Group 1: Order and Market Overview - In the first nine months of 2025, the company secured new orders totaling 18,131.12 MW, bringing the cumulative orders to 46,868.05 MW by the end of September 2025 [2] - The breakdown of cumulative orders includes: 993.70 MW for wind turbines between 2 MW and 4 MW, 8,366.02 MW for turbines between 4 MW and 6 MW, and 37,508.33 MW for turbines of 6 MW and above [2] Group 2: Pricing and Competition - Wind turbine prices are influenced by product type, market conditions, and project specifications, with a slight increase in bidding prices observed this year [3] - In October 2024, 12 domestic manufacturers signed a self-regulatory agreement to address issues like unfair low-price competition and contract fairness [3] Group 3: Cost Reduction and Profitability Improvement - The company enhances profitability through improved R&D capabilities, product performance, and competitive new product development [3] - Key strategies include optimizing critical parameters of wind turbine products, applying new technologies, and self-developing core components to increase gross margins [3] Group 4: Offshore Wind Power Development - The company is focusing on offshore wind power in Zhejiang and coastal provinces, aiming to lead the industry and establish a strong brand [4] - Investments have been made in offshore wind power assembly bases in Dalian and Wenzhou, creating a dual-base layout [4] Group 5: New Energy Projects - In the first half of 2025, the company added 605.98 MW of approved/registered capacity for new energy projects, with a total grid-connected capacity of 1,203.11 MW by the end of June 2025 [4] - The company achieved a 31.08% year-on-year increase in revenue from power generation in the first half of 2025 [4]

Core Viewpoint - Yunda Co., Ltd. has shown a significant increase in stock price and trading activity, indicating positive market sentiment despite a slight decline in net profit year-on-year [1][2]. Financial Performance - For the period from January to September 2025, Yunda Co., Ltd. achieved a revenue of 18.486 billion yuan, representing a year-on-year growth of 32.72% [2]. - The net profit attributable to shareholders was 251 million yuan, which reflects a year-on-year decrease of 5.76% [2]. Stock Market Activity - On November 21, Yunda's stock price rose by 2.09%, reaching 17.08 yuan per share, with a trading volume of 228 million yuan and a turnover rate of 1.94% [1]. - The stock has increased by 29.59% year-to-date, with a slight increase of 0.47% over the last five trading days, but a decline of 8.12% over the last 20 days [1]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 13.08% to 33,400, while the average number of circulating shares per person increased by 15.09% to 20,891 shares [2]. - The company has distributed a total of 281 million yuan in dividends since its A-share listing, with 153 million yuan distributed over the past three years [3]. Major Shareholders - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 9.0248 million shares, a decrease of 1.7986 million shares from the previous period [3]. - Other notable shareholders include Huaxia Revival Mixed A and Bosera Hengle Bond A, with stable or new positions in the company [3].

Core Insights - Yunda Co., Ltd. experienced a stock price increase of 2.02% on November 19, reaching 16.65 CNY per share, with a total market capitalization of 13.101 billion CNY [1] - The company reported a year-to-date stock price increase of 26.33%, but a decline of 2.06% over the last five trading days and 9.12% over the last twenty days [1] Financial Performance - For the period from January to September 2025, Yunda Co., Ltd. achieved a revenue of 18.486 billion CNY, representing a year-on-year growth of 32.72%, while the net profit attributable to shareholders decreased by 5.76% to 251 million CNY [2] - The company has distributed a total of 281 million CNY in dividends since its A-share listing, with 153 million CNY distributed over the past three years [2] Shareholder Structure - As of September 30, 2025, the number of shareholders for Yunda Co., Ltd. was 33,400, a decrease of 13.08% from the previous period, with an average of 20,891 circulating shares per shareholder, an increase of 15.09% [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 9.0248 million shares, a decrease of 1.7986 million shares from the previous period [2]

Core Insights - The wind turbine industry is experiencing a slowdown in the trend of larger turbine units due to resource and production constraints, leading to a deceleration in power growth [1][3] - The profitability of wind turbine manufacturers is shifting towards the downstream segment of wind farm development, with a significant increase in the profit share from project development during the 14th Five-Year Plan [2] Industry Trends - The trend of turbine large-scale production is facing limitations, resulting in a decrease in the growth rate of power output. The industry is currently experiencing losses due to low turbine prices, leading to a market cleanup [3] - The market concentration in the wind turbine industry is increasing, with the CR5 rising from 65.0% to 75.0% and CR10 from 91.4% to 98.6% from 2020 to 2024 [3] Price and Profitability - Wind turbine prices have stopped declining and are expected to rise, with a projected 10% increase in prices from January to August 2025. The industry is anticipated to face a cyclical surge in demand [4] - The average bid price for land-based turbines has reached a low point but has been increasing for four consecutive quarters, indicating a potential turning point for profitability in 2026 [4] Domestic Demand - The domestic wind power installation is expected to average over 100 GW annually during the 15th Five-Year Plan, with significant contributions from large base projects and offshore wind [5] - The overall cost of wind power generation remains competitive, and the market is likely to favor wind energy development in the coming years [5] International Market Opportunities - The European offshore wind market is projected to see significant growth, with an expected average addition of 8 GW annually from 2026 to 2030 [6] - The emerging markets in Asia, Africa, and Latin America are anticipated to double their installation growth rates, with a projected CAGR of approximately 16% over the next five years [6] - Domestic wind turbine manufacturers are increasingly entering overseas markets, with a projected market share of 32% in Asia, Africa, and Latin America by 2024 [6] Investment Recommendations - Companies to watch include Goldwind Technology (002202.SZ), Mingyang Smart Energy (601615.SH), Yunda Co., Ltd. (300772.SZ), and SANY Renewable Energy (688349.SH) [7]

Core Insights - The wind power industry in China is transitioning from scale expansion to value enhancement, moving from a "policy-driven" to a "market-driven" phase, with standardized governance and green innovation becoming key competitive advantages for companies [1] Group 1: Information Disclosure and Governance - Yunda Co., Ltd. has been awarded the highest "A" rating for information disclosure for four consecutive years, highlighting its leading position in standardized operations within the industry [2] - The evaluation covered 5,104 listed companies, with only 953 receiving the "A" rating, representing 18.67% of the total, and only 385 companies (7.54%) achieving this rating for four years or more [2] - Yunda has consistently adhered to principles of openness, fairness, and justice, improving its governance structure and internal control systems, and ensuring accurate and timely information disclosure [2] Group 2: Green Development Initiatives - Yunda Co., Ltd. has been recognized as a "2025 People's Enterprise Green Development Case" by People's Daily, establishing itself as a benchmark in the green development sector [3] - The company is committed to its mission of providing clean energy and contributing to global sustainable development, aligning with the core direction of green and low-carbon development in the industry [3] - The dual recognition reflects regulatory and industry acknowledgment of Yunda's governance capabilities and achievements in green development, motivating the company to enhance information disclosure quality and governance effectiveness [3]

Investment Rating - The report maintains a "Strong Buy" rating for the wind power industry, particularly for companies like Mingyang Smart Energy [2]. Core Insights - The wind power industry is experiencing a recovery in pricing and profitability, driven by a combination of factors including policy changes and robust domestic and international demand [6][7]. - The profitability of wind turbine manufacturers is increasingly reliant on wind farm development and operation, as manufacturing margins have been under pressure due to price wars and competition [11][15]. - The trend of turbine size increasing is slowing down, leading to a more concentrated industry as smaller players exit due to unsustainable losses [5][39]. Summary by Sections 1. Profit Structure of Wind Turbine Manufacturers - Wind turbine manufacturers derive profits from two main areas: equipment manufacturing and wind resource development, with the latter gaining a larger share of profits over time [11][15]. - The manufacturing sector has seen a significant decline in profit margins, with some companies reporting negative margins due to intense price competition [37][39]. 2. Recovery of Turbine Prices and Industry Profitability - Turbine prices have bottomed out and are expected to rise, with a projected increase of approximately 10% from the previous year [40][56]. - The industry is witnessing a shift from low-price competition to a focus on quality and sustainable pricing, supported by new policies aimed at curbing price wars [45][46]. 3. Domestic Demand and International Market Opportunities - Domestic wind power installation is projected to exceed 120 GW in 2025, driven by a robust bidding environment and government support for large-scale projects [60][62]. - Internationally, markets in Europe and emerging regions in Asia, Africa, and Latin America are expected to see significant growth, with annual additions projected to double in the next five years [5][60]. 4. Investment Recommendations - The report suggests focusing on companies like Goldwind Technology, Mingyang Smart Energy, and Sany Heavy Energy, as they are well-positioned to benefit from the recovery in turbine prices and strong demand [5][6].

Market Overview - The wind power equipment sector experienced a decline of 0.66% on November 14, with Delijia leading the drop [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Stock Performance - Changyou Technology (301557) saw a significant increase of 7.78%, closing at 110.80 with a trading volume of 16,700 lots and a transaction value of 182 million [1] - Pangu Intelligent (301456) rose by 4.20%, closing at 31.50 with a trading volume of 74,300 lots and a transaction value of 229 million [1] - Other notable performers included Hongde Co. (301163) with a 1.30% increase and Zhonghuan Hailu (301040) with a 0.84% increase [1] Declining Stocks - Delijia (603092) led the decline with a drop of 4.92%, closing at 62.48 with a trading volume of 73,200 lots and a transaction value of 46.4 million [2] - Other stocks that declined included Weili Transmission (300904) down 2.36% and Mingyang Smart Energy (601615) down 2.03% [2] Capital Flow - The wind power equipment sector saw a net outflow of 157 million from institutional investors, while retail investors contributed a net inflow of 36.27 million [2] - The sector's capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors showed some interest [2] Individual Stock Capital Flow - Hewei Electric (603063) had a net inflow of 89.62 million from institutional investors, but a net outflow of 72.91 million from retail investors [3] - Pangu Intelligent (301456) experienced a net inflow of 14.43 million from institutional investors, while retail investors showed a net outflow of 1.33 million [3] - Overall, the capital flow data reflects varying levels of investor confidence across different stocks within the sector [3]

Group 1 - The core point of the article highlights the recent decline in the stock price of Yunda Co., which fell by 5.01% to 17.45 CNY per share, with a trading volume of 240 million CNY and a turnover rate of 1.93%, resulting in a total market capitalization of 13.73 billion CNY [1] - Yunda Energy Technology Group Co., Ltd. is based in Hangzhou, Zhejiang Province, and was established on November 30, 2001. The company went public on April 26, 2019, and its main business involves the research, development, production, and sales of large wind turbine generators [1] - The revenue composition of Yunda Co. is as follows: wind turbine generators account for 87.54%, new energy EPC contracting for 6.36%, other revenues for 4.04%, and power generation income for 2.06% [1] Group 2 - From the perspective of fund holdings, a fund under Guodu Securities has a significant position in Yunda Co. The Guodu Jucheng fund (011389) held 20,000 shares in the third quarter, representing 3.25% of the fund's net value, making it the eighth largest holding [2] - The Guodu Jucheng fund was established on March 25, 2021, with a latest scale of 11.67 million CNY. Year-to-date returns are 12.25%, ranking 5564 out of 8219 in its category, while the one-year return is 9.88%, ranking 5320 out of 8125. Since inception, the fund has experienced a loss of 44.49% [2] Group 3 - The fund managers of Guodu Jucheng are Liao Xiaodong, Zhang Xiaolei, and Gong Yongjin. Liao has a tenure of 5 years and 181 days, with a total fund asset size of 22.45 million CNY, achieving a best return of -24.14% and a worst return of -65.96% during his tenure [3] - Zhang has a tenure of 6 years and 331 days, managing assets of 22.45 million CNY, with a best return of 80.09% and a worst return of -24.36% [3] - Gong has a tenure of 1 year and 222 days, with assets of 11.67 million CNY, achieving a best and worst return of 11.76% during his tenure [3]

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Views - The wind power sector is witnessing increased overseas expansion by leading turbine manufacturers, enhancing their profitability and market share [5][10] - Leading photovoltaic (PV) component companies are accelerating their energy storage business layouts, indicating a shift towards integrated solar-storage solutions [5][6] - The energy storage and hydrogen sectors are experiencing positive trends in bidding volumes and prices, suggesting a healthy market environment [6] Summary by Sections Wind Power - Recent actions by top wind turbine companies include signing agreements for significant projects in Saudi Arabia (3GW), the Philippines (2GW), and Costa Rica, indicating a clear trend towards international market expansion [5][10] - The wind power index increased by 2.29% in the week of November 3-7, outperforming the CSI 300 index by 1.47 percentage points, with a current PE_TTM valuation of approximately 26.96 times [4][11] Photovoltaics - Major PV component firms are focusing on energy storage, with partnerships aimed at supplying large-scale battery systems and integrated solar-storage solutions [5][6] - The current market conditions for the PV sector remain challenging, with leading companies reporting losses in the first three quarters of 2025, while the energy storage sector shows better profitability [5][6] Energy Storage & Hydrogen - In October 2025, the domestic energy storage bidding volume reached 29.4GWh, a year-on-year increase of 116%, indicating strong market demand [6] - The average price for 2-hour energy storage systems is reported at 0.628 CNY/Wh, reflecting a slight decrease from the previous month, while the 4-hour systems saw a price increase [6] - The report suggests that the independent energy storage market is maturing, with potential for reasonable returns as policies and market structures evolve [6] Investment Recommendations - For wind power, focus on companies like Goldwind Technology, Mingyang Smart Energy, and Yunda Co., which are expanding their overseas markets [6] - In photovoltaics, attention is drawn to companies like LONGi Green Energy and Aiko Solar, despite short-term supply-demand challenges [6] - In energy storage, recommend companies like Sungrow Power Supply and Haibo Technology, which are well-positioned in both domestic and international markets [6]

Investment Rating - The report maintains a positive investment outlook for the clean energy sector, particularly focusing on storage, wind, and solar energy [1][5][19]. Core Insights - The global electricity shortage narrative continues to evolve, driven by AI computing power demands and carbon reduction goals, which will collectively drive a significant cycle in clean energy and new grid construction over the next 3-5 years [1][5]. - Storage solutions are identified as critical for adapting to changes in power source structures and load characteristics, while green hydrogen and ammonia are seen as key pathways for carbon reduction in non-electric sectors [1][5]. - The report emphasizes the importance of top-level design documents in China, reinforcing the strategic direction for energy transition and carbon neutrality [6][7]. Summary by Relevant Sections Energy Storage - North America continues to experience electricity shortages, with a resonance between the Chinese and U.S. markets; the white paper on carbon peak and carbon neutrality in China further establishes the key role of storage [6][7]. - Tesla is expected to procure 30GWh of storage batteries from Samsung SDI, indicating a strong demand for storage solutions [8][9]. Lithium Battery - The price of lithium hexafluorophosphate (6F) continues to rise, with a notable increase of 4.19% in the average price of lithium iron phosphate batteries; the overall lithium battery supply chain remains optimistic [12][16]. - Tianqi Lithium announced significant orders totaling nearly 400 billion yuan for electrolyte products, indicating robust demand in the lithium battery sector [13]. Wind Energy - Wind turbine prices and volumes are exceeding expectations, with a focus on the profitability recovery of the turbine manufacturing segment; the report recommends key companies in this area [17][19]. - The government of Yancheng has released a green electricity direct connection plan, with a wind power capacity of 35.8GW planned, predominantly from offshore sources [20][21]. Solar Energy - The solar industry is experiencing a seasonal slowdown in production, but the decline is less than previously predicted; the report suggests bottom-fishing strategies in the solar sector, particularly in glass and low-cost silicon materials [23][24]. - The report highlights the potential for demand recovery in the solar market due to ongoing electricity shortages and domestic carbon reduction targets [23][26]. Hydrogen and Fuel Cells - The solid oxide fuel cell (SOFC) sector is experiencing unexpected growth, with new supply chain opportunities emerging; the report emphasizes the importance of green hydrogen and ammonia in future energy strategies [26][28]. - The report identifies a significant opportunity for green methanol production, driven by upcoming projects and the demand for green shipping fuel [27][28]. AIDC (Advanced Industrial Computing) - Major electrical giants are expanding their liquid cooling business through acquisitions, indicating a growing market for thermal management solutions in data centers [29][30].