香港联交所最新资料显示，2月5日，Arrowstreet Capital， Limited Partnership增持金风科技（02208） 314.48万股，每股作价13.11港元，总金额约为4122.83万港元。增持后最新持股数目约为4078.32万股， 最新持股比例为5.27%。 来源：新浪港股 ...

2月9日，金风科技（002202）以26.02元开盘，盘中最高价26.58元，截止收盘，其价格在26.19元，上涨 幅度2.67%，已收回2月5日高达9个点的跌幅，当时收盘价为24.82元。 这意味着金风科技暂时安全度过调查风波。 当地时间2月3日，欧盟委员会宣布依据《外国补贴条例》（FSR）针对金风科技在欧盟风电市场的业务 活动启动深入调查。这是欧盟FSR生效近三年后，再度将单边经贸工具的矛头对准中国企业。 金风科技的股价并没有因此连续大跌，投资者也没有疯狂抛盘，金风科技此前的股价下跌，更多是属于 风电板块内的调整，而非欧盟对它的调查。 其实，欧盟对于金风科技展开调查，并不奇怪。此前中国企业闻泰科技就被荷兰政府莫名其妙封查，强 制接管。 我们同时也要注意到，当前全球范围内，右翼民粹主义有不断发展的迹象，这些势力不断推动"经济民 族主义"，一些欧美右翼势力常将"对华强硬"作为政治筹码，鼓吹"保护本国就业与技术安全"。通胀高 企，产业空心化，以及能源危机等各种问题层出不穷，导致欧美社会焦虑加剧，部分政客将中国定义 为"系统性竞争对手"，通过对中企施压展示"强硬姿态"，迎合选民情绪，甚至有政客刻意炒作"中国威 胁 ...

本交易涉及其他关联方：Arrowstreet Capital GP LLC、Arrowstreet Capital Holding LLC。 2月5日，Arrowstreet Capital, Limited Partnership增持 金风科技 (02208)314.48万股，每股作价13.11港 元，总金额约为4122.83万港元。增持后最新持股数目约为4078.32万股，最新持股比例为5.27%。 ...

星标 ★ IPO日报 精彩文章第一时间推送 2月9日，金风科技（ 002202）以26.02元开盘，盘中最高价26.58元，截止收盘，其价格在26.19元，上涨幅度2.67%，已收回2月5日高达9个点的跌 幅，当时收盘价为24.82元。 这意味着金风科技暂时安全度过调查风波。 不必讳言，欧美的光伏、风电等关键绿色技术的供应链比较依赖中国，他们有些人希望通过调查推动供应链"去风险化"，减少对中国设备的依 赖。但实际上，中国企业的优势来自于市场分工，来自于中国企业自身的不断创新和发展，来自于核心竞争力的提升。 张力制图 当地时间2月3日，欧盟委员会宣布依据《外国补贴条例》（FSR）针对 金风科技 在欧盟风电市场的业务活动启动深入调查。这是欧盟FSR生效近 三年后，再度将单边经贸工具的矛头对准中国企业。 金风科技的股价并没有因此连续大跌，投资者也没有疯狂抛盘，金风科技此前的股价下跌，更多是属于风电板块内的调整，而非欧盟对它的调 查。 其实，欧盟对于金风科技展开调查，并不奇怪。此前中国企业闻泰科技就被荷兰政府莫名其妙封查，强制接管。 据报道，这次对金风科技启动调查是欧盟首次针对单一中国风电企业启动FSR深度调查，但并 ...

香港联交所最新资料显示，2月5日，Arrowstreet Capital,Limited Partnership增持金风科技（002202） (02208)314.48万股，每股作价13.11港元，总金额约为4122.83万港元。增持后最新持股数目约为4078.32 万股，最新持股比例为5.27%。 本交易涉及其他关联方：Arrowstreet Capital GP LLC、Arrowstreet Capital Holding LLC。 ...

智通财经APP获悉，香港联交所最新资料显示，2月5日，Arrowstreet Capital, Limited Partnership增持金 风科技(02208)314.48万股，每股作价13.11港元，总金额约为4122.83万港元。增持后最新持股数目约为 4078.32万股，最新持股比例为5.27%。 本交易涉及其他关联方：Arrowstreet Capital GP LLC、Arrowstreet Capital Holding LLC。 ...

宏德股份（301163.SZ）2月9日在投资者互动平台表示，公司目前向金风科技提供的产品应用区域均为 国内市场，欧盟相关调查对公司无直接影响。 ...

Group 1 - The core viewpoint of the report indicates that the power industry is expected to undergo high-quality development due to accelerated marketization and ongoing reforms in the electricity system in China, particularly in the context of the "dual carbon" strategy [2] - The report highlights that the investment in the power grid is anticipated to increase, with significant growth in transformer exports to the U.S. and other countries in the first nine months of 2025 [4] - The report emphasizes the importance of gas turbines as a primary solution for addressing electricity shortages in the U.S., with Chinese companies expected to expand their presence in international markets [4] Group 2 - The report notes that the construction of ultra-high voltage (UHV) power lines is likely to accelerate due to the rising demand for green electricity, despite a slowdown in construction during the latter part of the 14th Five-Year Plan [3] - The investment in distribution networks is expected to become a key focus during the 15th Five-Year Plan, as the reliability of power supply is challenged by the rapid growth in peak electricity load [3] - The profitability of wind power equipment is projected to continue improving, with domestic companies accelerating their international expansion, supported by high bidding volumes and rising prices [5]

Investment Rating - The report maintains an "Accumulate" rating for the power equipment industry [1] Core Views - The lithium battery sector is expected to transition from a seasonal low to a peak demand period, with significant growth anticipated in 2026 [1] - The report highlights the potential of space photovoltaic technology and solid-state batteries, indicating a promising future for these segments [1] Industry Trends - The electrical equipment sector saw a 2.2% increase, outperforming the market, with photovoltaic equipment rising by 3.43% and lithium batteries by 0.77% [3] - In January, the energy storage sector recorded a procurement of 36.3 GWh, with a 42% increase in the average price of 4-hour systems over six months [3] - The demand for energy storage is expected to grow significantly, with projections of over 60% growth in 2026, driven by various factors including the U.S. Inflation Reduction Act [3][8] Company Developments - Ningde Times is recognized as a global leader in power and energy storage batteries, with a low valuation and confirmed growth trajectory [1] - Other notable companies include Sunshine Power, recognized for its inverter technology, and Siyi Electric, which is positioned well for overseas expansion [1] - BYD reported a decline in new energy vehicle production and sales in January, with a significant drop in both pure electric and plug-in hybrid vehicles [3] Investment Strategy - The report emphasizes the importance of energy storage, predicting robust demand and growth in both domestic and international markets [3] - It recommends focusing on leading companies in the lithium battery and solid-state sectors, highlighting firms like Ningde Times and Yiwei Lithium Energy as key players [1] - The report also suggests that the robotics sector is poised for significant growth, with Tesla's upcoming Gen3 robot expected to drive demand [12]

Group 1 - The power industry is expected to achieve high-quality development as it enters a year of comprehensive marketization, driven by the "dual carbon" strategy and accelerated reforms in the electricity system [3][7][8] - The electricity market reform is set to fully unfold in the 15th Five-Year Plan, with significant policies introduced in the final year of the 14th Five-Year Plan that will have far-reaching impacts [3][11][12] - The core idea of the electricity reform is to reflect the different values of power sources (energy value, capacity value, adjustment value, and clean value) in market pricing, which has been historically dominated by energy value due to the predominance of coal power [8][10] Group 2 - The reform is expected to accelerate the construction of ultra-high voltage (UHV) and distribution networks, with UHV construction likely to speed up again as green electricity demand rises [3][16][24] - The investment in distribution networks has been low, with a continuous decline in the investment ratio, but this is expected to change as the demand for reliable power supply increases [28][34][41] - The introduction of capacity pricing for UHV and distribution networks is anticipated to stabilize project returns and promote the development of related projects [26][41] Group 3 - The surge in AI investments is projected to significantly increase electricity demand in the U.S., with OpenAI planning to deploy over 250GW of computing power by 2033, which could lead to a substantial electricity shortfall [45][49] - The U.S. electricity demand has been stagnant, but projections indicate that by 2030, peak load could approach 1000GW, driven largely by data centers [49][51] - The anticipated increase in electricity demand from AI investments presents a significant opportunity for companies involved in power generation and distribution [45][49] Group 4 - The profitability of wind turbine manufacturers is expected to improve, with domestic companies accelerating their international expansion as domestic bidding volumes remain high and prices trend upward [3][4] - Companies such as Goldwind Technology, Yunda Co., Mingyang Smart Energy, and Sany Heavy Industry are recommended for investment due to their competitive advantages in cost and market position [3][4]