中国能源建设(03996)发布公告，该公司2025年第四季度新签合同额4566.09亿元;于2025年累计新签合同 额14493.84亿元，同比增长2.88%。 ...

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。 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13.09條及香港法例第571章《證券及期貨條例》第XIVA部項下內幕消息條文作 出。 現將本公司2025年度主要經營情況公佈如下，供投資者參閱。 一、按業務類型統計 單位：億元 幣種：人民幣 | | | 2025年10-12月 | | 年度累計 | | | | --- | --- | --- | --- | --- | --- | --- | | | | 新簽項目 | | 新簽項目 | | | | 業務類型 | | 數量（個） | 新簽合同額 | 數量（個） | 新簽合同額 | 同比增減 | | 工程建設 | | 1,735 | 4,300.04 | 7,748 | 13,464.80 | 5.60% | | 其中 | 傳統能源 | 1,033 | 507.40 | 4,730 | 2,909.49 | -7.0 ...

现将本公司 2025 年度主要经营情况公布如下，供投资者参 阅。 中国能源建设股份有限公司 2025 年度主要经营数据公告 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 H | | | | | --- | --- | --- | --- | | | 股代码：601868 股代码:03996 | | | | | | A H | | | | | | 股简称：中国能建 公告编号：临 2026-001 股简称:中国能源建设 | 单位：亿元 币种：人民币 注: 1.传统能源业务包括火电、水电、输变电、核电等业务。2025 年，公司工程建设板块传统能源业务新签合同额同比有所下降， 主要因该业务境外市场新签合同波动所致，但境内市场延续良好 增长态势，在 2024 年 49%高速增长的基础上，2025 年继续保持 20%的较快增长。 2.新能源及综合智慧能源业务包括风电、太阳能发电、生物 质发电、综合智慧能源、各类储能（包括抽水蓄能）、氢能、地 热及其他新能源。 3.城市建设业务包括市政、房建、房地产开发等。 4.综合交通业务包括 ...

Group 1 - The core point of the article highlights the significant differences in profitability among four major state-owned enterprises (SOEs) under the State-owned Assets Supervision and Administration Commission (SASAC), with China Chemical achieving a net asset return rate of 6.46%, while China Energy Engineering only reached 2.66% [1] - China Chemical has the lowest financial leverage among the four SOEs, yet it leads in profitability efficiency, showcasing its strong technical moat [1] - China Electric Power Construction Corporation (China Electric) holds over half of the global hydropower construction rights and is a major player in wind power, with its satellite monitoring significant engineering projects across China [3] Group 2 - China Chemical's innovation includes producing a "fireproof suit" made of silicon-based aerogel for electric vehicles, which is in high demand from companies like Tesla and CATL [5] - China Energy Engineering has a substantial renewable energy base, with 20.28 million kilowatts of power stations, and is advancing in nuclear waste treatment technology [6] - China Nuclear Engineering is a leading nuclear power construction company, involved in high-profile projects like the ITER project in France and various domestic nuclear initiatives [8] Group 3 - Financial performance shows that China Chemical earns 6.46 per project, while China Electric earns 4.37, China Nuclear earns just over 3.30, and China Energy Engineering lags at 2.60 [10] - China Chemical's asset turnover rate is notably high, completing projects in half the time of its competitors due to modular construction techniques [12] - China Electric's order growth is at 19.7%, indicating a strong backlog of projects despite slower construction timelines [12] Group 4 - In the international market, China Electric secured a significant order for a power station in Indonesia, while China Chemical's project in Saudi Arabia has redefined cost structures in the region [15] - China Nuclear's projects, such as the Karachi nuclear power station, demonstrate its capability in high-stakes international contracts [15] - The financial details reveal that China Chemical has a high product quality rate of 98%, while China Electric is monetizing satellite data services [15]

Investment Rating - The investment rating for the construction and decoration industry is "Positive" (maintained) [3] Core Viewpoints - The report highlights that the power investment is entering an accelerated cycle during the "14th Five-Year Plan" period, with significant certainty in grid construction. The State Grid announced that its fixed asset investment is expected to reach a historical high of 4 trillion yuan from 2026 to 2030, a 40% increase compared to the "13th Five-Year Plan" period [4][12] - The investment plan will focus on strengthening the grid platform, accelerating the construction of ultra-high voltage direct current transmission channels, enhancing distribution network construction in urban and rural areas, and solidifying digital infrastructure [4][12] - The report suggests focusing on leading state-owned enterprises in construction that have the capability for power engineering general contracting and are deeply involved in grid and renewable energy construction, such as China Power Construction and China Energy Engineering [5][13] Summary by Sections Industry Performance - The report notes that the construction and decoration index increased by 0.27% during the week, with other professional engineering, steel structure, and engineering consulting services leading the gains [7][28] - The Shanghai Composite Index fell by 0.45%, while the Shenzhen Component Index and the ChiNext Index rose by 1.14% and 1.00%, respectively [7][28] Market Data Tracking - New special bonds issued this week amounted to 22.756 billion yuan, with a cumulative issuance of 1246.90 billion yuan, reflecting a year-on-year increase of 268.64% [6][35] - Urban investment bonds issued this week totaled 53.179 billion yuan, with a net financing amount of -35.399 billion yuan [6][35] Company Dynamics - The report includes a summary of company performance announcements, indicating various companies are forecasting losses for 2025, with some companies like China Power Construction and China Nuclear Engineering signing significant contracts [18][19] - The report highlights that companies such as China Power Construction and China Energy Engineering are expected to benefit from the high intensity of grid investment and the continuous expansion of renewable energy installations [5][13]

Group 1 - The cement sector increased by 1.59%, ranking 7th among concept sectors, with 34 stocks rising, including Hongbaoli hitting the daily limit, and Xinjiang Tianye, Conch Cement, and Ningbo Fuda showing significant gains of 8.12%, 5.74%, and 5.63% respectively [1] - The cement sector attracted a net inflow of 1.137 billion yuan, with 22 stocks receiving net inflows, and 5 stocks exceeding 100 million yuan in net inflows, led by Hongbaoli with a net inflow of 338 million yuan [2] - The top stocks by net inflow ratio included Hongbaoli at 46.60%, Qingsong Jianhua at 12.77%, and China Energy Construction at 9.87% [3] Group 2 - The top gainers in the cement sector included Hongbaoli with a daily increase of 9.96%, China Energy Construction at 2.83%, and Conch Cement at 5.74% [4] - The stocks with the largest net outflows included HeTai Electric at -3.31%, Hainan Ruize at -3.17%, and Yinlong Co. at -2.76% [5] - The overall trading activity in the cement sector showed a healthy turnover rate, with Hongbaoli at 11.78% and Xinjiang Tianye at 6.89% [4][5]

Group 1: Company Overview - The report highlights that the company Lin Qingxuan has been deeply engaged in the oil-based skincare sector for many years, establishing itself as a pioneer in this field with significant growth potential driven by product expansion and channel development [1][2] - The main brand Lin Qingxuan, founded in 2003, initially focused on natural skincare products and later launched the Camellia Oil Essence in 2014, which has become a leading product in the oil-based skincare category [2][3] - The company has experienced remarkable growth, with revenue and net profit for the first half of 2025 reaching 1.05 billion and 180 million RMB, respectively, representing year-on-year increases of 98% and 110% [2] Group 2: Market Position and Growth Potential - The oil-based skincare market is expected to grow significantly, with a projected market size of 5.3 billion RMB in 2024, reflecting a year-on-year increase of 43% and a compound annual growth rate (CAGR) of 42% from 2019 to 2024 [2][3] - Lin Qingxuan holds a leading market share of 12.4% in the facial oil category, significantly ahead of other brands, thanks to its long-term market education and the popularity of its Camellia Oil Essence [2][3] Group 3: Sales Channels and Performance - The company's star product, the Camellia Oil Essence, has seen rapid sales growth, with revenue from this category increasing by 176% year-on-year in the first half of 2025, accounting for 46% of total revenue [3] - Online sales have surged, with a 137% year-on-year increase in online revenue, which now represents 65% of total sales, driven by the popularity of platforms like Douyin [3] - The company has expanded its offline presence, with over 554 stores as of the first half of 2025, indicating significant potential for further growth in physical retail [3]

Core Viewpoint - China Energy Construction (03996) has seen a stock price increase of over 4%, currently trading at 1.19 HKD, with a transaction volume of 1.04 billion HKD, driven by positive news regarding state investment in energy infrastructure [1] Group 1: Investment and Growth - The State Grid has announced that during the 14th Five-Year Plan period, fixed asset investment is expected to reach 4 trillion CNY, representing a 40% increase compared to the previous plan [1] - The investment aims to enhance system regulation capabilities, optimize pumped storage station layouts, and support the large-scale development of new energy storage [1] Group 2: Industry Position and Technology - China Energy Construction is positioned to benefit as a leading player in power construction, possessing critical technologies such as ultra-supercritical secondary reheating power generation, large hydropower units, and advanced nuclear power systems [1] - The company has a price-to-book ratio (PB) of 0.95, which is at the 41st percentile over the past decade, indicating a favorable valuation relative to historical performance [1]

Group 1 - The core viewpoint of the article highlights that China Energy Construction (03996) has seen a stock price increase of over 4%, currently trading at 1.19 HKD with a transaction volume of 104 million HKD [1] - The State Grid has announced that during the 14th Five-Year Plan period, the company's fixed asset investment is expected to reach 4 trillion CNY, representing a 40% increase compared to the 13th Five-Year Plan [1] - The company aims to enhance system regulation capabilities, optimize pumped storage station layouts, and support the large-scale development of new energy storage [1] Group 2 - Guotai Junan believes that leading companies in power construction will benefit from these developments [1] - China Energy Construction possesses a range of key core technologies and standards, including ultra-supercritical secondary reheating power generation, large hydropower units, and various energy storage solutions [1] - The company's price-to-book ratio (PB) is at 0.95, which is at the 41st percentile over the past 10 years [1]

Core Viewpoint - The completion of the 2×1000 MW expansion project at Guoneng Changyuan Hanchuan New Energy Co., Ltd. marks a significant milestone in enhancing energy supply capacity in Hubei Province, contributing to regional economic development and energy security [1][3]. Group 1: Project Overview - The project is located in Hanchuan City, Hubei Province, and is a key energy project under the "14th Five-Year Plan" for the province [3]. - It includes the construction of two 1000 MW ultra-supercritical reheat coal-fired generating units, with additional facilities for flue gas desulfurization and denitrification [3]. - The project is expected to generate an annual output of 9 billion kilowatt-hours, significantly alleviating potential winter electricity shortages in the eastern Hubei region [3]. Group 2: Strategic Importance - The power plant will become the largest in terms of installed capacity and energy supply capability in Hubei Province [3]. - It plays a crucial role in supporting the "West-to-East Power Transmission" and "North-to-South Power Transmission" initiatives, optimizing the power supply structure [3]. - The project is anticipated to enhance the grid's ability to cope with extreme cold weather conditions, thereby improving overall energy security [3].