《中国能源建设股份有限公司章程》修订对比表 （2025 年修订） | 原条款 | 原条款内容 | 修订后条款序号 | 修订后条款内容 | | --- | --- | --- | --- | | 序号 | | | | | 统一调整 | 全文（包含章节标题）：股东大会 | - | 全文（包含章节标题）：股东会 | | 统一调整 | 全文：1/3、10%等分数、百分数 | | 全文：三分之一、百分之十等中文文字 | | 统一调整 | 全文：议案 | | 全文：提案 | | 统一调整 | 原公司章程关于 H 股上市公司有关条款，不在现行有效《香港联合交易所有限公 | | 整体精简和删除 | | | 司证券上市规则》附录 A1 核心的股东保障水平章节内的有关内容 | | | | | 为维护中国能源建设股份有限公司（以下简称公司）、股东和债权人的合法权益， | | 为维护中国能源建设股份有限公司（以下简称公司）、股东、职工和债权人的合法权益，规范公 | | | 规范公司的组织和行为，根据《中华人民共和国公司法》（以下简称《公司法》）《上 | | 司的组织和行为，根据《中华人民共和国公司法》（以下简称《公司法》）《中华人民 ...

附件 1 中国能源建设股份有限公司章程 （2025 年修订草案） 第一章 总则 第一条 为维护中国能源建设股份有限公司（以下简称 公司）、股东、职工和债权人的合法权益，规范公司的组织 和行为，根据《中华人民共和国公司法》（以下简称《公司 法》）《中华人民共和国证券法》（以下简称《证券法》）《中 央企业公司章程指引》《上市公司章程指引》《上海证券交易 所股票上市规则》《香港联合交易所有限公司证券上市规则》 （以下简称《香港上市规则》）《中国共产党章程》及其他法 律、法规、规范性文件的有关规定，特制定《中国能源建设 股份有限公司章程》（以下简称本章程或公司章程）。 第二条 公司系依照《公司法》和其他有关法律、法规 规定批准成立的股份有限公司。 公司经国务院国有资产监督管理委员会以国资改革 〔2014〕1150 号文批准，以发起方式设立，于 2014 年 12 月 19 日在国家工商行政管理总局注册登记，取得营业执照，统 一社会信用代码 911100007178398156。 第三条 2015 年，经中国证券监督管理委员会批准，公 司新发行境外上市外资股（即 H 股）8,420,396,364 股，国 有股东根据国 ...

A 股代码：601868 A 股简称：中国能建 公告编号：临 2025-061 H 股代码：03996 H 股简称：中国能源建设 中国能源建设股份有限公司 第三届监事会第三十五次会议决议公告 本公司监事会及全体监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。 中国能源建设股份有限公司（以下简称公司）第三届监事会第 三十五次会议于2025年11月26日以书面形式发出会议通知，于2025 年 12 月 2 日以现场方式召开。经半数以上监事共同推举，本次会议 由吴道专监事主持，会议应参与表决监事 3 名，实际参与表决监事 3 名。公司董事会秘书及相关部门负责人列席会议。会议符合有关法 律法规及《公司章程》的规定。 经全体与会监事书面表决，会议形成以下决议： 审议通过《关于修订<中国能源建设股份有限公司章程>并撤销 监事会有关事项的议案》。 表决结果：3 票同意；0 票反对；0 票弃权。 详细内容请见公司同日发布的《中国能源建设股份有限公司关 于修订<公司章程>并撤销监事会的公告》（临 2025-062）。 特此公告。 中国能源建设股份有限公司监事会 ...

A 股代码：601868 A 股简称：中国能建 公告编号：临 2025-060 H 股代码:03996 H 股简称:中国能源建设 中国能源建设股份有限公司 第三届董事会第五十三次会议决议公告 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。 中国能源建设股份有限公司（以下简称公司）第三届董事会 第五十三次会议于 2025 年 11 月 25 日以书面形式发出会议通知， 于 2025 年 12 月 2 日在公司总部以现场方式召开。本次会议由公 司董事长倪真主持，会议应参加表决董事 8 名，实际参加表决董 事 8 名，其中刘学诗董事因公务委托牛向春董事代为表决。 公司监事和部分高管列席会议。本次会议召开符合有关法律法规 和《公司章程》的有关规定。 经过有效表决，会议形成以下决议： 一、审议通过《关于修订<中国能源建设股份有限公司章程> 并撤销监事会的议案》 拟同意《公司章程》及其附件《公司股东会议事规则》《公 司董事会议事规则》的修订意见，撤销公司监事会，废止《公司 监事会议事规则》，所有监事职务自然免除。拟同意提请股东大 会授权 ...

Investment Rating - The investment rating for the construction decoration industry is "Positive" (maintained) [2] Core Viewpoints - The ongoing diplomatic efforts surrounding the Russia-Ukraine situation are creating opportunities for the infrastructure sector, particularly in post-war reconstruction in Ukraine, which is projected to require $486.2 billion over the next decade [4][13] - Chinese companies, particularly those with established operations in Ukraine, are well-positioned to participate in reconstruction efforts due to their competitive advantages in execution efficiency, cost control, and comprehensive industry chain support [4][13] Summary by Sections Market Performance - The Shanghai Composite Index rose by 1.40%, the Shenzhen Component Index by 3.56%, and the ChiNext Index by 4.54% during the week. The Shenwan Construction Decoration Index increased by 2.81%, with all sub-sectors except housing construction showing gains, particularly landscape engineering, engineering consulting, and other specialized engineering [5][23] Infrastructure Data Tracking - Special bonds issued this week amounted to CNY 273.83 billion, with a cumulative issuance of CNY 7,505.01 billion as of November 30, 2025, reflecting a year-on-year increase of 11.99% [6][28] - Urban investment bonds issued this week totaled CNY 55.05 billion, with a cumulative net financing of -CNY 545.48 billion as of November 30, 2025 [6][28] Company Dynamics - Notable project announcements include: - Tongji Technology won a bid for a project in Xi'an worth approximately CNY 866 million [18] - China Construction secured three major projects totaling CNY 10.67 billion [18] - China Aluminum International won a bid for a project valued at approximately CNY 2.909 billion [18] Industry News - Hunan Province reported significant achievements in transportation construction during the 14th Five-Year Plan, with a total investment of CNY 538.6 billion, a 54% increase compared to the previous five years [15] - Beijing's 15th Five-Year Plan emphasizes housing supply and the development of a new real estate model, focusing on a "market + guarantee" housing supply system [15]

Core Viewpoint - The macroeconomic outlook for 2026 suggests a positive start for China's economy, with a focus on technological self-reliance and new productivity cultivation, supported by resilient external demand and domestic fiscal policies aimed at boosting consumption and investment [3][5][6]. Economic Outlook - The GDP growth rate for 2026 is projected to be around 4.8%, with expectations of a strong start to the "15th Five-Year Plan" [6][7]. - Industrial growth is expected to remain stable, with a focus on high-tech industries and a supportive policy environment [7][8]. - The service sector is anticipated to benefit from improved industrial production and consumer spending recovery [8]. Consumption - The nominal growth rate of retail sales is expected to be 4.1% in 2026, driven by policies promoting consumption upgrades and the gradual lifting of restrictive measures [10][12]. - The "old-for-new" consumption policy is likely to continue, focusing on sectors such as elderly care and health [12][13]. - The easing of restrictions in the automotive and housing sectors is expected to support consumer demand [13][15]. Investment - Fixed asset investment growth is projected at 2.5% for 2026, with manufacturing and broad infrastructure investments expected to drive growth [17][18]. - Manufacturing investment is anticipated to grow by 6.5%, supported by large-scale equipment updates and favorable export conditions [18][19]. - Broad infrastructure investment is also expected to grow by 6.5%, driven by new policy financial tools and local government initiatives [21][22]. Trade and Exports - Export growth is projected at 4.7% for 2026, supported by global fiscal expansion and China's efforts to penetrate non-US markets [29][30]. - The trade surplus is expected to maintain a high level, with a growth rate of 13.1% [29][30]. - China's exports to non-US markets are likely to continue to grow, aided by investments and trade cycles [33][34].

来源：环球网 该项目是国家重大科技攻关项目，已于今年8月入选国家能源局公布的第五批能源领域首台（套）重大 技术装备名单，电站关键部件高温合金材料HT700系列也成为我国压力容器新材料应用监管体系（沙盒 监管）首个通过评审的成功案例。 项目建成后，将刷新世界范围内火电机组最高参数、最低煤耗纪录，大幅提升煤电清洁高效利用水平， 同时推动国产高端装备制造能力全面升级，为保障国家能源安全、实现"双碳"目标提供重要支撑。（来 源：中国能建浙江院） 近日，中国能源建设集团浙江省电力设计院有限公司（简称中国能建浙江院）勘察设计的世界首台650 摄氏度高效超（超）临界燃煤发电机组——华能玉环电厂四期扩建项目主厂房第一方混凝土顺利浇筑， 标志着该项目正式进入全面建设阶段。 项目位于浙江省台州市玉环市，拟建设1台100万千瓦级650摄氏度高效超（超）临界一次再热燃煤发电 机组。项目采用我国自主研发的全系列高温合金新材料，机组设计主汽压力达到35兆帕，主、再热蒸汽 温度均达到650摄氏度，是目前世界范围内燃煤机组最高参数，将大幅提高发电效率。与现有机组相 比，650摄氏度等级高效超超临界燃煤机组可提升发电效率约4个百分点，度电煤耗 ...

Group 1 - The core phenomenon observed in 2025 is the contradiction in central enterprise stocks, where despite significant profits, stock prices continue to decline, leading to a situation where retail investors are trapped in losses after attempting to buy at low valuations [1][2] - The China Central Enterprises Index has seen a cumulative decline of 7.3% since the beginning of 2025, with 32 central enterprises with market capitalizations over 50 billion yuan hitting three-year lows, and 17 of these stocks trading below their net asset value [1][2] - Retail investors, numbering 214,000, have flocked to these undervalued central enterprise stocks, but over 70% are facing losses exceeding 15%, indicating a misjudgment in the market's valuation logic [1][3] Group 2 - The earnings of major central enterprises remain strong, with the top nine construction central enterprises accounting for 83.45% of the revenue and 83.99% of the net profit in the construction sector, yet their stock prices do not reflect this profitability [1][6] - For instance, China State Construction's stock price is around 4.8 yuan with a price-to-earnings ratio of only 5, while China Energy Engineering, despite a projected net profit exceeding 6 billion yuan, trades at just 2.46 yuan [2][6] - The disparity between stable earnings and declining stock prices has led to confusion among retail investors, who mistakenly interpret low valuations as buying opportunities [2][3] Group 3 - Retail investors have misjudged the valuation logic of central enterprise stocks, focusing solely on static valuations without considering industry cycles, which have shown a decline in fixed asset investment and new contracts in the construction sector [3][4] - Many investors believe in the safety of central enterprises, overlooking liquidity risks, as numerous smaller central enterprise stocks have low trading volumes, making it difficult for investors to sell their shares [4][5] - The government has introduced policies aimed at improving the valuation of central enterprises, including measures for stock buybacks and increased cash dividends, but the market's response has been slow [5][7] Group 4 - Key signals for identifying potential bottoming in central enterprise stocks include the need for earnings growth to align with industry recovery, as well as sustained buying from institutional investors [8][9] - The proactive management of market capitalization by central enterprises, such as optimizing resource allocation and focusing on strategic emerging industries, is crucial for driving stock price increases [9] - The lesson from the 214,000 retail investors trapped in losses is that low valuations do not guarantee safety; a lack of earnings growth, capital interest, and effective policy implementation can lead to further declines [8][9]

Group 1 - The report maintains a positive outlook on the construction and decoration industry, emphasizing the sustained growth policies and the favorable economic environment in the western regions of China, particularly in Xinjiang and Sichuan [5][12][22] - The "14th Five-Year Plan" is expected to drive high-quality development in domestic infrastructure investment, with significant projects like the Yarlung Tsangpo River downstream hydropower project and the Duku Highway in Xinjiang set to commence construction [10][11][15] - The report highlights the importance of new infrastructure needs, including the construction of a modern energy system and the development of smart transportation systems, which are anticipated to create new investment opportunities for companies in the sector [25][26] Group 2 - The report identifies key companies that are likely to benefit from the infrastructure boom in Xinjiang, such as Xinjiang Communications Construction, Qingsong Construction, and China Chemical Engineering, due to their involvement in major projects [14][16][19] - The coal chemical industry in Xinjiang is entering a phase of accelerated investment, with numerous projects planned or under construction, which is expected to enhance the operational performance of companies like China Metallurgical Group and China Railway Group [17][19][20] - The report notes that the Belt and Road Initiative continues to present overseas construction opportunities, with significant growth in new orders for major state-owned enterprises in both domestic and international markets [5][19][22] Group 3 - The report emphasizes the potential for companies involved in the new energy sector, as the government aims to construct a new energy system and achieve carbon peak goals, creating opportunities for firms engaged in renewable energy projects [25][26] - Companies like Suzhou Transportation Science and Technology and Huase Group are highlighted for their roles in the emerging low-altitude economy, which is expected to see accelerated development in infrastructure and operational capabilities [5][25] - The report discusses the rising prices of key minerals such as gold, copper, and cobalt, suggesting that companies involved in mineral resource development, like China Metallurgical Group and China Railway Group, may see increased value from their operations [17][19][22]

来源：环球网 北纬45°08′的吉林乾安，秋日草原被阳光镀上暖金，碱草在风中翻涌成浪，远处风车基座如巨人骨架扎 根大地。风电工地上，橙红色塔吊长臂舒展如鹰，精准勾住钢筋框架，发电机轰鸣与风声交织成绿色能 源交响。项目部公示栏前，进度表被员工围得水泄不通——中国能建东电二公司承建的华能乾安四海20 万千瓦风电项目双喜临门：220千伏升压站基础浇筑完工，自主研发的"多吊车协同扳杆"技术落地投 用。"双线告捷"的红字格外醒目，业主代表紧握项目经理的手连称"超出预期"，监理日志"质量过硬、 效率领先"的评价，为"双碳"战略在东北的实践写下生动注脚。 风脉天赐：沃土承绿愿，项目立标杆 站在草原制高点远眺，大兴安岭与长白山如屏障环抱平原，造就闻名行业的"乾安风廊"。"这里的风能 吹走马背毡帽"，老牧民的话在勘察工程师李工的监测仪上化作精准数据：年有效风速超2200小时，平 均风速6.8米/秒，冬季风速常破10米/秒，春季气旋更能带动风机满负荷运转。"这是优质风资源"，李工 的笔记本记满风速与土壤数据，他跑遍5个乡镇选址，最终敲定距县城30公里、紧邻X150县道的地块。 同心聚力：温情凝合力，绿电向未来 项目现场有支"特种 ...