Investment Rating - The industry investment rating is currently neutral, indicating that the industry is expected to perform in line with the overall market [22]. Core Insights - The fixed asset investment and manufacturing investment growth rates have continued to decline, with a cumulative year-on-year decrease of 0.5% for fixed asset investment from January to September 2025, and a 4.0% year-on-year increase in manufacturing investment, which is a decline of 1.1 percentage points compared to the previous month [3][4]. - Infrastructure investment is under pressure, with a year-on-year growth of 3.3% for total infrastructure investment and 1.1% for infrastructure investment excluding electricity, both showing a decline in growth rates compared to the previous month [4]. - Real estate investment remains low, with a year-on-year decrease of 13.9% from January to September 2025, and construction starts down by 18.9% [10]. Summary by Sections Economic Overview - The GDP growth for the first three quarters of 2025 is reported at 5.2%, with quarterly growth rates of 5.4%, 5.2%, and 4.8% respectively [3]. Infrastructure Investment - Infrastructure investment growth is under pressure, with specific sectors like transportation, water conservancy, and public utilities showing varying degrees of decline [4]. - Eastern regions experienced a year-on-year investment decline of 4.5%, while central and western regions saw a slight increase of 1.5% [4]. Real Estate Investment - Real estate investment has shown a significant decline, with expectations of a slow recovery due to challenges in supply and inventory replenishment [10]. Investment Recommendations - The report suggests that the overall industry is weak, but regional investments may gain traction with the implementation of national strategic layouts. Recommended companies include China Chemical, China Energy Construction, China Railway, and China Railway Construction among others [14].

Investment Rating - The industry investment rating is "Overweight" [2] Core Viewpoints - The economic operation in the first three quarters of 2025 shows steady progress, with fixed asset investment and manufacturing investment growth continuing to decline. The GDP growth rates for Q1, Q2, and Q3 of 2025 are 5.4%, 5.2%, and 4.8% respectively, leading to a cumulative year-on-year fixed asset investment decrease of 0.5% [4][5] - Infrastructure investment is under pressure, with transportation, water conservancy, and public utility investment growth all facing challenges. The total infrastructure investment growth rate (including all categories) is 3.3%, down 2.1 percentage points from the previous month [5] - Real estate investment remains low, with a year-on-year decrease of 13.9% in the first nine months of 2025, indicating a weak recovery in investment [10] Summary by Sections Economic Overview - The GDP growth for the first three quarters of 2025 is 5.2%, with a decline in fixed asset investment and manufacturing investment growth rates [4][5] Infrastructure Investment - Total infrastructure investment growth is 3.3%, with specific sectors like transportation and public utilities showing negative growth [5] Real Estate Investment - Real estate investment has decreased by 13.9% year-on-year, with construction starts and completions showing slight improvements [10] Investment Recommendations - The report suggests that the overall industry is weak, but regional investments may gain flexibility with national strategic layouts. Recommended companies include China Chemical, China Energy Construction, China Railway, and China Railway Construction [14]

Core Insights - The successful completion of the feasibility study for the Urumqi Daban City 350 MW compressed air energy storage project marks a significant step towards the implementation of China's first commercial large-scale long-duration independent energy storage project in Xinjiang, facilitating the transition to a new power system in the region [1][8] - The project is expected to provide a replicable model for the "source-storage synergy" development in areas rich in wind and solar resources across the country [1] Technical Innovations - The project utilizes advanced technology with a single unit power of 350 MW and a storage and release duration of 6 hours, operating over 330 days a year, effectively stabilizing the fluctuations of wind and solar power generation [3] - A "ground and underground collaboration" model enhances system efficiency, utilizing domestic multi-stage axial flow and centrifugal compressor units along with advanced heat exchange systems [3] - The project incorporates digital control technology to create a fully intelligent power station, improving operational efficiency and accumulating valuable data for future applications [3] Economic and Ecological Impact - Upon completion, the project is projected to facilitate the consumption of 693,000 MWh of new energy green power annually, reducing carbon dioxide emissions by approximately 540,500 tons each year, supporting Xinjiang's dual carbon goals [5] - The construction phase will create over 1,200 jobs, while the operational phase will provide nearly 100 high-end technical positions, driving local employment and talent development [5] - The project will stimulate the local steel, building materials, and cement industries, promoting efficient and circular utilization of wind and solar resources [5] Regional Energy Strategy - Xinjiang, being one of China's richest regions in wind and solar resources, is strategically linked to the Hexi Corridor, which is crucial for energy transmission in the northwest [6] - The project aims to create a complementary and collaborative energy storage and supply system, addressing the challenges of renewable energy waste and enabling efficient local consumption of clean energy [6] Integration of Energy Sources - The Daban City project is a key component of the "Xinjiang source-storage integrated green power station," promoting the coupling of technological and industrial innovation [7] - The innovative model combines wind and solar power with multi-source energy storage and digital control, effectively smoothing out the output of renewable energy and reducing grid impact [7] - This model is expected to enhance energy security, drive industrial collaboration, and serve as a demonstration for the "source-storage integration" approach in the northwest region [7]

Core Insights - The Urumqi Daban City 350 MW compressed air energy storage project has successfully passed feasibility review, marking the implementation phase of Xinjiang's first commercial large-scale long-duration independent energy storage project [1][2] Project Overview - The project is strategically significant for promoting energy transition, enhancing grid flexibility, and optimizing industrial structure in Xinjiang [2] - It features advanced technology with a single unit power of 350 MW, capable of energy storage and release for 6 hours, and operates over 330 days a year [2] - The project employs a "non-combustion, medium-temperature adiabatic compression" technology route, which helps stabilize the output of wind and solar power [2] Economic and Environmental Impact - Annually, the project is expected to facilitate the consumption of 693,000 MWh of green electricity and reduce carbon dioxide emissions by approximately 540,500 tons [3] - During the construction phase, it will create over 1,200 jobs and provide nearly 100 high-end technical positions during operation, boosting local employment and talent development [3] Technological and Operational Innovations - The project integrates ground and underground systems to enhance efficiency, utilizing domestic multi-stage axial flow and centrifugal compressor units [2] - It aims to create a fully intelligent power station through digital control technology, improving operational efficiency and accumulating valuable data for future applications [2] Regional and Strategic Benefits - The project will enhance the Urumqi-Changji grid's regulation capacity and increase Xinjiang's energy self-sufficiency, providing stable green electricity supply for the Hexi Corridor [4] - It serves as a model for future integrated green projects in Xinjiang and the northwest region, demonstrating the feasibility of long-duration energy storage coupled with large-scale clean energy [4] Future Developments - Additional compressed air energy storage projects are planned around Hetian and Minfeng substations to support the safe and stable operation of the southern Xinjiang grid [4]

Core Viewpoint - China Energy Engineering Corporation (中电工程) has successfully signed a total contracting project with Jinneng Holding Shanxi Electric Power Co., Ltd. for the construction of two 660 MW ultra-supercritical coal-fired generating units in Shanxi Province [1] Group 1: Project Details - The project, named Tonghua Xianggang Phase II, is located in Xuangang Town, Yuanping City, Shanxi Province [1] - It involves the construction of two 660 MW ultra-supercritical, once reheated, direct air-cooled coal-fired generating units [1] - The project will also include the installation of desulfurization, denitrification, and dust removal facilities [1]

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。 CHINA ENERGY ENGINEERING CORPORATION LIMITED* 副董事長 倪真 中國，北京 2025年10月17日 於本公告日期，本公司執行董事為倪真先生；職工董事為黃埔先生；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 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 五年十月三十日（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 至二零二五年九月三十日止九個月之第三季度業績及其發佈。 承董事會命 中國能源建設股份有限公司 ...

Core Viewpoint - China Energy Construction (03996.HK) will hold a board meeting on October 30, 2025, to approve the third-quarter results for the nine months ending September 30, 2025, along with their release [1] Summary by Categories - **Company Announcement** - The company has scheduled a board meeting for October 30, 2025 [1] - The meeting will focus on approving the third-quarter performance for the nine months ending September 30, 2025 [1]

CHINA ENERGY ENGINEERING CORPORATION LIMITED* 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 五年十月三十日（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 至二零二五年九月三十日止九個月之第三季度業績及其發佈。 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10月17日 於本公告日期，本公司執行董事為倪真先生；職工董事為黃埔先生；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 ...

Group 1 - The core point of the news is that China Energy Construction's indirect subsidiary, Tiandong Zhongneng Investment New Energy Co., Ltd., has received environmental approval for the 220kV transmission line project of the Tianlin Nabei Wind Farm, with a total investment of 61.35 million yuan [1] - The "A-share Green Report" project aims to enhance transparency in environmental information of listed companies by monitoring their environmental performance based on authoritative regulatory data from 31 provinces and 337 cities [1] - The project includes the publication of AI-generated green reports and weekly green reports, which dynamically update the environmental risk rankings of listed companies [1] Group 2 - The previous issue of the A-share Green Weekly Report indicated that 12 listed companies recently exposed environmental risks [2] - The report highlights various sectors facing environmental violations, including coal, automotive, public utilities, agriculture, and more, across different provinces [3]

Core Insights - The project, Huaren Haifeng 2×1000 MW expansion, has been fully completed and put into operation as of October 15 [1] - This project is located in the Shenshan Special Cooperation Zone, Xiaomo Town, and is a major coal-fired power plant in Guangdong Province [1] - It represents the first two units of million-kilowatt ultra-supercritical secondary reheating coal-fired generator sets approved and constructed during the "14th Five-Year Plan" period in South China [1] Company Summary - The project was designed and constructed by China Energy Engineering Group Guangdong Electric Power Design Institute [1] - The completion of this project enhances the energy capacity and efficiency of the region [1] Industry Summary - The project is significant for the coal power industry in Guangdong, contributing to the province's energy infrastructure [1] - It aligns with the national energy strategy during the "14th Five-Year Plan" period, focusing on large-scale energy projects [1]