Investment Rating - The report maintains a "Buy" rating for key companies in the construction and energy sectors, including China Energy Engineering, China Power Construction, and others [12][29]. Core Insights - The report emphasizes the urgent need for energy security in China due to geopolitical tensions and reliance on imported oil and gas, with a forecasted import dependency of 73% for oil and 41% for natural gas by 2025 [1][10]. - The 2026 "Two Sessions" highlighted energy security as a fundamental national security project, setting a target for comprehensive energy production capacity to reach 5.8 billion tons of standard coal [2][16]. - The report identifies three key investment directions under the "energy self-sufficiency" framework: new power systems, green fuels, and coal chemical engineering [11][29]. Summary by Sections New Power Systems - The report outlines a strategic push for constructing new power systems, including smart grid development and expanding green electricity applications, with significant investments planned [2][22]. - Key companies recommended for investment in this area include China Energy Engineering, which holds a leading position in energy integration services, and China Power Construction, a leader in hydropower and renewable energy projects [22][23]. Green Fuels - The establishment of a national low-carbon transition fund aims to promote hydrogen and green fuel industries, with hydrogen expected to transition from demonstration to industrial-scale production during the 14th Five-Year Plan [8][26]. - China Energy Engineering is highlighted for its proactive approach in the hydrogen market, with over 50 projects in various stages of development [8][26]. Coal Chemical Engineering - The report notes the increasing importance of coal chemical engineering in enhancing energy self-sufficiency, particularly in light of rising oil prices and external supply uncertainties [9][27]. - Recommended companies in this sector include China Chemical Engineering and Donghua Technology, which are positioned to benefit from the expected acceleration in coal chemical project investments [9][27].