Group 1 - The company's stock experienced a significant price fluctuation, with a cumulative price deviation exceeding 30% over two consecutive trading days on July 23 and 24, 2025, indicating abnormal trading activity [1][2] - The stock's price deviation exceeded 100% over four consecutive trading days from July 21 to July 24, 2025, categorizing it as severe abnormal trading activity [2] - The company's current price-to-earnings (P/E) ratio stands at 170.26, which is substantially higher than the industry average P/E ratio of 36.95 for the "Professional Technical Services" sector [1][2] Group 2 - The company provides professional technical services including surveying design, planning consultation, and project management, holding various qualifications in the hydropower sector [2] - The company is closely monitoring the Yaxia Hydropower Station project but has not participated in its construction [2] - The board confirmed that there are no undisclosed significant matters or risks that could impact the company's stock price [2]

20cm4连板深水规院（301038）公告，公司股票于2025年7月21日至7月24日连续四个交易日收盘价格涨 幅偏离值累计超过100%，属于股票交易严重异常波动的情形。近期市场对雅鲁藏布江下游水电工程关 注度较高。公司主营业务是为水务工程提供勘测设计、规划咨询、项目运管等专业技术服务，具有工程 设计水利行业甲级、工程勘察综合甲级以及工程设计电力行业水力发电(含抽水蓄能、潮汐)专业乙级等 相关资质和业绩，可承接水电站相关业务。公司密切关注雅下水电站相关业务信息，目前未参与该工程 建设。 ...

Group 1 - The core point of the news is the significant impact of the Yarlung Tsangpo River downstream hydropower project on the stock price of Shenzhen State-owned enterprise Shen Shui Gui Yuan, which saw a 60% increase following the announcement of the project's commencement [2][5] - The Yarlung Tsangpo River downstream hydropower project has a total investment of approximately 1.2 trillion yuan, aiming to construct five cascade power stations with an installed capacity expected to reach 60 to 81 million kilowatts, generating an annual electricity output of 300 billion kilowatt-hours, equivalent to "recreating three Three Gorges" [2][5] - Shen Shui Gui Yuan's stock price hit a 20% limit up on July 21, and continued to rise for three consecutive days, becoming a market focus [5][6] Group 2 - Shen Shui Gui Yuan reported a total operating revenue of 855 million yuan for the year 2024, representing a year-on-year increase of 11.14%, while the net profit attributable to shareholders surged by 278.10% to 52.83 million yuan [5] - In the first quarter of this year, the company experienced a decline in performance, with operating revenue of 96.52 million yuan, a year-on-year decrease of 11.40%, and a net loss of 29.46 million yuan, down 125.25% [5] - The company has extensive experience in water resource surveying and design, and has established a subsidiary in Tibet to focus on water construction projects [5][6] Group 3 - Institutional and retail investors have been actively trading Shen Shui Gui Yuan's stock, with a net buying amount of 16.6 million yuan recorded on July 23 [6] - The company confirmed that there are no undisclosed matters that could significantly impact its stock price, ensuring transparency in its operations [7]

Group 1: Core Insights - The company reported a total new contract value of 775.36 billion RMB for Q2 2025, reflecting a year-on-year increase of 4.98% [1] - The engineering construction sector saw a new contract value of 717.04 billion RMB, up by 9.23% year-on-year [1] - The traditional energy sector experienced a decline in new contracts, with a value of 183.10 billion RMB, down 10.38% year-on-year [1] Group 2: Business Type Summary - New contracts in urban construction increased significantly by 33.15%, totaling 120.96 billion RMB [1] - The industrial manufacturing sector faced a substantial decrease of 64.50%, with new contracts valued at 214.15 billion RMB [1] - The surveying, design, and consulting segment reported a remarkable increase of 52.06%, with new contracts amounting to 108.83 billion RMB [1] Group 3: Regional Distribution - Domestic contracts accounted for 575.88 billion RMB, showing a growth of 2.25% year-on-year [1] - Overseas contracts reached 199.48 billion RMB, marking a significant increase of 13.74% [1] - The total new contract value from both domestic and overseas sources combined was 775.36 billion RMB [1]

Core Viewpoint - China Energy Engineering Corporation (China Energy) reported a total of 10,740 new projects signed in Q2 2025, with a new contract amount of 386.46 billion yuan, reflecting a year-on-year growth of 4.98% [1] Summary by Category Project and Contract Overview - The number of new projects in the engineering construction business was 2,355, with a new contract amount of 352.987 billion yuan [1] - The surveying, design, and consulting business signed 3,809 new projects, amounting to 10.883 billion yuan [1] Domestic and International Performance - The new contract amount within China reached 575.877 billion yuan, showing a year-on-year increase of 2.25% [1] - The overseas new contract amount was 199.479 billion yuan, which represents a year-on-year growth of 13.74% [1]

2025 年 5 月 5 日 公司研究 营收稳健增长，装机规模持续提升 wuyujie@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 172.26 | | 总市值(亿元)： | 813.07 | | 一年最低/最高(元)： | 4.33/6.24 | | 近 3 月换手率： | 30.55% | 股价相对走势 买入（维持） 当前价：4.72 元 作者 分析师：孙伟风 执业证书编号：S0930516110003 021-52523822 sunwf@ebscn.com ——中国电建（601669.SH）2024 年年报及 2025 年一季报点评 分析师：吴钰洁 执业证书编号：S0930523100001 021-52523879 -12% -4% 5% 13% 21% 04/24 07/24 10/24 01/25 中国电建 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -0.53 | -5.14 | -9.76 | | 绝对 | -2.88 | -5.79 | ...

丨证券研究报告丨 公司研究丨点评报告丨中国电建（601669.SH） [Table_Title] 新签稳增长，电力高景气 报告要点 [Table_Summary] 公司全年实现营业收入 6336.85 亿元，同比增长 4.07%；归属净利润 120.15 亿元，同比减少 7.21%；扣非后归属净利润 110.97 亿元，同比减少 5.26%。公司实现单 4 季度营业收入 2080.16 亿元，同比增长 10.51%；归属净利润 32.09 亿元，同比减少 7.21%；扣非后归属净利润 31.80 亿元，同比减少 88.79%。 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 中国电建（601669.SH） cjzqdt11111 [Table_Title2] 新签稳增长，电力高景气 [Table_Summary2] 事件描述 公司全年实现营业收入 6336.85 亿元，同比增长 4.07%； ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 28 年 月 日 投资建议：我们预计公司 2025-2027 年归母净利润分别为 129/136/141 亿，同比 增长 7%/5%/4%，EPS 分别为 0.75/0.79/0.82 元/股，当前股价对应 PE 分别为 6.4/6.1/5.9 倍，维持"买入"评级。 风险提示：电力投资不及预期、信用减值风险、新能源投产盈利不及预期等。 中国电建（601669.SH） 现金流显著改善，新能源盈利占比持续提升 减值增加致 Q4 业绩承压，新能源工程业务维持高增。2024 年公司实现营业收入 6346 亿，同增 4%；实现归母净利润 120 亿，同降 7%；扣非归母净利润同降 5%。 分季度看：Q1/Q2/Q3/Q4 单季分别实现营收 1403/1451/1410/2082 亿，同比 +5%/-2%/+1%/+10%；单季归母净利润分别为 30/33/25/32 亿，同比+1%/- 12%/-9%/-7%，Q4 营收增长明显提速，业绩有所承压，主要因单季计提减值损 失 49 亿，较同期增加 16 亿。分业务看：工程承包业务实现营收 5431 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 28 年 月 日 中国电建（601669.SH） 现金流显著改善，新能源盈利占比持续提升 减值增加致 Q4 业绩承压，新能源工程业务维持高增。2024 年公司实现营业收入 6346 亿，同增 4%；实现归母净利润 120 亿，同降 7%；扣非归母净利润同降 5%。 分季度看：Q1/Q2/Q3/Q4 单季分别实现营收 1403/1451/1410/2082 亿，同比 +5%/-2%/+1%/+10%；单季归母净利润分别为 30/33/25/32 亿，同比+1%/- 12%/-9%/-7%，Q4 营收增长明显提速，业绩有所承压，主要因单季计提减值损 失 49 亿，较同期增加 16 亿。分业务看：工程承包业务实现营收 5431 亿，同增 4.5%，其中水资源与环境/能源电力/基建工程分别实现营收 801/2932/1699 亿， 同比+12%/+15%/-12%，能源电力工程增长较快，主要系新能源及抽蓄工程高增 驱动（收入分别同增 22%/35%）。勘测设计/电力投资与运营/其他业务（设备制 造、砂石骨料等）实现营收 319/254/313 ...