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]

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]

Core Insights - China has become the world's largest offshore wind power market, leading global development in this sector under the "dual carbon" goals [1] - The offshore wind power industry in China is entering a market-driven competitive phase, characterized by accelerated deep-sea development, continuous technological upgrades, and multi-industry integration [1] Group 1: Deep-Sea Development Acceleration - The Three Gorges Jiangsu Dafeng 800 MW offshore wind project has set a new record for the farthest offshore distance in China at 85.5 kilometers [2] - The project will install 98 wind turbines, with an expected annual power generation of over 2.8 billion kWh, reducing CO2 emissions by over 2.37 million tons [2] - The successful advancement of this project validates the feasibility of deep-sea wind power development and helps expand market growth opportunities for wind power developers [2] Group 2: Technological Breakthroughs - China has achieved multiple breakthroughs in offshore wind power technology, including the launch of a 26 MW offshore wind turbine and improvements in subsea flexible DC transmission and deep-sea booster station technologies [4] - Innovations from companies like Mingyang Group have led to significant advancements in floating wind turbine technology, enhancing cost-effectiveness and scalability in deep-sea wind power development [4] - Goldwind has also made strides in offshore wind power, developing a 16 MW offshore wind turbine and 120-meter carbon fiber blades [4] Group 3: Industry Challenges and Solutions - The offshore wind power industry faces challenges such as technical difficulties in deep-sea development and long-term threats from marine corrosion [6] - The average corrosion rate of metal structures in offshore environments is 5-8 times higher than that of onshore equipment, necessitating a focus on material and structural innovations [6] - To address these challenges, a reliable lifecycle assurance system must be established, aiming to extend the lifespan of key components to over 25 years [6] Group 4: Strategic Development Initiatives - To navigate the complexities of construction and technical challenges, the industry should focus on four key strategies: developing new floating foundations, optimizing policy environments, exploring space-efficient uses of offshore wind and marine ranching, and enhancing experience sharing among coastal provinces [7] - These strategies aim to reduce lifecycle costs and enhance the overall value of the marine economy [7]

Core Viewpoint - The China Rare Earth Industry Index has shown a recent decline, but it has experienced significant growth year-to-date, indicating a mixed performance in the rare earth sector [1][2]. Group 1: Index Performance - The China Rare Earth Industry Index decreased by 1.08% to 1793.49 points, with a trading volume of 34.123 billion yuan [1]. - Over the past month, the index has increased by 5.22%, by 1.03% over the last three months, and by 14.51% year-to-date [2]. Group 2: Index Composition - The index includes companies involved in rare earth mining, processing, trading, and applications, reflecting the overall performance of listed companies in the rare earth industry [2]. - The top ten weighted companies in the index are: Northern Rare Earth (14.63%), China Rare Earth (6.14%), Wolong Electric Drive (4.72%), Xiamen Tungsten (4.56%), Lingyi Technology (4.4%), Shenghe Resources (4.32%), Greeenmei (4.27%), Baotou Steel (4.2%), China Aluminum (4.2%), and Goldwind Technology (4.14%) [2]. Group 3: Market and Sector Breakdown - The Shanghai Stock Exchange accounts for 51.34% of the index holdings, while the Shenzhen Stock Exchange accounts for 48.66% [2]. - In terms of industry composition, raw materials make up 66.35%, industrial sectors account for 26.72%, and information technology comprises 6.93% [2]. Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December, with a sample adjustment limit of 20% [3]. - Public funds tracking the rare earth industry include various ETFs from companies such as Harvest, Huatai-PB, and E Fund [3].

Group 1 - The China Securities Index Strategic Emerging Industries Index (CSI Strategic Emerging, 932266) experienced a decline of 1.31%, closing at 1373.82 points with a trading volume of 18.306 billion [1] - Over the past month, the CSI Strategic Emerging Industries Index has increased by 2.28%, but it has decreased by 5.17% over the last three months and is down 0.40% year-to-date [1] - The index is customized by China Chengtong Holdings Group and includes 50 state-owned enterprises with significant growth potential from the strategic emerging industries [1] Group 2 - The top ten holdings of the CSI Strategic Emerging Industries Index are: Northern Huachuang (10.89%), BOE Technology Group (9.45%), China Aluminum (8.97%), Shengyi Technology (5.46%), Goldwind Technology (4.23%), China Power (4.0%), Shenghe Resources (3.04%), Jingfang Technology (2.83%), Jinghe Integration (2.73%), and Aerospace Rainbow (2.57%) [1] - The market share of the index holdings is distributed as follows: Shenzhen Stock Exchange 50.94%, Shanghai Stock Exchange 48.28%, and Beijing Stock Exchange 0.78% [1] Group 3 - The industry composition of the index holdings is as follows: Information Technology 45.31%, Industrials 29.35%, Materials 16.90%, Communication Services 4.22%, Utilities 2.04%, Consumer Staples 1.75%, and Health Care 0.43% [2] - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

Group 1: Electric Vehicles and Energy Storage - The demand for lithium batteries remains resilient, with solid-state and heavy-duty trucks experiencing increased market activity. In 2024, the global penetration rate of new energy vehicles is expected to reach 19%, with significant growth anticipated in 2025 as major automakers launch new platforms and models, alongside declining battery costs. The total shipments of power, storage, and consumer batteries are projected to reach 1.6 TWh in 2025, an 18% year-on-year increase [4][24][21] - In 2025, the global demand for power batteries is expected to reach 1,173 GWh, a 16% year-on-year growth. The demand for energy storage is driven by improved economic viability and increasing overseas demand, particularly in Europe and the United States [10][17][24] - The domestic market for energy storage is benefiting from the rapid development of wind and solar installations, as well as electricity market reforms. The global energy storage demand is projected to grow significantly, with a focus on peak-valley price differences enhancing economic viability [24][21] Group 2: Wind Power - The wind power industry is experiencing high growth, with significant increases in both volume and price for components. The first quarter of 2025 is expected to see a substantial rise in the output of land-based wind components, while offshore wind projects are anticipated to gain momentum as construction peaks in the second quarter [4][6] Group 3: Photovoltaics - The photovoltaic industry is gradually improving in supply and demand, with a notable increase in component demand driven by policy adjustments and market dynamics. The industry is currently in a critical phase of "supply-demand rebalancing," with short-term improvements observed, although complete resolution of overcapacity will take time [4][6] - The profitability of the photovoltaic sector is expected to improve in the first quarter of 2025, with a focus on leading technology companies in battery production and those benefiting from supply-side reforms [4][6] Group 4: Investment Analysis - The report suggests focusing on three main investment themes for 2025: true growth companies such as CATL and Gotion High-Tech, companies benefiting from cyclical recovery like Hunan Youneng, and new technology firms such as Xiamen Tungsten and Contemporary Amperex Technology [4][6] - The report emphasizes the importance of supply-side reforms and suggests monitoring leading companies in the silicon material and inverter sectors, as well as those with significant export advantages [4][6]