Group 1 - The company, Jinlei Co., announced that the forging process of its high-end transmission equipment science and technology industrial park project phase one is expected to be put into production in the second half of 2025, with capacity gradually being released [2] - The company's offshore wind power core component digital manufacturing project is projected to release a capacity of approximately 80,000 to 100,000 tons in 2025 [2]

Group 1 - The company stated that its R&D investment will be disclosed according to the information in its regular reports [1] - The company confirmed that it will provide information on the number of shareholders as of the latest reporting period to ensure all investors receive equal information [1] - The first phase of the company's high-end transmission equipment innovation industrial park project is expected to start production in the second half of 2025, with capacity gradually being released [1] Group 2 - The company's core component digital manufacturing project for offshore wind power is projected to release a capacity of approximately 80,000 to 100,000 tons in 2025 [1] - An investor inquired about the expected total R&D expenditure for the year 2025, noting that R&D expenses for the first three quarters amounted to 93.65 million yuan [3] - The investor also asked about the capacity utilization rates of new factories and the ramp-up schedule for projects such as the Steel City high-end equipment manufacturing phase three and the new equipment at the Dongying base [3]

Core Insights - The report emphasizes that the wind power sector is expected to break the cyclical pattern and maintain growth in 2026, driven by both onshore and offshore wind energy expansion globally, with a focus on green energy applications [10][12] - The report identifies four main investment themes for 2026: 1) Resonance of policies between China and Europe for offshore wind, 2) Green energy catalyzing non-electric utilization, 3) Profitability elasticity of major manufacturers, and 4) Sustained demand in the components sector [10][16] Group 1: Industry Overview - In 2025, the wind power sector faced cyclical pressures, but by the third quarter, the relative advantages of wind power became more pronounced due to policy impacts on the electricity market and non-electric utilization, leading to a projected double-digit growth in installed capacity for 2026 [10][20] - The report forecasts that installed capacity for onshore and offshore wind in 2026 will reach approximately 110 GW and 10 GW respectively, representing year-on-year growth of 10% and 25% [20][41] Group 2: Key Companies and Profitability Forecasts - The report highlights several key companies with investment ratings, including: - Goldwind Technology (002202.SZ) with a buy rating and projected EPS growth from 0.42 in 2024 to 1.16 in 2026 [7] - Dongfang Cable (603606.SH) also rated as buy, with EPS expected to rise from 1.47 in 2024 to 3.03 in 2026 [7] - New Strong Link (300850.SZ) rated as buy, with EPS projected to increase from 0.18 in 2024 to 2.92 in 2026 [7] - The profitability of major manufacturers is expected to improve significantly, with the average bidding price for main units increasing by 7.4% in 2025, and a high proportion of high-price orders expected to continue into 2026 [10][13] Group 3: Offshore Wind Development - The report notes that both Europe and China are emerging from a low point in offshore wind development, with a significant increase in project approvals and construction expected to drive growth in 2026 [10][56] - The offshore wind policy in China is evolving, with a focus on deep-sea technology and a significant number of projects expected to be initiated, which will enhance demand for high-voltage cables and other components [10][56] Group 4: Component Sector Dynamics - The demand for wind turbine components is projected to remain strong, with expectations of over 20,000 turbines needed annually during the "14th Five-Year Plan" period, indicating a recovery from previous supply chain constraints [10][44] - The report suggests that component manufacturers will benefit from increased capacity utilization and the introduction of new technologies, with specific companies recommended for investment, including New Strong Link and Delijia [10][13]

证券代码：300443 证券简称：金雷股份 公告编号：2025-052 金雷科技股份公司 关于变更持续督导保荐代表人的公告 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。 特此公告。 金雷科技股份公司 2025 年 12 月 31 日 附件：迟元行先生简历 迟元行，中泰证券投资银行业务委员会上海投行总部高级副总裁， 金融硕士，保荐代表人。作为项目核心人员参与兰剑智能、皇派家居、 恒基金属 IPO 项目，金雷股份、西菱动力、鲁银投资等向特定对象发行 股份项目，洛凯股份向不特定对象发行可转换公司债券项目，莱钢集团 和鲁银投资可交换债券项目，鲁银投资 2018 年重大资产购买项目，雅 博股份、共达电声控制权变更财务顾问项目等，具有丰富完整的投资银 行项目经验和项目运作能力。 现张琳琳女士因工作职责调整，不再继续负责公司的持续督导保荐 工作。为更好地开展后续的持续督导工作，中泰证券委派保荐代表人迟 元行先生（简历详见附件）接替张琳琳女士负责公司 2022 年向特定对 象发行股票项目的持续督导工作，继续履行持续督导职责。 本次变更后，公司 2022 年向特定对象发行股票 ...

Core Viewpoint - The report from Huaxin Securities highlights Jinlei Co., Ltd.'s dual-driven growth strategy in forging and casting, leading to significant performance improvements in the first three quarters of the year [1] Group 1: Financial Performance - Jinlei's core business in wind power forging shafts has shown substantial growth, with revenue reaching 589 million yuan, a year-on-year increase of 47.33% [1] - The company's wind power casting business has rapidly expanded, achieving sales revenue of 280 million yuan, a remarkable year-on-year growth of 276.06% [1] Group 2: Product Development and Capabilities - Jinlei has developed a full range of forging products covering 1.5MW to 9.5MW models, ensuring comprehensive power coverage [1] - The company has invested in research and production of offshore wind casting products, now capable of producing key casting components for large wind turbines ranging from 5MW to 30MW [1] Group 3: Strategic Partnerships - Jinlei has established strong strategic partnerships with leading global wind turbine manufacturers, including GE, Siemens Gamesa, and Vestas, enhancing its market position [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].

Core Viewpoint - Jinlei Co., Ltd. has shown significant stock performance with a year-to-date increase of 44.76% and a recent net inflow of funds, indicating positive market sentiment towards the company [2][1]. Group 1: Stock Performance - As of December 24, Jinlei's stock price increased by 2.11% to 28.59 CNY per share, with a total market capitalization of 9.153 billion CNY [1]. - The stock has experienced a 0.74% increase over the last five trading days and a 9.83% increase over the last 20 days, while it has seen a slight decline of 0.76% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Jinlei reported a revenue of 2.119 billion CNY, representing a year-on-year growth of 61.35%, and a net profit attributable to shareholders of 305 million CNY, which is a 104.59% increase year-on-year [2]. - The company's main revenue sources include wind power shafts (67.80%), precision shafts (14.19%), assembly business (10.71%), and other sources (7.30%) [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 7.27% to 27,900, with an average of 8,701 circulating shares per shareholder, which increased by 7.84% [2]. - The company has distributed a total of 506 million CNY in dividends since its A-share listing, with 210 million CNY distributed over the last three years [3]. Group 4: Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited is the third-largest circulating shareholder with 4.2502 million shares, an increase of 1.0937 million shares from the previous period [3]. - Southern CSI 1000 ETF is a new entrant among the top ten circulating shareholders, holding 2.0467 million shares [3].

Core Insights - The wind power industry is expected to experience a synchronous recovery in both domestic and international markets, driven by changes in demand and industry dynamics, creating new investment opportunities [1] - The report maintains an "outperform" rating for the wind power sector, indicating a positive outlook for investment [1] Group 1: Industry Review - Since 2021, China's onshore wind power has entered a parity era, with rapid cost reductions achieved through large-scale and technological advancements, leading to continuous installation exceeding expectations [3] - The competition within the main engine segment has significantly compressed the profitability of the industry chain, resulting in a situation where growth in volume does not equate to growth in profit [3] - The price of the onshore wind industry chain has been recovering since the second half of 2024, with profitability expected to improve in 2025 as shipment volumes increase [3][4] Group 2: Onshore Wind Power Outlook - For 2026, it is anticipated that new onshore installations in China will reach 120 GW, a year-on-year increase of 10%, setting a new historical high [4] - The industry chain prices are expected to have solid support, leading to significant recovery in main engine profits, with component segments showing notable operational leverage [4] - The CAGR for new onshore installations in emerging markets is projected to be 17% from 2024 to 2030, with domestic manufacturers expected to see substantial growth in export profits [4] Group 3: Offshore Wind Power Outlook - The report forecasts that new offshore installations in China will rise to a range of 11-15 GW in 2026, representing a year-on-year increase of over 40% [5] - The national offshore wind project development is expected to commence in 2026, with a total of 70-100 GW of new offshore installations projected during the 14th Five-Year Plan period [5] - The global offshore wind market is anticipated to see steady growth in orders and construction demand, particularly in Europe, where supply constraints for cables and piles are expected [5] Group 4: Investment Recommendations - The report suggests focusing on key players in the main engine segment such as Goldwind Technology, Yunda Co., and Sany Renewable Energy, while component manufacturers like Delijia and Jinlei Co. are also highlighted [6] - In the offshore wind sector, companies such as Dajin Heavy Industry, Haili Wind Power, and Oriental Cable are recommended for investment consideration [6]

Group 1 - Wind power equipment sector increased by 0.77% on December 17, with He望电气 leading the gains [1] - The Shanghai Composite Index closed at 3870.28, up 1.19%, while the Shenzhen Component Index closed at 13224.51, up 2.4% [1] - He望电气's closing price was 30.65, reflecting a rise of 5.36% with a trading volume of 238,100 shares and a transaction value of 708 million yuan [1] Group 2 - The wind power equipment sector saw a net outflow of 376 million yuan from institutional investors, while retail investors had a net inflow of 444 million yuan [2] - The trading data for various companies showed that He望电气 had a net inflow of 80.12 million yuan from institutional investors, while retail investors had a net outflow of 78.23 million yuan [3] - Other companies like 运达股份 and 德力佳 also experienced varying degrees of net inflows and outflows from different investor types [3]

Group 1 - The company, Jinlei Co., stated on an interactive platform that it ensures all investors receive equal access to information by disclosing the number of shareholders at the end of the reporting period in its regular reports [2]