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 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 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].

Group 1 - The core viewpoint of the news is that Riyue Co., Ltd. has seen a significant increase in its stock price, rising 5.05% on September 26, with a total market value of 14.374 billion yuan and a cumulative increase of 4.24% over three consecutive days [1] - Riyue Co., Ltd. is based in Ningbo, Zhejiang Province, and was established on December 13, 2007, with its listing date on December 28, 2016. The company specializes in the research, production, and sales of large heavy-duty equipment castings [1] - The main business revenue composition of Riyue Co., Ltd. includes 87.51% from ductile iron products, 8.06% from other products, 1.71% from supplementary products, 1.67% from molds, and 1.05% from alloy products [1] Group 2 - From the perspective of fund holdings, one fund under Galaxy Fund has a significant position in Riyue Co., Ltd. The Galaxy Dingtoubao Tencent Jian Index Fund (519677) held 233,300 shares in the second quarter, accounting for 1.02% of the fund's net value, ranking as the ninth largest holding [2] - The Galaxy Dingtoubao Tencent Jian Index Fund (519677) has generated a floating profit of approximately 156,300 yuan today, with a floating profit of 126,000 yuan during the three-day increase [2] - The Galaxy Dingtoubao Tencent Jian Index Fund (519677) was established on March 14, 2014, with a current scale of 291 million yuan, and has achieved a year-to-date return of 23.89% [2]

Investment Rating - The investment rating for the wind power industry is "Outperform the Market" (maintained rating) [1] Core Views - The offshore wind sector is expected to see significant project launches in Jiangsu and Guangdong in the first half of 2025, with a projected average annual installation of over 20GW during the 14th Five-Year Plan period, surpassing the previous plan's levels. The onshore wind sector is anticipated to reach a historical high of 100GW in installations in 2025, with component manufacturers experiencing growth in both volume and price [4][5] - The report suggests focusing on three main areas: 1) Leading companies in export layouts such as pile foundations and submarine cables; 2) Domestic manufacturers with bottoming profits and accelerating exports; 3) Component manufacturers benefiting from simultaneous volume and profit growth opportunities in 2025 [5] Summary by Sections Industry News - The wind power sector has generally risen in the past two weeks, with the top three performing segments being bearings (+14.9%), complete machines (+12.5%), and blades (+11.7%). The top three individual stocks were Jinlei Co. (+20.1%), Wuzhou Xinchun (+19.4%), and Yunda Co. (+17.6%) [3] Market Performance - As of mid-September 2025, the cumulative public bidding capacity for wind turbines in China is 68.6GW, with a 13% decrease year-on-year. The average winning bid price for onshore wind turbines (excluding towers) is 1,533 CNY/kW [7][8] - In 2024, the total public bidding capacity for wind turbines is projected to be 107.4GW, a 61% increase year-on-year, with onshore wind turbines accounting for 99.1GW of this total [7][8] Installation Data - In 2024, the total new wind power installation capacity is expected to be 79.8GW, with onshore wind contributing 75.8GW and offshore wind 4.0GW. The report forecasts new installations of 130GW from 2025 to 2027 [8][39] Investment Recommendations - The report recommends focusing on companies such as Goldwind Technology, Oriental Cable, and others that are positioned well for growth in the wind power sector [5]

日月重工股份有限公司2025 年半年度报告 公司代码：603218 公司简称：日月股份 日月重工股份有限公司 2025 年半年度报告 1 / 163 日月重工股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人傅明康、主管会计工作负责人杜志及会计机构负责人（会计主管人员）徐燕声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 本报告期不进行利润分配及资本公积金转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告涉及的发展战略、经营计划等前瞻性陈述受市场状况变化等多方面因素影响，并不构 成公司对投资者的实质承诺，提请广大投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披 ...

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： ● 会议召开时间：2025 年 9 月 29 日（星期一）15:00-16:00 ● 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） ●会议召开方式：上证路演中心视频直播和网络互动 ●投资者可于 2025 年 9 月 22 日（星期一）至 9 月 26 日（星期五）16:00 前 登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 stock@riyuehi.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 证券代码：603218 证券简称：日月股份 公告编号：2025-046 日月重工股份有限公司 关于召开 2025 年半年度业绩说明会的公告 三、参加人员 公司董事长兼总经理傅明康先生，董事、董事会秘书王烨先生，财务负责人 杜志先生，独立董事屠雯珺女士。 四、投资者参 ...

I 2025 年半年度报告 重要提示 本报告期不进行利润分配及资本公积金转增股本。 六、前瞻性陈述的风险声明 √适用 □不适用 本报告涉及的发展战略、经营计划等前瞻性陈述受市场状况变化等多方面因素影响，并不构成公司对投资者的实质 承诺，提请广大投资者注意投资风险。 七、是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、是否存在违反规定决策程序对外提供担保的情况 否 九、是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、重大风险提示 公司已在本报告中详细阐述公司在生产经营过程中可能面临的各种风险及应对措施，敬请查阅"第三节管理层讨论 与分析"之"五、其他披露事项"中"（一）可能面对的风险"。敬请投资者注意投资风险。 十一、其他 □适用 √不适用 1 一、本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、公司全体董事出席董事会会议。 三、本半年度报告未经审计。 四、公司负责人傅明康、主管会计工作负责人杜志及会计机构负责人（会计主管人员）徐燕声明：保证 半年度报 ...

证券代码：603218 证券简称：日月股份 公告编号：2025-045 日月重工股份有限公司 | 1、出席会议的股东和代理人人数 | 435 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 638,056,620 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 62.6108 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 2025年第一次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 9 月 17 日 (二)股东大会召开的地点：浙江省宁波市鄞州区首南街道天智巷 7 号，日月星座 大厦 3 楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 本次股东大会由董事会召集，董事长兼总经理傅明康先生主持会议，会议采 取现场和网络投票相结合的表决方式进行表决。本次 ...