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]

Group 1 - The company maintains a balanced sales strategy between domestic and international markets, with both segments contributing equally to sales [1] - In the forging business, overseas customer base is stabilizing, indicating a steady demand [1] - In the casting business, the company is actively developing overseas customers, suggesting potential for growth in international markets [1]

格隆汇12月17日丨金雷股份(300443.SZ)在投资者互动平台表示，公司产品暂未涉及SMR领域。 ...

格隆汇12月17日丨金雷股份(300443.SZ)在投资者互动平台表示，公司产品暂未涉及SMR领域。 ...

Core Viewpoint - Jinlei Co., Ltd. (300443) has confirmed that it currently does not hold any shares in Feiwo Technology (301232) [1] Company Summary - Jinlei Co., Ltd. responded to investor inquiries on an interactive platform regarding its shareholding status [1]

Core Viewpoint - Jinlei Co., Ltd. has completed negotiations for its overseas orders, and the results are in line with expectations. Domestic orders are typically negotiated at the beginning of each year [2] Group 1 - The company has indicated that its overseas order negotiations are essentially finished [2] - The outcomes of the overseas negotiations have met the company's expectations [2] - Domestic order negotiations are expected to commence at the start of the upcoming year [2]