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 股票代码：002202 股票简称：金风科技 公告编号：2025-107 ( 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。 金风科技股份有限公司 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 公司關於全資子公司減持金力永磁股份的進展公告》，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12月8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 二、交易进展 鉴于金力永 ...

证券研究报告|行业研究周报 [Table_Date] 2025 年 12 月 7 日 [Table_Title] 看好变压器&燃气轮机海外需求，机器人产业化推 进 [Table_Title2] 电力设备与新能源行业周观察 [Table_Summary] 报告摘要 随着海内外企业布局加速&AI 技术突破，人形机器有望迎来量产落 地时点。在降本需求的驱动下，人形机器人核心零部件的国产替代 需求强烈，市场空间广阔，率先取得突破的国内企业有望深度受 益。灵巧手、大脑和轻量化是人形机器人商业化落地的关键环节， 重点看好技术迭代和产业演进领先的国内生产厂商。 多家车企公布 11 月新能源汽车交付/销量 我们认为，在行业旺季趋势下，11月国内多数车企实现新能源汽车 交付/销量环比增长，全年新能源汽车表现亮眼。明年展望来看， 国内新能源汽车预计保持稳定增长，商用车电动化率提升叠加单车 带电量的增加预计带动动力电池需求较快增长。叠加国内外储能高 景气度，预计全年锂电池出货同比增长明显。在前期供给过剩导致 价格大幅下跌的背景下，动力及储能电池产业链多数企业出现亏 损。在"反内卷"趋势下，叠加海内外动储需求共振，电池及材料 环节迎 ...

Group 1: Offshore Wind Power Industry - The Fujian Sanxia Offshore Wind Power International Industrial Park is the first industrial park in China to achieve "carbon neutrality" and has created multiple unique features, including the world's first international high-power offshore wind power test site [2] - The park has successfully launched offshore wind turbine units ranging from 6.7 to 26 MW, with several models recognized as "Top Ten National Key Equipment" by central enterprises, marking a shift in China's offshore wind power industry from "catching up" to "leading" [2] - Goldwind Technology Co., Ltd. has exported nearly 50% of China's wind turbines and has maintained the top market share for 14 consecutive years, showcasing its strong position in the offshore wind power sector [3] Group 2: Traditional Manufacturing Transformation - Fujian Youyi Adhesive Tape Group Co., Ltd. exemplifies the transformation and upgrading of traditional manufacturing, with a complete industrial chain and continuous technological innovation being key to its development [4] - The company has evolved from a regular adhesive tape manufacturer to a comprehensive production base and solution provider, becoming a national-level "manufacturing single champion" enterprise [6] - The ongoing emphasis on technological innovation is crucial for companies in the adhesive tape sector to break free from foreign technology monopolies [6] Group 3: Broader Industrial Development in Fujian - The event highlighted various sectors in Fujian, including modern agriculture, cultural heritage, and digital infrastructure, reflecting the province's efforts in industrial upgrading, technological innovation, and integrated development [6]

Core Viewpoint - The State-Owned Enterprise Reform Index (399974) closed at 1869.16 points on December 5, with a gain of 0.91% and a trading volume of 115.45 billion yuan, indicating positive market sentiment towards state-owned enterprises [1]. Group 1: Index Performance - The index saw 71 stocks rise, with Goldwind Technology leading at a 5.46% increase, while 28 stocks fell, with Shenzhen South Circuit leading the decline at 2.74% [1]. - The top ten constituent stocks of the index include Zijin Mining, China Merchants Bank, and Changjiang Electric Power, with respective weights of 3.48%, 3.03%, and 2.98% [1]. Group 2: Market Capitalization and Sector Breakdown - The total market capitalization of the top ten stocks includes Zijin Mining at 832.41 billion yuan and China Merchants Bank at 1,095.80 billion yuan, reflecting significant investment in the metals and banking sectors [1]. - The sectors represented in the top ten include non-ferrous metals, banking, public utilities, and food and beverage, indicating a diverse investment landscape [1]. Group 3: Capital Flow Analysis - The net inflow of main funds into the index constituents totaled 2.22 billion yuan, while retail investors experienced a net outflow of 816 million yuan, suggesting institutional confidence contrasted with retail caution [3]. - Notable stocks with significant capital flow include BOE Technology Group with a net outflow of 900 million yuan from main funds and Zijin Mining with a net inflow of 731 million yuan [3]. Group 4: Index Adjustments - Recent adjustments to the index included the addition of Guorui Technology and Zhongcai Technology, while Haifeng Control and Xujie Electric were removed, reflecting ongoing changes in the index composition [4].

Group 1 - The hydrogen energy industry is expected to enter a phase of scale during the 14th Five-Year Plan, with clearer planning for commercialization and economic sustainability as core barriers [1][2] - The production of green hydrogen can effectively utilize renewable energy, enhancing the efficiency of wind and solar power [2][5] - The global hydrogen consumption in 2024 is projected to be approximately 32 million tons for synthetic ammonia, 17.5 million tons for synthetic methanol, and 43 million tons for refining, with significant industrial applications [3] Group 2 - The commercial model for hydrogen is likely to be first established in the green fuel sector, with green methanol being identified as a cost-effective and low-carbon alternative fuel [4][5] - The production of green hydrogen relies entirely on renewable energy sources, with projections indicating that by 2030, low-emission hydrogen production will reach 49 million tons, with electrolysis accounting for 75% [5] - Hydrogen storage and transportation remain significant barriers to the application of hydrogen energy, with high costs and inadequate infrastructure posing challenges [6]

Group 1 - The core viewpoint of the article highlights the positive performance of the wind power industry, with Jin Feng Technology's stock price increasing by 6.67% to HKD 13.11, and a trading volume of HKD 224 million [1] - According to Guojin Securities, the operating net cash flow of the wind power industry improved in Q3 2025, reaching RMB 3.4 billion, an increase of RMB 700 million year-on-year [1] - The industry inventory continued to rise in Q3, while contract liabilities saw a temporary decline, indicating a strong demand forecast for Q4 during the peak installation season [1] Group 2 - The current industry backlog is estimated at approximately 300 GW, ensuring sustained demand and stable pricing for the wind power sector [1] - According to Kaiyuan Securities, the domestic wind power demand is solid due to the "dual carbon" goals and the 2035 plan for wind and solar installations to reach 360 million kilowatts [1] - The "Wind Energy Beijing Declaration 2.0" suggests that during the 14th Five-Year Plan, the annual new installed capacity for domestic wind power should not be less than 120 GW, with offshore wind power contributing at least 15 GW annually [1]

消息面上，国金证券研报指出，25Q3风电行业经营性净现金流继续改善，板块经营性净现金流34亿 元，同比增加7亿元。Q3行业存货规模继续提升，合同负债阶段性下降，预计Q4装机旺季行业需求有望 保持高增。前三季度国内风电招标维持高位，测算当前行业在手订单约300GW，充裕的在手订单有望 保证后续行业需求及价格维持较好水平。 来源：智通财经网 金风科技(02208)盘中涨超7%，截至发稿，涨4.64%，报12.88港元，成交1.63亿港元。 开源证券认为，在"双碳"目标及2035年风光装机达36亿千瓦的规划指引下，国内风电需求基本盘稳固。 在新能源全面入市背景下，由于风电出力与负荷曲线更匹配，上网电价较高，业主的新能源项目开发偏 好正在向风电倾斜。此外，2025年10月《风能北京宣言2.0》提出"十五五"期间国内风电年新增装机容 量不低于120GW，其中海风年新增不低于15GW，"十五五"期间国内风电装机规模有望再上台阶。 ...

消息面上，国金证券研报指出，25Q3风电行业经营性净现金流继续改善，板块经营性净现金流34亿 元，同比增加7亿元。Q3行业存货规模继续提升，合同负债阶段性下降，预计Q4装机旺季行业需求有望 保持高增。前三季度国内风电招标维持高位，测算当前行业在手订单约300GW，充裕的在手订单有望 保证后续行业需求及价格维持较好水平。 开源证券认为，在"双碳"目标及2035年风光装机达36亿千瓦的规划指引下，国内风电需求基本盘稳固。 在新能源全面入市背景下，由于风电出力与负荷曲线更匹配，上网电价较高，业主的新能源项目开发偏 好正在向风电倾斜。此外，2025年10月《风能北京宣言2.0》提出"十五五"期间国内风电年新增装机容 量不低于120GW，其中海风年新增不低于15GW，"十五五"期间国内风电装机规模有望再上台阶。 金风科技（002202）(02208)盘中涨超7%，截至发稿，涨4.64%，报12.88港元，成交1.63亿港元。 ...

消息面上，国金证券研报指出，25Q3风电行业经营性净现金流继续改善，板块经营性净现金流34亿 元，同比增加7亿元。Q3行业存货规模继续提升，合同负债阶段性下降，预计Q4装机旺季行业需求有望 保持高增。前三季度国内风电招标维持高位，测算当前行业在手订单约300GW，充裕的在手订单有望 保证后续行业需求及价格维持较好水平。 金风科技(02208)盘中涨超7%，截至发稿，涨4.64%，报12.88港元，成交1.63亿港元。 开源证券认为，在"双碳"目标及2035年风光装机达36亿千瓦的规划指引下，国内风电需求基本盘稳固。 在新能源全面入市背景下，由于风电出力与负荷曲线更匹配，上网电价较高，业主的新能源项目开发偏 好正在向风电倾斜。此外，2025年10月《风能北京宣言2.0》提出"十五五"期间国内风电年新增装机容 量不低于120GW，其中海风年新增不低于15GW，"十五五"期间国内风电装机规模有望再上台阶。 ...

Group 1: Wind Power Industry Overview - As of September 30, 2025, the total installed wind power capacity in China reached 581.6 GW, accounting for 15.6% of the total power generation capacity, with thermal power at 40.4% [2][3] - From January to September 2025, the newly added wind power grid-connected capacity was 61.1 GW, representing a year-on-year increase of 56.2% [2][3] Group 2: Tender and Pricing Situation - By September 30, 2025, the newly added tender volume in the domestic public tender market was 102.1 GW, a decrease of 14.3% compared to the same period last year [2][3] - The average bidding price for wind turbine units in the market as of September 2025 was 1,610 CNY per kW [2][3] Group 3: Company Order Status - As of September 30, 2025, the company had a total of 49,874 MW in external orders, with 605 MW (1%) from units below 4 MW, 7,716 MW (16%) from units between 4 MW and 6 MW, and 41,553 MW (83%) from units above 6 MW [2][4] Group 4: Information Security and Privacy Protection - The company adheres to multiple laws regarding cybersecurity and data protection, including the Cybersecurity Law and the Personal Information Protection Law, and has established a comprehensive information security management system [4] - The company achieved ISO 27001 certification in 2019 and upgraded to the 2022 version in 2024, enhancing its information security capabilities [4]