Sales Performance - In the first half of 2025, the company achieved external sales of wind turbine capacity totaling 6,301.59 MW, representing a 55.60% increase compared to the previous period [2] - Sales breakdown includes: - 6 MW and above: 4,420.19 MW - 4 MW (inclusive) to 6 MW: 1,854.00 MW - Below 4 MW: 27.40 MW [2] Order Situation - New orders added from January to June 2025 reached 11,974.28 MW - As of June 30, 2025, total orders on hand amounted to 45,866.86 MW, categorized as follows: - 2 MW to 4 MW (exclusive): 998.70 MW - 4 MW to 6 MW (exclusive): 8,223.24 MW - 6 MW and above: 36,644.92 MW [3] Offshore Wind Power Development - The company is focusing on the Zhejiang market and coastal provinces to establish a leading position in offshore wind power - Investments include construction of offshore wind power assembly bases in Dalian and Wenzhou, creating a "North-South" base layout - Plans to leverage local resource advantages and implement several near and far sea wind power projects [4] International Business Growth - The company’s onshore wind power technology and supply chain capabilities are at a world-class level, enhancing international competitiveness - In 2024, overseas bidding capacity increased by over 100%, maintaining a doubling growth trend for two consecutive years - Successful project acquisitions in markets such as the Middle East and North Africa [5][6] Renewable Energy Projects - In the first half of 2025, the company added new renewable energy project approvals/registrations with a capacity of 605.98 MW - Cumulative grid-connected capacity reached 1,203.11 MW by the end of June 2025 - Generated revenue from power generation amounted to 224 million CNY, reflecting a year-on-year growth of 31.08% [6]

Investment Rating - The report maintains a "Buy" rating for companies such as Goldwind Technology, Yunda Co., and Daikin Heavy Industries, while recommending "Hold" for companies like Taisheng Wind Energy and Jinlei Co. [1][4] Core Insights - The wind power sector is experiencing accelerated construction, with significant growth in offshore wind power connections in the first half of 2025. The reform of the bidding system is expected to drive wind turbine prices upward. [4][55] - The report highlights the increasing demand for large-scale wind turbines and the application of new technologies, which are expected to enhance the development space for the entire industry. [4][55] Industry Dynamics - Zhejiang and Beijing have released proposals for market-oriented pricing reforms for renewable energy, with specific pricing set at 0.4153 CNY/kWh for existing projects. [2][12] - The wind power sector saw a significant increase in installed capacity, with 53.67 GW added in the first seven months of 2025, representing a 79.50% year-on-year growth. [27][28] - The average price for offshore wind turbines has shown a downward trend, currently at 3266.17 CNY/kW. [3][47] Stock Performance - The wind power equipment sector index increased by 3.28% in the week of September 1-5, 2025, outperforming the broader market indices. [21][22] - Key stocks such as Goldwind Technology and Yunda Co. led the gains with increases of 18.46% and 18.22%, respectively. [21][25] Macro Data and Wind Power Industry Tracking - The GDP for the first half of 2025 was reported at 66.05 trillion CNY, with a growth rate of 5.3%. [23][26] - The total electricity consumption in the first seven months of 2025 was 58633 billion kWh, reflecting a 4.5% increase year-on-year. [23][26] Investment Recommendations - The report suggests focusing on companies that are well-positioned to benefit from the accelerating offshore wind power construction and the expansion of overseas markets. [55][56] - Specific recommendations include Goldwind Technology and Yunda Co. for the main turbine segment, Daikin Heavy Industries and Taisheng Wind Energy for tower and pile segments, and Jinlei Co. and Riyue Co. for casting and forging segments. [55][56]

Investment Rating - The investment rating for the electric power equipment and new energy industry is "Outperform the Market" (maintained) [3][4][17] Core Insights - The first mechanism electricity price bidding results have been released, with favorable outcomes for wind power in Shandong Province. The mechanism electricity price for photovoltaic is 0.225 yuan/kWh, with an accepted electricity volume of 1.248 billion kWh, and for wind power, it is 0.319 yuan/kWh, with an accepted electricity volume of 5.967 billion kWh. The mechanism electricity price for wind power is significantly above the bidding lower limit and close to the upper limit, indicating a favorable investment return for wind power projects [3][5][7][8]. Summary by Sections Industry Overview - The bidding results show that the mechanism electricity price for photovoltaic projects is 0.225 yuan/kWh, with a mechanism electricity volume ratio of 80%, while for wind power, it is 0.319 yuan/kWh, with a mechanism electricity volume ratio of 70%. The total scale of accepted projects for photovoltaic is 1.27 GW, and for wind power, it is 3.59 GW [5][8]. Investment Recommendations - Based on the bidding results and feedback from the industry chain, it is expected that the overall scale of domestic new energy development will remain stable during the 14th Five-Year Plan period, with a greater focus on wind power compared to the previous period. This is favorable for companies in the wind power industry chain. Recommended companies to watch include Goldwind Technology, SANY Renewable Energy, Yunda Co., and Times New Material [4][11]. Financial Projections - The profit forecasts for related companies are as follows: Goldwind Technology (2024A: 1.86 billion yuan, 2025E: 2.70 billion yuan, 2026E: 3.67 billion yuan), SANY Renewable Energy (2024A: 1.81 billion yuan, 2025E: 2.13 billion yuan, 2026E: 2.68 billion yuan), Yunda Co. (2024A: 460 million yuan, 2025E: 680 million yuan, 2026E: 990 million yuan), and Times New Material (2024A: 440 million yuan, 2025E: 650 million yuan, 2026E: 840 million yuan) [13].

证券代码：300772 证券简称：运达股份 公告编号：2025-073 运达能源科技集团股份有限公司 关于召开 2025 年第二次临时股东大会的提示性公告 本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。 经运达能源科技集团股份有限公司（以下简称"公司"）第五届董事会第三 十三次会议审议通过，公司决定于 2025 年 9 月 16 日召开 2025 年第二次临时股 东大会。本次股东大会采取现场投票与网络投票相结合的方式，为了便于各位股 东行使股东大会表决权，保护广大投资者合法权益，现再次将有关事项公告如下： 一、召开会议的基本情况： 1.股东大会届次：2025 年第二次临时股东大会 2.股东大会的召集人：公司董事会 3.会议召开的合法、合规性：公司第五届董事会第三十三次会议审议通过了 《关于召开 2025 年第二次临时股东大会的议案》，召开程序符合有关法律、行 政法规、规范性文件和《公司章程》的规定。 4.会议召开的日期、时间： （1）现场会议时间：2025 年 9 月 16 日（星期二）下午 1:30 开始。 6.会议的股权登记日：2025 年 9 月 9 日 ...

每经AI快讯，有投资者在投资者互动平台提问：贵公司在深远海风电的布局情况？对于公司长远发展 有什么具体规划？贵公司涉及储能产品，盈利水平如何？为何在公司股价上没有体现？ 运达股份（300772.SZ）9月11日在投资者互动平台表示，公司已在大连太平湾、温州洞头两地投资建设 海上风电总装基地，形成"一南一北"海上风电基地布局；同时充分发挥浙江省内资源禀赋优势及省属国 企优势，在省内实施谋划一批近、远海风电项目，并积极关注大连、广东等地的深远海市场。公司储能 业务及未来发展的展望请详见公司在证券时报和巨潮资讯网等指定媒体发布的定期报告。 （文章来源：每日经济新闻） ...

Group 1 - The Chinese wind power market continues to grow in the first half of 2025, with new wind turbine orders reaching 80GW, including approximately 73GW for onshore turbines, a year-on-year increase of 6% [1] - Major contributors to onshore wind turbine orders include Xinjiang, Hebei, and Inner Mongolia, which together accounted for over 40% of the new orders [1] - The offshore wind market achieved its best performance since 2023, with new orders of about 6GW [1] Group 2 - Goldwind Technology leads the Chinese wind power market in new order volume with a market share of approximately 18.2%, followed by Envision Energy (16.6%), Mingyang Smart Energy (16.2%), and Yunda Co. (16%), all exceeding 10GW in order volume [1] - Several wind turbine manufacturers made breakthroughs in the offshore wind market, with Dongfang Electric ranking first in offshore turbine orders, securing 1.5GW for its DEW-D16000-262 model [1] - China CRRC followed with 1GW in offshore orders, while SANY Heavy Energy received its first offshore turbine order [1] Group 3 - Chinese wind turbine manufacturers achieved overseas orders of 7.7GW across 20 countries, marking a 51% year-on-year increase, with Envision Energy leading at 4.9GW [1] - The Indian market remains strong, with Chinese wind turbine manufacturers securing over 2GW in orders for three consecutive quarters [1] Group 4 - Wood Mackenzie reported that over half of the 166GW of onshore wind turbine orders signed in 2024 have already transitioned into construction projects, supporting growth in the onshore wind market for 2025 [2] - The report indicates a structural adjustment in the trend of wind turbine size, with orders for onshore turbines above 10MW decreasing by 14% year-on-year, while the share of mid-speed models between 7MW and 10MW has significantly increased [2] - The demand for low-wind-speed models is rising due to the scarcity of high-quality wind resource sites, while the slowdown in the trend of onshore wind turbine size has led to a price increase for onshore turbines for three consecutive quarters, with a 4% rise in Q2 2025 compared to the lowest point in 2024 [2] Group 5 - The trend of offshore wind turbine size continues, with orders for turbines above 16MW increasing by 60% year-on-year [2] - However, weak market demand has intensified competition among manufacturers, and challenging site conditions have increased cost pressures for developers, resulting in record low prices for offshore wind turbines in Q1 2025 [2] - Wood Mackenzie anticipates that strong domestic demand growth for onshore wind, rising prices for onshore turbines, and successful execution of overseas orders will drive revenue levels for Chinese wind turbine manufacturers to historical highs, with profitability further improving [2]

Summary of Conference Call Records Industry Overview - The renewable energy sector, particularly in wind, solar, and energy storage, is experiencing a significant valuation adjustment, currently at low levels, with potential for improvement by 2026 [1][2] - The electric new energy sector is showing strong performance driven by continuous improvement in fundamentals and correction of market expectations [2] Key Points and Arguments Wind Energy - Wind power installations are unlikely to decline, with state-owned enterprises favoring high-yield projects, enhancing certainty in growth [6] - Recent positive catalysts in the wind energy sector include a 10.4GW increase in domestic wind turbine bidding in August, with a year-on-year increase in average bidding prices [10] - The average bidding price for onshore wind turbines increased by 11% year-on-year, indicating improved gross margins for turbine manufacturers [10] Energy Storage - The energy storage sector is performing strongly, supported by policy incentives and market-driven demand, with a shift from policy-driven to market-driven growth [7][23] - The demand for energy storage batteries remains robust, with leading companies operating at full capacity and negotiating price increases with major clients [15][16] - The improvement in the energy storage market structure is expected to enhance premium and profitability for leading companies [8] Solar Energy - Despite pressure on solar energy profitability, government anti-subsidy policies are ensuring stable demand, benefiting wind, storage, and solar sectors [9] - The solar industry is currently at a low point but is gradually recovering, with many companies showing signs of improvement in the third quarter [35] Subsidy Impact - The acceleration of renewable energy subsidies has significantly stimulated demand for wind and solar projects, with subsidies in the first eight months of 2025 expected to be double that of the previous year [4][5] - The historical context of subsidy distribution indicates a direct correlation with increased wind power installations, as seen in 2022 [5] Additional Important Insights - The lithium battery supply chain is in a high prosperity state, with strong demand for storage batteries and advancements in solid-state battery technology [3][14] - The lithium hexafluorophosphate market is expected to face supply shortages, leading to price increases [17] - The solid-state battery industry is rapidly developing, with several leading companies expected to launch new production lines next year [18][19] - The U.S. market for energy storage is showing strong demand, with concerns about future demand mitigated by favorable economic conditions [25][29] Investment Recommendations - The report recommends focusing on leading companies in the wind turbine sector, such as Goldwind Technology and Mingyang Smart Energy, as well as key players in the energy storage and solar sectors [13][37] - Specific companies to watch include Xinyi Solar, Tongwei Co., and various firms involved in solid-state battery technology [20][22] Conclusion - The renewable energy market is positioned for a significant turnaround, with ample investment opportunities across various segments, particularly in wind, solar, and energy storage [38]

Group 1 - Wind power equipment sector increased by 7.15% on September 5, with Yunda Co., Ltd. leading the gains [1] - Shanghai Composite Index closed at 3812.51, up 1.24%, while Shenzhen Component Index closed at 12590.56, up 3.89% [1] - Notable stock performances include Yunda Co., Ltd. with a closing price of 19.08, up 20.00%, and Xinqianglian with a closing price of 39.36, up 16.62% [1] Group 2 - The wind power equipment sector saw a net inflow of 1.618 billion yuan from main funds, while retail investors experienced a net outflow of 861 million yuan [2] - Key stocks in terms of fund flow include Jin Feng Technology with a main fund net inflow of 382 million yuan, and Yunda Co., Ltd. with a net outflow of 208 million yuan from retail investors [3] - The overall market sentiment indicates a strong interest from institutional investors, contrasting with the outflows from retail investors [2][3]

Core Viewpoint - Yunda Co., Ltd. experienced a limit-up closing on September 5, with a closing price of 19.08 yuan, driven by positive market sentiment towards its renewable energy projects and strong institutional support [1][2]. Company Summary - Yunda Co., Ltd. saw its stock price hit the limit-up at 9:59 AM, with a single instance of the limit being opened before closing [1]. - The closing order funds amounted to 44.76 million yuan, representing 0.34% of its circulating market value [1]. - The stock's performance is attributed to several factors, including optimistic expectations regarding the company's strategic advancements in renewable energy [1]. Market Sentiment - Institutional holdings indicate that over 51% of circulating shares are held by major institutions, which bolsters market confidence [1]. - The upcoming mid-term and Q3 performance reports are anticipated to show improvements in fundamentals, prompting investors to increase their positions [1]. - The wind power equipment sector is benefiting from favorable policies, enhancing the overall industry outlook and positively impacting individual stock performance [1]. Fund Flow Analysis - On September 5, the net inflow of main funds was 353 million yuan, accounting for 25.67% of the total trading volume [2]. - Retail investors experienced a net outflow of 146 million yuan, representing 10.58% of the total trading volume [2]. - The stock is part of the wind power sector, which saw a 3.7% increase, alongside a 1.79% rise in the Zhejiang state-owned enterprise reform concept and a 1.56% increase in the state-owned enterprise reform concept overall [2].

Core Viewpoint - The renewable energy sector is experiencing significant growth, driven by favorable policies and market dynamics, particularly highlighted by the recent performance of the ChiNext Renewable Energy ETF and its constituent stocks [1][2]. Group 1: Market Performance - On September 5, the renewable energy sector led the market with the ChiNext Renewable Energy ETF (159368) rising over 8%, while stocks like Siengda Intelligent, Tianhua New Energy, and Yunda Co. reached the 20% daily limit [1]. - Other notable performers included Jinlang Technology, Jingsheng Mechanical & Electrical, New Strong Union, Xinwangda, and Sunshine Power, all increasing by over 10% [1]. Group 2: Policy Impact - The "2025-2026 Action Plan for Stable Growth in the Electronic Information Manufacturing Industry" was released on September 4, aiming to optimize industrial layout and improve structure [1]. - The plan emphasizes high-quality development in sectors like photovoltaics, aiming to eliminate "involution" competition and promote orderly development of the photovoltaic and lithium battery industries [1]. Group 3: Investment Recommendations - Zhongyuan Securities suggests focusing on three investment themes for the fourth quarter: 1. Companies that are industry leaders benefiting from the "anti-involution" policies and ongoing initiatives [1]. 2. Firms that prioritize R&D investment and market share growth while maintaining cost advantages [1]. 3. Opportunities related to solid-state battery investments [1]. Group 4: ETF Details - The ChiNext Renewable Energy ETF (159368) is the first ETF in the market tracking the ChiNext Renewable Energy Index, covering various sectors including batteries and photovoltaics, with strong growth potential [2]. - The ETF has a management fee rate of 0.15% and a custody fee rate of 0.05%, totaling 0.2%, making it the lowest fee product in its category, facilitating quick investment access [2].