乌兹别克斯坦锡尔河二期160万千瓦联合循环电站项目1号余热锅炉具备水压试验条件、沙特纳瑞亚2联 合循环电站项目3号燃机及发电机零米基础混凝土浇筑完成、巴基斯坦塔贝拉五期水电项目1号650吨主 厂房桥机第一根主梁吊装就位、墨西哥曼萨尼约三期35万千瓦联合循环项目完成锅炉吹管工作……连日 来，哈尔滨电气国际工程有限责任公司承建的多个"一带一路"重点项目取得"里程碑"式进展，为哈电国 际42周岁生日献上特殊的"生日礼物"。 自"一带一路"倡议提出以来，哈电国际深入贯彻落实党中央、国务院关于"一带一路"建设的总体部署， 加速布局并投身"一带一路"区域经济带建设，企业迈向全球价值链中高端的发展进程不断增速，参与全 球经贸合作的广度和深度进一步拓展，让"中国制造""中国建造"享誉全球市场，用中国智造点亮世界能 源版图。 哈电国际承建的古杜项目作为中国首台套出口项目提前22天交付巴方;万丹项目创造了国际电站行业 EPC质保期内连续稳发、满发的世界纪录;泽塔斯项目创造土耳其当地同类机组工期、质量、效率多项 纪录;必凯、百路凯项目连续创造了H级燃机安装调试的一系列世界纪录;哈斯彦项目支撑迪拜总供电量 的20%，成为区域能源合作 ...

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]