Investment Rating - The report rates the wind power industry as "Overweight," indicating that it is expected to outperform the overall market [9]. Core Insights - The wind turbine bidding prices are on the rise, leading to a comprehensive recovery in the sector. The average bidding price for wind turbine units in June 2025 was 1,616 RMB/kW, reflecting a year-on-year increase of approximately 10.3%. This price increase is anticipated to significantly enhance profit margins in the main machine segment as high-priced orders enter the delivery phase [3]. - The upcoming "14th Five-Year Plan" for marine economic development is expected to boost domestic offshore wind expectations. Global interest rate cuts are accelerating offshore wind construction in Europe, with an expected installed capacity of 8.7 GW in 2026, representing a year-on-year growth of 107%. The market is likely to adjust its valuation as expectations for profit elasticity in the main machine segment are realized [3]. - Investment recommendations focus on companies benefiting from price increases and strong profit elasticity, including Goldwind Technology, Yunda Co., SANY Renewable Energy, and Dongfang Cable. Additionally, companies with scarce capacity and significant expectation gaps, such as Jinlei Co., and those with strong growth logic in pure offshore wind, like Haili Wind Power, are highlighted [3]. Summary by Sections Wind Power Equipment - The wind power industry is experiencing a recovery phase with increasing bidding prices for wind turbines, which is expected to lead to higher profitability for manufacturers [3]. - The report emphasizes the importance of the upcoming marine economic development plan and its potential impact on offshore wind capacity growth [3]. Key Companies and Valuations - The report includes a valuation table for key companies in the wind power sector, detailing their market capitalization, projected net profits, and price-to-earnings ratios for 2024 to 2026 [5]. - Notable companies mentioned include Dongfang Cable, Zhongtian Technology, Haili Wind Power, and Goldwind Technology, among others, with varying projected growth rates and valuations [5].

Investment Rating - The report rates the wind power industry as "Overweight" indicating a positive outlook for the sector [3][10]. Core Insights - Wind turbine bidding prices are on the rise, with the average bidding price for wind turbine units reaching 1,616 RMB/kW in June 2025, a year-on-year increase of approximately 10.3%, which is expected to significantly enhance profit margins for manufacturers [3]. - The anticipated growth in offshore wind capacity, projected to reach 8.7 GW in 2026 (a year-on-year increase of 107%), is expected to drive a valuation shift in the sector, particularly as market expectations for profit elasticity in turbine manufacturing strengthen [3]. - Key investment recommendations include focusing on companies benefiting from price increases and strong profit elasticity, such as Goldwind Technology, Yunda Co., Sany Heavy Energy, and Dongfang Cable, as well as companies with scarce capacity and significant growth potential like Jinlei Co. and Haili Wind Power [3]. Summary by Sections Wind Power Equipment - The wind power equipment sector is experiencing a recovery phase with increasing bidding prices and profit potential [3]. - The establishment of industry self-regulation mechanisms is contributing to the positive price trend [3]. Market Expectations - The report highlights the synchronization of domestic and global offshore wind expectations, which is likely to enhance market sentiment and valuation for the sector [3]. - The report anticipates that the upcoming quarterly disclosures will further bolster market expectations regarding profit elasticity [3]. Key Companies - The report identifies several key companies for investment consideration, including: - Goldwind Technology - Yunda Co. - Sany Heavy Energy - Dongfang Cable - Jinlei Co. - Haili Wind Power - Other notable mentions include Dajin Heavy Industry, Zhongtian Technology, and Guoda Special Materials [3].

9月29日，金雷股份盘中上涨2.01%，截至11:03，报30.46元/股，成交2.61亿元，换手率3.58%，总市值 97.51亿元。 资金流向方面，主力资金净流入397.63万元，特大单买入1068.21万元，占比4.09%，卖出999.10万元， 占比3.82%；大单买入6211.04万元，占比23.77%，卖出5882.53万元，占比22.51%。 截至6月30日，金雷股份股东户数3.01万，较上期增加20.23%；人均流通股8068股，较上期减少 16.82%。2025年1月-6月，金雷股份实现营业收入12.83亿元，同比增长79.85%；归母净利润1.88亿元， 同比增长153.34%。 分红方面，金雷股份A股上市后累计派现4.74亿元。近三年，累计派现1.78亿元。 机构持仓方面，截止2025年6月30日，金雷股份十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股315.65万股，相比上期增加23.29万股。长信金利趋势混合A（519994）位居第十大流通股 东，持股210.00万股，相比上期减少190.00万股。 责任编辑：小浪快报 金雷股份今年以来股价涨53.45%，近5个交易日 ...

Group 1 - Wind power equipment sector increased by 2.84% on September 24, with Zhonghuan Hailu leading the gains [1] - Shanghai Composite Index closed at 3853.64, up 0.83%, while Shenzhen Component Index closed at 13356.14, up 1.8% [1] - Key stocks in the wind power equipment sector showed significant price increases, with Zhonghuan Hailu rising by 5.63% to 22.52 and Daqian Heavy Industry increasing by 4.23% to 46.08 [1] Group 2 - The wind power equipment sector saw a net inflow of 98.62 million yuan from main funds, while retail investors experienced a net outflow of 41.83 million yuan [2][3] - Major stocks like Mingyang Smart Energy and Jinfeng Technology also experienced notable trading volumes, with Mingyang Smart Energy trading 610,000 shares and Jinfeng Technology trading 943,900 shares [1][2] - The data indicates a mixed sentiment among different investor types, with main funds showing interest while retail investors were net sellers [3]

Investment Rating - The investment rating for the wind power industry is "Outperform the Market" (maintained rating) [1] Core Views - The offshore wind sector is expected to see significant project launches in Jiangsu and Guangdong in the first half of 2025, with a projected average annual installation of over 20GW during the 14th Five-Year Plan period, surpassing the previous plan's levels. The onshore wind sector is anticipated to reach a historical high of 100GW in installations in 2025, with component manufacturers experiencing growth in both volume and price [4][5] - The report suggests focusing on three main areas: 1) Leading companies in export layouts such as pile foundations and submarine cables; 2) Domestic manufacturers with bottoming profits and accelerating exports; 3) Component manufacturers benefiting from simultaneous volume and profit growth opportunities in 2025 [5] Summary by Sections Industry News - The wind power sector has generally risen in the past two weeks, with the top three performing segments being bearings (+14.9%), complete machines (+12.5%), and blades (+11.7%). The top three individual stocks were Jinlei Co. (+20.1%), Wuzhou Xinchun (+19.4%), and Yunda Co. (+17.6%) [3] Market Performance - As of mid-September 2025, the cumulative public bidding capacity for wind turbines in China is 68.6GW, with a 13% decrease year-on-year. The average winning bid price for onshore wind turbines (excluding towers) is 1,533 CNY/kW [7][8] - In 2024, the total public bidding capacity for wind turbines is projected to be 107.4GW, a 61% increase year-on-year, with onshore wind turbines accounting for 99.1GW of this total [7][8] Installation Data - In 2024, the total new wind power installation capacity is expected to be 79.8GW, with onshore wind contributing 75.8GW and offshore wind 4.0GW. The report forecasts new installations of 130GW from 2025 to 2027 [8][39] Investment Recommendations - The report recommends focusing on companies such as Goldwind Technology, Oriental Cable, and others that are positioned well for growth in the wind power sector [5]

Group 1 - The core point of the news is that Jinlei Technology Co., Ltd. experienced a 5% drop in stock price, closing at 29.80 yuan per share, with a trading volume of 648 million yuan and a turnover rate of 8.72%, resulting in a total market capitalization of 9.54 billion yuan [1] - Jinlei Technology, established on March 24, 2006, and listed on April 22, 2015, specializes in the research, production, and sales of wind turbine main shafts and various large castings and forgings [1] - The main revenue composition of Jinlei Technology includes wind power shafts (forged and cast) at 67.80%, precision shafts at 14.19%, assembly business at 10.71%, and other revenues at 7.30% [1] Group 2 - From the perspective of major fund holdings, one fund under Galaxy Fund has a significant position in Jinlei Technology, with the Galaxy Regular Investment Tencent Jiaan Index Fund (519677) holding 137,100 shares, accounting for 1.07% of the fund's net value, making it the fourth-largest holding [2] - The estimated floating loss for the fund today is approximately 215,200 yuan [2] - The Galaxy Regular Investment Tencent Jiaan Index Fund was established on March 14, 2014, with a current scale of 291 million yuan, achieving a year-to-date return of 24.17% and a one-year return of 50.27% [2]

Market Performance - On September 17, the wind power equipment sector rose by 3.91%, with Jinlei Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Stock Performance - Jinlei Co., Ltd. (300443) closed at 31.37, up 12.44% with a trading volume of 265,700 shares and a transaction value of 793 million [1] - Goldwind Technology (002202) closed at 13.23, up 7.47% with a trading volume of 1,781,200 shares and a transaction value of 2.299 billion [1] - Tiensun Wind Power (002531) closed at 7.81, up 5.68% with a trading volume of 728,500 shares and a transaction value of 557 million [1] - Other notable stocks include Daqian Heavy Industry (002487) up 4.81%, Yunda Co., Ltd. (300772) up 4.68%, and Mingyang Smart Energy (601615) up 4.30% [1] Capital Flow - The wind power equipment sector saw a net inflow of 840 million from institutional investors, while retail investors experienced a net outflow of 740 million [2][3] - The main stocks with significant net inflows include Goldwind Technology with 224 million and Hewei Electric with 106 million [3] - Conversely, retail investors showed significant outflows from several stocks, including Goldwind Technology and Tiensun Wind Power [3]

Group 1 - Wind power equipment concept stocks experienced a significant surge on September 17, with Goldwind Technology rising over 8% [1] - Other companies in the sector, such as Jinlei Co., Jixin Technology, and Times New Materials, also saw increases in their stock prices [1]

Group 1 - The company, Jinlei Co., announced that as of the date of the announcement, neither the company nor its subsidiaries have provided guarantees to entities outside the consolidated financial statements [2] - There are no overdue debts corresponding to guarantee balances, and there are no amounts related to guarantees involved in litigation [2] - The company does not face any losses due to being ruled against in guarantee-related lawsuits [2]

北京德和衡律师事务所 关于金雷科技股份公司 2025年第一次临时股东大会的 法律意见书 德和衡证见意见(2025)第00182号 BEIJING DHH LAW FIRM 中国·北京市朝阳区建国门外大街 2 号银泰中心 C 座 11、12 层 电话： (+86 10) 8540 7666 邮编：100022 www.deheheng.com 北京德和衡律师事务所 关于金雷科技股份公司 2025年第一次临时股东大会的 法律意见书 一、本次股东大会的召集与召开程序 本次股东大会由公司董事会根据第六届董事会第十次会议决议召集，公司董事会于 2025 中国·北京市朝阳区建国门外大街 2 号银泰中心 C 座 11、12 层 电话： (+86 10) 8540 7666 邮编：100022 www.deheheng.com 德和衡证见意见(2025)第00182号 致：金雷科技股份公司 北京德和衡律师事务所（以下简称"本所"）接受金雷科技股份公司（以下简称"公司"） 的委托，指派本所律师出席贵公司 2025 年第一次临时股东大会。本所律师依据《中华人民共 和国公司法》（以下简称"《公司法》"）、《上市公司股东会规则》（以 ...