（文章来源：证券日报） 证券日报网讯运达股份10月20日发布公告，在公司回答调研者提问时表示，中国的陆上风电无论在技术 水平还是供应链保障能力上均处于世界一流水平，成本端的优势愈加明显，国际竞争力持续增强，未来 全球很多区域的中国风电机组占比将持续提升。2024年公司海外中标容量同比增长超100%，连续两年 保持翻倍增长，并在中东、北非等市场实现突破，首次获取项目订单。公司未来将加速全球战略布局， 加大海外新业主开拓力度，提升海外订单规模，打造公司未来盈利增长点。 ...

Core Points - The wind power equipment sector experienced a decline of 0.61% on October 20, with Yunda Co. leading the drop [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Stock Performance - Feiwo Technology (301232) saw a significant increase of 20.00%, closing at 45.78 with a trading volume of 156,000 shares and a transaction value of 688 million [1] - Pangu Intelligent (301456) increased by 6.76%, closing at 33.80 with a trading volume of 101,700 shares [1] - New Strong Link (300850) rose by 4.06%, closing at 43.35 with a trading volume of 177,100 shares and a transaction value of 756 million [1] - Other notable performers include Shuangyi Technology (300690) up 3.44%, Tian Neng Chuang Gong (300569) up 3.31%, and Guangda Special Materials (688186) up 3.28% [1] Capital Flow - The wind power equipment sector saw a net outflow of 570 million from main funds, while retail investors contributed a net inflow of 598 million [2] - Feiwo Technology (301232) had a main fund net inflow of 14.416 million, but a net outflow from retail investors of 42.7195 million [2] - New Strong Link (300850) experienced a main fund net inflow of 85.8722 million, with a retail net outflow of 101 million [2] - Pangu Intelligent (301456) had a main fund net inflow of 39.8689 million, but a retail net outflow of 52.7244 million [2]

Group 1: Order and Capacity - In the first half of 2025, the company added new orders totaling 11,974.28 MW, bringing the cumulative orders to 45,866.86 MW by the end of June 2025 [2] - The breakdown of cumulative orders includes: - 998.70 MW for wind turbines between 2 MW and 4 MW (excluding 4 MW) - 8,223.24 MW for wind turbines between 4 MW and 6 MW (excluding 6 MW) - 36,644.92 MW for wind turbines of 6 MW and above [2][3] Group 2: Wind Turbine Pricing - Wind turbine prices are influenced by product type, market conditions, and project specifications, with a slight increase in prices observed in 2025 due to heightened focus on quality and reliability [3] Group 3: Offshore Wind Power Development - The company aims to lead the offshore wind power sector by establishing bases in Dalian and Wenzhou, leveraging local resources and state-owned enterprise advantages to develop near and far sea projects [3] Group 4: International Business Growth - The company has seen over 100% year-on-year growth in overseas bidding capacity, achieving breakthroughs in markets such as the Middle East and North Africa, and plans to accelerate global strategic expansion [4] Group 5: Renewable Energy Station Performance - In the first half of 2025, the company secured new renewable energy project approvals/registrations totaling 605.98 MW, with a cumulative grid-connected capacity of 1,203.11 MW by the end of June 2025 [4] - The company achieved a revenue of 224 million CNY from power generation in the first half of 2025, reflecting a year-on-year growth of 31.08% [4]

Core Viewpoint - The wind power equipment sector experienced a significant decline, with a drop of 5.58% on October 17, 2023, led by Yunda Co., which fell by 8.76% [1][2]. Market Performance - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1]. - The wind power equipment sector saw various individual stock performances, with notable declines in several companies [1]. Individual Stock Performance - Yunda Co. (300772) closed at 17.50, down 8.76% with a trading volume of 409,600 shares and a transaction value of 728 million [2]. - Other significant declines included: - Electric Wind Power (688660) down 7.33% to 19.34 with a transaction value of 600 million [2]. - Goldwind Technology (002202) down 6.87% to 14.90 with a transaction value of 2.871 billion [2]. - Conversely, Shuangyi Technology (300690) saw an increase of 6.11% to 39.59, with a transaction value of 955 million [1]. Capital Flow - The wind power equipment sector experienced a net outflow of 1.411 billion from main funds, while retail investors saw a net inflow of 1.446 billion [2].

Core Points - The Zhejiang state-owned enterprise reform sector experienced a decline of 0.46% on October 16, with Chuangyuan Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Stock Performance - Notable gainers in the Zhejiang state-owned enterprise reform sector included: - Ningbo Ocean (601022) with a closing price of 10.57, up 5.17% and a trading volume of 662,300 shares, totaling 697 million yuan [1] - ST Jianhai (002586) with a closing price of 3.95, up 4.22% and a trading volume of 252,500 shares, totaling 99.89 million yuan [1] - Guyue Longshan (600059) with a closing price of 10.35, up 3.92% and a trading volume of 362,400 shares, totaling 376 million yuan [1] - Major decliners included: - Chuangyuan Co., Ltd. (300703) with a closing price of 29.56, down 6.60% and a trading volume of 93,000 shares, totaling 282 million yuan [2] - Yunda Co., Ltd. (300772) with a closing price of 19.18, down 4.39% and a trading volume of 276,500 shares, totaling 534 million yuan [2] - Zhejiang Dongri (600113) with a closing price of 52.35, down 4.17% and a trading volume of 49,700 shares, totaling 264 million yuan [2] Capital Flow - The Zhejiang state-owned enterprise reform sector saw a net outflow of 254 million yuan from institutional investors, while retail investors experienced a net inflow of 179 million yuan [2][3] - Key stocks with significant capital flow included: - Small Commodity City (600415) with a net inflow of 1.43 billion yuan from institutional investors [3] - Ningbo Ocean (601022) with a net inflow of 38.76 million yuan from institutional investors [3] - Qijing Machinery (603677) with a net inflow of 10.46 million yuan from institutional investors [3]

Group 1 - The core point of the news is that Yunda Co., Ltd. experienced a decline of 5.13% in its stock price, reaching 19.03 yuan per share, with a trading volume of 427 million yuan and a turnover rate of 3.16%, resulting in a total market capitalization of 14.974 billion yuan [1] - Yunda Energy Technology Group Co., Ltd. is located in Hangzhou, Zhejiang Province, and was established on November 30, 2001, with its listing date on April 26, 2019. The company's main business involves the research, development, production, and sales of large wind turbine generators [1] - The revenue composition of Yunda Co. includes 87.54% from wind turbine generators, 6.36% from new energy EPC contracting, 4.04% from other sources, and 2.06% from power generation income [1] Group 2 - From the perspective of major fund holdings, data shows that one fund under Shenwan Hongyuan holds Yunda Co. as a top ten position. The Shenwan Hongyuan CSI 1000 Index Enhanced A Fund (017067) held 87,300 shares in the second quarter, accounting for 0.8% of the fund's net value, ranking as the tenth largest holding [2] - The Shenwan Hongyuan CSI 1000 Index Enhanced A Fund was established on February 14, 2023, with a latest scale of 87.4876 million yuan. Year-to-date, it has achieved a return of 30.61%, ranking 1643 out of 4218 in its category; over the past year, it has returned 44.56%, ranking 1078 out of 3864; and since inception, it has returned 26.61% [2] - The fund managers of Shenwan Hongyuan CSI 1000 Index Enhanced A are Liu Dun and Xia Xiangquan, with Liu having a tenure of 8 years and 9 days, managing a total asset scale of 3.457 billion yuan, and Xia having a tenure of 4 years and 362 days, managing a total asset scale of 922 million yuan [2]

Core Insights - The wind power equipment sector saw a 0.7% increase on October 15, with Zhonghuan Hailu leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Wind Power Equipment Sector Performance - Zhonghuan Hailu (301040) closed at 24.07, up 6.08% with a trading volume of 95,900 shares and a transaction value of 227 million [1] - Electric Wind Power (688660) closed at 20.40, up 4.29% with a trading volume of 339,800 shares and a transaction value of 677 million [1] - Tai Sheng Wind Energy (300129) closed at 8.45, up 3.94% with a trading volume of 506,100 shares and a transaction value of 421 million [1] - Other notable performers include Jin Lei Co. (300443) up 3.87%, Shuangyi Technology (300690) up 3.56%, and Changyou Technology (301557) up 3.10% [1] Capital Flow Analysis - The wind power equipment sector experienced a net outflow of 320 million from institutional investors and 210 million from retail investors, while retail investors saw a net inflow of 531 million [2] - The capital flow for individual stocks indicates that Tai Sheng Wind Energy had a net inflow of 35.63 million from institutional investors, while it faced a net outflow of 42.72 million from retail investors [3] - Other stocks like He Wang Electric (603063) and Tian Shun Wind Energy (002531) also showed mixed capital flows, with varying net inflows and outflows from different investor categories [3]

Core Viewpoint - Zhejiang Yunda Energy Construction Co., Ltd., a subsidiary of Yunda Co., Ltd. (300772.SZ), received a fine from the Hunan Energy Regulatory Office for violating regulations related to the installation and maintenance of electrical facilities, resulting in a total penalty of 459,800 yuan [1][2][3]. Summary by Sections Company Information - Zhejiang Yunda Energy Construction Co., Ltd. was established on November 7, 2023, with a registered capital of 100.02 million yuan. The legal representative is Zhu Jiang, and the company is primarily owned by Yunda Co., Ltd. with a 95% stake [4]. - The company operates in the field of energy construction and has a total asset value of 784 million yuan, with an operating income of 798 million yuan and a net profit of 29.97 million yuan for the reporting period [5]. Regulatory Actions - The Hunan Energy Regulatory Office issued a penalty notice (湘监能罚字〔2025〕11号) against Yunda Energy Construction for exceeding its licensed scope in electrical facility activities, leading to a fine of 459,800 yuan [2][3]. - The company is required to cease illegal activities as per the regulations outlined in the "Measures for the Investigation and Punishment of Unlicensed Operations" and the "Regulations on the Quality Management of Construction Projects" [3]. Financial Performance - For the first half of 2025, Yunda Co., Ltd. reported a revenue of 10.894 billion yuan, a year-on-year increase of 26.27%, while the net profit attributable to shareholders decreased by 2.62% to 144 million yuan [5]. - As of October 15, 2025, Yunda Co., Ltd. shares were trading at 20.06 yuan, reflecting a decline of 0.40% [6].

Core Viewpoint - The green hydrogen and ammonia industry is entering a significant strategic opportunity period due to national policies promoting the increase of renewable energy non-electric consumption and the development of the green hydrogen and ammonia industry [1][2] Group 1: Policy Developments - The National Development and Reform Commission released a draft implementation plan for the minimum proportion target of renewable energy consumption and the responsibility weight system for renewable energy power consumption [1] - The plan includes mandatory assessments for renewable energy non-electric consumption, marking a shift in energy management focus from solely electricity to a multi-energy collaborative consumption model [2] Group 2: Market Implications - The inclusion of green hydrogen and ammonia as a compliant path in the policy creates unprecedented access for the industry, enhancing market demand and expectations [2] - The establishment of minimum non-electric consumption targets for provincial regions and key energy-consuming enterprises, along with punitive measures, creates a systematic market demand for green hydrogen and ammonia [2] Group 3: Investment Opportunities - Companies to watch in the green hydrogen and ammonia sector include Jin Feng Technology (002202.SZ), Yunda Co., Ltd. (300772.SZ), Sany Renewable Energy (688349.SH), Hewei Electric (603063.SH), and Huadian Technology (601226.SH) [1]

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [2][3] Core Viewpoints - The National Development and Reform Commission (NDRC) has introduced a policy that includes minimum consumption targets for renewable energy, marking a significant shift towards a multi-energy consumption model that includes green hydrogen and methanol [3][6][8] - The policy creates a mandatory assessment framework for renewable energy consumption, expanding the focus from solely electricity to include non-electric consumption, thereby enhancing market demand for green hydrogen and methanol [5][7] - The introduction of punitive measures for failing to meet renewable energy consumption targets significantly strengthens the policy's enforcement and provides a clear long-term signal to the market [7][8] Summary by Sections Policy Overview - On October 13, the NDRC released a draft policy outlining minimum consumption targets for renewable energy, which can be achieved through various methods for both electric and non-electric consumption [3][5] - The policy emphasizes the inclusion of green hydrogen and methanol as compliant pathways, indicating a strategic focus on these sectors [3][8] Market Implications - The new policy is expected to create a substantial institutional market demand for green hydrogen and methanol, enhancing the certainty and market expectations for the industry [3][9] - The strategic opportunity for the green hydrogen and methanol industry is highlighted, with recommendations to focus on companies such as Goldwind Technology, Yunda Co., SANY Heavy Energy, Hewei Electric, and Huadian Technology [3][9] Financial Projections - Financial forecasts for related companies indicate growth in net profits, with Goldwind Technology projected to achieve a net profit of 1.86 billion RMB in 2024, increasing to 3.67 billion RMB by 2026 [11]