华泰联合证券有限责任公司 关于 中国能源建设股份有限公司 分拆所属子公司 中国葛洲坝集团易普力股份有限公司 重组上市 之 持续督导意见 独立财务顾问 二〇二五年四月 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"独立财务顾问"） 接受委托，担任中国能源建设股份有限公司（以下简称"中国能建"、"上市公司" 或"公司"）分拆所属子公司中国葛洲坝集团易普力股份有限公司（以下简称"易 普力"）重组上市的独立财务顾问。 （一）上市公司基本情况 公司全称：中国能源建设股份有限公司 英文名称：China Energy Engineering Corporation Limited 成立时间：2014 年 12 月 19 日 统一社会信用代码：911100007178398156 注册资本：41,691,163,636 元人民币 法定代表人：宋海良 根据《上市公司分拆规则（试行）》（以下简称"《分拆规则》"）等有关法律、 法规的要求，本独立财务顾问对上市公司进行了持续督导，持续督导期为 2023 年 1 月 30 日至 2024 年 12 月 31 日。本独立财务顾问根据相关规定，出具持续督 导意见如下： 一、上市公 ...

Core Insights - The article highlights the significant investment and development in the energy storage industry in Yibin, with a total investment of nearly 30 billion yuan for new production lines and R&D centers, and over 70 billion yuan for 57 new energy application projects [1][3]. Investment and Development - Eight companies have partnered with Yibin to invest in energy storage components and R&D centers, indicating a strong commitment to the sector [1]. - Yibin plans to start construction on 11 key projects in its energy storage industrial park in 2024, with the Yibin CRRC Times Energy Base being a notable example of rapid development, achieving construction and production within the same year [3]. Industry Partnerships - The energy storage projects are largely driven by recommendations from Yibin CRRC, attracting upstream companies such as Hunan Zhonglian Wire Harness and Shenzhen Kaipule Technology, which are recognized as national high-tech enterprises [4]. - These companies will establish production facilities and incorporate R&D and testing departments, enhancing the local industry's capabilities [4]. Production Capacity - China Energy Construction Equipment Company plans to build a production base in Yibin for 6 GWh of energy storage PACK and system integration, leveraging Yibin's advantages in power battery production [6]. Infrastructure Development - The Yibin energy storage industrial park has seen significant infrastructure development, with nearly 4 square kilometers of the core area under construction, including 9.8 million square meters of standard factory buildings [8]. - The park aims to create a specialized and concentrated energy storage industry hub, with various centers for innovation and incubation nearing completion [8]. Project Progress - As of now, Yibin has signed and commenced 14 new energy storage projects with a total investment of 1.054 billion yuan, including integrated energy storage projects and large-scale user-side storage systems [8].

A 股代码：601868 A 股简称：中国能建 编号：临 2025-023 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 关于召开 2024 年度业绩暨现金分红说明会的公告 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。 重要内容提示： 会议召开时间：2025 年 4 月 18 日（星期五）10:00-11:30 会议召开地点： 上证路演中心（网址：https://roadshow.sseinfo.com/） 价值在线（网址：www.ir-online.cn） 会议召开方式：视频直播和网络互动 投资者可于 2025 年 4 月 11 日（星期五）至 4 月 17 日（星 期四）16:00 前登录上证路演中心网站首页点击"提问预征集" 栏目或 2025 年 4月 14日前通过公司邮箱 zgnj3996@ceec.net.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 中国能源建设股份有限公司（以下简称"公司"）已于 2025 年 3 月 29 日发布公司 2024 年年度报告，为 ...

据了解，该项目为马尔代夫"加速可再生能源可持续系统发展计划"（ASSURE）的核心子项目，服务场景包含居民社区，以及学校、医院和机场等 公共设施。 根据公开资料显示，科林电气于2024年7月完成股份交割，海信网能成为其第一大股东。截至目前，科林电气已在河北、四川、山东等省市落地储 能相关项目，包括 科林电 气高端智能电力装备制造基地综合能源服务项目 分布式储能工程、 山东临沂分布式光伏电站配储项目等。 据悉，同时签约该项目的企业还包括中腾微网。中腾微网于3月宣布中标该项目，将负责项目整体方案设计、设备供应、工程实施及后续运维的一站 式服务。 插播 ： 3000+精准目标用户群，构建用户侧储能项目示范、精品展示及采购对接平台 ， 2025全球用户侧储能产业价值峰会暨应用示范展6月启幕 ！ 点击 下方" 阅读原文 "了解详情 近日，又有2家企业签订海外储能相关协议，总规模238MWh。 ■ 科林电气：38MWh马尔代夫项目签约 当地时间4月7日， 科林电气与马尔代夫旅游与环境部正式签署"马尔代夫18岛 38M W h 储能系统"EPC总承包项目合同，合同金额近 1.3亿 元人 民币。 项目采用科林电气"光柴储微电 ...

2025年4月8日，公司收到控股股东中国能源建设集团有限公司 （以下简称中国能建集团）通知，基于对公司未来发展前景的坚定 信心及对公司投资价值的高度认可，为维护广大投资者利益，提升 公司中长期投资价值，中国能建集团根据其增持计划（详见公司于 2024年10月15日发布的《关于控股股东增持公司股份计划的公告》 （公告编号：临2024-054）），加快了增持实施进度，于2025年4月 1日至4月8日期间，中国能建集团增持本公司A股6549.56万股，共计 增持金额1.43亿元（不含手续费）。 A 股代码：601868 A 股简称：中国能建 公告编号：临 2025- 022 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 关于控股股东加快增持公司股份的公告 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。 2 自2024年10月15日至本公告日，中国能建集团通过上海证券交 易所证券交易系统以集中竞价方式累计增持本公司A股136,680,556 股，占本公司总股本的0.33%，累计增持金额300,007,3 ...

Core Viewpoint - China Energy Engineering Group has accelerated its share buyback of China Energy Construction Co., reflecting confidence in the company's future development and investment value [1] Summary by Relevant Sections Share Buyback Details - From April 1 to April 8, 2025, China Energy Engineering Group increased its holdings by 65,495,600 shares, with a total investment of 143 million yuan (excluding fees) [1] - Since October 15, 2024, the total shares acquired by China Energy Engineering Group amount to 136,680,556, representing 0.33% of the company's total share capital, with a cumulative investment of 300,007,368 yuan (excluding fees) [1] - The total investment has exceeded the lower limit of the buyback plan [1] Future Plans - China Energy Engineering Group will continue to monitor market trends and the stock price of China Energy Construction Co. to determine the timing of further buybacks [1]

Core Viewpoints - Multiple Chinese state-owned enterprises have announced plans to increase their shareholdings in listed companies, demonstrating confidence in the long-term prospects of the Chinese economy and capital markets [1][2][3][4][5][6][7]. Group 1: Company Announcements - China Energy Construction Group has accelerated its share buyback plan to enhance investor confidence and maintain the long-term investment value of its listed companies [1]. - China Coal Group has initiated a share buyback plan to support the sustainable and high-quality development of its listed companies, in line with government policies aimed at enhancing market stability [2]. - China Machinery Industry Group is considering establishing a regular stock repurchase mechanism to support the high-quality development of its listed companies and protect investor interests [3]. - China Aviation Industry Group has announced share buybacks to boost investor confidence and enhance the investment value of its listed companies, while focusing on technological innovation and new industry opportunities [4]. - China National Petroleum Corporation plans to increase its holdings in both A-shares and H-shares of its listed company over the next 12 months, reflecting confidence in future growth [5]. - China Electronics is accelerating technology mergers and acquisitions to enhance market value management and promote high-quality development of its listed companies [6]. - China Huaneng Group is committed to increasing its shareholdings to improve company quality and long-term investment value, while supporting green transformation initiatives [7].

Investment Rating - The investment rating for the construction and decoration industry is "Positive" (maintained) [4] Core Viewpoints - The industry is experiencing a structural differentiation in performance, with 16 companies reporting revenue growth and 12 companies reporting net profit growth in 2024, indicating a challenging environment due to the slowdown in infrastructure project implementation [7][10] - The domestic infrastructure sector is expected to gain momentum in 2025, driven by policy support and project launches, with significant projects like the Grand Canal in Jiangsu, Zhejiang, and Guangdong, and the Chengdu-Chongqing Economic Circle being highlighted [16] - The "Belt and Road" initiative is becoming increasingly important as external challenges rise, with trade with Belt and Road countries growing by 5.16% in 2024, indicating strong demand and cooperation potential [19][22] Summary by Sections Market Review - The construction and decoration index fell by 0.27% during the week, while the Shanghai Composite Index decreased by 0.28% [43] - Among the sub-sectors, steel structure, engineering consulting services, and municipal engineering showed positive growth, with increases of 3.32%, 0.67%, and 0.16% respectively [43] Company Performance - Major state-owned enterprises like China Railway, China Communications, and China Energy are expected to see stable order reserves and positive growth in new contract amounts for 2025, with targets of 20,147 million, 30,600 million, and 15,000 million respectively [14] - The international engineering and chemical engineering sectors are performing well, with companies like Donghua Technology and Northern International showing significant revenue and profit growth [10][11] External Challenges - The trade tensions with the U.S. have led to increased tariffs, significantly impacting China's exports, with the average tariff on Chinese goods reaching 21% during the Trump administration [19][22] - The "Belt and Road" initiative is seen as a strategic response to these challenges, with trade with Belt and Road countries accounting for 34.76% of China's total foreign trade in 2024, reflecting its growing importance [22][30] Infrastructure Investment - The report highlights the potential for infrastructure investment to rebound in 2025, with a focus on projects that have strong regional resource advantages and project execution capabilities [16] - Key enterprises to watch include major state-owned companies like China Construction, China Railway, and local state-owned enterprises such as Sichuan Road and Bridge and Anhui Construction [16]

Group 1: Core Insights - The report discusses the impact of Trump's tariffs and countermeasures on various industries, highlighting the need for a trading mindset in consumer stocks [3] - It notes significant fluctuations in global asset prices due to trade uncertainties, with a focus on the quantitative monitoring of trade uncertainty and global panic trading levels [4] Group 2: Industry Performance - The shipping industry is directly affected by the tariffs, with a notable increase in container shipping volume from Asia to North America during the 2018 trade war, which saw a 6.63% year-on-year increase and a 175.77% rise in freight rates [5] - The report indicates that the shipping demand on the US route is exposed to high tariff risks, with no buffer period for the implementation of counter-tariffs, leading to a decline in export demand and potential impacts on shipping schedules and port efficiency [8] Group 3: Company Analysis - China Energy Construction (601868.SH) shows steady revenue growth with a significant expansion in new energy installations, projecting net profits of 9.3 billion, 10 billion, and 10.5 billion for 2025-2027, with respective growth rates of 10%, 8%, and 5% [10] - Haier Biomedical (688139.SH) reported a slight revenue increase of 0.13% in 2024, with a net profit of 367 million, although it experienced a decline of 9.71% year-on-year; however, the company is expected to see a recovery in 2025 with projected revenues of 2.623 billion, 3.023 billion, and 3.479 billion for 2025-2027, reflecting growth rates of 14.9%, 15.2%, and 15.1% respectively [11][12]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a total revenue of 436.7 billion, a year-on-year increase of 7.6%, and a net profit attributable to shareholders of 8.4 billion, up 5% year-on-year. The decline in non-recurring profit is attributed to a significant increase in the disposal of non-current assets [1] - The company has a robust order backlog with a total new contract value of 1.4089 trillion, a 10% increase year-on-year, and an impressive 4.2 billion in new contracts signed in Q4, marking a 23% increase [2] - The company is rapidly expanding its renewable energy capacity, with a total installed capacity of 15.2 million kilowatts, a 60% increase year-on-year, and is actively developing new energy storage and hydrogen energy projects [3] Financial Performance - In 2024, the company reported a comprehensive gross margin of 12.4%, a slight decrease of 0.23 percentage points year-on-year, with the engineering segment's gross margin declining due to pressure from construction profitability [1] - The company plans to distribute a cash dividend of 1.613 billion, with a payout ratio of 19.22%, reflecting a 5.6 percentage point increase year-on-year [1] - The projected net profit for 2025-2027 is expected to grow to 9.3 billion, 10 billion, and 10.5 billion respectively, with corresponding EPS of 0.22, 0.24, and 0.25 yuan per share [3]