Investment Rating - The report maintains a positive outlook on the wind power industry, highlighting continued revenue and profit growth in Q3 2025, with a recommendation to focus on companies with higher profit elasticity [3][25][28]. Core Insights - The wind power sector achieved revenues of 662 billion yuan in Q3 2025, a year-on-year increase of 27.2%, and a net profit of 14.4 billion yuan, up 4.6% year-on-year, indicating a sustained upward trend in profitability [2][25][28]. - The industry is expected to maintain high demand and pricing levels, supported by a robust order backlog of approximately 300 GW, which is projected to ensure continued growth through 2027 [2][3][13]. - The report identifies four key segments with varying performance: 1. The turbine segment shows profit differentiation, with companies like Goldwind and Yunda benefiting from fewer low-price orders [2][3]. 2. The operator segment has seen significant cash flow improvements due to accelerated national subsidies [2][3]. 3. The offshore wind and cable segments are experiencing high demand and increased capital expenditures [2][3]. 4. The components segment is benefiting from reduced raw material costs and high capacity utilization [2][3]. Summary by Sections Revenue and Profit Growth - The wind power sector's revenue for the first three quarters reached 1.71 trillion yuan, a 37.9% increase year-on-year, with a net profit of 56.7 billion yuan, up 12.5% year-on-year [18][21]. - Q3 2025 saw a sales gross margin of 13.5% and a net margin of 3.6%, reflecting a slight decline due to the increased share of lower-margin manufacturing business [18][21]. Demand and Pricing Trends - The average bidding price for onshore wind turbines increased by 12% year-on-year to 1593 yuan/kW, indicating a positive pricing trend [16][28]. - The report anticipates that the demand for wind installations will continue to accelerate, with an expected total of 118 GW of new installations for the year [8][13]. Segment Performance - The turbine segment's profitability is expected to improve due to a higher proportion of high-price orders in future deliveries [2][3]. - The offshore wind segment is experiencing robust growth, with significant capital investments and project deliveries [2][3]. - The components segment is seeing improved profitability driven by lower raw material costs and increased production efficiency [2][3]. Investment Recommendations - The report recommends focusing on companies with strong profit elasticity in the turbine segment, such as Goldwind, Yunda, and Mingyang Smart Energy, as well as those in the cable and component segments like Daikin Heavy Industries and Dongfang Cable [3][3].

Group 1 - The core point of the article highlights the performance of the Zhongzheng 500 Enhanced ETF (159678), which has seen a decline of 1.16% as of the midday close, trading at 1.361 yuan with a transaction volume of 3.2012 million yuan [1] - The major holdings of the Zhongzheng 500 Enhanced ETF include companies such as Shenghong Technology, Huagong Technology, and Jinfeng Technology, all of which experienced declines in their stock prices, with Jinfeng Technology down by 3.69% and Giant Network down by 3.30% [1] - The fund's performance benchmark is the Zhongzheng 500 Index return, managed by Bosera Fund Management Co., Ltd., with fund managers Liu Zhao and Yang Zhenjian, showing a return of 37.81% since its establishment on February 13, 2023, but a recent one-month return of -1.90% [1]

Core Viewpoint - The rare earth industry is experiencing fluctuations in stock performance, with significant growth in the rare earth ETF, driven by rising prices and increased demand expectations due to delayed export control measures [1][3][4]. Group 1: Market Performance - As of November 4, 2025, the China Rare Earth Industry Index decreased by 0.71%, with mixed performance among constituent stocks [1]. - Baotou Steel (包钢股份) led the gains with an increase of 4.14%, while Shengxin Lithium Energy (盛新锂能) experienced the largest decline [1][6]. - The rare earth ETF managed by Harvest (嘉实) saw a trading volume of 62.65 million yuan, with a significant growth of 5.327 billion yuan in the last three months, ranking first among comparable funds [3]. Group 2: Fund Performance - The rare earth ETF has seen an increase of 866 million shares in the past month, also ranking first among comparable funds [3]. - Over the past 18 trading days, the ETF attracted a total of 1.675 billion yuan in inflows [3]. - As of November 3, 2025, the net value of the rare earth ETF has increased by 86.47% over the past two years, placing it in the top 4.41% of index equity funds [3]. Group 3: Price Trends and Forecasts - According to Guojin Securities, the price of praseodymium and neodymium oxide rose by 6.08% week-on-week, driven by increased demand expectations and delayed export control measures [4]. - The overall sentiment in the rare earth sector is bullish, with expectations of a supply-demand resonance due to external export pressures and ongoing supply reforms [4]. - Guosheng Securities highlights the broad market potential for rare earth recycling and magnetic materials, anticipating rapid growth in related companies' performance as rare earth prices recover [4]. Group 4: Key Stocks - The top ten weighted stocks in the China Rare Earth Industry Index account for 61.61% of the index, with Northern Rare Earth (北方稀土) holding the largest weight at 17.20% [3][6].

该信息由智通财经网提供 智通财经APP讯，金风科技(02208)发布公告，2025年11月3日，金风科技(以下简称"公司")收到股东和 谐健康保险股份有限公司-万能产品(以下简称"和谐健康")出具的《关于减持股份触及1%整数倍的告知 函》，和谐健康于2025年10月31日通过集中竞价交易方式减持公司股份4095.42万股A股，占公司总股本 的比例为0.969314%，占剔除公司回购专用账户中的股份数量后总股本的比例为0.969964%。本次权益 变动后，和谐健康持有公司股份数量由3.26亿股减少至2.85亿股，占公司总股本的比例由7.723437%减 少至6.754122%，占剔除公司回购专用账户中股份数量后总股本的比例由7.728610%减少至6.758647%， 权益变动触及1%的整数倍。 ...

智通财经APP讯，金风科技(02208)发布公告，2025年11月3日，金风科技(以下简称"公司")收到股东和 谐健康保险股份有限公司-万能产品(以下简称"和谐健康")出具的《关于减持股份触及1%整数倍的告知 函》，和谐健康于2025年10月31日通过集中竞价交易方式减持公司股份4095.42万股A股，占公司总股本 的比例为0.969314%，占剔除公司回购专用账户中的股份数量后总股本的比例为0.969964%。本次权益 变动后，和谐健康持有公司股份数量由3.26亿股减少至2.85亿股，占公司总股本的比例由7.723437%减 少至6.754122%，占剔除公司回购专用账户中股份数量后总股本的比例由7.728610%减少至6.758647%， 权益变动触及1%的整数倍。 ...

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。 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 公司關於持股 5%以上股東權益變動觸及 1%整數倍的公告》，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11月3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 ( 於中華人民共和國註冊成立的股份有限公司 ) (Stock Code: 02208) GOLDWIND SCIENCE&TECHNOLOGY CO., LTD.* 金風科技股份有限公司 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。 | 权益变动时间 年 月 日 2025 10 31 | | | --- | --- | | 和谐健康为优化 ...

Core Points - The State-Owned Enterprise Reform Index (399974) closed at 1902.39 points, up 0.25%, with a trading volume of 146.44 billion yuan and a turnover rate of 0.74% [1] - Among the index constituents, 56 stocks rose, with Goldwind Technology leading at a 6.94% increase, while 39 stocks fell, with China Rare Earth leading the decline at 5.24% [1] Index Constituents Summary - The top ten constituents of the State-Owned Enterprise Reform Index include: - Yingmei Ge, with a weight of 3.60%, latest price at 30.00, down 1.64%, total market value of 797.33 billion yuan [1] - Changjiang Electric Power, with a weight of 2.90%, latest price at 28.31, up 0.75%, total market value of 692.70 billion yuan [1] - CITIC Securities, with a weight of 2.90%, latest price at 29.22, down 0.54%, total market value of 433.06 billion yuan [1] - Yuanta Haitong, with a weight of 2.89%, latest price at 19.61, up 1.19%, total market value of 345.70 billion yuan [1] - China Merchants Bank, with a weight of 2.80%, latest price at 41.79, up 2.20%, total market value of 1053.94 billion yuan [1] - Industrial Bank, with a weight of 2.74%, latest price at 20.56, up 1.63%, total market value of 435.11 billion yuan [1] - North Huachuang, with a weight of 2.73%, latest price at 401.00, down 1.49%, total market value of 290.48 billion yuan [1] - Wuliangye, with a weight of 2.68%, latest price at 118.98, down 0.01%, total market value of 461.83 billion yuan [1] - China Shipbuilding, with a weight of 2.52%, latest price at 36.43, up 1.48%, total market value of 274.16 billion yuan [1] - Zhongke Shuguang, with a weight of 2.42%, latest price at 106.46, up 0.01%, total market value of 155.76 billion yuan [1] Capital Flow Summary - The net outflow of main funds from the index constituents totaled 4.443 billion yuan, while speculative funds saw a net inflow of 1.03 billion yuan, and retail investors had a net inflow of 3.413 billion yuan [3] - Notable capital flows include: - China Merchants Bank with a net inflow of 433 million yuan, accounting for 11.29% of the total [3] - Allwind Technology with a net inflow of 430 million yuan, accounting for 11.88% of the total [3] - China Petroleum with a net inflow of 326 million yuan, accounting for 14.97% of the total [3] - China Shipbuilding with a net inflow of 284 million yuan, accounting for 10.31% of the total [3]

格隆汇11月3日丨金风科技(002202.SZ)公布，收到股东和谐健康保险股份有限公司-万能产品（简称"和 谐健康"）出具的《关于减持股份触及1%整数倍的告知函》，和谐健康于2025年10月31日通过集中竞价 交易方式减持公司股份40,954,185股，占公司总股本的比例为0.969314%，占剔除公司回购专用账户中 的股份数量后总股本的比例为0.969964%。本次权益变动后，和谐健康持有公司股份数量由326,320,426 股减少至285,366,241股，占公司总股本的比例由7.723437%减少至6.754122%，占剔除公司回购专用账 户中股份数量后总股本的比例由7.728610%减少至6.758647%，权益变动触及1%的整数倍。 ...

Core Points - The announcement from Goldwind Technology indicates that Harmony Health reduced its stake in the company by 40.954185 million shares, representing 0.969314% of the total share capital [1] - Following this reduction, Harmony Health's holdings decreased to 285.366241 million shares, lowering its ownership percentage from 7.723437% to 6.754122%, which is a drop that touches the 1% integer threshold [1] - The share reduction was due to a rights issue and does not involve pre-disclosure, complying with regulations, and will not lead to a change in company control or significantly impact operations [1]

股票代码：002202 股票简称：金风科技 公告编号：2025-096 金风科技股份有限公司 本公司及董事会全体成员保证公告内容与信息披露义务人提 供的信息一致。 2025年11月3日，金风科技（以下简称"公司"）收到股东和谐健 康保险股份有限公司-万能产品（以下简称"和谐健康"）出具的《关 于减持股份触及1%整数倍的告知函》，和谐健康于2025年10月31日通 过集中竞价交易方式减持公司股份40,954,185股，占公司总股本的比 例为0.969314%，占剔除公司回购专用账户中的股份数量后总股本的 比例为0.969964%。本次权益变动后，和谐健康持有公司股份数量由 326,320,426 股 减 少 至 285,366,241 股 ， 占 公 司 总 股 本 的 比 例 由 7.723437%减少至6.754122%，占剔除公司回购专用账户中股份数量 后总股本的比例由7.728610%减少至6.758647%，权益变动触及1%的 整数倍。具体情况如下： | 1.基本情况 | | | | | --- | --- | --- | --- | | 信息披露义务人 | 和谐健康保险股份有限公司-万能产品 | | ...