Group 1 - A new company named China Energy Construction Bochuang Green Fuel (Shenyang) Co., Ltd. has been established, with Li Bo as the legal representative [1] - The company's business scope includes power generation, transmission, distribution, energy storage technology services, hydrogen refueling and storage facility sales, and battery sales [1] - The company is indirectly wholly owned by China Energy Construction [3]

Core Insights - China Energy Construction Co., Ltd. (China Energy) experienced a stock price increase of 1.23% on November 6, with a trading volume of 1.142 billion yuan. The net financing buy was negative at 68.87 million yuan, indicating more selling than buying in the financing market [1] - The company reported a revenue of 323.544 billion yuan for the first nine months of 2025, reflecting a year-on-year growth of 9.62%, while the net profit attributable to shareholders decreased by 12.43% to 3.156 billion yuan [2] - China Energy has distributed a total of 4.686 billion yuan in dividends since its A-share listing, with 3.748 billion yuan distributed in the last three years [3] Financing and Trading Activity - On November 6, China Energy had a financing buy of 221 million yuan, with a total financing balance of 14.22 billion yuan, accounting for 1.78% of its market capitalization. This financing balance is above the 80th percentile of the past year, indicating a high level of activity [1] - In terms of securities lending, the company repaid 10,500 shares and sold 352,400 shares on November 6, with a total selling amount of 866,900 yuan. The remaining securities lending balance was 2.7569 million shares, with a balance of 6.782 million yuan, also above the 70th percentile of the past year [1] Shareholder Structure - As of September 30, 2025, the number of shareholders for China Energy reached 473,000, an increase of 41.21% from the previous period. The average circulating shares per person remained at zero [2] - The top ten circulating shareholders include China Securities Finance Corporation, holding 613 million shares, and Hong Kong Central Clearing Limited, holding 488 million shares, which saw a significant decrease of 368 million shares compared to the previous period [3]

Core Insights - The signing ceremony for the China Energy Construction trading delegation at the 8th China International Import Expo took place on November 6, achieving a record signing amount of 1.828 billion USD [1] Group 1 - The signing amount of 1.828 billion USD marks a historical high for the event [1]

Core Insights - The China Energy Construction Hami molten salt tower-type 50MW solar thermal power generation demonstration project has achieved a record of continuous operation for 411.5 hours, setting a new benchmark for the domestic solar thermal power industry [1][3]. Group 1: Project Achievements - The record-breaking continuous operation began on October 19, 2025, following the completion of A-level maintenance and the project's first grid-connected power generation [3]. - The project overcame various challenges such as cloudy weather, strong winds, and haze, demonstrating high efficiency and stability during operation [3]. - This achievement validates the potential of solar thermal power plants as a foundational support source for new energy power systems and highlights the core advantage of molten salt tower-type solar thermal power in providing stable heat supply [3]. Group 2: Technological and Operational Aspects - The project utilizes tower-type molten salt power generation technology and features the world's first pentagonal giant lizard-type heliostat, along with a high-capacity, high-parameter, and high-efficiency integrated thermal storage and heat exchange system, enabling 24-hour continuous power generation [5]. - As the first domestic tower-type solar thermal power plant with control logic configuration completed by a design institute, its successful construction and operation have unlocked core control technologies, facilitating the development of smart solar thermal power plants with reduced staffing requirements [5].

A 股代码：601868 A 股简称：中国能建 公告编号：临 2025-057 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 关于接待机构投资者调研活动的公告 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。 一、机构调研情况 1.调研时间：2025年11月6日 2.调研地点：中能建松原氢能产业园 3.调研机构（排名不分先后）：诚通基金、东方财富、格 林基金、中金公司、光大证券、广发证券、国联证券、国盛证 券、国元国际、民生证券、宁银理财、鹏扬基金、天风证券、 西部证券、云南信托、招商证券、浙商证券、中信建投、中信 证券、中邮创业、长江证券、华源证券、中哲物产等 4.调研主题：中国能建松原氢能产业园项目反向路演 5.公司接待人员：公司董事会秘书、总部相关职能部门负 责人、中能建氢能源有限公司负责人、电力规划总院有限公司 相关部门负责人 二、交流主要问题及回复概要 1. 请介绍松原氢能产业园项目的总体情况。 中能建松原氢能产业园（绿色氢氨醇一体化）项目（以下 简称松原氢能项目）是目前全球最大的绿色氢 ...

Core Viewpoint - The announcement highlights the development of the world's largest integrated green hydrogen and ammonia project by China Energy Construction, with a total investment of 29.6 billion yuan and a planned capacity of 800,000 tons of green synthetic ammonia and green methanol annually by 2025 [1] Group 1: Project Overview - The project is set to be constructed in phases, with an initial phase of 3 million kilowatts of renewable energy generation [1] - The first phase is expected to be operational by the end of 2025, with a total investment of 6.9 billion yuan [1] - The project has received multiple policy supports from the government and has achieved several technological breakthroughs [1] Group 2: Financial Metrics - The operational period of the project is planned for 20 years, with a capital internal rate of return (IRR) of no less than 7.02% [1] Group 3: Business Strategy - The company also provided insights into its hydrogen energy business layout, innovative achievements, and development strategy for the 14th Five-Year Plan [1]

Core Viewpoint - China Energy Construction announced the launch of the world's largest green hydrogen and ammonia integration project in Songyuan, Jilin, which aims to utilize abundant wind and solar resources for clean energy conversion [1] Group 1: Project Overview - The project is named the Songyuan Hydrogen Energy Industrial Park and involves a total investment of 29.6 billion yuan [1] - It plans to construct 3 million kilowatts of new energy generation capacity in phases [1] - The project aims to achieve an annual production capacity of 800,000 tons of green synthetic ammonia and green methanol [1] Group 2: Technology and Implementation - The project employs a "green electricity - green hydrogen - green ammonia/methanol" technological pathway [1] - It incorporates international leading technologies such as direct supply of green electricity, flexible green hydrogen production, and large-scale wind-solar hydrogen and ammonia integration control [1] - The first phase of construction began in September 2023, with plans for production to commence by the end of 2025 [1]

Investment Rating - The report indicates a positive investment outlook for the construction state-owned enterprises (SOEs) in the ESG context, highlighting strong performance in green development and social responsibility [5][11]. Core Insights - The overall ESG scores for the 19 construction SOEs are good, with 8 companies scoring above 80 and 10 between 60-79, while only 1 company scored below 60. Climate governance and governance improvements are identified as key weaknesses [11][21]. - The importance assessment is well-disclosed among the companies, with 19 companies reporting their assessments, and 17 completing dual importance assessments. However, third-party verification is lacking, with only 3 companies engaging external validation [13][18]. - Environmental disclosures are mature, but climate disclosures need improvement. The total score for "environment + climate change response" ranges from 0 to 32 out of a maximum of 34, indicating a need for better climate-related disclosures [21][22]. - Social responsibility is a strong focus, with all 19 companies disclosing relevant information, particularly in rural revitalization and social welfare, showcasing their commitment to social responsibility [50][53]. - Governance structures are generally robust, with most companies having established boards and supervisory committees, although transparency in performance evaluation and ESG integration remains an area for improvement [60][65]. Summary by Sections Overall Performance - The ESG performance of the 19 construction SOEs is generally good, with strengths in green development and social responsibility, while climate governance remains a critical shortcoming [11][21]. Importance Assessment - All 19 companies have disclosed their importance assessments, with a high level of completeness. However, third-party verification is limited, indicating a need for greater transparency [13][18]. Environmental & Climate - Environmental disclosures are well-developed, but climate-related disclosures are lagging. The overall score for environmental and climate issues indicates a need for enhanced climate strategy integration [21][22]. Social Responsibility - Social issues are prominently featured in disclosures, with a focus on rural revitalization and community welfare, reflecting a strong commitment to social responsibility among the companies [50][53]. Governance - Governance frameworks are well-established, with most companies having comprehensive governance structures. However, the integration of ESG metrics into performance evaluations is not uniformly transparent [60][65].

Investment Rating - The report rates the industry as "Positive" for A-share central enterprises in the construction sector, indicating an expectation of outperforming the overall market [3]. Core Insights - The ESG performance of 19 central enterprises in the construction industry is generally good, with strengths in green development and social responsibility, while climate governance and governance enhancement remain key weaknesses [5][13]. - The overall ESG scores show that 8 companies scored above 80, 10 companies scored between 60-79, and 1 company scored below 60, with a maximum score of 100 [13]. - Importance assessments are disclosed by all 19 companies, with 17 completing dual importance assessments, although third-party verification is lacking, with only 3 companies engaging third-party validation [16][18]. Summary by Sections 1. Overall Scores and Areas for Improvement - The ESG scores of the 19 central enterprises are generally good, with green development and social responsibility as strong areas, while climate governance and governance improvements are identified as critical weaknesses [5][13]. 2. Importance Assessment - All 19 companies disclosed importance assessments, with 17 completing dual assessments. However, third-party verification is limited, with only 3 companies providing such validation [16][18]. 3. Environmental & Climate - The total score for "Environment + Climate Change" among the 19 companies ranges from 0 to 32 points (out of 34). Two companies scored between 30-34, indicating strong performance in both environmental and climate disclosures. Twelve companies scored between 20-29, primarily focusing on environmental disclosures, while five companies scored between 10-19, showing limited engagement with climate issues [24][25]. 4. Social Responsibility - All 19 companies disclosed social responsibility initiatives, with a focus on rural revitalization and social welfare, reflecting a strong commitment to social responsibility. However, some disclosures lack quantitative performance indicators [57][60]. 5. Governance - The governance scores are primarily in the mid to high range, with most companies having established governance structures. However, the integration of ESG performance indicators into governance mechanisms remains unclear for many companies [68][73].

Core Insights - China Energy Construction Corporation (CEC) has successfully completed the acquisition of its first renewable energy investment project in South America, the Coremas Solar Project in Brazil, marking a significant breakthrough in overseas investment [1] Group 1: Project Overview - The Coremas Solar Project is located in Paraíba, Brazil, with a total installed capacity of approximately 93 megawatts and an annual power generation of 167 million kilowatt-hours, which can meet the annual electricity needs of over 80,000 households [1] - The project is expected to save approximately 20,500 tons of standard coal annually, demonstrating significant emission reduction benefits [1] - Nearly 100 jobs have been created locally, contributing to regional economic development and improving local living standards [1] Group 2: Future Plans and Strategic Goals - After the acquisition, CEC's overseas investment subsidiary will actively promote project upgrades and operational optimization to enhance power generation efficiency and operational benefits [1] - The company aims to establish the Coremas Solar Project as a benchmark for green energy in South America, aligning with the consensus of leaders from China and Brazil [1] - CEC will deepen practical cooperation with local governments, leading enterprises, and financial institutions to promote collaboration in clean energy and sustainable development between China and Brazil [1]