表决结果：9 票赞成，0 票反对，0 票弃权。 具体内容登载于深圳证券交易所指定信息披露网站巨潮资讯网 （www.cninfo.com.cn） 及 香 港 联 合 交 易 所 有 限 公 司 网 站（https://www.hkexnews.hk）。详见《关于为南非控股子公司提供全 额担保和代为开具保函额度的公告》（编号：2025-043）。 股票代码：002202 股票简称：金风科技 公告编号：2025-042 金风科技股份有限公司 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(以下简称"公司") 于2025年6月6日以电子邮件方式发 出会议通知，于2025年6月18日在北京金风科创风电设备有限公司九 楼会议室以现场和视频相结合方式召开第八届董事会第三十四次会 议，会议应到董事九名，实到董事九名，其中，现场出席八名，董事 高建军先生因工作原因未能出席，委托董事长武钢先生代为出席并行 使表决权，会议由董事长武钢先生主持，公司监事、高级管理人员列 席了本次会议。本次会议的召集、召开符合法律、法规和《公司章程》 的有关规定。 本次会议经审议，形成决议如 ...

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。 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"）的全资子公司金风国际可再生能源有限 公司（下称"金风国际可再生能源"）与 Rose Valley Wind LP 签署了 《风机供货协议》，由金风国际可再生能源为其提供机组供货及调试 工作。 股票代码：002202 股票简称：金风科技 公告编号：2025-044 金风科技股份有限公司 关于为全资子公司金风国际可再生能源提供担保的公告 1、公司名称：金风国际可再生能源有限公司 2、成立时间：2019 年 12 月 12 日 3、注册地点：香港铜锣湾礼顿道 9-11 号合诚大厦 1701 室 4、法定代表人：吴凯 5、注册资本：201,000,000.129 美金 6、主营业务：风机销售、风电场建设、运行和维护 金风科技与 Rose Valley Wind LP 签署《母公司担保协议》，为金 风国际可再生能源在上述《风机供货协议》项下的履约责任和义务提 供担保，担保金额总计不超过 166,772,200.00 美元 ...

1、担保方及被担保方 担保方：金风科技、金风国际或者金风科技和金风国际联合担保； 被担保方：公司全资子公司金风国际的控股子公司 Goldwind New Energy South Africa Proprietary Limited（以下简称"金风新能源 南非"），或根据项目情况在南非新设立的其它控股子公司（金风国际 控股不低于 70%）。 股票代码：002202 股票简称：金风科技 公告编号：2025-043 金风科技股份有限公司 关于为南非控股子公司提供全额担保和代为开具保函额度 的公告 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：本次拟提供担保的被担保对象的资产负债率超过 70%，请投资者充分关注担保风险。 2025 年 6 月 18 日，金风科技（以下简称"公司"）第八届董事会 第三十四次会议审议通过了《关于为南非控股子公司提供全额担保和 代为开具保函额度的议案》，同意金风科技、公司全资子公司金风国 际控股（香港）有限公司（下称"金风国际"）或者金风科技和金风国 际联合为南非设立的控股子公司提供全额担保，并由金风科技或金风 国际代其向银行 ...

股票代码：002202 股票简称：金风科技 公告编号：2025-042 金风科技股份有限公司 | 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(以下简称"公司") 于2025年6月6日以电子邮件方式发 出会议通知，于2025年6月18日在北京金风科创风电设备有限公司九 楼会议室以现场和视频相结合方式召开第八届董事会第三十四次会 议，会议应到董事九名，实到董事九名，其中，现场出席八名，董事 高建军先生因工作原因未能出席，委托董事长武钢先生代为出席并行 使表决权，会议由董事长武钢先生主持，公司监事、高级管理人员列 席了本次会议。本次会议的召集、召开符合法律、法规和《公司章程》 的有关规定。 第八届董事会第三十四次会议决议公告 一、审议通过《关于为南非控股子公司提供全额担保和代为开具 保函额度的议案》； 本次会议经审议，形成决议如下： 同意召开公司 2025 年第二次临时股东会，会议通知将于近日另 行公告。 表决结果：9 票赞成，0 票反对，0 票弃权。 特此公告。 金风科技股份有限公司 表决结果：9 票赞成，0 票反对，0 ...

Core Viewpoint - The rare earth industry is experiencing fluctuations, with the China Rare Earth Industry Index down by 1.59% as of June 19, 2025, while specific stocks show mixed performance, indicating a volatile market environment [1][3]. Industry Summary - The rare earth sector is crucial for various industries, including electric vehicles and wind power, with China producing nearly 70% of the world's rare earth materials as of 2024, highlighting its significant role in the global supply chain [5][6]. - The overall attention on the rare earth sector is expected to increase due to its pricing power and extensive downstream applications, alongside policy catalysts that may lead to a revaluation of the sector [6]. Company Summary - The rare earth ETF managed by Harvest (516150) has shown a trading volume of 2.75% and a transaction value of 67.89 million yuan, ranking first among comparable funds in terms of average daily trading volume over the past week [3]. - The Harvest rare earth ETF has seen a net inflow of 9.1964 million yuan recently, with a total of 26.9 million yuan in net inflows over the past five trading days, indicating strong investor interest [3]. - As of June 18, 2025, the Harvest rare earth ETF's net asset value has increased by 30.55% over the past year, placing it in the top 13.16% among equity index funds [3].

Energy Transition Acceleration - China's total investment in energy transition is projected to reach $818 billion in 2024, surpassing the combined investments of the US, EU, and UK, marking a 20% increase from 2023 [2] - By the end of 2024, China's renewable energy installed capacity is expected to reach 1.889 billion kilowatts, accounting for 56% of the total, doubling from the end of the 13th Five-Year Plan [2] - Wind power capacity is projected to reach 521 million kilowatts, maintaining the global lead for 15 consecutive years, while solar power capacity is expected to hit 887 million kilowatts, leading globally for 10 years [2] Renewable Energy Development - As of February 2024, the combined installed capacity of wind and solar power in China reached 1.456 billion kilowatts, exceeding that of thermal power [3] - Hydropower is expected to reach an installed capacity of 436 million kilowatts by the end of 2024, a 17.77% increase from the end of 2020 [3] - The coal power sector has achieved over 95% ultra-low emissions units, with coal consumption per unit of power supply reduced to 303.21 grams of standard coal per kilowatt-hour, a 7.5% decrease from 2020 [3] Technological Innovation - Technological innovation is identified as the core driver of energy industry transformation, with a focus on advanced renewable energy, safe and efficient nuclear energy, and energy digitalization [4] - In 2024, the average conversion efficiency of PERC p-type monocrystalline solar cells reached 23.5%, a 0.7 percentage point increase from 2020 [4] - The offshore wind power sector is experiencing a trend towards larger and more advanced products, with the share of newly installed offshore wind turbines with a capacity of 10 megawatts or more rising from 12.1% in 2022 to 58% in 2024 [4] Energy Industry Chain Development - China's energy industry chain has achieved a leap from low-end manufacturing to high-end innovation, establishing a complete industrial system in solar, wind, and energy storage [7] - In 2023, China's global market shares for polysilicon, silicon wafers, solar cells, and modules reached 91.6%, 97.9%, 91.9%, and 84.6%, respectively, with significant increases from 2020 [7] - Leading companies like Tongwei Co. and Longi Green Energy have shown substantial growth in production, with Tongwei's polysilicon output reaching 594,800 tons, a 5.9-fold increase from 2020 [7] Regional Collaboration and International Cooperation - Significant progress has been made in regional collaboration and international cooperation in the energy sector, contributing to energy security and global energy transition [9] - By the end of 2024, the first batch of 50 renewable energy base projects in the western region is expected to be operational, with an installed capacity exceeding 90 million kilowatts [9] - China has engaged in green energy project cooperation with over 100 countries, with notable projects like the ±800 kV high-voltage direct current transmission project in Brazil being completed [10]

Group 1: Liquidity and Performance of Rare Earth ETF - The liquidity of the Rare Earth ETF managed by Jiashi has a turnover rate of 2.9% with a transaction volume of 71.903 million yuan [2] - Over the past week, the average daily transaction volume of the Rare Earth ETF reached 174 million yuan, ranking first among comparable funds [2] - The fund's scale increased by 244 million yuan in the past week, also ranking first among comparable funds [2] - The number of shares increased by 22.2 million in the past week, achieving significant growth and ranking first among comparable funds [2] - In the last five trading days, there were net inflows on four days, totaling 338 million yuan [2] - As of June 17, the net value of the Rare Earth ETF has risen by 34.53% over the past year, ranking 284 out of 2854 in the index stock fund category, placing it in the top 9.95% [2] - The highest monthly return since inception was 41.25%, with the longest consecutive monthly increase being four months and the longest increase percentage being 83.89% [2] Group 2: Key Holdings and Market Dynamics - As of May 30, 2025, the top ten weighted stocks in the China Rare Earth Industry Index accounted for 57.28% of the index, including Northern Rare Earth, China Rare Earth, and others [2] - Recent reports indicate a phased relaxation of rare earth export controls, allowing some rare earth magnetic material companies to obtain export licenses, although controls are not fully lifted [4] - The demand for rare earth materials is expected to remain strong due to sectors like new energy vehicles, home appliances, and wind power, with potential upward pressure from humanoid robots [5] - The market anticipates a reversal in supply and demand dynamics, with rare earths expected to benefit from both profit and valuation increases due to tariff policies exceeding market expectations [5]

Summary of Wind Power Industry Conference Call Industry Overview - The wind power main engine industry is experiencing a price increase of approximately 10% since the end of 2024, primarily due to frequent wind turbine accidents leading operators to prioritize quality and a lack of price war motivation among manufacturers [1][2][3] - The global wind turbine market is projected to grow from over 300 billion yuan in 2025 to nearly 600 billion yuan by 2030, with a compound annual growth rate (CAGR) of about 12%. Chinese wind turbine companies are expected to benefit from increased overseas penetration, with a higher CAGR of approximately 14% [1][6][7] Key Points and Arguments - **Profitability and Margins**: Despite a decline in delivery prices in 2024-2025, many manufacturers, such as Goldwind Technology, are expected to maintain stable gross margins. A 5% price increase could theoretically boost gross margins by 4.4 percentage points, while a 5% cost reduction could enhance margins by nearly 9 percentage points [1][4][5] - **Market Dynamics**: The wind turbine industry is characterized by a significant presence of private enterprises, with the top five manufacturers holding a 72% market share. The competitive landscape is influenced by product quality and market competitiveness [2][8] - **Price Trends**: Wind turbine prices have shown a steady recovery, with prices rebounding to 1,600 yuan per kilowatt in September 2024 and stabilizing around 1,900 yuan in May 2025. Offshore wind turbine prices have also increased from 2,900 yuan to approximately 3,200 yuan per kilowatt [2][9] Important but Overlooked Content - **Self-Regulatory Mechanisms**: The industry has implemented self-regulatory measures to curb vicious price competition, including establishing minimum price reference standards and punitive measures. The National Energy Administration supports these efforts to restore rational pricing [10][16] - **International Expansion**: The international market penetration of Chinese wind power companies is expected to significantly enhance profitability, driven by technological advantages and cost control [11] - **Future Demand Predictions**: The wind power installation demand is projected to remain robust, with a conservative estimate of 100 million kilowatts of new capacity annually during the 14th Five-Year Plan period. The overall market size is expected to continue growing, mitigating the risk of a price war [23][24][22] Conclusion The wind power industry is poised for growth, driven by price recovery, stable margins, and increasing international market presence. Companies like Goldwind Technology are highlighted as key players due to their early adoption of advantageous technology routes. The implementation of self-regulatory measures and government support is expected to foster a healthier competitive environment, ultimately benefiting the entire industry.

Investment Rating - The industry investment rating is maintained as "Positive" [6] Core Viewpoints - The wind power sector is expected to emerge from its "cycle," moving towards profitability and new growth opportunities [2] - The land wind cycle is showing signs of recovery, with expectations for price and volume restoration [4] - The offshore wind cycle is at a turning point, with anticipation for marginal improvements [4] Summary by Sections Investment Recommendations and Targets - The report suggests focusing on the recovery of the wind power industry chain, highlighting companies such as Goldwind Technology (002202), Mingyang Smart Energy (601615), and others [4] - For offshore wind, it recommends companies with high relevance to offshore wind, including Dongfang Cable (603606) and Zhenjiang Co. (603507) [4] Market Trends - The bidding data for wind power projects from January to May 2025 shows a steady growth trend, with a total scale of approximately 64.46 GW, reflecting a year-on-year increase of nearly 20% [9] - The average bidding prices for land wind power projects have stabilized, indicating a potential recovery in profitability for the wind power industry chain [9] - The export of wind turbines is a key driver for long-term industry growth, with significant increases in international bidding volumes [9]

Investment Rating - Industry Rating: Recommended [5] Core Insights - The humanoid robot industry is expected to accelerate production due to breakthroughs in AI technology and domestic companies' strong demand for core components [12][13][16] - The domestic new energy vehicle market is experiencing significant growth, with a penetration rate of 48.7% and a focus on new technologies such as solid-state batteries and high-performance materials [17][19] - The solar energy sector is witnessing increased demand for high-efficiency products, with companies like Longi and Aiko securing substantial global orders [25][26][27] - The offshore wind power sector is projected to grow, supported by ongoing domestic projects and increasing overseas demand [28][29][52] Humanoid Robots - The humanoid robot industry is seeing rapid industrialization, driven by AI breakthroughs and policy support, with significant opportunities for component manufacturers [12][13][16] - Key players are forming strategic partnerships to enhance technology and market competitiveness, focusing on critical components like dexterous hands and lightweight materials [13][15] - The market is expected to benefit from the integration of AI capabilities, with companies positioned in the supply chain likely to see substantial gains [16] New Energy Vehicles - In May, the production and sales of new energy vehicles reached 1.27 million and 1.31 million units, respectively, marking year-on-year growth of 35% and 37% [18] - The industry is characterized by the introduction of high-quality new models and advancements in battery technology, which are expected to drive further growth [19][20] - The demand for lithium battery materials is anticipated to expand, supported by the recovery of consumer electronics and the growth of energy storage applications [21][22] Solar Energy - Longi's new HIBC technology has set a benchmark in solar panel efficiency, with products achieving over 700W and nearing 26% efficiency [25][26] - The BC product line is gaining traction due to its competitive pricing and efficiency advantages, with significant orders from both domestic and international markets [26][27] - The solar industry is expected to benefit from technological advancements and a shift towards high-efficiency products, enhancing profitability for leading companies [34][35] Offshore Wind Power - The offshore wind power sector is projected to grow significantly, with major projects underway in key regions such as Guangdong and Jiangsu [28][29] - The market is expected to benefit from increased demand for offshore wind installations in Europe, with opportunities for domestic companies to expand internationally [52][53] - The pricing for wind turbine projects is stabilizing, which may lead to improved profitability for manufacturers [53]