Zhong Guo Dian Li Bao·2026-01-27 02:26Core Insights - The article highlights the transition of China's power infrastructure construction into a new phase of high-quality development, driven by the national energy strategy and the comprehensive implementation of the "dual carbon" goals [1] Group 1: Industry Growth Drivers - The three main pillars of industry growth are identified as new energy business, overseas business, and emerging business [2][4] - New energy power business, particularly renewable energy and pumped storage, continues to lead the sector, while overseas market expansion is accelerating [1][4] - Emerging businesses, represented by energy storage, integrated smart energy, and digital infrastructure, are experiencing rapid growth, contributing to the steady advancement of state-owned energy and power infrastructure enterprises [1] Group 2: Contractual Performance - China Power Construction Group (China Power) reported a total new contract amount of 1,333.283 billion yuan in 2025, a year-on-year increase of 4.93%, while China Energy Construction Group (China Energy) achieved 1,449.384 billion yuan, up 2.88% [3] - Both companies have shown good growth, although the growth rate has slowed compared to previous years, indicating a structural leap [3][4] Group 3: Business Segmentation - In 2025, China Power's energy power business accounted for 63.1% of total contract amounts, with a year-on-year growth of 10.33%, driven primarily by new energy and pumped storage, which made up over 80% of this segment [4] - China Energy's traditional energy business saw a decline in new contracts due to fluctuations in overseas markets, but domestic markets continued to grow, maintaining a 20% growth rate following a 49% increase in 2024 [4] Group 4: Strategic Directions - China Power aims to deepen innovation, "dual carbon" initiatives, and digital intelligence to fundamentally adjust its industrial structure, targeting a leading position in green, low-carbon, and intelligent development [12] - China Energy's strategy focuses on becoming a respected world-class energy and water infrastructure construction group, with significant projects like the 300 MW compressed air energy storage project in Gansu [12][13] - China Energy Construction Group emphasizes a "1133" strategy to enhance its capabilities in emergency rescue and infrastructure construction, aiming for a deep integration of traditional engineering and emergency services [13]