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 ...

Group 1 - The A-share rare earth permanent magnet sector experienced a strong rally, with the rare earth ETF (159713) rising by 6.16% as of the latest report, and a cumulative increase of nearly 70% since the market's low point on April 8 [1][2] - In the past five trading days, the rare earth ETF saw net inflows of nearly 200 million yuan, with over 95% of the constituent stocks rising, including significant gains from companies like Jinli Permanent Magnet and Dadi Xiong [2] - Major rare earth products have seen price increases of over 10,000 yuan per ton since August, with specific prices for praseodymium oxide and neodymium oxide reaching 657,500 yuan per ton, reflecting year-to-date increases of 58% and 62.95% respectively [2] Group 2 - Forecasts indicate that global demand for praseodymium-neodymium oxide will reach approximately 119,700 tons and 129,000 tons in 2025 and 2026, representing year-on-year growth of 10.7% and 7.8% respectively, with a shift towards supply shortages [2] - The expectation of downstream inventory replenishment suggests that rare earth prices are likely to rise, with historical trends indicating that high overseas prices often lead to domestic price increases, enhancing corporate profits and leading to a dual boost in valuation and profits for the sector [2]

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； ...

(责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇8月25日｜A股市场稀土永磁板块集体走强，其中，金力永磁(300748)20CM涨停，大地熊、奔朗 新材涨超11%，金风科技、中钢天源(002057)、包钢股份(600010)10CM涨停，正海磁材(300224)涨超 9%，中科磁业、三川智慧(300066)、惠城环保(300779)、北方稀土(600111)涨超8%。 | 代码 | 名称 | | 涨幅% 1 | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 300748 | 金力永磁 | 1 | 20.00 | 499亿 | 104.50 | | 688077 | 大地熊 | 3 | 11.72 | 43.86 Z | 85.86 | | 836807 | 奔朗新材 | 1 | 11.09 | 43.2 ...

Core Viewpoint - The report highlights the strong performance of Goldwind Technology in the first half of the year, with significant improvements in manufacturing profitability and ongoing expansion in overseas markets [1][2]. Wind Power - Goldwind Technology reported a strong half-year performance, with manufacturing profitability improving by 4.2 percentage points year-on-year, leading to the first positive profit in the wind turbine manufacturing segment since 2022 [1][2]. - State-owned enterprises, including the National Energy Group, have initiated wind turbine centralized procurement tenders, with a total scale of approximately 8.3 GW since August, showing a significant recovery compared to June and July [1][2]. - The average winning bid price remains at a favorable level, continuing to recommend the complete machine segment [1][2]. AIDC (Artificial Intelligence Data Center) - The liquid cooling sector is currently consolidating, with a long-term positive outlook for domestic companies in the global liquid cooling market [2]. - Intel's UQD (Quick Connect) interconnect alliance has been officially established, and DeepSeek-V3.1 has been released, utilizing parameters designed for next-generation domestic chip design [2]. Photovoltaics & Energy Storage - The photovoltaic industry meeting has expanded its participants, and the "anti-involution" initiative has been elevated, with expectations for increased administrative support [2]. - Despite the seasonal downturn in July, photovoltaic exports remained strong due to impending U.S. tariffs on imports and anticipated adjustments to export tax rebate policies [2]. - The overseas energy storage market continues to show high demand, with optimistic future prospects, recommending companies like Sungrow and Aters [2]. Lithium Battery - The price of lithium hexafluorophosphate has been rising, supported by raw material costs and limited market supply, with the average market price reaching 54,000 yuan per ton, up 1.89% from the previous week [3]. Hydrogen Energy and Fuel Cells - The U.S. power supply is under pressure due to AI growth, leading to a rise in distributed generation sources, creating significant opportunities for SOFC (Solid Oxide Fuel Cells) [4]. - Major power equipment exports in July reached 6.9 billion USD, a year-on-year increase of 20%, with transformers and high-voltage switchgear exports growing by 42% and 25% respectively [4]. - The second batch of bidding for primary equipment by the Southern Power Grid amounted to 1.33 billion yuan, a year-on-year increase of 41.6%, with leading shares from TBEA, Xidian, and Pinggao [4]. Important Industry Events - The trend of increased wind turbine bidding in August is notable, with Goldwind Technology's strong half-year report and the establishment of a photovoltaic industry meeting [5]. - From January to July, grid investment totaled 331.5 billion yuan, a year-on-year increase of 12.5%, with July's total electricity consumption rising by 8.6% year-on-year [5]. - Local subsidies for new energy vehicles have seen a reduction, impacting sales, particularly for electric vehicles, with a need to monitor future policy implementations [5].

China’s Goldwind Science & Technology, the world’s largest wind-turbine maker, saw shares jump the most in four years as strong domestic demand boosted its profits https://t.co/E6TrvHiMkt ...

MACD金叉信号形成，这些股涨势不错！ 格隆汇8月25日｜A股市场稀土永磁板块集体走强，其中，金力永磁20CM涨停，大地熊、奔朗新材涨超 11%，金风科技、中钢天源、包钢股份10CM涨停，正海磁材涨超9%，中科磁业、三川智慧、惠城环 保、北方稀土涨超8%。 | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 300748 | 金力永磁 | 1 | 20.00 | 499亿 | 104.50 | | 688077 | 大地熊 | + | 11.72 | 43.86 乙 | 85.86 | | 836807 | 奔朗新材 | 1 | 11.09 | 43.20 乙 | 203.21 | | 002202 | 金网科技 | 1 | 10.04 | 491亿 | 14.05 | | 002057 | 中钢天源 | 1 | 9.99 | 86.32 Z | 59.63 | | 600010 | 包钢股份 | 安 | 9.93 | 1354 乙 | 60.75 | | 300224 | 正海磁材 | 1 | 9.35 ...

证券研究报告 | 2025年08月25日 金风科技（002202.SZ） 优于大市 上半年业绩同比增长 7%，风机制造板块毛利率显著改善 2025 年上半年业绩 14.9 亿元，同比+7%。2025 年上半年，公司实现营业收 入 285.4 亿元，同比+41%；归母净利润 14.9 亿元，同比+7%；扣非归母净利 润 13.7 亿元，同比基本持平；综合毛利率 15.3%，同比-2.9pct；净利率 5.8%， 同比-1.3pct。单季度来看，2025 年第二季度公司实现营业收入 190.6 亿元， 同比+44%，环比+101%；归母净利润 9.2 亿元，同比-13%，环比+62%；扣非 归母净利润 8.1 亿元，同比-22%，环比+46%；综合毛利率 12.2%，同比-1.9pct， 环比-9.6pct；净利率 5.2%，同比-2.7pct，环比-1.8pct。 风机制造板块毛利率显著改善。2025 年第二季度，公司对外销售风机容量 8.1GW，同比+117%，环比+211%；上半年累计对外销售风机容量 10.6GW，同 比+107%。风机大型化趋势不断加速，2025 年上半年 6MW 及以上机组销售容 量同 ...

国金证券指出，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；考虑到上半年海外制造收入占比约31%，同比24H1基本持平，该行预计 制造端毛利率修复在国内及海外项目中或均有所体现。在毛利率大幅修复的带动下，公司"风机及零部 件销售"经营分部实现自2022年以来的首次利润总额转正。 消息面上，金风科技发布2025年中期业绩，该集团取得收入人民币284.94亿元(单位下同)，同比增加 41.46%；公司股东应占利润14.88亿元，同比增加7.26%；每股盈利0.34元。报告期内，公司风力发电机 组及零部件销售收入为218.52亿元，同比增长71.15%，占公司营业收入的比重为76.69%；2025年1-6月 实现机组对外销售容量10,641.44MW，同比增长106.60%。风电行业的机组大型化进程不断加速，报告 期内，公司6MW及以上机组成为公司的主力机型，销售容量同比上升187.01%。 金风科技（002202）(02208)涨超13%，截至发稿，涨13.38%，报9.66港元，成交额8329.47万港元。 ...