Investment Rating - Maintain "Buy" rating for the industry [6] Core Insights - The power equipment industry is transitioning from "ultra-low price competition" to "structural correction," with significant price increases expected due to changes in export tax policies and supply-side reforms [16][17] - The report highlights three key areas of focus: supply-side reform leading to price increases, long-term growth opportunities from new technologies, and industrialization opportunities from perovskite solar cells [17] Summary by Sections 1. New Energy Generation 1.1 Photovoltaics - The photovoltaic industry is experiencing a critical shift, with expected global component price increases of approximately 9% starting Q4 2025 due to the cancellation of VAT rebates on solar cell exports [16][17] - Domestic component prices have entered an upward trend since July 2025, with N-type component average prices rising by about 3.6% from July to September 2025 [16][17] 1.2 Wind Power & Grid - A new VAT policy for offshore wind power will be implemented from November 2025, allowing a 50% VAT rebate on self-produced electricity, which is expected to accelerate offshore wind development [18][19] - The first project under Jiangsu's 14th Five-Year Plan for offshore wind has been approved, indicating a boost in offshore wind capacity [18][19] 1.3 Hydrogen & Energy Storage - Sinopec's first green hydrogen ammonia synthesis project has been initiated, with a planned hydrogen production capacity of 20,000 tons/year and ammonia production of at least 100,000 tons/year [23] - Energy storage project bidding prices for October 2025 range from 0.4118 to 0.6 CNY/Wh, indicating a competitive market [24][30] 2. New Energy Vehicles - The National Development and Reform Commission has issued a plan to double the charging infrastructure by 2027, aiming to build 28 million charging facilities to support over 80 million new energy vehicles [35][36] - The plan includes enhancing urban rapid charging networks and expanding charging facilities in rural areas [35][36]

新华网福州10月17日电（刘丰）10月16日至19日，2025世界航海装备大会在福建福州举行，2025第三届中国 海洋装备博览会同期举办。在博览会福建馆的海上风电展区，金风科技股份有限公司展示的一组模型，生动呈现 了平潭海峡公铁大桥里的绿色脉动。 平潭项目成功的背后，是金风科技在风电装备制造领域的"硬核"实力。展览现场，金风科技全方位展示了其 技术迭代的成果：从服务平潭海峡公铁大桥的6.7兆瓦机组，到应用于漳浦六鳌海上风电场二期项目的16兆瓦机 组，这些装备不仅展示了金风科技在海上风电装备上的不断突破，更以持续迭代的技术方案，为福建乃至全国海 上风电规模化、高效化开发提供了关键装备支撑。 "金风科技在福建的探索，早已不是单一的风电装备制造与风电场建设，而是迈向能源与交通、工业、民生等 多领域的深度融合，致力于构建可持续发展的新型范式。"金风科技相关负责人表示，这种融合创新的实践，正是 绿色发展理念的生动体现。截至2025年第一季度，金风科技已在全球落地超560个零碳项目，覆盖港航物流、钢铁 冶炼、石油石化、养殖农业等多元场景，而福建大地上的风电实践，正是其中最具代表性的缩影。 展览现场，金风科技展示的平潭海峡 ...

Core Insights - The 2025 World Maritime Equipment Conference's forum on high-quality development of the offshore wind power industry chain was held in Fuzhou, focusing on the theme "Chasing Wind and Electricity, Driving the Future" [3][4] Group 1: Forum Highlights - The forum featured a keynote report by Carlos G. Suárez, a member of the Portuguese Academy of Engineering and recipient of the 2024 China Government Friendship Award, discussing the prospects for floating offshore wind development [3] - Experts from various organizations presented on topics including the practical outlook of the offshore wind power industry chain, integrated design and application of floating platforms and turbines, and future directions for large-capacity offshore wind turbine research [3] - The event included a visit to the "Wind from the Sea" exhibition, showcasing achievements from key companies in the offshore wind power industry chain in Fujian [3][4] Group 2: Participants and Organizers - The forum was guided by the China Electrotechnical Society and organized by the Fuzhou Municipal Government, State Grid Fujian Electric Power Co., and China Three Gorges Corporation Fujian Branch [4] - Approximately 230 participants from government agencies, research institutions, and industry experts attended the forum [4]

Group 1 - The core point of the news is that Goldwind Technology's stock price dropped by 5% to 15.20 CNY per share, with a trading volume of 1.34 billion CNY and a turnover rate of 2.57%, resulting in a total market capitalization of 64.22 billion CNY [1] - Goldwind Technology, established on March 26, 2001, and listed on December 26, 2007, is primarily engaged in the development, manufacturing, and sales of wind turbines, wind power services, wind farm investment and development, and water services [1] - The revenue composition of Goldwind Technology includes 76.58% from turbine and component sales, 11.12% from wind farm development, 10.15% from wind power services, and 2.16% from other sources [1] Group 2 - From the perspective of major fund holdings, Huatai-PB Fund has one fund heavily invested in Goldwind Technology, specifically the Rare Earth ETF (516780), which increased its holdings by 1.5609 million shares in the second quarter, totaling 4.8796 million shares, representing 4.47% of the fund's net value [2] - The Rare Earth ETF (516780) was established on February 26, 2021, with a current scale of 1.119 billion CNY, achieving a year-to-date return of 79.65%, ranking 44 out of 4218 in its category, and a one-year return of 98.63%, ranking 11 out of 3865 [2]

Core Insights - The 2025 World Maritime Equipment Conference and the 2025 Third China Marine Equipment Expo are being held concurrently in Fuzhou from October 16 to 19, showcasing advancements in marine equipment and offshore wind power [1][2] - The "Wind from the Sea" exhibition highlights Fujian's transformation in offshore wind power from a follower to a leader over the past decade, featuring significant achievements from major companies [1][2] Company Highlights - China Three Gorges Corporation has developed five offshore wind power bases with a total installed capacity exceeding 7 million kilowatts, leading in both domestic and global rankings [1] - The company has established representative projects in various locations in Fujian, with an installed capacity of 1.1664 million kilowatts, accounting for approximately 30.46% of the province's total [1] - The exhibition features the world's first 20-megawatt offshore wind turbine model, which is expected to generate 66 million kilowatt-hours annually, enough to power 36,000 households [1] Industry Developments - Dongfang Electric and Goldwind Technology have set new records, with Dongfang Electric producing the world's first 26-megawatt unit, enhancing efficiency by over 2% [2] - Goldwind Technology has maintained the top market share among Chinese wind turbine manufacturers for 14 consecutive years [2] - The industry is seeing breakthroughs in supply chain and innovation, with Sun Cable ending the history of no submarine cable production in Fujian and achieving an annual production capacity of over 1,200 kilometers for submarine cables [2] Future Outlook - Fujian plans to create a trillion-yuan offshore wind power industry cluster, integrating green energy into the marine economy and positioning offshore wind power as a key driver for high-quality development [2] - The exhibition also showcases international projects, including a 1.2-gigawatt wind power project in Turkey and offshore wind farms in the UK, indicating the global outreach of Fujian's wind power equipment [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 GOLDWIND SCIENCE&TECHNOLOGY CO., LTD.* 金風科技股份有限公司 ( 於中華人民共和國註冊成立的股份有限公司 ) (Stock Code: 02208) 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲載列金風科技股份有限公司在深圳證券交易所網站刊登的《金風科技股份有限 公司關於為全資子公司金風沙特提供擔保的公告》，僅供參閱。 承董事會命 金風科技股份有限公司 馬金儒 公司秘書 北京，2025年10月16日 於本公告日期，公司執行董事為武鋼先生及曹志剛先生；公司非執行董事為高建軍先生、楊 麗迎女士及張旭東先生；公司獨立非執行董事為曾憲芬先生、劉登清先生及苗兆光先生；及 公司職工代表董事為余寧女士。 *僅供識別 股票代码：002202 股票简称：金风科技 公告编号：2025-089 金风科技股份有限公司 关于为全资子公司金风沙特 ...

股票代码：002202 股票简称：金风科技 公告编号：2025-089 金风科技股份有限公司 关于为全资子公司金风沙特提供担保的公告 二、被担保方基本情况 1、公司名称：Goldwind Arabia Company Limited（金风沙特） 2、成立时间：2022 年 6 月 23 日 3、注册地点：沙特阿拉伯利雅得沙赫达区阿比·贾法尔·曼苏 尔 2646 号 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 特别提示：本次拟担保的被担保对象Goldwind Arabia Company Limited的资产负债率超过70%，请投资者充分关注担保风险。 一、担保情况概述 金风科技（下称"公司"）的全资子公司金风国际控股（香港） 有限公司（下称"金风国际"）的全资子公司 Goldwind Arabia Company Limited（下称"金风沙特"）与中能建国际建设集团有限公司（沙特分 公司）分别就 Shaqra 项目和 Starah 项目签署两份《性能与质保协议》， 由金风沙特作为在岸供应商，负责沙特港口的机组接货、内陆运输、 混塔生产、机组安装、吊装以及 ...

Summary of Key Points from the Conference Call on Green Methanol Industry Industry Overview - The report focuses on the **green methanol industry** and its intersection with the **shipping industry**'s decarbonization efforts, highlighting the potential for growth driven by regulatory changes and technological advancements [1][4]. Core Insights and Arguments - The shipping industry is pushing for low-carbon solutions, with the **International Maritime Organization (IMO)** potentially implementing a phosphorus emission ban by 2028, which could accelerate the global transition to low-carbon fuels and stimulate demand for green methanol [1][7]. - Green methanol is priced above **1,000 USD/ton** internationally, primarily driven by the shipping sector's need for decarbonization, while gray methanol prices range from **2,200 to 2,500 CNY/ton**, influenced by downstream chemical raw material costs [1][6]. - There are three main production routes for green methanol: 1. Biomass gasification synthesis (cost: **3,000-4,000 CNY/ton**) 2. Biomass coupled with green hydrogen production (cost: **3,000-4,000 CNY/ton**) 3. Electrolysis (cost: **over 5,000 CNY/ton**) [1][8]. - Global green methanol production capacity is expected to reach **500,000 tons** by the end of 2024 and not exceed **1 million tons** by the end of 2025, with domestic capacity also around **500,000 tons** [1][16]. Demand Drivers - The primary demand for green methanol currently comes from the **global shipping industry**, which is undergoing a low-carbon transition. Long-term demand is also anticipated from the chemical industry [2][3]. - The urgency in the shipping sector to adopt green methanol stems from the dominance of shipowners in **Northwest Europe and East Asia**, who control **85%** of global shipping capacity [3]. Regulatory and Market Dynamics - The EU is advancing green regulations in shipping, with new decarbonization laws expected to be implemented in **2024 and 2025**, aiming for an **80% reduction** in carbon emissions by **2050** [9]. - The IMO's measures will require ships to use increasingly green fuels, with penalties for non-compliance, potentially leading to significant financial implications for the shipping industry [10][12]. Investment Opportunities - Investment strategies include transitioning to green methanol production to achieve rapid performance growth and benefiting from increased government support for green methanol, which will drive demand for midstream equipment and EPC companies [17]. - Companies to watch include **Jiaze New Energy, Goldwind Technology, and Jidian Co.**, which have significant market potential due to their existing operations and planned capacity expansions [19]. Production Capacity and Future Outlook - Notable projects include **Goldwind Technology's** capacity increase to **1.45 million tons** and **Jidian Co.**'s collaboration with major green fuel demand partners [22][21]. - The domestic equipment sector is expected to see capital expenditures of **30-50 billion CNY** annually, with a focus on gasification equipment and process packages [27][28]. Challenges and Considerations - The shipping industry faces challenges in fuel system maturity, with green methanol being favored over hydrogen and ammonia due to lower technical barriers and compatibility with existing fuel systems [14][15]. - The competition among green methanol suppliers will hinge on their ability to maintain low production costs, with profitability projected at **1,500-2,000 CNY/ton** [18]. Conclusion - The green methanol industry is poised for growth driven by regulatory changes, technological advancements, and increasing demand from the shipping and chemical sectors. Investors should focus on companies with strong market positions and capacity expansion plans to capitalize on this emerging market.

Core Viewpoint - Nomura analysts Zhang Kang and Frank Fan report that Goldwind Technology is expected to achieve revenue and profit growth by 2025, supported by strong order delivery [1] Group 1: Revenue and Profit Growth - Goldwind's sales are projected to increase by 57% year-on-year due to robust order reserves [1] - The company is expected to benefit from reduced competition, cost-cutting, and improved sales mix from offshore wind power and exports [1] Group 2: Long-term Growth Drivers - Long-term growth will also be supported by emerging drivers such as green methanol [1] - Nomura forecasts a compound annual growth rate (CAGR) of 41% for Goldwind's wind power business profit from 2024 to 2027, and a CAGR of 22% for revenue during the same period [1] Group 3: Investment Rating - Nomura has initiated a "Buy" rating for Goldwind's H-shares with a target price of HKD 18.00 [1]

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: Green Methanol and Alternative Fuels in Shipping Industry [1][3] - **Regulatory Changes**: The International Maritime Organization (IMO) is tightening carbon emission standards, impacting fuel sourcing and pushing the shipping industry towards zero or low-carbon alternatives like ammonia and biomass fuels [1][3] Core Insights and Arguments - **Carbon Tax Implementation**: A carbon tax will be levied starting in 2027, with a two-year preparation period for shipping companies. Historical data indicates that IMO policies are effectively enforced, which is expected to accelerate emission reduction in the shipping sector [1][3][4] - **Economic Analysis of Alternative Fuels**: Current costs for hydrogen-ammonia and green methanol vessels are higher than traditional heavy oil and biodiesel vessels. However, the carbon reduction benefits may offset some of these costs [1][5] - **Demand for Green Methanol**: Anticipated demand for green methanol is projected to reach 38.8 million tons by around 2030, a significant increase from current usage levels. Biodiesel and heavy oil are expected to reach price parity by 2033, while green methanol is expected to achieve economic viability by 2034 [1][6][7] - **Cost Parity Factors**: Biodiesel requires a compliance surplus trading price of $150/ton and a sales price of 7,500 RMB/ton to achieve parity. Green methanol requires an electricity price of 0.14-0.16 RMB/kWh, a sales price of 4,400 RMB/ton, and a compliance surplus trading price of $150/ton [1][10] Additional Important Insights - **Production Chain and Key Players**: The green methanol production chain includes raw materials, equipment, design, and construction. Key companies involved include Aerospace Engineering, Blue Stone Heavy Industry, and Donghua Technology, among others [1][11] - **Aerospace Engineering's Role**: As a major supplier in the coal chemical sector, Aerospace Engineering is well-positioned to benefit from the increasing demand for green methanol due to new IMO policies [1][12] - **Support for Renewable Energy Policies**: The National Development and Reform Commission has set minimum consumption targets for renewable energy, which will drive the development of related industries [1][13] - **Future Directions in New Energy**: The focus is shifting towards non-electric applications of renewable energy, such as producing green hydrogen, ammonia, and methanol, which are crucial for achieving carbon neutrality goals [1][14] - **Challenges and Opportunities**: The economic viability of non-electric renewable energy applications remains a challenge, but supportive policies are emerging both domestically and internationally [1][15][16] Role of Wind Power Companies - **Wind Power Companies' Involvement**: Companies like Goldwind Technology and Mingyang Smart Energy are actively investing in green methanol projects, leveraging their capabilities in supplying renewable energy resources [1][17] - **Domestic Market Trends**: The domestic onshore wind market is experiencing growth, with stable pricing and expected profit recovery, which will benefit companies involved in green methanol production [1][18] - **International Market Expansion**: Wind power companies are expanding into international markets, with significant orders and strategic partnerships to enhance competitiveness [1][19][20]