[Table_Page] 投资策略报告|电力设备 证券研究报告 [Table_Title] 风电行业 2025 年中期策略 深远海加速推进，供需催生结构性涨价 [Table_Summary] 核心观点： [Table_PicQuote] 相对市场表现 -10% 1% 12% 22% 33% 44% 07/24 09/24 11/24 02/25 04/25 07/25 电力设备 沪深300 | [分析师： Table_Author]陈子坤 | | --- | | SAC 执证号：S0260513080001 | | 010-59136690 | | chenzikun@gf.com.cn | | 分析师： 纪成炜 | | SAC 执证号：S0260518060001 | | SFC CE No. BOI548 | | 021-38003594 | | jichengwei@gf.com.cn | | 分析师： 曹瑞元 | | SAC 执证号：S0260521090002 | | 021-38003752 | | caoruiyuan@gf.com.cn | | 请注意，陈子坤,曹瑞元并非香港证券及期货事务监察 ...

风电设备板块持续下挫，吉鑫科技（601218）跌近10%，泰胜风能（300129）跌超4%，大金重工 （002487）、韵达股份（002120）、金雷股份（300443）跟跌。 ...

Investment Rating - The investment rating for the wind power industry is "Outperform the Market" (maintained rating) [1]. Core Insights - The wind power sector has seen a general increase in stock prices over the past two weeks, with the top three performing segments being complete machines (+10.9%), blades (+9.4%), and mooring systems (+7.8%) [3]. - Major projects in offshore wind power are set to commence in Jiangsu and Guangdong in the first half of 2025, marking the beginning of a significant development phase for offshore wind energy in China [4]. - The industry is expected to achieve a record high of 100GW in installed capacity for onshore wind power in 2025, with component manufacturers experiencing growth in both volume and pricing [4]. - The report suggests focusing on three main investment directions: leading companies in export layouts for piles and submarine cables, domestic complete machine leaders with improving profitability and accelerating exports, and component manufacturers benefiting from simultaneous growth in volume and profit in 2025 [5]. Summary by Sections Industry News - The wind power sector has experienced a general increase in stock prices, with significant gains in various segments and individual stocks [3]. Market Performance - The wind power sector has shown strong performance, with notable increases in stock prices for leading companies [3][48]. Industry Outlook - The offshore wind power sector is expected to see substantial project launches in 2025, with annual installed capacity projected to exceed 20GW during the 14th Five-Year Plan period [4]. - Onshore wind power is anticipated to reach a historical high of 100GW in installed capacity in 2025, with component manufacturers benefiting from increased demand and pricing [4]. Investment Recommendations - The report recommends focusing on companies with strong export capabilities, domestic leaders in profitability, and component manufacturers poised for growth in 2025 [5].

分析师：姚 遥 执业编号：S1130512080001 联系人：彭治强 2025/6/24 1 2 核心观点：短中长期逻辑兼备， 坚定看好风电板块性机会 需求内强外盛，景气持续向上 6 3 • 当前时点，我们认为风电板块具备值得坚定看好的短、中、长期三重逻辑： • 短期逻辑：强势半年报及下半年业绩展望。年中市场关注度逐渐聚焦企业半年报，风电板块受益于上半年国内项目开工旺盛、 两海收入占比提升、部分零部件提价落地等因素，预计Q2业绩同环比增长普遍乐观，部分在25Q1即展现业绩改善弹性公司的强 势股价表现，对板块形成积极示范效应，且有望在半年报前后向整个风电板块扩散。 • 中期逻辑（核心）：此前造成风电板块投资体感较差的三大因素，在过去半年到一年内均出现明显反转。 • 1）风机价格战带动的产业链通缩转向通胀：因风机快速大型化及价格战，21-24年国内陆风机组价格从3000-4000元/kW快速下降至 1000-2000元/kW，带动上游零部件、塔筒等环节一起通缩；然而，伴随大型化趋缓、企业自律、业主对风机质量和运维成本重视 度提升，风机价格从24Q4开始持续回暖，我们统计25年4-5月陆风机组中标均价较24年全年 ...

电力设备及新能源行业 行业研究 | 动态跟踪 风电有望走出"周期"，迈向盈利与新成长 核心观点 投资建议与投资标的 ⚫ 陆风周期底部回暖，静待量价修复。建议关注风电产业链复苏金风科技(002202， 未评级)、明阳智能(601615，未评级)、运达股份(300772，未评级)、日月股份 (603218，未评级)、三一重能(688349，未评级)、金雷股份(300443，未评级)等； 海风周期拐点蓄势待发，静待海风边际改善。建议关注风电产业链中海风相关度较 高环节东 方电缆(603606 ，未评级) 、振江 股份(603507，买入) 、起帆 电缆 (605222，买入)、大金重工(002487，未评级)等。 风险提示 能源结构转型速度不及预期、风电需求不及预期、竞争激烈程度增加、地缘风险、汇率 风险。 asdasd 国家/地区 中国 行业 电力设备及新能源行业 报告发布日期 2025 年 06 月 17 日 看好（维持） 严东 yandong@orientsec.com.cn 执业证书编号：S0860523050001 | 25 年 1-5 月风电中标延续景气趋势 | 2025-06-04 | | --- | ...

智通财经6月16日电，早盘风电设备股集体走高，运达股份涨超10%，新强联、金雷股份、明阳智能、 金风科技、海力风电涨逾5%。消息面上，国金证券指出，菲律宾3.3GW海风项目招标，要求2028-2030 年完成项目交付，开发周期远短于正常海外海风项目，看好国内交付能力更强的国内风机、基础、海缆 企业获取相关订单。 风电设备股集体走高 运达股份涨超10% ...

Market Overview - The Shanghai Composite Index closed at 3402.32 points, above the annual line, with a change of 0.52% [1] - The total trading volume of A-shares reached 12866.77 billion yuan [1] Stocks Breaking Annual Line - A total of 93 A-shares have surpassed the annual line today, with notable stocks including Meichen Technology, Tianji Co., and Akoli, showing significant deviation rates of 16.79%, 9.67%, and 5.58% respectively [1] - Other stocks like China First Heavy Industries, Jufei Optoelectronics, and Mingtai Aluminum have just crossed the annual line with smaller deviation rates [1] Top Stocks by Deviation Rate - Meichen Technology (300237) had a daily increase of 20.23% and a turnover rate of 12.41%, with a deviation rate of 16.79% [1] - Tianji Co. (002759) increased by 9.97% with a turnover rate of 3.17%, showing a deviation rate of 9.67% [1] - Akoli (603722) rose by 9.99% with a turnover rate of 3.97%, having a deviation rate of 5.58% [1] Additional Stocks with Notable Performance - Yingli Automobile (601279) increased by 10.00% with a deviation rate of 4.71% [1] - Ashi Chuang (300706) saw a rise of 5.20% with a deviation rate of 4.22% [1] - Wens Foodstuff Group (300498) increased by 4.37% with a deviation rate of 3.71% [1]

Investment Rating - The report maintains an "Outperform" rating for the wind power industry [1] Core Views - The offshore wind sector is expected to see significant project launches in the first half of 2025, with over 25GW of approved projects awaiting bidding, marking 2025 as a record year for tenders. The average annual installation of offshore wind capacity is projected to exceed 20GW during the 14th Five-Year Plan period, significantly higher than the previous plan [4][11] - Onshore wind installations are anticipated to surpass 90GW in 2025, achieving a historical high, with stable main unit prices and cost reductions driving a rebound in profitability. The export of Chinese wind turbines is gaining momentum, with high growth in orders expected from 2025 to 2026 [4] - The profitability of components has been declining from 2022 to 2024, but a recovery is expected in 2025 [4] Summary by Sections Industry News - Recent bidding activities indicate a robust pipeline for both offshore and onshore wind projects, with significant investments planned in Guangdong and Jiangsu provinces [10] Market Performance - The wind power sector has experienced a general decline over the past two weeks, with the largest drops seen in casting and forging components, as well as complete machines and bearings [3][45] Investment Recommendations - The report suggests focusing on four key areas: 1) Leading companies in tower/pile production with high export potential 2) Leading submarine cable companies with expected recovery and opening export markets 3) Leading complete machine manufacturers with domestic profitability bottoming out and accelerating exports 4) Component manufacturers with opportunities for simultaneous volume and profit growth in 2025 - Recommended companies include Goldwind Technology, Oriental Cable, and others [5] Bidding and Installation Data - As of 2025, the cumulative public bidding capacity for wind turbines nationwide reached 48.8GW, with a year-on-year increase of 78%. The average winning bid price for onshore wind turbines (excluding towers) in 2025 is 1,720 RMB/kW [7][11] - In April 2025, China added 5.34GW of new wind power capacity, a year-on-year increase of 299%, bringing the total installed capacity to 541.19GW, accounting for 15.5% of total power generation capacity [7][40] Material Prices - Recent trends show a decline in the prices of black materials, with fiberglass and epoxy resin prices remaining stable [7][41]

证券代码：300443 证券简称：金雷股份 公告编号：2025-026 金雷科技股份公司 如在董事会审议利润分配预案后至实施权益分派股权登记日期间， 公司享有利润分配权的股份总额因股份回购、员工持股计划等事项发生 变动的，公司将按照分配比例不变的原则对利润分配总额进行调整。 2、在董事会审议利润分配预案后至实施权益分派股权登记日期间， 公司实施了 2025 年员工持股计划，并于 2025 年 5 月 26 日收到中国证券 登记结算有限责任公司深圳分公司（以下简称"中国结算深圳分公司"） 出具的《证券过户登记确认书》，"金雷科技股份公司回购专用证券账 户"中的 2,128,600 股股票已于 2025 年 5 月 23 日通过非交易过户的方式 转入"金雷科技股份公司－2025年员工持股计划"专用账户，公司回购 专用证券账户股份由 2,805,000 股变更为 676,400 股。按照利润分配比例 不变的原则对利润分配总额进行调整，公司 2024 年年度权益分派方案 调整为：以公司现有总股本 320,134,598 股剔除目前回购专用证券账户 持有的 676,400 股后的 319,458,198 股为基数，向全 ...

行 业 及 产 业 行 业 研 究 / 行 业 点 评 电力设备 2025 年 05 月 27 日 车影响预期充分，光储补贴新增 "外国限制主体"要求 看好 ——美国《One, Big, Beautiful Bill》法案对电新影响解 读 本期投资提示： 研 究 报 告 马天一 A0230525040004 maty@swsresearch.com 李冲 A0230524070001 lichong@swsresearch.com 刘宏达 A0230524020002 liuhd@swsresearch.com 王艺儒 A0230523110003 wangyr@swsresearch.com 研究支持 曾子栋 A0230123070004 zengzd@swsresearch.com 联系人 马天一 (8621)23297818× maty@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 证 券 相关研究 - 证券分析师 ⚫ 上周美国众议院投票通过《One, Big, Beautiful Bill》法案，预计 7 月初参议院表决， ...