CH ENERGY ENG(SH:601868) Western Securities·2026-03-08 11:55Investment Rating - The report highlights a focus on green fuel companies, particularly China Energy Construction (601868.SH) and China Energy Construction (3996.HK) [2] Core Insights - The "14th Five-Year Plan" emphasizes the dual control of carbon emissions and intensity, marking a critical period for accelerating the green transformation of the economy and society [1] - The government work report for this year includes "green fuels" for the first time, indicating a shift in focus towards hydrogen energy as a new growth point [1] - China Energy Construction has signed the world's first green ammonia ocean shipping fuel sales contract and is developing the largest green hydrogen-ammonia-methanol integrated project globally, with an annual production capacity of 800,000 tons [2] Summary by Sections Market Review - The construction index fell by 0.70% and the building materials index dropped by 4.32% during the week of March 2-6, 2026, while the Shanghai Composite Index decreased by 0.93% [10] - Year-to-date, the construction index has increased by 9.33%, ranking 11th among 30 industries, and the building materials index has risen by 17.25%, ranking 5th [10] Special Bonds and Construction Resumption - As of March 6, 2026, the newly issued local government special bonds amounted to 78.169 billion yuan, a week-on-week decrease of 38.57% [21] - Cumulatively, 902.378 billion yuan has been issued this year, a year-on-year increase of 50.46% [21] - The construction resumption rate across 10,692 sites was 23.5%, with a labor attendance rate of 29.7% and a funding availability rate of 35.5% as of March 4, 2026 [25] High-Frequency Data Tracking - The cement dispatch rate decreased by 1.24 percentage points to 14.45%, with a year-on-year decline of 15.55% [31] - The operating rate of cement mills fell by 1.94 percentage points to 14.62%, with a year-on-year decrease of 12.44% [31] Cement Industry Weekly Data - As of March 6, 2026, the national average cement price was 254.6 yuan per ton, reflecting a week-on-week decline of 0.7% and a year-on-year drop of 18.4% [40] - The clinker price remained stable week-on-week but saw a year-on-year decrease of 20.7% [45]