股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國能源建設股份有限公司 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03996 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 9,262,436,000 | RMB | | | 1 RMB | | 9,262,436,000 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 9,262,436,000 | RMB | | | 1 RMB | | 9,262,436,000 | | 2. 股 ...

近日，国家能源局资质和信用信息系统处罚信息显示，中国能源建设集团东北电力第二工程有限公司因 将承包的工程转包或者违法分包，被东北能源监管局处以责令改正，没收违法所得102026.12元,罚款 340757.00元。合计处罚金额442783.12元。 天眼查显示，中国能源建设集团东北电力第二工程有限公司(曾用名：东北电业管理局第二工程公司)， 成立于1986年，中国能源建设集团成员，位于辽宁省大连市，是一家以从事电力、热力生产和供应业为 主的企业。 ...

Core Viewpoint - The report highlights the launch of the world's largest green hydrogen and ammonia integrated project, "Qing Hydrogen No. 1," in Jilin, which is set to significantly enhance the region's energy production capabilities and contribute to carbon reduction efforts [2][5]. Group 1: Project Overview - The "Qing Hydrogen No. 1" project in Songyuan, Jilin, has a total investment of nearly 30 billion yuan and is scheduled to be officially operational by December 16, 2025 [2][5]. - The project plans to construct 3 million kilowatts of new energy capacity, with an annual production of 800,000 tons of green synthetic ammonia and green methanol [2][5]. Group 2: Technological Innovations - The project employs four internationally leading technologies, including wind-solar hydrogen-ammonia storage optimization technology and 100% green electricity direct supply technology, setting four world records in hydrogen production and storage [3][8]. - It successfully addresses the challenge of dynamic coupling between renewable energy fluctuations and stable chemical production, paving the way for large-scale renewable energy consumption and hydrogen-based chemical development [3][8]. Group 3: Environmental Impact - Upon completion, the project is expected to produce 45,000 tons of green hydrogen and 200,000 tons of green ammonia and methanol annually, equivalent to saving approximately 600,000 tons of standard coal and reducing carbon emissions by 1.4 million tons per year [9]. - The annual green hydrogen output will represent one-fifth of China's current annual green hydrogen production [9]. Group 4: Regional Economic Development - By 2025, Jilin's investment in the new energy industry is projected to exceed 130 billion yuan, with over 6 million kilowatts of new installed capacity, indicating a significant transformation of the energy landscape and a shift from traditional to new energy sources [5][11].

Group 1 - The core viewpoint of the article highlights that seven major state-owned construction enterprises in China have signed new contracts exceeding 14 trillion yuan for the year 2025, demonstrating resilience in infrastructure amid economic pressures and structural adjustments in the real estate sector [2][4] - The industry shows characteristics of concentration among leading firms, overall stability, localized pressure, and structural transformation, with the top three companies accounting for over 70% of the total new contracts signed [2][5] - The shift from scale expansion to quality improvement in domestic infrastructure investment is emphasized, with traditional construction demands declining while new energy, water conservancy, and rail transport projects are on the rise [3][7] Group 2 - The total new contracts signed by the seven construction state-owned enterprises reached over 14 trillion yuan, achieving the annual goal of stability, structural optimization, and strong resilience [4] - The leading three companies, China State Construction, China Railway Construction, and China Railway, dominate the industry, with their combined new contracts exceeding 10.3 trillion yuan, representing over 70% of the total [5] - The only company experiencing a decline in new contracts is China Metallurgical Group, which saw a 10.8% decrease due to shrinking demand in traditional metallurgy and construction markets [5][9] Group 3 - The construction sector is undergoing a profound restructuring, with traditional construction and heavy asset sectors slowing down, while infrastructure, clean energy, overseas projects, and urban renewal are becoming the main growth drivers [7][8] - The overseas market has become a significant growth engine for construction state-owned enterprises, with substantial increases in new contracts signed abroad, particularly in regions like Southeast Asia and Africa [8] - The article notes that while the order scale exceeds 14 trillion yuan, the industry still faces challenges such as profit pressure, slow payment cycles, and high debt ratios [9][10] Group 4 - The article anticipates that the new contract growth rate for construction state-owned enterprises will remain stable in 2026, with an expected increase of about 5% to 10% [11] - The central government's policies are expected to support investment stabilization and potentially accelerate infrastructure investment, benefiting leading firms in the sector [11]

Core Viewpoint - The city of Feicheng in Shandong Province is actively promoting the development of new energy and renewable energy sectors, achieving significant progress in green and low-carbon energy transformation, particularly in salt cavern energy storage and new battery electrode materials [1] Group 1: Energy Transformation Achievements - By 2024, the energy consumption per unit of GDP in Feicheng is expected to decrease by 26.2% [1] - As of September 2025, non-fossil energy consumption is projected to account for 31.5% of the total, with installed capacity of new and renewable energy reaching 1.6292 million kilowatts, representing 63.26% of total power generation capacity [1] - Feicheng's energy transformation has led to its recognition as a "Top Ten Industry" innovation leading area in the province, with its salt cavern energy storage industry cluster being selected as a first batch future industry cluster [1] Group 2: Organizational Leadership and Support - The municipal government has prioritized new energy initiatives in its 2025 government work report and established a dedicated industrial promotion committee to oversee the development of the new energy industry chain [2] - Specialized teams have been formed to focus on the salt cavern energy storage and new battery electrode materials sectors, facilitating coordinated development and addressing specific industry challenges [2] Group 3: Resource Allocation and Planning - Feicheng is focusing on gathering quality resources such as land and funding to support the new energy industry, with a comprehensive plan for salt cavern energy storage and gas utilization [3] - The city has secured significant funding for various projects, including a 100MW new carbon dioxide energy storage project and a 350MW compressed air energy storage project [3] Group 4: Traditional and New Energy Integration - The city is committed to maintaining stable energy production, with coal production expected to reach 1.0705 million tons in 2024 and significant coal storage capacity established [4] - New energy sources are also expanding, with total installed capacity for centralized and distributed solar power reaching 650,000 kilowatts and 600,000 kilowatts respectively, alongside wind power capacity of 195,000 kilowatts [4] Group 5: Salt Cavern Energy Storage and Lithium Battery Industry - Feicheng is developing a comprehensive salt cavern energy storage industry, with plans for a new energy storage industrial demonstration base covering over 2,500 acres and 22 ongoing projects [5][6] - The city is enhancing its lithium battery industry by establishing a complete industrial chain from lithium ore processing to battery recycling, with significant investments in new projects [7] Group 6: Technological Innovation and Low-Carbon Living - The city is fostering technological innovation in the energy sector through collaborations with numerous universities and research institutions, resulting in multiple awards and recognitions [8] - Efforts to promote low-carbon living include the development of green buildings, electric public transportation, and geothermal energy projects, contributing to a sustainable urban environment [9]

Core Viewpoint - China Energy Construction Co., Ltd. (China Energy) has shown a mixed performance in stock price and financial metrics, with a recent increase in stock price but a decline in net profit year-on-year [1][3]. Group 1: Stock Performance - On February 4, China Energy's stock price increased by 2.08%, reaching 2.45 CNY per share, with a trading volume of 9.94 billion CNY and a turnover rate of 1.27%, resulting in a total market capitalization of 102.14 billion CNY [1]. - Year-to-date, the stock price has risen by 4.26%, with a slight decline of 0.41% over the last five trading days, a 3.38% increase over the last 20 days, and a 0.41% decrease over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, China Energy reported a revenue of 323.54 billion CNY, reflecting a year-on-year growth of 9.62%. However, the net profit attributable to shareholders decreased by 12.43% to 3.16 billion CNY [3]. - Since its A-share listing, China Energy has distributed a total of 4.69 billion CNY in dividends, with 3.75 billion CNY distributed over the past three years [3]. Group 3: Company Overview - China Energy, established on December 19, 2014, and listed on September 28, 2021, primarily engages in construction contracting, operating through five business segments: surveying and design, engineering construction, equipment manufacturing, civil blasting and cement production, and investment and other businesses [2]. - The revenue composition of China Energy is as follows: engineering construction accounts for 81.18%, industrial manufacturing 7.42%, investment operations 6.80%, surveying and design 4.07%, and other businesses 0.53% [2].

Core Insights - The report discusses the implementation of the "Tax Law Principle" and its implications for service industries such as internet and finance, indicating that current tax arrangements are unlikely to change significantly in the short term [2][3][12] - The real estate sector is experiencing a favorable shift in financing policies, with REITs and private placements opening new equity financing channels to alleviate financial pressures on real estate companies [3][13] Tax Law Implementation - The State Council approved the "Implementation Regulations of the Value-Added Tax Law of the People's Republic of China" on December 19, 2025, and subsequent announcements have clarified tax details, suggesting stability in tax arrangements for service industries [2][3][12] - The definition of "basic services" in telecommunications is evolving, with mobile data and internet broadband still classified as "value-added services" subject to a 6% VAT rate, while traditional voice services are recognized as "basic services" with a 9% VAT rate [2][3][12] Real Estate Sector Analysis - The financing environment for the real estate industry is improving, with a shift from debt financing to equity financing, including the introduction of REITs and private placements [3][13] - Recent regulatory changes, such as the gradual retreat from the "three red lines" policy, indicate a more supportive financing environment for real estate companies [13] - The report maintains a "positive" rating for the real estate sector, highlighting the potential for recovery in the industry as financing policies become more favorable [3][13] Investment Recommendations - The report recommends several quality real estate companies for investment, including China Jinmao, Poly Developments, and China Resources Land, among others, due to their potential for recovery and attractive valuations [13] - The report emphasizes the importance of monitoring the evolving financing landscape and the impact of government policies on the real estate market [3][13]

国家能源集团青海共和公司青豫直流二期10万千瓦光热项目正源源不断地向电网输送电能，青海中控德 令哈50兆瓦光热电站驱动汽轮机持续发电……这一朵朵绽放的"太阳花"，正照亮我国能源转型的新路 径。 近日发布的《关于促进光热发电规模化发展的若干意见》(以下简称《若干意见》)提出，到2030年，光 热发电总装机规模力争达到1500万千瓦左右，度电成本与煤电基本相当。 项目火热推进，政策东风劲吹，但光热发电这个被寄予厚望的产业，仍面临着初始投资较高、市场竞争 能力偏弱等"成长的烦恼"。在新能源全面平价的时代，光热发电如何破解成本难题，实现规模化破局? "简单来说，光热发电设备就是一个巨型'太阳能炉灶+热水壶+蒸汽机'组合体。"中国能建中国电力工程 顾问集团西北电力设计院有限公司(以下简称"中国能建西北院")新疆哈密"光(热)储"1500兆瓦基地光热 项目设计总工程师王鑫说，"比如，正在建设的哈密'光(热)储'基地项目，采用150兆瓦光热与1350兆瓦 光伏电站互补联动，通过配置熔盐电加热器，在光伏和光热储热部分之间建立能量转换的'桥梁'，将光 伏的弃电转化为热能存储，再通过光热汽轮机发电上网。" "与光伏发电相比，光热 ...

科技日报记者 王禹涵 国家能源集团青海共和公司青豫直流二期10万千瓦光热项目正源源不断地向电网输送电能，青海中控德令哈50兆瓦光热电站驱动汽轮机持续发电……这一朵 朵绽放的"太阳花"，正照亮我国能源转型的新路径。 近日发布的《关于促进光热发电规模化发展的若干意见》（以下简称《若干意见》）提出，到2030年，光热发电总装机规模力争达到1500万千瓦左右，度电 成本与煤电基本相当。 项目火热推进，政策东风劲吹，但光热发电这个被寄予厚望的产业，仍面临着初始投资较高、市场竞争能力偏弱等"成长的烦恼"。在新能源全面平价的时 代，光热发电如何破解成本难题，实现规模化破局？ "简单来说，光热发电设备就是一个巨型'太阳能炉灶+热水壶+蒸汽机'组合体。"中国能建中国电力工程顾问集团西北电力设计院有限公司（以下简称"中国 能建西北院"）新疆哈密"光（热）储"1500兆瓦基地光热项目设计总工程师王鑫说，"比如，正在建设的哈密'光（热）储'基地项目，采用150兆瓦光热与1350 兆瓦光伏电站互补联动，通过配置熔盐电加热器，在光伏和光热储热部分之间建立能量转换的'桥梁'，将光伏的弃电转化为热能存储，再通过光热汽轮机发 电上网。" "与 ...

行 业 及 产 业 建筑装饰 2026 年 02 月 03 日 相关研究 证 券 研 究 报 告 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 唐猛 A0230523080003 tangmeng@swsresearch.com 研究支持 唐猛 A0230523080003 tangmeng@swsresearch.com 联系人 唐猛 A0230523080003 tangmeng@swsresearch.com 投资趋缓，利润承压 看好 ——建筑装饰行业 2025 年报前瞻题 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 行 业 研 究 / 行 业 点 评 - ⚫ 2025 年固定资产投资增速放缓，基建、制造业、地产均呈现压力。基本面方 面，根据国家统计局数据，2025 年 1-12 月基础设施投资（全口径）同比- 1.5%，基础设施投资（不含电力）同比-2.2%。细分结构看，交通运输、仓储 和邮政业投资同比-1.2%， ...