Core Viewpoint - The wind power equipment sector has shown significant strength, with multiple companies experiencing substantial stock price increases, indicating a positive market sentiment towards the industry [1] Group 1: Market Performance - Jixin Technology (601218) has achieved two consecutive trading limits, while Riyue Co. (603218), Mingyang Smart Energy (601615), and Weili Transmission (300904) have reached their daily price limits [1] - Other companies such as Tianneng Heavy Industry (300569) and Pangu Intelligent (301456) have seen stock price increases exceeding 10% [1] - Companies like Tongyu Heavy Industry (300185), Tianshun Wind Energy (002531), Xinqianglian (300850), Dajin Heavy Industry (002487), and Feiwo Technology (301232) have also experienced upward trends in their stock prices [1] Group 2: Industry Insights - Ping An Securities highlights that the hydrogen and ammonia business is essentially an extension of the power station business [1] - Following the implementation of Document No. 136, there were initial concerns regarding the development prospects of wind turbine companies' power station businesses [1] - With policy support for green liquid fuels and increased investments by wind turbine companies in hydrogen and ammonia, the potential for power station business has expanded [1] - The current environment presents a threefold resonance for wind turbine companies, including an upward turning point in domestic wind turbine manufacturing profitability, upcoming performance realization from overseas markets, and an increase in hydrogen and ammonia contributions to power station businesses [1] - The outlook for investment opportunities in wind power equipment manufacturers is positive [1]

Summary of the Conference Call on China's Wind Power Industry Industry Overview - The conference call focuses on the **wind power industry in China**, highlighting a significant turnaround after a down-cycle from 2022 to 2024, attributed to self-regulation and robust demand [3][12][39]. Key Points Demand and Installation Forecasts - **Domestic demand** is expected to remain resilient during the 15th Five-Year Plan (FYP), with forecasts of annual installations of **106GW for 2025**, **103GW for 2026**, and **105GW for 2027**, potentially reaching **~120GW per annum from 2028 to 2030**, including **15-20GW offshore annually** [4][12][45]. - Public tendering for wind projects was robust, with **21.5GW tendered** from June to August 2025, marking a **21% year-on-year increase** [13][45]. Industry Dynamics - The industry has achieved a **price and profitability turnaround** without significant government intervention, driven by: 1. **Increased demand** for wind installations, with a **79% year-on-year rise** in new installations in the first seven months of 2025 [40]. 2. **Recovery in bidding prices** for Wind Turbine Generators (WTG), with onshore prices rising **8%** and offshore prices **12%** in 2025 [52]. 3. **Supply chain consolidation** and improved quality focus among manufacturers due to past losses and accidents [15][41]. Investment Preferences - Preference for **key WTG component suppliers** and **submarine cable manufacturers** over WTG Original Equipment Manufacturers (OEMs) due to better margin recovery prospects [5][14]. - **ZTT** is highlighted as a preferred investment due to its strong valuation and expected growth in submarine cable deliveries [20]. Company-Specific Insights - **Sinoma S&T** upgraded to Overweight (OW) with a price target of **Rmb48.2**, reflecting a **98.9% increase in net profit estimates for 2025** and **117.1% for 2026** due to recovery in gross profit margins across its business segments [19][21]. - **Ningbo Orient** remains OW despite a **39.4% reduction in net profit estimates for 2025**, with a price target of **Rmb69.63** [22][23]. - **Riyue** and **Goldwind** are maintained at Equal Weight (EW) with adjusted price targets reflecting lower profit forecasts due to rising costs and reduced sales expectations [24][25][29]. Risks and Challenges - Potential risks include **delays in offshore project approvals**, **competition affecting offshore WTG prices**, and **increased costs for outsourced machining** [16][24][29][37]. - The industry faces challenges from **overseas shipment growth slowing down** and **delayed revenue recognition** for key offshore projects [30][32]. Conclusion - The wind power industry in China is positioned for a strong recovery, driven by robust demand and improved pricing dynamics. Key players in the supply chain are expected to benefit from ongoing margin recovery and favorable market conditions, making them attractive investment opportunities in the near term [42][43].

Core Viewpoint - Mingyang Smart Energy announced the approval of a special asset-backed plan for holding real estate assets, focusing on renewable energy projects [2] Group 1: Company Actions - The company’s board of directors approved the proposal to initiate the issuance of a special asset-backed plan on September 25, 2025 [2] - The plan will utilize the assets of its subsidiary, Beijing Jieyuan New Energy Investment Co., Ltd., specifically targeting the Xi'an Jingbian Mingyang New Energy Power Generation Co., Ltd. as the project company [2] - The underlying asset for this plan will be the Ningtiaoliang Wind Farm project held by Jingbian Mingyang [2] Group 2: Regulatory Aspects - The proposal does not require submission for shareholder meeting approval, streamlining the process for the asset-backed plan [2]

Core Viewpoint - Mingyang Smart Energy (601615.SH) is actively responding to national policy initiatives by launching a special asset-backed plan to revitalize its existing assets and reduce its debt ratio, thereby promoting high-quality development in infrastructure [1] Group 1: Company Actions - The company’s subsidiary, Beijing Jiyuan New Energy Investment Co., Ltd., plans to use its holdings in Shaanxi Jingbian Mingyang New Energy Power Co., Ltd. as the target project for the asset-backed plan [1] - The underlying asset for this plan will be the Shaanxi Jingbian Ningtiaoliang Wind Farm project, which is held by Jingbian Mingyang [1] - The implementation of this asset-backed plan is expected to further activate existing assets and unlock their potential value, facilitating a positive investment cycle in the wind power infrastructure development and operation sector [1] Group 2: Strategic Goals - The initiative aims to enhance the company’s sustainable operational capabilities by promoting a full lifecycle development model and ensuring continuous, healthy, and stable operations [1]

Core Viewpoint - Mingyang Smart Energy (601615.SH) announced a stock option incentive plan for 2025, proposing to grant 20 million stock options, which accounts for approximately 0.8805% of the company's total share capital at the time of the announcement of the incentive plan draft [1] Group 1 - The stock options will be granted in a one-time allocation, with no reserved rights [1]

Core Viewpoint - Mingyang Smart Energy (601615.SH) is actively responding to national policy initiatives by launching a special asset-backed plan to revitalize existing assets and reduce its debt ratio, thereby promoting high-quality development in infrastructure [1] Group 1: Company Actions - The company’s subsidiary, Beijing Jiyuan New Energy Investment Co., Ltd., plans to use its holdings in Shaanxi Jingbian Mingyang New Energy Power Co., Ltd. as the target project for the asset-backed plan [1] - The underlying asset for this plan will be the Shaanxi Jingbian Ningtiaoliang Wind Farm project, which is held by Jingbian Mingyang [1] - The implementation of this asset-backed plan is expected to further activate existing assets and unlock their potential value [1] Group 2: Industry Impact - The initiative is aimed at promoting a virtuous cycle of investment in the wind power infrastructure development and operation sector [1] - It is designed to facilitate a full lifecycle development model, ensuring sustainable and stable operations for the company [1] - The plan is anticipated to enhance the company's sustainable operational capabilities [1]

证券简称：明阳智能 证券代码：601615 一、本激励计划依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司股权激励管理办法》等有关法律法规、规范性文件及《明阳智慧能 源集团股份公司章程》制定。 二、本激励计划采取的激励工具为股票期权，股票来源为向激励对象定向 发行的A股普通股和/或从二级市场回购的A股普通股。 三、本激励计划拟向激励对象授予的股票期权数量为2,000.00万份，占本 激励计划草案公告时公司股本总额（即2,271,496,706股）的0.8805%。本次授 予为一次性授予，无预留权益。 明阳智慧能源集团股份公司 2025年股票期权激励计划（草案） 明阳智慧能源集团股份公司 二零二五年九月 声 明 明阳智慧能源集团股份公司（以下简称"公司"或"本公司"）及全体董 事保证本激励计划及其摘要不存在虚假记载、误导性陈述或重大遗漏，并对其 内容的真实性、准确性和完整性依法承担法律责任。 特别提示 截至本激励计划草案公告日，公司全部有效期内股权激励计划所涉及的标 的股票总数累计未超过本激励计划提交股东会时公司股本总额的10.00%。本激 励计划中任何一名激励对象通过全部有效期内的股权激励计划 ...

重要内容提示： 股权激励方式：股票期权 股份来源：明阳智慧能源集团股份公司（以下简称"公司"）向激励对象 定向发行的 A 股普通股和/或从二级市场回购的 A 股普通股。 股权激励的权益总数及涉及的标的股票总数：《明阳智慧能源集团股份公 司 2025 年股票期权激励计划》（以下简称"本激励计划"或"本计划"）拟向激 励对象授予的股票期权数量为 2,000 万份，约占本激励计划草案公告时公司股本 总额(即 2,271,496,706 股)的 0.8805%。本次授予为一次性授予，无预留权益。 证券代码：601615 证券简称：明阳智能 公告编号：2025-062 明阳智慧能源集团股份公司 2025年股票期权激励计划（草案）摘要 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。 一、公司基本情况 （一）公司简介 公司于2018年12月25日经中国证券监督管理委员会批准，公开发行人民币普 通股股票（A股），2019年1月23日在上海证券交易所挂牌上市交易。公司经营范 围为：一般项目：发电机及发电机组制造；发电机及发电机组销售；海上风电相 ...

上海市通力律师事务所 关于明阳智慧能源集团股份公司 2025 年股票期权激励计划的法律意见书 致:明阳智慧能源集团股份公司 敬启者: 上海市通力律师事务所(以下简称"本所")受明阳智慧能源集团股份公司(以下简称 "明阳智能"或"公司")委托,指派本所夏慧君律师、郑江文律师、位贝贝律师(以下合称 "本所律师")作为公司特聘专项法律顾问,就公司拟实施之 2025 年股票期权激励计划(以 下简称"本次股票期权激励计划"),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》")、中国证券监督管理委员会 (以下简称"中国证监会")发布的《上市公司股权激励管理办法》(以下简称"《管理办法》") 等法律、行政法规和其他规范性文件(以下简称"法律、法规和规范性文件")和《明阳智慧 能源集团股份公司章程》(以下简称"《公司章程》")的有关规定出具本法律意见书。 为出具本法律意见书,本所律师已对公司向本所提交的有关文件、资料进行了我们认为 出具本法律意见书所必要的核查和验证。 本所在出具本法律意见书之前已得到公司如下保证:(1)其已向本所提供了出具本法律 意见书所需全部原始书 ...

章 程 2025 年 9 月 25 日 明阳智慧能源集团股份公司 公司由原广东明阳风电产业集团有限公司全体股东共同作为发起人，以原广东 明阳风电产业集团有限公司净资产整体折股进行整体变更的方式设立，于 2017 年 3 月 30 日在中山市市场监督管理局登记注册，取得营业执照，统一社会信用代码为 91442000789438199M。 第三条 公司于 2018 年 12 月 25 日经中国证券监督管理委员会（以下简称"中 国证监会"）核准，首次向社会公众发行人民币普通股（以下简称"A 股"）275,900,000 股，于 2019 年 1 月 23 日在上海证券交易所上市。 公司于2022 年7 月4日经中国证监会核准，发行33,660,500 份全球存托凭证（以 下简称"GDR"），按照公司确定的转换比例计算代表 168,302,500 股 A 股股票，于 2022 年 7 月 13 日在伦敦证券交易所上市。 第四条 公司注册名称：明阳智慧能源集团股份公司 英文全称：Ming Yang Smart Energy Group Limited 第五条 公司住所：中山市火炬开发区火炬路 22 号，邮政编码：528 ...