Core Viewpoint - The Chinese wind power industry is experiencing robust growth, with significant advancements in technology and market expansion, positioning itself as a global leader in renewable energy [2][5][11]. Industry Overview - The A-share wind power sector saw a strong performance on the first trading day of October, with leading wind turbine manufacturers' stock prices rising collectively, reflecting the industry's strong development momentum [2]. - According to the National Energy Administration, China's newly installed wind power capacity reached 51.39 million kilowatts in the first half of the year, with a cumulative installed capacity of 573 million kilowatts by June 2025, marking a year-on-year growth of 22.7% [2]. - Wind power generation in China totaled 588 billion kilowatt-hours in the first half of the year, representing a year-on-year increase of 15.6%, with an average utilization rate of 93.2% [2]. Company Highlights - Yunda Energy Technology Group has played a pivotal role in the evolution of China's wind power industry, transitioning from reliance on imported technology to becoming a leader in innovation [4][5]. - The company has developed significant products, including the world's largest 10 MW onshore wind turbine and the 18 MW floating platform, contributing to a projected 12.5 GW of new installed capacity in 2024, placing it among the top three globally [5][6]. - Mingyang Smart Energy Group has established a comprehensive industrial chain from nearshore to deep-sea wind power, demonstrating resilience during extreme weather events [7][8]. - Mingyang's floating wind turbines can be deployed in deep waters, significantly expanding the potential for wind energy development [7]. - Envision Group has expanded its operations globally, with over 30,000 wind turbines managed and an installed capacity exceeding 80 GW, leading in global order volume [10][11]. Technological Advancements - Yunda Energy has achieved breakthroughs in high-voltage technology, enabling the integration of electrical systems for large-capacity wind turbines, marking a significant milestone for Chinese enterprises [5]. - Mingyang has developed various wind power solutions tailored to different environmental conditions, enhancing the industry's adaptability [8]. - Envision's self-research and manufacturing capabilities in core components have driven the development of the entire supply chain, improving the efficiency of green energy utilization globally [11].

Core Viewpoint - A new company, Hangzhou Fuyang Tongda Agricultural and Light Complementary New Energy Co., Ltd., has been established, focusing on renewable energy generation and related services, with full ownership by Yunda Co., Ltd. [1] Company Summary - The newly established company has a registered capital of 10 million yuan [1] - Its business scope includes power generation, transmission, and distribution services [1] - The company is also involved in the research and development of offshore wind power systems and the sales of related equipment [1] Industry Summary - The establishment of this company indicates a growing focus on renewable energy solutions, particularly in offshore wind power [1] - The involvement of Yunda Co., Ltd. suggests potential synergies in the renewable energy sector [1]

Group 1 - The A-share wind power sector experienced a strong start on October 9, with leading wind turbine manufacturers seeing significant stock price increases, including a 9.30% rise for Yunda Co., Ltd. and an 8.48% rise for Goldwind Technology [1] - The Wind Power Index rose by 3.24% on the same day, significantly outperforming the CSI 300 index over the past year [2] - Morgan Stanley upgraded the rating for the Chinese wind power industry, indicating a successful "anti-involution" in the value chain, with expected price increases of 8% for onshore wind turbines and 12% for offshore wind turbines by early 2025 [3] Group 2 - According to Guosen Securities, the profitability of domestic manufacturers in the first half of the year was at a low point, but with price increases and order deliveries, the third quarter is expected to see recovery in both unit prices and gross margins [3] - Major offshore wind projects in Jiangsu and Guangdong are set to commence in the first half of 2025, with the second quarter entering a peak delivery season, marking the first year of national offshore wind development [3] - The onshore wind power sector is projected to reach a record installation of 100 GW this year, with component manufacturers experiencing growth in both volume and price, leading to significant annual performance improvements [3]

Core Insights - The wind power equipment sector experienced a significant increase of 3.88% on October 9, with Yunda Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Stock Performance - Yunda Co., Ltd. (300772) closed at 20.69, with a rise of 9.30% and a trading volume of 448,200 shares, amounting to a transaction value of 910 million [1] - Goldwind Technology (002202) saw a closing price of 16.24, up 8.48%, with a trading volume of 1,954,900 shares, totaling 3.14 billion [1] - Jixin Technology (601218) closed at 6.07, increasing by 8.20%, with a trading volume of 3,045,400 shares, amounting to 1.82 billion [1] - Other notable performers include Guangda Special Materials (688186) at 29.49 (+8.18%), Mingyang Smart Energy (601615) at 17.28 (+6.93%), and Sany Renewable Energy (688349) at 32.49 (+6.91%) [1] Capital Flow - The wind power equipment sector saw a net inflow of 1.057 billion in main funds, while retail investors experienced a net outflow of 1.061 billion [2] - Key stocks with significant main fund inflows include Goldwind Technology (3.91 million), Mingyang Smart Energy (1.75 million), and New Strong Union (98.31 million) [3] - Retail investors showed notable outflows in stocks like Goldwind Technology (-3.08 million) and Mingyang Smart Energy (-1.16 million) [3]

Core Viewpoint - The A-share market for wind power stocks has shown strong performance, with several companies experiencing significant gains amid positive developments in both domestic and international offshore wind markets [1] Group 1: Market Performance - Wind power stocks in the A-share market have seen notable increases, with Yunda Co. rising over 10%, Goldwind Technology hitting a 10% limit up, Jixin Technology increasing over 7%, and Mingyang Smart Energy up over 6% [1] - Tianeng Heavy Industries and Tianneng Wind Power both rose over 5% [1] Group 2: Market Developments - The domestic offshore wind market experienced a peak in bidding and contract awards in September [1] - The overseas offshore wind market has shown signs of a turning point, with Europe’s offshore installation capacity increasing to over 4.5 gigawatts this year [1] - China is set to launch its first national offshore wind power testing base, which will conduct tests on the world's largest capacity wind turbines and the longest wind turbine blades, as well as research on cutting-edge international technologies across multiple fields [1]

Core Viewpoint - Wind power stocks are experiencing a strong upward trend, with companies like Goldwind Technology hitting the daily limit, and others such as Yunda Co., Guangda Special Materials, Sany Heavy Industry, Daikin Heavy Industries, and Jixin Technology seeing increases of over 5% [1] Industry Summary - The domestic offshore wind market in China is witnessing a peak in bidding and contract awards in September [1] - The overseas offshore wind market has shown signs of a turning point, with Europe’s offshore wind installation capacity increasing to over 4.5 gigawatts this year [1] - China is set to launch its first national offshore wind power testing base, which will conduct tests on the world's largest capacity wind turbine units and the longest wind turbine blades, as well as research on cutting-edge technologies across multiple fields [1]

Investment Rating - The investment rating for the wind power industry is "Outperform the Market" (maintained rating) [1] Core Viewpoints - The offshore wind sector is expected to see significant project launches in Jiangsu and Guangdong in the first half of 2025, marking the beginning of a new era for national offshore wind development. The average annual installed capacity for offshore wind during the 14th Five-Year Plan period is projected to exceed 20GW, significantly surpassing the previous plan's levels. The onshore wind sector is anticipated to reach a historical high of 100GW in installed capacity in 2025, with component manufacturers experiencing simultaneous increases in volume and price, leading to substantial annual performance growth. The domestic manufacturing profitability for main engine companies is expected to recover in the third quarter as orders are delivered following price increases, providing profit elasticity through new orders from 2025 to 2026 [4][5]. Summary by Sections Industry News - The wind power sector has generally risen over the past two weeks, with the top three performing segments being complete machines (+15.1%), towers (+13.4%), and submarine cables (+10.2%). The top three individual stocks in terms of growth are Mingyang Smart Energy (+26.3%), Dongfang Cable (+22.7%), and Xinqianglian (+22.7%) [3]. Industry Data - As of August 2025, China's newly installed wind power capacity reached 4.17GW, a year-on-year increase of 13%. The cumulative installed capacity reached 579.01GW, accounting for 15.7% of total power generation capacity. The average bidding price for onshore wind turbines (excluding towers) in 2025 is 1,533 CNY/kW [7][39]. Investment Suggestions - Three main investment directions are recommended: 1) Leading companies in export layouts for pipe piles and submarine cables; 2) Domestic complete machine leaders with bottoming profits and accelerating exports; 3) Component manufacturers with opportunities for simultaneous volume and profit growth in 2025. Suggested companies include Goldwind Technology, Dongfang Cable, Guoda Special Materials, Zhongji United, Dajin Heavy Industry, Riyue Co., Times New Materials, Hewei Electric, and Jinlei Co. [5]

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].

证券代码：300772 证券简称：运达股份 公告编号：2025-082 运达能源科技集团股份有限公司 关于为全资子公司提供担保的进展公告 公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、担保情况概述 运达能源科技集团股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日召开第五届董事会第三十三次会议、第五届监事会第二十八次会议，并于 2025 年 9 月 16 日召开 2025 年第二次临时股东大会审议通过了《关于为子公司提供担 保额度预计的议案》。公司全资子公司浙江运达能源建设有限公司（以下简称"运 达能建"）拟使用公司的银行授信，向银行申请开具保函，单日余额不超过 5 亿元人民币。运达能建使用公司银行授信开具保函的行为构成公司对运达能建的 担保义务。 三、被担保人基本情况 （一）基本信息 公司名称：浙江运达能源建设有限公司 具体内容详见公司在巨潮资讯网（http://www.cninfo.com.cn）披露的《关 于为子公司提供担保额度预计的公告》（公告编号：2025-070）。 二、担保进展情况 2024年12月25日，为满足运达能建日常生 ...