Core Viewpoint - The company, Goldwind Technology (002202.SZ), has successfully expanded its overseas business across multiple continents, establishing a comprehensive capability to provide reliable renewable energy solutions globally [1] Group 1: International Business Expansion - The company has developed its overseas business in North America, Oceania, Europe, Asia, South America, and Africa [1] - As of the end of Q3 2025, the cumulative installed capacity of international business reached 11,214.62 MW [1] - Installed capacity in Asia (excluding China) has surpassed 3 GW, while South America and Oceania each exceeded 2 GW, and North America and Africa each surpassed 1 GW [1] Group 2: Order Backlog - The company currently has an external order backlog of 7,161.72 MW for its overseas operations [1]

附件二：投资者关系活动记录表格式 证券代码： 002202 证券简称：金风科技 | | 编号： | | --- | --- | | 投资者关系活动类别 | 特定对象调研 □分析师会议 | | | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 □其他（请文字说明其他活动内容） | | 参与单位名称及人员 | 西部证券 邓宇轩 中金公司 车昀佶 天风证券 杨志芳 东吴证券 胡隽颖 | | 姓名 | 中信证券 林劼 | | 时间 | 2025年12月26日 | | 地点 | 线上会议 | | 上市公司接待人员姓 | 投资者关系经理 于洋 | | 名 | 投资者关系主管 刘茜 | | | 公司在智慧运维方面有何布局？ | | | 答：新能源发电项目全面参与电力市场交易，显著提升了行业对电力交易 | | | 相关产品与服务的需求。"数智化"转型作为应对市场变革、提升竞争力 | | | 的核心路径，持续引领行业发展。在"无人化"场站建设方面，公司通过 | | | 智慧运营平台建设提升故障预警效率与实时监测能力，加速场站"无人化" | | | 进程，运维人效平均提升25%以上。2 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 688349 | 三一重能 | 25.74 | -2.28% | 3.66万 | 9532.02万 | | 300690 | 双一科技 | 31.37 | -1.35% | 6.43万 | 2.03亿 | | 603248 | C檔案 | 26.08 | -1.29% | 28.63万 | 7.56亿 | | 603507 | 振江股份 | 24.60 | -1.24% | 4.26万 | 1.06亿 | | 603985 | 恒润股份 | 15.14 | -1.17% | 8.64万 | 1.32 乙 | | 301163 | 宏德股份 | 26.40 | -0.94% | 1.23万 | 3298.49万 | | 301040 | 中环海陆 | 29.94 | -0.80% | 4.42万 | 1.32亿 | | 688660 | 电气风电 | 17.30 | -0.75% | 29.66万 | 5.22亿 | | 603063 | 禾望电气 ...

Core Insights - The Shanghai Composite Index rose by 0.10% on December 26, with 19 out of 28 sectors experiencing gains, led by the metals and power equipment sectors, which increased by 3.69% and 1.40% respectively [1] - The power equipment sector saw a net inflow of 8.56 billion yuan, making it the top sector for capital inflow, while the electronics and light industry sectors faced the largest capital outflows [1] Sector Performance - The power equipment sector had 365 stocks, with 177 stocks rising and 183 stocks falling; 8 stocks hit the daily limit up [2] - Notable stocks with significant capital inflow in the power equipment sector included: - Sunshine Power: 2.35 billion yuan net inflow, 7.86% increase - Tianji Co.: 1.22 billion yuan net inflow, 10.00% increase - Tianqi Materials: 834.67 million yuan net inflow, 6.30% increase [2] Capital Flow Analysis - The power equipment sector had a total of 164 stocks with net capital inflow, with 24 stocks receiving over 100 million yuan [2] - The top three stocks with the largest capital outflow in the power equipment sector were: - Goldwind Technology: 508.46 million yuan net outflow - Magpower: 201.20 million yuan net outflow - Founder Electric: 135.39 million yuan net outflow [3]

Group 1 - The core viewpoint of the article highlights that Goldwind Technology is a leading provider of wind power solutions in China and globally, maintaining the number one market share in China for 14 consecutive years and globally for three years [1] - The company has benefited from a recovery in wind power demand, with stable and rising prices for wind turbines, leading to continuous growth in revenue and net profit attributable to shareholders [1] - In the first three quarters of 2025, the company achieved a revenue of 48.147 billion yuan, representing a year-on-year increase of 34.34%, and a net profit attributable to shareholders of 2.584 billion yuan, reflecting a year-on-year increase of 44.21% [1] Group 2 - The company's performance is supported by improved industry demand, recovering turbine prices, and a high-quality order structure [1] - Comparable companies in the industry include Yunda Co., Sany Renewable Energy, Dongfang Electric, and Three Gorges Energy, with an average industry PE of 15 times expected for 2026 [1] - Considering the company's industry position and a certain margin of safety, a valuation of 15 times the industry average for 2026 is assigned, with a rating of "Accumulate" [1]

Overview - The report maintains a "stronger than market" rating for the renewable energy sector, highlighting that the demand for offshore wind power in China and Europe is increasing, leading to a rise in foundation demand and profit recovery for wind turbines. The "anti-involution" policy is expected to continue driving the photovoltaic sector, particularly with the expansion of perovskite technology. Overall, while short-term installation demand for renewable energy globally may be weak, there are structural opportunities in the market [1]. Key Points Supporting the Rating - The "anti-involution" trend is stabilizing wind turbine prices, enhancing profitability for manufacturers. China's offshore wind projects are becoming economically viable, contributing significantly to installed capacity. The demand for offshore wind in Europe and emerging markets is also on the rise [3]. - In the photovoltaic sector, the "anti-involution" policy remains the main theme, with a focus on the potential for capacity exits in battery and module production, as well as the industrialization potential of perovskite technology. Investment should prioritize growth-oriented new technology directions and the main industry chain benefiting from the "anti-involution" trend [3]. Investment Recommendations - For wind power, the report suggests prioritizing investments in the turbine segment, which is expected to recover profitability, and in the foundation segment that is progressing quickly in Europe. The offshore wind market is projected to grow significantly, with a focus on deep-sea projects [3]. - In the photovoltaic sector, the report emphasizes the importance of monitoring the "anti-involution" policy's impact on the industry, particularly regarding the exit of inefficient capacity and the enhancement of efficiency in battery and module production [3]. Long-term Outlook for Renewable Energy Demand - The report indicates that China's renewable energy demand is expected to remain robust in the long term, with an average annual installation capacity of over 400GW projected from 2025 to 2035. This is driven by the country's energy security needs and the ongoing transition to a low-carbon economy [13][16]. - The "136 Document" is noted for guiding the development of renewable energy projects towards market-oriented pricing, which is expected to stabilize project returns and promote high-quality development in the sector [31]. Photovoltaic Sector Insights - The report anticipates a moderate decline in photovoltaic installations in 2026 due to a phase of pre-installation in 2025, with projected installations of 290GW in 2025 and 180GW in 2026, reflecting a year-on-year decrease of 38% [33]. - The report highlights that the European photovoltaic market is facing growth challenges, with a forecasted installation of 64.2GW in 2025, indicating a slight decline. The U.S. market is also expected to experience pressure on growth due to policy adjustments [34][37]. Perovskite Technology Potential - Perovskite technology is identified as a key area for enhancing competitiveness in the photovoltaic manufacturing sector, with expectations for significant breakthroughs in industrialization by leading manufacturers in 2026 [33][44].

据天眼查APP显示，金风科技股份有限公司成立于2001年03月26日，注册资本422506.7647万人民币。 （数据宝） （文章来源：证券时报网） 数据宝统计，截至11:21，金风科技成交额50.59亿元，创2021年11月8日以来新高。最新股价上涨 2.35%，换手率7.60%。上一交易日该股全天成交额为49.83亿元。 ...

Core Insights - The total margin financing balance in A-shares reached 25,454.30 billion yuan on December 25, increasing by 37.47 billion yuan from the previous trading day, accounting for 2.58% of the A-share circulating market value [1] - The margin trading volume on the same day was 2,203.73 billion yuan, up by 128.51 billion yuan from the previous trading day, representing 11.32% of the total A-share trading volume [1] Industry Summary - Among the 31 primary industries tracked by Shenwan, 18 industries experienced net financing inflows, with the electronics sector leading at a net inflow of 4.634 billion yuan [3] - Other industries with significant net financing inflows included power equipment, machinery, communications, defense and military, and non-ferrous metals [3] Company Summary - A total of 51 stocks had net financing inflows exceeding 100 million yuan, with Industrial Fulian leading at a net inflow of 813.09 million yuan [4] - Other notable companies with high net financing inflows included Aerospace Electronics (756.60 million yuan), Goldwind Technology (554.50 million yuan), and Zhongji Xuchuang (522.67 million yuan) [4]

| 代码 | 简称 | 12月25日涨跌幅 | 融资净买入额 | 最新融资余额 | 占流通市值比例 | 所属行 | | --- | --- | --- | --- | --- | --- | --- | | | | （%） | （万元） | （万元） | （%） | 业 | | 601138 | 工业富 联 | 2.43 | 81308.50 | 1188760.11 | 0.90 | 电子 | | 600879 | 航天电 子 | 9.99 | 75660.33 | 359759.02 | 5.86 | 国防军 工 | | 002202 | 金风科 | 9.98 | 55450.38 | 210100.40 | 3.27 | 电力设 | | | 技 | | | | | 备 | | 300308 | 中际旭 创 | 0.85 | 52266.63 | 2201917.24 | 3.11 | 通信 | | 300274 | 阳光电 | 1.21 | 48625.25 | 1510255.11 | 5.66 | 电力设 | | | 源 | | | | | 备 | | 688981 | 中芯国 际 | -0.27 ...

Group 1 - On December 25, a total of 3,755 stocks in the A-share market received financing funds, with 478 stocks having a buying amount exceeding 100 million yuan [1] - The top three stocks by financing buying amount were Zhongji Xuchuang, Industrial Fulian, and Xinyisheng, with amounts of 3.477 billion yuan, 2.673 billion yuan, and 2.264 billion yuan respectively [1] - Eight stocks had financing buying amounts accounting for over 30% of the total transaction amount on that day [1] Group 2 - The stocks with the highest financing buying ratio to transaction amount were Guannong Co., Nanfang Pump Industry, and Jiuzhou Yigui, with ratios of 36.27%, 35.39%, and 33.65% respectively [1] - A total of 51 stocks had a net financing buying amount exceeding 100 million yuan [1] - The top three stocks by net financing buying amount were Industrial Fulian, Aerospace Electronics, and Goldwind Technology, with net amounts of 813 million yuan, 757 million yuan, and 555 million yuan respectively [1]