Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1] Core Insights - The report highlights the ongoing "anti-involution" efforts in the photovoltaic sector, with government initiatives aimed at regulating low-price competition and promoting product quality [1] - In the electric vehicle sector, the report anticipates continued high growth in domestic sales driven by new model releases and the upcoming sales peak, which will boost demand for batteries and materials [1] - The solid-state battery industry is showing clear trends towards industrialization, with significant advancements reported by leading companies [1] Industry Overview - The electric equipment and new energy sector saw a weekly increase of 2.28%, with notable performances in various sub-sectors: industrial automation up 3.84%, new energy vehicles up 3.69%, and photovoltaic sector up 3.39% [2][10] - The report notes that the penetration rate of new energy vehicles is expected to reach a new high of 56.7% in August, with retail sales projected to hit around 1.1 million units [2][25] - The Ministry of Industry and Information Technology held a meeting to further regulate competition in the photovoltaic industry, emphasizing the need for self-discipline and fair competition [2][25] Company Performance - Major companies reported varying profit results for the first half of 2025: - Huayou Cobalt reported a net profit of 2.711 billion yuan, up 62.26% year-on-year [27] - Tianqi Lithium reported a net profit of 3.07 billion yuan, up 27.76% year-on-year [27] - However, Tongwei Co. reported a net loss of 4.955 billion yuan [27] - The report also highlights significant partnerships, such as Chuangneng New Energy signing a battery development agreement with Dongfeng Liuzhou Automobile to supply over 30 GWh of battery products over the next five years [25][27]

具体来看，今日上榜的营业部中，共有2家机构专用席位现身，即卖一、卖三，合计净卖出3.78亿元， 深股通为第二大买入营业部及第二大卖出营业部，买入金额为1.59亿元，卖出金额为6841.46万元，合计 净买入9090.18万元。 资金流向方面，今日该股主力资金净流入5.06亿元，其中，特大单净流入5.35亿元，大单资金净流出 2992.71万元。近5日主力资金净流入5.06亿元。 融资融券数据显示，该股最新（8月22日）两融余额为9.12亿元，其中，融资余额为9.06亿元，融券余额 为606.00万元。近5日融资余额合计增加657.64万元，增幅为0.73%，融券余额合计增加167.97万元，增 幅38.35%。 机构评级来看，近5日共有7家机构评级买入。预计目标价最高的是中金公司证券，8月24日中金公司证 券发布的研报给予公司目标价位13.81元。（数据宝） 金风科技今日涨停，全天换手率5.78%，成交额22.41亿元，振幅5.54%。龙虎榜数据显示，机构净卖出 3.78亿元，深股通净买入9090.18万元，营业部席位合计净买入3.44亿元。 深交所公开信息显示，当日该股因日涨幅偏离值达8.20%上榜，机构专 ...

格隆汇8月25日｜金风科技(002202.SZ)今日涨停，换手率5.78%，成交额22.41亿元。龙虎榜数据显示，深股通买入1.59亿元，卖出6841万元，净买入9090万 元；广发证券深圳广电金融中心营业部位列买一席位，净买入2.34亿元；游资"宁波桑田路"位列买三席位，净买入8004万元；两家机构位列卖一、卖三席 位，净卖出3.78亿元。(格隆汇) | 序号 | 交易营业部名称 | | 买入金额(万) | 占总成交比例 | | --- | --- | --- | --- | --- | | 1 | 机构专用 | 1604次 44.89% 2 | 0.00 | 0.00% | | 2 | 深股通专用 | 606次 48.84% | 15931.64 | 7.11% | | 3 | 机构专用 | 1604次 44.89% | 0.00 | 0.00% | | 4 | 申万宏源证券有限公司桐乡和平路证券营业部 | 2次 50.00% | 2.98 | 0.00% | | 5 | 广发证券股份有限公司汕头迎宾路证券营业部 | -次 - | 39.82 | 0.02% | | | (买入前5名与卖出前5名)总合计: ...

序号代码名称最新价涨跌幅主力净流入主力净占比1600010包钢股份2.999.9319.00亿元30.67%2002202金 风科技11.6210.044.21亿元18.8%3601727上海电气9.236.834.02亿元5.8%4600118中国卫星33.310.013.56亿 元13.49%5600415小商品城23.029.993.28亿元9.28%6603019中科曙光91.1110.03.01亿元18.92%7600487亨 通光电20.227.962.71亿元8.38%8002104恒宝股份29.72.952.53亿元4.19%9600362江西铜业26.979.12.42亿 元9.7%10601919中远海控15.941.721.80亿元9.29% 来源：金融界 8月25日，一带一路概念上涨1.13%，今日主力资金流入1.84亿元，概念股96只上涨，3只下跌。 主力资金净流入居前的分别为包钢股份（19.0亿元）、金风科技（4.21亿元）、上海电气（4.02亿 元）、中国卫星（3.56亿元）、小商品城（3.28亿元）。 ...

Industry Review Business Review Financial Results Global Wind Power Market Onshore Offshore 2025 Interim Results 88.4 72.5 68.8 105.7 109.0 6.9 21.1 8.8 10.9 8.0 95.3 93.6 77.6 116.6 117.0 2020 2021 2022 2023 2024 Global Annual New Installation (GW) Wind power has become the most economical renewable energy source（USD/KWh） 0.087 0.06 0.057 0.043 0.092 0.079 0.034 0.086 0.055 0.044 0.417 0.402 0.208 0.113 Bioenergy Geothermal Hydropower Solar PV Concentrated solar power Offshore wind Onshore wind global LCOE ...

Group 1: Resident Deposit Migration - The report indicates that resident deposit migration is expected to begin, typically occurring 10-12 months after a market transition from bear to bull, with the current period being 11 months since the last transition [1][6][7] - Initial signs of deposit migration have emerged, with a notable increase in non-bank deposit growth turning positive, suggesting potential for significant market inflow [6][9] - Short-term market consolidation of 2-3 months is anticipated as deposits begin to migrate, based on historical patterns observed in previous bull markets [8][9] Group 2: Unmanned Sanitation Vehicles - The unmanned sanitation vehicle market is projected to reach a scale of approximately 123 billion yuan in 2024, with significant growth expected as the industry transitions from the 0-1 stage to mass production [12][14] - The economic benefits of unmanned sanitation vehicles are substantial, with potential labor cost savings of 12-16 million yuan per vehicle by replacing 3-4 workers, leading to a cost reduction of up to 66% under certain conditions [13][15] - The market for unmanned sanitation vehicles is estimated to be worth between 1.16 trillion and 2.91 trillion yuan, depending on the replacement rate of sanitation workers [14][15] Group 3: Semiconductor Equipment - The report highlights a significant growth potential in the semiconductor equipment sector, particularly in the context of domestic AI development and the need for self-sufficient supply chains [3][18] - The domestic semiconductor equipment market has an average annual scale of approximately 41.7 billion USD, with expectations for continued expansion driven by AI applications [19] - Key companies in the semiconductor equipment space are recommended for investment, including those involved in front-end and back-end equipment, as well as the photolithography supply chain [19] Group 4: Power Prediction Business - The company is recognized as a leader in power prediction, with a projected net profit growth of 40% to 27% from 2025 to 2027, supported by a strong market demand and technological barriers [4][22][24] - The number of service sites for power prediction has increased significantly, indicating robust growth in this segment, with a 55.14% increase in revenue from power prediction services [23] - The company is actively investing in strategic partnerships to enhance its market position in the renewable energy sector [24] Group 5: Wind Power Equipment - The company has reported a 41.26% increase in revenue for the first half of 2025, driven by a significant rise in wind turbine sales, which saw a 106.58% increase in sales capacity [32][33] - The company’s gross margin for wind turbine sales has improved, reflecting operational efficiencies and increased demand [33] - Future projections indicate continued growth in net profit, with expectations of 63.8% growth from 2025 to 2027 [35] Group 6: Lithium Battery Materials - The company has achieved a 28.97% increase in revenue for the first half of 2025, with expectations for further price stabilization and growth in the second half of the year [37][38] - The company is focusing on innovation in lithium battery materials, with significant investments in new technologies and production capabilities [38][39] - Projections for net profit growth from 2025 to 2027 are robust, with an anticipated increase of 68.5% [39]

电力设备及新能源 2025 年 8 月 25 日 行业周报 工信部召开光伏产业座谈会，菲律宾年内将举行海风拍卖 强于大市（维持） 行情走势图 -10% 0% 10% 20% 30% 40% 50% 60% 2024/08/21 2025/01/21 2025/06/21 沪深300指数 电力设备及新能源 行 业 周 报 证 券 研 究 报 告 风电：菲律宾将在年内举行 3.3 吉瓦固定式海风拍卖。菲律宾能源部 (DOE)表示，计划于今年年底前举行第 5 次绿色能源拍卖计划 (GEA-5)， 其中，固定式海上风电项目预计拍卖规模 3.3GW，预计于 2028 年至 2030 年之间投运。GWEC 认为，中国和欧洲在未来将继续主导全球海上 风电发展，同时亚太、北美和拉美等新兴市场亦将迎来增长，预计到 2029 年中国和欧洲的累计装机全球市场份额将从 2024 年的 94%下降至 89%，到 2034 年下降至 84%，新兴海风市场中长期有望接棒发力。 GWEC 预计，2025-2034 年，亚太市场除中、日、韩外，菲律宾、越 南、澳大利亚等市场亦有望新增海风装机。菲律宾于 2025 年 6 月启动了 第五次绿色能 ...

智通财经APP获悉，中泰证券发布研报称，国内海上风机、海外出口风机毛利率显著高于国内，未来整 机商双海出货占比提升，结构优化进一步改善盈利能力。风机毛利率有望在25H2或26H1看到改善，叠 加双海放量驱动量利齐升，贡献增量弹性。建议持续重点关注风机板块：运达科技(300440.SZ)、金风 科技(002202.SZ)、明阳智能(601615.SH)及三一重能(688349.SH)等。 中泰证券主要观点如下： 海外风电仍有较大开拓空间，主机厂在手订单有望集中兑现：2024年国内风机出口占海外风机新增装机 14%，海外市场仍有较大提升空间。该行认为，后续在海外风电需求起量背景下(据GWEC，2025-2030 年海外陆风年均装机61.5GW，海外海风年均装机11.7GW，其中亚非拉陆风年均装机27.5GW)，叠加国 内头部整机商历经几年的市场开拓(金风/明阳/运达/三一2025年交付目标分别为3.5/0.3-0.5/0.3-0.4/1- 1.5GW，新增订单目标分别为6+/4/2+/3+GW)，海外订单有望在未来2-3年及以后加速兑现。 风险提示：国内外需求不及预期;竞争加剧;海外拓展不及预期;地缘政治风险;数 ...

标的指数成分股中，超95%实现上涨；金力永磁大涨超19%，大地熊涨13%，金风科技、中钢天源 双双强势10CM涨停，包钢股份、奔朗新材、三川智慧等众多个股跟涨。 消息面上，8月以来稀土主要品种价格走高，平均上涨超过10万元/吨；截至8月21日，氧化镨报价 65.75万元/吨，年内涨幅超58%；氧化钕报价65.75万元/吨，年内涨幅62.95%；金属镨钕报价76.75万元/ 吨，年内涨幅56.15%；氧化镨钕报价63.15万元/吨，年内涨幅58.66%。 8月25日早盘，A股稀土永磁板块强势拉升，稀土ETF（159713）也同步获得大幅上涨，截至发稿的 最新涨幅为6.16%，成交量、成交额分别为1.07亿份、1.30亿元；近2个交易日合计上涨8.5%以上，自4 月8日的市场阶段性低点以来，稀土ETF累计涨近70%。 相关机构预测，2025-2026年全球氧化镨钕需求约为11.97万吨和12.9万吨，同比增10.7%和7.8%，供 需平衡/需求分别为-5.8%/-4.6%，供需格局转为短缺。下游补库预期下，稀土价格易涨难跌，参考过往 出口管制金属走势，海外高价往往带动国内价格上涨，企业利润增厚，板块迎来估值+利润 ...

2025 年8 月23 日，公司披露2025 年半年报，上半年实现营收285亿元，同比增长41.3%，实现归母净利 润14.9 亿元，同比增长7.3%；其中Q2 实现收入191 亿元，同比增长44%，环比增长101.3%，实现归母 净利润9.2 亿元，同比下降12.8%，环比增长61.8%。 经营分析 机构：国金证券 海外业务开拓加速，子公司业绩高增：公司上半年海外销售规模约83.8 亿元，同比增长75.3%，其中风 机制造、风电场开发、风电服务分别实现67.9、4.5、11.3 亿元（合同产生的营业收入口径），分别同比 +67.5%、-3.5%、+348.5%，风机制造及风电服务业务开拓加速，产品质量及服务能力获得海外客户认 可；上半年负责公司海外业务的子公司金风国际实现净利润9.8 亿元，同比+112%。 研究员：姚遥 截至报告期末，公司海外在手订单约7.36GW，同比增长42.3%，订单储备充裕，看好海外收入占比持续 提升。 业绩简评 制造端盈利修复明显，22 年以来首次转正：上半年公司风机及零部件销售业务实现收入218.5 亿元，同 比增长71.2%，实现毛利率7.97%，同比大幅修复4.22pct； ...