Investment Rating - The report maintains an "Outperform" rating for the wind power sector [4] Core Insights - Gansu Province has officially issued a plan to promote the market-oriented reform of renewable energy pricing, allowing all renewable energy projects to enter the electricity market, with a mechanism price of 0.3078 yuan/kWh for existing projects [2][12] - The wind power sector has seen significant growth, with a 98.88% year-on-year increase in new installations in the first half of 2025, totaling 51.39 GW [3][28] - The average bidding price for offshore wind turbines has shown a downward trend, currently at 3266.17 yuan/kW [3][47] Industry Dynamics - Gansu's new pricing mechanism will apply to all renewable energy projects, with a total electricity scale of 154 billion kWh for existing projects [2][12] - In Liaoning Province, several offshore wind projects have made progress, including the approval of a 500 MW project [12] - The wind power equipment index has a TTM P/E ratio of 33.38 and a MRQ P/B ratio of 1.8 [16][21] Market Performance - The wind power equipment sector increased by 4.79% this week, outperforming the CSI 300 index by 2.42 percentage points [16][19] - Key stocks that led the market include Shuangyi Technology and Jinpan Technology, with increases of 41.17% and 20.73%, respectively [22][26] Macroeconomic Data - The GDP for the first half of 2025 was 66.05 trillion yuan, reflecting a year-on-year growth of 5.3% [24][27] - The total electricity consumption in the first half of 2025 was 48,418 billion kWh, a 3.7% increase year-on-year [24][27] Wind Power Installation Data - As of June 2025, the cumulative installed capacity of wind power reached approximately 572.6 million kW, a year-on-year increase of 22.7% [28][29] - The first half of 2025 saw 48.90 GW of new onshore wind installations and 2.49 GW of new offshore installations [28][35] Material Prices - The prices of raw materials such as scrap steel, copper, aluminum, and epoxy resin have increased, while the prices of medium-thick plates and rebar have decreased [37][38] Investment Recommendations - The report recommends key companies such as Goldwind Technology and Yunda Co. for their strong market positions and growth potential [7][56] - Companies in the tower and foundation segment, such as Daikin Heavy Industries and Taisheng Wind Power, are highlighted for their regional advantages and strong order acquisition capabilities [7][56]

需求端预期差：多项前瞻指标正逐步验证26年国内陆风需求仍有望实现同比正增长。市场认为25年风电 需求旺盛主因十四五末年抢装，并由此判断26年陆风需求存在较大的下行风险，但该行认为：在全面市 场化交易的背景下，风电出力曲线优势和非技术成本压缩空间将令其维持较高收益率的能力显著强于光 伏，从而令十五五期间国内新能源电源的投资重心向风电倾斜。结合近期多维度数据验证，该行认为作 为十五五开局年的26年国内陆风需求仍有望保持增长：1）作为比风机招标更前置的指标，1-7月风电核 准规模达106GW，同比+37%显著指引26年需求乐观；2）大唐近期启动规模高达10GW的25-26年度陆 风机组框采，同比+67%；3）24年风机招标高达164GW、25年1-7月仅央国企招标约60GW，即使25H2 招标量因市场化交易政策过渡期而阶段性维持低位，仍足以支撑26年装机保持增长。 价格端预期差：整机企业与业主"双向奔赴"，看好本轮风机价格上涨持续性。市场认为本轮风机价格回 暖主要因为今年需求好、风机企业订单饱满，但该行认为：除了需求高景气的因素外，风机涨价更是整 机制造商和运营商业主的"双向奔赴"。1）整机企业端：持续多年的风机大 ...

投资逻辑： 市场对风电行业 25 年强势量价表现持续性的担忧，造成整机公司股价远未充分反映其潜在盈利改善弹性。24Q4 以来，国内陆风机组中标价格持续回暖，我们统计今年 1-7 月陆风机组中标均价为 1552 元/kW，较 24 年全年提升 9%， 但相关企业股价却并未充分反映这一强势价格表现能够为企业盈利带来的巨大弹性潜力，我们认为主要由于市场对明 年需求不确定性以及本轮价格上涨持续性的担忧，这也是当前市场对风电板块尤其是整机环节所存在的巨大预期差。 需求端预期差：多项前瞻指标正逐步验证 26 年国内陆风需求仍有望实现同比正增长。市场认为 25 年风电需求旺 盛主因十四五末年抢装，并由此判断 26 年陆风需求存在较大的下行风险，但我们认为：在全面市场化交易的背景下， 风电出力曲线优势和非技术成本压缩空间将令其维持较高收益率的能力显著强于光伏，从而令十五五期间国内新能源 电源的投资重心向风电倾斜。结合近期多维度数据验证，我们认为作为十五五开局年的 26 年国内陆风需求仍有望保 持增长：1）作为比风机招标更前置的指标，1-7 月风电核准规模达 106GW，同比+37%显著指引 26 年需求乐观；2）大 唐近期启 ...

天眼查商业履历信息显示，运达能源科技集团股份有限公司，成立于2001年，位于杭州市，是一家以从 事电力、热力生产和供应业为主的企业。企业注册资本78692.9305万人民币，实缴资本70993.8355万人 民币。公司法定代表人为陈棋。 资金流向方面，今日主力资金净流入4413.50万元，占比成交额5.72%。其中，超大单净流入2520.94万 元、占成交额3.26%，大单净流入1892.55万元、占成交额2.45%，中单净流出流入1694.66万元、占成交 额2.19%，小单净流出6108.15万元、占成交额7.91%。 运达股份最新一期业绩显示，截至2025一季报，公司营业总收入40.10亿元、同比增长6.88%，归属净利 润5879.15万元，同比减少16.80%，扣非净利润4545.85万元，同比增长13.79%，流动比率0.950、速动比 率0.719、资产负债率84.00%。 金融界消息 截至2025年8月13日收盘，运达股份（300772）报收于15.0元，上涨4.38%，换手率7.42%， 成交量51.77万手，成交金额7.72亿元。 通过天眼查大数据分析，运达能源科技集团股份有限公司共对外投 ...

天风证券8月11日发布研报称，给予运达股份（300772.SZ）买入评级。评级理由主要包括：1）国营风 机龙头，份额持续提升；2）主业：国内风机价格触底回升，风机出口贡献新增长点；3）看点一：成本 控制能力强，风机制造盈利迎来改善，风机出口+海风成为新利润增长点；4）看点二：拓展电站发电 及销售业务、新能源工程总承包、储能等业务，构建多元化业务版图。风险提示：行业政策变动风险、 风电整机行业竞争加剧风险、海外市场开拓不及预期、原材料价格波动风险、测算具有主观性，结果仅 供参考。 （文章来源：每日经济新闻） ...

Group 1 - The report highlights that in July, the core CPI reached a new high both year-on-year and month-on-month, with the overall CPI showing zero growth year-on-year and PPI remaining unchanged, indicating a narrowing PPI-CPI gap [1][26] - Exports and imports in July exceeded expectations, with exports increasing by 7.2% year-on-year and imports rising by 4.1% [26] - The report emphasizes the importance of monitoring the market's response to the upcoming U.S. Federal Reserve's interest rate decisions, with an 88.9% probability of a 25 basis point rate cut by September 2025 [1][27] Group 2 - The report discusses the PCR (Put-Call Ratio) as a measure of market sentiment, indicating that high and low levels of PCR can signal market tops and bottoms [2][29] - Key themes identified include brain-computer interfaces, anti-involution strategies, and AIDC (Automatic Identification and Data Capture), which are expected to drive high industry growth [2][30] - The report notes significant advancements in AI and robotics, with major events like the World Humanoid Robot Games taking place, showcasing the industry's growth potential [2][31] Group 3 - The report on the automotive industry indicates that the European market for new energy vehicles is reaching a turning point due to stricter carbon emission regulations and a surge in electric vehicle sales [8] - Major automotive companies like Volkswagen and Stellantis are accelerating their electric vehicle strategies, with Volkswagen's BEV deliveries expected to reach 465,500 units in the first half of 2025, marking an 89% year-on-year increase [8] - The report highlights the importance of the upcoming product cycles and the competitive landscape in the electric vehicle market, with significant growth anticipated in the coming years [8][22] Group 4 - The report on the wind turbine manufacturing industry indicates strong profit margins and growth potential, particularly in international markets, with overseas orders expected to double [17] - The company is diversifying its business model to include power generation and energy storage, aiming for a cumulative installed capacity of 1.0 GW by the end of 2024 [17] - The forecast for net profit growth from 2025 to 2027 is robust, with expected increases of 48%, 42%, and 29% respectively [17] Group 5 - The report on the logistics sector highlights that Qin Port's coal throughput increased by 4% year-on-year in the first half of 2025, driven by improved railway coal transport volumes [22] - The report anticipates continued growth in throughput, particularly in iron ore, as global economic recovery boosts international trade [22] - Profit forecasts for 2025 have been adjusted downward due to expected declines in revenue per ton, with a revised net profit estimate of 1.76 billion yuan [22]

（文章来源：证券日报） 证券日报网讯 8月8日晚间，运达股份发布公告称，公司第五届监事会第二十七次会议审议通过了《关 于注册发行可续期公司债券的议案》。 ...

证券日报网讯 8月8日晚间，运达股份发布公告称，公司第五届董事会第三十二次会议审议通过了《关 于注册发行可续期公司债券的议案》。 （文章来源：证券日报） ...

Core Viewpoint - The company plans to issue a renewable corporate bond with a total face value of up to 2.5 billion RMB to broaden financing channels, optimize debt structure, and reduce financing costs [1][2][3] Group 1: Bond Issuance Details - The renewable corporate bond will be publicly issued to professional investors on the exchange, with a total registered scale not exceeding 2.5 billion RMB [1][2] - The bond will have a basic term of no more than 5 years and can be a single-term or a mixed-term product [2] - The bond will have a fixed interest rate during the initial term, with the specific rate determined based on market conditions [2] Group 2: Fund Utilization - The funds raised from the bond issuance are intended for debt repayment, working capital, project construction and operation, project capital, and equity contributions [2][3] Group 3: Authorization and Decision Validity - The board of directors seeks authorization from the shareholders' meeting to handle all matters related to the bond issuance, including adjustments to the issuance terms based on market conditions [2][3] - The resolution for the bond issuance is valid for 36 months from the date of the shareholders' meeting decision [3] Group 4: Impact on the Company - The issuance of renewable corporate bonds will help broaden financing channels, optimize the debt structure, and lower financing costs without significantly impacting the company's normal operations or harming shareholder interests [3]

2024年1至12月份，运达股份的营业收入构成为：风电行业占比99.04%，其他占比0.96%。 （文章来源：每日经济新闻） 运达股份（SZ 300772，收盘价：13.97元）8月8日晚间发布公告称，公司第五届第三十二次董事会会议 于2025年8月8日以现场结合在线方式召开。会议审议了《关于注册发行可续期公司债券的议案》等文 件。 ...