Min is denoted by 0 and Max by 1. Source: J.P. Morgan Flows & Liquidity. Cross Asset Positioning Monitor aggregates across the various position indicators of Appendix ranging from positioning proxies across various futures contracts, momentum signals as proxies of how trend-following funds/ CTAs are positioned, mutual fund betas as proxies of how mutual fund managers are positioned, risk parity fund positioning and leverage proxies, hedge fund betas as proxies of how hedge fund managers are positioned, clie ...

Group 1 - The International Energy Agency predicts that the global nuclear fusion market size is expected to approach $500 billion (3.5 trillion RMB) by 2030 [1] - Significant advancements have been made in controlled nuclear fusion research, including both Tokamak for "steady-state operation" and laser devices for "fast ignition" [1] - China is intensifying efforts to develop the controlled nuclear fusion industry, with policies emphasizing support for early-stage research and the establishment of a comprehensive future energy equipment system [1] Group 2 - By July 2025, China National Nuclear Corporation will lead the establishment of China Fusion Energy Co., focusing on major scientific experiments and key material development for fusion reactors [1] - A strategic cooperation agreement was signed between Lianchuang Optoelectronics and China Energy Construction to collaborate on cutting-edge fields including controlled nuclear fusion [1] - Since 2025, the primary market financing for China's nuclear fusion sector has exceeded 10 billion RMB [1] Group 3 - The controlled nuclear fusion sector is expected to unlock a trillion-dollar blue ocean market, with key materials and components identified as high-temperature superconductors, first wall materials, low-temperature systems, heat exchangers, and vacuum chambers [2] - The bidding and construction by leading domestic nuclear fusion companies will drive growth for upstream material suppliers and midstream processing firms, benefiting the "shovel sellers" in the industry [2] - The commercialization path for nuclear fusion technology is becoming clearer, with an anticipated acceleration in capital expenditure during the 14th Five-Year Plan period, leading to sustained order releases in related component sectors [2]

Core Viewpoint - Despite a decline in profits due to adjustments in the real estate market, China Energy Engineering Corporation (China Energy) demonstrates strong growth resilience, with significant increases in international business contracts and revenue [1][4]. Group 1: Financial Performance - In the first three quarters of 2025, China Energy achieved new contract amounts, operating revenue, and total profit of 992.775 billion yuan, 323.544 billion yuan, and 8.507 billion yuan, respectively, with year-on-year growth of 0.40%, 9.62%, and 0.09% [5]. - The international business revenue grew by 21.21%, with total profits increasing by 21.29% [5]. - The company reported a decrease in net profit attributable to shareholders by 12.43% in the same period, reflecting pressures from the real estate market [5][6]. Group 2: Strategic Developments - China Energy has established a wholly-owned subsidiary in the Netherlands to facilitate the development of two solar projects in Uzbekistan, with a total investment of approximately 4.711 billion yuan [2][3]. - The company signed financing agreements for these projects, securing loan amounts of 1.654 billion yuan and 1.684 billion yuan, totaling 3.338 billion yuan [3]. Group 3: Business Segments and Growth - The energy and water sectors, which are core businesses, saw revenue and total profit growth of 16.76% and 18.42%, respectively, contributing over 75% to the company's overall performance [6]. - Strategic emerging industries reported a revenue increase of 16.75%, accounting for 38.81% of total revenue, indicating a shift towards high-end industrial structure [7]. Group 4: Innovation and R&D - China Energy emphasizes technological innovation as a core driver for high-quality development, focusing on new energy systems and key technologies such as energy storage and hydrogen energy [6]. - In the first three quarters, R&D expenses reached 8.892 billion yuan, a year-on-year increase of 7.72%, with 1,496 patents granted, including 498 invention patents [6].

本报讯(记者唐颖)12月11日，"新能源、新基建、新装备、新材料"联盟2025年度大会在常州举行。省委 常委、常务副省长马欣出席并致辞。 马欣指出，江苏深入学习贯彻习近平总书记在党的二十届四中全会上的重要讲话和全会精神，以碳达峰 碳中和为牵引，坚定不移转方式、调结构、增动能，协同推进降碳、减污、扩绿、增长，努力在能源等 各领域全面绿色转型中抢得先机、走在前列，为推进中国式现代化江苏新实践增添更多绿色动能、注入 更强绿色活力。 马欣表示，中国能建（601868）牵头发起的"四新"联盟，有效聚合新能源及基础设施领域的骨干企业、 金融机构和科研院所，为推动经济社会全面绿色转型积累了丰富经验。希望与会各方借助这一平台，广 泛凝聚智慧力量，积极分享创新成果，携手破解发展难题，在互动交流中实现互利共赢，在密切协作中 实现更大发展。期待"四新"联盟更好发挥示范引领、桥梁纽带等作用，在制度管理创新、科技成果转 化、产业策划运营等方面积极探索，推动实现资源共享、设施共建、产业共兴、发展共促。欢迎包括中 国能建在内的广大优秀企业来苏投资兴业，我们将全力搭建合作平台、不断优化营商环境、持续做好服 务保障，更好助力企业在江苏这片投资 ...

Core Viewpoint - China Energy Construction Corporation (China Energy) has secured financing support for its 1GW photovoltaic project in Uzbekistan, which is expected to enhance its international investment portfolio and operational capacity [1] Group 1: Stock Performance - As of December 12, 2025, China Energy's stock closed at 2.35 yuan, up 0.43% from the previous trading day, with a total market capitalization of 97.974 billion yuan [1] - The stock opened at 2.35 yuan, reached a high of 2.36 yuan, and a low of 2.34 yuan, with a trading volume of 3.89 billion yuan and a turnover rate of 0.51% [1] Group 2: Project Financing - The company announced that its photovoltaic project in Uzbekistan consists of two parts: a 500MW project in Bukhara and a 500MW project in Kashkadarya, with investment amounts of approximately 2.334 billion yuan and 2.377 billion yuan respectively [1] - To facilitate project construction, the company established a wholly-owned subsidiary in the Netherlands and its associated project companies [1] - The project companies have signed financing agreements with a syndicate of banks, securing loans of 1.654 billion yuan and 1.684 billion yuan, both with a loan term of 15 years [1] Group 3: Risk Management - The financing arrangement involves pledging project company assets, rights, equity, and upper-level company equity as collateral, along with insurance coverage from China CITIC Bank for export buyer credit [1] - The board of directors has advised investors to pay attention to potential risks arising from changes in the international political and economic environment [1]

Financing Agreement - The company signed a financing agreement with a syndicate of banks, including China Construction Bank, Bank of China, Export-Import Bank of China, and China Minmetals Bank, for its projects in Uzbekistan [1] - The financing amounts to RMB 16.54 billion for the Bukhara project and RMB 16.84 billion for the Kashkadarya project, with a loan term of 15 years [1] Project Overview - The company plans to invest in a 1GW solar photovoltaic project in Uzbekistan, which includes a 500MW project in Bukhara and a 500MW project in Kashkadarya, with total investments of approximately RMB 23.34 billion and RMB 23.77 billion respectively [2] - To facilitate project development, the company established wholly-owned subsidiaries EnergyChina Dutch Investment B.V. and Oasis Renewable Energy Investment B.V., which hold 100% equity in the project companies [2]

Core Insights - The project in Tianjiaan District is a significant urban renewal initiative in Huainan, Anhui Province, focusing on the renovation of old residential communities, with 32 out of 47 planned communities completed, achieving nearly 70% progress [1] Group 1: Project Overview - The urban renewal project involves the renovation of 268 old residential communities, covering a total building area of approximately 5.04 million square meters, benefiting around 57,000 households [1] - The Tianjiaan District project specifically targets 47 communities, with renovation tasks affecting about 22,000 households [1] Group 2: Construction and Management - China Energy Construction Group is the contractor, implementing tailored solutions to enhance urban functionality and preserve historical context, overcoming construction challenges [1] - The project includes the renovation of 49,700 meters of underground pipelines, with an average of over 90 excavators and 400 workers deployed daily to ensure efficient construction while protecting existing infrastructure [3] - The project utilizes over 100 aerial work platforms to replace traditional scaffolding, achieving a rapid completion of 570,000 square meters of exterior renovations within 90 days [5]

Group 1 - The company signed a financing agreement with a syndicate of banks, including China Construction Bank, Bank of China, Export-Import Bank of China, and China Minmetals Bank, for its projects in Uzbekistan [1] - The financing agreement allows the company to obtain loan amounts of RMB 16.54 billion and RMB 16.84 billion for the Bukhara and Kashkadarya projects, respectively, with a loan term of 15 years [1] - The projects are secured by pledging all assets, contractual rights, bank accounts, and equity to the financing banks, along with the equity of the parent Dutch company and shareholder loan rights [1] Group 2 - In May 2023, the company decided to invest in a 1GW solar project in Uzbekistan, which includes a 500MW solar project in Bukhara and a 500MW solar project in Kashkadarya, with total investment amounts of approximately RMB 23.34 billion and RMB 23.77 billion, respectively [2] - To facilitate project development, the company established wholly-owned subsidiaries EnergyChina Dutch Investment B.V. and Oasis Renewable Energy Investment B.V., which hold 100% equity in the Bukhara and Kashkadarya project companies [2]

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。 CHINA ENERGY ENGINEERING CORPORATION LIMITED* （在中華人民共和國註冊成立的股份有限公司） （股份代號：3996） 海外監管公告 本公告乃由中國能源建設股份有限公司（「本公司」）根據香港聯合交易所有限公司證券上 市規則第13.10B條作出。 茲載列本公司於上海證券交易所網站刊發的《中國能源建設股份有限公司關於公司境外投 資項目獲得融資支持的公告》，僅供參閱。 承董事會命 中國能源建設股份有限公司 董事長 倪真 中国能源建设股份有限公司 关于公司境外投资项目获得融资支持的公告 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。 一、项目情况 2023年5月经公司决策，拟在乌兹别克斯坦投资建设1GW光伏项目， 包括乌兹别克斯坦布哈拉州卡拉乌巴扎尔500MW光伏项目（以下简称 布州项目 ...

Core Viewpoint - China Energy Engineering Corporation (中国能建) plans to invest in a 1GW photovoltaic project in Uzbekistan, which includes two 500MW projects in Bukhara and Kashkadarya regions, with total investments of approximately RMB 47.11 billion [1][2] Group 1: Project Details - The Bukhara project (布州项目) has an investment amount of approximately RMB 23.34 billion, while the Kashkadarya project (卡州项目) has an investment amount of approximately RMB 23.77 billion [1] - The company established two wholly-owned subsidiaries, Energy China Dutch Investment B.V. and Oasis Renewable Energy Investment B.V., to facilitate the project development [1] Group 2: Financing Arrangement - The project companies have signed financing agreements with a syndicate of banks, including China Construction Bank, Bank of China, Export-Import Bank of China, and China Minsheng Bank, securing loan amounts of RMB 16.54 billion for the Bukhara project and RMB 16.84 billion for the Kashkadarya project [2] - The loans have a term of 15 years, with the project companies pledging all their assets, contract rights, bank accounts, and equity as collateral to the financing banks [2] - The upper-tier Dutch companies' equity and shareholder loan rights are also pledged to the financing banks, and the project is insured under China Export & Credit Insurance Corporation [2]