Investment Rating - The report maintains a "Positive" outlook for the construction industry, indicating an expectation for the sector to outperform the overall market [3][4]. Core Insights - The construction sector has shown a weekly increase of 4.12%, outperforming major indices such as the Shanghai Composite Index and Shenzhen Component Index [3][4]. - Key sub-sectors that performed well include state-owned infrastructure enterprises, which rose by 10.13%, and ecological landscaping, which increased by 2.06% [5][9]. - The report highlights significant government initiatives, including the promotion of major transportation projects and the release of the "14th Five-Year Plan," which aims to enhance the competitiveness of the construction industry [11][12]. Industry Performance - The construction industry outperformed the Shanghai Composite Index, with a weekly increase of 4.12% compared to a decrease of 0.70% for the index [4][5]. - The best-performing sub-sectors for the week included state-owned infrastructure enterprises and ecological landscaping, with notable companies like China Energy Engineering and Ningbo Construction leading the gains [5][9]. Key Company Developments - China Electric Power Construction Company signed a significant contract for a solar storage project in Abu Dhabi worth 13.962 billion yuan, representing 2.20% of its projected 2024 revenue [13][15]. - Yaxiang Integration is projected to achieve a net profit of 892 million yuan in 2025, reflecting a year-on-year growth of 40.30% [13][15]. Investment Analysis - The report suggests that 2026, as the start of the "14th Five-Year Plan," presents a favorable investment window, particularly in the steel structure sector and state-owned enterprises [3][12]. - Companies to watch include Honglu Steel Structure and China Chemical, as well as cleanroom companies like Shenghui Integration and Yaxiang Integration [3][12].

Group 1 - South Korean retail investors have significantly increased their net purchases of Chinese assets, particularly in sectors such as power equipment, engineering machinery, and chemicals, which are classified as HALO assets by Goldman Sachs [1] - The top net bought A-shares by South Korean investors include companies like SANY Heavy Industry, China Power Construction, and Guangxun Technology, while the leading Hong Kong stocks include China Energy Construction and Baidu [1] - The current trend indicates that as risk appetite rises among investors, there is a shift towards HALO assets, suggesting that AI technology stocks are perceived to be overvalued [1] Group 2 - The performance of US tech stocks has been mediocre this year, while the South Korean stock market has shown strong growth but recently experienced volatility [1] - Global capital is increasingly seeking certainty in investments, especially following geopolitical events in the Middle East, indicating that HALO assets are unlikely to be replaced by AI and some sectors are entering a price increase cycle [1]

Core Viewpoint - The rapid advancement of smart grid technology in China is driving significant growth in the power survey and design industry, with increasing investments and a shift towards renewable energy sources [1][6][10]. Overview - The power survey and design sector is a critical technical phase in power engineering, encompassing resource exploration, engineering measurement, geological investigation, system planning, design, technical consulting, and digital modeling [2][3]. Market Policy - The Chinese government has implemented various policies to support the development of the power survey and design industry, creating a favorable environment for growth [3]. Industry Structure - The power survey and design industry features a complete closed-loop structure, connecting upstream equipment suppliers, midstream design firms, and downstream demand markets, including grid and power generation companies [4]. Development Status - In 2024, the total assets of China's power survey and design industry are projected to reach 477.125 billion yuan, with a year-on-year growth of 10.83%. The total output value is expected to be 79.766 billion yuan, growing by 9.0%, and operating revenue is anticipated to be 429.982 billion yuan, increasing by 11.39% [1][7][8]. New Contract Trends - The total new contract amount in the power survey and design industry is expected to reach 961.468 billion yuan in 2024, with a year-on-year increase of 13.5%. The share of new energy projects in the total contracts is projected to be 53.82%, reflecting a significant shift towards renewable energy [8][10]. Competitive Landscape - The competitive landscape of the power survey and design industry is evolving, with increasing concentration and a shift in business structure towards renewable energy projects. Major players like China Power Construction and China Energy Engineering are well-positioned to lead the market [10][12]. Future Trends - The industry is expected to focus on green and low-carbon transitions, with a shift from traditional power sources to clean energy projects. Digitalization and intelligent technologies will reshape operational models, enhancing efficiency and accuracy in design processes [13][14][15].

Group 1 - Korean investors have shown significant interest in A-shares, with top net purchases including SANY Heavy Industry, Power Construction Corporation of China, and Accelink Technologies, among others [1][3] - In the Hong Kong market, notable net purchases include China Energy Construction, MiniMax, and Harbin Electric, indicating a strong preference for energy and technology sectors [1] - The trend reflects a shift towards HALO assets, which are characterized by stability and growth potential, particularly in the context of rising global uncertainties [1] Group 2 - Over the past month, three ETFs have made it to the top 20 net purchases by Korean investors, with the Silverhua CSI Innovation Drug Industry ETF leading at a net purchase of $148.05 million [2] - The strong performance of the Korean stock market has encouraged local investors to allocate funds into Chinese assets, particularly in the innovative drug and artificial intelligence sectors [2][3]

Industry News - China's passenger car retail sales for January-February reached 2.602 million units, a year-on-year decline of 19.1% [3] - The retail sales of new energy passenger cars in China for the same period totaled 1.06 million units, down 25.7% year-on-year [3] - The National Industrial Information Security Development Research Center issued a risk warning regarding OpenClaw applications, highlighting potential security vulnerabilities that could lead to control loss and sensitive information leakage [3][5] - The cement market demand is steadily recovering as construction activities ramp up, with companies showing a strong willingness to raise prices due to low current prices and rising production costs [6] Company News - Cambrian announced a net profit of 2.059 billion yuan for 2025, turning a profit compared to previous losses, and proposed a dividend of 15 yuan per share along with a bonus issue of 4.9 shares for every 10 shares held [7] - Huadian announced the signing of a 13.962 billion yuan EPC contract for a solar-storage project in Abu Dhabi [11] - Micro LED light source chips developed by Zhaochi have completed R&D and are currently in the sample verification testing phase [10] - Baichuan announced a recent increase in market prices for some chemical products, but the impact on performance is currently uncertain [10]

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。 （在中華人民共和國註冊成立的股份有限公司） （股份代號：3996） 海外監管公告 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13.10B條作出。 茲載列本公司於上海證券交易所網站刊發的《中國能源建設股份有限公司股票交易異常波 動公告》，僅供參閱。 承董事會命 中國能源建設股份有限公司 董事長 倪真 CHINA ENERGY ENGINEERING CORPORATION LIMITED* * 僅供識別 | | | 中国能源建设股份有限公司 股票交易异常波动公告 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： 中国能源建设股份有限公司（以下简称"公司"）A 股股 票于 2026 年 3 月 10 日、3 月 11 日、3 月 12 日连续三个交易日 内收盘价 ...

| | | 中国能源建设股份有限公司 股票交易异常波动公告 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： 中国能源建设股份有限公司（以下简称"公司"）A 股股 票于 2026 年 3 月 10 日、3 月 11 日、3 月 12 日连续三个交易日 内收盘价格涨幅偏离值累计超过 20%，根据《上海证券交易所交 易规则》的有关规定，属于股票交易异常波动情况。 经公司自查并向控股股东核实，截至本公告披露日，不存 在应披露而未披露的重大信息。 敬请广大投资者注意投资风险，理性决策，审慎投资。 一、股票交易异常波动的具体情况 公司 A 股股票于 2026 年 3 月 10 日、3 月 11 日、3 月 12 日 连续三个交易日内收盘价格涨幅偏离值累计超过 20%，根据《上 海证券交易所交易规则》的有关规定，属于股票交易异常波动情 况。 二、公司关注并核实的相关情况 针对公司股票交易异常波动的情况，公司对有关事项进行了 核查，并询问了公司控股股东，现将核实情况说明如下： 1 （一）生产经营情况。 经自查，公司目前生产经 ...

Summary of China Energy Engineering Corporation (CEEC) Conference Call Industry and Company Overview - **Company**: China Energy Engineering Corporation (CEEC) - **Industry**: Energy and Power Construction, Hydrogen Energy Key Points and Arguments Hydrogen Energy Projects - CEEC's Songyuan project is the world's largest integrated green hydrogen and ammonia project, with a production capacity of 200,000 tons of green ammonia, which has already been put into operation and is profitable [2][3] - The company has a total of 2 million tons of green ammonia and methanol projects in hand, with 1 million tons already under construction or in operation [2][3] - The cost of green ammonia is approaching that of blue ammonia, providing a significant first-mover cost advantage [2][3] Investment and Profitability - The investment target for the "computing and electricity synergy" sector is 30 billion yuan, with plans for 120,000 standard cabinets [2][4] - The Gansu Qingyang benchmark project is expected to be operational by early 2025, leveraging 20 GW of operational green electricity resources for low-cost supply [2][4] - The profitability of the investment and operation business is strong, with a projected profit margin of 26.27% in 2024, contributing 42.86% to the total profit [2][11] Order Growth and Financial Projections - The main business remains stable, with a projected 3% growth in new orders for 2025, expecting an annual profit of 8.5-8.6 billion yuan [2][7] - The valuation of hydrogen and computing power businesses has significant room for recovery, targeting a market value of approximately 190 billion yuan, representing a 34% increase from the current valuation [2][8] Catalysts for Future Growth - Key catalysts for the hydrogen industry include the implementation of provincial hydrogen subsidies and the improvement of carbon pricing mechanisms [5][6] - The release of CEEC's "14th Five-Year Plan" with higher capacity targets will be crucial for market reassessment of its value [5][6] Competitive Advantages - CEEC's competitive advantages in the hydrogen energy sector include early layout, complete technology, and a strong understanding of the power system [7][12] - The company has achieved 100% localization of core equipment, enhancing its competitive edge [7][12] Financial Performance - CEEC's revenue growth for the first three quarters of 2025 was 9.6%, ranking first among eight major construction state-owned enterprises [13] - However, the net profit attributable to shareholders decreased by 12.4% year-on-year due to intensified industry competition [13][14] - The asset-liability ratio reached 77.83% by the end of the third quarter of 2025, indicating a relatively high debt level due to large-scale investment projects [14] Future Outlook - The company aims to optimize its profit structure by increasing the share of renewable energy investment and operation business, which is expected to drive future performance growth [11][14] Additional Important Information - CEEC has established a strong market position in the energy and power construction sector, completing over 90% of domestic thermal power design and more than 30% of hydropower projects [9][10] - The company has a concentrated ownership structure, with state-owned capital holding a dominant position, providing advantages in securing major national energy infrastructure projects [10][11]

Market Overview - On March 12, A-shares saw a collective decline across the three major indices, with the Shanghai Composite Index down 0.1%, the Shenzhen Component Index down 0.63%, and the ChiNext Index down 0.96% [3][4] - The total market saw over 3,800 stocks decline, indicating a broad market downturn [3] Sector Performance - The coal sector experienced significant gains, with stocks such as Zhengzhou Coal Electricity, Yanzhou Coal Mining, and Shaanxi Black Cat reaching their daily limit up [5][6] - The military equipment sector faced adjustments, with stocks like Hangya Technology and Western Superconducting seeing declines of over 6% [6][7] Trading Volume - The trading volume in the Shanghai and Shenzhen markets was 2.44 trillion yuan, a decrease of 66.5 billion yuan compared to the previous trading day [8] Capital Flow - Main capital flows showed net inflows into sectors such as public utilities, construction decoration, and basic chemicals, while there were net outflows from defense, electronics, and communications sectors [9] - Specific stocks like China Energy Construction and Sanan Optoelectronics saw net inflows of 5.755 billion yuan and 2.648 billion yuan, respectively [9] Institutional Insights - Huatai Securities suggests that hydrogen energy may experience a nonlinear growth inflection point due to domestic and international policy resonance [11] - CICC expresses cautious optimism regarding the sustainability of excess returns for active equity funds [12] - CITIC Securities continues to recommend investments in the global electricity shortage supply chain [13]

Group 1 - The report emphasizes the effectiveness of a composite factor in predicting overnight returns, achieving a Rank IC of -0.1687 [10][7][6] - By incorporating overnight trading strategies into existing index replication, excess returns of 4%-7% can be achieved with a tracking error of approximately 1.2% [10][11][8] - The combination of existing index enhancement models with overnight trading strategies can further increase excess returns by 2%-5% [11][10] Group 2 - The report highlights the potential for U.S. consumer brands to expand overseas, particularly in the home appliance sector, driven by favorable economic conditions such as interest rate cuts [14][17] - It suggests focusing on companies with low inventory levels in the tool industry, such as QuanFeng Holdings and Techtronic Industries, while also considering high-dividend leaders like Gujia Home and Haier Smart Home for long-term investments [14][16] - The report notes that the U.S. market offers stable business models and high valuations, particularly in sectors like pet products and home furnishings, which are expected to benefit from increased overseas sales [15][14] Group 3 - China Energy Construction (601868.SH) is identified as a leader in energy construction, with a target price of 3.96 CNY per share based on an 18x PE ratio for 2026, and is rated as a "buy" [19][3] - The company is expected to see growth in its investment and operation business, with a significant increase in its renewable energy project capacity from 498.7 MW at the end of 2022 to 1602.73 MW by mid-2025 [19][20] - The report indicates that the company is actively developing a hydrogen energy integration model, with over 50 projects in key regions, including the largest green hydrogen project globally [20][19] Group 4 - The mechanical equipment industry is witnessing major oil service companies like Baker Hughes and Halliburton entering the data center market, focusing on power generation and energy management solutions [22][23] - The report highlights that Baker Hughes anticipates a market size of $100 billion for its power systems by 2030, with significant orders expected from data center applications [22][24] - Jerry Holdings is noted for its strategic partnerships and has secured substantial orders in the North American market, leveraging its expertise in energy infrastructure for data centers [25][24] Group 5 - Contemporary Amperex Technology Co., Ltd. (300750.SZ) reported a revenue of 423.7 billion CNY for 2025, reflecting a year-on-year increase of 17.04%, with a net profit of 72.2 billion CNY, up 42.28% [27][28] - The company is expected to benefit from strong demand in the European electric vehicle market, with plans to increase its overseas production capacity significantly [28][29] - The report maintains a "buy" rating for the company, projecting net profits of 95.3 billion CNY in 2026, representing a growth of 32% [29][28]