Core Viewpoint - China Power Construction Corporation reported a total of 142 new energy storage projects signed from January to September 2025, with a total contract value of 36.698 billion RMB [1][4]. Summary by Category Business Type Statistics - The company signed a total of 6,306 new projects with a total contract value of 90.4527 billion RMB, reflecting a year-on-year increase of 5.04% [6][8]. - New energy storage projects accounted for 142 projects with a contract value of 36.698 billion RMB, showing a slight increase [6][7]. - The energy power sector saw 4,013 projects with a total value of 585.228 billion RMB, up by 12.89% year-on-year [6][7]. - Hydropower projects increased significantly by 68.82% year-on-year, totaling 1,494.38 billion RMB [6][7]. - Wind power projects also saw a substantial increase of 54.67%, amounting to 1,828.74 billion RMB [6][7]. - Solar power projects, however, experienced a decline of 33.36%, totaling 1,379.18 billion RMB [6][7]. Regional Distribution Statistics - Domestic contracts amounted to 69.0773 billion RMB, a slight increase of 0.83% year-on-year [9]. - International contracts reached 21.3754 billion RMB, reflecting a significant increase of 21.45% [9]. Major Contract Signing Situation - Notable contracts signed in September 2025 included: - A 57.52 million RMB contract for the Sun Valley Pumped Storage Power Station [11]. - A 17.8 million RMB contract for the 500MW/2000MWh independent energy storage project in Hetian [12]. - A 15.39 million RMB contract for the Uzbekistan Nukus Phase II wind-storage project [12].

Core Viewpoint - The National Development and Reform Commission announced a new policy financial tool with a total scale of 500 billion yuan, aimed at supplementing project capital. This initiative is expected to significantly alleviate capital shortages for major projects and stimulate investment across various sectors [1][9]. Group 1: Financial Tool Implementation - The new policy financial tool has been rapidly deployed since September 29, with initial funding announcements from multiple provinces including Jiangsu, Anhui, and Guangdong, targeting urban renewal, transportation, water management, logistics, energy, and environmental protection projects [1][2][5]. - The financing terms for these tools are relatively long, with some projects approved for financing periods of 15 to 20 years, allowing for better alignment with the long return cycles of the projects [1][9]. Group 2: Project Examples and Allocations - In Jiangsu, the Wuxi to Yixing intercity rail project received 3.199 billion yuan, marking it as the largest project approved in the province [2]. - Guangdong's first allocation for urban renewal was 49 million yuan for the Shantou City project, which aims to improve municipal facilities and living conditions [3]. - The Guangxi Energy Group secured funding for the Bai Long nuclear power project, a significant clean energy initiative with a total investment of 41 billion yuan [3]. Group 3: Economic Impact and Projections - The new financial tool is projected to leverage approximately 2.5 to 3.3 trillion yuan in total investment, significantly boosting fixed asset investment growth rates [10][11]. - It is estimated that the 500 billion yuan tool could stimulate around 6 trillion yuan in investment, equating to about 24.4% of the projected total infrastructure investment for 2024 [10][11]. - The implementation of this tool is expected to enhance infrastructure investment growth by 1 to 1.5 percentage points in the fourth quarter of this year [11].

Summary of Key Points Core Viewpoint - China Power Construction Corporation reported its major operating performance from January to July 2025, highlighting a total new contract amount of 736.13 billion RMB, representing a year-on-year increase of 4.30% By Business Type - The company signed 3,230 new projects in the energy and power sector, with a total new contract amount of 472.068 billion RMB, up 12.94% year-on-year - Hydropower projects accounted for 630 new contracts worth 113.088 billion RMB, showing a significant increase of 70.03% - Wind power projects saw 723 new contracts totaling 157.226 billion RMB, an increase of 68.40% - Solar power projects experienced a decline, with 656 contracts worth 118.509 billion RMB, down 29.96% - Thermal power projects decreased significantly, with 287 contracts amounting to 19.915 billion RMB, down 63.82% - New energy storage projects included 115 contracts worth 28.504 billion RMB - Water resources and environmental projects totaled 615 contracts worth 75.039 billion RMB, down 23.31% - Urban construction and infrastructure projects accounted for 744 contracts worth 151.622 billion RMB, down 4.82% - The total new contracts across all business types amounted to 736.133 billion RMB [1][2] By Regional Distribution - Domestic contracts totaled 580.050 billion RMB, reflecting a slight increase of 0.61% - International contracts reached 156.083 billion RMB, showing a significant increase of 20.78% - The overall contract amount was 736.133 billion RMB, with a year-on-year increase of 4.30% [2] Major Contract Signing Details - Key projects included: - A 1 million kW/4 million kWh grid-type energy storage project in Inner Mongolia, valued at 10 billion RMB - A 190 MW wind power project in Inner Mongolia, valued at 2.8 billion RMB - A 275 MW/1,100 MWh energy storage project in Yanchi County, valued at 2.75 billion RMB - A 500 kW wind power project in the Toli County of Huaneng, valued at 5 billion RMB - Various other significant contracts in urban construction and energy sectors [3][4]

Core Viewpoint - The UK government has announced a ten-year infrastructure strategy, planning to invest at least £725 billion to enhance national infrastructure, emphasizing its critical role in economic growth and job creation [1] Group 1: Key Areas of Investment - Housing: A ten-year affordable housing plan aims to deliver 1.5 million new homes during the current parliamentary term through investments from the National Housing Bank [2] - Transportation: The strategy includes the Thames Tideway Tunnel project and the establishment of a "structural fund" to renovate the road network [3] - Water: Water companies are expected to quadruple their investment in new infrastructure over the next five years, including the construction of nine new reservoirs [4] Group 2: Leveraging Private Investment - The strategy aims to leverage the National Wealth Fund to attract private sector investment, thereby driving economic growth across the UK [5] Group 3: Energy and Education Initiatives - Clean Energy: Investments will be made in the UK's first regional hydrogen transport network and energy storage facilities, along with strategic transmission network and electric vehicle charging infrastructure [5] - Schools: Under the existing "School Rebuilding Program," over 500 schools will be rebuilt, with an additional 250 schools included in the plan, ensuring funding through the fiscal year 2034/2035 [6] Group 4: Healthcare and Digital Infrastructure - Hospitals: The "New Hospitals Program" will see the construction of 35 new hospitals in England [7] - Digital Connectivity: The strategy will continue to advance the "Gigabit Project" to promote high-speed internet access [9] Group 5: Flood Defense and Justice - Flood Defense: A ten-year flood investment plan will be implemented [10] - Justice: Three new prisons will be constructed in England by 2031 [11] Group 6: Defense Spending - The government commits to increasing defense spending to 2.6% of GDP by 2027 [12] Group 7: Implementation and Political Context - The newly established National Infrastructure and Services Transformation Agency (NISTA) will lead the implementation of the strategy, with the first infrastructure projects to be announced in July [12] - The strategy is seen as a means to convert public investment into political capital ahead of the next general election, particularly focusing on traditional Labour strongholds in Northern and Central England and Wales [12]

证券代码：601669 股票简称：中国电建 公告编号：临 2025-034 中国电力建设股份有限公司 2025 年 1 月至 5 月主要经营情况公告 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。 现将中国电力建设股份有限公司2025年1月至5月主要经营情况公布如下，供投 资者参阅。 一、按业务类型统计 | 业务类型 | 新签项目数量（个） | 新签合同金额 | 同比增减 | | --- | --- | --- | --- | | 能源电力 | 2408 | 3012.48 | 4.44% | | 水电 | 488 | 653.87 | 60.66% | | 其中：抽水蓄能 | 238 | 256.51 | 4.63% | | 风电 | 531 | 1018.01 | 67.33% | | 太阳能发电 | 482 | 854.81 | -32.61% | | 火电 | 224 | 146.99 | -62.28% | | 新型储能 | 65 | 107.50 | / | | 其他 | 618 | 231.30 | / | | ...

Core Viewpoint - The Hong Kong Dividend ETF Fund (513820) has shown resilience with a slight decline of 0.59% while experiencing net inflows for three consecutive days, highlighting its attractiveness in the market [1] Group 1: Fund Performance - The Hong Kong Dividend ETF Fund (513820) has distributed dividends for 11 consecutive times, leading in the number of distributions among Hong Kong dividend ETFs [1] - The fund's underlying index, the China Securities Hong Kong Stock Connect High Dividend Index, boasts a dividend yield of over 8% in the past 12 months, ranking it among the top in its category [5][6] - The fund's total return index has demonstrated strong long-term performance, with cumulative returns significantly higher than other similar dividend indices since 2017, indicating robust reinvestment effects [9] Group 2: Index Characteristics - The underlying index of the Hong Kong Dividend ETF Fund (513820) is classified as a pure dividend index, with stock selection and weighting based solely on dividend yield [6][4] - The index maintains a balanced industry distribution, with significant allocations in traditional high-dividend sectors such as banking (26.3%) and oil and petrochemicals (9.9%), while also diversifying into transportation (19.8%) and telecommunications (9.3%) [7] Group 3: Investment Strategy - The fund employs an innovative "monthly evaluation of dividends" strategy, allowing for up to 12 distributions per year, which enhances its appeal to investors seeking predictable income [14] - The fund's valuation advantage is highlighted by its lower valuation compared to A-shares, providing a more substantial margin of safety for investors [14] - The fund focuses on high-quality, high-dividend leading stocks, with a total of 30 constituent stocks, ensuring a concentrated yet diversified investment approach [14]