Core Viewpoint - China Energy Engineering Group has accelerated its share buyback of China Energy Construction Co., reflecting confidence in the company's future development and investment value [1] Summary by Relevant Sections Share Buyback Details - From April 1 to April 8, 2025, China Energy Engineering Group increased its holdings by 65,495,600 shares, with a total investment of 143 million yuan (excluding fees) [1] - Since October 15, 2024, the total shares acquired by China Energy Engineering Group amount to 136,680,556, representing 0.33% of the company's total share capital, with a cumulative investment of 300,007,368 yuan (excluding fees) [1] - The total investment has exceeded the lower limit of the buyback plan [1] Future Plans - China Energy Engineering Group will continue to monitor market trends and the stock price of China Energy Construction Co. to determine the timing of further buybacks [1]

丨证券研究报告丨 公司研究丨点评报告丨中国能建（601868.SH） [Table_Title] 新签高景气，收入业绩双增 报告要点 [Table_Summary] 公司 2024 年实现营业收入 4367.13 亿元，同比增长 7.56%；归属净利润 83.96 亿元，同比增 长 5.13%；扣非后归属净利润 65.26 亿元，同比减少 8.89%。 分析师及联系人 [Table_Author] SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 张弛 张智杰 袁志芃 龚子逸 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 中国能建（601868.SH） cjzqdt11111 [Table_Title2] 新签高景气，收入业绩双增 资料来源：Wind -17% -3% 11% 26% 2024/4 2024/8 2024/12 2025/4 中国能建 建筑与工程 沪深300指数 相关研究 [Table_Summary2] 事件描述 公司 2024 年实现营业收入 4367.13 亿元，同比增长 7.56%；归属净 ...

前十大流通股东累计持有： 3160887.14万股，累计占流通股比： 75.83%，较上期变化： -21686.34万 股。 | 名称 | 持有数量(万股) | 占总股本比 | 增减情况 | | --- | --- | --- | --- | | | | 例(%) | (万股) | | 中国能源建设集团有限公司 | 1871045.65 | 44.88 | 不变 | | HKSCC NOMINEES LIMITED | 843801.98 | 20.24 | 3.20 | | 中国国新控股有限责任公司 | 202937.88 | 4.87 | 不变 | | 香港中央结算有限公司 | 69057.70 | 1.66 | -9735.67 | | 中国证券金融股份有限公司 | 61337.45 | 1.47 | 不变 | | 中央汇金资产管理有限责任公司 | 30659.36 | 0.74 | 不变 | | HUADIAN FUXIN INTERNATIONAL INVESTMENT COMPANY LIMITED | 24372.20 | 0.58 | 不变 | | 中国工商银行（601398）股份有限公司-华 ...

Investment Rating - The report maintains an "Overweight" rating for the construction and engineering sector, as well as for building materials [6]. Core Insights - Traditional infrastructure investment is expected to show stable growth, while emerging industries and strategic regional investments are anticipated to have high elasticity [1][3]. - The report emphasizes the importance of urban renewal as a key area for improving living standards and highlights the robust demand for investment in emerging industries [1][3]. - The report identifies that the economic provinces are expected to play a significant role in driving investment, with regions like Xinjiang, Tibet, and Hainan showing considerable investment elasticity [4][10]. Summary by Sections Overview of Infrastructure Investment - Traditional infrastructure investment is projected to improve slightly, with energy sectors like nuclear power, wind power, and power grids experiencing high demand [1][3]. - Urban renewal projects are highlighted as critical for addressing social needs, with a focus on upgrading old urban areas and improving public housing [3]. Regional Investment Dynamics - Economic provinces are expected to lead investment efforts, with strong fiscal capabilities observed in regions like Zhejiang [4][10]. - High-risk areas are showing signs of recovery, with investment plans for 2025 indicating a positive trend after two years of risk management [4][10]. Sector-Specific Insights - The construction sector is expected to maintain a stable demand, with leading state-owned enterprises and quality local state-owned enterprises likely to benefit from valuation recovery [5]. - The report identifies two main investment directions: the dividend value of leading construction companies and the growth opportunities driven by industrial services in data centers and cleanroom engineering [5]. Energy and Transportation Investment - Energy construction is expected to see high growth in nuclear power and wind power, while solar energy installations may decline [3][48]. - Transportation infrastructure, particularly railways, is projected to remain robust, while road investments are under pressure due to policy constraints [32][42].

A 股代码：601868 A 股简称：中国能建 公告编号：临 2025-009 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 关于延长向特定对象发行股票相关决议有效期 及授权有效期的公告 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。 中国能源建设股份有限公司（以下简称公司）分别于 2023 年 2 月 15 日、2023 年 2 月 28 日、2023 年 3 月 30 日召开第三届董事会 第二十一次会议、第三届董事会第二十二次会议和 2023 年第一次临 时股东大会、第一次 A 股类别股东大会及 H 股类别股东大会，审议通 过《关于公司非公开发行 A 股股票方案的议案》《关于公司向特定对 象发行 A 股股票相关文件修订说明的议案》《关于提请股东大会及类 别股东大会授权董事会办理本次向特定对象发行 A 股股票相关事宜 的议案》等公司向特定对象发行 A 股股票（以下简称本次发行）的相 关议案。根据前述决议，公司本次发行相关决议及授权的有效期为自 公司股东大会及类别股东大会审议通过本次发行方案 ...