Core Viewpoint - The A-share market experienced a downturn on September 26, with all three major indices closing lower, while the wind power equipment index rose by 2.67%, indicating a divergence in sector performance amid broader market challenges [1] Industry Summary - On September 24, China announced a new round of national contribution targets, aiming for wind and solar power generation capacity to exceed six times the 2020 levels by 2035, targeting a total of 3.6 billion kilowatts [1] - As of the end of August this year, China's total installed capacity for wind and solar power surpassed 1.69 billion kilowatts, creating new growth opportunities for the wind power industry [1]

Core Viewpoint - The article highlights the resilience and advanced technology of Mingyang's offshore wind turbines in successfully withstanding the impact of Typhoon "Haikui," demonstrating their leadership in typhoon-resistant wind power technology [2][3][11]. Group 1: Typhoon Impact and Response - Typhoon "Haikui," classified as a super typhoon, made landfall in Guangdong, with maximum wind speeds exceeding 70 m/s, equivalent to a level 17 storm [3][6]. - A total of 1,345 Mingyang offshore wind turbines were directly or indirectly affected by the typhoon, including the world's largest floating wind platform, "Mingyang Tianceng," and the first typhoon-resistant floating wind turbine, "Three Gorges Leading" [2][3]. - Mingyang's turbines demonstrated high reliability and stability, successfully enduring the typhoon without any equipment damage, reaffirming their technological superiority in the offshore wind sector [2][3]. Group 2: Technological Innovations - "Mingyang Tianceng" employs an innovative single-point mooring system, allowing it to adaptively align with wind direction during the typhoon, significantly reducing the load on its supporting structure by 40% [3][11]. - The "Mingyu No. 1" platform is designed to withstand a 17-level super typhoon, incorporating multi-disciplinary design principles to enhance safety and minimize losses during extreme weather [6][11]. Group 3: Historical Context and Development - Mingyang's history of typhoon resistance dates back to 2007, with continuous advancements leading to the development of various typhoon-resistant models, including the first floating wind turbine in 2021 [7][11]. - The company has successfully navigated multiple typhoons, including "Tengfei" and "Paka," showcasing the reliability of its wind turbines under extreme conditions [7][11]. Group 4: Preparedness and Monitoring - Mingyang initiated its annual typhoon preparedness in March, establishing emergency plans and ensuring all turbines were ready to execute anti-typhoon functions [12][13]. - The company utilizes a proprietary "Prophet" intelligent scheduling system for real-time monitoring and preemptive adjustments to turbine operations during typhoons, ensuring safety and operational efficiency [12][13].

Market Overview - The market experienced fluctuations with the ChiNext index dropping over 2% in the afternoon session. AI hardware stocks, such as optical modules, faced declines, while the wind power sector saw significant gains with companies like Weili Transmission and Jixin Technology hitting the daily limit. Overall, more than 3,300 stocks in the Shanghai and Shenzhen markets were in the red, with a total transaction volume of 2.17 trillion yuan [1]. Wind Power Sector - The wind power sector surged today, with companies like Jixin Technology and Jiaze New Energy achieving consecutive daily limits. The sector is catalyzed by China's commitment to reducing greenhouse gas emissions by 7%-10% from peak levels by 2035 and increasing wind and solar power capacity to six times that of 2020, targeting 3.6 billion kilowatts. Morgan Stanley predicts an acceleration in wind power installations during the 14th Five-Year Plan, with annual additions exceeding 110 GW, driven by favorable pricing and demand for offshore wind projects [4][6]. Domestic Chip Sector - The domestic chip sector remained active, with companies like Yangyuan Beverage and Xianglong Electric achieving consecutive daily limits. Changjiang Storage Technology recently completed its shareholding reform, indicating a valuation of 160 billion yuan. JPMorgan has raised its global storage market forecast, predicting a market size of nearly $300 billion by 2027, driven by increasing demand from cloud service providers [7][9]. New Energy Vehicles - The new energy vehicle sector saw significant gains, with companies like Zhejiang Xiantong and Tianqi Mould hitting daily limits. The launch of the new AITO M7 model saw over 10,000 units reserved within five minutes and over 30,000 in one hour. Analysts suggest that the integration of intelligent technologies in vehicles is expected to drive sales growth, supported by favorable policies and increasing market penetration of new energy vehicles [10][12]. Other Active Sectors - Other sectors such as environmental protection and military industry showed notable activity, while pharmaceuticals and PCB sectors experienced the largest declines [12].

Group 1 - The stock price of Mingyang Smart Energy (SH:601615) reached its daily limit, closing at 15.53 yuan, with an increase of 9.99% [1] - The total market capitalization of the company is 35.276 billion yuan [1]

Market Performance - The three major A-share indices collectively declined, with the Shanghai Composite Index down 0.65% to 3828 points, the Shenzhen Component Index down 1.76%, and the ChiNext Index down 2.6% [1] - The total trading volume for the day was 2.17 trillion yuan, a decrease of 225.7 billion yuan compared to the previous trading day, with over 3400 stocks declining across the market [1] Sector Performance - The gaming sector experienced a significant drop, with Jibite hitting the daily limit down [1] - The Nvidia concept stocks fell, with Magmi Tech down nearly 8% [1] - CPO and optical communication modules also saw declines, with Hangdian Co. hitting the daily limit down [1] - Other sectors that faced notable declines included laser radar, consumer electronics, and copper cable high-speed connections [1] - Conversely, the wind power equipment sector rose, with Weili Transmission and Mingyang Smart Energy hitting the daily limit up [1] - The chemical fiber sector saw gains, with Shunhua Co. hitting the daily limit up [1] - The pesticide and veterinary drug sector was active, with Lanfeng Biochemical hitting the daily limit up [1] - Other sectors with notable increases included fertilizers, plant-based meat, and green electricity [1] Index Performance - The Shanghai Composite Index closed at 3828.11, down 25.20 points or 0.65% [1] - The Shenzhen Component Index closed at 13209.00, down 236.90 points or 1.76% [1] - The ChiNext Index closed at 3151.53, down 84.23 points or 2.60% [1] - The CSI 300 Index closed at 4550.05, down 43.44 points or 0.95% [1] - The CSI 500 Index closed at 7240.91, down 100.41 points or 1.37% [1] - The CSI 1000 Index closed at 7397.59, down 108.92 points or 1.45% [1]

Group 1 - The establishment of Guangzhou Geming New Energy Technology Co., Ltd. has been reported, with a registered capital of 30 million yuan [1] - The company will engage in various activities including photovoltaic power generation equipment leasing, wind power technology services, offshore wind turbine sales, and nuclear power equipment research and development [1] - The company is jointly owned by Guangzhou Qiming New Energy Development Co., Ltd. and Mingyang Smart Energy's wholly-owned subsidiary, Beijing Mingyang Smart Energy Group Co., Ltd. [1]

消息面上，近日，伍德麦肯兹最新发布《全球风电市场展望更新：2025年第三季度》报告预计，未来5 年内，全球年均新增风电装机容量将超过170吉瓦，到2028年后将进一步提速，并在2034年达到峰值200 吉瓦。 今日风电板块反复走强，明阳智能、吉鑫科技涨停，天能重工涨近10%，大金重工、通裕重工、泰胜风 能等跟涨。 ...

Core Viewpoint - The wind power equipment sector in the A-share market has seen a strong rally, with significant increases in stock prices for key companies, driven by favorable government policies and growth projections for renewable energy [1][2]. Industry Summary - As of September 26, the wind power equipment index rose by 4.5%, with companies like Weili Transmission, Jixin Technology, Mingyang Smart Energy, and Riyue Co. reaching their daily price limits [1][2]. - The Chinese government has announced a new round of national contributions, aiming for non-fossil energy consumption to account for over 30% of total energy consumption by 2035, with wind and solar power capacity expected to reach six times the 2020 levels, targeting 3.6 billion kilowatts [3]. - Current installed capacity for wind and solar energy in China exceeds 1.69 billion kilowatts, indicating substantial growth potential for the wind power industry [3]. - To meet the 2035 targets, an average annual installation of nearly 200 gigawatts (GW) of wind and solar capacity is required, with wind power expected to grow by approximately 65 GW annually over the next decade [3]. - A report by Wood Mackenzie forecasts that global annual new wind power installations will exceed 170 GW over the next five years, with a peak of 200 GW expected by 2034 [4]. Company Summary - The wind power industry is experiencing a positive development phase characterized by rising prices and increased installation volumes. In the first five months of 2025, domestic new wind power installations reached 46.28 GW, a year-on-year increase of 134% [4]. - Wind turbine prices are recovering, with the average bidding price for onshore wind turbines reaching 1,552 yuan per kW in the first seven months of 2025, a 9% increase from the previous year [4].

Core Viewpoint - The article highlights the resilience and advanced technology of Mingyang Smart Energy's offshore wind turbines in successfully withstanding the impact of Typhoon "Haikui," demonstrating their leadership in typhoon-resistant wind power technology [1][12]. Group 1: Typhoon Impact and Response - Typhoon "Haikui," classified as the strongest typhoon in the Northwest Pacific for 2025, made landfall in Guangdong, affecting 1,345 Mingyang offshore wind turbines [1][3]. - The maximum wind speed recorded in the affected areas reached 50 m/s, with the highest in Yangjiang exceeding 70 m/s, equivalent to a force of 17 [3][5]. - Mingyang's turbines, including the world's largest floating wind platform "Mingyang Tianceng," successfully endured the typhoon without damage, showcasing their reliability and advanced technology [1][3][5]. Group 2: Technological Innovations - "Mingyang Tianceng" employs a unique single-point mooring system, allowing it to adapt to wind direction changes and significantly reduce structural load by 40% during typhoons [3][5]. - The "Mingyu No. 1" platform is designed to withstand a 17-level typhoon, integrating marine engineering and aquaculture considerations to ensure safety and operational stability [5][8]. - Mingyang has developed a high-precision multi-body dynamics simulation platform to optimize the structural performance of typhoon-resistant turbines based on extensive testing data [11]. Group 3: Preparedness and Monitoring - Mingyang initiated its annual typhoon preparedness in March, establishing emergency plans and ensuring all turbines were ready for the typhoon's impact [13][14]. - The company utilized a self-developed "Prophet" intelligent scheduling management system for real-time monitoring of turbine conditions and operational status during the typhoon [14]. - Cross-departmental collaboration and advanced algorithms were employed to ensure effective responses to extreme weather, demonstrating Mingyang's organizational capabilities and technical expertise [14].

Market Performance - On September 26, the wind power industry rose over 2%, with Jixin Technology achieving a two-day consecutive limit-up, and Mingyang Smart Energy and Riyue Shares also hitting the limit-up [1] Stock Information - Jixin Technology (601218.SS) latest price: 5.67, up 10.10%, market cap: 54.94 billion [2] - Mingyang Smart Energy (601615.SS) latest price: 15.53, up 9.99%, market cap: 352.76 billion [2] - Taiyuan Heavy Industry (600169.SS) latest price: 2.71, up 10.16%, market cap: 90.33 billion [2] Policy and Planning - China announced a new round of national contributions at the UN Climate Change Summit on September 24, aiming for a 7%-10% reduction in greenhouse gas emissions by 2035, with non-fossil energy consumption exceeding 30% of total energy consumption [3] - Morgan Stanley predicts that during the 14th Five-Year Plan, wind power installations will accelerate, with an average annual increase of over 110 GW, reaching approximately 120 GW by 2028-2030 [3][4] - The Ministry of Industry and Information Technology, the State Administration for Market Regulation, and the National Energy Administration have issued a plan to promote high-quality development in the wind power and new energy equipment industry [3] Industry Insights - It is expected that approximately 52 GW of nearshore projects will still need to be developed during the 14th Five-Year Plan, with an average annual installation of about 13 GW for nearshore wind power [6] - The domestic wind power construction has accelerated, with significant growth in offshore wind power grid connections expected in the first half of 2025 [6][7] - The trend towards larger wind turbines and the application of new technologies are expected to enhance profitability in the industry [6][8] Global and Domestic Market Outlook - The global offshore wind auction volume is expected to reach 56.3 GW in 2024, with an additional 100 GW of auction capacity anticipated in the next two years [6] - In the domestic market, the acceleration of offshore wind construction is expected to lead to a short-term performance realization period in Q3 [7] - The trend of large-scale wind turbines and the expansion into overseas markets are expected to enhance the profitability of wind power component manufacturers [8]