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: 2025年8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: 2025年9月3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 ...

位于吉林省松原市的中能建松原氢能产业园是目前全球体量最大的绿色氢氨醇一体化项目，总投资296亿元。作为国家发改委首批绿色低碳先进技术示范项 目、国家能源局绿色液体燃料技术攻关和产业化试点项目，项目规划分期建设300万千瓦新能源发电装置，以及年产80万吨绿色合成氨和绿色甲醇装置，成 为吉林省构建"中国北方氢谷"战略的核心引擎。项目一期总投资69.46亿元，建设80万千瓦新能源发电及其配套年产20万吨绿色合成氨和绿色甲醇装置，预 计2025年下半年投产。 项目采用"新能源发电直供化工用电"模式，应用了源网荷储精准匹配、新能源直供电、新型储氢、多稳态柔性合成氨等技术，着力解决新能源波动与化工稳 定生产的协调问题，探索"电—氢—氨（醇）"跨行业联动，为绿氢规模化应用提供实践参考。此外，中国能建与北京大学合作成立氢能技术联合研发中心， 通过校企协作推动相关技术落地。 "从全球范围来看，采用绿电直连制绿氢，进而合成绿氨，这样的工艺路线，松原项目的规模是最大的。新能源波动性与化工合成稳定性之间的耦合，松原 项目在技术上实现了突破，形成了具有中国能建自主知识产权的柔性合成氨工艺包和智能生产运行管理系统，保证了生产安全稳定性。 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603815 | 交建股份 | 11.02 | 9.98% | 41.19万 | 4.38亿 | | 002663 | 普邦股份 | 2.00 | 3.09% | 111.42万 | 2.24亿 | | 300197 | 节能铁汉 | 2.34 | 1.74% | 184.65万 | 4.28亿 | | 002062 | 宏润建设 | 8.70 | 1.64% | 137.37万 | 11.65亿 | | 603778 | 国晟科技 | 3.79 | 1.34% | 49.14万 | 1.86亿 | | 600512 | 腾达建设 | 2.46 | 1.23% | 47.73万 | 1.16亿 | | 002717 | ST岭南 | 1.70 | 1.19% | 86.56万 | 1.46亿 | | 002310 | 东方园林 | 2.40 | 0.84% | 119.30万 | 2.88亿 | | 601868 | 中国能建 | 2.44 | 0 ...

Investment Rating - The report maintains a "Buy" rating for the construction and decoration industry, highlighting specific companies as key investment targets [4][7]. Core Insights - The construction sector has experienced significant fluctuations over the past sixteen years, with eight winning phases (40% of the time) and seven losing phases (60% of the time) [1][12]. - The current market environment is characterized by a gradual easing of policies since late 2021, which has historically correlated with better performance in the construction sector [1][3]. - The report emphasizes the importance of thematic influences, such as the "Belt and Road Initiative" and "PPP" projects, which have driven substantial short-term excess returns in the sector [2][3]. Summary by Sections 1. Historical Review of the Construction Sector - The report divides the historical performance of the construction sector from June 2008 to December 2024 into fifteen phases based on excess returns relative to the CSI 300 index [11]. - Winning phases include significant periods of policy easing and economic recovery, while losing phases often coincide with tighter monetary policies [1][12]. 2. Policy Cycle and Market Trends - The report identifies four major policy cycles since 2008, with the current phase being a gradual easing that began in late 2021 [1][3]. - The correlation between excess returns and macroeconomic indicators is noted to be weak, with expectations of policy changes being more influential [1][3]. 3. Thematic Characteristics and Valuation - The construction sector's valuation is currently low, with a price-to-book ratio (PB) of 0.8, which is below historical averages and indicates potential for rebound [2][3]. - The report highlights that the sector's performance is sensitive to thematic catalysts, suggesting that upcoming regional initiatives could provide investment opportunities [3][4]. 4. Comparison with Banking Sector - The construction sector is compared to the banking sector, noting similarities in business models and sensitivity to credit environment changes [3]. - The current price-to-book ratio of the construction sector relative to banks is at a critical point, suggesting potential for significant excess returns if historical patterns hold [3]. 5. Investment Recommendations - Key investment targets include leading companies benefiting from strategic infrastructure projects, such as Sichuan Road and Bridge, China Metallurgical Group, and China Communications Construction [4][7]. - The report also suggests monitoring local leaders in Xinjiang and companies involved in coal chemical projects as potential high-return investments [4].

Investment Rating - The report maintains an "Optimistic" rating for the construction industry [2][4]. Core Insights - The construction industry faced pressure on revenue and profit in H1 2025, with total revenue of 3.75 trillion, down 5.7% year-on-year, and net profit of 87.5 billion, down 6.5% year-on-year [2][7]. - The industry experienced a relative stability in gross margin and net margin, with a gross margin of 9.9% and a net margin of 2.33% in H1 2025 [8][19]. - Operating cash flow showed improvement, with a net cash flow of -477.4 billion, a reduction in outflow by 15.1 billion year-on-year [3][12]. - The industry’s return on equity (ROE) decreased by 0.31 percentage points to 2.50% in H1 2025, indicating pressure on profitability [16][27]. Summary by Sections Financial Overview - In H1 2025, major listed companies in the construction industry reported revenues of 3.75 trillion, a decrease of 5.7% year-on-year, and net profits of 87.5 billion, down 6.5% year-on-year [2][7]. - Quarterly revenues for Q1 and Q2 were 1.84 trillion and 1.91 trillion, respectively, with year-on-year declines of 6.2% and 5.2% [2][7]. Profitability Analysis - The industry maintained a gross margin of 9.9%, a slight decrease of 0.2 percentage points year-on-year, and a net margin of 2.33%, down 0.02 percentage points [8][19]. - The ROE for the industry decreased to 2.50%, reflecting the impact of reduced investment and increased costs [16][27]. Cash Flow Improvement - The operating cash flow net amount was -477.4 billion, showing an improvement with a reduction in cash outflow by 15.1 billion year-on-year [3][12]. - The cash collection ratio improved to 103% in Q1 and 87% in Q2, with year-on-year changes of +0.85 percentage points and +11.65 percentage points, respectively [3][12]. Market Dynamics - The report highlights a shift in focus from growth to quality improvement among state-owned enterprises, with an emphasis on cash flow management and cost control [4][19]. - The construction industry is expected to see a recovery in revenue and cash flow in the second half of 2025, driven by anticipated government investment stimulus [4][19].

Group 1 - The core viewpoint of the articles highlights the strengthening of cooperation between China Energy Engineering Group (China Energy) and Azerbaijan in various sectors, particularly in renewable energy and infrastructure development [1][3][4] - Azerbaijan's President Aliyev praised China Energy's contributions to the country's green and sustainable development, emphasizing the importance of the strategic partnership between the two nations [3] - China Energy expressed gratitude for the support received from the Azerbaijani government and outlined the alignment of its strategic development direction with Azerbaijan's national development plans [4] Group 2 - The discussions focused on enhancing collaboration in areas such as electricity planning, grid upgrades, renewable energy investment, and comprehensive water resource utilization [1][3] - Azerbaijan is accelerating its transition to renewable energy and aims to strengthen energy interconnectivity with neighboring countries, positioning itself as a key player in the "green energy corridor" connecting Central Asia and Eastern Europe [3] - China Energy aims to leverage its integrated advantages across the entire industry chain to implement key projects in Azerbaijan, contributing to the country's green and low-carbon energy transformation [4]

Core Viewpoint - The project represents a significant advancement in integrating molten salt energy storage with coal-fired power generation, enhancing flexibility and efficiency in energy production [1][4]. Group 1: Project Overview - The project is the largest "coal power + molten salt" energy storage project in China, officially put into operation after 168 hours of full-load trial operation [1]. - Located in Suzhou, Anhui Province, the project is based on two 350 MW supercritical coal-fired turbine generator units [1]. - It includes two molten salt storage tanks (high temperature at 390°C and low temperature at 190°C) and a heat exchange island with various equipment [1]. Group 2: Operational Capabilities - After completion, the Suzhou power plant can provide continuous heating for 4 hours at full load and for 5 hours at 30% rated load during peak shaving [4]. - The external heating capacity can increase to 410 tons per hour, with an annual average heating output of 2.2 million tons, meeting the heating needs of over 40 local industrial and commercial enterprises [4]. Group 3: Environmental Impact - As a national demonstration project for green low-carbon advanced technologies, it can enhance renewable energy consumption capacity by approximately 128 million kWh annually, reducing coal consumption by 32,000 tons and carbon emissions by about 85,000 tons each year [4][5]. - The project addresses the conflict between peak shaving and heating in coal-fired power plants, promoting the transformation of coal power units into both basic and system-regulating power sources [5].

建筑装饰/基础建设 中国能建（601868.SH） 营收利润同比增长，新签订单保持增长 2025 年 09 月 01 日 投资评级：买入（维持） | 日期 | 2025/8/29 | | --- | --- | | 当前股价(元) | 2.45 | | 一年最高最低(元) | 3.09/2.01 | | 总市值(亿元) | 1,021.43 | | 流通市值(亿元) | 794.50 | | 总股本(亿股) | 416.91 | | 流通股本(亿股) | 324.29 | | 近 3 个月换手率(%) | 86.74 | 股价走势图 数据来源：聚源 -16% 0% 16% 32% 48% 2024-08 2024-12 2025-04 2025-08 中国能建 沪深300 相关研究报告 新签订单保持增长，新能源业务开展顺利 2025 年上半年，公司实现新签合同额 7753.57 亿，同比增长 4.98%。其中，能源 电力、水利核心主业新签合同额、营业收入分别同比增长 3.12%和 18.58%，分 别占公司全部新签合同、营业收入的 69.02%、74.49%；国内火电、电网业务签 约合同保持高速增长，分别同比 ...

中国能建 20250831 摘要 中国能建 2025 年上半年营收同比增长 8.32%，新签订单 7,753.57 亿 元，同比增长 4.98%，增速在八大建筑央企中排名第二。工程建设业务 新签订单增长 9.23%，勘测设计及咨询业务增长 52%，但工业制造业 务同比减少 64%。 中国能建积极布局新能源领域，传统能源新签订单同比减少 10%，而新 能源及综合智慧能源新签订单同比增长 12%。截至 2025 年 6 月底，全 国太阳能发电装机容量达到 1,100GW，同比增长 54%。 中国能建获得证监会批复，拟募集不超过 90 亿元资金，用于光热储能 一体化绿电示范项目、压缩空气储能电站等项目，表明其在储能领域的 积极投入。 中国能建积极参与"东数西算"战略，将数字和信息列为重点培育的新 兴业务，通过源网荷储一体化整合能源和算力全产业链，参与全国八大 节点区域算力枢纽中心建设。 中国能建在清洁能源领域控股并网项目装机容量达 2028.7 万千瓦，其 中风电 380.19 万千瓦，太阳能发电 1,123.44 万千瓦。同时，公司在 国内外储备多个氢能项目，并投建绿电制氢项目。 Q&A 2025 年上半年中国能 ...

Core Viewpoint - The meeting between China's Energy Construction Group (China Energy) and Egyptian Prime Minister Mostafa Madbouly emphasizes the deepening cooperation between China and Egypt in energy, infrastructure, and sustainable development, aligning with both countries' strategic initiatives [1][3]. Group 1: Cooperation and Strategic Initiatives - The discussions focused on implementing the strategic consensus between the leaders of China and Egypt, promoting the alignment of the Belt and Road Initiative with Egypt's Vision 2030 [1]. - Both parties aim to enhance practical cooperation in energy, electricity planning, new energy, power transmission, and water resources, accelerating the implementation of key projects [1][3]. Group 2: Contributions and Future Plans - Prime Minister Madbouly expressed gratitude for China Energy's significant contributions to Egypt's green and sustainable development, highlighting the company's professional strength and reliability as a partner [3]. - China Energy plans to deepen its investment in Egypt, particularly in new energy development, seawater desalination, and grid planning, while also exploring third-party electricity transmission cooperation with Europe [3]. Group 3: Project Implementation and Local Development - China Energy is focusing on energy, electricity, and water resources, promoting green, efficient, and stable infrastructure construction globally, with Egypt being a core overseas market [3]. - The company has engaged in multiple practical cooperation projects in Egypt, including solar power, energy storage, power transmission, and municipal engineering, aiming to support the realization of Egypt's Vision 2030 [3].