Core Viewpoint - The Shenzhen Stock Exchange organized a roadshow in Australia to showcase the innovative development stories of listed companies and highlight investment opportunities in China's capital market during the 14th Five-Year Plan period [1] Group 1: Event Overview - The roadshow is the second consecutive year that the Shenzhen Stock Exchange has organized such an event in Australia, featuring six listed companies focused on green low-carbon and high-end manufacturing sectors [1] - Approximately 70 representatives from major Australian pension funds and asset management companies participated, engaging in discussions about the companies' operational status and innovation achievements [1] Group 2: Industry Focus - The participating companies align closely with Australia's investment hotspots, particularly in the renewable energy and high-end manufacturing sectors [2] - Tianqi Lithium, a leading lithium materials company, integrates deeply with Australia's lithium resource industry, while Goldwind Technology, a leader in wind power, aligns with Australia's renewable energy strategies [2] Group 3: Innovation and Technology - Companies are focusing on technological breakthroughs and increasing R&D investments to drive high-quality development, presenting significant investment opportunities [3] - Tianqi Lithium has established a market-oriented R&D management system, while Megmeet Electric has made breakthroughs in AI data center power supply systems [3] Group 4: ESG Practices - The participating companies have shown a commitment to ESG practices, which are increasingly recognized by long-term investors in Australia [4] - Goldwind Technology has integrated sustainable development into its entire product lifecycle, while Tianqi Lithium and Shenghong Technology have set clear carbon neutrality goals [5]

格隆汇11月25日｜华源证券日前研报指出，金风科技25Q1-Q3实现归母净利润25.8亿元（同比 +44.2%），其中25Q3实现归母净利润10.97亿元（同比+170.6%）。盈利能力持续改善，看好风电景气 度及利润修复趋势。公司未披露风机板块毛利率，但25Q3 公司整体毛利率达到13%，环比提升 0.84pct，风机板块毛利率预计仍处于上行通道，利润改善趋势或保持延续。考虑到公司风机毛利率恢复 超出预期，持有上市公司股权公允价值变动超出预期，因此上调公司2025-2027年归母净利润预测至 30.8/48.3/57.5亿元（原预测为26.6/38.5/44.7 亿元），鉴于当前风电大型化速度趋于放缓、公司风机制造 板块盈利能力或触底回升，判断后续风机制造仍有进一步修复可能。维持"买入"评级。 ...

华源证券发布研报称，维持金风科技（002202）(02208)"买入"评级，前三季度业绩表现强劲，营收和 归母净利润同比分别增长34.3%和44.2%。业绩增长主要受益于风电行业高景气度，风机销量同比大幅 提升90%，且毛利率持续改善。随着"十五五"规划支持风电装机及风机价格回升，公司盈利能力有望进 一步修复。 华源证券主要观点如下： 业绩表现 25Q1-Q3公司实现营业收入481.5亿元(同比+34.3%)，实现归母净利润25.8亿元(同比+44.2%)。其中25Q3 实现营收196.1亿元(同比+25.4%)，实现归母净利润10.97亿元(同比+170.6%)。 风电设备销售保持高位，毛利率环比持续改善 (1)风机销售方面：受益于风电行业高景气度，25Q1-Q3公司对外销售容量达到18.4GW(同比+90%)，其 中25Q3对外销售7.8GW(同比+124%)，是公司营收的主要贡献板块。(2)毛利率方面：公司未披露风机板 块毛利率，但25Q3公司整体毛利率达到13%，环比提升0.84pct，风机板块毛利率预计仍处于上行通 道，利润改善趋势或保持延续。(3)订单方面：截至9月30日，公司在手订单达到52.5 ...

智通财经APP获悉，华源证券发布研报称，维持金风科技(02208)"买入"评级，前三季度业绩表现强劲， 营收和归母净利润同比分别增长34.3%和44.2%。业绩增长主要受益于风电行业高景气度，风机销量同 比大幅提升90%，且毛利率持续改善。随着"十五五"规划支持风电装机及风机价格回升，公司盈利能力 有望进一步修复。 今年1—9月公司新增权益并网装机容量745MW，同时销售风电场100MW。截至9月底公司自营权益装 机8688MW，在建权益装机4062MW，平均利用小时数达到1730小时。 十五五风电装机有望延续较高水平，风机价格一年来持续回升 10月20日北京国际风能大会发布《风能北京宣言2.0》，提出十五五期间年均风电新增容量不低于1.2亿 千瓦，随着电力市场化改革加速，风电在电力市场中具备价格优势，装机量有望延续较高水平。根据公 司统计，9月全国风电整机投标均价1610元/千瓦，价格从底部震荡回升，整机盈利能力有望继续改善。 华源证券主要观点如下： 业绩表现 25Q1-Q3公司实现营业收入481.5亿元(同比+34.3%)，实现归母净利润25.8亿元(同比+44.2%)。其中25Q3 实现营收196.1亿 ...

Summary of Wind Power Gearbox Conference Call Industry Overview - The wind power gearbox industry is projected to see a demand of slightly over 20,000 units in 2025, with the company aiming for a production target of 3,700 units, potentially reaching 3,800 units [1][3] - Major competitors include South High Gear (approximately 10,000 units), Envision (around 4,000 units), CRRC Qishuyan (1,600-1,800 units), and Southern Aerospace (about 700 units) [1][3] Key Insights and Arguments - **Technological Trends**: The industry is shifting towards medium-speed permanent magnet and front integration technologies, with semi-direct drive systems gaining popularity due to their lightweight advantages [1][8] - **Pricing**: Gearbox prices for the 6-8 MW range are approximately 1.6 to 1.8 million yuan, while 10 MW units range from 1.9 to 2.3 million yuan, influenced by power, design, and configuration [1][7] - **Cost Reduction Strategies**: The company plans to lower costs through material price reductions, competitive bidding, and utilizing off-peak electricity pricing [1][19] - **Future Projections**: The target order volume for 2026 is set between 4,500 and 5,300 units, with a maximum goal of 5,700 units [1][18] Competitor Analysis - **South High Gear**: Experienced a loss last year, with strong R&D capabilities but facing internal issues. They are considered a fierce competitor [1][11] - **Envision**: Primarily self-sufficient but still procured around 50 units from the company last year [1][12] - **Mingyang Smart Energy**: Utilizes gearboxes from South High Gear, the company, and CRRC, with these three suppliers dominating the market [1][13] Market Dynamics - **Offshore vs. Onshore Wind Power**: Offshore wind power gearboxes are priced higher than onshore due to greater strength and operational requirements, with a notable difference in profitability [2][30] - **Export Market**: The export market is slightly more expensive due to a 5% allocation for after-sales service costs, but overall quality differences between domestic and export markets are minimal [2][30] Production and Capacity Plans - The company produced 2,400 units last year and aims for 3,700 units this year, with a projected capacity of 4,500 units by the end of next year [1][14][16] - The factory layout includes three phases, with a focus on optimizing production processes and enhancing capacity [1][17] Customer Feedback and Product Development - Customers have recognized the benefits of sliding bearings, with plans to increase their usage to 30-40% by 2026, primarily with major clients like Goldwind [1][22][24] - The company is also exploring cost-saving measures through standard parts price reductions and optimizing production during off-peak electricity hours [1][27] Future Outlook - The wind power industry is expected to adopt more non-traditional technologies, with a focus on efficiency and cost reduction [1][8] - The domestic bearing technology gap is narrowing, with an anticipated increase in domestic production rates due to cost advantages and government support [2][30][31] Conclusion The wind power gearbox industry is poised for growth, driven by technological advancements, strategic partnerships, and a focus on cost efficiency. The company is well-positioned to capitalize on these trends while navigating competitive pressures and market dynamics.

11月24日，金风科技盘中上涨2.17%，截至09:36，报14.59元/股，成交1.76亿元，换手率0.37%，总市值 616.44亿元。 资金流向方面，主力资金净流出1112.34万元，特大单买入2169.23万元，占比12.34%，卖出4578.73万 元，占比26.05%；大单买入5002.95万元，占比28.46%，卖出3705.79万元，占比21.08%。 分红方面，金风科技A股上市后累计派现116.83亿元。近三年，累计派现15.21亿元。 机构持仓方面，截止2025年9月30日，金风科技十大流通股东中，香港中央结算有限公司位居第五大流 通股东，持股1.62亿股，相比上期增加3266.50万股。南方中证500ETF（510500）位居第六大流通股 东，持股3015.81万股，相比上期减少57.08万股。嘉实中证稀土产业ETF（516150）位居第十大流通股 东，持股2227.71万股，为新进股东。博时主题行业混合（160505）退出十大流通股东之列。 责任编辑：小浪快报 金风科技所属申万行业为：电力设备-风电设备-风电整机。所属概念板块包括：稀土永磁、抽水蓄能、 大盘、氢能源、一带一路等。 截至 ...

Investment Ratings - The report maintains a "Buy" rating for both the power equipment and environmental protection sectors [1]. Core Views - The hydrogen ammonia and wind power sectors are expected to benefit from China's future industrial policies and the EU's carbon tariff by 2026, leading to increased investment opportunities. The global shipping industry is accelerating its decarbonization, with green methanol prices likely to remain high due to rising demand and limited supply [3]. - In the U.S., the ongoing electricity shortage presents opportunities for rebound in related stocks, particularly in the overseas energy storage and SST sectors. Key companies to watch include Sunshine Power, Jinpan Technology, and others [3]. - Domestic energy storage is projected to grow significantly, with Heilongjiang Province aiming for over 6GW of installed capacity by 2027. The independent energy storage market is expected to maintain a good level of bidding in 2026 [4]. - The lithium battery sector is experiencing a tightening supply-demand dynamic, with significant growth expected in both domestic and overseas markets. Key investment opportunities are identified in lithium mines and the separator segment [4][20]. Summary by Sections Wind Power - In 2024, China's onshore wind power is expected to add 75.8GW of capacity, a year-on-year increase of 9.68%, while offshore wind power is projected to add 4.0GW, a decrease of 40.85% [6]. - The public tender capacity for wind power in 2024 is 164.1GW, a 90% increase year-on-year, with onshore wind accounting for 152.8GW [9]. Lithium Battery - The domestic production of lithium carbonate is expected to remain stable, with strong demand from the power battery sector driven by the rapid growth of the new energy vehicle market [20]. - The supply of lithium hexafluorophosphate remains tight, with prices expected to continue rising due to increased demand from downstream applications [23]. Investment Recommendations - The report suggests focusing on companies such as Goldwind Technology, Sunshine Power, and Ningde Times, which are well-positioned to benefit from the trends in wind power and lithium battery sectors [19][24].

Investment Rating - The industry rating is "Recommended" [5] Core Insights - The humanoid robot industry is expected to accelerate towards mass production due to rapid advancements in AI technology and increased domestic demand for core components [1][13] - The lithium iron phosphate (LFP) battery material industry is recovering from previous demand lows, with high operating rates and strong orders for leading companies expected to last until 2026 [2][18] - The solar PV tracker market is witnessing significant growth, with a notable increase in orders from the Middle East, indicating strong competitive advantages for companies like Zhongxinbo [3][27] Humanoid Robots - The report highlights the strong domestic demand for core components in humanoid robots, driven by cost reduction needs and technological breakthroughs [1][13] - Key areas of focus include dexterous hands, lightweight designs, and advanced AI capabilities, with domestic manufacturers expected to benefit significantly [1][14] - Companies like Meihu Co. are already seeing production ramp-up in critical components, positioning them well for future growth [16] Electric Vehicles - The LFP material industry is experiencing a recovery phase, with average costs for LFP materials established between 15,714.8 to 16,439.3 RMB per ton [2][19] - The introduction of new technologies and models in the electric vehicle sector is expected to enhance performance and reduce costs, driving further growth [19][20] - The demand for LFP materials is anticipated to stabilize and potentially increase due to a combination of recovering demand and structural supply shortages [2][19] New Energy - Zhongxinbo has secured significant overseas orders for solar PV tracking systems, ranking second globally with a 16% market share [3][27] - The company is expected to benefit from the Saudi Vision 2030 initiative, which aims to increase renewable energy installations [3][29] - The report emphasizes the importance of technological advancements in the solar industry, particularly in the context of new materials and production techniques [30][32] Power Equipment & AIDC - The demand for power equipment is expected to remain high due to the urgent need for grid upgrades in Europe and North America [7][8] - The report notes that domestic power equipment manufacturers are well-positioned to capitalize on these overseas market opportunities [7][8] - The construction of ultra-high voltage projects is projected to continue, supporting stable demand for related equipment [8]

Core Viewpoint - A significant capital withdrawal is occurring in the A-share market, with major state-owned enterprises and industry leaders reducing their holdings, indicating a potential peak in valuations [1][3][6] Group 1: Capital Withdrawal Trends - In the past month, 104 central state-owned enterprises have collectively reduced their holdings by over 10 billion yuan [1] - In October 2025, a record 247 companies announced share reductions within a week, with over 400 companies reporting significant shareholder reductions totaling 19 billion yuan [3][6] - The total amount of reductions by major shareholders in A-shares has exceeded 380 billion yuan since the beginning of 2025, marking a new high [6] Group 2: Industry-Specific Reductions - Leading companies in various sectors, including semiconductor giant Zhongwei and liquor leader Shanxi Fenjiu, have seen substantial reductions, with Zhongwei's major shareholders reducing holdings by over 1.8 billion yuan [3][4] - The chemical industry leader Wanhua Chemical has also faced reductions exceeding 1.1 billion yuan, despite a recent decline in stock price [3] - The wind power leader Goldwind Technology has seen its fourth-largest shareholder reduce holdings by over 655 million yuan [4] Group 3: Shareholder Behavior and Market Impact - The reduction trend is characterized by a "group-style" phenomenon, where multiple companies and their major shareholders are reducing holdings simultaneously [6] - The electronics, computer, and machinery sectors have been particularly affected, accounting for over 40% of total reductions, reflecting a retreat from previously favored high-growth sectors [6] - Major shareholders often cite "personal funding needs" as the reason for reductions, but deeper motivations include valuation locking and profit realization [8][10] Group 4: Market Reactions and Sentiment - The market reacts negatively to high-profile reductions, with significant declines in stock prices following announcements, particularly for small-cap companies [10][12] - The behavior of major shareholders, especially state-owned entities, sends strong signals about market confidence and future prospects [10][19] - The current market sentiment remains optimistic, with some analysts suggesting that the reductions do not alter the overall upward trend, provided that confidence and funding remain intact [16][18]

转自：新华财经 新华财经内蒙古11月22日电（杨子华）位于大陆性季风气候区，年大风日数最多达59天，风能可利用资源2000万千瓦，风力发电一年136.8亿千瓦时——内 蒙古自治区兴安盟是一个常年有风的地方。在"双碳"目标引领下，我国风电、光伏装机容量持续攀升，氢能产业发展提速，兴安盟凭借独特的资源禀赋和产 业布局，吸引中广核、金风等龙头企业和重大项目落地，成为新能源"风口"上的城市。 11月17日，兴安盟举办"绿色氢氨醇"产业基地生态共建发布会，发布绿氢制绿甲醇项目核心工艺验证成果，数百位企业代表"闻风"前来。会后，四十余家企 业负责人主动表达投资意向，随后举行的对接洽谈会气氛热烈。亲眼见证绿色氢氨醇产业从规划到落地，兴安盟经济技术开发区管委会主任高天宇在接受新 华财经专访时不由感慨，"风来了！"。 图为兴安盟经济技术开发区管委会主任高天宇解读园区产业愿景规划 跨界"氢醇"，破局谋变 "风光"宝地，全链布局 兴安盟经开区管委会办公地与项目施工地相距约8公里，从管委会办公室的窗户望去，能远远看到一部分耸立的工程设施。一年多的时间，项目厂区在管委 会工作人员的"眼皮子"底下，一点点盖起来。 "应该说，绿色氢氨醇产 ...