Investment Rating - The report rates the wind power industry as "Overweight," indicating that it is expected to outperform the overall market [9]. Core Insights - The wind turbine bidding prices are on the rise, leading to a comprehensive recovery in the sector. The average bidding price for wind turbine units in June 2025 was 1,616 RMB/kW, reflecting a year-on-year increase of approximately 10.3%. This price increase is anticipated to significantly enhance profit margins in the main machine segment as high-priced orders enter the delivery phase [3]. - The upcoming "14th Five-Year Plan" for marine economic development is expected to boost domestic offshore wind expectations. Global interest rate cuts are accelerating offshore wind construction in Europe, with an expected installed capacity of 8.7 GW in 2026, representing a year-on-year growth of 107%. The market is likely to adjust its valuation as expectations for profit elasticity in the main machine segment are realized [3]. - Investment recommendations focus on companies benefiting from price increases and strong profit elasticity, including Goldwind Technology, Yunda Co., SANY Renewable Energy, and Dongfang Cable. Additionally, companies with scarce capacity and significant expectation gaps, such as Jinlei Co., and those with strong growth logic in pure offshore wind, like Haili Wind Power, are highlighted [3]. Summary by Sections Wind Power Equipment - The wind power industry is experiencing a recovery phase with increasing bidding prices for wind turbines, which is expected to lead to higher profitability for manufacturers [3]. - The report emphasizes the importance of the upcoming marine economic development plan and its potential impact on offshore wind capacity growth [3]. Key Companies and Valuations - The report includes a valuation table for key companies in the wind power sector, detailing their market capitalization, projected net profits, and price-to-earnings ratios for 2024 to 2026 [5]. - Notable companies mentioned include Dongfang Cable, Zhongtian Technology, Haili Wind Power, and Goldwind Technology, among others, with varying projected growth rates and valuations [5].

中信证券股份有限公司 关于三一重能股份有限公司 超募资金投资项目结项并将节余募集资金永久补充流动资金的核查意 见 中信证券股份有限公司（以下简称"中信证券"）作为三一重能股份有限公司（以 下简称"三一重能"或"公司"）首次公开发行股票并在科创板上市的保荐机构，根据 《证券发行上市保荐业务管理办法》《上海证券交易所股票上市规则》《上市公司募集 资金监管规则》《上海证券交易所科创板上市公司自律监管指引第1号——规范运作》 等有关规定，对三一重能超募资金投资项目结项并将节余募集资金永久补充流动资金进 行了审慎核查，核查具体情况及核查意见如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意三一重能股份有限公司首次公开发行股票注 册的批复》（证监许可〔2022〕817 号）核准，公司向社会公开发行人民币普通股（A 股）188,285,715 股，每股面值 1.00 元，每股发行价格为 29.80 元。本次公开发行募集资 金总额为 561,091.43 万元，扣除总发行费用 14,021.58 万元（不含增值税），募集资金 净额为 547,069.86 万元。安永华明会计师事务所（特殊普通合伙）对公司本次公开 ...

证券代码：688349 证券简称：三一重能 公告编号：2025-058 三一重能股份有限公司 关于超募资金投资项目结项并将节余募集资金永久补充 流动资金的公告 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、准确性和完整性依法承担法律责任。 2025 年 9 月 29 日，三一重能股份有限公司（以下简称"三一重能"或"公 司"）召开第二届董事会第二十一次会议，审议通过《关于超募资金投资项目结 项并将节余募集资金永久补充流动资金的议案》，同意公司将超募资金投资项目 "三一巴彦淖尔零碳产业园一期建设项目"予以结项，并将节余募集资金用于永 久补充流动资金。上述事项在公司董事会审批权限范围内，无需提交股东会审议。 保荐机构中信证券股份有限公司对本事项出具了明确的核查意见。现将相关情况 公告如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意三一重能股份有限公司首次公开发行 股票注册的批复》（证监许可〔2022〕817 号）核准，公司向社会公开发行人民 币普通股（A 股）188,285,715 股，每股面值 1.00 元，每股发行价格为 29.80 元。 ...

Investment Rating - The report rates the wind power industry as "Overweight" indicating a positive outlook for the sector [3][10]. Core Insights - Wind turbine bidding prices are on the rise, with the average bidding price for wind turbine units reaching 1,616 RMB/kW in June 2025, a year-on-year increase of approximately 10.3%, which is expected to significantly enhance profit margins for manufacturers [3]. - The anticipated growth in offshore wind capacity, projected to reach 8.7 GW in 2026 (a year-on-year increase of 107%), is expected to drive a valuation shift in the sector, particularly as market expectations for profit elasticity in turbine manufacturing strengthen [3]. - Key investment recommendations include focusing on companies benefiting from price increases and strong profit elasticity, such as Goldwind Technology, Yunda Co., Sany Heavy Energy, and Dongfang Cable, as well as companies with scarce capacity and significant growth potential like Jinlei Co. and Haili Wind Power [3]. Summary by Sections Wind Power Equipment - The wind power equipment sector is experiencing a recovery phase with increasing bidding prices and profit potential [3]. - The establishment of industry self-regulation mechanisms is contributing to the positive price trend [3]. Market Expectations - The report highlights the synchronization of domestic and global offshore wind expectations, which is likely to enhance market sentiment and valuation for the sector [3]. - The report anticipates that the upcoming quarterly disclosures will further bolster market expectations regarding profit elasticity [3]. Key Companies - The report identifies several key companies for investment consideration, including: - Goldwind Technology - Yunda Co. - Sany Heavy Energy - Dongfang Cable - Jinlei Co. - Haili Wind Power - Other notable mentions include Dajin Heavy Industry, Zhongtian Technology, and Guoda Special Materials [3].

证券研究报告 工业/公用环保 首提降碳目标，展现大国担当 华泰研究 2025 年 9 月 26 日│中国内地 动态点评 电力设备与新能源 增持 (维持) 公用事业 增持 (维持) 王嵩 联系人 alanwang@htsc.com +(852) 3658 6000 李科毅* 联系人 SAC No. S0570125030018 likeyi@htsc.com +(86) 10 6321 1166 刘俊 研究员 SAC No. S0570523110003 SFC No. AVM464 边文姣 研究员 SAC No. S0570518110004 SFC No. BSJ399 苗雨菲 研究员 miaoyufei@htsc.com +(86) 21 2897 2228 SFC No. BTM578 戚腾元 研究员 qitengyuan@htsc.com +(86) 21 2897 2228 马梦辰，CFA 研究员 SAC No. S0570524100001 SFC No. BUM666 徐嘉欣* 联系人 SAC No. S0570125070136 xujiaxin@htsc.com +(86) 21 2897 ...

Group 1 - Wind power equipment sector increased by 1.78% on September 25, with Jixin Technology leading the gains [1] - Shanghai Composite Index closed at 3853.3, down 0.01%, while Shenzhen Component Index closed at 13445.9, up 0.67% [1] - Jixin Technology's stock price rose by 10.04% to 5.15, with a trading volume of 520,900 shares [1] Group 2 - The wind power equipment sector saw a net inflow of 165 million yuan from institutional investors, while retail investors experienced a net outflow of 120 million yuan [2][3] - Jixin Technology had a net inflow of 129 million yuan from institutional investors, accounting for 48.67% of its trading volume [3] - Other notable stocks included Yunda Co. with a 5.12% increase and Goldwind Technology with a 4.92% increase [1]

三一重能今年以来股价跌0.24%，近5个交易日涨5.96%，近20日涨3.74%，近60日涨24.89%。 资料显示，三一重能股份有限公司位于北京市昌平区北清路三一产业园，成立日期2008年4月17日，上 市日期2022年6月22日，公司主营业务涉及风电机组的研发、制造与销售,风电场设计、建设、运营管理 以及光伏电站运营管理业务。主营业务收入构成为：风力发电机组制造与销售75.14%，风电场销售 21.33%，风电服务2.12%，发电收入0.96%，其他0.44%。 9月25日，三一重能盘中下跌2.07%，截至13:13，报30.21元/股，成交1.28亿元，换手率1.68%，总市值 370.50亿元。 资金流向方面，主力资金净流出6.78万元，特大单买入479.52万元，占比3.76%，卖出367.78万元，占比 2.88%；大单买入2203.87万元，占比17.26%，卖出2322.38万元，占比18.19%。 机构持仓方面，截止2025年6月30日，三一重能十大流通股东中，华夏上证科创板50成份ETF （588000）位居第二大流通股东，持股1348.75万股，相比上期减少31.99万股。易方达上证科创 ...

Core Viewpoint - SANY Renewable Energy reported a significant increase in revenue and sales capacity in the first half of 2025, indicating strong growth potential in the wind energy sector. Group 1: Financial Performance - In the first half of 2025, SANY Renewable Energy achieved operating revenue of 8.594 billion yuan, a year-on-year increase of 62.75% [1] - The company's profit showed a decline year-on-year, but the second quarter saw a profit increase of over 100% compared to the same period last year [1] - The sales capacity of wind turbines reached 4.72 GW, a year-on-year growth of approximately 44%, marking the highest level for the same period in history [1] Group 2: Investment in Power Plants - Sales revenue from power plant products accounted for 21% of total revenue, making it the second-largest source of income for the company [2] - SANY successfully connected 460 MW of self-built wind farms to the grid and sold over 300 MW of power plant projects [2] - Despite short-term impacts on electricity prices, the overall investment return from power plant products remains optimistic, with a focus on long-term investment [2] Group 3: Policy and Market Environment - The "136 Document" aims to promote market-based pricing for renewable energy, which may lead to short-term declines in electricity revenue but is expected to stabilize competition and protect reasonable profit margins [2][3] - Regions with favorable electricity pricing policies, such as coastal and central provinces, are identified as key investment areas [3] - The separation of green rights from electricity rights is expected to enhance the valuation of wind farms in the long term as the value of green attributes increases [3] Group 4: Overseas Market Expansion - SANY Renewable Energy saw a rapid increase in overseas orders, with 1 GW of new orders in the first half of 2025 and over 2 GW of new orders reported by the time of the half-year report [4] - The total value of orders on hand exceeded 10 billion yuan, with significant growth in the Asia-Pacific, Latin America, and European markets [4] - The company signed an investment agreement for a 1 GW greenfield project in Uzbekistan and is progressing with projects in Serbia and Southeast Asia [4] Group 5: Product Development and ESG Initiatives - SANY is actively advancing its internationalization strategy, focusing on overseas product development and enhancing its green technology offerings [5] - The company is committed to ESG initiatives, which are expected to improve its competitiveness in international markets [5] - The share of overseas business revenue in SANY's overall income is anticipated to increase significantly in the future [5]

Group 1 - The core viewpoint of the announcement is the successful convening of the third extraordinary general meeting of shareholders for SANY Renewable Energy Co., Ltd. on September 23, 2025, with no rejected proposals [2][9] - The meeting was held at SANY Industrial Park, Beijing, and was presided over by Chairman Zhou Fugui, utilizing a combination of on-site and online voting methods [2][3] - All procedures for convening and conducting the meeting complied with the Company Law and the company's articles of association [2][9] Group 2 - The meeting reviewed and approved several proposals, including the increase of expected daily related transactions for 2025 and the cancellation of the supervisory board [4][5] - Multiple governance documents were revised and approved, including the rules for shareholder meetings, board meetings, and independent director work systems [5][6] - The legal firm Hunan Qiyuan Law Firm confirmed that the meeting's procedures and voting results were in accordance with relevant laws and regulations, deeming them legal and valid [8][9]

证券代码：688349 证券简称：三一重能 公告编号：2025-057 三一重能股份有限公司 2025年第三次临时股东大会决议公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：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 23 日 （二） 股东大会召开的地点：北京市昌平区北清路三一产业园 1 号楼 1 号会议 室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 143 | | --- | --- | | 普通股股东人数 | 143 | | 2、出席会议的股东所持有的表决权数量 | 696,925,591 | | 普通股股东所持有表决权数量 | 696,925,591 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 57.4665 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 57.4665 | ...