing on long-duration energy storage technology innovation and new pricing mechanisms for energy storage [1] - The conference aimed to address challenges in the energy storage industry, such as high costs, profitability issues, and insufficient sustainable development momentum [1][2] - China Energy Construction Group has made significant breakthroughs in the energy storage sector, including the construction of the world's first 300 MW compressed air energy storage power station [2] Group 1 - The conference attracted nearly 300 representatives from various energy and storage sectors, including academicians and experts [1] - The theme of the conference was "A New Era of Energy Storage, Long-Duration New Blue Ocean," emphasizing sustainable development paths for new energy storage [1] - Several technical innovations were presented, including solutions for artificial cavern systems and green hydrogen-ammonia systems [1] Group 2 - China Energy Construction Group has successfully established itself as a leader in innovative energy storage technologies, with projects like the 300 MW compressed air energy storage station in Hubei [2] - The company aims to foster collaboration among various stakeholders, including international energy storage organizations, to promote Chinese standards and technologies globally [2] - The conference also featured the release of a popular science book on new energy storage, highlighting the importance of education and awareness in the industry [1]

Market Overview - The infrastructure sector declined by 0.28% on November 20, with Guosheng Technology leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Individual Stock Performance - Meili Ecology (000010) saw a significant increase of 7.40%, closing at 3.92 with a trading volume of 588,000 shares and a transaction value of 2.25 billion [1] - Guosheng Technology (603778) experienced the largest decline of 10.03%, closing at 8.07 with a trading volume of 1.83 million shares [2] - Other notable performers included Beixin Road and Bridge (002307) with a 1.94% increase and closing at 4.74, and Anhui Construction (600502) with a 0.84% increase, closing at 4.80 [1] Capital Flow Analysis - The infrastructure sector experienced a net outflow of 445 million from institutional investors, while retail investors saw a net inflow of 303 million [2] - The table of capital flow indicates that Beixin Road and Bridge had a net outflow of 49.88 million from institutional investors, while Meili Ecology had a net inflow of 37.76 million [3] Summary of Key Stocks - Beixin Road and Bridge (002307) had a net institutional outflow of 49.88 million, with retail investors contributing a net inflow of 48.20 million [3] - Meili Ecology (000010) had a net inflow of 37.76 million from retail investors, despite a net outflow from institutional investors [3] - China Energy Engineering (601868) reported a net inflow of 33.92 million from institutional investors [3]

Investment Rating - The report maintains an investment rating of "Outperform" for the construction and decoration industry [3]. Core Viewpoints - The report highlights a continued decline in fixed asset investment in October, with a focus on the positive impact of moderately loose monetary policy and the acceleration of strategic project implementation [14][20]. - It emphasizes the increase in net financing of special bonds and rapid deployment of special government bonds, indicating a supportive funding environment for infrastructure projects [21][19]. Summary by Sections Industry Perspective and Investment Recommendations - The construction and decoration index rose by 0.35%, outperforming the overall A-share index by 0.53 percentage points, with notable performances in landscaping engineering and decoration sectors [13][30]. - Fixed asset investment from January to October 2025 reached CNY 408,914 billion, down 1.7% year-on-year, with infrastructure investment at CNY 203,809 billion, growing by 1.5% [14][16]. Key Company Dynamics - China Construction reported a new contract total of CNY 33,194 billion from January to October 2025, up 2.0% year-on-year [37]. - China Metallurgical Group announced a new contract amount of CNY 8,451 billion, down 11.8% year-on-year [37]. Valuation Status - As of November 14, 2025, the price-to-earnings (PE) ratios for various construction sub-sectors were as follows: housing construction at 6.64x, decoration at -24.37x, and municipal engineering at 8.14x [40].

中国能建 20251119 摘要 中国能建新签合同额持续增长，2024 年超 1.4 万亿人民币，2025 年前 三季度接近万亿，新能源项目占比显著提升，同比增长超 5%，手握超 70GW 新能源控股装机指标，显示其在新能源领域的强劲增长势头。 公司以"3,060 一体化"为中心，氢能和储能为支撑点，在储能领域取 得显著成就，包括湖北应城压缩空气储能项目（单机规模、装机规模、 转换效率均为世界第一），计划布局 100 座压缩空气储能项目，总装机 规模超 30GW。 中国能建积极布局氢能源，已在吉林松原投资近 70 亿人民币（总规划 近 300 亿人民币），计划在全国范围内布局多个千亿级规模的氢能源项 目，涵盖风光制绿氢及下游产品，市场前景广阔。 公司数据中心业务依托绿电，服务"东数西算"战略，甘肃庆阳一期示 范项目已投产，全国布局 8 个数据中心节点，通过自有风光制绿电降低 用户电力成本，出租率快速提升。 海外业务持续增长，境外新签合同额占比接近 1/3，公司在全球设立 140 余家机构，充分发挥各国优势，进一步拓展国际市场。 Q&A 中国能建在 2025 年前三季度的经营情况如何？ 2025 年前三季度，中 ...