Group 1 - The 22nd China-ASEAN Expo and China-ASEAN Business and Investment Summit was held in Nanning, Guangxi, with China Energy Construction participating for the 22nd consecutive year [1] - China Energy Construction's exhibition theme was "Green Energy Chain World, Intelligent Creation of the Future," showcasing advanced technologies in large hydropower, clean coal power, compressed air energy storage, and green hydrogen ammonia [1] - The company is implementing the "Four Revolutions, One Cooperation" energy security strategy, focusing on a "30·60" system solution and promoting green low-carbon energy transformation [1] Group 2 - In the energy storage sector, China Energy Construction is a key player in new energy storage engineering and has been recognized as an original technology source by the State-owned Assets Supervision and Administration Commission [1] - The company has completed the world's first 300 MW compressed air energy storage demonstration project, achieving full capacity grid connection and setting multiple world records in power output and efficiency [1] - In the hydrogen energy sector, China Energy Construction has built an integrated industrial ecosystem covering green hydrogen, ammonia, and alcohol, and is involved in the largest green hydrogen ammonia project globally in Jilin [2] Group 3 - China Energy Construction has participated in major national projects such as the Three Gorges Project and the South-to-North Water Diversion Project, completing over 90% of China's power planning consulting and industry standards [3] - The company has achieved significant contributions in various energy sectors, including hydropower, thermal power, and nuclear power, holding multiple world-leading technologies and receiving six national science and technology progress awards [3] - It has established 77 institutions in ASEAN countries, with ongoing project contracts amounting to approximately 90 billion yuan, demonstrating its commitment to international cooperation and sustainable development [2]

Group 1 - The meeting between Liu Hongjian, the Secretary of the Municipal Party Committee, and Ni Zhen, the Deputy Secretary of the Party Committee and General Manager of China Energy Construction Group, highlights the importance of collaboration for economic development in Kunming [3]. - Liu expressed gratitude for China Energy's support in Kunming's economic and social development and emphasized the city's rich green energy resources and solid industrial foundation, indicating broad cooperation potential [3]. - Ni Zhen acknowledged the promising development prospects of Kunming and stated that China Energy would leverage its full industry chain advantages in energy and power infrastructure to deepen practical cooperation across multiple levels and fields, contributing to high-quality economic development in Kunming [3].

转自：新华财经 近日，合肥市城乡建设局公布了合肥市智能建造试点城市龙头骨干企业名单，中国能建安徽电建二公司 榜上有名。 作为中国能建旗下骨干企业，近年来安徽电建二公司始终坚持以科技创新驱动产业升级，围绕"管理数 字化、产业数字化、数字产业化、数据价值化"四大方向，构建了完善的智能建造研发与应用体系。该 公司设立数字化公司、设计咨询公司、基础设施建设事业部等专业机构，拥有专职研发与技术人员60余 人，涵盖软件研发、BIM建模、物联网实施、智能施工等多个方向。 坚持"一体化平台、模块化设计"， 安徽电建二公司不断加强智能建造平台建设，自主研发了"数字化项 目管控平台""AIoT智慧物联网云平台""企业级BIM+智能建造平台""BI数据决策分析平台""小安AI智能 体平台"等多项核心系统，形成"1+2+6+N"数智化架构体系，实现从物联感知、智能预警到决策分析的 全流程数字化管理。 该公司积极推动智能建造技术在火电、核电、燃机、建筑、市政等多业务类型工程项目中的落地应用。 在合肥六中新桥校区、海恒国际体验式商业街区、界首市公共建筑整体推进PPP项目等重点工程建设 中，广泛应用BIM技术、AI视频监控、智能无人升降机 ...

Core Viewpoint - The company reported its 2025 H1 financial results, showing a steady revenue growth but a decline in net profit margins, indicating mixed performance across different business segments [1][3]. Group 1: Financial Performance - In 2025 H1, the company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 212.1 billion, 2.8 billion, and 2.5 billion yuan, respectively, with year-on-year growth rates of +9%, +1%, and +8% [1]. - For Q2 2025, the company reported revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 111.7 billion, 1.2 billion, and 1.1 billion yuan, with year-on-year changes of +15%, -9%, and -6% [1]. Group 2: Business Segments Performance - The company experienced strong revenue growth in H1 2025 across various segments, with design consulting, engineering construction, investment operations, and industrial manufacturing showing year-on-year increases of +16%, +10%, +16%, and +11%, reaching 9.1 billion, 182.0 billion, 15.2 billion, and 16.2 billion yuan, respectively [2]. - The engineering construction and investment operations segments, particularly in new energy and integrated smart energy, saw revenue growth of +18% and +49%, outperforming other business areas [2]. - The new contract value signed in H1 2025 was 775.4 billion yuan, representing a year-on-year increase of +5%, providing a solid revenue assurance [2]. Group 3: Profitability and Debt Management - The company's overall gross margin in H1 2025 decreased by 0.9 percentage points to 11.3%, with Q2 showing a further decline of 2.3 percentage points to 11.4% [3]. - The gross margins for design consulting, engineering construction, investment operations, and industrial manufacturing were 39.3%, 6.5%, 35.1%, and 16.6%, reflecting year-on-year changes of +2.8%, -0.8%, -8.4%, and -0.7 percentage points, respectively [3]. - The company's asset-liability ratio increased by 0.3 percentage points to 77.7% by the end of H1 2025, indicating a slight rise in leverage [3]. - The turnover days for accounts receivable and inventory improved by 26 days to 259 days, while net cash flows from operating and investing activities were -13.4 billion and -25.5 billion yuan, respectively, both showing year-on-year increases of +1.1 billion [3]. Group 4: Future Outlook - The company maintains its profit forecast, expecting revenues of 475.2 billion, 517.0 billion, and 556.9 billion yuan for 2025-2027, with year-on-year growth rates of +9%, +9%, and +8% [4]. - The projected net profits attributable to shareholders for the same period are 9.2 billion, 10.0 billion, and 11.3 billion yuan, with year-on-year growth rates of +10%, +9%, and +12% [4]. - The company is positioned as a "national team" in energy infrastructure, with emerging businesses in hydrogen and energy storage showing promising growth potential [4].

Investment Rating - The report assigns an "Accumulate" rating for the construction engineering industry [8] Core Insights - In August, broad infrastructure investment decreased by 6.4%, with a month-on-month decline of 4.5 percentage points, while narrow infrastructure investment fell by 5.9%, with a month-on-month decline of 0.8 percentage points [4][6] - Real estate investment in August saw a year-on-year decline of 19.9%, with the drop expanding compared to July [7] - The report highlights a trend towards stabilization in the real estate market, despite ongoing challenges [7] - Infrastructure investment from January to August grew by 2.0% year-on-year, outpacing overall investment growth [7] Summary by Sections Infrastructure Investment - Broad infrastructure investment in August decreased by 6.4%, a decline of 12.6 percentage points compared to the same month in 2024, and a month-on-month drop of 4.5 percentage points [6] - Narrow infrastructure investment fell by 5.9%, with a year-on-year decline of 7.1 percentage points and a month-on-month decrease of 0.8 percentage points [6] - Specific sectors such as water conservancy saw a significant drop of 29.8% year-on-year, while public facilities decreased by 11.6% [6] Real Estate Market - Real estate investment in August dropped by 19.9% year-on-year, with sales area declining by 11.0% [7] - New construction area fell by 19.8%, and completed area decreased by 21.2% [7] - The report indicates that the real estate market is moving towards stabilization, with inventory reduction efforts showing results [7] Investment Recommendations - The report recommends undervalued high-dividend stocks such as China State Construction (dividend yield 4.85%), China Railway Construction (dividend yield 3.74%), and Tunnel Corporation (dividend yield 4.48%) [7] - It also highlights the potential for growth in private investment in infrastructure, particularly in green energy [7]

Core Insights - The SK Hydropower Station in Pakistan has successfully delivered 2.8 billion kilowatt-hours of clean electricity since its commercial operation began on September 14, 2024, marking its first anniversary [1][3] - The project is recognized as a key initiative within the China-Pakistan Economic Corridor, contributing significantly to Pakistan's energy security and reducing reliance on traditional energy sources [3][5] Group 1 - The SK Hydropower Station is the largest hydropower project constructed by China Energy Engineering Corporation overseas and is celebrated as a "green pearl" of the China-Pakistan Economic Corridor [1][3] - The project has established a comprehensive safety management system, achieving a safety goal of "zero accidents, zero losses" during its first year of operation [5] - The hydropower station has created over 6,000 jobs during its construction and continues to provide more than 100 stable employment opportunities during its operational phase [5] Group 2 - The project has actively engaged in social responsibility initiatives, including planting over 150,000 trees, establishing a trout hatchery, and supporting local education and disaster relief efforts [5] - The Pakistani government has recognized the station as an "excellent taxpayer unit," highlighting its contributions to the local economy and community [5] - The project is seen as a vital component in strengthening the China-Pakistan partnership and enhancing cooperation in clean energy development [3][5]

Market Overview - On September 17, the infrastructure sector rose by 0.66% compared to the previous trading day, with Hui Lv Ecological leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Top Performers - Hui Lv Ecological (001267) closed at 18.22, with a significant increase of 10.02% and a trading volume of 408,500 shares, amounting to a transaction value of 727 million [1] - Other notable gainers included: - ST Zhengping (603843) with a closing price of 4.22, up 4.98% [1] - ST Yuancheng (603388) at 1.90, up 4.97% [1] - ST Huawang (603007) at 4.90, up 4.93% [1] - Hongrun Construction (002062) at 10.28, up 3.84% [1] Underperformers - Dongchao Ecological (603359) saw a decline of 7.43%, closing at 9.47, with a trading volume of 685,700 shares and a transaction value of 662 million [2] - Other notable decliners included: - Garden Shares (605303) down 5.12% [2] - Palm Shares (002431) down 2.84% [2] - Energy Iron Han (300197) down 2.36% [2] Capital Flow - The infrastructure sector experienced a net outflow of 86.34 million from institutional investors, while retail investors saw a net inflow of 269 million [2] - The capital flow for key stocks showed: - Hui Lv Ecological had a net inflow of 11.67 million from institutional investors, but a net outflow of 68.97 million from retail investors [3] - China Energy Construction (601868) had a net inflow of 98.75 million from institutional investors, with a net outflow of 73.10 million from retail investors [3]

伊克巴尔表示，作为中巴经济走廊重点项目，该水电站为巴持续输送清洁能源，缓解了巴国内长期 存在的电力短缺问题，在优化巴能源结构、降低传统能源依赖、筑牢国家能源安全防线等方面发挥了关 键作用。巴政府将始终全力支持水电站发展，持续强化安全保障措施，推动对华更深层次、更高水平的 务实合作。 中国驻巴基斯坦大使馆临时代办施远强在致辞中表示，苏吉吉纳里水电站作为清洁能源优势显著。 中资企业在运营中注重积极履行社会责任，社会成效明显。中方愿同巴方持续深化全方位合作，共同推 进中巴经济走廊"2.0升级版"建设。 新华社伊斯兰堡9月16日电（记者 杨恺 张敬尧）"由中国企业投资建设的苏吉吉纳里水电站为巴清 洁能源发展作出巨大贡献，是中巴能源领域合作的里程碑。"巴基斯坦规划、发展与特别项目部长阿赫 桑·伊克巴尔15日说。 由中国能源建设集团投资建设并运营的巴基斯坦苏吉吉纳里水电站商业运营一周年庆祝仪式15日在 巴首都伊斯兰堡举行。伊克巴尔在致辞中对苏吉吉纳里水电站过去一年的运营成果给予充分肯定。 巴基斯坦私营电力和基础设施委员会总经理沙阿·贾汉·米尔扎表示，苏吉吉纳里水电站已经成为促 进巴基斯坦经济增长、保障民生用电的关键力量。 ...

Group 1 - The core viewpoint of the article highlights the completion of the Guoneng Changzhou 2×1 million kilowatt unit expansion project, which is the first major technological equipment project in the energy sector that aligns with the new generation of coal power indicators in China [1] - This project is part of Jiangsu Province's initial batch of "first establish, then modify" clean and efficient supporting power source projects [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接待機構投 資者調研活動的公告》，僅供參閱。 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9月16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 A 股代码：601868 A 股简称：中国能建 公告编号：临 2025-050 H 股代码：03996 H 股简称：中国能源建设 中国能源建设股 ...