Group 1: Liquidity and Performance of Rare Earth ETF - The liquidity of the Rare Earth ETF managed by Jiashi has a turnover rate of 6.85%, with a half-day trading volume of 172 million yuan [3] - Over the past week, the average daily trading volume of the Rare Earth ETF reached 182 million yuan, ranking first among comparable funds [3] - The fund's scale increased by 43.99 million yuan in the past two weeks, also ranking first among comparable funds [3] - The fund's shares increased by 21.7 million units in the past month, achieving significant growth and ranking first among comparable funds [3] - The latest net inflow of funds into the Rare Earth ETF is 35.42 million yuan, with a total of 64.51 million yuan net inflow over the last five trading days [3] - As of July 9, the net value of the Rare Earth ETF has risen by 39.87% over the past year, ranking 503 out of 2907 index equity funds, placing it in the top 17.30% [3] - The fund has recorded a maximum monthly return of 41.25% since its inception, with the longest consecutive monthly increase being four months and the longest increase percentage being 83.89% [3] Group 2: Industry Outlook and Company Performance - Northern Rare Earth announced a semi-annual performance forecast, expecting a net profit attributable to shareholders of 900 million to 960 million yuan for the first half of 2025, representing a year-on-year increase of 1882.54% to 2014.71% [4] - The Ministry of Commerce of China emphasized the importance of maintaining global supply chain stability and has approved a certain number of compliant applications for rare earth exports, indicating a recovery in export demand [4] - Emerging fields such as humanoid robots are expected to open up growth opportunities for the rare earth industry, with a positive outlook for the industry's recovery in the short to medium term [4] - As of June 30, 2025, the top ten weighted stocks in the China Rare Earth Industry Index include Northern Rare Earth, China Rare Earth, and China Aluminum, collectively accounting for 55.58% of the index [4]

Summary of Conference Call Records Industry Overview - The focus is on the renewable energy sector, particularly the photovoltaic (PV) and wind energy industries, amid government policies aimed at preventing "involution" and ensuring healthy industry development [1][3][4][18]. Key Points and Arguments - **Government Policy Shift**: The government has shifted its approach from preventing disorderly expansion in the renewable energy sector to implementing corrective measures to address supply-demand imbalances and local government debt issues [1][2][4]. - **Market Demand Pressure**: The photovoltaic industry is experiencing market demand pressure due to policy changes and high base effects from the previous year, necessitating government intervention to avoid negative impacts on GDP [1][5]. - **Electricity Consumption Growth**: The expected compound annual growth rate for electricity consumption from 2026 to 2030 is projected to be between 4% and 6%, significantly influencing PV and wind energy installation targets [1][14][15]. - **Wind Energy Sector Outlook**: The wind energy sector is expected to benefit from the anti-involution strategy, with companies like Mingyang Smart Energy projected to see stock price elasticity of over 30% [1][17]. - **Investment Opportunities**: Investors are encouraged to focus on segments with stronger chemical attributes, such as silicon materials and glass, as well as new technology fields like BC batteries and perovskite technology [3][20]. Additional Important Content - **Challenges in Policy Implementation**: The government faces challenges in balancing high targets with the need to avoid one-size-fits-all measures, addressing corporate interests, and managing local government debt [4][6][7]. - **Market Dynamics**: The market has seen a rotation among wind, PV, and lithium battery sectors, with wind energy performing well due to favorable bidding conditions, while PV has faced skepticism regarding policy and profitability [9][10]. - **Performance of Key Companies**: Companies like Sungrow Power Supply and DeYuan Co. have shown strong performance in the energy storage sector, with significant stock price increases [21][22][23]. - **Uncertainties in the U.S. Market**: Potential uncertainties in the U.S. market include tariff policy changes and the implications of the Inflation Reduction Act, which could affect domestic companies' competitiveness [24]. Conclusion - The renewable energy sector is navigating a complex landscape shaped by government policies aimed at stabilizing the market and ensuring sustainable growth. Investors are advised to remain vigilant and consider both opportunities and risks in this evolving environment.

Core Viewpoint - The Chinese government emphasizes the importance of supporting overseas Chinese enterprises as they expand internationally, highlighting the resilience and potential of the Chinese economy amidst global challenges [1][2]. Group 1: Government Support and Economic Resilience - The Chinese economy has shown resilience and potential for growth, with the government committed to providing support for overseas enterprises through improved services and policies [1]. - The government aims to enhance various economic and trade cooperation mechanisms, ensuring a better environment for Chinese enterprises abroad [1]. Group 2: International Trade Environment and Opportunities - The current international economic landscape is marked by rising unilateralism and protectionism, presenting both challenges and opportunities for enterprises [2]. - Chinese enterprises are encouraged to strengthen their brands and enhance global competitiveness, particularly in the Latin American market through local market engagement [2]. Group 3: Corporate Responsibility and Compliance - Chinese enterprises are urged to respect local laws and cultural practices while conducting business, emphasizing the importance of corporate social responsibility [2]. - Companies are encouraged to maintain a positive image and strengthen economic ties with Brazil and other Latin American countries for mutual benefit [2].

Group 1 - The core message emphasizes the increasing importance of Chinese enterprises' international operations and their contribution to domestic economic development, highlighting the resilience and potential of the Chinese economy in the face of external pressures [1] - Chinese enterprises are encouraged to enhance their global competitiveness by building strong brands, improving forward-looking strategies, and deepening local market engagement, particularly in Brazil and the broader Latin American market [2] - The government will provide better support and create a favorable environment for overseas Chinese enterprises through enhanced service mechanisms and policies in areas such as financial support, credit insurance, and safety guarantees [1][2] Group 2 - The current international economic landscape is characterized by rising unilateralism and protectionism, presenting both challenges and opportunities for enterprises [2] - Chinese enterprises are urged to comply with local laws and cultural practices while actively engaging in corporate social responsibility to foster a responsible corporate image [2] - Representatives from Chinese enterprises expressed commitment to leveraging their strengths, maintaining compliance, and expanding their business in sectors like finance, energy, agriculture, and technological innovation to strengthen economic ties with Brazil and other Latin American countries [2]

股票代码：002202 股票简称：金风科技 公告编号：2025-050 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27日以电子邮件方式 发出会议通知，于2025年7月8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九届董事会第一次会议，会 议应到董事九名，实到董事九名，会议由董事长武钢先生主持，公司 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，形成决议如下： 一、审议通过《关于选举公司董事长、副董事长的议案》 ； 选举武钢先生为公司第九届董事会董事长，曹志刚先生为公司第 九届董事会副董事长，任期至本届董事会届满，简历详见附件。 表决结果：9 票赞成，0 票反对，0 票弃权。 二、审议通过《关于选举公司董事会战略决策委员会、薪酬与 考核委员会、审计委员会及提名委员会委员的议案》。 选举产生了董事会各专门委员会委员及主任委员： 主任委员：武钢先生 金风科技股份有限公司 委员：曹志刚先生、高建军先生、张旭东 ...

股票代码：002202 股票简称：金风科技 公告编号：2025-050 金风科技股份有限公司 第九届董事会第一次会议决议公告 选举武钢先生为公司第九届董事会董事长，曹志刚先生为公司第 九届董事会副董事长，任期至本届董事会届满，简历详见附件。 表决结果：9 票赞成，0 票反对，0 票弃权。 二、审议通过《关于选举公司董事会战略决策委员会、薪酬与 考核委员会、审计委员会及提名委员会委员的议案》。 选举产生了董事会各专门委员会委员及主任委员： 1、战略决策委员会 主任委员：武钢先生 一、审议通过《关于选举公司董事长、副董事长的议案》； 委员：曹志刚先生、高建军先生、张旭东先生、苗兆光先生 | 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27日以电子邮件方式 发出会议通知，于2025年7月8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九届董事会第一次会议，会 议应到董事九名，实到董事九名，会议由董事长武钢先生主持，公司 高级管理人员列席了本次会议。本次会议的召集、召 ...

Investment Rating - The investment rating for the electric equipment and new energy industry is "Outperform the Market" (maintained) [1] Core Insights - Goldwind Technology is rapidly expanding its overseas business, achieving a revenue of 7.19 billion yuan from January to May, representing a 96% year-on-year increase, and a net profit of 933 million yuan, up 182% year-on-year [1][6] - A joint venture has been established by Dayun Co., Dongfang Cable, and Zhejiang Energy Group to create the Zhejiang Offshore Wind Equipment Base [1] - The construction of the Yangjiang Sanshan Island offshore wind flexible DC transmission project has commenced, marking steady progress in the offshore wind cluster in Guangdong [1] Summary by Sections Wind Turbine Exports - Emerging markets in Asia, Africa, and Latin America are experiencing rapid growth in wind power demand, with seven domestic wind turbine companies securing international orders in 2024, including Goldwind with over 7.7 GW of orders [3][5] Offshore Wind Power - The Zhejiang deep-sea equipment industry chain is gradually taking shape, with Dayun Co. planning to invest 60 million yuan in a joint venture to establish the Zhejiang Ningbo Offshore Wind Mother Port Equipment Development Co., responsible for the construction of the offshore wind mother port project [7][8] - The Yangjiang Sanshan Island project includes a ±500 kV offshore converter station and aims to deliver 2 GW of green electricity to the Guangdong-Hong Kong-Macao Greater Bay Area [9][10]

Investment Rating - The report maintains a "Strong Buy" rating for the industry, indicating a positive outlook for investment opportunities [2]. Core Insights - The report highlights the focus on offshore wind power development and the need to combat price competition in the photovoltaic sector, suggesting a shift towards quality improvement and innovation [6][7]. - The offshore wind market is expected to grow due to supportive policies and decreasing investment costs, while the photovoltaic sector faces challenges with price declines and profitability pressures [6][7]. Summary by Sections Wind Power - The Central Financial Committee's sixth meeting emphasized the importance of developing offshore wind power as part of the marine economy, aiming for orderly construction and quality improvement [11]. - The wind power index increased by 1.3% over the week, underperforming compared to the CSI 300 index by 0.24 percentage points, with a current PE ratio of 19.69 times [12]. - Investment opportunities are identified in domestic offshore wind demand, recovery of profitability, and advancements in floating wind technology, with recommended companies including Mingyang Smart Energy, Goldwind Technology, and Dongfang Cable [7][18]. Photovoltaics - The report discusses the government's focus on addressing price competition in the photovoltaic industry, with expectations of continued price declines in the supply chain [6]. - The current PE ratio for the photovoltaic sector is approximately 31.75 times, indicating a challenging environment for profitability [5]. - Structural opportunities are suggested, with recommended companies including Dier Laser, Aiko Solar, and Longi Green Energy [7]. Energy Storage & Hydrogen - A series of independent energy storage projects have commenced in Inner Mongolia, indicating a push for new energy storage solutions [7]. - The report anticipates a resurgence in demand for new energy storage following a phase of adjustment, with investment opportunities in companies like Sungrow Power and Deye Technology [7]. - The hydrogen sector is highlighted for its potential, with a focus on companies involved in green hydrogen project investments, recommending Jilin Electric Power [7].

Core Viewpoint - Recently, Xuwen Goldwind Technology Co., Ltd. was established, indicating a strategic move by Goldwind Technology to expand its operations in the offshore wind power sector [1] Company Summary - Xuwen Goldwind Technology Co., Ltd. has a registered capital of 1 million yuan, with its legal representative being Hu Wei [1] - The company's business scope includes sales of offshore wind power equipment, sales of onshore wind turbine units, wind power technology services, power generation technology services, and installation services for general machinery [1] - Goldwind Technology holds an indirect 100% stake in Xuwen Goldwind Technology Co., Ltd., showcasing its commitment to the wind energy market [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年6月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 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) 呈交日期: 2025年7月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02208 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 773,572,399 | RMB | | 1 RMB | | 773,572,399 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 773,572,399 | RMB | | 1 RMB | | 773,572,399 | | 2. 股份分類 ...