晨会纪要（R3） 晨会纪要 2025 年 12 月 17 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3824.81 | -1.11 | | 深证成指 | 12914.67 | -1.51 | | 创业板指 | 3071.76 | -2.10 | | 科创 50 | 1293.38 | -1.94 | | 北证 50 | 1439.65 | 0.54 | | 沪深 300 | 4497.55 | -1.20 | 上证指数-沪深 300 走势图 -8% 2% 12% 22% 32% 2024-12 2025-03 2025-06 2025-09 上证指数 沪深300 | 黄红卫 | 分析师 | | --- | --- | | 执业证书编号:S0530519010001 | | | huanghongwei@hnchasing.com | | | 周舒鹏 | 研究助理 | | zhoushupeng@hnchasing.com | | 晨会聚焦 | 一、财信研究观点 | | --- | | 【市场策略】大盘连续缩量调整，零售板块逆 ...

本报记者 吴文婧 12月15日，三峡江苏大丰800兆瓦海上风电项目（以下简称"江苏大丰项目"）实现全容量并网。该项目 位于江苏省盐城市大丰区东北方向海域，最远点离岸距离85.5千米，是我国当前已并网离岸距离最远的 海上风电项目。 苏商银行特约研究员武泽伟对《证券日报》记者表示："江苏大丰项目实现全容量并网，标志着我国海 上风电向深远海迈进取得了又一阶段性突破。这不仅验证了在深远海域实现稳定电力输送的技术可行 性，还为未来的风电开发提供了经验与数据，具有重大的战略示范意义。" 装机有望较快增长 江苏大丰项目并非个例。今年以来，我国海上风电"深远化"发展成果显著。例如，东方电气（福建）创 新研究院有限公司自主研发的漂浮式风电耦合海水无淡化原位制氢综合平台获得中国船级社（CCS）颁 发的原则性批准证书（AIP），成为全球首个通过该认证的漂浮式风电制氢平台。 今年10月份，由中国长江三峡集团有限公司牵头研发建设的16兆瓦漂浮式海上风电成套系统示范应用工 程项目"三峡领航号"，在广西壮族自治区北海市铁山港区完成一体化组装，成为全球已安装单机容量最 大的漂浮式海上风电系统装备。 还有不少优质项目同样在稳步推进，为产业发展 ...

12月15日，明阳智能（601615）（601615.SH）在国内外市场同步实现重大突破，同时中标沙特1500MW风电项目与海南600MW海上风电项目，累计装机容 量超2GW，充分彰显其在全球新能源领域的综合竞争力。 国际市场方面，明阳中标阿联酋公用事业开发公司Emirates Utility Development Company（EUDC）SPPC R6 1500MW风电项目，成为该项目的风力发电机组 供应商。 SPPC R6 1500MW风电项目是中东地区重要的可再生能源项目之一。本次中标标志着明阳在中东及国际市场的竞争力与品牌影响力进一步提升，也为公司持 续拓展海外大型风电项目奠定了坚实基础。 同日，明阳中标大唐海南儋州120万千瓦海上风电项目二场址（600MW）风力发电机组及附属设备（含塔筒），金额为18.342亿元，合3057元/千瓦。 ...

摘要 证券研究报告 陆风装机有支撑，看好"十五五"两海成长空间 ——风电2026年度策略报告 证券分析师：曾朵红 执业证书编号：S0600516080001 联系邮箱：zengdh@dwzq.com.cn 联系电话：021-60199798 2025年12月14日 1 若无说明，正文中"预计"均来自东吴电新组 2 ◆ 25年陆海风装机需求共振，看好两海成长空间：1）陆风：预计25年陆风装机100GW以上，同比增长25%+。25年1~11月陆风机组招标 88GW，同比下降11%。风电经济性优势明显，预计26年陆风行业装机至少保持持平，"十五五"期间陆风行业年均装机110~120GW。2 ）海风：25年1~11月海风招标9.4GW，同比增长7%。预计25年我国海风装机8~10GW；26年11~13GW，同增30%+；预计"十五五" 期间年均装机20GW+。深远海相关政策及项目催化临近，远期深远海衔接，具备长期成长性。 ◆ 欧洲海风规划持续加码，装机进入加速期。2022年俄乌战争爆发后，能源危机背景下，欧洲各国海风规划持续加码。1）拍卖：24年欧洲海 风拍卖20GW，同增46%；预计25~27年拍卖量分别为34.7 ...

证券代码：601615 证券简称：明阳智能 公告编号：2025-085 明阳智慧能源集团股份公司 名称：明阳智慧能源集团股份公司 关于完成工商变更登记的公告 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。 明阳智慧能源集团股份公司（以下简称"公司"）于 2025 年 9 月 25 日召开 了公司第三届董事会第二十四次会议，审议通过了《关于变更公司注册资本的议 案》《关于修订<公司章程>的议案》。因公司变更回购股份用途并部分注销事项， 公司注册资本由 2,271,496,706 元变更为 2,261,496,706 元，公司股份总数由 2,271,496,706 股变更为 2,261,496,706 股。具体内容详见公司于 2025 年 9 月 26 日披露的《关于变更回购股份用途并部分注销暨变更注册资本及修订<公司章 程>的公告》（公告编号：2025-061）。 2025 年 12 月 12 日，公司完成了《公司章程》的备案手续，并取得了中山 市市场监督管理局换发的《营业执照》。本次工商变更后，公司的基本登记信息 如下： 统一 ...

Overview - The renewable energy sector saw a 42% increase in 2025, outperforming the CSI 300 index by 24.78 percentage points, driven by strong demand for energy storage and the gradual implementation of anti-involution policies [11][14]. Solar Energy - The domestic solar market is expected to face pressure in 2026, with new installations projected to decline to 200-250 GW, down from an estimated 300 GW in 2025, which represents an 8% year-on-year growth [5][28]. - In 2025, China added 252.9 GW of new solar capacity from January to October, a year-on-year increase of 71.8 GW, with a significant portion of installations occurring in the first half of the year due to policy influences [5][18]. - Global solar installations are expected to reach 655 GW in 2025, a 10% increase year-on-year, but demand is anticipated to stabilize or slightly decline in 2026 due to various market challenges [36][37]. - The supply side is undergoing restructuring due to anti-involution policies, with significant reductions in production and inventory pressures observed in the polysilicon market [40][45]. - The BC battery technology is gaining traction, with expected rapid increases in penetration rates, potentially becoming the mainstream technology by 2030 [48][53]. Wind Energy - The domestic wind power market is projected to maintain stable growth, with onshore wind installations expected to remain flat in 2026, while offshore wind installations are forecasted to increase by over 40% to approximately 11.2 GW [5][16]. - The wind turbine market is experiencing a recovery in profitability, supported by stable pricing and expansion into overseas markets, creating new growth opportunities [16][18]. - The development of hydrogen and ammonia markets is expected to provide additional growth avenues for wind turbine manufacturers [5][16]. Investment Recommendations - The report maintains a "stronger than market" rating for the renewable energy sector, highlighting key companies to watch in wind energy, such as Goldwind Technology, Mingyang Smart Energy, and Yunda Co., and in solar energy, including LONGi Green Energy and Aiko Solar [5][7].

Group 1 - The wind power industry maintains a high level of prosperity, with expectations for wind turbine and component sales to rebound in profitability due to rising bidding prices and increased demand for domestic and overseas installations [1][3][28] - The average bidding price for onshore wind turbines increased by 6.86% year-on-year to 1618 RMB/kW, while the average price including towers rose by 9.78% to 2096 RMB/kW, indicating a recovery in sales profitability for turbine manufacturers [1][41] - Domestic wind turbine shipments are expected to exceed expectations in 2026, with a significant increase in bidding and approval volumes for wind projects, indicating strong future demand [1][30][39] Group 2 - The domestic offshore wind projects are progressing smoothly, with significant growth potential in deep-sea wind energy, supported by favorable policies and planning in regions like Zhejiang, Shanghai, and Guangdong [2][3] - The European offshore wind market is projected to add 8.40 GW of new installations in 2026, highlighting the potential for export opportunities in multiple segments of offshore wind energy [2][3] - The report identifies two main investment themes: (1) the recovery of wind turbine profitability and the potential for increased installation demand, and (2) the synchronized growth of domestic and international offshore wind demand, suggesting investment opportunities in related sectors such as submarine cables and foundation piles [3][28][29] Group 3 - The report emphasizes the importance of focusing on wind turbine manufacturers and components, recommending companies like Goldwind Technology, Mingyang Smart Energy, and Sany Heavy Energy for investment [3][29] - The offshore wind sector is expected to see significant growth, with recommendations for companies involved in submarine cables and foundation piles, such as Dongfang Cable and Zhongtian Technology [3][29] - The overall valuation of the power equipment industry is expected to grow in 2025, with the wind power sector presenting substantial investment opportunities due to favorable market conditions and increasing demand [28][15]

企查查APP显示，近日，中山明阳智慧能源科技有限公司成立，法定代表人为王利民，注册资本2亿 元，经营范围包括风力发电技术服务、太阳能发电技术服务、储能技术服务、节能管理服务、电动汽车 充电基础设施运营等。企查查股权穿透显示，该公司由明阳智能(601615)全资持股。 ...

投资建议：公司风机制造板块盈利开始修复，2025 年单Q3 风机制造毛利率已接近盈亏平衡线附近， 2026 年基于风机涨价以及规模效应，看好风机制造板块的盈利弹性；同时公司海风风机出海领先，并 在英国投资生产基地将有望加速海外订单落地（生产基地计划2028 年底实现首批投产），未来有望贡 献第二增长曲线，预计公司2025-2027 年总营收分别为429/487/575 亿元，同比增长58.0%/13.4% /18.2%；归母净利润分别为12.9/23.6/34.8亿元，同比增长273%/83%/47%，PE 分别为24/13/9 倍，首次覆 盖给予"买入"评级。 海风风机龙头，风机制造与风场运营双轮驱动。公司海风市场份额位居国内第一，陆风份额持续提升。 根据CWEA，2023-2024 年公司国内陆风装机市占率为10.0%、12.9%，位居行业第四；2023-2024 年公 司国内海风装机市占率为40.9%、31.3%，位居行业第一。公司三大主营业务为风机制造、新能源电站 发电和电站产品销售。 风险提示：行业政策变动风险、风电整机行业竞争加剧风险、海外市场开拓不及预期、原材料价格波动 风险、资产和信用减值损失 ...

Group 1 - The core point of the article is the establishment of Zhongshan Mingyang Smart Energy Technology Co., Ltd. with a registered capital of 200 million yuan, focusing on wind power technology services, energy management services, and electric vehicle charging infrastructure operations [2] Group 2 - The company is wholly owned by Mingyang Smart Energy [2]