Core Viewpoint - The company, Harbin Electric International, has achieved significant milestones in various key projects under the Belt and Road Initiative, showcasing its commitment to international development and enhancing China's global influence in the energy sector [1][3][4]. Group 1: Project Achievements - The company has made notable progress in several projects, including the completion of the water pressure test conditions for the Uzbekistan Syr Darya Phase II 1.6 million kW combined cycle power plant and the concrete pouring for the foundation of the gas turbine and generator at the Saudi Narayia 2 combined cycle power plant [1]. - Harbin Electric International has executed a total of 66 large-scale overseas projects over the past 42 years, contributing to China's presence in the international market and enhancing its competitive edge [4][5]. Group 2: Strategic Development - Since the inception of the Belt and Road Initiative, the company has accelerated its global expansion, participating in the construction of the regional economic belt and enhancing the depth and breadth of global economic cooperation [3][6]. - The company has transitioned from general contracting to a more flexible business model, covering full lifecycle services and establishing international marketing service centers and regional headquarters across over 40 countries [5]. Group 3: Quality and Recognition - The company has prioritized project quality and adherence to international standards, achieving several world records in project delivery and operational efficiency, which has earned it numerous awards and recognition in the industry [7]. - Harbin Electric International has been recognized for its contributions to local communities, improving living standards and creating job opportunities in the regions where it operates [8].

Core Viewpoint - China Power Construction Corporation (CPCC) achieved a total of 904.53 billion yuan in new contracts in the first three quarters, marking a year-on-year increase of 5.04% [1][6]. Summary by Category New Contracts Overview - The total new contracts signed reached 9045.27 billion yuan, with a year-on-year growth of 5.04%. The overseas contracts amounted to 2137.54 billion yuan, reflecting a significant increase of 21.45% [1][6]. Business Type Breakdown - Energy and Power: 4013 new projects with a contract value of 5852.28 billion yuan, up 12.89% year-on-year [3]. - Hydropower: 783 projects totaling 1494.38 billion yuan, a substantial increase of 68.82% [3]. - Wind Power: 919 projects with a contract value of 1828.74 billion yuan, showing a growth of 54.67% [3]. - Solar Power: 779 projects amounting to 1379.18 billion yuan, down 33.36% [3]. - Thermal Power: 389 projects with a value of 338.29 billion yuan, down 46.25% [3]. - New Energy Storage: 142 projects totaling 366.98 billion yuan [3]. - Water Resources and Environment: 728 projects with a contract value of 843.91 billion yuan, down 24.86% [4]. Regional Distribution - Domestic contracts accounted for 6907.73 billion yuan, a slight increase of 0.83% year-on-year [6]. - International contracts reached 2137.54 billion yuan, up 21.45% [6]. Major Contracts Signed - Significant contracts include: - 57.52 billion yuan for the Sun Valley Pumped Storage Power Station EPC project [8]. - 46.77 billion yuan for the Jiangxi Ganjian Pumped Storage Power Station [8]. - 29.91 billion yuan for the 300MW Wind Power Project in Vietnam [8]. - 25.14 billion yuan for equipment supply for the 300MW Wind Farm in Bangladesh [8]. - A total of 37 key projects were signed in September 2025, each exceeding 5 billion yuan [11].

Core Viewpoint - China's involvement in Indonesia's energy transition is deepening as Western partners fail to fulfill their commitments, but this business model may carry risks related to regulatory and environmental measures [5][6]. Group 1: Energy Transition Partnership - In 2022, an international alliance led by Western countries, including Japan, initiated the "Just Energy Transition Partnership" (JETP) to help Indonesia reduce its reliance on coal, promising a total of $20 billion in funding, which includes grants, low-interest loans, and private financing. However, only $1.2 billion has been disbursed to date [6]. - The early promoter of JETP, the United States, quietly withdrew in March 2025, leaving Germany and Japan to coordinate the efforts [7]. Group 2: China's Role in Indonesia - Chinese companies are increasingly participating in Indonesia's green energy value chain, engaging in projects such as photovoltaics, hydropower, and electric vehicle assembly, often supported by national financing and progressing rapidly [7].

Core Viewpoint - UBS initiates coverage on Harbin Electric (01133) with a "Buy" rating and a target price of HKD 9.6, projecting a compound annual growth rate (CAGR) of 19% in earnings per share from 2024 to 2029 [1] Company Summary - UBS expects the gross profit growth rate for nuclear equipment in China to average 25% from 2025 to 2028 [1] - Each new small modular reactor (SMR) is estimated to provide Harbin Electric with an additional revenue potential of approximately RMB 620 million [1] - The market's increasing confidence in the prospects of nuclear power and Harbin Electric's order execution capability suggests potential for a re-rating of the company [1] Industry Summary - The Tibet Yaxia hydropower project is expected to create additional infrastructure demand, although the specific timing and allocation remain uncertain [1] - The upside potential from the project has not been fully recognized by the market [1]

Core Insights - China Electric Power Construction (601669.SH) has signed a significant contract worth approximately 6.994 billion RMB for the Mokolo-Crocodile River (West) water supply expansion project in South Africa [2] - The project involves a large-scale water diversion project with a designed annual water supply capacity of 75 million cubic meters and a total pipeline length of about 142 kilometers, with a construction period of approximately 48 months [2] Group 1: Strategic Developments - The company is focusing on the transformation of its power investment and operation business, emphasizing clean energy sources such as wind, solar, and hydropower [2] - By the end of 2024, the company is expected to have a total installed capacity of 33.1276 million kilowatts, representing a year-on-year growth of 22% [2] Group 2: New Projects and Contracts - As of the 2024 annual report, the company has built and is constructing new energy and storage projects with a total installed capacity of 47.42 million kilowatts, and has put into operation 22.63 million kilowatts [3] - In the first half of 2025, the company signed 4,588 new contracts with a total value of 686.699 billion RMB, marking a year-on-year increase of 5.83% [3] - Among the new contracts, 2,939 pertain to energy and power, amounting to 431.388 billion RMB, with water and wind power contracts seeing significant growth of 66.67% and 68.78% respectively [3]

Core Viewpoint - China is actively promoting aid and development cooperation with African countries, enhancing industrial collaboration and support for various projects [1] Group 1: Agricultural Assistance - China is currently providing agricultural technology assistance in 21 African countries, deploying over 200 agricultural experts [1] Group 2: Infrastructure and Capacity Building - Collaborative projects are being implemented in areas such as power facilities, talent training, and capacity building, including the establishment of industrial park support projects [1] Group 3: Clean Energy and Green Development - Projects in clean energy and green development are being executed, focusing on hydropower, photovoltaic, and water supply initiatives [1]

Core Insights - China Power Construction (601669) announced that from January to May 2025, the company signed 3,501 new projects with a total contract value of 474.007 billion yuan, representing a year-on-year decrease of 0.93% [1] Contract Value Breakdown - The new contract value for energy and power reached 301.248 billion yuan, showing a year-on-year increase of 4.44% [1] - The new contract value for hydropower was 65.387 billion yuan, reflecting a significant year-on-year increase of 60.66% [1] - The new contract value for wind power amounted to 101.801 billion yuan, with a year-on-year growth of 67.33% [1] - The new contract value for solar power was 85.481 billion yuan, indicating a year-on-year decline of 32.61% [1] - The new contract value for water resources and environment reached 60.796 billion yuan, down 17.06% year-on-year [1] - The new contract value for urban construction and infrastructure was 101.711 billion yuan, marking a year-on-year increase of 4.71% [1] Domestic vs. International Contracts - The domestic new contract value totaled 377.608 billion yuan, which is a year-on-year decrease of 6.67% [1] - The international new contract value was 96.399 billion yuan, showing a year-on-year increase of 30.51% [1]

Group 1: Investment Activities and Projects - The company completed the equity transfer of Aurora Solar, holding 80% of the project company, becoming the largest shareholder [1] - All 48 pull test drilling points and column pouring for the photovoltaic project have been completed, with pull tests finished at 100% [1] - The company is focusing on international engineering transformation and developing resource-controlled, low-risk concession projects [2] Group 2: Future Investment Directions - The company aims to seek investment opportunities in renewable energy sectors abroad, aligning with national carbon peak and carbon neutrality goals [2] - Plans to extend and integrate the industrial chain through overseas investments based on existing business segments [2] Group 3: Financial Performance and Shareholder Returns - The gross profit margin for 2024 is expected to improve due to strict project quality control and termination of low-margin trade businesses [2] - The cash dividend for 2024 is set at 1.49 yuan per 10 shares, totaling approximately 158.45 million yuan, a 72.55% increase from the previous year [2] - The company has maintained a consistent cash dividend for 17 consecutive years, emphasizing long-term shareholder returns [2] Group 4: Confidentiality and Compliance - No undisclosed significant information leakage occurred during the investor relations activity [3]