2月13日，A股三大指数集体下挫。截至收盘，沪指跌1.26%，报4082.07点，深成指跌1.28%，报 14100.19点，创业板指跌1.57%，报3275.96点。从板块行情上来看，今日表现较好的航母概念和存储芯 片，而页岩气、小金属概念和黄金概念等板块下跌。 基金经理是一只基金产品最核心的成员，能决定一只基金的投资方向、投资策略以及投资风格，基金经 理出色的择时选股能力和调研预测能力是基金业绩的有力保证，所以基金经理是投资者在选择基金产品 时的重要依据。基金经理的变动很大程度上会影响到基金产品未来的表现，是一个需要特别关注的信 息。2.13日共有37位基金经理发生任职变动。 根据巨灵统计的数据，近30天（1.14-2.13）共有728只基金产品的基金经理发生离职。其中2.13日有18 只基金产品发布基金经理离职公告，涉及9名基金经理。从变动原因上来看，有1位基金经理是由于个人 原因而从管理的2只基金产品中离职。有8位基金经理是由于工作变动而从管理的16只基金产品中离职。 | | | 基金代码 | 公告日期 | | 变动日期 任职状态 | 变动而因影明 | | --- | --- | --- | --- ...

Group 1: Convertible Bonds Strategy - The report suggests that in the current environment of a slow bull market for equities and deepening supply-demand contradictions in convertible bonds, the demand for fixed income plus allocation is expected to continue driving up the prices and valuations of convertible bonds [3] - It recommends maintaining a non-typical barbell allocation strategy, focusing on technology growth sectors driven by policy support and industrial innovation, while also incorporating low-cycle chemical varieties to respond to potential upward movements or pullbacks in the equity market [3] - The report updates its portfolio by removing two convertible bonds, Bo 23 and Yuguang convertible bonds, and adding Alara and Hebang convertible bonds to enhance defensive positions while awaiting excess returns from industry recovery [3] Group 2: Company Analysis - Saint Bella - The report forecasts that Saint Bella (02508.HK) will achieve adjusted net profits of 118 million, 200 million, and 298 million yuan for 2025-2027, representing year-on-year growth of 180.2%, 69.1%, and 48.9% respectively [5] - The company is in a rapid expansion phase and has completed its transformation from "service + retail" to "service + retail + AI," positioning itself as a rare high-end care group and a provider of unique care scenarios for training AI and home robots [5] - The report initiates coverage with a "buy" rating due to the company's strong growth potential and unique market positioning [5] Group 3: Company Analysis - Tian Shun Wind Power - Tian Shun Wind Power (002531.SZ) announced a domestic marine engineering order worth 870 million yuan, indicating a potential turnaround in its fundamentals [6] - The company is expected to accelerate its overseas orders as its German base's core equipment is being deployed, with a strong domestic market share in offshore wind [6] - Profit forecasts estimate the company will achieve net profits of -200 million, 620 million, and 1.51 billion yuan from 2025 to 2027, with corresponding PE valuations of 28 and 11.5 times for 2026 and 2027, respectively, maintaining a "buy" rating [6]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on expected performance over the next six months [6]. Core Insights - The company has secured domestic offshore engineering orders totaling approximately 870 million yuan, indicating a strong position in the offshore wind market [1][2]. - The company is transitioning away from its land-based wind business by ceasing operations at six subsidiaries, allowing it to focus on high-potential offshore wind projects [1]. - The establishment of a key manufacturing base in Germany is expected to facilitate the company's entry into the European offshore wind market, with core equipment already in place [3]. Summary by Sections Domestic Market Position - The company is a leading player in the domestic offshore wind market, with over 50% share in the Yangjiang Fan Stone II offshore wind project [2]. - The company is well-positioned to accelerate its domestic offshore wind orders due to its strategic capacity in southern coastal areas [2]. International Expansion - The German base is strategically located to serve major European markets, including Germany, Denmark, the UK, and the Netherlands [3]. - Recent advancements in the German base, including the procurement of heavy-duty equipment, are set to enhance production capabilities for offshore wind projects [3]. Financial Projections - The company is projected to achieve a net profit of -199 million yuan in 2025, followed by a recovery to 655 million yuan in 2026 and 1.558 billion yuan in 2027 [3]. - The expected price-to-earnings (P/E) ratios for 2026 and 2027 are 25.1 and 10.6, respectively, indicating a potential for significant valuation improvement [3].

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Insights - The company has secured domestic offshore engineering orders totaling approximately 870 million yuan, indicating a strong position in the offshore wind market [1][2]. - The company has ceased operations at six wholly-owned subsidiaries, shedding its onshore business burdens and focusing on high-potential offshore wind projects, which is expected to lead to a turnaround by 2026 [1][3]. - The company is positioned to benefit from the increasing demand for offshore wind energy in Europe, with its German base ready for production and key equipment already in place [3]. Financial Performance - The company is projected to achieve a net profit of -199 million yuan in 2025, followed by a recovery to 655 million yuan in 2026 and 1.558 billion yuan in 2027, reflecting a significant turnaround [3]. - Revenue is expected to decline to 3.575 billion yuan in 2025, with a subsequent increase to 7.070 billion yuan by 2027, indicating a recovery trajectory [5]. - The company's P/E ratio is forecasted to be 25.1 in 2026 and 10.6 in 2027, suggesting improved valuation as profitability returns [3][5].

朝闻国盛 存款"流失"的变与不变—央行四季度货币政策报告 6 大信号 今日概览 ◼ 重磅研报 证券研究报告 | 朝闻国盛 gszqdatemark 2026 02 12 年 月 日 【宏观】预判持续兑现，PPI 回升、核心 CPI 偏强——20260211 【宏观】存款"流失"的变与不变—央行四季度货币政策报告 6 大信号 ——20260211 【固定收益】物价上涨一定伴随利率上升吗？——20260211 【固定收益】重结构，重传导——读 Q4 央行货币政策执行报告—— 20260211 【固定收益】详解股债恒定 ETF——产品特征、海外经验与国内前景— —20260211 【银行】4Q25 货币政策执行报告点评：新发贷款利率有望低位企稳，扩 内需目标明确——20260212 ◼ 研究视点 【食品饮料】零售变革草根调研（五）长沙金粒门&郑州百品好：新鲜零 食新机遇，下沉市场小山姆——20260211 【电力设备】天顺风能（002531.SZ）-国内落地海工订单，海外节奏加 快——20260212 作者 分析师 张斌梅 执业证书编号：S0680523070007 邮箱：zhangbinmei@gszq.com ...

Core Viewpoint - The company is actively expanding its offshore wind power production capabilities both domestically and internationally, with a focus on increasing capacity and securing overseas orders, particularly in Europe and Southeast Asia. Domestic Production Capacity - The company has established multiple production bases in China, including a 200,000-ton capacity for monopiles in Yancheng, Jiangsu, and a combined 300,000-ton capacity for large monopiles and floating modular products in Tongzhou Bay [3] - The company is also developing a 600,000-ton capacity for jacket foundations in Guangdong, with the Yangjiang base expected to be operational by March [3] - The company is planning a 500,000-ton capacity facility in Zhangzhou, primarily targeting the global marine engineering market [3] International Production Capacity - The German base in Cuxhaven is progressing steadily, with a designed capacity of 500,000 tons for monopiles, also considering the production of floating platforms [3] Zero-Carbon Business Strategy - The zero-carbon business is a core focus, aiming to expand capacity to 1.8 GW of operational projects by the end of 2025, with plans to enhance returns through partial sales or REITs [5] Overseas Orders and Market Strategy - The company is actively pursuing overseas projects, particularly the UK AR7 project, with supplier selection expected in the first half of 2026-2027 [4] - The overseas team is primarily composed of local European personnel, integrated with Chinese management, and has established two marketing centers to manage orders [7] Cost Management and Production Efficiency - The company plans to produce jacket foundations in China due to high labor costs in Europe, while monopiles will be produced in Germany and Tongzhou Bay, leveraging automation to control costs [2][8] - The company aims to achieve a balance between domestic and international production, with a focus on efficiency and cost-effectiveness [8] Market Outlook - The global offshore wind power demand is expected to grow significantly, with the European Wind Energy Association predicting an annual growth rate of 15%-20% [2][13] - The company anticipates a surge in domestic offshore wind project tenders and construction, particularly in Guangdong, from 2025 to 2026 [2] Capital Operations - The company plans to complete a private placement by the end of 2023 to fund the acquisition of specialized vessels and support delivery services [11][12] - The management is committed to focusing resources on offshore wind equipment manufacturing, reflecting confidence in future industry growth [12]

Group 1: Company Production and Capacity - The company does not provide a forecast for 2026 shipment volumes due to the correlation with industry construction progress and lengthy approval processes [2] - Domestic production capacity includes: - Jiangsu Yancheng Sheyang base: 200,000 tons for monopiles - Tongzhou Bay base: 300,000 tons for large monopiles and floating modular products - Guangdong Jieyang and Yangjiang bases: 600,000 tons for jacket foundations - Other bases under planning with a total expected capacity of 500,000 tons [2][4] - The overseas production capacity at the German Cuxhaven port is progressing steadily with a design capacity of 500,000 tons for monopiles [2][4] Group 2: Market Trends and Demand - The domestic offshore wind market is expected to accelerate in 2025-2026, particularly in Guangdong, with a global demand surge driven by Europe, Southeast Asia, Japan, and South Korea [2][4] - The European offshore wind market is projected to grow at an annual rate of 15%-20% over the next decade, influenced by the shift towards offshore wind energy post-Russia-Ukraine conflict [12] Group 3: Zero-Carbon Business Strategy - The zero-carbon business is a core focus, aiming for a grid-connected capacity of 1.8 GW by the end of 2025, with potential plans for asset sales or REITs to enhance returns [4] Group 4: International Operations and Team Structure - The overseas team primarily consists of local European personnel, integrated with key members from the Chinese core team [6] - The company is actively pursuing AR7 projects, with supplier selection expected in 2026-2027 [3][6] Group 5: Financial and Capital Operations - The company plans to initiate a targeted capital increase by the end of 2025, pending regulatory approvals, to support its transition towards offshore wind equipment manufacturing [11] - The capital increase aims to align with the management's commitment to the offshore wind sector, which is seen as having significant growth potential [11] Group 6: Cost and Production Efficiency - The cost comparison indicates that the German factory is designed to enhance manufacturing efficiency while maintaining competitive costs against domestic facilities [8] - The company aims to maintain a strong market share in the southern offshore wind market, focusing on regions like Guangdong, Zhejiang, and Hainan [9] Group 7: Project Timelines and Delivery - The company anticipates that 2028-2030 will be significant years for the delivery of initiated overseas projects, while the next three years are expected to be peak years for domestic project deliveries [10]

Group 1 - The company TianShun Wind Power announced that its wholly-owned subsidiary Jiangsu Changfeng Marine Equipment Manufacturing Co., Ltd. has applied for a project loan of 130 million yuan from Suzhou Bank for the construction of the TianShun (Shiyang) Wind Power Marine Intelligent Manufacturing Project (Phase II) [1] - The company will provide joint liability guarantee for the loan, which has been approved by the company's fifth board of directors and the 2024 annual general meeting of shareholders [1] - As of the announcement date, the total actual guarantee amount for the company and its subsidiaries is 13.99621 billion yuan, accounting for 156.83% of the audited net assets for 2024, with no overdue or litigation guarantees [1]

截至本公告披露日，公司实际担保额超过 2024 年年度经审计净资产的 100%； 公司及子公司未对合并报表范围外的公司提供担保； 公司及子公司未发生逾期担保、涉及诉讼的担保及因担保被判决败诉而 应承担损失的情况。 证券代码：002531 证券简称：天顺风能 公告编号：2026-007 天顺风能（苏州）股份有限公司 关于为全资子公司提供担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要提示: 一、担保情况概述 为满足业务发展对资金的需求，天顺风能（苏州）股份有限公司（简称"公 司"）全资子公司江苏长风海洋装备制造有限公司向苏州银行股份有限公司太仓 支行申请项目贷款 1.3 亿元，用于建设天顺（射阳）风电海工智造项目（二期）。 公司为上述贷款提供连带责任保证担保。 对外担保事项已经公司第五届董事会 2025 年第二次会议和 2024 年年度股东 大会审议通过，被担保方及担保金额在以上董事会及股东大会审批范围之内，无 需提交公司董事会、股东会再次审议。具体内容详见 2025 年 04 月 25 日、05 月 17 日披露于《证券时报》及巨潮资讯网（ww ...

证券日报网讯2月11日，天顺风能（002531）在互动平台回答投资者提问时表示，截至2月10日股东人数 为69301户。 ...