Core Viewpoint - The construction and decoration industry is experiencing a slowdown in fixed asset investment and new contract signings, with a focus on potential growth areas such as overseas construction, urban renewal, digital construction, and power engineering [2][5]. Investment Strategy - From January to October 2025, cumulative fixed asset investment decreased by 1.7% year-on-year, while infrastructure investment increased by 1.5%, with a sequential decline of 1.8 percentage points [2]. - New contracts in the construction industry totaled 21.30 trillion yuan from January to September 2025, down 4.6% year-on-year, with a notable slowdown in the decline of new orders in the third quarter [2]. - The backlog of construction orders stood at 59.95 trillion yuan, reflecting a year-on-year decrease of 1.8%, indicating that the decline in existing orders is less severe than that of new contracts [2]. Sector Performance - The construction decoration index rose by 6.8% from the beginning of 2025 to December 2, but underperformed compared to the broader market [2]. - The renovation and decoration service sector led the secondary market with a growth rate of 30.6% [2]. - The construction sector's allocation ratio was 0.62%, which is 0.94 percentage points lower than the industry standard [2]. Central Enterprises - The eight major central enterprises saw their new contracts remain stable in the first half of 2025, with overall revenue growth declining by 4.4% and net profit attributable to shareholders decreasing by 7.5% [3]. - Factors such as slowing infrastructure investment growth and prolonged repayment cycles due to local fiscal pressures have impacted the revenue of these enterprises [3]. Growth Opportunities - Overseas construction saw a cumulative completion amount of 134.18 billion USD from January to October 2025, with a year-on-year increase of 7.9%, particularly in Belt and Road countries [4]. - Urban renewal projects are expected to be funded through various sources, with plans to start renovating 25,000 old urban communities, of which 21,700 have already commenced [4]. - Digital construction is being driven by new productivity, with a focus on comprehensive digital transformation across urban areas [4]. - The power engineering sector is anticipated to benefit from significant opportunities in water resources and environmental projects from 2025 to 2030 [4]. - Local government bond issuance has accelerated, with a total issuance of 6.49 trillion yuan from January to September 2025, marking a year-on-year increase of 29.3% [4]. Investment Recommendations - The construction sector is expected to see a resonance of fundamentals, policies, and valuations, with a focus on marginal changes in overseas construction, urban renewal, digital construction, power engineering, and debt reduction [5]. - Recommended stocks include China Power Construction, China Energy Engineering, China Communications Construction, Tunnel Corporation, Metro Design, and Jianfa Heceng, particularly those with stable performance and low valuations [5].

证券日报网讯 12月10日，中国能建（601868）在互动平台回答投资者提问时表示，公司聚焦能源电 力、水利两大核心主业，协同发展绿色交通、绿色建筑、人工智能、新型材料、民爆、生态环保、高端 装备、城市开发运营、产业金融等相关多元业务，深度融入国家重大战略，通过规划引领、高端策划和 重大工程建设，全力推动企业高质量发展。二级市场股价的涨跌是市场行为，受多重因素影响，具有不 确定性，敬请投资者理性投资，注意投资风险。 ...

证券日报网讯 12月10日，中国能建在互动平台回答投资者提问时表示，公司始终坚守能源电力、水利 主责主业，全面推进精益管理、强化运营管控，不断提升发展质量，2025年前三季度，管理费用同比下 降3.64%，利息费用同比下降4.51%；由于加大市场开发、业务规模扩大等因素，销售费用和财务费用 有所增加，但两者在营收中的占比分别下降约0.02个百分点和0.09个百分点。关于公积金缴存和企业年 金，公司严格按照国家规定和财务会计政策进行处理。公司将继续加大科技创新和产业创新，提升盈利 水平和投资价值，更好回报全体股东。 （编辑 王雪儿） ...

Core Viewpoint - China Energy Engineering Corporation (China Energy) has been actively involved in the construction of several large-scale wind and solar energy projects in recent years, indicating a strong commitment to renewable energy development [1] Group 1: Project Involvement - The company has undertaken multiple significant renewable energy projects, including the Guangdong Shanwei Honghai Bay offshore wind power demonstration project [1] - Other notable projects include the Qinghai Gonghe 1 million kilowatt source-grid-load-storage project and the Beijing-Tianjin green electricity storage hub demonstration project [1] - Additionally, the company is involved in the northern Laos photovoltaic project, showcasing its international engagement in renewable energy [1]

证券日报网讯 12月10日，中国能建在互动平台回答投资者提问时表示，公司前十大股东持股情况在定 期报告已披露。 （文章来源：证券日报） ...

证券日报网讯 12月10日，中国能建在互动平台回答投资者提问时表示，公司三季度业绩说明会，以线 上方式举行，由董事会秘书主持，董办、战运、财务、市场、投资、科信、生产、国际集团等多个部门 和单位共同参加，认真回答投资者关心的问题。 （编辑 王雪儿） ...

每经AI快讯，有投资者在投资者互动平台提问：请问贵公司有AI算力中心业务吗？ （记者 张明双） 中国能建（601868.SH）12月10日在投资者互动平台表示，国家正在推进8个算力枢纽节点的建设，公 司已在部分节点进行了布局，其中，甘肃庆阳"东数西算"源网荷储一体化智慧零碳大数据产业园一期示 范项目已经建成投运，其他地区已在推进之中。 ...

格隆汇12月10日丨中国能建(601868.SH)在投资者互动平台表示，国家正在推进8个算力枢纽节点的建 设，公司已在部分节点进行了布局，其中，甘肃庆阳"东数西算"源网荷储一体化智慧零碳大数据产业园 一期示范项目已经建成投运，其他地区已在推进之中。 ...

开始服务乌兹别克斯坦电网 项目是由ACWA Power与乌兹别克斯坦能源部开发的 IPP 项目，位于乌兹别克斯坦首都塔什干东 北郊区30公里处，新建一座334兆瓦/500兆瓦时储能电站以及配套建设220千伏升压站、220千 伏电缆出线及对侧站(部分二次通信改造)。 作为中国能建践行共建"一带一路"倡议和深化国际产能合作的标志性成果， 项目 建成后， 单次 充电最大可存储77万度绿电 ，按照85%充放电效率考虑，在电力供应紧张时期， 一次放电可释 放65.45万度电 ，满足近10万个家庭1天的用电量，每年增加消纳4.1亿度绿电，相当于减排二氧 化碳约34.7万吨，节约标煤约13.9万吨，降低碳排放与环境污染，助力乌兹别克斯坦实现气候承 诺，改善生态环境与居民生活质量，推动能源结构绿色转型。 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤储能 资讯~ 当地时间12月5日 中国能建国际集团、浙江火电、安徽院 联营体总承包建设的 中亚最大电化学储能项目 乌兹别克斯坦塔什干光储项目储能站 首次并网成功 鑫椤报告预售： 2025-2029年中国三元材料运行趋势及竞争策略研究报告 2025- ...

Group 1 - The core leadership of China Energy Engineering Group has been adjusted, with Ni Zhen appointed as the Party Secretary and Chairman, while no longer serving as General Manager [2] - Ni Zhen has extensive experience in the construction industry, having held various senior positions in companies such as China Railway Construction Corporation and China Railway Real Estate Group [2] - Under Ni Zhen's leadership, China Energy Engineering Group has achieved significant international business growth, with nearly 750 billion yuan in overseas contracts signed in the past three years, including over 550 billion yuan in countries involved in the Belt and Road Initiative [2] Group 2 - China Energy Engineering Group is focusing on strategic emerging industries and future industries, aiming to tackle key technologies in areas such as new energy storage, green hydrogen, and high-altitude wind energy [3] - The company is in a critical period of implementing its "1466" strategy and accelerating its transformation towards "Four New Energy Construction" [3] - Ni Zhen is expected to continue the strategic approach seen in international business expansion, shifting from "going out" to "integrating in," thereby creating new growth drivers [3]