A 股代码：601868 A 股简称：中国能建 公告编号：临 2025-043 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 2025 年第二季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。 现将本公司 2025 年第二季度主要经营情况公布如下，供投 资者参阅。 一、按业务类型统计 1 单位：亿元 币种：人民币 业务类型 2025 年 4-6 月 年度累计 新签项目 数量（个） 新签合同额 新签项目 数量（个） 新签合同额 同比 增减 工程建设 2355 3529.87 4222 7170.41 9.23% 其 中 传统能源 1561 997.56 2610 1831.00 -10.38% 新能源及综 合智慧能源 492 1621.45 918 3301.72 12.57% 城市建设 106 470.76 255 1209.63 33.15% 综合交通 56 1.98 117 121.41 1.49% 其他 140 438.12 322 706.65 26.21% 勘测设计及 ...

Core Viewpoint - China Energy Engineering Corporation (China Energy) reported a total of 10,740 new projects signed in Q2 2025, with a new contract amount of 386.46 billion yuan, reflecting a year-on-year growth of 4.98% [1] Summary by Category Project and Contract Overview - The number of new projects in the engineering construction business was 2,355, with a new contract amount of 352.987 billion yuan [1] - The surveying, design, and consulting business signed 3,809 new projects, amounting to 10.883 billion yuan [1] Domestic and International Performance - The new contract amount within China reached 575.877 billion yuan, showing a year-on-year increase of 2.25% [1] - The overseas new contract amount was 199.479 billion yuan, which represents a year-on-year growth of 13.74% [1]

Core Viewpoint - The article highlights the integration of AI and digital technologies in construction projects by China Energy Construction Group, showcasing their commitment to safety and efficiency in the construction of major energy facilities [1][3]. Group 1: Technological Innovations - The construction sites of the Pingui Power Plant and Luhe Power Plant are utilizing AI for safety management, including a facial recognition system that ensures workers are wearing safety gear [3]. - A grid-based management platform developed by the youth team displays real-time access records and inspection alerts, achieving comprehensive safety monitoring on-site [3][5]. - The project employs over 40 smart construction modules, integrating AI video surveillance, real-name systems, and safety checks to monitor various elements of the construction process [5]. Group 2: Project Highlights - The Pingui project features the world's tallest and largest all-concrete cooling tower, standing at 238.9 meters high and 181.7 meters in diameter, presenting significant construction challenges [5]. - The use of industry-level drone technology equipped with infrared thermal imaging and AI for personnel identification and safety inspections enhances operational safety [5][7]. - The Luhe Power Plant's construction site is constrained in size, necessitating innovative planning and execution strategies to optimize space and workflow [7][9]. Group 3: Youth Involvement - The "Youth Civilization" team and youth task forces are actively engaged in the projects, applying smart construction techniques and digital planning to improve efficiency and aesthetics [1][9]. - The youth team utilizes BIM technology to simulate critical construction components, providing technical support for the main construction activities [9].

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]