值得一提的是，近期恰逢十四五规划正式开展，市场对十四五期间的预期也已经形成了初步共识。"平 价"是一个重要的里程碑，脱离补贴后，新能源发展长逻辑已发生本质转变，风电将成为未来清洁能源 发展的主力。 据了解，因风电产业整体技术门槛较高，经过此前数十年的发展大浪淘沙，整机以及零部件环节的头部 企业集中度都十分高。每个环节前三家企业累计市场份额均已超过或接近80%，而平价时代的到来更是 加剧了这一趋势。风电行业整体进入市场化发展之后，龙头企业亦将脱颖而出。目前，风电整机环节技 术及产品更新迭代加快，传统双馈技术基本已退出"大机组"赛道，而半直驱则凭借其发电效率高、轻量 化的核心优势成了新的热点。 此外，明阳智能对外销售容量实现2023MW，同比增长141%;上半年风机制造毛利率达到19.41%，较去 年同期稳中有升，成功穿越低价订单周期后盈利能力持续提升。 资料显示，明阳智能深耕风电市场多年，主业为行业中游在整机制造板块，专注于风电机组的研发与生 产，保有全部核心部件研发与设计，同时自主生产叶片、电控系统。凭借自身的研发实力及核心部件资 产的布局，明阳智能能够迅速应对市场变化并具备竞争力。更加上半直驱技术独特的"基 ...

Core Viewpoint - The wind power industry is experiencing a significant rebound in the average monthly bidding price for land-based wind turbines starting from the end of 2024, continuing into mid-2025, indicating a potential industry-wide profitability reversal [1][2]. Group 1: Price Recovery Factors - Four main reasons support the current price recovery of wind turbines: 1) The industry market share has reached a relatively stable state, and continuous losses are unsustainable, with the signing of price discipline agreements promoting improved competition [2]. 2) The pace of turbine large-scale production has slowed, focusing on optimizing existing product lines [2]. 3) The previously relied-upon transfer of power station business may face downward risks, leading to more cautious acquisition of loss-making orders [2]. 4) Leading manufacturers are focusing on domestic offshore wind and exports, reducing competition in the domestic land-based wind sector [2]. Group 2: Profitability Outlook - The industry is expected to see a profitability reversal, with net profit margins projected to increase by 1-2 percentage points in the second half of 2025 due to a decrease in expense ratios, and a potential gross margin increase of 3-5 percentage points year-on-year starting in 2026, driven by rising delivery prices and cost improvements [3]. Group 3: Long-term Growth Drivers - The manufacturing segment is likely to benefit structurally from the increasing share of high-priced, high-margin products in domestic offshore wind and exports, with projections indicating that by 2025, these products will account for approximately 28% of total output value for turbine manufacturers, potentially rising to 46% by around 2028 [4].

Core Viewpoint - The company plans to utilize part of its idle raised funds for cash management to enhance the efficiency and returns of the funds while ensuring that the investment plans remain unaffected and the safety of the raised funds is guaranteed [2][5][8] Cash Management Overview - The purpose of the cash management is to improve the efficiency and returns of the raised funds without affecting the normal investment plans and ensuring the safety of the funds [2][5] - The maximum daily balance for cash management is set at RMB 500 million, with an authorization period of 12 months from the board's approval date [2][3] - The source of funds for this cash management is the idle raised funds [2] Fundraising and Investment Projects - The company has raised a total of RMB 577.2 million from a non-public offering of 413,916,713 shares at a price of RMB 14.02 per share, after deducting issuance costs [3] - As of June 30, 2025, the balance of the raised funds account is RMB 706.8 million, which includes earnings from cash management and bank interest [3][5] - The company is advancing its investment projects according to the planned usage of the raised funds [3] Cash Management Investment Methods - The cash management will involve investments in safe, liquid, and principal-protected products, including bank deposits and other financial instruments [5][6] - The company will ensure that the cash management products do not involve non-raised funds or other uses [5][6] Decision-Making Process - The cash management plan was approved by the company's board and supervisory committee on July 22, 2025, without needing shareholder approval [6] - The supervisory committee supports the cash management plan, stating it will not affect the normal investment plans or harm shareholder interests [6][8] Impact of Cash Management - The cash management is designed to not affect the normal operations of the investment projects or the company's main business while improving fund efficiency and generating returns for the company and its shareholders [8]

中信证券股份有限公司 关于明阳智慧能源集团股份公司 使用部分闲置募集资金进行现金管理 的核查意见 中信证券股份有限公司（以下简称"中信证券"、"保荐机构"）作为正在进行 明阳智慧能源集团股份公司（以下简称"明阳智能"、"上市公司"、"公司"）持续 督导工作的保荐机构，对明阳智能本次使用部分闲置募集资金进行现金管理进行 了核查，具体情况如下： 公司于 2025 年 7 月 22 日召开的第三届董事会第二十一次会议、第三届监事 会第十四次会议，审议通过《关于使用部分闲置募集资金进行现金管理的议案》， 同意在不影响募集资金投资计划正常进行和保证募集资金安全的前提下，以单日 最高余额不超过人民币 50,000.00 万元的闲置募集资金进行现金管理，授权期限 自本次董事会审议通过之日起 12 个月，在上述额度及决议有效期内，资金可以 循环滚动使用。具体情况如下： 一、现金管理情况概述 （一）本次现金管理目的 在不影响募集资金投资计划正常进行和保证募集资金安全的前提下，提高募 集资金使用效率和收益，为公司和股东创造更多的投资回报。 （二）本次现金管理的投资金额 在董事会审议的额度及决议有效期内，以单日最高余额不超过人民币 ...

证券代码：601615 证券简称：明阳智能 公告编号：2025-039 明阳智慧能源集团股份公司 关于使用部分闲置募集资金进行现金管理的公告 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： 现金管理种类：保本型产品（包括但不限于结构性存款、大额存单、通 知存款、定期存款、协定存款等）。 现金管理金额：授权期限内,单日最高余额不超过人民币 50,000 万元。 已履行的审议程序：已经 2025 年 7 月 22 日召开的第三届董事会第二十 一次会议和第三届监事会第十四次会议审议通过，无需提交股东大会审议。 （二）本次现金管理的投资金额 在董事会审议的额度及决议有效期内，以单日最高余额不超过人民币 50,000.00 万元的闲置募集资金进行现金管理。 特别风险提示：公司本次购买的是安全性高、流动性好、具有合法经营 资格的金融机构销售的保本型产品，但仍不排除因市场波动、宏观金融政策变化 等原因引起的影响收益的情况。提醒广大投资者注意投资风险。 明阳智慧能源集团股份公司（以下简称"公司"）于 2025 年 7 月 22 ...

证券代码：601615 证券简称：明阳智能 公告编号：2025-038 具体内容详见公司于同日披露的《关于使用部分闲置募集资金进行现金管理 的公告》（公告编号：2025-039）。 表决结果：同意票 3 票，反对票 0 票，弃权票 0 票。 特此公告。 明阳智慧能源集团股份公司 监事会 明阳智慧能源集团股份公司 第三届监事会第十四次会议决议公告 本公司监事会及监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"）第三届监事会第十四次会 议于 2025 年 7 月 22 日在公司总部大楼会议室以现场表决与通讯表决结合的方式 召开，本次会议于 2025 年 7 月 17 日以书面、电话、邮件等方式通知各位监事， 与会的各位监事已知悉与所议事项相关的必要信息。本次会议应到监事 3 人，实 到 3 人，会议由王利民先生主持，符合《中华人民共和国公司法》和《公司章程》 等有关规定，会议决议合法有效。 会议审议并通过了以下议案： 1、审议通过《关于使用部分闲置募集资金进行现金管理的议案》 公司本次拟使用部分闲置募集 ...

证券代码：601615 证券简称：明阳智能 公告编号：2025-037 明阳智慧能源集团股份公司 1、审议通过《关于使用部分闲置募集资金进行现金管理的议案》 公司在不影响募集资金投资计划正常进行和保证募集资金安全的前提下，以 单日最高余额不超过人民币 50,000.00 万元的闲置募集资金进行现金管理，授权 期限自本次董事会审议通过之日起 12 个月，在上述额度及决议有效期内，资金 可以循环滚动使用。董事会同意本议案。 具体内容详见公司于同日披露的《关于使用部分闲置募集资金进行现金管理 的公告》（公告编号：2025-039）。 表决结果：同意票 11 票，反对票 0 票，弃权票 0 票。 特此公告。 第三届董事会第二十一次会议决议公告 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"）第三届董事会第二十一次 会议于 2025 年 7 月 22 日在公司总部大楼会议室以现场表决与通讯表决结合方式 召开。本次会议于 2025 年 7 月 17 日以书面、电话、邮件等方式通知各位董事， 与会 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [2]. Core Insights - The report highlights a significant rebound in prices across the photovoltaic industry chain and an accelerated overseas expansion by wind turbine manufacturers [2]. - The wind power index has underperformed the CSI 300 index, with a decline of 0.14% compared to a 1.23% drop in the latter [5][12]. - The photovoltaic sector is experiencing a notable price recovery, driven by policy measures aimed at curbing excessive competition [6]. Summary by Sections Wind Power: Accelerated Overseas Expansion of Turbine Manufacturers - Domestic turbine manufacturers secured over 34GW of international orders in 2024, with 10.23GW obtained in the first half of 2025 [6][11]. - The export volume of wind turbines from China is expected to grow significantly, with a year-on-year increase of 71.9% in 2024 and a further 43.2% in Q1 2025 [6][11]. - Companies like Mingyang focus on the European market, while Envision Energy targets India and other global markets [6][11]. Photovoltaics: Significant Price Recovery in the Industry Chain - The prices of polysilicon and monocrystalline silicon wafers have increased by 5.7% and 13.6% respectively, indicating a recovery in the photovoltaic supply chain [6]. - The current price trends reflect a response to policy measures aimed at stabilizing the market and ensuring prices remain above production costs [6]. - The report emphasizes the need for substantial changes in supply-demand dynamics to sustain the recovery in photovoltaic prices [6]. Energy Storage & Hydrogen: New Pricing Policies in Gansu - Gansu has introduced a capacity pricing mechanism for new energy storage, which is expected to enhance the economic viability of storage technologies [7]. - The new pricing model aims to create a revenue structure based on capacity and spot market trading, promoting competition and quality in the energy storage sector [7]. - The report suggests that the new pricing mechanism will help establish a more favorable environment for innovative storage solutions [7]. Investment Recommendations - For wind power, the report recommends focusing on companies like Mingyang Smart Energy, Goldwind Technology, and Oriental Cable, which are well-positioned to benefit from domestic demand and international expansion [7]. - In the photovoltaic sector, it suggests monitoring structural opportunities related to BC industry trends, with companies like Dier Laser and Longi Green Energy highlighted [7]. - For energy storage, it recommends Sunshine Power and Haibo Technology, which are expected to capitalize on overseas market opportunities [7].

Investment Rating - Industry Rating: Recommended [5] Core Insights - The report highlights the acceleration of humanoid robot production due to advancements in AI technology and domestic companies' efforts to replace core components, indicating a broad market opportunity [1][15] - The electric vehicle (EV) sector is entering a deep penetration phase, with new high-cost performance models expected to drive sales growth and stabilize the industry in the medium to long term [2][18] - The renewable energy sector is facing rising upstream raw material prices, which are expected to be passed down the supply chain, potentially leading to price rebounds for solar components [3][24] - The UK government's decision to relax AR7 offshore wind auction entry requirements is anticipated to boost investment enthusiasm and accelerate project implementation in the offshore wind sector [4][27] Summary by Sections Humanoid Robots - The launch of the new industrial humanoid robot Walker S2 by UBTECH enables 24/7 operation with a rapid battery swap system, indicating a significant technological breakthrough [1][15] - The report emphasizes the strong domestic demand for core components and the potential for domestic companies to benefit from this trend [1][15] - Key players in the humanoid robot supply chain are expected to see substantial opportunities as the industry matures [1][17] New Energy Vehicles - The report notes that the introduction of multiple new EV models is likely to enhance user experience and drive sales growth [2][18] - The EV industry is characterized by rapid growth, with new technologies and materials expected to improve performance and reduce costs [2][19] - The report identifies several investment opportunities within the EV supply chain, particularly in battery technology and related components [2][23] Renewable Energy - The report discusses the impact of rising prices for upstream materials like silicon, which are expected to lead to price increases for solar components [3][24] - It highlights the ongoing optimization of battery efficiency and the potential for companies with differentiated high-efficiency products to enhance profitability [3][26] - The report also notes the expected reduction in production from glass manufacturers, which could alleviate inventory and pricing pressures in the solar market [3][26] Offshore Wind Energy - The UK government's relaxation of AR7 offshore wind auction rules is seen as a positive signal for the global offshore wind industry, potentially increasing project participation [4][27] - The report anticipates that the extension of contract terms for difference agreements will further stimulate investment in offshore wind projects [4][28] - Key beneficiaries of this trend are expected to include leading domestic companies involved in offshore wind energy [4][28] Energy Storage - The introduction of capacity pricing policies for energy storage in Gansu province is expected to enhance the profitability of long-duration storage projects [8][31] - The report emphasizes the importance of energy storage in balancing renewable energy output and improving utilization rates [8][31] - Companies with technological advantages in energy storage are likely to be the first to benefit from these new policies [8][31]

Investment Rating - The report maintains a positive outlook on the photovoltaic and energy storage sectors, highlighting price increases across the supply chain and recommending specific companies that are expected to benefit from these trends [1][5]. Core Insights - The photovoltaic industry is experiencing a price transmission from silicon materials to the midstream silicon wafer and battery segments, with component prices also rising. The report emphasizes the importance of monitoring price control sustainability and potential penalties for violations [1][5]. - In the wind energy sector, the UK AR7 CfD auction reforms are expected to significantly increase the scale of offshore wind tenders, with specific companies recommended for their potential to benefit from this development [1][5]. - The lithium battery sector is seeing advancements in solid-state battery technology, with a focus on oxide and polymer routes that promise better safety and performance without significantly increasing costs [2][6]. Summary by Relevant Sections Photovoltaic & Energy Storage - Silicon material prices have been rising, successfully transmitting price increases to the midstream silicon wafer and battery segments. Recent announcements from silicon material companies indicate strong regulatory oversight in the industry [1][5]. - The price range for polysilicon transactions has been active, with prices between 40,000 to 49,000 RMB per ton, and the futures closing price at 43,850 RMB per ton as of July 18 [5][21]. - The report suggests focusing on the sustainability of price controls, the impact of price increases on demand, and potential supply-side policies [5]. Wind Energy - The UK AR7 CfD auction reforms allow for a broader range of projects to participate, potentially increasing the tender scale from 10GW to 30GW. Companies like 大金重工, 东方电缆, and 明阳智能 are highlighted as key beneficiaries [1][5][9]. Lithium Batteries - The report notes that semi-solid and solid-state batteries are likely to enter commercial promotion soon, with advancements in technology addressing previous limitations in conductivity and performance [2][6]. - The application of lithium metal anodes is expected to enhance energy density in solid-state batteries, with a focus on companies involved in these innovations [2][6]. Hydrogen and Fuel Cells - The application of methanol fuel in shipping opens new opportunities for green hydrogen projects, accelerating project timelines and creating demand for hydrogen production equipment [3][18]. - The report highlights the importance of green shipping in driving demand for green hydrogen and methanol, with significant growth expected in the coming years [18]. Electric Vehicles - The launch of the 理想 i8 has generated significant market interest, with pre-orders indicating strong demand. The report suggests that the performance of the i8 will provide insights into supply and demand dynamics in the high-end electric vehicle market [4][15][17]. - The report emphasizes ongoing regulatory efforts to curb irrational competition in the electric vehicle sector, which may impact short-term demand but is expected to stabilize the market in the long run [15][17]. Power Grid - The National Grid's third tender for ultra-high voltage equipment is projected to reach approximately 1 billion RMB, with significant demand anticipated from various engineering projects [10][11][12]. - The report indicates that the ultra-high voltage sector is expected to maintain a high investment intensity during the 14th Five-Year Plan, with a projected tender amount exceeding 50 billion RMB in 2025 [11][12]. Overall Investment Recommendations - The report recommends specific companies across various sectors, including photovoltaic, energy storage, wind energy, and lithium batteries, highlighting their potential for growth and resilience in the current market environment [5][18].