Core Insights - The first cross-Caspian international transport corridor train carrying 45 containers of photovoltaic components departed from Xi'an International Port on January 1, 2026, marking a significant milestone in international logistics for engineering contractors [1] - The train service significantly reduces transportation time from approximately 2 months to as fast as 11 days compared to maritime shipping, while offering customized "door-to-door" logistics services, effectively lowering overall costs for enterprises [1] - The train supports the construction of a 1GW photovoltaic project in Azerbaijan, which is the largest renewable energy project implemented by Chinese enterprises in Central Asia and the Caspian region, expected to provide 1.5 billion kWh of clean energy annually and reduce carbon emissions by 1.1 million tons [1] Group 1 - The efficient operation of the train is attributed to Xi'an's ongoing participation in the construction of the cross-Caspian international transport corridor, collaborating with member units to reduce costs and improve efficiency [2] - The frequency of the cross-Caspian international transport corridor trains has increased, with transportation time reduced from 15-23 days to around 11 days [2] - Since the first train launched in October 2019, a total of 466 trains have been operated by the end of November 2025, with 174 trains running from January to November 2025, indicating steady growth [2] Group 2 - Xi'an Chanba International Port, in collaboration with China Railway Xi'an Bureau Group Co., Ltd., has implemented measures such as "one-stop service, cloud cabin system, port linkage, and manifest consolidation" to enhance service quality and operational efficiency [2] - Key performance indicators such as train operation volume and freight volume for the Xi'an China-Europe Railway Express remain among the top in the country [2]

Market Overview - The infrastructure sector increased by 0.77% compared to the previous trading day, with Guosheng Technology leading the gains [1] - The Shanghai Composite Index closed at 4023.42, up 1.38%, while the Shenzhen Component Index closed at 13828.63, up 2.24% [1] Top Gainers in Infrastructure Sector - Guosheng Technology (603778) closed at 19.36, up 10.00% with a trading volume of 794,000 shares and a transaction value of 1.496 billion [1] - Nongshang Environment (300536) closed at 7.80, up 7.59% with a trading volume of 184,900 shares and a transaction value of 144 million [1] - Guanzhong Ecology (300948) closed at 23.31, up 7.47% with a trading volume of 183,000 shares and a transaction value of 421 million [1] Top Losers in Infrastructure Sector - ST Huawang (603007) closed at 5.75, down 4.80% with a trading volume of 322,300 shares and a transaction value of 189 million [2] - Dongzhu Ecology (603359) closed at 60.6, down 4.72% with a trading volume of 549,200 shares and a transaction value of 503 million [2] - Beixin Luqiao (002307) closed at 4.94, down 2.18% with a trading volume of 487,000 shares and a transaction value of 241 million [2] Capital Flow Analysis - The infrastructure sector experienced a net outflow of 139 million from institutional investors, while retail investors saw a net inflow of 196 million [2] - Major stocks like Huilv Ecology (001267) and China Nuclear Engineering (601611) had significant net inflows from retail investors, despite overall outflows from institutional and speculative funds [3] Individual Stock Capital Flow - Huilv Ecology (001267) had a net inflow of 44.69 million from institutional investors, but a net outflow of 32.70 million from retail investors [3] - China Nuclear Engineering (601611) saw a net inflow of 43.28 million from institutional investors, with outflows from both speculative and retail investors [3] - China Electric Power Construction (601669) had a net inflow of 21.58 million from institutional investors, while experiencing outflows from speculative and retail investors [3]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國能源建設股份有限公司 呈交日期: 2026年1月5日 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03996 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 9,262,436,000 | | | 0 | | 9,262,436,000 | | 增加 / 減少 (-) | | | | 0 | | 0 | | | | 本月底結存 | | | 9,262,436,000 | | | 0 | | 9,262,436,000 | I. 法定/註冊股本變動 | 1. 股份分類 | 普 ...

Core Viewpoint - The completion of the Jieshou Sports Center project marks a significant milestone in the development of modern sports infrastructure in Jieshou City, Anhui Province, with a total investment of 820 million yuan and a focus on multi-functional sports and recreational facilities [3][5]. Group 1: Project Overview - The Jieshou Sports Center project has a total investment of 820 million yuan and covers an area of 415 acres, featuring three main buildings: a gymnasium, a stadium, and a national fitness center [3]. - The project adheres to Class B sports building design standards and aims to create a modern comprehensive sports park that integrates professional events, public fitness, and leisure activities, serving as a landmark building that combines regional culture with modern architectural technology [3]. Group 2: Construction Management and Innovation - The project team from Anhui Electric Power Construction No. 2 Company implemented lean management practices and utilized an enterprise-level intelligent platform for "virtual construction," which helped save costs and construction time, setting a new benchmark for urban construction [3]. - To address significant construction challenges such as the installation of large-span steel roofs and prestressed concrete slabs, a QC team was established to develop innovative solutions, including a "new type of irregular roof steel structure installation support frame" [3]. Group 3: Facilities and Community Impact - The completed Jieshou Sports Center is the largest county-level sports complex in northern Anhui, capable of hosting national-level events for basketball, volleyball, and badminton, as well as large cultural performances [5]. - The center includes diverse sports facilities such as indoor and outdoor swimming pools, tennis courts, badminton courts, chess and card rooms, billiard rooms, and high-end gyms, catering to a wide range of community needs from professional training to recreational activities [5].

截至2025年12月26日收盘，中国能建（601868）报收于2.37元，较上周的2.36元上涨0.42%。本周，中 国能建12月22日盘中最高价报2.39元。12月22日盘中最低价报2.36元。中国能建当前最新总市值979.74 亿元，在基础建设板块市值排名4/45，在两市A股市值排名179/5181。 本周关注点 公司公告汇总 中国能源建设股份有限公司所属子公司中国葛洲坝集团路桥工程有限公司（联合体牵头人）与中电工程 西北院、华设设计集团组成联合体，中标陕西省安康市恒口示范区恒河、月河流域生态综合治理项目 （EPC总承包），中标金额约为68.64亿元人民币。项目涵盖流域治理、交通基建、城市更新、水利设 施及环保工程等内容，总工期36个月。目前尚未签署正式合同，项目存在不确定性。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 公司公告汇总：中标陕西省安康市生态综合治理项目，金额约68.64亿元人民币。 ...

近日 中国能建所属企业设计、建设的 4台百万千瓦火电机组 相继通过168小时满负荷试运行 正式投运 12月27日，中国能建广东院勘察设计、广东火电承建的广东粤电大埔电厂二期扩建工程4号机组投运。项目位于原中央苏区的广东省梅州市大埔县三河 镇，是广东省"十四五"能源发展规划重点项目，二期扩建工程建设两台100万千瓦清洁高效超超临界二次再热燃煤发电机组，配套建设脱硫、脱硝、除尘 等环保设施。 粤电大埔电厂二期扩建工程 12月30日，中国能建江苏院、江苏电建三公司联合总承包建设的江阴利港2×100万千瓦机组扩建项目10号机组投入商运。该项目位于江苏省江阴市，是江 苏省"十四五"重点建设项目和"先立后改"清洁高效支撑性电源项目。项目采用国际上先进的620℃等级超超临界二次再热技术，同时配套建设大气污染物 脱除设备，具备大容量、高效率、低能耗的显著优势。 江阴利港电厂全面建成投产后，总装机容量将突破600万千瓦，成为江苏省最大容量电厂，其良好的调峰性能（最低可至20%额定工况）能够满足日益增 长的电力调峰需求，提高电网对新能源的消纳能力。 国信靖江2×100万千瓦机组扩建项目 12月30日，中国能建江苏院设计、江苏电建 ...

Core Viewpoint - China Energy Engineering has achieved a world record in the field of large-scale artificial cavern gas storage with a continuous stable operation of 500 hours at a super high pressure of 18 MPa, marking a significant advancement in compressed air energy storage technology [1] Group 1 - The test demonstrated a leakage rate of less than 0.1%, setting a new benchmark for operational duration and reliability in the industry [1] - The chief expert of China Energy Engineering, Wan Mingzhong, stated that this achievement fills a crucial gap in large-scale compressed air energy storage and sets a standard for high-end development globally [1] - The newly released solution for artificial cavern gas storage has made breakthroughs in key sealing technology, intelligent operation and maintenance, operational support, engineering applications, and value extension [1] Group 2 - The technology significantly expands the site selection range for compressed air energy storage projects, making it applicable for construction in various complex geological conditions across China [1] - This advancement supports the layout of high-power, large-scale, and strong grid characteristics for compressed air energy storage, enabling the realization of large-scale projects in "Shagora" regions [1] - The technology has already been applied in the world's first 300 MW compressed air energy storage project in Gansu Jiuquan [1]

Industry News - The Ministry of Finance and the State Administration of Taxation announced that tobacco companies will not be allowed to deduct advertising and promotional expenses from taxable income from January 1, 2026, to December 31, 2027 [3] - The People's Bank of China has introduced a plan to strengthen the management and service system for digital RMB, which will start paying interest on wallet balances at the rate of current deposits from January 1, 2026, marking a transition from "digital cash" to "digital deposit currency" [3] - The China Chain Store and Franchise Association reported that the market size of on-site food sales in supermarkets has exceeded 100 billion yuan [3] - The Asset Management Association of China reported that the total scale of public funds reached 37.02 trillion yuan by the end of November 2025, marking the eighth historical high this year [3] - The Southern Power Grid announced that the last unit of the pumped storage power station in Nanning, Guangxi, was put into operation on December 29, 2025, marking the full completion of Guangxi's first pumped storage power station [3] Company News - Ganfeng Lithium announced that it has been transferred to the procuratorate for prosecution due to suspected insider trading [5] - Kweichow Moutai announced that its controlling shareholder, Moutai Group, has completed a share buyback plan amounting to 3 billion yuan, with no increase in the market supply of Moutai 1935 in 2026 [6][6] - Longpan Technology announced that its subsidiary will reduce production for maintenance on some lithium iron phosphate production lines starting January 1, 2026 [6] - Unigroup Guowei announced plans to acquire controlling or all equity of Ruineng Semiconductor, with stock suspension [6] - ST Panda announced that it has been investigated by the China Securities Regulatory Commission for suspected violations of information disclosure [6] - Haisheng Pharmaceutical announced that its invested company has completed the first patient enrollment for the Phase II clinical trial of the innovative drug NWRD06, targeting a specific liver cancer marker [6] - Tianjian Technology expects a negative net profit for 2025 and revenue below 300 million yuan, which may lead to a delisting risk warning [6] - Tianpu Co. announced no plans to engage in artificial intelligence-related business and has not signed any framework cooperation agreements with shareholders [6] - Guodian Power announced a joint investment with CATL in the Dadu River Danba Hydropower Station project, with a total dynamic investment of 15.273 billion yuan [6] - Hongwei Technology signed a strategic cooperation agreement with a leading domestic company in the transmission field to jointly research GaN power semiconductor devices [6] - 吉祥航空 plans to purchase 25 Airbus A320 series aircraft for 4.1 billion USD, with delivery scheduled between 2028 and 2032 [6][6] - Spring Airlines plans to purchase 30 Airbus A320neo series aircraft for no more than 4.128 billion USD [6][6] - Huazhi Co. announced the termination of the acquisition of 51% of Zhongke Huilian [6] - Wenkong Energy announced a stock suspension for investigation due to significant short-term price increases [6] - Roman Co. signed a contract for a computing power service project worth approximately 156 million yuan [6] - International Composite announced plans to invest 1.693 billion yuan in a project to produce 36 million meters of high-frequency high-speed electronic fiber cloth annually [6]

Group 1: Major Asset Restructuring and Transactions - WISCO Development plans to acquire equity stakes in WISCO Mining and Luzhong Mining through asset swaps, share issuance, and cash payments, with a suspension of trading starting December 30, 2025, expected to last no more than 10 trading days [1] - Unigroup Guowei is planning to purchase controlling or all equity of Ruineng Semiconductor through share issuance and cash payments, with trading suspension also starting December 30, 2025 [2] Group 2: Regulatory and Compliance Issues - *ST Panda has been investigated by the China Securities Regulatory Commission for suspected violations of information disclosure laws, with the company stating that its operations will continue normally during the investigation [3] Group 3: Stock Price Movements and Trading Suspensions - Victory Energy's stock price increased by 213.97% from December 12 to December 29, 2025, leading to a trading suspension for verification starting December 30, 2025, expected to last no more than 3 trading days [5] - Trading suspensions for WISCO Development, Unigroup Guowei, and Victory Energy will commence on December 30, 2025 [14] Group 4: Financing and Capital Raising - Chang'an Automobile plans to issue A-shares to specific investors at a price of 9.52 yuan per share, raising up to 6 billion yuan for projects related to new energy vehicles and global R&D center construction [4] - Beimo High-tech aims to raise up to 1.97 billion yuan through a private placement to fund capacity expansion and other projects [4] - Tianqi Co. plans to raise up to 977 million yuan for the construction of an intelligent manufacturing base for automotive equipment [4] Group 5: Strategic Partnerships and Investments - Huihan Co. has signed a partnership agreement with Huafu Capital to jointly invest in a commercial aerospace enterprise, with Huihan contributing 68.25 million yuan [6] - Ningbo Huaxiang has entered a strategic cooperation agreement with Qianxing Future to enhance collaboration in the development and manufacturing of quadruped robots [7]

Key Points - Guizhou Moutai's controlling shareholder, Moutai Group, has completed a share buyback plan, acquiring 2,071,359 shares for a total of 3 billion yuan, increasing its stake to 56.63% of the total share capital [1] - Juneyao Airlines plans to purchase 25 Airbus A320 series aircraft for a total of 4.1 billion USD, with deliveries scheduled between 2028 and 2032 [1] - ST Panda is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws [1] - Huali Co. has terminated its plan to acquire a 51% stake in Zhongke Huilian due to a lack of consensus on key transaction terms [1][2] - China Duty Free Group's subsidiary has signed a contract for a duty-free project at Beijing Capital International Airport, covering an area of 10,646.74 m², with a guaranteed operating fee of 480.27 million yuan in the first year [3] - Haisheng Pharmaceutical's invested company has initiated Phase II clinical trials for NWRD06, a novel RNA drug targeting GPC3 for liver cancer, marking a significant milestone in cancer treatment [3] - WISCO Development is planning to acquire stakes in WISCO Mining and Luzhong Mining through asset swaps and cash payments, leading to a temporary suspension of its stock [4] - Yonghui Supermarket intends to publicly sell a 28.095% stake in its subsidiary Yonghui Cloud Gold Technology [5] - Shanxi Expressway plans to acquire a 15% stake in Shanxi Transportation Industry Development Group for 74.8 million yuan [5] - China Energy Construction's subsidiary has won a 6.864 billion yuan ecological comprehensive governance project [5]