证券日报网讯 12月18日，中国能建（601868）在互动平台回答投资者提问时表示，公司始终聚焦能源 电力、水利核心主业，持续深耕重大领域开发与拓展，全力推进高质量发展。关于四季度经营情况及年 度业绩表现，具体信息请关注公司后续发布的年度报告。 ...

Group 1: Coal and Energy Policy - Six departments, including the National Development and Reform Commission, have released guidelines to align with the strictest domestic and international coal pollution emission standards, enhancing benchmark levels for clean and efficient coal utilization by 2025 [2] - The National Development and Reform Commission and the National Energy Administration have issued a notice to establish a national unified electricity market evaluation system, promoting efficient circulation of electricity across provinces and enhancing overall grid operation efficiency [2] Group 2: New Energy Vehicles - The China Electric Vehicle Hundred People Association forecasts that by 2026, domestic new energy vehicle sales are expected to reach 20 million units, with a market growth of 2% and an increase in the ownership ratio from 10% in 2025 to 15% in 2026 [2] Group 3: Regional Developments - Chongqing is promoting the development of "AI+" smart connected new energy vehicles, focusing on AI applications in areas such as assisted driving and vehicle detection [3] - In Henan, the electricity, heat, gas, and water production and supply industry saw a decline of 1.3% in November, while coal mining and washing industries grew by 7.2% [3] Group 4: Infrastructure Investments - Xinjiang has completed over 40 billion yuan in water conservancy project investments by 2025, exceeding its annual investment target [4] Group 5: International Energy Agreements - Hungary signed a liquefied natural gas procurement agreement with Chevron, totaling 2 billion cubic meters over five years, marking the first inclusion of U.S. LNG in Hungary's energy supply [6]

Core Viewpoint - The fixed asset investment in China (excluding rural households) for January to November 2025 is 444,035 billion yuan, showing a year-on-year decline of 2.6% [1][4]. Investment by Industry - Investment in the primary industry reached 8,770 billion yuan, with a year-on-year growth of 2.7% [3][4]. - The secondary industry saw an investment of 162,243 billion yuan, growing by 3.9% year-on-year, with industrial investment specifically increasing by 4.0% [3][4]. - The tertiary industry experienced a decline in investment to 273,022 billion yuan, down 6.3% year-on-year [3][4]. Secondary Industry Breakdown - Mining investment grew by 4.0%, while manufacturing investment increased by 1.9% [3][4]. - Notable growth was observed in the electricity, heat, gas, and water production and supply industry, which saw a 10.7% increase [3][4]. Tertiary Industry Breakdown - Infrastructure investment (excluding electricity, heat, gas, and water production and supply) decreased by 1.1% [3][4]. - Specific sectors such as pipeline transportation and water transportation saw increases of 16.8% and 8.9%, respectively [3][4]. Regional Investment Analysis - Eastern regions experienced a significant decline in investment by 6.6%, while central and western regions saw decreases of 1.7% and 0.2%, respectively [3][4]. - The northeastern region faced the largest drop at 14.0% [3][4]. Investment by Registration Type - Domestic enterprises' fixed asset investment fell by 2.6%, while investment from Hong Kong, Macau, and Taiwan enterprises decreased by 2.2% [3][4]. - Foreign enterprises experienced a substantial decline in investment by 14.1% [3][4].

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session emphasizes the construction of a modern infrastructure system as a crucial task for building a modern industrial system and strengthening the foundation of the real economy [1] Group 1: Importance of Modern Infrastructure - Infrastructure plays a strategic, foundational, and leading role in national development, significantly impacting economic and social progress [2] - The Central Committee has consistently promoted the construction of a modern infrastructure system, recognizing its importance for long-term national development [2] - Infrastructure is essential for industrial development and serves as a critical component of the modern industrial system, reflecting a country's development level and civilization [2] Group 2: New Quality Productivity - The development of a modern infrastructure system is vital for nurturing new quality productivity, as historical innovations have relied on corresponding infrastructure [3] - Modern infrastructure networks facilitate the flow of technological innovation and production factors, enhancing efficiency and reducing costs [3] Group 3: Current Challenges - There are significant gaps in China's infrastructure compared to developed countries, with issues such as insufficient coordination and resilience in key areas [4] Group 4: Characteristics of Modern Infrastructure - The modern infrastructure system must be advanced, systematic, efficient, safe, and green, aligning with the needs of a socialist modernized nation [5] - Emphasis on integrating advanced technology with economic benefits is crucial for modern infrastructure development [5] Group 5: Transition to Systematic Planning - There is a need to shift from single-domain planning to cross-domain systematic planning for infrastructure, addressing imbalances and structural issues [6][7] Group 6: Development Direction - The development of modern infrastructure should focus on intelligence, greenness, and integration, leveraging new technologies for enhanced efficiency and sustainability [8] Group 7: Key Tasks for the 14th Five-Year Plan - The 14th Five-Year Plan aims to consolidate and expand China's infrastructure advantages, focusing on modernizing transportation and energy systems while enhancing safety and resilience [9][12] Group 8: New Energy Infrastructure - The new energy infrastructure will prioritize non-fossil energy sources and develop a new power system, aiming for a significant increase in clean energy supply [12] Group 9: Modern Water Network - The construction of a modern water network is essential for national public service systems, focusing on flood control and efficient water resource management [13] Group 10: Urban Infrastructure Resilience - Enhancing urban infrastructure to support both daily functions and emergency responses is critical for improving resilience and sustainability [14]

《海南日报》（2025年12月14日A04/05版） 基础设施 要实施一批重大基础设施工程，提高基础设施网络化智能化水平，加密海南直达全球主要客源地的国际航线，加快构建现代基础设施体系。 海南日报全媒体记者曹马志 今日琼州，高质量发展的强劲动能在基础设施的坚实支撑中越发澎湃—— 今年12月底，海南首条双向8车道高速公路——洋浦疏港高速公路将建成通车，大幅提升洋浦国际枢纽港集疏运效率； 今年6月，首艘15万吨级外贸船舶停靠洋浦国际集装箱码头扩建工程新投用的4号泊位，刷新洋浦港超大型船舶靠泊纪录； 今年10月30日，三亚凤凰国际机场三期改扩建项目T3航站楼顺利通过竣工验收，创造中国民航近年来同等规模航站楼工程的最快建设速度； …… 纵横四海，通达全球；人享其行、物畅其流。不断完善和升级"陆海空"建设正是海南推进基础设施建设的一个缩影。 近年来，海南加快实施一批重大基础设施工程，持续提高基础设施网络化智能化水平，加密海南直达全球主要客源地的国际航线，加快构建高质量现代基础 设施体系。 一个个基建工程"点"上的突破，正勾勒出海南经济社会高质量发展的上扬曲线，映照出自贸港建设加速推进的蓬勃图景。 A "海陆空"立体推进 ...

证券日报网讯 12月10日，中国能建在互动平台回答投资者提问时表示，公司始终坚守能源电力、水利 主责主业，全面推进精益管理、强化运营管控，不断提升发展质量，2025年前三季度，管理费用同比下 降3.64%，利息费用同比下降4.51%；由于加大市场开发、业务规模扩大等因素，销售费用和财务费用 有所增加，但两者在营收中的占比分别下降约0.02个百分点和0.09个百分点。关于公积金缴存和企业年 金，公司严格按照国家规定和财务会计政策进行处理。公司将继续加大科技创新和产业创新，提升盈利 水平和投资价值，更好回报全体股东。 （编辑 王雪儿） ...

"请限期拆除违法建筑，恢复河道原貌"。近日，在江苏省盐城市水利局召开的项目洪水影响评价报告审 查会上，一部关于防洪法的动画视频，通俗形象地介绍了常见违法行为。"我们在行政审批和报告审查 时，组织相关单位观看典型案例，做到以案释法、以案明纪。"盐城市水利局局长周岚表示，这是盐城 打造"水·利万企"服务品牌的举措之一，旨在通过审批提质、普法增效、监管优化、执法规范等方式， 为企业提供更高效、更便捷的涉水许可支持。 打造"水·利万企"服务品牌，是盐城市水利局深化"放管服"改革、优化营商环境的创新实践。今年以 来，该局按照"服务企业面对面、解决问题在一线"的工作理念，联动推进行政许可、普法宣传、监管检 查、行政执法"四位一体"新实践，聚焦企业涉水事项办理"少跑腿、办理快，少花钱、成本低，少受 累、态度好"的需求，全力打造"水·利万企"服务品牌，服务盐城经济社会高质量发展。 行政许可便利化 为将行政许可便利化落到实处，盐城市水利局认真梳理流程，细化服务环节。 事前主动服务。发挥政务大厅窗口作用，主动收集项目信息，提前向企业发送审批提醒告知函和审批服 务指南，一次性告知需办理的水行政许可事项、材料清单及流程，避免"事后补 ...

论坛： 新一批敲钟人，已在路上 荐读： 重新发现香港：科创时代的新蓝图 榜单： 全国首只AIC产业母基金来了 热文： 投资人"忙疯了" 湖北水利发展集团有限公司相关负责人表示，设立湖北水利发展基金是该集团履行好省级水利基础设施投建管运主体职责，加快建成"荆楚安澜"安 全韧性现代水网，大力发展绿色水经济的重要举措，是我省深化水利投融资改革和重构政府引导基金体系的重要成果。下一步，基金将专注主业投 资，携手各方构建共享共赢的水利发展合作生态，为湖北加快建成中部地区崛起重要战略支点注入水利动能。 来源：湖北日报 每日｜荐读 12月6日，湖北水利发展基金发布暨签约仪式在武汉举行。发布现场，出资人及管理人签署了基金协议，并与黄石市、十堰市、仙桃市、枣阳市签署 了项目投资意向协议。副省长黎东辉出席活动。 湖北水利发展基金是由省财政出资，湖北水利发展集团有限公司作为主发起人设立，规模100亿元。基金按照"政府引导、市场运作、专业管理、严 控风险"的原则运行，主要投向水利基础设施、涉水资产资源收购、水生态水环境治理、水利技术研发应用和涉水产业链上下游经营项目。 ...

News Focus - The National Energy Administration reported seven violations regarding the fair and open operation of the power grid, emphasizing the need for energy transmission network operators to provide services without discrimination [2] Domestic News - The Central Ecological and Environmental Protection Inspection reported illegal disposal of construction waste in multiple areas of Beijing, highlighting weak management and control in districts like Pinggu and Fengtai [2] - Mobile sources have become a significant contributor to air pollution, with total emissions from mobile sources reaching 18.582 million tons in 2024 [2] - The China Bicycle Association addressed concerns regarding the new national standard for electric bicycles, stating that it aims to enhance safety and reduce risks of fire and traffic accidents [3] - China's first heat-coupled seawater hydrogen production device has achieved over 500 hours of stable operation, marking a key breakthrough in the engineering application of this technology [3] - A new rain measurement radar system has been deployed at the Three Gorges Project, enhancing rainfall monitoring capabilities over an area of approximately 13,000 square kilometers [4] - The Xiong'an 500 kV ultra-high voltage substation has been officially put into operation, serving as a critical hub for clean energy transmission from Inner Mongolia and Hebei to the Xiong'an New Area [4] - The China National Railway Group reported that in November, it transported 184 million tons of coal, a year-on-year increase of 0.3%, ensuring sufficient supply for winter heating and power generation [4] - Hubei has established a 10 billion yuan water conservancy development fund, focusing on infrastructure, asset acquisition, ecological governance, and technology development [5] International News - President Trump signed a law to lift drilling restrictions in parts of the Arctic National Oil Reserve [6] - Germany extended its tax exemption policy for electric vehicles until December 31, 2035 [6] - The International Atomic Energy Agency reported that repairs have begun on the damaged protective cover of the Chernobyl nuclear power plant [7] - Japan initiated its 17th round of discharging nuclear contaminated water from the Fukushima plant, with approximately 7,800 tons planned for release [7] Corporate News - The Dadu River Danba Hydropower Station has received national approval, marking the addition of a new hydropower station with a million-kilowatt capacity and the first project to successfully attract private capital following the introduction of the Private Economy Promotion Law [8]

报告共计：48页 A股上市公司ESG评级分析报告2025核心总结 《A股上市公司ESG评级分析报告2025》由商道融绿研究团队撰写，聚焦2020-2025年A股上市公司ESG表现，从综合绩效、维度细分、行业差异、披露与供 应链管理等多方面展开分析，呈现了A股市场ESG发展的整体态势。 报告核心显示，A股上市公司ESG综合绩效呈稳步提升态势。2020至2025年间，ESG综合绩效相关指标从约1.68逐步攀升，其中高ESG评级企业的绩效表现 尤为突出，始终高于低ESG评级企业，两者差距呈现持续拉大的趋势，反映出企业间ESG发展水平的分化特征。 在ESG三大核心维度中，环境（E）、社会（S）、治理（G）均实现不同程度的进步。环境维度聚焦能源利用、污染控制等议题，社会维度围绕客户权益、 供应链管理等展开，治理维度则涉及企业内部管理机制完善等内容，三大维度绩效均稳定在1.0以上并逐年小幅提升，其中环境维度和治理维度的增长幅度 相对更为明显。 行业层面的ESG表现呈现显著差异。中证800成分股企业的ESG相对绩效整体高于市场平均水平，强制披露主体的表现优于其他企业。具体来看，电力、热 力、燃气及水的生产行业，医药制造业， ...