Core Viewpoint - The A-share market experienced a volatile adjustment in November, with the Shanghai Composite Index falling by 1.67%, the Shenzhen Component Index by 2.95%, and the ChiNext Index by 4.23% [1] Group 1: Stock Recommendations - Multiple brokerages have released their investment portfolios for December, covering various sectors including finance, information technology, and consumer goods [1] - Notable stocks recommended by brokerages include Midea Group, which received recommendations from four brokerages, and Zhongji Xuchuang, which was recommended by three [3] - Other recommended stocks include Zhejiang Xiantong, Ganyuan Food, and Beijing Lier from Dongxing Securities; Huayou Cobalt, Zhongji Xuchuang, and China Petroleum from Everbright Securities; and Meituan, Delijia, and China Ping An from Guosen Securities [2] Group 2: Market Trends and Insights - Brokerages suggest that the A-share market may primarily experience a period of consolidation, with a focus on cyclical sectors, consumption, and manufacturing [5] - According to Xinyu Securities, the recovery of Chinese assets is supported by enhanced competitiveness, the release of new economic momentum, clear policy transformation, and stable economic fundamentals [6] - Shenyin Wanguo anticipates that the end-of-year policy window may validate the "policy bottom," supporting economic growth in 2026, with cyclical assets likely forming the basis for the spring market [6] - Suggestions for investment include focusing on high-dividend, low-volatility assets, and sectors such as basic chemicals and industrial technology [6]

上市企业：金风科技（002202）,明阳智能（601615）,运达股份（300772）,上海电气（601727）,中材科 技（002080）,节能风电（601016）,泰胜风能（300129）,东方电气（600875）,湘电股份（600416）,天 顺风能（002531） 数据来源：国家统计局，智研咨询整理 相关报告：智研咨询发布的《2026-2032年中国风力发电行业市场竞争策略及未来发展潜力报告》 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 根据国家统计局数据显示：2025年9月中国风力发电量产量为672亿千瓦时，同比下降7.6%；2025年1-9 月中国风力发电量累计产量为7673亿千瓦时，累计增长10.1%。 2020-2025年1-9月中国风力发电量产量统计图 ...

（於中華人民共和國註冊成立的股份有限公司） （股份代號：02208） GOLDWIND SCIENCE&TECHNOLOGY CO., LTD.* 金風科技股份有限公 司 出席公司將於2025年12月19日星期五緊隨臨時股東會及A股類別股東會議結束後，於中國北京經濟技術開發區博 興一路8號公司會議室舉行的H股類別股東會議（「H股類別股東會議」）或任何相關續會，並按以下指示代表本人╱ 吾等就H股類別股東會議通知所載的決議案投票。在無任何指示的情況下，受委任代表可自行酌情投票表決。 於2025年12月19日召開H股類別股東會議的代表委任表格 本人╱吾等1 地址為 為金風科技股份有限公司（「公司」） 股股份的登記持有人2 茲委任大會主席或3 為本人╱吾等的受委代表， ， | | 特別決議案 | 贊成4 | 反對4 | 棄權4 | | --- | --- | --- | --- | --- | | 1 | 審議並批准建議回購註銷部分A股限制性股票激勵計 | | | | | | 劃項下之限制性股票。 | | | | | 2 | 審議並批准變更註冊資本及建議修訂公司章程。 | | | | 日期 簽名 附註： 1. 請用正 ...

金風科技股份有限公 司 本人╱吾等1 地址為 為金風科技股份有限公司（「公司」） 股股份的登記持有人2 茲委任大會主席或3 為本人╱吾等的受委代表， 出席公司將於2025年12月19日星期五下午2:50，於中國北京經濟技術開發區博興一路8號公司會議室舉行的臨時 股東會（「臨時股東會」）或任何相關續會，並按以下指示代表本人╱吾等就臨時股東會通知所載的決議案投票。在 無任何指示的情況下，受委任代表可自行酌情投票表決。 | | 特別決議案 | 贊成4 | 反對4 | 棄權4 | | --- | --- | --- | --- | --- | | 1 | 審議並批准建議回購註銷部分A股限制性股票激勵計 劃項下之限制性股票。 | | | | | 2 | 審議並批准變更註冊資本及建議修訂公司章程。 | | | | | | 普通決議案 | 贊成4 | 反對4 | 棄權4 | | 3 | 審議並批准關於申請2026年度日常關聯交易（A股）預 計額度的議案。 | | | | （於中華人民共和國註冊成立的股份有限公司） （股份代號：02208） GOLDWIND SCIENCE&TECHNOLOGY CO., LTD.* 於20 ...

股票代码：002202 股票简称：金风科技 公告编号：2025-105 金风科技股份有限公司 关于召开 2025 年第三次临时股东会及 2025 年第三次 A 股类 别股东会议、2025 年第三次 H 股类别股东会议的通知 公司 A 股股东可通过现场或委托投票，也可以通过网络进行投 票。公司 A 股股东投票表决时，同一股东账户只能选择现场投票或 网络投票中的一种，不能重复投票。如果同一股东账户通过现场及网 络重复投票，以第一次投票为准。 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。 金风科技第九届董事会第八次会议决议召开公司 2025 年第三次 临时股东会及 2025 年第三次 A 股类别股东会议、2025 年第三次 H 股类别股东会议（H 股类别股东会议通知参见公司 H 股公告），会议 采取现场投票与网络投票相结合的方式召开，现将有关事项通知如下： 一、召开会议的基本情况 1、股东会届次：2025 年第三次临时股东会及 2025 年第三次 A 股类别股东会议、2025 年第三次 H 股类别股东会议 2、股东会的召集人：董事会 3、会议召开的合法、合规性：本 ...

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通知的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本通知全部或任何 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） （股份代號：02208） 臨時股東會通知 茲公告金風科技股份有限公司（「公司」）謹定於2025年12月19日星期五下午2:50， 於中國北京經濟技術開發區博興一路8號公司會議室舉行臨時股東會（「臨時股東 會」），以審議並酌情批准下列事項。除非另有所指，本通知所用詞彙與公司日期為 2025年11月28日之通函所界定者具有相同涵義。 特別決議案： * 僅供識別 1 馬金儒 2025年11月28日 附註： 2 1. 每位有權出席臨時股東會並於會上投票的股東，有權委派受託代表代表其本人出席臨時股東 會及投票。受託代表毋須為公司股東。股東的受託代表可以以投票方式進行表決。股東應就其 擁有的每股股份擁有一票。 2. 公司將於2025年12月15日星期一至2025年12月1 ...

此乃要件 請即處理 閣下如對本通函之任何內容或應採取之行動有任何疑問，應諮詢 閣下之股票經紀人或持牌 證券交易商、銀行經理、律師、會計師或其他專業顧問。 閣下如已將名下之金風科技股份有限公司股份全部售出或轉讓，應立即將本通函連同隨附 之代表委任表格送交買主或承讓人或經手買賣或轉讓之銀行、股票經紀人或其他代理商，以 便轉交買主或承讓人。 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通函的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本通函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。 (1) 建議回購註銷部分A股限制性 股票激勵計劃項下之限制性股票 (2) 變更註冊資本及 建議修訂公司章程 及 (3) 臨時股東會通知及 H股類別股東會議通知 茲公告金風科技股份有限公司謹定於2025年12月19日星期五下午2:50，於中國北京經濟技術 開發區博興一路8號公司會議室舉行臨時股東會、A股類別股東會議及H股類別股東會議，臨 時股東會及H股類別股東會議通知載於本通函第8至11頁。A股類別股東會議的資料請參閱公 司登載於巨潮資訊網(www.cninfo.com.c ...

Market Overview - In November, the A-share market experienced a general decline, with the STAR Market 50 index dropping the most by 7.1%, while the Shanghai 50 index fell the least by 1.3%. Other major indices such as CSI 300, ChiNext, and CSI 1000 saw declines of -2.7%, -4.5%, and -3.4% respectively. The performance across industries showed significant divergence, with sectors like comprehensive services, banking, and media leading in gains [1][8][10] - The Hong Kong stock market also showed a volatile trend in November, influenced by fluctuations in the Federal Reserve's interest rate expectations and increasing concerns over the AI bubble. As of November 26, 2025, the Hang Seng Hong Kong 35 index rose by 1.1%, while the Hang Seng Index and Hang Seng China Enterprises Index saw minimal changes of 0.1% and -0.1%, respectively. The Hang Seng Technology Index dropped by 4.9% [1][10][11] A-share Insights - The market is believed to still be in a bull phase, but may enter a period of wide fluctuations in the short term. Compared to previous bull markets, there remains considerable room for index growth, but the emphasis on a "slow bull" policy may prioritize the duration of the bull market over its magnitude. Short-term catalysts appear weak, leading to a potential focus on defensive and consumer sectors, while TMT and advanced manufacturing sectors are recommended for mid-term attention [2][13][14][16][19] - In the context of market fluctuations, defensive sectors such as banking, utilities, and coal, along with consumer sectors like food and beverage, are highlighted as potential areas for investment. Historical trends suggest that previously lagging sectors may perform better during periods of market turbulence [16][17] Hong Kong Market Insights - The outlook for the Hong Kong market remains positive, with expectations of continued upward movement due to strong overall profitability and relatively low valuations. The "dumbbell" strategy is recommended, focusing on technology growth and high dividend stocks. Key areas of interest include domestic policies supporting self-sufficiency in chips and high-end manufacturing, as well as independent internet technology companies [3][21][24] - The report emphasizes the importance of high dividend, low volatility strategies, particularly in sectors such as telecommunications, utilities, and banking, which can provide stable returns [21][24] Stock Recommendations - For December 2025, the A-share stock selection includes: Sunlord Electronics, Zhongji Xuchuang, Huayou Cobalt, Sinopec, PetroChina, Zhengguang Co., Haier Smart Home, Hengli Hydraulic, Hangcha Group, and Goldwind Technology [26][27] - The recommended stocks for the Hong Kong market include: Tencent Holdings, China Mobile, China Tower, CNOOC Services, Huiju Technology, Sinopec Engineering, and AIA Group [30][31]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The company reported a revenue of approximately 48.1 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 34%, and a net profit attributable to shareholders of approximately 2.6 billion yuan, up 44% year-on-year. In Q3 2025 alone, the revenue was about 19.6 billion yuan, a 25% increase year-on-year, with a net profit of approximately 1.1 billion yuan, reflecting a significant 171% year-on-year growth [2][4] Summary by Relevant Sections Revenue Performance - In Q3 2025, the company achieved wind turbine sales of approximately 7.8 GW, a 71% increase year-on-year. The breakdown of sales includes 0.6 GW in the 4-6 MW range (7.7% of total) and 7.2 GW in the 6 MW and above category (92.3% of total) [12] - The company had no new power station transfers in Q3, with an added grid capacity of about 0.04 GW, and a total self-operated wind farm capacity of approximately 8.7 GW [12] Profitability Metrics - The gross profit margin for Q3 was approximately 13.0%, a decrease of 1.1 percentage points year-on-year, primarily due to increased land wind turbine sales. The expense ratio for Q3 was about 9.2%, down 4.0 percentage points year-on-year, attributed to the dilution effect from increased revenue [12] - The net profit margin for Q3 was approximately 5.9%, showing an improvement year-on-year [12] Order Backlog and Financial Position - As of September 2025, the company had an order backlog of 52.5 GW, with 7.2 GW from overseas orders. The external orders totaled 49.9 GW, with 11.0 GW in bids not yet signed and 38.9 GW in signed contracts awaiting execution [12] - The company reported inventory and contract liabilities of approximately 21.7 billion yuan and 19.9 billion yuan, respectively, both at historical highs, which is expected to support future delivery performance [12] Industry Context - In the first three quarters of 2025, domestic wind turbine public bidding was approximately 102.1 GW, a 14% year-on-year decrease. The average bidding price for wind turbines in Q3 was above 1,500 yuan/KW, reaching 1,610 yuan/KW in September [12] - The company anticipates that stabilized bidding prices and increased overseas orders will support future delivery performance and profitability recovery [12]

Core Viewpoint - The wind power equipment sector experienced a decline of 0.42% on November 27, with Delijia leading the drop, while the Shanghai Composite Index rose by 0.29% and the Shenzhen Component Index fell by 0.25% [1][2]. Group 1: Market Performance - The wind power equipment sector's individual stock performance showed mixed results, with notable gainers including Feiwo Technology (up 4.76% to 56.61) and Taisheng Wind Energy (up 4.51% to 7.88) [1]. - Conversely, Delijia saw a significant decline of 3.54%, closing at 69.51 [2]. - The overall trading volume in the wind power equipment sector indicated a net outflow of 52.97 million from institutional investors and 56.63 million from speculative funds, while retail investors contributed a net inflow of 110 million [2][3]. Group 2: Stock Specifics - Taisheng Wind Energy had a net inflow of 66.30 million from institutional investors, while it faced outflows from speculative and retail investors [3]. - Feiwo Technology recorded a net inflow of 37.83 million from institutional investors, but also saw outflows from retail investors [3]. - The trading activity of other stocks such as Daqian Heavy Industry and Zhengjiang Co. also reflected similar trends of mixed inflows and outflows among different investor types [3].