Investment Rating - The report maintains an "Overweight" rating for the new energy sector, indicating a positive outlook for the industry compared to the overall market performance [2]. Core Insights - The lithium battery sector is expected to see a significant increase in both volume and price in Q4 2025, with production across various segments showing substantial year-on-year growth [2]. - The photovoltaic (PV) industry is experiencing a reduction in losses, but Q4 is anticipated to face renewed pressure due to rising costs in silver paste and silicon materials [2]. - The wind power sector is projected to recover significantly, driven by a 50.4% year-on-year increase in installed capacity, with expectations of improved profitability in 2025 [2]. - The energy storage market is expected to maintain high growth rates, with independent storage becoming a key growth driver [2]. - The report suggests focusing on four main investment lines: cyclical growth, technological innovation, supply-side optimization, and expanding into AIDC as a secondary business [2]. Summary by Sections Lithium Battery - Q4 2025 is projected to see a significant increase in production across various lithium battery components, with production volumes for ternary cathodes, lithium iron phosphate cathodes, anodes, separators, electrolytes, and batteries showing increases of 15% to 26% quarter-on-quarter [2]. - Prices for key materials such as lithium hexafluorophosphate and lithium iron phosphate are expected to rise, contributing to stable profitability in the battery segment [2]. Photovoltaic - The PV industry reported significant losses in the first three quarters of 2025, but with marginal improvements. Q4 is expected to be challenging due to cost increases and asset impairment provisions [2]. - The cash flow in the silicon material segment is beginning to recover, and financing inflows are increasing, indicating structural improvements [2]. Wind Power - The installed capacity of wind power in China is expected to reach 119.33 GW in 2025, marking a 50.4% increase year-on-year, leading to a substantial recovery in net profits for the sector [2]. - The report anticipates that the profitability of wind turbine manufacturing will improve significantly, especially with the clearing of low-price orders from 2025 [2]. Energy Storage - The energy storage sector is expected to continue its rapid growth, with independent storage becoming a core growth driver through capacity leasing and electricity market transactions [2]. - The report forecasts a strong demand for large-scale and commercial energy storage in 2026, driven by emerging markets and improved utilization rates in China [2].

Company Status - The National Energy Administration recently announced that China's newly installed wind power capacity for 2025 is expected to reach 119.87 GW, representing a year-on-year increase of 50.2% [1] Commentary - The domestic wind power demand and wind turbine export trends are optimistic for 2026. The China Wind Energy Association (CWEA) previously estimated that the newly installed wind power capacity in China for 2026 will be 120 GW, which is considered a baseline support, with actual figures potentially exceeding this scale. Additionally, CWEA disclosed that by the end of 2025, China's cumulative wind turbine exports will exceed 28 GW (excluding overseas production and sales), with over 7.2 GW exported in 2025, marking a year-on-year increase of over 38%. This indicates that wind turbine exports have become a significant driver of industry growth, and this trend is expected to continue into 2026 [2] - The company is expected to see a continued recovery in wind turbine profitability, with the green methanol business anticipated to contribute additional revenue starting in 2026. The company has actively laid out its green methanol business over the past few years and has signed supply agreements with international shipping giants Maersk and Hapag-Lloyd. As the first phase of the green methanol project in Inner Mongolia's Hinggan League gradually reaches production capacity, it is expected to start contributing to performance from 2026 [2] Profit Forecast and Valuation - Considering that the company's power station business profitability may continue to be under pressure in 2025, the company's profit forecast for 2025 has been revised down by 17.5% to 2.734 billion yuan, while the 2026 profit forecast remains unchanged at 4.741 billion yuan, and a new profit forecast for 2027 has been introduced at 6.061 billion yuan. The current A-share price corresponds to a price-to-earnings ratio of 22.1/17.3 for 2026/2027, while the H-share price corresponds to a price-to-earnings ratio of 10.6/8.0 for 2026/2027. The company is optimistic about the continued improvement in wind turbine profitability and maintains a rating of outperforming the industry for both A-shares and H-shares. Due to the upward adjustment of A-share industry valuation levels, the target price for A-shares has been raised by 27.7% to 25.8 yuan, corresponding to a price-to-earnings ratio of 23.0/18.0 for 2026/2027, indicating a potential upside of 3.9% from the current stock price. The target price for H-shares remains unchanged at 17.39 HKD, corresponding to a price-to-earnings ratio of 14.0/10.6 for 2026/2027, indicating a potential upside of 32.5% from the current stock price [3]

来源：科技日报 作者: 何亮 该机组叶轮直径达300米，扫风面积超7万平方米，相当于10个标准足球场；搭载金风科技自研147米超 长柔性叶片，满发每小时可发电2万千瓦时，单机年发电量预计超8000万千瓦时，可满足约4.4万户家庭 一年用电需求。 相比16兆瓦海上风电机组，20兆瓦机组可减少25%机位点，降低用海成本，结合高模量碳纤叶片与智能 控制，能够提升发电效率5%，综合推动项目度电成本下降5%—8%，为深远海风电规模化开发提供经济 性支撑。 2月5日，金风科技与三峡集团联合研制的全球首台20兆瓦海上风电机组（以下简称"20兆瓦机组"）在福 建海域并网发电，标志着我国在超大容量机组研发制造和海上施工领域实现重要突破。 此次并网的20兆瓦机组是目前全球实际海洋环境中已并网单机容量最大海上风电机组，实现了全产业链 自主可控与关键部件100%国产化。 ...

相比16兆瓦海上风电机组，20兆瓦机组可减少25%机位点，降低用海成本，结合高模量碳纤叶片与智能 控制，能够提升发电效率5%，综合推动项目度电成本下降5%—8%，为深远海风电规模化开发提供经济 性支撑。 （文章来源：科技日报） 2月5日，金风科技与三峡集团联合研制的全球首台20兆瓦海上风电机组（以下简称"20兆瓦机组"）在福 建海域并网发电，标志着我国在超大容量机组研发制造和海上施工领域实现重要突破。 此次并网的20兆瓦机组是目前全球实际海洋环境中已并网单机容量最大海上风电机组，实现了全产业链 自主可控与关键部件100%国产化。 该机组叶轮直径达300米，扫风面积超7万平方米，相当于10个标准足球场；搭载金风科技自研147米超 长柔性叶片，满发每小时可发电2万千瓦时，单机年发电量预计超8000万千瓦时，可满足约4.4万户家庭 一年用电需求。 ...

(本文来自第一财经) 巨力索具涨停，中环海陆涨超15%，天马新材、通光线缆、信维通信、神剑股份、海兰信、金风科技等 跟涨。 巨力索具涨停，中环海陆涨超15%，天马新材、通光线缆、信维通信、神剑股份、海兰信、金风科技等 跟涨。 (本文来自第一财经) ...

2月5日，金风科技与三峡集团联合研制的全球首台20MW海上风电机组（以下简称" 20MW机组"）在福建海域并网发电，标志着我国在 超大容量机组研发制造和海上施工领域实现重要突破。 此次并网的20MW机组是目前全球实际海洋环境中已并网单机容量最大海上风电机组，实现了全产业链自主可控与关键部件100%国产 化。该机组叶轮直径达300米，扫风面积超7万平方米，相当于10个标准足球场；搭载金风科技自研1 47米超长柔性叶片，满发每小时可 发电2万千瓦时，单机年发电量预计超80 00万千瓦时，可满足约4.4万户家庭一年用电需求。 这是继2 023年全球首台16兆瓦海上风电机组在福建海域应用后，我国在海上风电重大装备领域实现的又一次跨越式发展。该机组的投 运可进一步节约用海面积，实现"单位发电量更高，单位成本更低"的综合效益，助力加快全球海上风电规模化开发进程。 机组实现高效并网背后，是风电产业系统化能力的集中体现。依托金风科技自研GTSim仿真平台，机组完成 4000 余项工况仿真，并通 过江苏、福建两地的25MW+试验台，完成2000 余项实验项目，为并网调试顺利开展奠定基础。在调试阶段，项目团队通过"厂内深度 预调 ...

格隆汇2月5日丨金风科技(002202.SZ)公布，2026年2月5日，公司收到新疆能源出具的告知函，新疆能 源自2026年2月2日至2026年2月3日期间通过集中竞价交易方式累计减持公司股份91.8万股，占公司总股 本的0.0217%，其持有公司的股份数量由1035.63万股减少至943.83万股，占公司总股本的比例由 0.2451%减少至0.2234%。新疆能源与新疆风能有限责任公司作为一致行动人，合计持股比例由 12.0203%减少至11.9986%，权益变动触及1%的整数倍。 ...

关于股东权益变动触及 1%整数倍的公告 公司股东新疆能源（集团）有限责任公司保证向本公司提供的 信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大 遗漏。 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。 2026年1月8日，金风科技（以下简称"公司"）收到股东新疆能源 （集团）有限责任公司（以下简称"新疆能源"）出具的《关于股份 减持计划的告知函》，新疆能源计划自减持计划公告披露之日起15个 交易日后的3个月内（2026年2月2日至2026年5月1日），以集中竞价方 式减持其持有的公司股份不超过10,356,270股（约占公司总股本的 0.2451%）。具体内容详见公司于2026年1月10日在指定媒体《证券时 报》、巨潮资讯网（www.cninfo.com.cn）及香港联合交易所有限公司 网站（https://www.hkexnews.hk）披露的《关于股东减持股份的预披 露公告》（编号：2026-004）。 股票代码：002202 股票简称：金风科技 公告编号：2026-014 金风科技股份有限公司 | 1.基本情况 | | | | | | | --- | --- | --- | ...

金风科技公告称，股东新疆能源2026年2月2日至2月3日以集中竞价方式减持公司91.8万股，占总股本 0.0217%。减持后，新疆能源持股降至943.827万股，占比0.2234%。其与一致行动人合计持股比例从 12.0203%降至11.9986%，权益变动触及1%整数倍。本次减持已预披露，不会导致公司控制权变更，不 影响持续性经营。 ...

( 於中華人民共和國註冊成立的股份有限公司 ) (Stock Code: 02208) 海外監管公告 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。 GOLDWIND SCIENCE&TECHNOLOGY CO., LTD.* 金風科技股份有限公司 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。 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 北京，2026年2月5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 股票代码：002202 股票简称：金风科技 公告编号：2026-014 金风科技股份有限公司 关于股东权益变动触及 1%整 ...