金风科技公告，金风投资于2025年10月13日至2025年12月5日通过集中竞价和大宗交易的方式合计减持 金力永磁股份1228.48万股，减持交易金额约4.59亿元。截至2025年12月5日，金风投资持有金力永磁 2515.08万股，占金力永磁股本总数的1.83%。本次减持所获收益计入公司当期损益，公司可获得投资收 益约2.15亿元（所得税前），约占2024年度经审计归属于上市公司股东净利润的11.53%，将对公司2025 年业绩产生积极影响。 ...

智通财经APP讯，金风科技(02208)发布公告，2025年10月13日至2025年12月5日，金风投资通过集中竞 价和大宗交易的方式合计减持金力永磁股份1228.48万股，减持交易金额约4.59亿元。截至2025年12月5 日，金风投资持有金力永磁2515.08万股，占金力永磁股本总数的1.83%。金风投资将根据市场情况，继 续减持所持金力永磁股份，并根据后续收益情况持续披露进展公告。 ...

金风科技（002202）(02208)发布公告，2025年10月13日至2025年12月5日，金风投资通过集中竞价和大 宗交易的方式合计减持金力永磁（300748）股份1228.48万股，减持交易金额约4.59亿元。截至2025年12 月5日，金风投资持有金力永磁2515.08万股，占金力永磁股本总数的1.83%。金风投资将根据市场情 况，继续减持所持金力永磁股份，并根据后续收益情况持续披露进展公告。 ...

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 股票代码：002202 股票简称：金风科技 公告编号：2025-107 ( 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 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。 金风科技股份有限公司 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 公司關於全資子公司減持金力永磁股份的進展公告》，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 北京，2025年12月8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 二、交易进展 鉴于金力永 ...

Core Insights - The wind power industry in China has reached a turning point in 2025, moving out of a phase of intense price competition and entering a new stage of market-driven development [1][3][9] Industry Performance - In Q3 2025, the wind power sector achieved revenues of 66.2 billion yuan, a year-on-year increase of 27%, with a net profit of 1.45 billion yuan, up 4.6% [1] - For the first three quarters of 2025, the wind power sector's revenue reached 171 billion yuan, a 37.9% year-on-year growth, and net profit was 5.67 billion yuan, up 12.5% [1] - Leading company Goldwind Technology reported a revenue of 48.15 billion yuan in the first three quarters, a 34.34% increase, and a net profit of 2.58 billion yuan, a significant rise of 44.21% [1] Price Recovery - The average bidding price for onshore wind turbines (excluding towers) rose to 1,593 yuan/kW in 2025, a 12% increase from 2024 [3] - The price of offshore wind turbines stabilized between 2,700 and 2,800 yuan/kW [3] - The industry has seen a recovery in profitability due to the rational return of wind turbine prices, moving away from the previous low-price competition [2][3] Strategic Goals - The "Wind Energy Beijing Declaration 2.0" sets ambitious targets for wind power development, aiming for an annual installation of at least 120 million kW during the 14th Five-Year Plan period, a 140% increase from the previous version [4][5] - By 2030, the cumulative installation target is set to reach 1.3 billion kW, a 62.5% increase from the earlier goal [4] Product Development Shift - The industry is shifting focus from merely increasing capacity to enhancing value and reliability in product development [6][7] - Goldwind Technology introduced the "Value Cost of Electricity (LCOV)" concept, emphasizing the importance of project profitability over just reducing costs [7] - Companies are increasingly integrating AI technology to improve operational efficiency and project returns [7][8] Global Expansion - The "Two Seas Strategy" (overseas markets + deep-sea development) is becoming a core development direction for leading companies in the wind power sector [9][10] - By the end of 2024, Goldwind Technology had established a manufacturing base in Brazil, while other companies are expanding their global presence in markets like Uzbekistan, India, and Saudi Arabia [10][11] - Domestic companies are transitioning from traditional product exports to localized operations, with significant growth in overseas orders, which are crucial for enhancing profitability [11]

证券研究报告|行业研究周报 [Table_Date] 2025 年 12 月 7 日 [Table_Title] 看好变压器&燃气轮机海外需求，机器人产业化推 进 [Table_Title2] 电力设备与新能源行业周观察 [Table_Summary] 报告摘要 随着海内外企业布局加速&AI 技术突破，人形机器有望迎来量产落 地时点。在降本需求的驱动下，人形机器人核心零部件的国产替代 需求强烈，市场空间广阔，率先取得突破的国内企业有望深度受 益。灵巧手、大脑和轻量化是人形机器人商业化落地的关键环节， 重点看好技术迭代和产业演进领先的国内生产厂商。 多家车企公布 11 月新能源汽车交付/销量 我们认为，在行业旺季趋势下，11月国内多数车企实现新能源汽车 交付/销量环比增长，全年新能源汽车表现亮眼。明年展望来看， 国内新能源汽车预计保持稳定增长，商用车电动化率提升叠加单车 带电量的增加预计带动动力电池需求较快增长。叠加国内外储能高 景气度，预计全年锂电池出货同比增长明显。在前期供给过剩导致 价格大幅下跌的背景下，动力及储能电池产业链多数企业出现亏 损。在"反内卷"趋势下，叠加海内外动储需求共振，电池及材料 环节迎 ...

Group 1: Offshore Wind Power Industry - The Fujian Sanxia Offshore Wind Power International Industrial Park is the first industrial park in China to achieve "carbon neutrality" and has created multiple unique features, including the world's first international high-power offshore wind power test site [2] - The park has successfully launched offshore wind turbine units ranging from 6.7 to 26 MW, with several models recognized as "Top Ten National Key Equipment" by central enterprises, marking a shift in China's offshore wind power industry from "catching up" to "leading" [2] - Goldwind Technology Co., Ltd. has exported nearly 50% of China's wind turbines and has maintained the top market share for 14 consecutive years, showcasing its strong position in the offshore wind power sector [3] Group 2: Traditional Manufacturing Transformation - Fujian Youyi Adhesive Tape Group Co., Ltd. exemplifies the transformation and upgrading of traditional manufacturing, with a complete industrial chain and continuous technological innovation being key to its development [4] - The company has evolved from a regular adhesive tape manufacturer to a comprehensive production base and solution provider, becoming a national-level "manufacturing single champion" enterprise [6] - The ongoing emphasis on technological innovation is crucial for companies in the adhesive tape sector to break free from foreign technology monopolies [6] Group 3: Broader Industrial Development in Fujian - The event highlighted various sectors in Fujian, including modern agriculture, cultural heritage, and digital infrastructure, reflecting the province's efforts in industrial upgrading, technological innovation, and integrated development [6]

Core Viewpoint - The State-Owned Enterprise Reform Index (399974) closed at 1869.16 points on December 5, with a gain of 0.91% and a trading volume of 115.45 billion yuan, indicating positive market sentiment towards state-owned enterprises [1]. Group 1: Index Performance - The index saw 71 stocks rise, with Goldwind Technology leading at a 5.46% increase, while 28 stocks fell, with Shenzhen South Circuit leading the decline at 2.74% [1]. - The top ten constituent stocks of the index include Zijin Mining, China Merchants Bank, and Changjiang Electric Power, with respective weights of 3.48%, 3.03%, and 2.98% [1]. Group 2: Market Capitalization and Sector Breakdown - The total market capitalization of the top ten stocks includes Zijin Mining at 832.41 billion yuan and China Merchants Bank at 1,095.80 billion yuan, reflecting significant investment in the metals and banking sectors [1]. - The sectors represented in the top ten include non-ferrous metals, banking, public utilities, and food and beverage, indicating a diverse investment landscape [1]. Group 3: Capital Flow Analysis - The net inflow of main funds into the index constituents totaled 2.22 billion yuan, while retail investors experienced a net outflow of 816 million yuan, suggesting institutional confidence contrasted with retail caution [3]. - Notable stocks with significant capital flow include BOE Technology Group with a net outflow of 900 million yuan from main funds and Zijin Mining with a net inflow of 731 million yuan [3]. Group 4: Index Adjustments - Recent adjustments to the index included the addition of Guorui Technology and Zhongcai Technology, while Haifeng Control and Xujie Electric were removed, reflecting ongoing changes in the index composition [4].

Group 1 - The hydrogen energy industry is expected to enter a phase of scale during the 14th Five-Year Plan, with clearer planning for commercialization and economic sustainability as core barriers [1][2] - The production of green hydrogen can effectively utilize renewable energy, enhancing the efficiency of wind and solar power [2][5] - The global hydrogen consumption in 2024 is projected to be approximately 32 million tons for synthetic ammonia, 17.5 million tons for synthetic methanol, and 43 million tons for refining, with significant industrial applications [3] Group 2 - The commercial model for hydrogen is likely to be first established in the green fuel sector, with green methanol being identified as a cost-effective and low-carbon alternative fuel [4][5] - The production of green hydrogen relies entirely on renewable energy sources, with projections indicating that by 2030, low-emission hydrogen production will reach 49 million tons, with electrolysis accounting for 75% [5] - Hydrogen storage and transportation remain significant barriers to the application of hydrogen energy, with high costs and inadequate infrastructure posing challenges [6]

Group 1 - The core viewpoint of the article highlights the positive performance of the wind power industry, with Jin Feng Technology's stock price increasing by 6.67% to HKD 13.11, and a trading volume of HKD 224 million [1] - According to Guojin Securities, the operating net cash flow of the wind power industry improved in Q3 2025, reaching RMB 3.4 billion, an increase of RMB 700 million year-on-year [1] - The industry inventory continued to rise in Q3, while contract liabilities saw a temporary decline, indicating a strong demand forecast for Q4 during the peak installation season [1] Group 2 - The current industry backlog is estimated at approximately 300 GW, ensuring sustained demand and stable pricing for the wind power sector [1] - According to Kaiyuan Securities, the domestic wind power demand is solid due to the "dual carbon" goals and the 2035 plan for wind and solar installations to reach 360 million kilowatts [1] - The "Wind Energy Beijing Declaration 2.0" suggests that during the 14th Five-Year Plan, the annual new installed capacity for domestic wind power should not be less than 120 GW, with offshore wind power contributing at least 15 GW annually [1]