证券代码：601615 证券简称：明阳智能 公告编号：2026-026 一、投资情况概述 明阳智慧能源集团股份公司 关于使用闲置自有资金进行委托理财的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 基本情况 | 投资金额 | 单日最高额度不超过人民币 80 亿元（含本数） | | --- | --- | | 投资种类 | 向银行、信托、证券、基金、保险等专业金融机构购买安全性高、 | | | 流动性与投资回报相对较好的中风险以下（含中风险）金融产品， | | | 包括但不限于国债逆回购、债券以及各类金融机构发行的理财产 | | | 品、信托产品、证券投资基金、资产管理计划等。 | | 资金来源 | 自有资金 | 已履行及拟履行的审议程序 公司于 2026 年 3 月 25 日召开公司第三届董事会第三十二次会议，审议通过 了《关于使用闲置自有资金进行委托理财的议案》。本议案无需提交股东会审议。 特别风险提示 公司将按照相关规定严格控制风险，对投资产品进行严格评估，选择安全性 高、流动性与投资回报相对较好的金 ...

是否需要提交股东会审议：公司2026年度日常关联交易预计额度尚需提交股 东会审议。 日常关联交易对上市公司的影响：公司2026年度日常关联交易是公司正常生 产经营活动所需，遵循公平合理、平等互利的定价原则，不存在损害公司和中小股 东利益的情形；预计2026年度关联交易规模占公司同类业务比例较低，公司不会对 关联方形成依赖,不会对公司的独立性构成影响。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 证券代码：601615 证券简称：明阳智能 公告编号：2026-027 明阳智慧能源集团股份公司 关于公司2026年度日常关联交易额度预计的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 2026年3月25日，明阳智慧能源集团股份公司（以下简称"公司"）召开2026 年第二次独立董事专门会议，审议通过《关于公司2026年度日常关联交易额度预计 的议案》，独立董事认为：公司与广东明阳电气股份有限公司等关联方预计发生的 交易属于正常生产经营活动所需，有利于保障公司及下属子公司生产经营活动的正 常开展。相 ...

证券代码：601615 证券简称：明阳智能 公告编号：2026-025 明阳智慧能源集团股份公司 第三届董事会第三十二次会议决议公告 本公司董事会及董事会全体成员保证公告内容不存在虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 明阳智慧能源集团股份公司（以下简称"公司"）第三届董事会第三十二次 会议于 2026 年 3 月 25 日在公司总部大楼会议室以现场表决与通讯表决相结合的 方式召开。本次会议于 2026 年 3 月 19 日以书面、电话、邮件等方式通知各位董 事，与会的各位董事已知悉与所议事项相关的必要信息。本次会议应到董事 11 人，实到董事 11 人。会议由公司董事长张传卫先生主持，本次会议的召开符合 《中华人民共和国公司法》《明阳智慧能源集团股份公司章程》和《董事会议事 规则》等有关规定，会议决议合法有效。 经公司董事会审议，通过了以下议案： 1、审议通过《关于使用闲置自有资金进行委托理财的议案》 本次使用闲置自有资金进行委托理财是在确保不影响主营业务正常开展的 前提下进行，为了提高资金使用效率，节省财务费用，为公司及全体股东创造更 多的价值。公司拟以单日最 ...

欧洲风机市场供需情况梳理 20260324 摘要 欧洲海风市场 14MW+大兆瓦机型产能结构性短缺，12MW+年产能仅 约 3GW，为中国供应链切入核心组件及整机市场提供确定性机会。 出海盈利空间巨大：欧洲海风单价约 1 万元/kW vs 国内 2,500 元/kW；亚非拉陆风单瓦盈利约 0.2-0.3 元，达国内水平 10 倍，毛利率 高达 20-30%。 中国风机出口渗透率加速提升：预计从 2023 年不足 10%升至 2025 年 19%，2025 年海外在手订单达 40GW（同比+45%），远景、金风、 明阳领跑。 明阳智能在欧洲海风订单已超 1GW，每 1GW 整机销售有望带来 10-20 亿元业绩弹性；金风科技在亚非拉及中东市场具备先发优势，市占率超 60%。 竞争格局分化：西门子与维斯塔斯垄断欧洲 90%存量市场，但 GE 战略 收缩退出海风新单竞争，中国厂商凭借 20MW+研发进度实现技术对标。 2027 年起亚非拉陆风将成为核心驱动力，年均装机需求约 30GW；日 韩及东南亚海风市场逐步启动，预计海外海风年均装机达 10GW 以上。 Q&A 如何评估欧洲海上风电市场的规模、价值链分布以及中国 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [2]. Core Insights - The domestic demand for offshore wind energy is expected to see significant growth during the 14th Five-Year Plan, with a target of over 100 million kilowatts of cumulative grid-connected capacity by the end of the plan [6][11]. - The silicon material supply and demand situation in the photovoltaic sector is under pressure, with prices for polysilicon dropping and a potential slowdown in export growth due to changes in tax policies [28][29]. - The hydrogen energy sector is set to accelerate its industrialization process, supported by new pilot projects initiated by government agencies [7]. Summary by Sections Wind Power - The 14th Five-Year Plan outlines the construction of offshore wind power bases in various seas, aiming for over 100 million kilowatts of cumulative grid-connected capacity [6][11]. - As of December 2025, the total installed wind power capacity in China is projected to reach 640 million kilowatts, with a year-on-year growth of 23% [11]. - The offshore wind power sector is expected to add over 53 gigawatts (GW) during the 14th Five-Year Plan, with an average annual installation of over 10 GW [11]. Photovoltaics - The average transaction price for polysilicon has decreased to 39,900 yuan per ton, reflecting a 6.12% week-on-week decline [28]. - The photovoltaic industry faces challenges due to weak demand and high inventory levels, leading to a potential industry consolidation phase [28]. - The photovoltaic equipment index has seen a slight decline of 0.16%, while the solar cell component index dropped by 2.01% [29]. Energy Storage & Hydrogen Energy - A new pilot program for hydrogen energy applications has been launched, aiming for large-scale applications in urban areas by 2030, with hydrogen prices targeted to drop below 25 yuan per kilogram [7]. - The hydrogen energy sector is expected to see a doubling of fuel cell vehicle ownership by 2030, reaching around 100,000 vehicles [7]. - Investment recommendations include focusing on companies with strong competitive advantages in energy storage and hydrogen energy sectors [7].

证券代码：601615 证券简称：明阳智能 公告编号：2026-024 2026年1月23日，公司收到上海证券交易所上市公司管理一部《关于对明阳 智慧能源集团股份公司发行股份及支付现金购买资产预案信息披露的问询函》 （上证公函【2026】0129号）（以下简称《问询函》）。根据《问询函》要求， 公司组织相关各方就相关事项进行了认真核实、分析和研究，并逐项予以落实和 回复。同时，公司根据《问询函》要求及相关回复内容对《明阳智慧能源集团股 份公司发行股份及支付现金购买资产并募集配套资金暨关联交易预案》及其摘要 进行了修订和补充披露，并以楷体加粗标明。具体内容详见公司于2026年2月6 日在指定信息披露媒体上披露的《关于上海证券交易所<关于对明阳智慧能源集 团股份公司发行股份及支付现金购买资产预案信息披露的问询函>的回复公告》 （公告编号：2026-016）和《明阳智慧能源集团股份公司发行股份及支付现金购 买资产并募集配套资金暨关联交易预案（修订稿）》等相关公告文件。 自本次交易预案披露以来，公司及有关各方积极推进本次交易相关工作。 2026年2月24日，公司在指定信息披露媒体上披露《明阳智慧能源集团股份公司 关于 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The UK government will eliminate import tariffs on offshore wind components starting April 1, 2026, aiming to boost the domestic offshore wind manufacturing industry and reduce production costs [5][10] - The National Energy Investment Group is accelerating its layout in energy consumption sectors, emphasizing the importance of green electricity and low-carbon development [6][25] - New regulations in Germany regarding rooftop solar may benefit household energy storage systems, pushing small solar systems to respond to market price signals [6][22] Wind Power - The UK will cancel import tariffs on 33 types of offshore wind-related industrial products, which is expected to lower manufacturing costs and reflect the government's commitment to offshore wind development [5][10] - The wind power index increased by 0.83% in the week of March 9-13, 2026, outperforming the CSI 300 index by 0.64 percentage points, with a current PE_TTM valuation of approximately 26.04 times [3][11] - The auction results from January 2026 awarded 8.4GW of offshore wind capacity, indicating the government's ability to stabilize market expectations despite economic pressures [5][10] Solar Power - The National Energy Investment Group is focusing on green electricity and low-carbon new tracks, which is seen as a significant opportunity for business model innovation in the energy sector [6][25] - The solar equipment index rose by 6.86%, outperforming the CSI 300 index by 6.68 percentage points [6][26] Energy Storage & Hydrogen - New regulations in Germany will stop fixed feed-in tariffs for small solar installations under 25kW, promoting market responsiveness and potentially increasing the penetration of household energy storage systems [6][22] - The energy storage sector is experiencing high demand, with recommendations for companies like Sungrow Power Supply, Huaneng Renewables, and others in the domestic and international markets [6][22]

Group 1 - The core viewpoint of the report is that the power equipment industry is transitioning from "high growth" to "accelerated growth," indicating strong sustainability and certainty in its performance [2][12][27] - The report highlights that the current investment strategy should focus on "marginal changes in growth," emphasizing both G (growth) and Δg (change in growth rate) [2][12][26] - The power equipment sector is expected to experience a high prosperity cycle comparable to the coal industry in 2022, driven by a reversal in performance anticipated in 2025 [3][14] Group 2 - Energy security is projected to bring further valuation premiums to the power equipment sector, as the geopolitical landscape emphasizes the need for energy independence [4][5] - The report outlines three macro trends driving demand for power equipment: reshaping of supply-side dynamics, enhancement of energy system resilience, and the reconfiguration of national strategic reserves [4][5] - The power equipment industry is positioned to benefit from the transition towards domestic energy sources, particularly in wind, solar, and nuclear energy [4][5] Group 3 - Investment recommendations suggest prioritizing segments within the power equipment industry that align with both energy security and growth metrics [5][9] - Key focus areas include battery storage, grid equipment, synergistic computing and electricity solutions, and domestic energy sources [5][9] - The battery storage sector is identified as a core component of national strategic reserves, transitioning from commercial exploration to a strategic material [5][9]

Summary of Key Points from Conference Call on European Offshore Wind Industry Industry Overview - The European offshore wind market is entering an accelerated construction phase from 2025 to 2030, with net profit per ton of offshore wind products reaching 4,000-5,000 RMB, significantly higher than the domestic level of 800-1,000 RMB [1][2] - The UK AR7 auction reached a historic high of 8.4 GW, and the cancellation of 33 import tariffs on wind power components is expected to boost the market [1][2] - The Hamburg Declaration aims for 300 GW of offshore wind capacity by 2050, indicating a strong policy support for the industry [1][4] Key Companies and Their Performance - **Dajin Heavy Industry**: Holds a 30% market share in Europe with over 10 billion RMB in orders, expected to double to 20 billion RMB by 2026, with profits projected to increase from 1-1.1 billion RMB to over 2 billion RMB [1][8] - **Tianshun Wind Power**: Recently secured a 700 million RMB order for offshore wind projects and is expected to achieve net profits of 2.5-3 billion RMB by 2027, with a market cap target of 50 billion RMB [1][6][7] - **Oriental Cable**: Currently has 3-4 billion RMB in overseas orders, benefiting from tariff cancellations in the UK, and is involved in both offshore wind and power interconnection projects [1][11][12] - **Mingyang Smart Energy**: Plans to invest 1.5 billion GBP in a manufacturing base in Scotland, tracking 10 GW of orders in the AR7 project, with potential for significant growth in the European market [1][13][14] - **Zhenjiang Co.**: Secured a 154 billion RMB long-term agreement with Siemens, with a production capacity expansion plan to meet European demand [1][14] Market Dynamics and Opportunities - The European offshore wind market is experiencing a supply shortage in local marine engineering capacity due to high demand and slow domestic expansion, creating opportunities for Chinese companies with established manufacturing capabilities [1][5] - The geopolitical climate and rising fossil fuel prices are accelerating the shift towards renewable energy, particularly offshore wind, as a solution for energy security in Europe [2][3] - The European energy structure shows a significant reliance on fossil fuels, with 40% of natural gas being imported, highlighting the urgency for energy independence [3][4] Government Policies and Support - Recent government policies in Europe have significantly increased support for offshore wind, including accelerated auction schedules and substantial investment commitments [4][5] - The EU's clean energy investment strategy requires an annual investment of 660 billion euros from 2026 to 2030, focusing on generation and grid infrastructure [4][5] Conclusion - The European offshore wind industry is poised for rapid growth, driven by strong government support, increasing demand, and the entry of capable Chinese manufacturers. Companies that can establish a foothold in this market are expected to see substantial improvements in performance and profitability [1][2][5]

Summary of Key Points from the Conference Call Industry Overview - The wind power sector is entering a major overseas cycle driven by European offshore wind and resonating with onshore wind in Asia, Africa, and Latin America. The core logic has shifted from policy expectations to performance realization [1][2][3]. Core Insights and Arguments - **European Offshore Wind Development**: The construction pace for European offshore wind is clear, with significant increases in shipments expected from Q4 2025, and historical highs in performance anticipated in Q1 2026 [1]. - **Market Potential**: The mid-term baseline scenario predicts an annual increase of 15GW in both European and Chinese offshore wind, with the tower segment's market space exceeding 100 billion RMB. Companies like Dajin Heavy Industry and Tianneng Wind Power are expected to have nearly 3x elasticity [1][5]. - **Zhenjiang Co.**: This company has the largest exposure to European business, with over 70% of its revenue from Europe, and is projected to have an elasticity of over 4x due to its exclusive partnerships [1][5]. - **Submarine Cable Segment**: Dongfang Cable is nearly monopolistic in the ultra-high voltage sector, with expected profits of approximately 2.1 billion RMB from Europe by mid-2026 [1][5]. Investment Dynamics - **Investment Experience**: Historically, the investment experience in the wind power sector has been poor due to significant performance volatility. The current cycle is characterized by a strong focus on European offshore wind, driven by energy security concerns amid geopolitical tensions [2][6]. - **Policy Changes**: Recent EU policies, including a clean energy investment law, aim to triple annual investments in clean energy to nearly 700 billion RMB over the next 5-10 years, enhancing project certainty [2][6]. - **Market Growth Potential**: Despite past low installation rates, the auction and final investment decision (FID) data indicate a positive outlook, with over 40GW of offshore wind projects auctioned from 2022 to 2024 [6]. Company-Specific Insights - **Dajin Heavy Industry**: Focused on offshore wind, with a projected European market share of 25% and a net profit margin of 20%, expected to contribute approximately 47 million RMB from Europe [11]. - **Zhenjiang Co.**: Anticipated to have a 70% market share in the European wind turbine assembly market, contributing around 5 million RMB annually [13]. - **Oriental Cable**: Expected to contribute approximately 2.1 billion RMB from Europe, with a strong position in the submarine cable market [12]. - **Jinlei Co.**: Projected to have a 30% market share in Europe, contributing around 4.3 million RMB annually [12]. Market Space Estimates - **Wind Turbine Segment**: The European market for 15GW of wind turbines is estimated at approximately 135 billion RMB, while the Chinese market is around 45 billion RMB [8][10]. - **Tower Segment**: The market for offshore wind towers in Europe is estimated at over 90 billion RMB [10]. - **Cable Segment**: The market for submarine cables in Europe is projected to be over 40 billion RMB [10]. Conclusion - The European offshore wind market is poised for significant growth, driven by favorable policies and a strong focus on energy independence. Companies with substantial exposure to this market, such as Zhenjiang Co., Dajin Heavy Industry, and Oriental Cable, are expected to see substantial performance improvements and investment opportunities in the coming years [1][6][14].