Investment Rating - Maintain "Buy" rating for the industry [6] Core Insights - The power equipment industry is transitioning from "ultra-low price competition" to "structural correction," with significant price increases expected due to changes in export tax policies and supply-side reforms [16][17] - The report highlights three key areas of focus: supply-side reform leading to price increases, long-term growth opportunities from new technologies, and industrialization opportunities from perovskite solar cells [17] Summary by Sections 1. New Energy Generation 1.1 Photovoltaics - The photovoltaic industry is experiencing a critical shift, with expected global component price increases of approximately 9% starting Q4 2025 due to the cancellation of VAT rebates on solar cell exports [16][17] - Domestic component prices have entered an upward trend since July 2025, with N-type component average prices rising by about 3.6% from July to September 2025 [16][17] 1.2 Wind Power & Grid - A new VAT policy for offshore wind power will be implemented from November 2025, allowing a 50% VAT rebate on self-produced electricity, which is expected to accelerate offshore wind development [18][19] - The first project under Jiangsu's 14th Five-Year Plan for offshore wind has been approved, indicating a boost in offshore wind capacity [18][19] 1.3 Hydrogen & Energy Storage - Sinopec's first green hydrogen ammonia synthesis project has been initiated, with a planned hydrogen production capacity of 20,000 tons/year and ammonia production of at least 100,000 tons/year [23] - Energy storage project bidding prices for October 2025 range from 0.4118 to 0.6 CNY/Wh, indicating a competitive market [24][30] 2. New Energy Vehicles - The National Development and Reform Commission has issued a plan to double the charging infrastructure by 2027, aiming to build 28 million charging facilities to support over 80 million new energy vehicles [35][36] - The plan includes enhancing urban rapid charging networks and expanding charging facilities in rural areas [35][36]

Core Insights - China's investment in clean energy exceeded $625 billion last year, nearly doubling since 2015, with Chinese companies producing over 80% of the world's wind turbines, solar panels, and energy storage batteries [1] - The cost of wind turbines in China is significantly lower than that of Western competitors, with a cost advantage of at least 40% [2] - The Chinese offshore wind power average cost is now less than half that of the UK's, indicating a strong competitive edge in this sector [6] Investment and Market Dynamics - The International Energy Agency (IEA) highlights that China's clean energy investments are driving global energy transition, making green electricity more accessible, especially for developing countries [1] - Exports of wind power equipment from China grew by 23.9% in the first three quarters of this year, with a 58% increase in exports to Belt and Road Initiative countries [4] - Chinese companies are expected to capture about 27% of the overseas installed capacity market share in the next decade, primarily in emerging markets [5] Industry Challenges and Opportunities - Western countries are facing challenges in the wind power sector due to longer development cycles and higher construction costs compared to China [2] - The offshore wind power projects in China are increasingly focusing on larger-scale developments, which, despite being more costly and technically challenging, offer higher power generation capacity [5] - There is a call for increased international cooperation in the wind power industry, with Chinese companies looking to learn from European financing models and technical standards [3] Competitive Landscape - The current landscape shows a stark contrast, with Western offshore wind projects experiencing a downturn due to insufficient government support and rising costs [7] - Chinese manufacturers are poised to dominate the market due to their fundamental cost advantages and the ability to scale production effectively [6] - The perception of Chinese manufacturers in Europe needs to change for broader acceptance of their innovative products, which could lead to cleaner and cheaper offshore wind energy [7]

Core Viewpoint - The 2025 World Maritime Equipment Conference and the 2025 Third China Marine Equipment Expo are being held in Fuzhou, showcasing advancements in offshore wind power, particularly through the efforts of Goldwind Technology Co., Ltd. Group 1: Project Overview - The dispersed offshore wind power project developed by Goldwind Technology has been operational for over 1,300 days, achieving an average utilization rate of 99.65% and a cumulative power generation exceeding 4 billion kilowatt-hours [1] - The project, located near the Pingtan Strait Railway and Highway Bridge, utilizes five Goldwind 6.7 MW offshore wind turbines, generating approximately 116 million kilowatt-hours annually, which equates to saving 33,000 tons of standard coal and reducing carbon dioxide emissions by 96,000 tons [1] Group 2: Technological Advancements - Goldwind Technology is showcasing its technological advancements in wind power equipment, including the 6.7 MW turbines for the Pingtan project and 16 MW turbines for the Zhangpu Liuao offshore wind farm phase II project, highlighting continuous breakthroughs in offshore wind power equipment [2] - The company emphasizes a deep integration of energy with transportation, industry, and livelihood sectors, aiming to create a sustainable development model [2] Group 3: Broader Impact - As of the first quarter of 2025, Goldwind Technology has implemented over 560 zero-carbon projects globally, covering diverse sectors such as port logistics, steel manufacturing, petrochemicals, and agriculture, with the Pingtan wind power project being a representative example of this initiative [2]

Core Insights - The 2025 World Maritime Equipment Conference's forum on high-quality development of the offshore wind power industry chain was held in Fuzhou, focusing on the theme "Chasing Wind and Electricity, Driving the Future" [3][4] Group 1: Forum Highlights - The forum featured a keynote report by Carlos G. Suárez, a member of the Portuguese Academy of Engineering and recipient of the 2024 China Government Friendship Award, discussing the prospects for floating offshore wind development [3] - Experts from various organizations presented on topics including the practical outlook of the offshore wind power industry chain, integrated design and application of floating platforms and turbines, and future directions for large-capacity offshore wind turbine research [3] - The event included a visit to the "Wind from the Sea" exhibition, showcasing achievements from key companies in the offshore wind power industry chain in Fujian [3][4] Group 2: Participants and Organizers - The forum was guided by the China Electrotechnical Society and organized by the Fuzhou Municipal Government, State Grid Fujian Electric Power Co., and China Three Gorges Corporation Fujian Branch [4] - Approximately 230 participants from government agencies, research institutions, and industry experts attended the forum [4]

Group 1 - The core point of the news is that Goldwind Technology's stock price dropped by 5% to 15.20 CNY per share, with a trading volume of 1.34 billion CNY and a turnover rate of 2.57%, resulting in a total market capitalization of 64.22 billion CNY [1] - Goldwind Technology, established on March 26, 2001, and listed on December 26, 2007, is primarily engaged in the development, manufacturing, and sales of wind turbines, wind power services, wind farm investment and development, and water services [1] - The revenue composition of Goldwind Technology includes 76.58% from turbine and component sales, 11.12% from wind farm development, 10.15% from wind power services, and 2.16% from other sources [1] Group 2 - From the perspective of major fund holdings, Huatai-PB Fund has one fund heavily invested in Goldwind Technology, specifically the Rare Earth ETF (516780), which increased its holdings by 1.5609 million shares in the second quarter, totaling 4.8796 million shares, representing 4.47% of the fund's net value [2] - The Rare Earth ETF (516780) was established on February 26, 2021, with a current scale of 1.119 billion CNY, achieving a year-to-date return of 79.65%, ranking 44 out of 4218 in its category, and a one-year return of 98.63%, ranking 11 out of 3865 [2]

Investment Rating - The industry investment rating is "Overweight" [2][45] Core Viewpoints - As of October 16, 2025, the power equipment industry has seen a decline of 2.84% over the past two weeks, underperforming the CSI 300 index by 2.36 percentage points, ranking 26th among 31 industries [4][11] - The cumulative installed capacity of new energy storage in China is expected to reach over 180GW by 2027 and 300GW by 2030, with the industry chain and supply chain output value projected to reach 2-3 trillion yuan by 2030 [34][39] - The global energy storage market is anticipated to maintain strong growth, with a cumulative installed capacity of approximately 730GW/1950GWh by the end of 2030 [34][39] Summary by Sections Market Review - The power equipment sector has increased by 39.62% year-to-date, outperforming the CSI 300 index by 22.25 percentage points, ranking 4th among 31 industries [4][11] - The wind power equipment sector increased by 0.07%, the photovoltaic equipment sector by 1.14%, and the grid equipment sector by 5.76% in the last two weeks [16][17] Valuation and Industry Data - As of October 16, 2025, the price-to-earnings (PE) ratio for the power equipment sector is 34.67 times, with sub-sectors showing varying PE ratios: electric motors at 62.87 times, photovoltaic equipment at 26.89 times, and battery sector at 35.51 times [22][23] Industry News - In the first nine months of 2025, China's new energy storage overseas orders totaled 214.7GWh, a year-on-year increase of 131.75%, with over 30GWh in September alone [34][39] - The National Energy Administration has emphasized the importance of user-side network security management to prevent power outages caused by user-side issues [34][35] Company Announcements - Several companies reported significant changes in net profit for the first three quarters of 2025, with notable increases for companies like Jinko Technology and Tongda Co., while others like Shida Shenghua reported substantial losses [36][37] Weekly Perspective on Power Equipment Sector - The report suggests focusing on leading storage companies benefiting from the booming storage industry, emphasizing technological and scale advantages [39][40]

Core Insights - The 2025 World Maritime Equipment Conference and the 2025 Third China Marine Equipment Expo are being held concurrently in Fuzhou from October 16 to 19, showcasing advancements in marine equipment and offshore wind power [1][2] - The "Wind from the Sea" exhibition highlights Fujian's transformation in offshore wind power from a follower to a leader over the past decade, featuring significant achievements from major companies [1][2] Company Highlights - China Three Gorges Corporation has developed five offshore wind power bases with a total installed capacity exceeding 7 million kilowatts, leading in both domestic and global rankings [1] - The company has established representative projects in various locations in Fujian, with an installed capacity of 1.1664 million kilowatts, accounting for approximately 30.46% of the province's total [1] - The exhibition features the world's first 20-megawatt offshore wind turbine model, which is expected to generate 66 million kilowatt-hours annually, enough to power 36,000 households [1] Industry Developments - Dongfang Electric and Goldwind Technology have set new records, with Dongfang Electric producing the world's first 26-megawatt unit, enhancing efficiency by over 2% [2] - Goldwind Technology has maintained the top market share among Chinese wind turbine manufacturers for 14 consecutive years [2] - The industry is seeing breakthroughs in supply chain and innovation, with Sun Cable ending the history of no submarine cable production in Fujian and achieving an annual production capacity of over 1,200 kilometers for submarine cables [2] Future Outlook - Fujian plans to create a trillion-yuan offshore wind power industry cluster, integrating green energy into the marine economy and positioning offshore wind power as a key driver for high-quality development [2] - The exhibition also showcases international projects, including a 1.2-gigawatt wind power project in Turkey and offshore wind farms in the UK, indicating the global outreach of Fujian's wind power equipment [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 GOLDWIND SCIENCE&TECHNOLOGY CO., LTD.* 金風科技股份有限公司 ( 於中華人民共和國註冊成立的股份有限公司 ) (Stock Code: 02208) 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲載列金風科技股份有限公司在深圳證券交易所網站刊登的《金風科技股份有限 公司關於為全資子公司金風沙特提供擔保的公告》，僅供參閱。 承董事會命 金風科技股份有限公司 馬金儒 公司秘書 北京，2025年10月16日 於本公告日期，公司執行董事為武鋼先生及曹志剛先生；公司非執行董事為高建軍先生、楊 麗迎女士及張旭東先生；公司獨立非執行董事為曾憲芬先生、劉登清先生及苗兆光先生；及 公司職工代表董事為余寧女士。 *僅供識別 股票代码：002202 股票简称：金风科技 公告编号：2025-089 金风科技股份有限公司 关于为全资子公司金风沙特 ...

Core Points - The New Silk Road Index (399429) closed at 1575.16 points, down 0.69%, with a trading volume of 58.815 billion yuan and a turnover rate of 2.12% [1] - Among the index constituents, 23 stocks rose, with Baiyin Nonferrous leading with a 10.0% increase, while 75 stocks fell, with Western Gold leading the decline at 6.2% [1] Index Constituents Summary - The top ten constituents of the New Silk Road Index include: - TBEA Co., Ltd. (6.10% weight, latest price 20.07, 1.01% increase, market cap 101.41 billion yuan) in the Power Equipment sector - Salt Lake Industry (5.25% weight, latest price 22.34, 1.93% decrease, market cap 118.21 billion yuan) in the Basic Chemicals sector - LONGi Green Energy (5.13% weight, latest price 20.25, 2.69% increase, market cap 153.46 billion yuan) in the Power Equipment sector - AVIC Aviation Power (4.56% weight, latest price 41.96, 1.04% decrease, market cap 111.85 billion yuan) in the Defense and Military sector - Shaanxi Coal and Chemical Industry (4.11% weight, latest price 22.54, 3.25% increase, market cap 218.53 billion yuan) in the Coal sector - Shenwan Hongyuan (3.47% weight, latest price 5.45, 0.18% increase, market cap 136.47 billion yuan) in the Non-Bank Financial sector - Zangge Mining (3.33% weight, latest price 57.39, 1.86% decrease, market cap 90.12 billion yuan) in the Nonferrous Metals sector - Yuxing Energy (3.19% weight, latest price 17.13, 1.27% decrease, market cap 125.62 billion yuan) in the Basic Chemicals sector - Goldwind Technology (3.06% weight, latest price 16.00, 4.36% decrease, market cap 67.60 billion yuan) in the Power Equipment sector - Western Mining (3.00% weight, latest price 22.87, 1.42% decrease, market cap 54.50 billion yuan) in the Nonferrous Metals sector [1] Capital Flow Summary - The New Silk Road Index constituents experienced a total net outflow of 1.81 billion yuan from main funds, while retail investors saw a net inflow of 1.744 billion yuan [3] - Notable capital flows include: - Baiyin Nonferrous: 5.16 million yuan net inflow from main funds, 2.30 million yuan net outflow from retail investors - LONGi Green Energy: 172 million yuan net inflow from main funds, 15.1 million yuan net outflow from retail investors - New Mileage: 1.59 million yuan net inflow from main funds, 93.05 million yuan net outflow from retail investors - Other companies like China Western Electric and Zhongcai Zihuan also showed varying degrees of net inflows and outflows [3]

股票代码：002202 股票简称：金风科技 公告编号：2025-089 金风科技股份有限公司 关于为全资子公司金风沙特提供担保的公告 二、被担保方基本情况 1、公司名称：Goldwind Arabia Company Limited（金风沙特） 2、成立时间：2022 年 6 月 23 日 3、注册地点：沙特阿拉伯利雅得沙赫达区阿比·贾法尔·曼苏 尔 2646 号 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 特别提示：本次拟担保的被担保对象Goldwind Arabia Company Limited的资产负债率超过70%，请投资者充分关注担保风险。 一、担保情况概述 金风科技（下称"公司"）的全资子公司金风国际控股（香港） 有限公司（下称"金风国际"）的全资子公司 Goldwind Arabia Company Limited（下称"金风沙特"）与中能建国际建设集团有限公司（沙特分 公司）分别就 Shaqra 项目和 Starah 项目签署两份《性能与质保协议》， 由金风沙特作为在岸供应商，负责沙特港口的机组接货、内陆运输、 混塔生产、机组安装、吊装以及 ...