作者 | 第一财经 郭霁莹 2026.02. 14 本文字数：1808，阅读时长大约3分钟 2025年国内风电市场延续高景气。 中国可再生能源学会风能专业委员会（CWEA）2月13日晚最新发布的《2025年中国风电吊装容量 统计简报》显示，去年国内风电新增装机18272台，新增吊装容量1.3亿千瓦，创历史新高，同比增 长49.9%，远超2024年9.6%的同比增幅。 陆风、海风发展分化明显，陆上风电仍是国内增长绝对主力。2025年国内陆上风电新增装机1.25亿 千瓦，占全部新增装机的95.8%，占比较2024年进一步提升了2.3个百分点。海上风电因受多重壁垒 制约，去年新增装机容量556万千瓦，同比下滑了2.3%，占全部新增装机容量比重下滑至4.2%。 彭博新能源财经分析称，受去年初国家发改委、国家能源局发布的《关于深化新能源上网电价市场化 改革促进新能源高质量发展的通知》（简称"136号文"）影响，开发商在2025年5月底电力市场政策 调整前，集中推进陆上风电项目并网，同时央企开发商加快建设步伐，以实现到2025年底可再生能 源在其发电资产中占比超过一半的目标。 伴随装机规模增长，风电机组大兆瓦化趋势凸显。 ...

2025年国内风电市场延续高景气。 中国可再生能源学会风能专业委员会（CWEA）2月13日晚最新发布的《2025年中国风电吊装容量统计 简报》显示，去年国内风电新增装机18272台，新增吊装容量1.3亿千瓦，创历史新高，同比增长 49.9%，远超2024年9.6%的同比增幅。 一位一级市场投资人告诉第一财经，海上机组对耐盐雾、抗台风等性能要求高，且配套施工运维能力门 槛也高，这将进一步放大头部企业技术优势。反观华锐风电等老牌企业，仅占0.2%的市场份额，中小 品牌基本退出行业核心竞争。 国内市场大幅增长的同时，海外市场也成为中国风电企业的重要增长极。2025年，中国风电机组新增出 口1175台，容量为773.4万千瓦，同比增长48.9%，创历史新高。截至2025年底，中国风电机组累计出口 容量2852.2万千瓦，出口到六大洲共60个国家，比2024年新增3个国家，累计出口容量居前的市场主要 集中在发展中国家，涵盖越南、沙特阿拉伯、埃及等多个新兴市场。 出口市场同样由头部企业主导，金风科技以2025年386.2万千瓦的风机出口量占据半壁江山，远景能 源、运达股份紧随其后，前三家企业合计占比超90%，与国内市场装 ...

彭博新能源财经分析称，受去年初国家发改委、国家能源局发布的《关于深化新能源上网电价市场化改 革促进新能源高质量发展的通知》（简称"136号文"）影响，开发商在2025年5月底电力市场政策调整 前，集中推进陆上风电项目并网，同时央企开发商加快建设步伐，以实现到2025年底可再生能源在其发 电资产中占比超过一半的目标。 伴随装机规模增长，风电机组大兆瓦化趋势凸显。2025年国内新增风电装机平均单机容量7160千瓦，同 比增长18.3%。在行业看来，这一变化背后，是风电平价上网后，企业对成本控制与效率提升的持续追 求。 另外，陆上与海上风电机组的技术迭代节奏差异明显。陆上机组平均单机容量7069千瓦，同比增长 20.1%，迭代速度显著快于海上；海上机组平均单机容量10054千瓦，同比微增1%，提前迈入10兆瓦 （MW）+大机型成熟阶段。 装机高增长同时，行业集中度进一步提升，风电整机领域寡头效应强化。2025年，国内有新增装机的风 电整机制造企业由上一年的13家缩减至10家，前7家企业新增装机均超1000万千瓦，市场份额合计达 91.8%，中小品牌加速出清。 中国风电企业海外布局已从单纯的产品出口转向落地本土化产能 ...

针对企业痛点，钱江海关深化"一企一策"精准帮扶机制，靶向破解大型装备出口"运输难、维修难、报 关难"等堵点。向企业详细讲解全国通关一体化、长三角运河内支线运输等惠企政策，为企业量身定制 最优物流路径，大幅压缩运输时间与成本。针对专用工具校验、零部件退运维修等需求，开展专项政策 辅导，明确申报规范与监管要求，为企业扫清后顾之忧。2025年，该公司对共建"一带一路"国家出口风 电产品达14.8亿元，同比激增超10倍。 商报讯(记者汤佳烨通讯员周敏伟)近日，杭州土星动力科技有限公司的一批巡航摩托车与全地形车经钱 江海关监管验放后，顺利发往奥地利、马来西亚等共建"一带一路"国家。 为助力更多高新企业扬帆出海，钱江海关持续深化贸易便利化改革，优化通关流程、压缩通关时效，持 续释放AEO政策红利，在保障出口货物"快验快放"的同时，让守信企业在全球贸易中享受更多通关便 利。2025年，杭州市对共建"一带一路"国家进出口总额达4674.8亿元，同比增长10.5%。 "2025年，我们成功拿下沙特阿拉伯两个大型风电项目，涉及147台风能机组，订单体量均创历史新 高。"公司关务负责人徐冰冰表示。风电设备"体型庞大、运输复杂"，且 ...

2026年2月10日，运达股份在世界未来能源峰会（阿布扎比）亮相，展示了针对中东高温、强沙尘环境 定制的WD200-7700IW风电机组及智慧储能解决方案（如VoltPack集装箱和VoltBlock户外柜）。该机型 已应用于沙特延布等项目，并获多国能源部门关注。此次参展提升了公司在中东市场的品牌影响力，为 海外合作拓展奠定基础，可能对长期业务形成正面支撑。 经济观察网 近7天（2026年2月6日至2月12日），运达股份（300772）股价呈现波动上涨态势。区间累 计涨幅为5.33%，最高价达19.65元（2月11日），最低价为17.73元（2月6日）。具体来看，2月6日股价 上涨3.28%至18.59元，成交额3.59亿元；2月9日微涨0.65%至18.71元；2月10日上涨0.80%至18.86元；2 月11日继续上涨2.07%至19.25元，成交额1.92亿元；2月12日回调1.51%，收盘报18.96元。资金流向方 面，2月12日主力资金净流出910.04万元，但近5日整体表现强于大盘（上证指数涨1.46%）和行业（风 电设备板块跌0.36%）。 机构观点 近期事件 机构最新观点显示，运达股份综合目标 ...

Group 1: Photovoltaic Industry - The photovoltaic industry is experiencing a clear upward trend due to supply-side clearing and demand-side support, with expectations of profitability recovery in 2026 as inefficient companies exit the market and leading firms enhance efficiency through technological upgrades [1][14] - In 2025, China's photovoltaic industry saw a significant increase in installed capacity, reaching 315.07 GW, with a year-on-year growth rate of 13.67%, despite a slowdown in the second half of the year [14][16] - The introduction of policies aimed at preventing "involution" in the industry has led to a recovery in prices, with polysilicon prices rising over 50% from June to November 2025, indicating a shift towards a more rational pricing environment [22][29] Group 2: Wind Power Industry - The wind power industry is expected to benefit from a favorable supply-demand structure, with significant growth anticipated in offshore wind projects and exports, particularly in 2025 [1][3] - The domestic wind power market is projected to continue its growth trajectory, with offshore wind becoming a key focus area, supported by increasing demand for domestic and international markets [1][3] - Investment recommendations include focusing on leading manufacturers in the wind turbine sector and companies involved in high-barrier components such as submarine cables, which are expected to see increased demand [3][3] Group 3: New Energy Vehicles - The new energy vehicle sector in China is projected to achieve sales of 16.49 million units in 2025, reflecting a year-on-year growth of 28.2%, driven by stable market demand and improved product structures [2][3] - The industry is witnessing a recovery in profitability as supply-side chaos is effectively managed, with significant price increases in key materials like lithium hexafluorophosphate and vinyl carbonate [2][3] - The transition to a high-quality development phase is expected in 2026, supported by technological innovations and enhanced supply chain capabilities [2][3] Group 4: Lithium Battery Industry - The lithium battery industry is experiencing a recovery in profitability as inefficient production capacity is eliminated, with key materials seeing price increases and demand from new energy vehicles and energy storage continuing to rise [8][8] - Recommendations include focusing on leading companies in the battery and structural components sectors, which are expected to benefit from the industry's recovery [8][8] - The commercialization of solid-state batteries is accelerating, with several companies making significant progress in this area [8][8]

目前公司属于工业行业，主要产品类型为动力机械、发电机及附属设备、专业咨询服务，2024年报主营 构成为风电机组:81.33%;新能源电站开发转让:7.61%;新能源EPC总承包:5.46%;其他:4.19%;发电收 入:1.41%。 同壁财经讯，企查查数据显示，根据《华电广西能源（维权）有限公司相关招标项目工程广西华电象州 马坪25万千瓦风电场风力发电机组（含塔架）采购批次中标结果公示》，运达能源科技集团股份有限公 司于2026年2月11日公告中标象州华电能源有限公司采购项目，中标金额为5.49亿元。 相关上市公司：运达股份(300772.SZ) 同壁财经小贴士： 同壁财经讯，企查查数据显示，根据《华电广西能源（维权）有限公司相关招标项目工程广西华电象州 马坪25万千瓦风电场风力发电机组（含塔架）采购批次中标结果公示》，运达能源科技集团股份有限公 司于2026年2月11日公告中标象州华电能源有限公司采购项目，中标金额为5.49亿元。 相关上市公司：运达股份(300772.SZ) 同壁财经小贴士： 运达股份（300772.SZ）2024年营业收入为221.98亿元，营业收入增长率为18.54%，归属母公司净利润 ...

展会现场，运达股份展台人气高涨，阿联酋、沙特阿拉伯、埃及等国能源部门官员、头部企业代表及行 业专家密集到访交流。其中，专为中东极端环境量身打造的WD200-7700IW风电机组备受瞩目，该机型 已成功应用于沙特延布等项目，凭借卓越的环境适应性与高可靠性，成为当地大型风电项目实现无追索 权融资的关键标杆，充分印证了"中国智造"在高端国际市场的核心竞争力。 在储能领域，运达股份展出的智慧液冷VoltPack集装箱及VoltBlock户外一体柜系列产品同样引发广泛关 注。产品采用高安全大容量电芯与先进热管理技术，系统效率最高可达90%，能从容应对高海拔、强风 沙等极端环境，且全面通过GB、IEC、UL等全球权威认证，彰显了运达股份满足海外市场高标准需 求、提供全场景储能解决方案的硬实力。 展会期间，运达团队与多个重点国家的能源企业和政府机构代表团开展多场务实会谈，围绕区域能源规 划、具体项目合作及长期技术协作等议题深入交换意见。此次参展不仅充分展现了运达开放合作的姿态 与系统化项目交付能力，更为其进一步扎根中东市场、拓宽绿色能源合作版图奠定了坚实基础。未来， 运达股份将持续以科技创新为引擎，携手全球伙伴推动能源转型 ...

Group 1 - The core viewpoint of the report indicates that the power industry is expected to undergo high-quality development due to accelerated marketization and ongoing reforms in the electricity system in China, particularly in the context of the "dual carbon" strategy [2] - The report highlights that the investment in the power grid is anticipated to increase, with significant growth in transformer exports to the U.S. and other countries in the first nine months of 2025 [4] - The report emphasizes the importance of gas turbines as a primary solution for addressing electricity shortages in the U.S., with Chinese companies expected to expand their presence in international markets [4] Group 2 - The report notes that the construction of ultra-high voltage (UHV) power lines is likely to accelerate due to the rising demand for green electricity, despite a slowdown in construction during the latter part of the 14th Five-Year Plan [3] - The investment in distribution networks is expected to become a key focus during the 15th Five-Year Plan, as the reliability of power supply is challenged by the rapid growth in peak electricity load [3] - The profitability of wind power equipment is projected to continue improving, with domestic companies accelerating their international expansion, supported by high bidding volumes and rising prices [5]

Group 1 - The power industry is expected to achieve high-quality development as it enters a year of comprehensive marketization, driven by the "dual carbon" strategy and accelerated reforms in the electricity system [3][7][8] - The electricity market reform is set to fully unfold in the 15th Five-Year Plan, with significant policies introduced in the final year of the 14th Five-Year Plan that will have far-reaching impacts [3][11][12] - The core idea of the electricity reform is to reflect the different values of power sources (energy value, capacity value, adjustment value, and clean value) in market pricing, which has been historically dominated by energy value due to the predominance of coal power [8][10] Group 2 - The reform is expected to accelerate the construction of ultra-high voltage (UHV) and distribution networks, with UHV construction likely to speed up again as green electricity demand rises [3][16][24] - The investment in distribution networks has been low, with a continuous decline in the investment ratio, but this is expected to change as the demand for reliable power supply increases [28][34][41] - The introduction of capacity pricing for UHV and distribution networks is anticipated to stabilize project returns and promote the development of related projects [26][41] Group 3 - The surge in AI investments is projected to significantly increase electricity demand in the U.S., with OpenAI planning to deploy over 250GW of computing power by 2033, which could lead to a substantial electricity shortfall [45][49] - The U.S. electricity demand has been stagnant, but projections indicate that by 2030, peak load could approach 1000GW, driven largely by data centers [49][51] - The anticipated increase in electricity demand from AI investments presents a significant opportunity for companies involved in power generation and distribution [45][49] Group 4 - The profitability of wind turbine manufacturers is expected to improve, with domestic companies accelerating their international expansion as domestic bidding volumes remain high and prices trend upward [3][4] - Companies such as Goldwind Technology, Yunda Co., Mingyang Smart Energy, and Sany Heavy Industry are recommended for investment due to their competitive advantages in cost and market position [3][4]