行业专题报告 | 建筑装饰 建筑央企有望受益于国资央企战略性/专业化重组 证券研究报告 2026 年 01 月 28 日 核心结论 行业评级 超配 政策层面：导向明确，加强国资央企战略性、专业化重组。2024 年 12 月， 国务院国资委召开中央企业负责人会议便已经提出"加大力度推进战略性重 组和专业化整合"。2025 年下半年国资委表述开始频繁，比如 2025 年 9 月， 国务院国资委副主任李镇在国新办举行的新闻发布会上表示，下一步"大力 推动国资央企战略性专业化重组整合"；2025 年 12 月，国务院国资委主任 张玉卓在《充分激发各类经营主体活力》一文中强调，要"加强战略性、专 业化重组，加大力度合并'同类项'，避免重复建设和无序竞争"；2025 年 12 月国务院国资委召开中央企业负责人会议，以及 2026 年 1 月国新办举行 新闻发布会介绍 2025 年国资央企高质量发展情况，均表明 2026 年国资央 企要"大力推进战略性、专业化重组整合和高质量并购"。 行业层面：需求承压，专业化重组或助力建筑央企提升综合竞争力。大建筑 央企市占率相对较低：2024 年八大建筑央企合计市占率达到 21.4%， ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company is positioned as a leader in energy construction, actively transitioning towards new energy systems, focusing on hydrogen and energy storage [4][27] - The company has a robust order backlog, with total orders amounting to 28,135 billion yuan, approximately six times its expected revenue for 2024 [4][21] - The new energy sector is expected to grow significantly, with the company projecting a 6.7% increase in new energy contract value for 2025 [4][25] Summary by Sections 1. Company Overview and Performance - The company, China Energy Construction (601868), is a global leader in energy infrastructure, with a strong presence in traditional energy sectors and a significant market share in hydropower [13] - Revenue has shown steady growth, increasing from 183.82 billion yuan in 2014 to 436.71 billion yuan in 2024, with a CAGR of 9.0% [19] - The company reported a revenue of 3,235.44 million yuan and a net profit of 315.6 million yuan for the first three quarters of 2025, reflecting a year-on-year growth of 9.6% in revenue but a decline of 12.4% in net profit [19] 2. New Energy System Development - The importance of new energy systems is increasing, driven by national energy security and carbon neutrality goals [28][31] - The company is strategically investing in hydrogen and energy storage, with significant policy support and a growing market for hydrogen applications across various industries [41][50] - By 2035, China's clean energy generation capacity is expected to reach 3.6 billion kilowatts, with a substantial increase in hydrogen production projects [41][47] 3. Financial Projections - The company forecasts net profits of 85.2 billion yuan, 93.6 billion yuan, and 100.1 billion yuan for 2025, 2026, and 2027 respectively, indicating growth rates of 1.4%, 9.9%, and 7.0% [5][6] - The projected P/E ratios for 2026 are 12.14, 11.05, and 10.33 for the years 2025, 2026, and 2027 respectively, suggesting a potential valuation uplift as the new energy transition progresses [5][6]

美国总统特朗普日前在瑞士达沃斯表示，中国制造了很多风力涡轮机，但他在中国却找不到任何风力发 电场。 近日，针对上述言论，"国家队（央企）"在某社交平台纷纷下场回应。 @中国能建 ：妈呀，这么好的广告机会，这不得把握住吗？咳咳，中国能建，啥都能建！我们不仅安 装，还能规划、设计、运维，感谢川普先生送出的流量大火箭，顺道展示一下我们的"买家秀"！ @国家电网 ：谢邀哟！川普这波反向带货直接把流量密码送到咱手上了啊！其实，光是2025年国家电 网经营区就新增了超3亿千瓦的风电+光伏装机。 @中国大唐 ：大唐风电 ，处处风采。塞北风车转，江南绿电来。安装何须问，青山绿水间。川普先 生，要不要来首"唐"诗？ @中国华能 ：特朗普这波 "反向安利" 必须接住！小能人表示，咱们中国华能不仅风机装得多，而且装 得"卷"——从我国规模最大的构网型风电项目，到我国水深最深的海上风电项目，从西北的荒漠戈壁到 东南的万顷碧波，中国华能的风电版图早已遍布大江南北，每一台风机都是「中国制造+中国安装+中 国运营」的硬核实证。话不多说，上点"硬菜"~ @中国石化 ：我就秀秀，不说话。 @中国华电 ：谢邀～川普先生，不要太离"普"！先必须回 ...

Group 1: Cambridge Technology - The report initiates coverage on Cambridge Technology, predicting a target price of 161 CNY and a buy rating, with expected net profits of 261 million, 1.772 billion, and 3.307 billion CNY for 2025-2027, respectively [3] - The company is a global leader in optical connectivity, broadband, and wireless solutions, actively investing in high-end optical modules to capitalize on the rapid development of AI [3][4] - The optical module market is expected to grow significantly, reaching approximately 13 billion USD by 2025 and 16 billion USD by 2026, driven by increased AI investments from North American cloud vendors [4] Group 2: Tianfu Communication - Tianfu Communication has lowered its profit forecast and target price while maintaining a buy rating, with a revised net profit estimate of 2.08 billion CNY for 2025 [5][40] - The company anticipates stable demand growth despite slightly lower-than-expected performance, benefiting from the acceleration of AI industry development and global data center construction [41] Group 3: Kingsoft Cloud - Kingsoft Cloud is in a new growth phase driven by AI, with projected revenues of 9.51 billion, 11.685 billion, and 14.338 billion CNY for 2025-2027, respectively, despite expected net losses [9][33] - The company reported a significant revenue increase of 31.4% year-on-year in Q3 2025, with AI revenue growing approximately 120% [10][34] - Kingsoft Cloud is heavily investing in AI infrastructure, with 80% of its recent fundraising allocated to support AI business expansion [11][35] Group 4: Kevin Education - Kevin Education is positioned to improve profitability through its AI education initiatives, with projected revenues of 420 million, 572 million, and 760 million CNY for 2025-2027 [12][15] - The company has partnered with leading AI firms to enhance its educational technology capabilities, tapping into a significant market potential in AI education [14]

Group 1 - Controlled nuclear fusion is a focal point in the global energy sector due to its advantages of abundant fuel, environmental cleanliness, high energy density, and safety [1] - The Chinese Academy of Sciences has achieved a record magnetic field strength of 35.6 Tesla with a fully superconducting user magnet, marking a significant advancement in high-temperature superconducting applications [1] - The mainstream technical routes for nuclear fusion are magnetic confinement and inertial confinement, with magnetic confinement being the most mature and closest to commercialization [1] Group 2 - The capital market's interest in the controlled nuclear fusion sector has significantly increased, with projected global financing for the nuclear fusion industry reaching $9.766 billion by 2025, an increase of $2.643 billion from 2024 [2] - There are currently 58 fusion energy device companies globally, with 14 of them based in China [2] Group 3 - Listed companies in the industry are actively positioning themselves to seize opportunities in the controlled nuclear fusion field, with China Energy Construction Corporation conducting research on various aspects of fusion technology [3] - Suzhou Hailu Heavy Industry Co., Ltd. has been involved in nuclear power equipment manufacturing since 1998 and is currently participating in domestic and international controlled nuclear fusion projects [3] - Antai Technology Co., Ltd. is the first domestic company to achieve mass production of key components for nuclear fusion [3] - The period from 2026 to 2030 is seen as a critical window for transitioning controlled nuclear fusion from "scientific experimental devices" to "energy equipment," emphasizing the need for companies to focus on high-value segments and collaboration with national teams [3]

Core Viewpoint - China Energy Engineering Corporation (CEEC) is a global leader in energy construction, focusing on hydrogen energy and IDC as its second growth curve [1] Group 1: Company Overview - CEEC has a complete industrial chain service capability, including planning consultation, investment and construction, and industrial manufacturing [1] - The company is expected to achieve a revenue and net profit CAGR of +12.7% and +15.8% respectively from 2020 to 2024 [1] Group 2: Strategic Initiatives - The company is strengthening its position in the "four new" fields and expanding its overseas business [1] - CEEC's leadership in energy construction is becoming more prominent as it accelerates its overseas operations and develops emerging businesses in hydrogen energy and data centers [1] Group 3: Financial Projections - The projected net profits for the company from 2025 to 2027 are 8.71 billion, 9.39 billion, and 10.15 billion yuan respectively [1] - Based on comparable companies, a 15x PE ratio for 2026 suggests a reasonable value of 3.38 yuan per share, with a corresponding reasonable value of 1.56 HKD per share for its H-shares [1] - The initial coverage rating for the company is "Buy" [1]

随着国家能源战略的深化推进和"双碳"目标的全面落实，我国电力基础设施建设迈入高质量发展新阶 段。2026年初，中国电力建设集团（以下简称"中国电建"）、中国能源建设集团（以下简称"中国能 建"）和中国安能建设集团（以下简称"中国安能"）相继召开2026年度工作会议，系统总结了"十四 五"发展成就，并公布了面向"十五五"的战略蓝图。 从披露的数据与规划看，新能源业务、境外业务与新兴业务已成为行业增长的三大支柱——新能源电力 业务特别是新能源与抽水蓄能持续领跑，境外市场拓展步伐加快，而以储能、综合智慧能源、数字基建 为代表的新兴业务迅猛增长，共同推动能源电力基建央企在结构优化中实现稳步跃升。 新能源业务、境外业务与新兴业务已成行业增长三大支柱 就在上周，中国电建、中国能建相继披露2025年新签合同额。中国电建全年新签合同总额达13332.83亿 元，同比增长4.93%；中国能建全年新签合同额14493.84亿元，同比增长2.88%，两家企业均保持良好增 长态势。 两家央企新签合同额增速与上年相比有所放缓。"十四五"以来，两家央企签约额增速经历了抛物线走 势。需要看到的是，近两年来增速放缓的背后是结构性跃升。 新能 ...

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 3.38 CNY per share for 2026, and a corresponding target price of 1.56 HKD per share for its H-shares [7]. Core Insights - The company is a global leader in energy construction, with a comprehensive layout in hydrogen energy and data centers, marking a second growth curve [7]. - The company has a strong position in the energy construction sector, with a projected compound annual growth rate (CAGR) of 12.7% for revenue and 15.8% for net profit from 2020 to 2024 [7]. - The company aims to enhance its overseas business and expand into emerging sectors such as hydrogen energy and data centers, which are expected to drive performance and valuation improvements [7]. Summary by Sections 1. Global Energy Construction Leader - The company is formed by the merger of China Gezhouba Group, China Electric Power Engineering Consulting Group, and other entities, providing a full-cycle development solution in energy and infrastructure [15]. - It has a complete service capability that includes planning, consulting, construction, manufacturing, and investment operations [15]. 2. Competitive Advantages - The company focuses on four core industries: new energy, new infrastructure, new equipment, and new materials, aiming to reshape its operational framework to adapt to new production forces [48]. - It has established a robust overseas presence with six regional headquarters and 256 branches, covering over 140 countries [50]. 3. Business Development - The company has a significant market share in the domestic thermal power market (over 80%) and large hydropower market (over 50%) [7]. - It has integrated investments in hydrogen energy and data centers, with substantial projects underway, including a total investment of 5.5 billion CNY in the Gansu Qingyang data center project [7]. 4. Financial Forecast and Investment Recommendations - The company is expected to achieve net profits of 8.7 billion CNY in 2025, 9.4 billion CNY in 2026, and 10.2 billion CNY in 2027 [2]. - The report highlights a stable financial structure with a healthy cash flow, despite a slight decline in profit margins [35][38].

Industry News - 23 group standards in photovoltaic modules, fine ceramics, and biotechnology have been recognized as international standard proposals, marking significant progress in the high-quality development of group standards in China [2] - Domestic production of POE (polyolefin elastomer) has achieved large-scale supply, with nearly 60,000 tons expected to be produced in 2025, reducing reliance on imports for strategic emerging industries like photovoltaics and new energy vehicles [3] - The total number of new energy vehicles in China reached 43.97 million by the end of 2025, accounting for 12.01% of the total vehicle count, with pure electric vehicles making up 68.74% of this figure [3] - The total number of motor vehicles registered in China has exceeded 30 million for 11 consecutive years, with a total vehicle count of 469 million and 559 million drivers reported in 2025 [3] - The 500 kV Pan-Nan low calorific value power plant has successfully connected to the grid, marking the first key power grid project completed during the 14th Five-Year Plan period in Guizhou, which is significant for optimizing the regional power grid structure [4] - Hunan province is enhancing the flexibility of its transportation energy system by improving power distribution networks and exploring new technologies for energy integration and storage [4] International News - Japan's regulatory body has launched an investigation into Chubu Electric Power Company regarding alleged data falsification related to seismic design at the Hamaoka Nuclear Power Plant [5] - U.S. natural gas futures prices have surged past $6 per million British thermal units for the first time since 2022, driven by a winter storm affecting much of the country [5] Company News - China Energy Construction Corporation reported a total contract signing of approximately 1.449 trillion yuan for the year, with a quarterly new contract amount of 456.609 billion yuan, reflecting a year-on-year growth of 2.88% [6]

Core Insights - The core focus of the articles is the significant shift in China's energy sector towards renewable energy, as evidenced by the substantial new contracts signed by major state-owned enterprises, China Electric Power Construction (China Electric) and China Energy Engineering (China Energy), totaling nearly 2.8 trillion yuan in new orders, primarily directed towards renewable energy projects [2][6]. Group 1: New Contracts and Performance - In 2025, China Electric signed new contracts worth 1.333 trillion yuan, with energy projects contributing 841.6 billion yuan [2]. - China Energy's new contract amount reached 1.449 trillion yuan, with its renewable and integrated smart energy business contracts totaling 592.6 billion yuan, reflecting a year-on-year growth of 6.7% [2][3]. - The data indicates a structural transformation in the energy industry, with traditional thermal power contracts declining and renewable energy projects, particularly wind and storage, experiencing rapid growth [3][7]. Group 2: Shift from Traditional to Renewable Energy - China Electric's thermal power contracts fell sharply by 46.25% to 33.8 billion yuan, while its wind power contracts surged by 54.67% to 182.9 billion yuan [3]. - China Energy's renewable energy and integrated smart energy business now account for over 40% of its total contracts, with growth rates surpassing overall business growth [3]. - The trend of "wind power rising while solar power declines" reflects a market reassessment of technology maturity and efficiency [3]. Group 3: Energy Storage Developments - The rapid growth of renewable energy installations has highlighted the need for energy storage solutions, which are becoming a key battleground worth hundreds of billions [4]. - In the first nine months of 2025, China Electric signed 142 new energy storage projects with a total contract value of 36.7 billion yuan [4]. - Successful energy storage projects are transitioning from cost burdens to profitable assets, with innovative revenue models emerging [5]. Group 4: Global Expansion of Renewable Energy - Both companies are expanding their renewable energy capabilities into international markets, with China Electric's overseas contracts reaching 213.8 billion yuan, a year-on-year increase of 21.45% [6]. - Recent international projects include significant wind and solar energy contracts in Vietnam and the Middle East, showcasing a comprehensive solution that includes technology and business model exports [6]. - The global outreach of Chinese renewable energy solutions is reshaping the discourse on global energy governance [6][7].