- The report discusses multiple quantitative timing models for A-shares, including short-term, medium-term, and long-term models. The short-term models include the Volume Model (neutral for all broad-based indices), Feature Institutional Model (bullish), Feature Volume Model (bearish), and Smart Algorithm Models (bullish for CSI 300, bearish for CSI 500)[1][12][77]. Medium-term models include the Limit-Up-Limit-Down Model (neutral) and the Up-Down Return Difference Model (bullish for all broad-based indices)[13][78]. The long-term model, the Long-Term Momentum Model, is bullish[14][79]. Comprehensive models like the A-Share Comprehensive Weapon V3 Model and the A-Share Comprehensive CSI 2000 Model are bearish[15][80] - For Hong Kong stocks, the medium-term models include the Turnover-to-Volatility Model (bullish) and the Hang Seng Index Up-Down Return Difference Model (neutral)[16][81] - The report emphasizes that timing strategies are not achieved through a single model but require a multi-cycle, multi-strategy system. It highlights the use of price-volume, acceleration, trend, momentum, and limit-up-limit-down perspectives to construct eight major models for market timing[9] - Backtesting results for the Double-Bottom Pattern show a weekly return of 0.29%, outperforming the Shanghai Composite Index by 0.27% during the same period. Since December 31, 2020, the cumulative return of the Double-Bottom Pattern portfolio is 11.79%, slightly underperforming the Shanghai Composite Index's cumulative return of 12.02%[44] - Backtesting results for the Cup-and-Handle Pattern show a weekly return of 0.3%, outperforming the Shanghai Composite Index by 0.27% during the same period. Since December 31, 2020, the cumulative return of the Cup-and-Handle Pattern portfolio is 9.27%, underperforming the Shanghai Composite Index's cumulative return of 12.02%[44]

Group 1 - Nanjing Tourism has terminated the acquisition of 100% equity in Nanjing Huangpu Hotel Co., Ltd., citing current market conditions and friendly negotiations with the counterparty as reasons for the decision [2][3] - The company had previously planned to acquire the hotel for 199 million yuan and raise up to 39.83 million yuan in supporting funds [2] - Nanjing Tourism is the only listed platform under Nanjing Cultural Tourism and owns the Hongshan Zoo IP [2] Group 2 - Next week, nearly 1.9 trillion yuan worth of restricted shares will be unlocked, with around 50 stocks having their limited shares released [5][6] - Among these, 17 stocks will have a market value of over 1 billion yuan released, with seven stocks exceeding 10 billion yuan, including Shouchuang Securities, Sany Heavy Energy, and Weidao Nano [5][6] - Shouchuang Securities has the highest unlock value at 42.31 billion yuan, with 2.25 billion shares released, accounting for 82.38% of the company's total share capital [6][7]

Core Insights - The UNEX wind power project in Kazakhstan, constructed by SANY Renewable Energy, has successfully achieved full capacity grid connection, marking a historic breakthrough for Chinese high-end wind power equipment in the Central Asian market [1][3]. Group 1: Project Overview - The UNEX wind farm, located in Mangystau region, Kazakhstan, has upgraded from 24 older wind turbines (1.7-2 MW) to 6 new 8 MW turbines, setting a new record for single turbine capacity in Central Asia [3]. - The project maintains the total installed capacity while reducing the number of turbines by 67%, increasing the rotor diameter to 195 meters and hub height to 110 meters, which significantly enhances power generation efficiency [3]. Group 2: Expected Impact - The annual power generation is projected to increase to 140 million kWh, addressing local electricity shortages effectively [3]. - The reduction in the number of turbines not only doubles land utilization efficiency but also significantly decreases subsequent operation and maintenance pressures [3]. Group 3: Construction and Management - The project team established a comprehensive management mechanism for progress control, quality supervision, and safety assurance, utilizing precise weather forecasting models to create dynamic construction plans [4]. - The successful delivery of the project within the same year of commencement exemplifies a model for cross-cultural collaboration in international projects [4]. Group 4: Future Prospects - The UNEX project provides a replicable technical path and business model for upgrading old wind farms in Central Asia, setting a benchmark for future international cooperation in clean energy [4]. - SANY Renewable Energy aims to deepen cooperation with Central Asian countries in clean energy, contributing to global energy transition with reliable and efficient products and services [4].

Core Insights - The wind power industry is expected to experience a synchronous recovery in both domestic and international markets, driven by changes in demand and industry dynamics, creating new investment opportunities [1] - The report maintains an "outperform" rating for the wind power sector, indicating a positive outlook for investment [1] Group 1: Industry Review - Since 2021, China's onshore wind power has entered a parity era, with rapid cost reductions achieved through large-scale and technological advancements, leading to continuous installation exceeding expectations [3] - The competition within the main engine segment has significantly compressed the profitability of the industry chain, resulting in a situation where growth in volume does not equate to growth in profit [3] - The price of the onshore wind industry chain has been recovering since the second half of 2024, with profitability expected to improve in 2025 as shipment volumes increase [3][4] Group 2: Onshore Wind Power Outlook - For 2026, it is anticipated that new onshore installations in China will reach 120 GW, a year-on-year increase of 10%, setting a new historical high [4] - The industry chain prices are expected to have solid support, leading to significant recovery in main engine profits, with component segments showing notable operational leverage [4] - The CAGR for new onshore installations in emerging markets is projected to be 17% from 2024 to 2030, with domestic manufacturers expected to see substantial growth in export profits [4] Group 3: Offshore Wind Power Outlook - The report forecasts that new offshore installations in China will rise to a range of 11-15 GW in 2026, representing a year-on-year increase of over 40% [5] - The national offshore wind project development is expected to commence in 2026, with a total of 70-100 GW of new offshore installations projected during the 14th Five-Year Plan period [5] - The global offshore wind market is anticipated to see steady growth in orders and construction demand, particularly in Europe, where supply constraints for cables and piles are expected [5] Group 4: Investment Recommendations - The report suggests focusing on key players in the main engine segment such as Goldwind Technology, Yunda Co., and Sany Renewable Energy, while component manufacturers like Delijia and Jinlei Co. are also highlighted [6] - In the offshore wind sector, companies such as Dajin Heavy Industry, Haili Wind Power, and Oriental Cable are recommended for investment consideration [6]

Summary of SANY Renewable Energy Conference Call Company Overview - **Company**: SANY Renewable Energy - **Industry**: Wind Energy Key Points Market Outlook - SANY Renewable Energy expects domestic wind turbine shipments to exceed 15 GW in 2025, with an estimated installed capacity of around 110 GW in 2026 [2][3] - The overseas market is projected to see strong growth, with new orders exceeding 3 GW in 2025 and a minimum sales revenue of 3 billion RMB expected from overseas markets [2][3] Financial Performance - The gross margin for the wind turbine business has been under pressure due to low-priced orders, but the worst period is over, with expectations of margin recovery starting in Q4 2025 [2][5] - The gross margin is anticipated to return to double-digit levels in 2026, with a potential increase of over 10 percentage points in large turbine prices [2][5] - The gross margin for the first three quarters of 2025 was 4.65%, dropping to 4.35% in Q3 due to low-priced orders and rising component costs [5] Cost Management - Procurement costs are expected to decrease by 2-3 percentage points in 2026, with internal cost reduction measures aiming for a total reduction of 3-5 percentage points [2][6] - Major gearbox suppliers include Blades and Delijia, with anticipated price reductions of 2-3 percentage points [12] Order Backlog and Distribution - The total order backlog is approximately 10 billion RMB, primarily concentrated in South Asia and Central Asia, accounting for over 80% of the total [2][7] - Overseas orders generally require a gross margin of over 20%, with greenfield projects showing higher profitability and internal rates of return (IRR) of 7-8% [7][8] Offshore Wind Power Strategy - SANY Renewable Energy is adopting a cautious strategy in the offshore wind sector, with a goal to become a leading player in the next 3 to 5 years [2][9] - The company has secured 450 MW of offshore wind orders in the first half of 2025, with more projects expected to be announced [9] Market Expansion - The company has established a market presence across multiple provinces, including Liaoning, Tianjin, Hebei, and Shandong, with steady progress in market expansion [10] - The market size is expected to reach several GW in 2026, although specific predictions are challenging due to policy influences [11] Profitability and Competitive Position - Management is confident in the company's future profitability, with a clear trend of recovery expected in 2026, driven by strong growth in overseas and offshore business [4][14] - The gross margin for wind farm sales is expected to remain above 20%, despite potential declines in grid connection prices affecting margins [15] Challenges and Considerations - The company acknowledges challenges such as inconsistent project costs and the impact of lower grid connection prices on wind farm sale margins [14][15] - Despite these challenges, SANY Renewable Energy remains optimistic about its investment opportunities and overall market position [14] This summary encapsulates the key insights from the conference call, highlighting SANY Renewable Energy's market outlook, financial performance, cost management strategies, order distribution, offshore wind strategy, market expansion efforts, profitability expectations, and potential challenges.

证券代码：688349 证券简称：三一重能 公告编号：2025-064 三一重能股份有限公司 首次公开发行前限售股上市流通公告 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。 重要内容提示： 本次股票上市类型为首发限售股份；股票认购方式为网下，上市股数为 942,238,200股。 本次股票上市流通总数为942,238,200股。 本次股票上市流通日期为2025 年 12 月 23 日。 一、本次上市流通的限售股类型 根据中国证券监督管理委员会于 2022 年 4 月 15 日出具的《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），同 意三一重能股份有限公司（以下简称"公司"、"三一重能"或"发行人"）首 次公开发行股票的注册申请。公司首次向社会公众公开发行人民币普通股（A 股） 股票 188,285,715 股，并于 2022 年 6 月 22 日在上海证券交易所科创板上市，发行 完成后股本总数为 1,176,785,715 股，其中有限售条件流通股 1,045,910,23 ...

中信证券股份有限公司 一、本次上市流通的限售股类型 根据中国证券监督管理委员会于 2022 年 4 月 15 日出具的《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），同 意三一重能股份有限公司（以下简称"公司"、"三一重能"或"发行人"）首次 公开发行股票的注册申请。公司首次向社会公众公开发行人民币普通股（A 股） 股票 188,285,715 股，并于 2022 年 6 月 22 日在上海证券交易所科创板上市，发 行完成后股本总数为 1,176,785,715 股，其中有限售条件流通股 1,045,910,231 股， 无限售条件流通股 130,875,484 股。 本次上市流通的限售股为公司首次公开发行前限售股，涉及限售股股东数量 为 11 名，限售股数量合计为 942,238,200 股，占当前公司股本总数的比例为 76.83%。上述股份原锁定期为公司首次公开发行股票上市之日起 36 个月，因触 发延长股份锁定期的承诺履行条件，锁定期延长 6 个月至 2025 年 12 月 22 日。 现限售期即将届满，上述限售股将于 2025 年 12 月 23 日起上 ...

截至发稿，三一重能市值为323亿元。 每经AI快讯，三一重能（SH 688349，收盘价：26.36元）12月15日晚间发布公告称，公司限售股份约 9.42亿股将于2025年12月23日解禁并上市流通，占公司总股本比例为76.83%。 2024年1至12月份，三一重能的营业收入构成为：风电行业占比99.29%，其他业务占比0.71%。 每经头条（nbdtoutiao）——"一针两千，童颜针年销3亿元"背后：多家关联方注册地"查无此人"，股民 追问"钱呢"！钱氏姐弟几乎"掏空"江苏吴中，公司即将退市 （记者 曾健辉） ...

Demand: Onshore Wind Capacity Supported, Positive Outlook for Offshore Growth - In 2025, onshore wind capacity is expected to exceed 100GW, with a year-on-year growth of over 25% [2][11] - For offshore wind, the expected capacity for 2025 is between 8-10GW, with a year-on-year increase of 30%+ anticipated for 2026 [12][11] - The "14th Five-Year Plan" period is projected to see an average annual installation of 110-120GW for onshore wind and over 20GW for offshore wind [11][12] Offshore Cable: Voltage Levels Increasing, Leading Players Strengthening - The market size for offshore cables is expected to reach 10.7 billion yuan in 2025, a 62% increase year-on-year, with a compound annual growth rate of 26% from 2025 to 2030 [2][11] - The gross margin for 220kV cables remains stable at 35-40%, while higher voltage cables show promising margins of 45-55% [2][11] Tower and Pile: Domestic Profitability Turning Point, International Expansion Opportunities - Domestic capacity utilization rates have rapidly increased since Q2 2025, indicating a profitability turning point for related companies [2][11] - Internationally, companies are expanding their market share with significant profitability from single pile deliveries [2][11] Wind Turbines: Price Stabilization and Profitability Improvement Expected in 2026 - Wind turbine prices have stabilized, with a rebound of over 5% in bidding prices, leading to improved profitability for domestic manufacturers expected in 2026 [2][11] - Offshore orders and deliveries for wind turbine companies are significantly increasing, with offshore margins exceeding domestic margins by 5-10 percentage points [2][11] Investment Recommendations: Positive Outlook for Offshore Sector - The upcoming deep offshore projects are expected to catalyze growth, with a potential upward adjustment in mid-to-long-term installation levels [2][11] - Recommended stocks include those in the offshore wind sector such as 大金重工, 东方电缆, and others, as well as wind turbine manufacturers like 金风科技 and 明阳智能 [2][11] European Offshore Wind: Accelerated Planning Amid Energy Crisis - Following the energy crisis due to the Russia-Ukraine conflict, European countries are ramping up offshore wind planning, with auction volumes expected to increase significantly [2][21] - The average annual compound growth rate for European offshore wind installations is projected to reach 21% from 2025 to 2030 [2][37]

Group 1 - The wind power industry maintains a high level of prosperity, with expectations for wind turbine and component sales to rebound in profitability due to rising bidding prices and increased demand for domestic and overseas installations [1][3][28] - The average bidding price for onshore wind turbines increased by 6.86% year-on-year to 1618 RMB/kW, while the average price including towers rose by 9.78% to 2096 RMB/kW, indicating a recovery in sales profitability for turbine manufacturers [1][41] - Domestic wind turbine shipments are expected to exceed expectations in 2026, with a significant increase in bidding and approval volumes for wind projects, indicating strong future demand [1][30][39] Group 2 - The domestic offshore wind projects are progressing smoothly, with significant growth potential in deep-sea wind energy, supported by favorable policies and planning in regions like Zhejiang, Shanghai, and Guangdong [2][3] - The European offshore wind market is projected to add 8.40 GW of new installations in 2026, highlighting the potential for export opportunities in multiple segments of offshore wind energy [2][3] - The report identifies two main investment themes: (1) the recovery of wind turbine profitability and the potential for increased installation demand, and (2) the synchronized growth of domestic and international offshore wind demand, suggesting investment opportunities in related sectors such as submarine cables and foundation piles [3][28][29] Group 3 - The report emphasizes the importance of focusing on wind turbine manufacturers and components, recommending companies like Goldwind Technology, Mingyang Smart Energy, and Sany Heavy Energy for investment [3][29] - The offshore wind sector is expected to see significant growth, with recommendations for companies involved in submarine cables and foundation piles, such as Dongfang Cable and Zhongtian Technology [3][29] - The overall valuation of the power equipment industry is expected to grow in 2025, with the wind power sector presenting substantial investment opportunities due to favorable market conditions and increasing demand [28][15]