Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering sector [8]. Core Insights - The year 2026 marks the beginning of the "14th Five-Year Plan," with a pragmatic growth target of "4.5%-5%" set during the Two Sessions, signaling strong support for stable growth. The report highlights the construction sector's defensive attributes and the potential for revaluation of undervalued state-owned enterprises (SOEs) [2][6]. - The construction sector is characterized by low valuations, low institutional holdings, large market capitalization, and stable outlooks for quality targets. The sector and the banking sector are the only two indices in the Yangtze River tertiary industry index that are trading below book value. The historically low institutional allocation to the construction sector may reflect a weak overall outlook for the industry, leading to some excellent construction targets being under-recognized and underpriced [6][12]. - Certain state-owned enterprises play a crucial role in stabilizing growth and the economy, with their political and economic significance highlighted. Some construction companies have shown steady operational performance due to their technical capabilities, market expansion abilities, and industry influence, which may allow them to achieve higher valuations compared to the sector [6][12]. Summary by Sections - **Market Dynamics**: The international oil price surge, driven by geopolitical tensions, enhances the competitiveness of coal chemical industries. The report recommends core quality SOE China Chemical, as the high oil price environment is expected to accelerate construction in the coal chemical sector [6][13]. - **Mineral Resources**: Geopolitical supply disruptions have highlighted the premium on strategic minerals. The demand for copper and cobalt is driven by global energy transitions and conflicts, with China Railway's mineral resource operations showing stable production figures [6][13]. - **Policy Support**: The government has proposed establishing a national low-carbon transition fund to foster new growth points in hydrogen energy and green fuels. Significant investments in power infrastructure are anticipated, with a 40% increase in the State Grid's investment for the 14th Five-Year Plan [6][13].

Investment Rating - The report assigns an "Accumulate" rating for the industry [1] Core Insights - The report highlights the government's initiative to promote hydrogen energy applications, aiming for large-scale implementation in urban areas by 2030, with hydrogen prices expected to drop below 25 RMB per kilogram [4] - Key companies such as China Energy Engineering, Huadian Heavy Industries, and China Steel International are positioned to benefit from the hydrogen energy market [3][5][6] Summary by Relevant Sections Key Company Recommendations - China Energy Engineering is expected to maintain an EPS of 0.21 RMB in 2025, increasing to 0.24 RMB by 2027, with a target price of 3.86 RMB based on a PE of 17.5 for 2026 [14] - Huadian Heavy Industries has seen significant growth in major contracts, with a projected EPS increase from 0.17 RMB in 2025 to 0.28 RMB in 2027, and a target price of 15 RMB based on a PE of 60 for 2026 [18] - China Steel International is also recommended for accumulation, with a focus on its innovative hydrogen-based furnace technology [5][6]

Investment Rating - The report assigns an "Accumulate" rating for the industry [1]. Core Insights - The report highlights the government's initiative to promote hydrogen energy applications, aiming for large-scale implementation in urban areas by 2030, with hydrogen prices expected to drop below 25 RMB/kg [4]. - Key companies such as Huadian Technology, China Steel International, and China Energy Engineering are positioned to benefit from the hydrogen energy market [3][6]. Summary by Sections Key Company Recommendations - China Energy Engineering is expected to leverage its strengths in new energy and hydrogen production, with projected EPS growth of 3.7% in 2025 and 7.2% in 2026, targeting a price of 3.86 RMB, corresponding to a PE of 17.5 for 2026 [14]. - Huadian Technology has seen significant growth in major contracts, with a projected EPS increase of 75% in 2025, and a target price of 15 RMB, reflecting a PE of 60 for 2026 [18]. Investment Highlights - The report notes that the Ministry of Industry and Information Technology, the Ministry of Finance, and the National Development and Reform Commission have issued a notice to promote hydrogen energy applications, with financial incentives for cities participating in pilot projects [4]. - Huadian Technology is actively developing integrated projects in hydrogen production and storage, including a 45 MW wind power hydrogen production project in Liaoning [5]. - China Steel International has successfully implemented hydrogen-based smelting technology, marking a significant step towards achieving carbon neutrality in the steel industry [5]. Market Opportunities - The report emphasizes the potential for hydrogen energy and green fuels as new growth points, with various projects in the pipeline, including the world's largest integrated green hydrogen and ammonia project in Jilin [6]. - The overall market for hydrogen energy is expected to expand significantly, with the government supporting initiatives through funding and policy measures [4].

Investment Rating - The report provides a "Buy" rating for several companies involved in the green hydrogen and green ammonia sector, including China Energy Engineering, Huadian Technology, Donghua Technology, and China Chemical [4]. Core Insights - Green ammonia and methanol are emerging as key carriers for energy transition in hard-to-abate sectors, with significant potential for decarbonization [11][12]. - The production cost of green ammonia is primarily driven by green hydrogen, which accounts for 80-90% of the total cost [11][18]. - The market for electrolyzers in China is projected to reach an annual average of 143-293 billion CNY from 2026 to 2030, driven by increasing demand for green hydrogen [25][27]. Summary by Sections 1. Green Ammonia and Methanol Address Hydrogen Storage and Transportation Issues - Green ammonia is a stable chemical that resolves storage and transportation challenges, making it a primary destination for green hydrogen consumption [11]. - The cost breakdown shows that nearly half of the investment in green ammonia production is allocated to electrolyzers, which represent 45% of the total equipment expenditure [18][20]. - The estimated market space for electrolyzers in China from 2026 to 2030 is projected to be between 143 billion CNY and 293 billion CNY [25]. 2. Supply and Demand Outlook - As of November 2025, China has planned green ammonia projects with a total annual production capacity exceeding 25.75 million tons and green methanol projects with a capacity of 63.53 million tons [29][34]. - Global policies, particularly from the EU and IMO, are pushing for emissions reductions, which will drive demand for green fuels [35][36]. - Current applications of green ammonia are primarily in chemical synthesis, but long-term demand for shipping fuel is expected to grow significantly [46][50]. 3. Investment Recommendations - The report suggests continuous monitoring of companies involved in the production of green hydrogen and ammonia equipment, highlighting several key players such as China Energy Engineering and Huadian Technology [4][29]. - The profitability of the green hydrogen and ammonia industry is expected to increase as production facilities are established and operational [4][29].

Group 1: Bond Investment Strategy - The report highlights a transition in bond investment strategy towards a "sell on every rise" approach, driven by asset allocation rebalancing and the current weak position of bond assets compared to equities [9][10] - The economic outlook for 2026 is characterized as a "non-typical recovery" period, with a focus on nominal growth recovery, fiscal spending structure, and inflation trends as key indicators for the bond market [9][10] - The report suggests that the 10-year government bond yield may range between 1.77% and 1.95%, with a potential upward breakout above 1.9% [9][10] Group 2: Hong Kong Stock Market Strategy - High dividend assets are expected to remain attractive in 2026, with historical performance indicating that sectors with dividend yields above 3% generally provide absolute returns during periods of RMB appreciation [12][10] - The report emphasizes the importance of consumer sectors, particularly discretionary consumption, which tends to outperform during inflationary periods, suggesting investment opportunities in these areas [12][10] - The technology sector in Hong Kong is anticipated to benefit from RMB appreciation, with a focus on companies that possess unique ecological positions and infrastructure capabilities [12][10] Group 3: U.S. Stock Market Strategy - The U.S. stock market is projected to have limited valuation upside due to geopolitical uncertainties and a shift from light to heavy asset investments, with capital expenditures expected to broaden beyond technology giants [11][13] - The report notes that the S&P 500 index is expected to see stable earnings growth of around 16%, with current valuations at approximately the 70th percentile historically [11][13] - AI investments are highlighted as having potential in upstream and midstream sectors, with opportunities for alpha generation in the value chain [11][13] Group 4: Future Industries - The report discusses significant advancements in future industries, including quantum technology, biomanufacturing, and brain-machine interfaces, indicating a strong trend towards commercialization and technological breakthroughs [15][16] - The approval of the first invasive brain-machine interface for clinical use marks a significant milestone in the industry, reflecting increased investment and interest in this area [15][16] - The report outlines the importance of hydrogen energy and nuclear fusion, with China joining the "Triple Nuclear Declaration" to enhance global nuclear energy capacity by 2050 [15][16]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Consumption building materials have raised prices intensively, and the price transmission has entered the implementation stage. The profitability of leading companies is expected to gradually recover due to the clear pattern of consumption building materials and price - increasing opportunities provided by raw material price hikes [2][7] - After the release of the "15th Five - Year Plan Outline," attention should be paid to the capacity optimization of traditional building materials such as cement, glass, and fiberglass under anti - involution, as well as advanced new materials such as high - end electronic cloth fiberglass and heat - resistant ceramics [5][8] - The AI chain has a high prosperity and an obvious price - increasing trend. The fiberglass field is relatively favored, with electronic cloth entering the price - increasing cycle and roving having a good outlook in the first half of the year. Waterproofing in the second - hand housing transaction and new construction segments is also relatively favored. It is expected that the overall construction demand in 2026 may be similar to that in 2025, and more attention should be paid to individual stock opportunities in segmented fields. Commercial aerospace is in the stage from 0 to 1, with many domestic and foreign catalysts this year, and it still has a high long - term allocation value [5][8] 3. Summary by Directory 3.1 Consumption Building Materials Intensive Price Hikes, Price Transmission Enters the Implementation Stage - Waterproofing leaders raised prices again. From the beginning of 2026 to March 13th, the market price of East China SBS modified asphalt rose 33% to 4,650 yuan/ton. From March 11th to 12th, Orient Yuhong, Beixin Waterproofing, and Keshun Co., Ltd. successively issued new round price - adjustment letters [2][7] - Coating leaders raised prices collectively. From March 13th to 15th, Nippon, SKSHU, and Carpoly successively issued price - increase letters, covering interior and exterior wall latex paints, with a price - adjustment range of 5 - 15% [2][7] 3.2 Weekly Market Review - **Overall Index Performance**: From March 9th to 13th, 2026, the construction index rose 4.28%, and the building materials index rose 2.51%. Among various industry indices, the coal index had the highest increase, and the building index also had a relatively high increase [12][16] - **Sub - sector Performance in Construction**: The professional engineering and other index rose 6.32%, the infrastructure construction index rose 5.48%, etc. [14] - **Sub - sector Performance in Building Materials**: The cement index fell 0.29%, the glass fiber index fell 0.48%, etc. [18] - **Top Five Gainers and Losers in Building Materials**: The top five gainers included Yangzi New Materials with a weekly increase of 12.22% and China Energy Engineering with 29.41%. The top five losers included Yuexin Health with a weekly decline of 15.02% and Hongrun Construction with 7.85% [20] - **Top Five Gainers and Losers in Construction**: The top five gainers included China Energy Engineering with a weekly increase of 29.41%, and the top five losers included Hongrun Construction with a weekly decline of 7.85% [21] - **Infrastructure Public REITs Performance**: The average weekly increase of infrastructure public REITs was - 1.62%, with some products such as Huatai Jiangsu Expressway REIT rising 1.23% and some products such as Boshi Jinkai Industrial Park REIT falling 5.17% [22][23][24] 3.3 Aggregate Data Tracking - **Real Estate Data**: It includes national real estate new - start, construction, completion, and sales area cumulative year - on - year data, land transaction data (including total, residential, commercial, and industrial land), and real estate transaction data (including second - hand housing prices, listing volume, and 30 - large - city commercial housing transaction volume) [26][35][45] - **Social Financing Data**: It includes monthly new social financing, new RMB loans, new corporate bond financing, etc., as well as their year - on - year increase data [55][57][60] - **Infrastructure Investment Data**: It includes narrow and broad infrastructure cumulative year - on - year growth rates, as well as investment cumulative year - on - year growth rates in power, transportation, and water conservancy industries [64][66][68] - **New Contract Signing of Eight Major Construction Central Enterprises**: It shows the quarterly new contract signing amounts and year - on - year growth rates of eight major construction central enterprises from 2022Q1 to 2025Q4 [71] - **Special Bond Issuance**: It includes monthly new special bond issuance, replacement special bond issuance, and their cumulative issuance amounts [73][75][77] 3.4 High - Frequency Data Tracking - **Cement Data**: It includes the national PO42.5 cement average price, East China regional cement price, cement - coal price difference index, cement capacity utilization ratio, and cement production monthly year - on - year growth rate [84][85][91] - **Float Glass Data**: It includes glass spot price, futures price, inventory, and daily melting volume [92][94][98] - **Photovoltaic Glass Data**: It includes 2mm photovoltaic glass price, inventory, daily melting volume, and soda ash price [99][102][103] - **Fiberglass Data**: It includes the prices of SMC roving 2400tex, winding direct roving 2400tex, etc., and fiberglass inventory [106][107][116] - **Carbon Fiber Data**: It includes carbon fiber average price, raw silk price, inventory, production, capacity utilization rate, gross profit margin, cost, and gross profit [113][117][120] - **Magnesia and Alumina Prices**: It includes the ex - factory tax - included price of large - crystal electro - fused magnesia and alumina price [130][133] - **Upstream Raw Material Prices**: It includes asphalt, PVC, waste paper, HDPE, acrylic acid, and titanium dioxide prices [135][136][144] - **Physical Workload Data**: It includes high - machine rental rate and asphalt average capacity utilization rate [145][147]

Investment Rating - The investment rating for the construction decoration industry is "Positive" (maintained) [4] Core Viewpoints - The "14th Five-Year Plan" emphasizes the construction of a modern infrastructure system, with a focus on transportation and energy projects as key areas for future infrastructure investment [5][12] - The report suggests that infrastructure investment logic may gradually shift from traditional "stabilizing growth, stabilizing GDP" to structural investments that serve national strategies and security needs [7] - The construction industry is expected to focus on high-quality development, with urban renewal, smart construction, green and low-carbon initiatives, and international expansion as key directions [18] Market Review - The Shanghai Composite Index fell by 0.70%, while the Shenzhen Component Index rose by 0.76%, and the ChiNext Index increased by 2.51%. The construction decoration index rose by 4.12% during the same period [6][22] - Among individual stocks, China Energy Engineering saw a significant increase of 29.41%, followed by Ningbo Construction (+23.68%) and China Power Construction (+20.64%) [6][22] Investment Suggestions - Future infrastructure investments are expected to focus on power and water conservancy, energy security, and regional strategic development, particularly in the context of rising geopolitical uncertainties [7] - Recommended companies to watch include Sichuan Road and Bridge, China Chemical, Donghua Technology, China Power Construction, and China Energy Engineering [7] Sector Performance - Transportation infrastructure is expected to be a major support for infrastructure investment during the "14th Five-Year Plan" period, with significant projects planned for high-speed rail, national highways, and modern airport systems [9][12] - The new energy system construction is anticipated to become an important growth area for future infrastructure investments, with major clean energy projects expected to be progressively advanced [16][17]

3996 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* 董事長 倪真 中國，北京 2026年3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 董事會會議通告 中國能源建設股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於二零二 六年三月二十七日（星期五）舉行董事會會議，藉以（其中包括）批准本公司及其附屬公司 截至二零二五年十二月三十一日止之年度業績及其發佈，並考慮派發末期股息。 承董事會命 中國能源建設股份有限公司 ...

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [2][26]. Core Insights - Fixed asset investment growth stabilized in January-February 2026, with a cumulative year-on-year increase of 1.8%, which is a decrease of 5.6 percentage points compared to the full year of 2025. Manufacturing investment saw a year-on-year increase of 3.1%, up by 2.5 percentage points from 2025 [4][11]. - Infrastructure investment, under a new calculation method, showed a year-on-year increase of 11.4% in January-February 2026. Key sectors included transportation, storage, and postal services with a 9.1% increase, water, environment, and public facilities management with an 8.3% increase, and electricity, heat, gas, and water production and supply with a 13.1% increase [5][11]. - Real estate investment remained low, with a year-on-year decrease of 11.1% in January-February 2026, and construction starts and completions also showed significant declines [11][16]. Summary by Sections Fixed Asset Investment - The cumulative year-on-year growth rate for fixed asset investment in January-February 2026 was 1.8%, reflecting a stabilization compared to the previous year [4]. - Manufacturing investment increased by 3.1% year-on-year, indicating a recovery trend [4]. Infrastructure Investment - Infrastructure investment increased by 11.4% year-on-year in January-February 2026, with significant contributions from various sectors [5]. - The eastern and central regions showed modest growth, while the western and northeastern regions experienced declines [5]. Real Estate Investment - Real estate investment saw a year-on-year decline of 11.1%, with construction starts down by 23.1% and completions down by 27.9% [11]. - The report anticipates a slow recovery in real estate investment due to supply-side challenges [11]. Investment Recommendations - The report suggests focusing on cyclical sectors that are expected to benefit from the recovery, particularly in steel structure and chemical engineering [16]. - It highlights specific companies such as Honglu Steel Structure, China Chemical, and others as potential investment opportunities [16].

中國能源建設股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於二零二 六年三月二十七日（星期五）舉行董事會會議，藉以（其中包括）批准本公司及其附屬公司 截至二零二五年十二月三十一日止之年度業績及其發佈，並考慮派發末期股息。 承董事會命 中國能源建設股份有限公司 董事長 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* 3996 董事會會議通告 中國，北京 2026年3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 倪真 ...