公 司 研 究 / 建 筑 装 饰 / 证 券 研 究 报 告 中国能建（601868）深度研究 "四新"转型求变，积极布局新型能源 体系建设 2026 年 01 月 28 日 【投资要点】 挖掘价值 投资成长 增持（维持） 东方财富证券研究所 证券分析师：王翩翩 证书编号：S1160524060001 证券分析师：郁晾 证书编号：S1160524100004 证券分析师：闫广 证书编号：S1160526010004 相对指数表现 -10% 0% 10% 20% 30% 40% 2025/2 2025/8 2026/1 中国能建 沪深300 | 基本数据 | | | --- | --- | | 总市值（百万元） | 102,560.26 | | 流通市值（百万元） | 79,774.67 | | 52 周最高/最低（元） | 3.01/2.17 | | 52 周最高/最低（PE） | 15.84/11.42 | | 52 周最高/最低（PB） | 1.17/0.85 | | 52 周涨幅（%） | 13.36 | | 52 周换手率（%） | 53.33 | 注：数据更新日期截止 2026 年 01 月 28 ...

Core Insights - The new policy in 2025 marks the end of the era where the energy storage industry relied heavily on government mandates, shifting towards a market-driven approach [1][3] - The city of Tai'an, particularly Feicheng, is emerging as a microcosm of the new energy storage industry, developing a comprehensive supply chain that includes R&D, manufacturing, operation, and services [2][3] Policy Changes - The cancellation of mandatory energy storage requirements for new energy power plants signifies a critical transition for the energy storage sector, compelling companies to achieve commercial viability without direct subsidies [3][11] - The "136 Document" issued by the National Development and Reform Commission and the National Energy Administration emphasizes market-driven efficiency and business model innovation in the energy storage industry [3][11] Industry Developments - As of September 2025, Shandong province has an operational capacity of 9.65 million kilowatts in new energy storage, ranking third in the country [4] - Feicheng is transforming abandoned salt caverns into compressed air energy storage facilities, attracting multiple large-scale projects and creating a potential trillion-yuan industry [3][5] Technological Innovations - The use of abandoned salt caverns for compressed air energy storage is economically advantageous, with cost savings of approximately 25% compared to traditional methods [4][5] - The first commercial compressed air energy storage plant in Feicheng has catalyzed rapid development in this sector, leading to significant investments and projects from major state-owned enterprises [6][9] Economic Impact - Feicheng aims to establish itself as a leading hub for compressed air energy storage, with 22 projects under construction or negotiation, totaling an investment of 34 billion yuan [6][10] - The local government is actively facilitating the development of a closed-loop industrial chain, integrating salt mining, energy storage, and equipment manufacturing [7][10] Future Directions - The city is also exploring sodium-ion batteries as a strategic alternative to lithium batteries, aiming to mitigate risks associated with lithium resource scarcity [12][13] - A significant investment of 3 billion yuan is underway for a sodium-ion battery manufacturing project, with the first production line expected to launch soon [17] Challenges Ahead - The energy storage industry faces structural challenges, including a reliance on policy support and the finite nature of salt cavern resources [18][19] - Attracting high-end research talent and fostering original innovation capabilities remain critical for sustaining growth and competitiveness in the energy storage sector [19][20]

Core Viewpoint - The article highlights the recent bidding and winning data in the energy storage sector, indicating a significant scale of projects and investments in advanced energy storage technologies, particularly compressed air energy storage systems [1][2]. Bidding Section - A total of 15 bidding projects were reported from November 24 to November 30, with an EPC, PC, and energy storage system bidding scale of 10.5 GWh [1]. - The largest project is the Pingdingshan Yexian 200MW/1600MWh advanced compressed air energy storage station, with a total investment of approximately 192 million yuan [2]. - The project includes various components such as a compressed air underground salt cavern storage system and a 220KV transformer station, emphasizing its zero-emission and pollution-free nature [2]. Winning Section - The lowest bid for energy storage systems was 0.520 yuan/Wh, won by Zhuhai Kechuang Energy Storage for a 100MW fish-solar complementary photovoltaic project, with a total bid price of 13 million yuan for a scale of 25 MWh [3]. Project Statistics - Various projects were listed, including: - Pingdingshan 200MW/1600MWh compressed air energy storage project [4]. - Jinzhong 800MW/1600MWh energy storage project [4]. - Henan 300MW/1500MWh compressed air energy storage project [4]. - Ningxia 150MW/1200MWh solid heat-sharing energy storage project [4]. - The projects span multiple provinces, showcasing a diverse range of energy storage solutions across the country [4]. Winning Project Statistics - Notable winning projects include: - A 200MW/400MWh independent energy storage project in Dingzhou with a winning bid of approximately 30.2 million yuan [6]. - A 200MW/200MWh independent energy storage project in Shanwei with a winning bid of approximately 27.9 million yuan [6]. - The winning prices and project capacities reflect the competitive landscape in the energy storage sector [6].

Core Insights - The world's largest compressed air energy storage power station, the Huaneng Jintan Salt Cavern Compressed Air Energy Storage Phase II project, has successfully completed the installation of its turbine, marking the beginning of the main equipment installation phase [1][4] - The turbine, referred to as the "heart" of the compressed air energy storage station, can respond to grid peak demand within minutes, completing the process of "ramping up to full load" in just 10 minutes [1] - The project features 100% domestically produced core components and boasts the highest single-unit output and largest intake flow rate in China [1] Project Specifications - Upon completion, the project is expected to charge and discharge approximately 330 times annually, with a single charge capable of storing 2.8 million kilowatt-hours of electricity [3] - This capacity can meet the charging needs of 100,000 electric vehicles and is projected to save 270,000 tons of standard coal and reduce carbon dioxide emissions by 520,000 tons annually [3]

Core Viewpoint - The Huaneng Group's Jinshan Salt Cavern Compressed Air Energy Storage Phase II project has successfully completed the installation of the turbine, marking the transition to the main equipment installation phase, positioning it as the world's largest compressed air energy storage power station [1] Group 1: Project Details - The installed turbine is referred to as the "heart" of the compressed air energy storage station, capable of responding to grid peak demand within minutes and completing the full process of "ramping up to full load" in just 10 minutes [1] - The project features 100% domestically produced core components and boasts the highest single-unit output and largest air intake flow rate in the country [1] - The project plans to construct two sets of 350 megawatt non-reburning compressed air energy storage units [1] Group 2: Environmental Impact - Once fully operational, the project is expected to charge and discharge approximately 330 times annually, with a single charge capable of storing 2.8 million kilowatt-hours of electricity, sufficient to meet the charging needs of 100,000 electric vehicles [1] - The project is projected to save 270,000 tons of standard coal and reduce carbon dioxide emissions by 520,000 tons each year [1]

Core Insights - By the end of October 2025, Tai'an's new energy installed capacity is expected to reach 7.197 million kilowatts, accounting for 65.73% of the total power installed capacity, marking a 134.5% increase compared to the end of the 13th Five-Year Plan [1][2] Group 1: New Energy Development - Tai'an focuses on developing new productive forces and a new energy system, leveraging resource advantages to implement major projects like "Energy Storage Capital" and "Taishan Lithium Valley" [1] - The city has established significant projects, including the largest agricultural-solar complementary industrial base in coal mining subsidence areas and the world's largest 300MW compressed air energy storage power station [1] Group 2: Industry Recognition and Achievements - Tai'an's energy storage industry cluster has been recognized as a pillar cluster in the province and is part of the "Top Ten Industries" innovation leading area [1] - During the 14th Five-Year Plan period, the city achieved four national-level first sets of major technical equipment in the energy storage field [1] Group 3: Ongoing Projects and Future Contributions - Currently, Tai'an has over 5.8 million kilowatts of new energy storage capacity under construction or in operation, positioning it as a leader in the province [2] - This development is expected to accelerate Tai'an's transition to a "green carbon" model and contribute to the province's energy green and low-carbon transformation demonstration zone [2]

Core Insights - China Energy Engineering Corporation (CEEC) has secured contracts worth approximately 27.45 billion USD (about 195.54 billion RMB) for renewable energy projects in Saudi Arabia, marking a significant achievement in its international expansion strategy [1][2][4] Group 1: Contract Details - The contracts include three major projects: the 1GW wind power project, the 2GW wind power project, and the 2GW photovoltaic project, with individual contract values of 6.63 billion USD, 12.51 billion USD, and 8.31 billion USD respectively [2] - The construction periods for these projects are set at 26 months, 30 months, and 26 months [2] Group 2: International Expansion Strategy - CEEC has adopted a "four-step" strategy for international expansion, which includes "going out, going in, integrating, and full integration," and has established six regional headquarters and 256 branches across over 140 countries and regions [4] - The company has reported consistent double-digit growth in international business metrics over the past three years, with new contract amounts, revenue, and profit all showing significant increases in the first half of 2025 [4] Group 3: Financial Performance - From 2021 to 2024, CEEC's revenue grew from 322.32 billion RMB to 436.71 billion RMB, with year-on-year growth rates of 19.23%, 13.67%, 10.82%, and 7.56% respectively [6] - The net profit attributable to shareholders also increased from 6.50 billion RMB to 8.40 billion RMB during the same period, with growth rates of 39.26%, 20.07%, 2.07%, and 5.13% [6] Group 4: Research and Development - CEEC has invested approximately 429.80 billion RMB in research and development over the past three and a half years, focusing on enhancing its technological capabilities and supporting industry transformation [7] - The company has developed a range of advanced technologies in energy generation, including supercritical power generation and various renewable energy solutions [7] Group 5: Emerging Industries - In the first half of 2025, CEEC's revenue from strategic emerging industries grew by 14.6%, accounting for 37.3% of total revenue [9] - The company has made significant advancements in energy storage and hydrogen energy sectors, with multiple projects underway both domestically and internationally [8]

Core Insights - The Ministry of Industry and Information Technology and eight other departments have issued a plan for the non-ferrous metals industry aimed at stabilizing growth from 2025 to 2026, targeting an average annual growth of around 5% in added value and a 1.5% increase in the production of ten non-ferrous metals [1][2][3][4][5]. Group 1: Industry Growth and Development - The plan anticipates an average annual growth of approximately 5% in the added value of the non-ferrous metals industry from 2025 to 2026 [1]. - Production of ten non-ferrous metals is expected to grow by about 1.5% annually, with significant progress in domestic resource development for copper, aluminum, and lithium [1][2]. - The production of recycled metals is projected to exceed 20 million tons, enhancing the supply capacity of high-end products [1][2]. Group 2: Financial and Policy Support - The plan includes utilizing long-term special government bonds and other funding channels to support resource development, high-end material research, energy conservation, and digital transformation [2]. - It emphasizes the importance of expanding important non-ferrous metal futures trading varieties and financial derivatives [2]. Group 3: Project Management and Infrastructure - The plan advocates for a scientific and reasonable layout of projects related to alumina, copper smelting, and lithium carbonate to avoid redundant low-level construction [3]. - It aims to accelerate the approval processes for mineral resource development projects through the establishment of green channels [3]. Group 4: Innovation and High-End Product Development - The initiative promotes innovation in high-end products, focusing on the needs of key industries such as new-generation information technology and new energy vehicles [4]. - It encourages breakthroughs in high-quality raw materials and advanced rare earth materials, enhancing the performance of aluminum and magnesium alloys [4][5]. Group 5: Application of Rare Metals - The plan aims to elevate the application levels of rare metals in emerging industries such as integrated circuits, industrial mother machines, and artificial intelligence [5]. - It promotes the validation of high-end products like high-purity gallium and tungsten hard alloys, as well as the innovative application of frontier materials [5].

Industry Focus - The "Plan for Stable Growth in the Nonferrous Metal Industry (2025-2026)" has been released, emphasizing the implementation of a new round of mineral exploration strategies, particularly for copper, aluminum, lithium, nickel, cobalt, and tin [2] - The plan aims to promote energy-saving and pollution-reduction transformations in industries such as alumina, electrolytic aluminum, copper smelting, lead smelting, and zinc smelting [2] - It also includes regulations for the safe disposal and resource utilization of large solid wastes like red mud, lithium slag, and high-alumina fly ash [2] Domestic News - China's total length of underwater oil and gas pipelines has surpassed 10,000 kilometers, ranking among the world's top [3] - The largest compressed air energy storage power station in China has successfully delivered electricity, with a total volume of 1.2 million cubic meters, capable of storing 280,000 kilowatt-hours of electricity, which can meet the charging needs of 100,000 electric vehicles [3] - In the first half of 2025, global sales of new energy vehicles reached a record high of over 975,000 units, with a year-on-year growth of 31.3% and a market penetration rate of 21.4% [4] - China's new energy vehicle sales in the first half of 2025 reached 6.937 million units, a year-on-year increase of 40.3%, with a market penetration rate of 44.3% [4] International News - Iraq has resumed oil exports from the Kurdistan region to Turkey after a suspension of two and a half years, with the Iraqi Oil Ministry confirming the resumption [6][7] Corporate News - China Power Construction Corporation has successfully handed over its first geothermal power station project overseas, located in Indonesia, marking a significant achievement for Chinese enterprises in the region [8]

Summary of China Energy Construction Corporation (中国能建) Conference Call Industry Overview - The conference call focuses on the construction and energy industry, particularly in the context of China's energy transition and infrastructure development. Key Points and Arguments 1. **Revenue Growth**: In the first half of 2025, China Energy Construction achieved a revenue of 212.09 billion yuan, representing a year-on-year growth of 9.18% [3] 2. **Net Profit**: The net profit attributable to shareholders was 2.802 billion yuan, a slight increase of 0.72% year-on-year [3] 3. **New Orders**: The company signed new orders totaling 775.357 billion yuan, marking a year-on-year increase of 4.98%, ranking second among the eight major state-owned construction enterprises [2][4] 4. **Sector Performance**: - Engineering construction orders grew by 9.23% - Surveying, design, and consulting orders surged by 52% - Industrial manufacturing orders plummeted by 64% [5] 5. **Renewable Energy Focus**: Traditional energy orders decreased by 10%, while new energy and integrated smart energy orders increased by 12% [2][6] 6. **Investment in Storage**: The company plans to raise up to 9 billion yuan for projects in thermal storage and compressed air energy storage, indicating a strong commitment to energy storage solutions [2][7] 7. **Data Center Development**: The company is actively participating in the "East Data West Computing" strategy, focusing on integrating energy and computing power across the entire industry chain [2][9] 8. **Clean Energy Capacity**: As of mid-2025, the company has a total installed capacity of 20.287 million kilowatts in clean energy projects, including wind and solar power [11] 9. **Hydrogen Energy Projects**: The company is advancing in the hydrogen energy sector, with over 50 projects in development, including a green hydrogen project in Lanzhou [12] 10. **New Energy Installations**: Nationwide, solar power installations reached 1,100 GW, with a year-on-year growth of 54% [2][8] 11. **International Expansion**: The company has seen double-digit growth in overseas contracts, with significant projects in Malaysia and Kazakhstan [15] Additional Important Content - **Cash Flow Improvement**: The net cash flow from operating activities improved significantly, reaching 770 million yuan compared to a negative 650 million yuan in the previous year [3] - **Debt Levels**: The asset-liability ratio increased to 77.72%, up by 0.33 percentage points year-on-year [3] - **AI Integration**: The company is implementing AI initiatives to enhance operational efficiency and digital transformation [14] - **Hydropower Projects**: The Yarlung Tsangpo River downstream hydropower project has commenced, with a total investment of approximately 1.2 trillion yuan [16] This summary encapsulates the key developments and strategic directions of China Energy Construction Corporation as discussed in the conference call, highlighting its performance, focus on renewable energy, and international expansion efforts.