Core Viewpoint - The article highlights the launch of a public building PPP project in Jieshou City, Anhui Province, which aims to enhance local cultural and recreational facilities, thereby improving the quality of life for residents [1][3]. Group 1: Project Overview - The total investment for the Jieshou public building PPP project is 2.616 billion yuan, encompassing three main components: a multifunctional exhibition hall, a sports center, and a vocational education park [3]. - The multifunctional exhibition hall covers over 153 acres with a total construction area of approximately 60,000 square meters, featuring six functional areas including a library, museum, cultural center, science museum, urban living room, and archives [3][5]. Group 2: Facilities and Features - The library offers a four-story intelligent space with areas for children, digital reading, and self-service borrowing, making knowledge easily accessible [5]. - The museum showcases Jieshou's history through three exhibition halls, highlighting its commercial prosperity and revolutionary history, while also providing a café for visitors [5]. - The science museum includes six themed exhibition halls and a 4D cinema, with a 90% interaction rate, allowing visitors to engage in hands-on experiences related to space exploration and artificial intelligence [5]. - The sports center fills a gap in Jieshou's large-scale sports facilities, providing venues for both competitive and community sports, including swimming pools and fitness centers [5]. Group 3: Technological Integration and Sustainability - The project incorporates digital technology throughout its construction process, utilizing nine smart management modules for comprehensive oversight of safety, quality, and environmental protection [9]. - Prefabricated components are used with a factory production rate of 60%, and BIM technology is fully integrated into the construction process, improving efficiency by 40% and ensuring quality control [9][10]. - The project emphasizes sustainability, featuring solar panels, a smart water recycling system, and real-time environmental monitoring, aligning with carbon reduction goals [10]. Group 4: Company Achievements and Future Goals - Anhui Electric Power Construction No. 2 Company has successfully managed complex project requirements, receiving multiple honors for its construction practices, including "Smart Site" and "Green Site" awards [12]. - The company aims to enhance public service quality and regional resilience through various projects in healthcare, education, and ecology, demonstrating its commitment to social responsibility [16]. - The company has achieved significant growth in contract value, revenue, and profit, with average annual growth rates of 34.09%, 18.76%, 20.93%, and 21.63% respectively, indicating strong performance in the industry [16].

中国能源建设股份有限公司 第三届董事会第四十九次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和 完整性承担法律责任。 A 股代码：601868 A 股简称：中国能建 公告编号：临 2025-042 H 股代码:03996 H 股简称:中国能源建设 中国能源建设股份有限公司（以下简称公司）第三届董事会 第四十九次会议于 2025 年 7 月 11 日以书面形式发出会议通知， 全体董事一致同意豁免提前通知的时限要求，会议于 2025 年 7 月 14 日以通讯表决方式召开。会议应参与表决董事 7 名，实际 参与表决董事 7 名。会议召开符合有关法律法规和《公司章程》 的规定。 经过有效表决，会议形成以下决议： 一、审议通过《关于调整董事会专门委员会成员的议案》 同意对公司董事会提名委员会成员进行调整，调整后成员如 下： 主任：倪 真 委员：牛向春、裴振江 调整后的专门委员会成员任期自本次董事会审议通过之日 起至公司第三届董事会任期届满止。 表决结果：7 票同意，0 票反对，0 票弃权。 1 二、审议通过《关于调整公司高级管理人员的议案》 ...

临 2025-042 A 股代码：601868 A 股简称：中国能建 公告编号： 中国能源建设股份有限公司 一、审议通过《关于调整董事会专门委员会成员的议案》 同意对公司董事会提名委员会成员进行调整，调整后成员如 下： 第三届董事会第四十九次会议决议公告 主任：倪 真 本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和 完整性承担法律责任。 中国能源建设股份有限公司（以下简称公司）第三届董事会 第四十九次会议于 2025 年 7 月 11 日以书面形式发出会议通知， 全体董事一致同意豁免提前通知的时限要求，会议于 2025 年 7 月 14 日以通讯表决方式召开。会议应参与表决董事 7 名，实际 参与表决董事 7 名。会议召开符合有关法律法规和《公司章程》 的规定。 经过有效表决，会议形成以下决议： H 股代码:03996 H 股简称:中国能源建设 委员：牛向春、裴振江 中国能源建设股份有限公司董事会 陈勇先生简历 陈勇先生，1971 年 3 月出生，高级会计师，工商管理硕士。 现任中国能源建设集团有限公司党委常委。陈先生历任南车资阳 机车有限公司董 ...

Investment Rating - The report maintains a "Buy" rating for major construction enterprises, indicating a significant demand for rebound in the construction sector compared to the banking sector [8][31]. Core Insights - The domestic construction industry has evolved into a model with financial attributes similar to banks, where construction companies provide financing to clients, thus resembling "shadow banks" [1][14]. - The construction sector has lagged behind the banking sector in terms of stock performance, with a 76.1% increase in the banking sector since December 20, 2023, compared to only 13.5% in the construction sector, indicating a clear need for catch-up [2][15]. - The dividend yield of leading construction state-owned enterprises (SOEs) is attractive, with several companies offering yields above 3% in A-shares and over 5% in H-shares, making them appealing for long-term investors [3][22]. Summary by Sections Section 1: Industry Overview - The construction industry operates with a business model that has financial characteristics, requiring companies to provide upfront financing to secure projects, which has led to a high-leverage, asset-heavy structure [1][14]. - Major assets of construction firms include cash and receivables, which are akin to financial assets, while liabilities are primarily operational debts, similar to bank deposits [1][14]. Section 2: Market Performance - The construction sector's performance has been hindered by concerns over slow repayments from government and real estate developers, but these pessimistic expectations are now largely priced in, suggesting a potential for valuation recovery [2][15]. - The report highlights that the construction sector's valuation has been stabilizing, indicating a potential for upward movement as market conditions improve [2][15]. Section 3: Dividend Appeal - A-shares of leading construction SOEs show a competitive dividend yield, with companies like China Railway, China Railway Construction, and China Communications Construction yielding over 3% [3][22]. - In H-shares, the average dividend yield for construction SOEs matches that of leading banks, reflecting strong investment attractiveness [3][22]. Section 4: Policy Impact - Upcoming policies are expected to accelerate infrastructure project implementation, which, combined with a low base effect, may lead to improved revenue and performance for construction SOEs in the latter half of the year [4][26]. - The report anticipates that fiscal policies will be enhanced, with an increase in the issuance of special bonds and other financing tools to support infrastructure development [4][26]. Section 5: Competitive Landscape - The construction industry is witnessing a push against "involution" or excessive competition, with major players advocating for a focus on sustainable growth and innovation rather than aggressive expansion [7][30]. - This initiative aims to improve project profitability and stabilize the competitive environment within the industry [7][30]. Section 6: Investment Recommendations - The report recommends investing in undervalued construction SOEs, highlighting companies such as China Energy Engineering, China State Construction, and China Communications Construction as key targets for investment [8][31]. - The expected recovery in earnings and the attractive dividend yields position these companies favorably for long-term investment [8][31].

Investment Rating - The industry rating is maintained as "Outperform the Market" [5] Core Insights - The construction sector has seen a significant increase in attention towards urban renewal, with undervalued large-cap stocks showing signs of stabilization. The sector's performance is driven by improved demand-side policy expectations and a shift away from excessive competition, benefiting both large and small-cap stocks. The report suggests focusing on high-growth segments such as urban renewal, coal chemical, nuclear power, and steel structures, while also considering the beta opportunities in large-cap stocks [1][13][14]. Summary by Sections Urban Renewal - Urban renewal is accelerating, with policies from the central government outlining goals and support measures. The focus includes the renovation of old residential areas, establishing safety management systems for buildings, and creating resilient and smart cities. The report identifies four key categories for investment: design and testing, construction and decoration, urban infrastructure renovation, and resilient/smart city initiatives, highlighting specific companies in each category [2][15][17]. Market Performance - The construction index rose by 2.77% in the week of July 7-11, outperforming the Shanghai and Shenzhen 300 index by 1.76 percentage points. Notable performers included Guosheng Technology (+42.98%), New City (+34.73%), and Beautiful Ecology (+34.46%) [4][21][26]. Investment Recommendations - The report emphasizes the cyclical opportunities arising from improved physical work volume in infrastructure. It suggests focusing on high-demand areas such as water conservancy, railways, and aviation, particularly in regions like Sichuan, Zhejiang, Anhui, and Jiangsu. Recommended companies include Sichuan Road and Bridge, Zhejiang Communications, and major state-owned enterprises like China Communications Construction and China Railway Construction [27][28]. Emerging Business Directions - The report highlights the growing demand for computing power driven by AI applications, recommending companies like Hainan Huatie for their transition into computing power leasing. It also notes the potential in cleanroom sectors due to the ongoing domestic replacement in the semiconductor industry, suggesting companies like Baicheng and Shenghui Integration [29][30]. Major Projects and Themes - The report identifies significant investment opportunities in major hydropower projects, deep-sea economy, and low-altitude economy, recommending companies involved in these sectors, such as China Power Construction and China Energy Engineering [32][30].

Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) has recognized China Energy Construction Anhui Electric Power Construction No. 2 Company as a "benchmark" enterprise for the third consecutive year in the 2024 special assessment of the "Double Hundred Action" initiative, highlighting its significant achievements in reform and growth since its selection in 2018 [1][2]. Group 1: Company Performance - The company has achieved remarkable growth in key financial metrics, with average annual growth rates of 34.09% in new contract amounts, 18.76% in operating income, 20.93% in total profit, and 21.63% in net profit since the 14th Five-Year Plan began, effectively meeting its doubling target ahead of schedule [1]. - The company is set to successfully achieve Group 2.0 quality improvement in 2024, demonstrating the effectiveness of its reforms [1]. Group 2: Governance and Management - The company has optimized its governance mechanism by enhancing the "three meetings and one layer" operational framework, updating the decision-making matters list, and improving the effectiveness of the Party committee's preliminary research [2]. - The company has maintained a 100% rate in public recruitment, key position competition, and overall performance evaluation, while expanding market-oriented management practices to senior executives and permanent secondary institution leaders [2]. Group 3: Future Focus - The company aims to leverage its recognition as a benchmark to further enhance its core competitiveness and functions, focusing on technological innovation, industrial development, and safety assurance, with the goal of becoming a leading international engineering company [3].

Core Insights - The "Energy Storage No. 1" project in Tai'an, Shandong, is the world's largest single-unit compressed air energy storage project, with a capacity of 350 megawatts, aiming for full capacity grid connection by the end of 2025 [1][2][5] - This project represents a significant breakthrough for China Energy Construction in the field of compressed air energy storage, showcasing both original innovation and large-scale application [2][6] - The project utilizes abandoned salt caverns for energy storage, enhancing the reliability of the regional power grid and promoting the upgrade of traditional industries [2][6] Project Details - The project has completed key milestones including construction, equipment installation, and quality inspections, and is currently in the equipment debugging phase [1] - It is designed to store energy for 8 hours and release it for 4 hours, with a potential extension to 6 hours, generating an annual output of 460 million kilowatt-hours, sufficient for over 200,000 households [1][5] - The innovative use of underground salt caverns as gas storage facilities allows for efficient energy management, particularly during peak and off-peak electricity usage [1][6] Technological Innovations - The project has achieved a breakthrough in non-combustion heating technology, eliminating the need for fossil fuels and thus preventing pollution [6][9] - It employs advanced drilling techniques to create large energy channels at depths equivalent to 300 floors, addressing challenges posed by complex geological conditions [7] - The successful implementation of this project could lead to the utilization of over 90% of China's salt cavern resources, significantly enhancing energy storage capabilities [7][8] Market Potential - The compressed air energy storage technology is gaining traction globally, with interest from international investors and energy authorities from countries like the USA, Netherlands, and South Africa [8][9] - The project aims to position China as a leader in green energy solutions, with plans to export technology and comprehensive solutions to the global market [9]

Group 1 - The cement sector saw an increase of 1.75%, ranking 8th among concept sectors, with 32 stocks rising, including Sifang New Material and Sichuan Shuangma hitting the daily limit [1] - Notable gainers in the cement sector included Tibet Tianlu, Zhongtai Chemical, and Jinyu Group, which rose by 3.77%, 3.44%, and 2.53% respectively [1] - The sector experienced a net inflow of 233 million yuan, with 16 stocks receiving net inflows, and 8 stocks exceeding 10 million yuan in net inflow [2] Group 2 - The top net inflow stock was Sichuan Shuangma, with a net inflow of 113 million yuan, followed by China Energy Construction, Conch Cement, and Tibet Tianlu with net inflows of 93.47 million yuan, 66.49 million yuan, and 32.38 million yuan respectively [2][3] - The net inflow ratio for Sifang New Material, Sichuan Shuangma, and Ordos was 70.30%, 14.96%, and 14.27% respectively [3] - The trading volume and turnover rates for key stocks in the cement sector were highlighted, with Sichuan Shuangma showing a trading increase of 9.98% and a turnover rate of 5.00% [3][4]

Core Viewpoint - China Energy Construction Group focuses on its main responsibilities in energy power and infrastructure, enhancing core functions and competitiveness while contributing to China's modernization journey [2] Traditional Energy Business Transformation - The company leverages its advantages in research, talent, and management to upgrade traditional energy operations, significantly contributing to energy conservation and environmental protection [3] - Total installed capacity has surpassed 165 million kilowatts, with 36 units of 1 million kilowatts and nearly 70 units of 660,000 kilowatts constructed, along with over 420 operational units of various capacities [3] New Energy Business Development - The company seizes opportunities in the new energy sector, with installed capacity in wind, solar, thermal, hydrogen, and energy storage exceeding 50 million kilowatts [4] - The proportion of new energy business increased from 12.85% in 2020 to 38.47% in the first half of 2025, with orders growing by 7.4 times [4] - Major projects include the 2 million kilowatt solar project in Ordos and the 4.1 million kilowatt new energy base in Xinjiang, contributing to the "dual carbon" goals [4] Infrastructure Business Advancement - The company is expanding its infrastructure business, focusing on the Yangtze River Delta and Guangdong-Hong Kong-Macao Greater Bay Area, with over 80 million square meters of construction area [6] - Notable projects include the first concentrated delivery of residential projects at Guangzhou Baiyun Airport and the award-winning smart expressway project for the Hangzhou Asian Games [6] International Business Expansion - The company actively develops its international business along the "Belt and Road" initiative, extending operations to 24 countries and regions [7] - Projects such as the Brunei Hengyi project and the Turkish Hunutlu power plant have received national awards, showcasing the company's quality and standards [7] - Future plans include focusing on core responsibilities and achieving high-quality goals for the 14th Five-Year Plan while establishing itself as a competitive global engineering service provider [7]

Core Insights - The construction industry is officially entering a platform period, with infrastructure investment maintaining resilience but showing signs of decline in revenue among major state-owned enterprises [5][28][30] - The overall investment tone for infrastructure in the second half of 2025 will focus on stability, supported by proactive fiscal policies and accelerated government bond issuance [2][37] - Structural opportunities are emerging, particularly in manufacturing, power, water conservancy, and water transport sectors, driven by special government bonds [5][6] Industry Overview - The construction industry has seen a decline in total revenue for the first time in 2024, confirming a turning point for the industry [30] - The total revenue for the construction industry in 2024 was 86,962.78 billion, a decrease of 4.29% year-on-year, with net profit dropping by 13.74% [30][32] - The share of real estate in GDP has been declining since its peak in 2021, while infrastructure investment has been rising but not enough to offset the decline in real estate [26][28] Investment Strategy - Long-term investment should focus on manufacturing-oriented companies like Honglu Steel Structure, while short-term strategies should prioritize high-dividend stocks and significant changes in individual companies [6][7] - The report emphasizes the importance of structural opportunities in the construction sector, particularly in areas aligned with national strategic initiatives and safety capabilities [60] State-Owned Enterprises - There is a growing divergence among state-owned construction enterprises, with only a few, such as China State Construction and China Energy Engineering, showing positive growth in Q1 2024 [7][28] - The report recommends focusing on companies with strong dividend stability and growth potential, such as China Chemical Engineering and China Communications Construction [7][8] Professional Engineering and International Opportunities - The international engineering sector is expected to benefit from ongoing orders and the deepening of cooperation along the Belt and Road Initiative [8] - Companies like China National Materials and China Steel International are highlighted for their low valuations and high dividend yields, indicating strong performance potential [8] Mergers and Acquisitions - The construction industry is moving towards maturity, necessitating mergers and acquisitions to find new growth points [10] - The report anticipates that future mergers will primarily come from smaller, weaker segments of the industry, such as design and decoration [10]