可控核聚变逆市爆发。 今日（5月23日），A股三大指数午后跳水。盘面上，可控核聚变板块强势，中洲特材（300963）、哈焊华通（301137）、雪人股份（002639）、王子新 材（002735）、融发核电（002366）等多股涨停；化学制药板块掀起涨停潮，新天地（301277）、多瑞医药（301075）、海辰药业（300584）、海森药业 （001367）、永安药业（002365）等股封板。 航运港口板块大幅下跌，南京港（002040）、连云港、*ST锦港（600190）跌停；游戏板块调整，冰川网络（300533）、星辉娱乐（300043）跌逾5%。 展望后市，东莞证券认为，当前货币政策宽松预期基本落地，后续需关注财政组合拳的发力衔接，重点涉及投资和消费两方面。短期内指数或维持高位震 荡，后续交易逻辑可能从风险偏好修复转向政策发力对经济数据的传导。金融、公用事业、汽车和TMT等板块值得重点关注。 4连板牛股今日跌停 今日，连续斩获4个涨停板的牛股棕榈股份（002431）突发跌停，收盘仍有26.7万手封单。公司昨日晚间发布股票交易异常波动公告，表明除已披露的信 息外，公司不存在应披露而未披露的重大事项，请广大 ...

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering industry [11]. Core Insights - The report highlights fluctuations in infrastructure investment growth and emphasizes the importance of subsequent funding implementation [2]. - Fixed investment growth is declining, with a drop in the PMI for both manufacturing and construction sectors [6][19]. - The construction sector is experiencing pressure on orders, with a notable decline in new orders and employment indices [6][39]. Summary by Sections Investment & Orders - In April, the manufacturing PMI fell below 50, and the construction PMI also decreased, with new orders and employment indices at 39.6% and 37.8% respectively. The construction PMI was 51.9%, down 4.4 percentage points year-on-year and 1.5 percentage points month-on-month [6][19]. - Fixed asset investment from January to April reached CNY 14.7 trillion, a year-on-year increase of 4.0%, with narrow infrastructure investment at CNY 4.9 trillion, up 5.8% year-on-year [22][23]. Physical Workload - Cement output has shown a year-on-year decline, while demand for cement in infrastructure remains relatively stable. From January to April, cement production decreased by 2.8% year-on-year [8][30]. Project Funding - The funding availability rate for construction projects is stable, with a slight improvement in housing construction. As of May 13, the funding availability rate was 59.1%, with non-housing projects at 60.65% and housing projects at 51.33% [9][30]. - The issuance of special bonds has accelerated, with a total of CNY 13.68 trillion issued year-to-date, which is CNY 5.12 trillion more than the previous year [9][30].

Core Points - The company has prepared the 2024 annual report, which has been approved by the board and is submitted for shareholder review [1] - The 2024 board work report emphasizes the board's role in strategy formulation, decision-making, and risk prevention, highlighting governance improvements and future work plans [2] - The company aims to enhance its governance structure and operational efficiency while focusing on strategic development and risk management [4][6] Group 1: Annual Reports and Proposals - The 2024 annual report has been compiled and approved, awaiting shareholder meeting review [1] - The board's work report outlines strategic governance improvements and future objectives for 2025 [2] - The independent directors' report for 2024 has been approved and is also submitted for shareholder review [29] Group 2: Governance and Risk Management - The board emphasizes the integration of party leadership and corporate governance, enhancing the governance framework [4] - The company has implemented a comprehensive risk management system, focusing on major risk assessments and preventive measures [15] - The board has conducted extensive evaluations of significant risks, ensuring effective monitoring and control [15] Group 3: Financial Performance and Strategic Initiatives - The company reported a 9.75% increase in new contracts and a 7.56% rise in revenue year-on-year [10] - The board is committed to advancing strategic initiatives, including significant energy projects and technological innovations [10][11] - The company has allocated 139.82 billion yuan for R&D, achieving notable advancements in technology and innovation [10] Group 4: Shareholder Engagement and Market Value - The company has introduced a mid-term dividend plan, increasing the cash dividend ratio by 30% compared to the previous year [23] - The board has actively engaged with investors, conducting multiple roadshows and enhancing communication channels [26] - The company has received various accolades for its governance and market performance, reflecting its commitment to quality and transparency [27] Group 5: Future Work Plans - The board plans to enhance the governance structure and improve the efficiency of subsidiary boards [28] - The company aims to strengthen its market value management and investor relations strategies [28] - Future initiatives will focus on optimizing governance systems and ensuring compliance with regulatory requirements [28]

2024 年年度股东大会 会议资料 2025 年 6 月 20 日 北京 股东大会会议资料 目 录 议案一、关于公司 2024 年年度报告的议案 ························· 1 议案二、关于公司 2024 年度董事会工作报告的议案············· 2 议案三、关于公司 2024 年度独立董事述职报告的议案········ 18 议案四、关于公司 2024 年度监事会工作报告的议案··········· 19 议案五、关于公司董事 2023 年薪酬兑现标准的议案··········· 23 议案六、关于公司董事 2025 年度薪酬方案的议案·············· 26 议案七、关于公司监事 2023 年薪酬兑现标准的议案··········· 27 议案八、关于公司监事 2025 年度薪酬方案的议案·············· 29 议案九、关于公司 2024 年度财务决算报告的议案 ·············· 30 议案十、关于公司 2024 年度利润分配预案的议案·············· 34 议案十一、关于公司 2025 年度财务预算方案的议案········ ...

关于召开2024年年度股东大会的通知 A 股代码：601868 A 股简称：中国能建 编号：2025-030 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 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。 重要内容提示： 一、召开会议的基本情况 （一）股东大会类型和届次： 2024年年度股东大会 （二）股东大会召集人：董事会 （三）投票方式：本次股东大会所采用的表决方式是现场投 票和网络投票相结合的方式 （四）现场会议召开的日期、时间和地点 召开的日期时间：2025 年 6 月 20 日 9 点 00 分 召开地点：北京市朝阳区西大望路甲 26 号院 1 号楼 2702 室 （五）网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 20 日 至2025 年 6 月 20 日 1 股东大会召开日期：2025年6月20日 本次股东大会采用的网络投票系统：上海证券交易所股 东大会网络投票系统 采用上海证券交易所网络投票系统，通 ...

Overview - The urbanization process in China is driving higher demands for municipal infrastructure, including transportation, water supply, drainage, and sewage treatment [1][10] - The municipal engineering contracting industry is experiencing rapid development due to the increasing need for infrastructure construction and renovation [1][10] - However, in recent years, the growth rate of municipal investment has slowed, leading to a significant decrease in municipal engineering contracting orders and revenue [1][10] Market Size - In 2024, the total revenue from municipal engineering contracting in China is projected to decline to 765.35 billion yuan, a year-on-year decrease of 6.06% [1][12] - The breakdown of total contracting revenue includes: urban rail transit engineering (36.1%), urban road and bridge engineering (14.7%), municipal landscaping engineering (11.4%), urban road greening engineering (10.2%), urban lighting engineering (7.5%), urban surface transportation engineering (5.0%), and urban parking lot construction engineering (4.2%) [1][12] Market Policies - The Chinese government has issued several policies to enhance the regulation of municipal engineering construction, streamline approval processes, and improve market order [5][7] - Key policies include measures to strengthen supervision of construction contracting, promote the update of municipal infrastructure equipment, and enhance the management of foreign contracting projects [5][7] Industry Chain - The upstream of the municipal engineering contracting industry includes suppliers of construction materials (concrete, steel, cement, etc.) and engineering machinery [8] - The downstream market primarily consists of government departments and state-owned enterprises, which are the largest demanders of municipal engineering projects [8] Competitive Landscape - The municipal engineering contracting industry in China is characterized by intense competition, with numerous enterprises, including large state-owned enterprises like China Communications Construction Company and China Railway Group [14][15] - The top 10 companies in the municipal engineering bidding market are all state-owned enterprises, indicating a strong presence of government-backed firms in the industry [14][15] Development Trends - The industry is expected to transition towards intelligent construction methods, utilizing technologies such as BIM to optimize design and operational processes [22] - There will be an increased focus on green building materials and sustainable construction practices in response to environmental concerns [22] - Opportunities for international expansion are anticipated as Chinese municipal engineering firms seek to participate in global markets, particularly under initiatives like the Belt and Road [22]

Investment Rating - The report maintains a positive outlook on the investment potential in Xinjiang, indicating a "Look Favorably" rating for the region's industrial chain, particularly in construction [2]. Core Insights - Xinjiang's unique regional advantages and strategic position are highlighted, serving as a crucial land passage connecting China with Central Asia, South Asia, West Asia, and Europe [3][12]. - The central government has outlined a blueprint for Xinjiang's development, emphasizing the construction of "ten major industrial clusters" to enhance economic growth and resource utilization [4][15]. - Xinjiang's fiscal stability is noted, with comprehensive financial resources increasing from 582.73 billion yuan in 2021 to 687.71 billion yuan in 2023, supported by significant central government subsidies [20][22]. - The report anticipates a robust growth trajectory for fixed asset investment in Xinjiang, projecting a scale of 2.09 to 2.48 trillion yuan by 2030, with infrastructure investments estimated between 732.8 billion and 991.8 billion yuan [29][32]. Summary by Sections 1. Strategic Importance and Development Potential - Xinjiang's geographical location is pivotal for national connectivity and economic integration, with significant strategic implications for national development [12][15]. - The region is set to accelerate the formation of a modern industrial system supported by eight major industrial clusters, evolving into ten by 2024 [4][15]. 2. Fiscal Stability and Investment Growth - The financial structure of Xinjiang's government is stable, with a year-on-year increase in comprehensive financial resources and a notable rise in central government subsidies [20][22]. - Fixed asset investment in Xinjiang is projected to grow at a compound annual growth rate (CAGR) of 10.1% from 2019 to 2024, indicating a strong investment environment [20][29]. 3. Modern Industrial Clusters and Key Projects - Xinjiang is actively promoting key project investments, with total investment in major projects expected to rise from 1.68 trillion yuan in 2020 to 3.7 trillion yuan by 2024, reflecting a CAGR of 21.8% [35][39]. - The region's focus on infrastructure and industrial cluster development is expected to yield significant economic benefits, with major projects like the "Fourth Channel for Power Transmission" and the Hami Energy Integration Innovation Base set to commence [39][42].

Investment Rating - Investment rating for the construction decoration industry is "Positive" (maintained) [5][13] Core Viewpoints - The report emphasizes the importance of focusing on central enterprises in infrastructure, which are currently underweighted relative to the CSI 300 index. The recent regulatory changes by the China Securities Regulatory Commission aim to shift the focus of public funds from scale to returns, potentially benefiting the construction sector [4][6][14] - The report highlights that major construction companies like China State Construction, China Chemical, and Sichuan Road and Bridge are currently in a state of slight overweight in fund holdings, while others like China Railway and China Energy Construction are underweight, indicating potential investment opportunities [7][14] Summary by Sections Weekly Insights - The report discusses the recent regulatory framework aimed at enhancing the quality of public fund management, which is expected to influence the investment strategies of fund managers and create structural investment opportunities in the market [6][13] - It notes that construction central enterprises may gain significant allocation opportunities as fund strategies adjust [14] Infrastructure Data Tracking - The report provides data on special bonds, indicating that the issuance volume for the week was 993.94 billion, with a cumulative issuance of 31,844.40 billion, reflecting a year-on-year increase of 116.54% [16] - It also mentions that the issuance of urban investment bonds for the week was 150.09 billion, with a cumulative net financing amount of -2,297.57 billion [16] Company Dynamics - The report highlights several companies' contract announcements, showcasing strong project acquisition capabilities. For instance, China State Construction signed contracts worth 14,247 billion from January to April, reflecting a year-on-year increase of 3.7% [22][23] - It also notes that companies like China Nuclear Engineering and Shaanxi Construction have secured significant contracts, indicating robust domestic infrastructure demand [22][23] Market Review - The report summarizes market performance, noting that the Shanghai Composite Index rose by 0.76% and the construction decoration index increased by 0.77% during the week. It highlights that all sub-sectors within construction, except for specialized engineering and consulting services, experienced gains [10][26] - It identifies top-performing stocks within the construction sector, with notable increases in companies like Dongzhu Ecology and Zhengzhong Design [10][26]

Core Viewpoint - China Energy Construction (中国能建) has received approval for its first refinancing since its A-share listing, aiming to raise up to 9 billion yuan through a private placement of shares to fund four major projects in the renewable energy sector [1][5]. Group 1: Financing and Projects - The company plans to issue no more than 8.338 billion shares, raising a total of up to 9 billion yuan for projects including the Hami "solar (thermal) storage" integrated green power demonstration project [1][3]. - The fundraising plan has undergone several revisions since its initial announcement in October 2022, with the maximum fundraising amount adjusted from 15 billion yuan to 9 billion yuan [3][4]. - The four projects earmarked for funding include the Hami project, a thermal and photovoltaic integration project in Zhejiang, a compressed air energy storage project in Hubei, and a wind power project in Uzbekistan [3][5]. Group 2: Business Performance - In 2024, the company's new energy and integrated smart energy business achieved a new contract amount of 559.739 billion yuan, accounting for 39.73% of the total new contracts, with a compound annual growth rate of 42.27% over the past three years [7]. - The revenue from the new energy and integrated smart energy business reached 139.762 billion yuan in 2024, representing a year-on-year growth of 13.92% and constituting 32% of the company's total revenue [7]. - For the first quarter of 2025, the company reported a revenue of 100.371 billion yuan, a year-on-year increase of 3.05%, and a net profit of 1.612 billion yuan, up 8.83% [8]. Group 3: Market Position and Growth - China Energy Construction is recognized as a global leader in energy construction, consistently ranking among the top in various international engineering and contracting lists [6][7]. - The company has established over 200 overseas branches in more than 90 countries and regions, demonstrating its extensive global reach [6]. - The company has been proactive in seizing opportunities in the renewable energy market, particularly in wind, solar, and hydrogen sectors [7].

Group 1 - Vanke A received a loan of 1.552 billion yuan from its largest shareholder, Shenzhen Metro Group, to repay the principal and interest of publicly issued bonds, with a loan term of 36 months and an annual interest rate of 2.34%, lower than the 1-year LPR [2] - Chengfei Integration announced that its stock has been on a six-day trading limit, confirming that there are no undisclosed significant matters affecting the company [3] - Dongpeng Beverage's shareholder, Kunpeng Investment, reduced its shareholding from 6.44% to 5.43%, a decrease of 1.01 percentage points, through trading activities [4] Group 2 - Baofeng Energy plans to repurchase shares worth between 1 billion and 2 billion yuan, with a maximum repurchase price of 22.80 yuan per share [7] - Huakayi Yibai announced that shareholders plan to reduce their holdings by up to 3% of the company's total shares [6] - China Pacific Insurance reported a 10.4% year-on-year increase in original insurance premium income for its life insurance subsidiary, totaling 115.359 billion yuan [22]