Core Viewpoint - The wind power industry is experiencing a significant rebound in the average monthly bidding price for land-based wind turbines starting from the end of 2024, continuing into mid-2025, indicating a potential industry-wide profitability reversal [1][2]. Group 1: Price Recovery Factors - Four main reasons support the current price recovery of wind turbines: 1) The industry market share has reached a relatively stable state, and continuous losses are unsustainable, with the signing of price discipline agreements promoting improved competition [2]. 2) The pace of turbine large-scale production has slowed, focusing on optimizing existing product lines [2]. 3) The previously relied-upon transfer of power station business may face downward risks, leading to more cautious acquisition of loss-making orders [2]. 4) Leading manufacturers are focusing on domestic offshore wind and exports, reducing competition in the domestic land-based wind sector [2]. Group 2: Profitability Outlook - The industry is expected to see a profitability reversal, with net profit margins projected to increase by 1-2 percentage points in the second half of 2025 due to a decrease in expense ratios, and a potential gross margin increase of 3-5 percentage points year-on-year starting in 2026, driven by rising delivery prices and cost improvements [3]. Group 3: Long-term Growth Drivers - The manufacturing segment is likely to benefit structurally from the increasing share of high-priced, high-margin products in domestic offshore wind and exports, with projections indicating that by 2025, these products will account for approximately 28% of total output value for turbine manufacturers, potentially rising to 46% by around 2028 [4].

Investment Rating - The report maintains a "Buy" rating for companies such as Jin Feng Technology, Daikin Heavy Industries, and Yun Da Co., while recommending "Hold" for companies like Tai Sheng Wind Energy and Jin Lei Co. [1][1][1] Core Insights - The report highlights the acceleration of wind power construction in coastal provinces, driven by the release of key project lists and favorable regulations [3][6][6] - The report notes significant growth in wind power installations, with a 134.21% year-on-year increase in new installations from January to May 2025, totaling 46.28 GW [1][24][24] - The report emphasizes the positive impact of new regulations in the UK and ongoing projects in China, which are expected to boost the wind power sector [6][10][10] Industry Dynamics - The Hainan Power Trading Center has released draft guidelines for the sustainable development pricing mechanism for new energy projects, applicable to projects commissioned after June 1, 2025 [1][10][10] - The report tracks stock performance, noting that companies like Shangwei New Materials and Zhongji United have seen significant stock price increases, while others like Guoda Special Materials have experienced declines [1][18][21] Market Performance - The wind power equipment index has a TTM price-to-earnings ratio of 32.59 and a market-to-book ratio of 1.64, indicating a stable valuation environment [2][20][20] - The report indicates that the wind power equipment sector underperformed compared to the broader market, with a decline of 0.54% in the wind power equipment index [2][13][13] Installation Data - As of May 2025, the cumulative installed capacity of wind power in China reached approximately 567.49 million kW, reflecting a year-on-year growth of 23.10% [24][30][30] - The report details that the first quarter of 2025 saw 13.64 GW of new land-based wind power installations, a decrease of 7.90%, while offshore installations increased by 42.03% to 0.98 GW [24][28][28] Material Prices - The report notes fluctuations in raw material prices, with increases in medium-thick plates and rebar, while prices for copper and aluminum have decreased [33][37][37]

由金风科技（002202）研发、在温州生产制造的16+兆瓦漂浮式机组正式下线。该机组采用全集成水冷 系统，叶片主梁采用碳纤维材料，重量减轻20%，关键部件100%实现国产化，可抵御17级超强台风， 在-20℃极端环境下稳定运行。该机组的下线是行业探索漂浮式风电技术转化的阶段性成果，与此同 时，漂浮式风电的产业化应用仍面临诸多痛点、堵点，仍需发挥产业合力共同解决。(人民财讯) ...

流动性方面，稀土ETF嘉实盘中换手6.85%，成交2.16亿元。拉长时间看，截至7月21日，稀土ETF嘉实近1周日均成交3.22亿元，居可比基金第一。 规模方面，稀土ETF嘉实最新规模达31.45亿元，创近1年新高，位居可比基金第一。份额方面，稀土ETF嘉实近1周份额增长1.20亿份，实现显著增长，新增 份额位居可比基金第一。 资金流入方面，稀土ETF嘉实最新资金净流入7841.54万元。拉长时间看，近5个交易日内有4日资金净流入，合计"吸金"3.05亿元。 截至2025年7月22日 10:27，中证稀土产业指数下跌0.72%。成分股方面涨跌互现，中钢天源涨停，金田股份上涨8.25%，铂科新材上涨4.93%；华宏科技领 跌，三川智慧、九菱科技跟跌。稀土ETF嘉实(516150)下修调整。拉长时间看，截至2025年7月21日，稀土ETF嘉实近1周累计上涨6.72%。 截至7月21日，稀土ETF嘉实近1年净值上涨63.74%，指数股票型基金排名131/2929，居于前4.47%。从收益能力看，截至2025年7月21日，稀土ETF嘉实自成 立以来，最高单月回报为41.25%，最长连涨月数为4个月，最长连涨涨幅为83 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [2]. Core Insights - The report highlights a significant rebound in prices across the photovoltaic industry chain and an accelerated overseas expansion by wind turbine manufacturers [2]. - The wind power index has underperformed the CSI 300 index, with a decline of 0.14% compared to a 1.23% drop in the latter [5][12]. - The photovoltaic sector is experiencing a notable price recovery, driven by policy measures aimed at curbing excessive competition [6]. Summary by Sections Wind Power: Accelerated Overseas Expansion of Turbine Manufacturers - Domestic turbine manufacturers secured over 34GW of international orders in 2024, with 10.23GW obtained in the first half of 2025 [6][11]. - The export volume of wind turbines from China is expected to grow significantly, with a year-on-year increase of 71.9% in 2024 and a further 43.2% in Q1 2025 [6][11]. - Companies like Mingyang focus on the European market, while Envision Energy targets India and other global markets [6][11]. Photovoltaics: Significant Price Recovery in the Industry Chain - The prices of polysilicon and monocrystalline silicon wafers have increased by 5.7% and 13.6% respectively, indicating a recovery in the photovoltaic supply chain [6]. - The current price trends reflect a response to policy measures aimed at stabilizing the market and ensuring prices remain above production costs [6]. - The report emphasizes the need for substantial changes in supply-demand dynamics to sustain the recovery in photovoltaic prices [6]. Energy Storage & Hydrogen: New Pricing Policies in Gansu - Gansu has introduced a capacity pricing mechanism for new energy storage, which is expected to enhance the economic viability of storage technologies [7]. - The new pricing model aims to create a revenue structure based on capacity and spot market trading, promoting competition and quality in the energy storage sector [7]. - The report suggests that the new pricing mechanism will help establish a more favorable environment for innovative storage solutions [7]. Investment Recommendations - For wind power, the report recommends focusing on companies like Mingyang Smart Energy, Goldwind Technology, and Oriental Cable, which are well-positioned to benefit from domestic demand and international expansion [7]. - In the photovoltaic sector, it suggests monitoring structural opportunities related to BC industry trends, with companies like Dier Laser and Longi Green Energy highlighted [7]. - For energy storage, it recommends Sunshine Power and Haibo Technology, which are expected to capitalize on overseas market opportunities [7].

Core Viewpoint - The rare earth industry is experiencing significant growth, with the China Rare Earth Industry Index rising by 3.36% and key stocks reaching their daily limit up, indicating strong market interest and potential investment opportunities [1][3]. Market Performance - The rare earth ETF, Jiashi (516150), has seen a 3.48% increase, marking its third consecutive rise [1]. - The ETF recorded a turnover rate of 7.84% and a transaction volume of 238 million yuan, with an average daily transaction of 297 million yuan over the past week, ranking first among comparable funds [3]. - The Jiashi rare earth ETF's scale increased by 336 million yuan in the past week, also leading among comparable funds [3]. - The ETF's shares grew by 18.4 million, achieving significant growth and ranking first in new share issuance among comparable funds [3]. - Over the past five trading days, the ETF experienced net inflows on three days, totaling 216 million yuan [3]. Historical Performance - The Jiashi rare earth ETF has seen a net value increase of 58.80% over the past year, ranking 168 out of 2917 in the index stock fund category, placing it in the top 5.76% [3]. - Since its inception, the ETF's highest monthly return was 41.25%, with the longest consecutive monthly gains being four months and a maximum cumulative increase of 83.89% [3]. Industry Outlook - The investment opportunities in the non-ferrous metals sector are viewed positively for the second half of 2025, with expectations of rising rare earth prices due to increasing demand and limited supply [3]. - The rare earth sector is recognized as a strategically important industry in China, with potential for increased attention and value reassessment driven by policy changes and its global leadership position [4]. - The permanent magnet sector is expected to benefit from the growth in humanoid robotics and the low-altitude economy [4]. Key Stocks - The top ten weighted stocks in the China Rare Earth Industry Index include Northern Rare Earth, China Rare Earth, China Aluminum, and others, collectively accounting for a significant portion of the index [4][6]. - Notable stock performances include Northern Rare Earth rising by 6.64%, China Rare Earth by 4.19%, and Wolong Electric Drive by 10% [6].

Investment Rating - Industry Rating: Recommended [5] Core Insights - The report highlights the acceleration of humanoid robot production due to advancements in AI technology and domestic companies' efforts to replace core components, indicating a broad market opportunity [1][15] - The electric vehicle (EV) sector is entering a deep penetration phase, with new high-cost performance models expected to drive sales growth and stabilize the industry in the medium to long term [2][18] - The renewable energy sector is facing rising upstream raw material prices, which are expected to be passed down the supply chain, potentially leading to price rebounds for solar components [3][24] - The UK government's decision to relax AR7 offshore wind auction entry requirements is anticipated to boost investment enthusiasm and accelerate project implementation in the offshore wind sector [4][27] Summary by Sections Humanoid Robots - The launch of the new industrial humanoid robot Walker S2 by UBTECH enables 24/7 operation with a rapid battery swap system, indicating a significant technological breakthrough [1][15] - The report emphasizes the strong domestic demand for core components and the potential for domestic companies to benefit from this trend [1][15] - Key players in the humanoid robot supply chain are expected to see substantial opportunities as the industry matures [1][17] New Energy Vehicles - The report notes that the introduction of multiple new EV models is likely to enhance user experience and drive sales growth [2][18] - The EV industry is characterized by rapid growth, with new technologies and materials expected to improve performance and reduce costs [2][19] - The report identifies several investment opportunities within the EV supply chain, particularly in battery technology and related components [2][23] Renewable Energy - The report discusses the impact of rising prices for upstream materials like silicon, which are expected to lead to price increases for solar components [3][24] - It highlights the ongoing optimization of battery efficiency and the potential for companies with differentiated high-efficiency products to enhance profitability [3][26] - The report also notes the expected reduction in production from glass manufacturers, which could alleviate inventory and pricing pressures in the solar market [3][26] Offshore Wind Energy - The UK government's relaxation of AR7 offshore wind auction rules is seen as a positive signal for the global offshore wind industry, potentially increasing project participation [4][27] - The report anticipates that the extension of contract terms for difference agreements will further stimulate investment in offshore wind projects [4][28] - Key beneficiaries of this trend are expected to include leading domestic companies involved in offshore wind energy [4][28] Energy Storage - The introduction of capacity pricing policies for energy storage in Gansu province is expected to enhance the profitability of long-duration storage projects [8][31] - The report emphasizes the importance of energy storage in balancing renewable energy output and improving utilization rates [8][31] - Companies with technological advantages in energy storage are likely to be the first to benefit from these new policies [8][31]

Investment Rating - The investment rating for the utility sector is "Positive" (maintained) [4] Core Insights - The report emphasizes the importance of core assets in Hong Kong's electric power equipment sector, highlighting the strong approval of coal power installations and the ongoing demand for pumped storage [5][6] - The report indicates that the approval of coal power installations is expected to remain high, with approximately 31 GW approved in the first half of 2025, maintaining levels similar to 2024 [17] - The report notes that the growth in electricity load is expected to outpace overall electricity consumption growth, indicating a long-term trend that will rely heavily on conventional power sources [18] - The wind power sector is experiencing a slowdown in the rapid scaling of turbine sizes, which may lead to improved profitability for wind turbine manufacturers [22][34] Summary by Sections Electric Power Equipment - The report highlights the strong approval of coal power installations, with 90 GW, 83 GW, and 78 GW approved in 2022, 2023, and 2024 respectively, and an expectation to exceed 80 GW in 2025 [17] - The demand for pumped storage is projected to remain high, with significant approvals in recent years, indicating a robust market for this segment [21] - Key companies to focus on include Harbin Electric, Dongfang Electric (H), and Goldwind Technology (H), along with A-share counterparts [6][34] Electricity Production - In June 2025, the industrial electricity production reached 796.3 billion kWh, a year-on-year increase of 1.7%, with a daily average of 26.54 billion kWh [35] - The report notes a narrowing decline in hydropower output and an acceleration in solar power generation, while wind and thermal power growth has slowed [35][38] Coal Industry - In June 2025, coal imports decreased significantly, with a year-on-year decline of 25.9%, attributed to low domestic coal prices [43] - The report indicates that domestic coal production is at a turning point, with a year-on-year increase of 3.0% in June, but with pressures from low prices affecting production levels in key regions [57] - Recommendations include focusing on leading coal companies with high long-term contracts, such as China Coal Energy and China Shenhua Energy [43]

Core Points - The legal opinion letter confirms the legality and compliance of the convening and voting procedures for the 2025 Second Extraordinary General Meeting of Goldwind Technology Co., Ltd [2][3][8] - The meeting was held on July 18, 2025, with a combination of on-site and online voting methods [3][4] - The total number of shares represented at the meeting was 1,824,706,049, accounting for 43.2165% of the total voting shares [5][6] Meeting Procedures - The board of directors made a resolution on June 18, 2025, to convene the meeting, and the notice was published on June 28, 2025 [2][3] - The meeting was held at the company's conference room, and shareholders could participate either in person or through online voting [3][4] - The online voting was conducted via the Shenzhen Stock Exchange's trading system and internet voting system [3][6] Attendance and Voting Results - A total of 1,264 participants attended the meeting, representing 1,130,735,318 shares from on-site attendees and 693,970,731 shares from online voters [5][6] - The proposal to provide full guarantees and issue letters of guarantee for the South African subsidiary was approved with 1,597,126,057 votes in favor, representing 87.5279% of the votes cast [7][8] - The voting process and results were deemed legal and valid according to relevant laws and regulations [8]

关于金风科技股份有限公司 2025 年第二次临时股东会 之 法律意见书 致：金风科技股份有限公司 中国北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮政编码 100025 电话: (86-10) 5809-1000 传真: (86-10) 5809-1100 北京市竞天公诚律师事务所 北京市竞天公诚律师事务所（以下简称"本所"）接受金风科技股份有限公 司（以下简称"公司"）的委托，委派本所律师出席公司 2025 年第二次临时股 东会（以下简称"本次股东会"），根据《中华人民共和国公司法》（以下简称 "《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司股东会规则》（以下简称"《股东会规则》"）和《金风科技股份有 限公司章程》（以下简称"《公司章程》"）的有关规定，出具本法律意见书。 本所律师按照《股东会规则》的要求对本次股东会的合法、合规、真实、有 效进行了充分的核查验证，保证本法律意见书不存在虚假、误导性陈述及重大遗 漏，并对本法律意见书的真实性、准确性、完整性承担相应的法律责任。 本法律意见书仅供公司为本次股东会之目的而使用，不得被任何人用于其他 任何目的。本所 ...