Market Overview - The market is experiencing an upward trend without negative news, with Hong Kong stocks jumping 1.33% today [1] - Insurance companies are adjusting product pricing in response to market interest rates, leading to a decrease in liability costs and an increase in equity allocation [1] - Regulatory changes allow insurance companies more flexibility in asset allocation, boosting their profitability [1] Securities Sector - The approval of the U.S. Stablecoin Innovation Act is expected to catalyze the securities sector, with Tether's USDT market cap surpassing $160 billion [2] - The anticipated signing of an executive order by President Trump could allow significant investments in alternative assets, including stablecoins [3] AI and Technology - The upcoming World Artificial Intelligence Conference (WAIC) will showcase advancements in AI infrastructure, including Huawei's new AI computing technology [7] - The launch of the H20 chip for sale in China is expected to boost demand for AI applications, with companies like Tencent and ByteDance placing orders [4] Performance of Specific Companies - China Life and China Pacific Insurance saw stock increases of over 5% due to favorable market conditions [1] - Companies like JD Health and Ant Group are planning to apply for stablecoin licenses in Hong Kong, indicating a shift towards digital currency [2] - Goldwind Technology reported a 35.72% increase in revenue for Q1 2025, driven by strong order growth and international expansion [9] Industry Trends - The rare earth sector is experiencing significant profit growth, with companies like Huahong Technology and Northern Rare Earth projecting substantial increases in net profit [4] - The wind energy market is expected to see high growth, with Goldwind's international business expanding across six continents [10]

关于金风科技股份有限公司 2025 年第二次临时股东会 之 法律意见书 致：金风科技股份有限公司 中国北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮政编码 100025 电话: (86-10) 5809-1000 传真: (86-10) 5809-1100 北京市竞天公诚律师事务所 北京市竞天公诚律师事务所（以下简称"本所"）接受金风科技股份有限公 司（以下简称"公司"）的委托，委派本所律师出席公司 2025 年第二次临时股 东会（以下简称"本次股东会"），根据《中华人民共和国公司法》（以下简称 "《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司股东会规则》（以下简称"《股东会规则》"）和《金风科技股份有 限公司章程》（以下简称"《公司章程》"）的有关规定，出具本法律意见书。 本所律师按照《股东会规则》的要求对本次股东会的合法、合规、真实、有 效进行了充分的核查验证，保证本法律意见书不存在虚假、误导性陈述及重大遗 漏，并对本法律意见书的真实性、准确性、完整性承担相应的法律责任。 本法律意见书仅供公司为本次股东会之目的而使用，不得被任何人用于其他 任何目的。本所 ...

股票代码：002202 股票简称：金风科技 公告编号：2025-053 整，没有虚假记载、误导性陈述或重大遗漏。 一、特别提示 金风科技股份有限公司 2025年第二次临时股东会决议公告 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 1、本次股东会没有否决议案的情形。 2、本次股东会不涉及变更以往股东会已通过的决议。 二、会议召开情况 1、会议召开方式：现场投票与网络投票相结合 2、会议召开时间： （1）现场会议时间：2025 年 7 月 18 日（星期五）下午 14:30 （2）网络投票时间：2025 年 7 月 18 日 其中：通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 7 月 18 日上午 9:15-9:25，9:30-11:30 和下午 13:00-15:00；通 过深圳证券交易所互联网投票的具体时间为 2025 年 7 月 18 日上午 9:15 至下午 15:00 期间的任意时间。 3、会议召开地点：北京经济技术开发区博兴一路 8 号公司会议 室。 4、会议召集人：公司董事会 董事七名，高级管理人员三名，其中董事武钢先生、曹志刚先生、 杨丽迎女士、张旭东先生、曾宪芬先 ...

Core Viewpoint - The strategic cooperation between Goldwind Technology and Zhongfu Shenying aims to enhance the application potential of carbon fiber in the renewable energy sector, particularly in wind power, focusing on innovation and cost reduction [1][2]. Group 1: Company Overview - Goldwind Technology is a leading wind turbine manufacturer in China, with a strong foundation in equipment research and development, industry chain integration, and global market expansion. As of March 2023, its international business spans 47 countries across six continents, with installed capacity exceeding 1GW in North America, Australia, Asia (excluding China), and South America, and an external order backlog of nearly 7GW [3]. - In 2024, Goldwind is projected to hold a 22% market share in domestic wind power installations and 15.9% globally, maintaining its position as the world's top player for three consecutive years [4]. Group 2: Financial Performance - In Q1 2025, Goldwind reported revenue of 9.47 billion yuan, a year-on-year increase of 35.7%. The net profit attributable to shareholders was 568 million yuan, up 70.8% year-on-year, while the net profit excluding non-recurring items reached 555 million yuan, reflecting a 68.4% increase, indicating that profit growth significantly outpaced revenue growth [4]. Group 3: Industry Trends - The carbon fiber application in wind turbine blades is expected to grow rapidly, with a compound annual growth rate (CAGR) of 23% projected from 2022 to 2025. By 2025, the demand for carbon fiber in offshore wind power is estimated to reach 71,000 tons, increasing to 92,000 tons by 2030. The Global Wind Energy Council (GWEC) estimates that global wind power installations could reach 182GW by 2028 [4]. - Zhongfu Shenying currently has a carbon fiber production capacity of 28,500 tons, with an additional 31,000 tons under construction [4].

从 2024 年到 2025 年，国内风电设备出海市场持续受到高度关注。许多上市 公司披露的海外订单实现了 100%到 300%的高增速，整体行业数据也显示出 显著增长。2024 年的出口总量和新增订单量均增长超过 60%。从全球新增装 机角度看，中国市场占比约 60%至 70%，其中陆上风电占国内市场的 90%以 上。因此，国内需求波动对海外市场有重要影响。 2024 年，全国风电招标总 量为 164 吉瓦，同比增长 90%，创历史新高。过去三年（2022-2024 年）， 全国陆上风电招标保持高景气度，为今年（2025 年）的抢装奠定基础。海上 风电方面，自 2022 年以来，每年的招标体量平均超过 10 吉瓦，但实际交付 逐年下滑，去年（2024 年）降至仅 4 吉瓦。然而，根据各省十四五规划，目 前有 20 至 25 吉瓦的项目将在两年内开工建设。今年（2025 年）和明年 （2026 年）预计分别有 10 吉瓦和 15-16 吉瓦的装机。 从核准角度看，自国 家双碳战略推动以来，陆上风电新增核准持续创新高。今年前五个月新增核准 接近 46 吉瓦，同比增长 133%。这使得对明年的陆上风电装机量预期较 ...

Company Overview - Goldwind Technology Co., Ltd. is a globally trusted clean energy strategic partner, dedicated to promoting energy transformation and making affordable, reliable, and sustainable energy accessible to all [1]. Stock Performance - Goldwind Technology has experienced a decline for four consecutive trading days, with a cumulative drop of -3.33% [1]. - The Southern Fund's Southern CSI 500 ETF is among Goldwind's top ten shareholders and has reduced its holdings in the first quarter of this year [1]. - The year-to-date return for the Southern CSI 500 ETF is 6.29%, ranking 1245 out of 3223 in its category [1][2]. Fund Manager Profile - The fund manager of the Southern CSI 500 ETF is Ms. Luo Wenjie, who holds a Master's degree in Mathematical Finance from the University of Southern California and a Master's in Computer Science from the University of California [4][5]. - Ms. Luo has extensive experience in quantitative analysis, having previously worked at Morgan Stanley Investment Bank and joined Southern Fund in September 2008 [4][5]. Fund Management - The Southern Fund Management Co., Ltd. was established in March 1998 and is currently led by Chairman Zhou Yi and General Manager Yang Xiaosong [5]. - The fund has a total asset management scale of 1229.64 billion yuan, with a return of 116.34% during Ms. Luo's tenure [5].

Summary of Wind Power Industry Conference Call Industry Overview - The wind power industry is expected to see significant growth in 2024, with a notable increase in bidding volumes for wind projects. Although there may be a slight slowdown in onshore wind power at the beginning of 2025, acceleration is anticipated in the second half of the year. [1][3] - Offshore wind power is projected to double its installed capacity by 2025, driven by expedited project approvals. Future focus will be on deep-sea development. [1][4] Key Insights - **Onshore Wind Power**: - Installed capacity is expected to exceed 100GW in 2025, with a year-on-year growth of 25%-30%. This growth is primarily due to a 70%-80% increase in bidding volumes in 2024. [3] - The impact of policy document 136 is expected to cause a temporary decline in bidding in early 2025, but project initiation is expected to accelerate later in the year. [3][10] - **Offshore Wind Power**: - Expected installed capacity for 2025 is between 8-10GW, representing over 100% year-on-year growth. [4] - The approval of offshore wind projects is progressing well, particularly in Jiangsu and Guangdong provinces. [12] - **European Market Opportunities**: - The European offshore wind market presents significant opportunities for Chinese companies, with a 46% year-on-year increase in auction volumes for 2024. [5] - New emerging markets for onshore wind power are also opening up due to declining prices, providing further opportunities for Chinese enterprises. [5] Industry Segments - **Submarine Cables and Towers**: - The submarine cable sector is performing well, with high profit margins maintained. Chinese companies are actively expanding into the European market and securing orders. [1][6] - Tower manufacturing companies, such as Daikin Heavy Industries, are achieving significant profit increases by entering the European market. [2][6][17] - **Wind Turbine Manufacturing**: - Profitability in wind turbine manufacturing is improving due to stabilized domestic prices and high margins in overseas and deep-sea projects. [7] - The overall outlook for profitability in this sector is positive for the coming years. [7] - **Components Sector**: - The components sector is closely tied to onshore projects, with strong performance this year but potential pressure on growth next year due to price increases and market dynamics. [8][22] Challenges and Opportunities - Wind turbine companies face pressure on revenue from the implementation of policy document 136, which may lead to lower electricity prices affecting wind farm revenues. [9][20] - Despite these challenges, companies are increasing their market share overseas, which presents a promising growth avenue. [9][20] Market Trends - The submarine cable market is expected to maintain a compound annual growth rate of 20% from 2025 to 2030, with leading companies strengthening their market positions. [15] - The tower and monopile sectors are seeing significant growth, with overseas unit profitability significantly higher than domestic levels. [17][18] Recommendations - The focus should be on deep-sea and European offshore wind trends, with strong recommendations for companies like Dongfang Cable and Zhongtian Technology due to their expected benefits from high and low voltage cable penetration and overseas orders. [23] - In the onshore wind segment, companies such as Goldwind, Sany, Mingyang, and Yunda are recommended based on domestic and international market dynamics. [23]

Overview - Goldwind Technology Co., Ltd. has signed a parent company guarantee agreement to support its wholly-owned subsidiary, Goldwind Energy S.r.l., in fulfilling its obligations under a wind turbine supply and installation agreement with Draghiescu Partners S.r.l. in Romania [1][2] Guarantee Situation - The guarantee amount is set for the obligations of Goldwind Energy S.r.l. under the wind turbine supply and installation agreement, with the agreement signed on July 11, 2025, in Beijing [1] - Goldwind Energy S.r.l. has a debt-to-asset ratio exceeding 70%, which necessitates investor attention regarding guarantee risks [1] Financial Status of the Guaranteed Party - As of December 31, 2024, and May 31, 2025, Goldwind Energy S.r.l. reported: - Total assets of approximately 11.32 billion RMB and 42.13 billion RMB respectively - Total liabilities of approximately 11.52 billion RMB and 43.17 billion RMB respectively - Net assets of approximately -197 million RMB and -1.04 billion RMB respectively - Total revenue and profit figures were reported as zero and negative, indicating financial challenges [1] Main Content of the Guarantee Agreement - The guarantee will automatically extend for six months if the obligations under the wind turbine supply and installation agreement are not fulfilled by the expiration date due to reasons not attributable to the owner [2] Board of Directors' Opinion - The board approved a guarantee limit of 96 billion RMB for subsidiaries with a debt-to-asset ratio below 70% and 204 billion RMB for those above 70% [2][3] - The company is authorized to provide guarantees without further board meetings, as long as the guarantees fall within the approved limits [3] Cumulative External Guarantees - After this guarantee, the total external guarantee balance for the company and its subsidiaries will be approximately 288 million RMB, which is 0.75% of the latest audited net assets [3]

关于为全资子公司金风罗马尼亚提供担保的公告 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 Energy S.r.l.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 Goldwind Energy S.r.l.（下 称"金风罗马尼亚"）与罗马尼亚能源公司 Draghiescu Partners S.r.l.签 署《风机供货和安装协议》，由金风罗马尼亚为其提供风机供货至项 目现场、风机吊装、调试、试运行及缺陷责任期的服务。 公司签署《母公司担保协议》，为金风罗马尼亚在上述《风机供 货和安装协议》项下的履约责任和义务提供担保，担保金额为 102,660,000 欧元，折合人民币约为 859,233,402 元。 本次《母公司担保协议》的签署日期为 2025 年 7 月 11 日，签署 地点为北京。 二、被担保方基本情况 股票代码：002202 股票简称：金风科技 公告编号：2025-052 金风科技股份有限公司 3、注册地点：罗马尼亚布加勒斯特市第一区 ...

Group 1 - Longfor Group issued over HKD 2 billion in medium-term notes, indicating strong financing capability in the current market environment [1] - The financing cost is considered one of the lowest in the market, which may enhance investor confidence and benefit the group's overall operations and future projects [1] Group 2 - Singularity Guofeng plans to acquire 100% equity of an AI technology company, with a valuation range of HKD 350 million to HKD 500 million [2] - This move reflects the company's active expansion into the AI sector, although the non-binding nature of the investment letter introduces uncertainty regarding the transaction [2] Group 3 - Two manipulators in the Hong Kong stock market were sentenced to community service, highlighting the commitment to maintaining market fairness and transparency [3] - This regulatory action serves as a warning to potential violators, which may impact the reputation and stock prices of related companies [3] Group 4 - Harmony Health Insurance plans to reduce its stake in Goldwind Technology by up to 1% within three months, citing operational needs [4] - Although the reduction is minor, it may exert some pressure on the stock price and affect market sentiment [4] Group 5 - The Hang Seng Index rose by 0.57% to 24028.37, while the Hang Seng Tech Index fell by 0.29% to 5216.60 [5] - The Hang Seng Corporate Index increased by 0.83% to 8668.26 [5]