明阳智慧能源集团股份公司 表决结果：同意票 11 票，反对票 0 票，弃权票 0 票。 第三届董事会第二十七次会议决议公告 特此公告。 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"）第三届董事会第二十七次 会议于 2025 年 11 月 19 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 2025 年 11 月 13 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《关于公司实施持有型不动产资产支持专项计划方案的议案》 公司董事会同意，公司控股子公司北京洁源新能投资有限公司拟以其持有的 陕西靖边明阳新能源发电有限公司作为标的项目公司，并以陕西靖边明阳新能源 发 ...

Core Insights - The wind turbine industry is experiencing a slowdown in the trend of larger turbine units due to resource and production constraints, leading to a deceleration in power growth [1][3] - The profitability of wind turbine manufacturers is shifting towards the downstream segment of wind farm development, with a significant increase in the profit share from project development during the 14th Five-Year Plan [2] Industry Trends - The trend of turbine large-scale production is facing limitations, resulting in a decrease in the growth rate of power output. The industry is currently experiencing losses due to low turbine prices, leading to a market cleanup [3] - The market concentration in the wind turbine industry is increasing, with the CR5 rising from 65.0% to 75.0% and CR10 from 91.4% to 98.6% from 2020 to 2024 [3] Price and Profitability - Wind turbine prices have stopped declining and are expected to rise, with a projected 10% increase in prices from January to August 2025. The industry is anticipated to face a cyclical surge in demand [4] - The average bid price for land-based turbines has reached a low point but has been increasing for four consecutive quarters, indicating a potential turning point for profitability in 2026 [4] Domestic Demand - The domestic wind power installation is expected to average over 100 GW annually during the 15th Five-Year Plan, with significant contributions from large base projects and offshore wind [5] - The overall cost of wind power generation remains competitive, and the market is likely to favor wind energy development in the coming years [5] International Market Opportunities - The European offshore wind market is projected to see significant growth, with an expected average addition of 8 GW annually from 2026 to 2030 [6] - The emerging markets in Asia, Africa, and Latin America are anticipated to double their installation growth rates, with a projected CAGR of approximately 16% over the next five years [6] - Domestic wind turbine manufacturers are increasingly entering overseas markets, with a projected market share of 32% in Asia, Africa, and Latin America by 2024 [6] Investment Recommendations - Companies to watch include Goldwind Technology (002202.SZ), Mingyang Smart Energy (601615.SH), Yunda Co., Ltd. (300772.SZ), and SANY Renewable Energy (688349.SH) [7]

Investment Rating - The report maintains a "Strong Buy" rating for the wind power industry, particularly for companies like Mingyang Smart Energy [2]. Core Insights - The wind power industry is experiencing a recovery in pricing and profitability, driven by a combination of factors including policy changes and robust domestic and international demand [6][7]. - The profitability of wind turbine manufacturers is increasingly reliant on wind farm development and operation, as manufacturing margins have been under pressure due to price wars and competition [11][15]. - The trend of turbine size increasing is slowing down, leading to a more concentrated industry as smaller players exit due to unsustainable losses [5][39]. Summary by Sections 1. Profit Structure of Wind Turbine Manufacturers - Wind turbine manufacturers derive profits from two main areas: equipment manufacturing and wind resource development, with the latter gaining a larger share of profits over time [11][15]. - The manufacturing sector has seen a significant decline in profit margins, with some companies reporting negative margins due to intense price competition [37][39]. 2. Recovery of Turbine Prices and Industry Profitability - Turbine prices have bottomed out and are expected to rise, with a projected increase of approximately 10% from the previous year [40][56]. - The industry is witnessing a shift from low-price competition to a focus on quality and sustainable pricing, supported by new policies aimed at curbing price wars [45][46]. 3. Domestic Demand and International Market Opportunities - Domestic wind power installation is projected to exceed 120 GW in 2025, driven by a robust bidding environment and government support for large-scale projects [60][62]. - Internationally, markets in Europe and emerging regions in Asia, Africa, and Latin America are expected to see significant growth, with annual additions projected to double in the next five years [5][60]. 4. Investment Recommendations - The report suggests focusing on companies like Goldwind Technology, Mingyang Smart Energy, and Sany Heavy Energy, as they are well-positioned to benefit from the recovery in turbine prices and strong demand [5][6].

Core Viewpoint - Mingyang Smart Energy experienced a stock price decline of 2.04% on November 18, with a current price of 13.96 CNY per share and a total market capitalization of 31.71 billion CNY [1] Group 1: Stock Performance - Year-to-date, Mingyang Smart Energy's stock price has increased by 13.29%, but it has seen a decline of 9.17% over the last five trading days and 8.34% over the last twenty days [1] - The stock's performance over the last sixty days shows an increase of 11.59% [1] Group 2: Financial Performance - For the period from January to September 2025, Mingyang Smart Energy reported a revenue of 26.30 billion CNY, representing a year-on-year growth of 29.98% [2] - The company's net profit attributable to shareholders was 766 million CNY, which reflects a year-on-year decrease of 5.29% [2] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Mingyang Smart Energy reached 129,300, an increase of 8.84% from the previous period [2] - The average number of circulating shares per shareholder decreased by 8.12% to 17,564 shares [2] Group 4: Dividend Information - Mingyang Smart Energy has distributed a total of 2.86 billion CNY in dividends since its A-share listing, with 1.99 billion CNY distributed over the last three years [3] Group 5: Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited is the fourth largest circulating shareholder, holding 65.28 million shares, a decrease of 3.12 million shares from the previous period [3] - HSBC Jintrust Low Carbon Pioneer Stock A has exited the list of the top ten circulating shareholders [3]

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Views - The acquisition of Precision Energy by Longi Green Energy is a significant move, enhancing its position in the energy storage sector [5] - The independent storage capacity pricing mechanism is being refined, indicating a supportive policy environment for energy storage development [6] Summary by Sections Wind Power - Wind turbine exports are progressing, with Goldwind's new factory in South Africa marking its sixth overseas facility, aimed at providing comprehensive services for renewable projects in the region [5][9] - The wind power index fell by 3.17% this week, underperforming the CSI 300 index by 2.09 percentage points, with a current PE_TTM valuation of approximately 25.97 times [4][10] Photovoltaics - Longi Green Energy's acquisition of Precision Energy aims to strengthen its foothold in the energy storage market, which includes a range of lithium-ion battery storage systems [5][6] - The photovoltaic equipment index decreased by 2.12%, with the current PE_TTM valuation around 50.33 times [4] Energy Storage & Hydrogen - The National Development and Reform Commission and the Energy Administration have introduced guidelines to improve the pricing mechanism for new energy storage, recognizing its value in the new power system [6] - The compensation standard for independent new energy storage stations in Inner Mongolia for 2026 is set at 0.28 yuan/kWh, down from 0.35 yuan/kWh in 2025, but still favorable [6] Investment Recommendations - For wind power, focus on companies like Goldwind, Mingyang Smart Energy, and Yunda shares due to their potential for profit recovery and overseas market expansion [6] - In photovoltaics, attention is drawn to structural opportunities within the industry, with recommended stocks including Dier Laser, Aiko Solar, and Longi Green Energy [6] - In energy storage, companies like Sungrow Power Supply and Haibo Technology are highlighted for their strong market positions and overseas expansion efforts [6]

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the power equipment and new energy sector [5]. Core Insights - The lithium battery industry is showing upward momentum after bottoming out, driven by strong demand from the new energy vehicle market and the rising profitability of energy storage [1][10]. - The photovoltaic industry is experiencing a cyclical recovery, with policies aiding in supply-demand balance and price stabilization [2]. - The wind power sector is expected to maintain high growth, with significant installation demand projected for the upcoming years [3]. Summary by Sections Lithium Battery Industry - The lithium battery sector is witnessing a recovery with strong sales in new energy vehicles, leading to a price increase in lithium materials. For instance, lithium carbonate prices have risen to 80,000 yuan/ton and hexafluorophosphate lithium to 110,000 yuan/ton as of November 2025 [1]. - The global demand for new energy vehicles continues to grow, with domestic sales of new energy passenger vehicles reaching 11.228 million units in the first nine months of 2025, a year-on-year increase of 34.9% [16]. - Solid-state batteries are emerging as a revolutionary technology with advantages in energy density and safety, expected to be commercialized between 2027 and 2030 [1][10]. Photovoltaic Industry - The photovoltaic market is stabilizing after years of rapid growth, with an expected annual installation of over 200 GW until 2030. However, the industry still faces overcapacity issues that need to be addressed through market and policy measures [2]. - The report highlights the importance of policy support in restoring supply-demand balance and price recovery in the photovoltaic sector, with significant investment opportunities arising from new technologies [2][11]. Wind Power Industry - The wind power sector has exceeded its installation targets during the 14th Five-Year Plan, with expectations of an average annual installation of 120 GW during the 15th Five-Year Plan, a 66% increase from the previous period [3]. - Both onshore and offshore wind projects are expected to see robust demand, with offshore wind power development being a key focus area for future growth [3][12].

Market Overview - The wind power equipment sector experienced a decline of 0.66% on November 14, with Delijia leading the drop [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Stock Performance - Changyou Technology (301557) saw a significant increase of 7.78%, closing at 110.80 with a trading volume of 16,700 lots and a transaction value of 182 million [1] - Pangu Intelligent (301456) rose by 4.20%, closing at 31.50 with a trading volume of 74,300 lots and a transaction value of 229 million [1] - Other notable performers included Hongde Co. (301163) with a 1.30% increase and Zhonghuan Hailu (301040) with a 0.84% increase [1] Declining Stocks - Delijia (603092) led the decline with a drop of 4.92%, closing at 62.48 with a trading volume of 73,200 lots and a transaction value of 46.4 million [2] - Other stocks that declined included Weili Transmission (300904) down 2.36% and Mingyang Smart Energy (601615) down 2.03% [2] Capital Flow - The wind power equipment sector saw a net outflow of 157 million from institutional investors, while retail investors contributed a net inflow of 36.27 million [2] - The sector's capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors showed some interest [2] Individual Stock Capital Flow - Hewei Electric (603063) had a net inflow of 89.62 million from institutional investors, but a net outflow of 72.91 million from retail investors [3] - Pangu Intelligent (301456) experienced a net inflow of 14.43 million from institutional investors, while retail investors showed a net outflow of 1.33 million [3] - Overall, the capital flow data reflects varying levels of investor confidence across different stocks within the sector [3]

中新网海南东方11月14日电 (记者王子谦)这么长的叶片，是怎样制造出来的？在海南省东方市郊，随风 舞动的风车和场地内摆放的巨大风机叶片引得境外华媒惊叹连连。 参加行走中国·2025海外华文媒体海南行活动的境外华媒，13日走进明阳智慧能源集团股份公司海南东 方智能制造基地(简称"明阳东方基地")，实地参观风电设备的生产。 明阳东方基地内，巨大的风机叶片一排排整齐摆放，而生产车间里，工人正在进行风电主机制造。 "非常震撼"，巴西华人网副主编杜宇遥说，通过叶片的尺寸，她能够想象得到巨无霸"大风车"在海上旋 转产生的风能，以及带来的经济效益。 图为海南东方明阳基地内摆放的巨大风机叶片。 中新网记者骆云飞摄 作为海南省海上风电高端装备制造产业的龙头企业，明阳东方基地项目2021年12月拿地即开工，总投资 20亿元，建设200亩的大型海上风电主机和叶片制造中心。2022年11月底，项目一期主机厂竣工，两台 风机顺利下线。 明阳东方基地副总经理魏磊说，明阳东方基地是海南全省唯一具备整机制造能力的风电生产制造基 地，"2024年生产出了当时全球最长的风机叶片"。 据介绍，风机叶片代号为MySE292，是用于海上风力发电机的 ...

Investment Rating - The report maintains an "Outperform" rating for the power equipment and new energy industry [1]. Core Viewpoints - Global offshore wind installation demand is expected to see significant growth, with China and Europe leading the market. The report anticipates that global offshore wind installations will reach 8GW in 2024, with China contributing over 50% of this growth [3][12]. - The report highlights the strong demand in Europe and the promising outlook in the Asia-Pacific region, with European offshore wind installations projected to grow rapidly [3][25]. - The supply chain dynamics are evolving, with domestic offshore wind turbine manufacturers looking to expand overseas, particularly in Europe and Japan, where demand is expected to rise [3][12]. Summary by Sections Overview: Global Offshore Wind Installations Expected to Double - The report indicates that global offshore wind installations are set to experience a doubling in growth, driven by strong demand from China and Europe [5]. Demand Side: Strong European Demand, Promising Asia-Pacific Outlook - Europe is a key offshore wind market, with 2.7GW of new installations expected in 2024, accounting for 34% of global additions. The report notes that the European market is facing challenges but remains optimistic about future growth [3][25][34]. Supply Side (Part One): Clarity in Offshore Wind Turbine Export Logic - The report discusses the current landscape of offshore wind turbine exports, emphasizing the need for domestic manufacturers to establish overseas production facilities to meet growing international demand [3][12]. Supply Side (Part Two): Focus on Submarine Cables, Piles, and Floating Opportunities - The report identifies key areas of opportunity within the supply chain, including submarine cables and floating wind technology, highlighting the competitive landscape and potential for growth in these segments [3][12]. Investment Recommendations - The report suggests three main investment lines: 1. Favorable conditions for submarine cable companies, recommending Oriental Cable and suggesting attention to Zhongtian Technology [3]. 2. Opportunities in offshore wind turbine manufacturers, recommending Mingyang Smart Energy and Goldwind Technology, while suggesting attention to Yunda Co. and Sany Heavy Energy [3]. 3. Focus on floating wind technology, recommending Astar Anchor Chain and Mingyang Smart Energy [3].

Core Viewpoint - Mingyang Smart Energy (601615.SH) reported a closing price of 14.73 yuan, reflecting a decline of 4.16% [1] Group 1: Company Performance - A brokerage firm released a report on November 1, stating that Mingyang Smart Energy's Q3 2025 performance was generally in line with market expectations, with wind turbine profitability continuing to recover [1] - The brokerage maintained a rating of outperforming the industry for the company and raised its target price [1]