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]

Core Viewpoint - The Beijing Securities Regulatory Bureau held its first public REITs regulatory work meeting, summarizing the development achievements and current issues in the public REITs market, and outlining key tasks for the next phase [1][2]. Group 1: Market Development - Since the pilot program, the Beijing public REITs market has seen steady growth in scale, with a diverse range of asset types, enhancing market resilience and influence [1]. - As of October 2025, Beijing has listed 15 public REITs with a total fundraising scale of 38 billion yuan, covering seven asset types including rental housing and logistics [1]. - The listed products have shown overall stable operations, with a positive performance in the secondary market, creating a good market demonstration effect [1]. Group 2: Current Issues - The meeting reported four main issues in the current market, including the responsibilities of fund managers, operational management capabilities of certain projects, valuation, and information disclosure [1]. Group 3: Recommendations and Future Focus - Representatives from various fund management companies and original rights holders discussed topics such as operational collaboration, asset type expansion, fundraising mechanisms, and ecosystem construction [2]. - The meeting emphasized that 2025 is a critical year for the "14th Five-Year Plan" and urged all parties involved in REITs to focus on compliance, professionalism, and innovation [2]. - Key actions include enhancing compliance awareness, improving professional capabilities, and driving innovation to explore new asset types and develop a multi-tiered REITs market system [2]. Group 4: Collaborative Efforts - All market participants are encouraged to build a healthy ecosystem for the REITs market, with fund managers taking responsibility to effectively utilize public REITs to support high-quality economic development in the capital [3]. - Collaboration among all parties is essential to create a unique "capital brand" for the REITs market, emphasizing quality and sustainability [3]. - Strengthening regular communication with regulatory authorities is crucial to leverage Beijing's geographical and asset advantages for the distinctive development of its REITs market [3].

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Views - The wind power sector is witnessing increased overseas expansion by leading turbine manufacturers, enhancing their profitability and market share [5][10] - Leading photovoltaic (PV) component companies are accelerating their energy storage business layouts, indicating a shift towards integrated solar-storage solutions [5][6] - The energy storage and hydrogen sectors are experiencing positive trends in bidding volumes and prices, suggesting a healthy market environment [6] Summary by Sections Wind Power - Recent actions by top wind turbine companies include signing agreements for significant projects in Saudi Arabia (3GW), the Philippines (2GW), and Costa Rica, indicating a clear trend towards international market expansion [5][10] - The wind power index increased by 2.29% in the week of November 3-7, outperforming the CSI 300 index by 1.47 percentage points, with a current PE_TTM valuation of approximately 26.96 times [4][11] Photovoltaics - Major PV component firms are focusing on energy storage, with partnerships aimed at supplying large-scale battery systems and integrated solar-storage solutions [5][6] - The current market conditions for the PV sector remain challenging, with leading companies reporting losses in the first three quarters of 2025, while the energy storage sector shows better profitability [5][6] Energy Storage & Hydrogen - In October 2025, the domestic energy storage bidding volume reached 29.4GWh, a year-on-year increase of 116%, indicating strong market demand [6] - The average price for 2-hour energy storage systems is reported at 0.628 CNY/Wh, reflecting a slight decrease from the previous month, while the 4-hour systems saw a price increase [6] - The report suggests that the independent energy storage market is maturing, with potential for reasonable returns as policies and market structures evolve [6] Investment Recommendations - For wind power, focus on companies like Goldwind Technology, Mingyang Smart Energy, and Yunda Co., which are expanding their overseas markets [6] - In photovoltaics, attention is drawn to companies like LONGi Green Energy and Aiko Solar, despite short-term supply-demand challenges [6] - In energy storage, recommend companies like Sungrow Power Supply and Haibo Technology, which are well-positioned in both domestic and international markets [6]

Investment Rating - Industry Rating: Recommended [5] Core Views - The humanoid robot industry is expected to accelerate towards mass production due to advancements in AI technology and domestic companies' strong demand for core components [11][12] - The lithium battery supply chain remains in a high prosperity trend, with tight supply of certain materials and significant price increases, indicating a recovery phase for profitability [15][17] - The global energy storage market has entered a high prosperity phase, with substantial growth in both domestic and overseas markets driven by diverse revenue sources and increasing electricity demand [26][27] Humanoid Robots - The humanoid robot sector is seeing increased investment from major tech companies, with a focus on the T chain's production and domestic supply chain improvements [12][14] - Key components such as dexterous hands and lightweight materials are expected to drive innovation and market growth [13] New Energy Vehicles - The lithium battery supply chain is experiencing a recovery with multiple supply agreements signed, leading to price increases in key materials like lithium hexafluorophosphate [15][16] - New technologies such as solid-state batteries and advancements in battery materials are anticipated to enhance performance and reduce costs [18][19] New Energy - The global energy storage market is witnessing explosive growth, with significant increases in battery shipments and project developments across various countries [26][27] - The UK’s AR7 auction rules are expected to boost offshore wind energy investments, benefiting domestic suppliers with new orders [28][29] Power Equipment & AIDC - The demand for power equipment is expected to remain high due to the rapid development of AI in North America, creating opportunities for domestic power equipment companies [4]

Investment Rating - The report maintains a positive investment outlook for the clean energy sector, particularly focusing on storage, wind, and solar energy [1][5][19]. Core Insights - The global electricity shortage narrative continues to evolve, driven by AI computing power demands and carbon reduction goals, which will collectively drive a significant cycle in clean energy and new grid construction over the next 3-5 years [1][5]. - Storage solutions are identified as critical for adapting to changes in power source structures and load characteristics, while green hydrogen and ammonia are seen as key pathways for carbon reduction in non-electric sectors [1][5]. - The report emphasizes the importance of top-level design documents in China, reinforcing the strategic direction for energy transition and carbon neutrality [6][7]. Summary by Relevant Sections Energy Storage - North America continues to experience electricity shortages, with a resonance between the Chinese and U.S. markets; the white paper on carbon peak and carbon neutrality in China further establishes the key role of storage [6][7]. - Tesla is expected to procure 30GWh of storage batteries from Samsung SDI, indicating a strong demand for storage solutions [8][9]. Lithium Battery - The price of lithium hexafluorophosphate (6F) continues to rise, with a notable increase of 4.19% in the average price of lithium iron phosphate batteries; the overall lithium battery supply chain remains optimistic [12][16]. - Tianqi Lithium announced significant orders totaling nearly 400 billion yuan for electrolyte products, indicating robust demand in the lithium battery sector [13]. Wind Energy - Wind turbine prices and volumes are exceeding expectations, with a focus on the profitability recovery of the turbine manufacturing segment; the report recommends key companies in this area [17][19]. - The government of Yancheng has released a green electricity direct connection plan, with a wind power capacity of 35.8GW planned, predominantly from offshore sources [20][21]. Solar Energy - The solar industry is experiencing a seasonal slowdown in production, but the decline is less than previously predicted; the report suggests bottom-fishing strategies in the solar sector, particularly in glass and low-cost silicon materials [23][24]. - The report highlights the potential for demand recovery in the solar market due to ongoing electricity shortages and domestic carbon reduction targets [23][26]. Hydrogen and Fuel Cells - The solid oxide fuel cell (SOFC) sector is experiencing unexpected growth, with new supply chain opportunities emerging; the report emphasizes the importance of green hydrogen and ammonia in future energy strategies [26][28]. - The report identifies a significant opportunity for green methanol production, driven by upcoming projects and the demand for green shipping fuel [27][28]. AIDC (Advanced Industrial Computing) - Major electrical giants are expanding their liquid cooling business through acquisitions, indicating a growing market for thermal management solutions in data centers [29][30].

Core Insights - The event "Connecting with Overseas Chinese for Mutual Benefits" was held in Shanghai, gathering representatives from over 40 countries and regions to explore overseas cooperation opportunities for enterprises [1] Group 1: Event Overview - The conference included four main segments: interactive exchange of overseas investment information, sharing of enterprise overseas case studies and achievements, provision of high-quality financial services for enterprises going abroad, and decoding the "flow password" of China's dual circulation by overseas Chinese business representatives [1] Group 2: Key Contributions - Chen Jinzhou, Supervisor of the Brazil China Economic and Trade Promotion Association, highlighted Brazil's development opportunities and the support the local overseas Chinese community can provide to Chinese enterprises, emphasizing Brazil as a "world granary" and "resource treasure" [3] - Wang Yong, President of Shanghai Electric Wind Power Group, shared the company's international development practices, focusing on high-end and differentiated overseas projects in regions such as Russia, the Middle East, North Africa, Southeast Asia, Japan, and South Korea [3] - Gu Yongtao, Chairman of Henrui Carbon Fiber Group, discussed the successful experiences of precise supply-demand matching through participation in the China International Import Expo, summarizing the value empowerment brought by the event as "the release and transformation of multi-dimensional benefits" [3] Group 3: Strategic Direction - Wang Xiaohan, Vice President of the Shanghai Federation of Industry and Commerce, stated that the unique advantages of overseas Chinese leaders and businesses in connecting China and the world exemplify the theme of "using overseas Chinese as a bridge" [4] - The global development of Shanghai enterprises is shifting from "product output" to "brand output," "technology output," and "model output," with hopes to deepen collaboration with overseas Chinese enterprises and strengthen mutual empowerment [4]

Core Viewpoint - Pangu Intelligent confirmed that Mingyang Smart Energy is a client of the company, and any business information should be based on publicly disclosed information by the company [2] Group 1 - Pangu Intelligent responded to investor inquiries on November 7 regarding its business relationships [2] - Mingyang Smart Energy is identified as a customer of Pangu Intelligent [2]

Core Viewpoint - The wind power equipment sector experienced a slight increase of 0.07% on November 7, with N Delijia leading the gains, while the overall stock indices showed a decline [1]. Market Performance - The Shanghai Composite Index closed at 3997.56, down 0.25% - The Shenzhen Component Index closed at 13404.06, down 0.36% [1]. Individual Stock Performance - N Delijia (603092) saw a significant increase of 51.07%, closing at 70.52 with a trading volume of 238,600 shares and a transaction value of 1.85 billion - Haile Wind Power (301155) increased by 4.22%, closing at 88.60 with a trading volume of 55,800 shares and a transaction value of 494 million - Electric Wind Power (688660) rose by 3.29%, closing at 20.10 with a trading volume of 330,500 shares and a transaction value of 666 million - Other notable performers include Mingyang Smart Energy (601615) up 1.74% and Shuangyi Technology (300690) up 1.67% [1]. Capital Flow Analysis - The wind power equipment sector saw a net inflow of 197 million from institutional investors, while retail investors experienced a net outflow of 597 million - Speculative funds had a net inflow of 400 million [2]. Detailed Capital Flow for Key Stocks - N Delijia had a net inflow of 502.1 million from institutional investors, accounting for 27.12% of its trading volume, while retail investors had a net outflow of 755 million, representing 40.82% - Mingyang Smart Energy recorded a net inflow of 95.28 million from institutional investors, with a net outflow of 56.95 million from retail investors [3].