运达能源科技集团股份有限公司 2025 年面 向专业投资者公开发行绿色可续期公司债 券（第一期） 发行公告 发行人 运达能源科技集团股份有限公司 （住所：浙江省杭州市临平区顺风路 558 号） 牵头主承销商/簿记管理人/债券受托管理人 财通证券股份有限公司 联席主承销商 中信证券股份有限公司 签署日期：二零二五年十二月十八日 发行人及其全体董事、监事、高级管理人员或履行同等职责的人员保证公告内容 真实、准确和完整。 重要事项提示 1、运达能源科技集团股份有限公司（以下简称"发行人"或"公司"）已于 2025 年 12 月 5 日获得中国证券监督管理委员会证监许可〔2025〕2690 号文注册批准公开 发行面值总额不超过 25 亿元的绿色可续期公司债券（以下简称"本次债券）。发行人 本次债券采取分期发行的方式，其中运达能源科技集团股份有限公司 2025 年面向专业 投资者公开发行绿色可续期公司债券（第一期）（以下简称"本期债券"）为第一期发 行，发行规模不超过 15 亿元（含 15 亿元）。 2、本期债券每张面值为 100 元，发行价格为人民币 100 元/张。 3、根据《证券法》等相关规定，本期债券仅面向专业 ...

运达能源科技集团股份有限公司 2025 年面向专业投资者公开发行绿色可续期公司债券更名公告 发行人：运达能源科技集团股份有限公司 年 月 日 （本页无正文，为《运达能源科技集团股份有限公司2025年面向专业投资者公 开发行绿色可续期公司债券更名公告》之盖章页） 主承销商：财通证券股份有限公司 年 月 日 （本页无正文，为《运达能源科技集团股份有限公司2025年面向专业投资者公 开发行绿色可续期公司债券更名公告》之盖章页） 运达能源科技集团股份有限公司（以下简称"发行人"）已获得中国证券监 督管理委员会证监许可〔2025〕2690 号注册。运达能源科技集团股份有限公司 2025 年面向专业投资者公开发行绿色可续期公司债券（第一期）（以下简称"本 期债券"）发行规模为不超过 15 亿元（含 15 亿元）。 按照公司债券命名惯例，本期债券名称由原申请的"运达能源科技集团股份 有限公司 2025 年面向专业投资者公开发行绿色可续期公司债券"变更为"运达 能源科技集团股份有限公司 2025 年面向专业投资者公开发行绿色可续期公司债 券（第一期）"。 本期债券名称变更不改变其他原签订的与本次债券相关文件的法律效力，其 他 ...

12月16日，中国能源建设集团投资建设的全球最大规模绿色氢氨醇一体化项目——中能建松原氢能产业 园（绿色氢氨醇一体化）项目一期正式投产，80万千瓦新能源发电（含75万千瓦风电、5万千瓦光伏） 可年产4.5万吨绿氢、20万吨绿氨和绿色甲醇，相当于减少46万吨原油消耗,年减碳量达30万吨。 绿色氢氨醇一体化是指将风光发电、电解水制氢、绿氨及绿色甲醇合成等多个环节紧密结合的项目模 式。政策支持、技术发展以及市场对于风光新能源的消纳需求，驱动着绿色氢氨醇一体化项目纷纷落 地。 在国际绿色转型趋势与国内"双碳"目标的驱动下，绿色氢氨醇一体化项目在国内外密集落地。以国内绿 氨项目为例，据中国氢能联盟研究院统计，截至2024年底，我国在建的绿氨项目产能约190万吨/年，规 划产能约1780万吨/年。 业内人士表示，绿电和绿色燃料的结合，已成为未来我国能源绿色转型的重要课题。绿色氢氨醇一体化 项目能够将可再生能源电力转化为氢能及氢基化合物进行储存与运输，有效解决可再生能源消纳难题， 促进能源结构从传统化石能源为主向可再生能源主导的多元化结构转变。 据证券时报·数据宝统计，A股市场上布局绿色氢氨醇相关业务的概念股有17只。截至 ...

Group 1 - Wind power equipment sector increased by 0.77% on December 17, with He望电气 leading the gains [1] - The Shanghai Composite Index closed at 3870.28, up 1.19%, while the Shenzhen Component Index closed at 13224.51, up 2.4% [1] - He望电气's closing price was 30.65, reflecting a rise of 5.36% with a trading volume of 238,100 shares and a transaction value of 708 million yuan [1] Group 2 - The wind power equipment sector saw a net outflow of 376 million yuan from institutional investors, while retail investors had a net inflow of 444 million yuan [2] - The trading data for various companies showed that He望电气 had a net inflow of 80.12 million yuan from institutional investors, while retail investors had a net outflow of 78.23 million yuan [3] - Other companies like 运达股份 and 德力佳 also experienced varying degrees of net inflows and outflows from different investor types [3]

Demand: Onshore Wind Capacity Supported, Positive Outlook for Offshore Growth - In 2025, onshore wind capacity is expected to exceed 100GW, with a year-on-year growth of over 25% [2][11] - For offshore wind, the expected capacity for 2025 is between 8-10GW, with a year-on-year increase of 30%+ anticipated for 2026 [12][11] - The "14th Five-Year Plan" period is projected to see an average annual installation of 110-120GW for onshore wind and over 20GW for offshore wind [11][12] Offshore Cable: Voltage Levels Increasing, Leading Players Strengthening - The market size for offshore cables is expected to reach 10.7 billion yuan in 2025, a 62% increase year-on-year, with a compound annual growth rate of 26% from 2025 to 2030 [2][11] - The gross margin for 220kV cables remains stable at 35-40%, while higher voltage cables show promising margins of 45-55% [2][11] Tower and Pile: Domestic Profitability Turning Point, International Expansion Opportunities - Domestic capacity utilization rates have rapidly increased since Q2 2025, indicating a profitability turning point for related companies [2][11] - Internationally, companies are expanding their market share with significant profitability from single pile deliveries [2][11] Wind Turbines: Price Stabilization and Profitability Improvement Expected in 2026 - Wind turbine prices have stabilized, with a rebound of over 5% in bidding prices, leading to improved profitability for domestic manufacturers expected in 2026 [2][11] - Offshore orders and deliveries for wind turbine companies are significantly increasing, with offshore margins exceeding domestic margins by 5-10 percentage points [2][11] Investment Recommendations: Positive Outlook for Offshore Sector - The upcoming deep offshore projects are expected to catalyze growth, with a potential upward adjustment in mid-to-long-term installation levels [2][11] - Recommended stocks include those in the offshore wind sector such as 大金重工, 东方电缆, and others, as well as wind turbine manufacturers like 金风科技 and 明阳智能 [2][11] European Offshore Wind: Accelerated Planning Amid Energy Crisis - Following the energy crisis due to the Russia-Ukraine conflict, European countries are ramping up offshore wind planning, with auction volumes expected to increase significantly [2][21] - The average annual compound growth rate for European offshore wind installations is projected to reach 21% from 2025 to 2030 [2][37]

编号： | 投 资 | 者 关 | 系 活 | √特定对象调研 □分析师会议 | | --- | --- | --- | --- | | 动类别 | | | □媒体采访 □业绩说明会 | | | | | □新闻发布会 □路演活动 | | | | | □现场参观 | | | | | □其他 | | 参 与 | 单 位 | 名 称 | 招商证券 赵旭，百年资管 别依田，浙商资管 吴达威，磐 | | 及人员姓名 | | | 厚动量 顾圣英，上银基金 罗项天，鑫元基金 汪壑，惠理 | | | | | 基金 高云波，中银证券 顾真 | | 时间 | | | 2025 年 12 月 12 日 | | 地点 | | | 运达股份会议室 | | 上 市 | 公 司 | 接 待 | 董事会办公室主任兼证券事务代表 马帅帅 | | 人员姓名 | | | 投资者关系经理 葛伟威 | | | | | 1、请介绍一下公司 2025 年 1-9 月订单情况？ | | | | | 答：2025 年 1-9 月，公司新增订单 18,131.12MW；截止 2025 | | 投 资 | 者 关 | 系 活 | 年 9 月底，累计在手订单 46 ...

股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：磐石 12月11日，A股市场储能概念股集体走强，其中，南都电源涨超12%，昇辉科技涨超10%，中国天楹、汉缆 股份、今创集团、金风科技、中利集团10CM涨停，银河电子、苏文电能涨超7%，东方电气、国机重装涨 超6%，运达股份涨超5%。 | | | | | 储能板块个股 | | | | --- | --- | --- | --- | --- | --- | --- | | 序号 | 代码 | 名称 | ● | 涨幅% ↓ | 总市值 | 年初至今涨幅%。 | | 1 | 300068 | 南昌泉 | 1 | 12.18 | 170亿 | 17.53 | | 2 | 300423 | 昇輝科技 | 1 | 10.67 | 41.79亿 | 21.39 | | 3 | 000035 | 中国天楹 | 1 | 10.09 | 146亿 | 26.33 | | ব | 002498 | 汉荣股份 | 1 | 10.03 | 135亿 | 21.20 | | 5 | 603680 | 今创集团 | 豪 | 9.98 | 111亿 | 74.42 | | 6 | 00 ...

| | | | | 储能板块个股 | | | | --- | --- | --- | --- | --- | --- | --- | | 序号 | 代码 | 名称 | . | 涨幅%↓ | 总市值 | 年初至今涨幅%。 | | 1 | 300068 | 南都电源 | 1 | 12.18 | 170亿 | 17.53 | | 2 | 300423 | 昇輝 技 | 1 | 10.67 | 41.79亿 | 21.39 | | 3 | 000035 | 中国天楹 | 4 | 10.09 | 146亿 | 26.33 | | 4 | 002498 | 汉缆股份 | 1 | 10.03 | 135亿 | 21.20 | | 5 | 603680 | 今创建材 | 兼 | 9.98 | 111亿 | 74.42 | | 6 | 002202 | 金风科技 | 1 | 9.97 | 717亿 | 66.66 | | 7 | 002309 | 中制集团 | 兼 | 9.97 | 109亿 | 49.18 | | 8 | 002519 | 银河电子 | 1 | 7.68 | 75.81亿 | 13.30 | | ರಿ | 3 ...

Group 1 - The wind power industry maintains a high level of prosperity, with expectations for wind turbine and component sales to rebound in profitability due to rising bidding prices and increased demand for domestic and overseas installations [1][3][28] - The average bidding price for onshore wind turbines increased by 6.86% year-on-year to 1618 RMB/kW, while the average price including towers rose by 9.78% to 2096 RMB/kW, indicating a recovery in sales profitability for turbine manufacturers [1][41] - Domestic wind turbine shipments are expected to exceed expectations in 2026, with a significant increase in bidding and approval volumes for wind projects, indicating strong future demand [1][30][39] Group 2 - The domestic offshore wind projects are progressing smoothly, with significant growth potential in deep-sea wind energy, supported by favorable policies and planning in regions like Zhejiang, Shanghai, and Guangdong [2][3] - The European offshore wind market is projected to add 8.40 GW of new installations in 2026, highlighting the potential for export opportunities in multiple segments of offshore wind energy [2][3] - The report identifies two main investment themes: (1) the recovery of wind turbine profitability and the potential for increased installation demand, and (2) the synchronized growth of domestic and international offshore wind demand, suggesting investment opportunities in related sectors such as submarine cables and foundation piles [3][28][29] Group 3 - The report emphasizes the importance of focusing on wind turbine manufacturers and components, recommending companies like Goldwind Technology, Mingyang Smart Energy, and Sany Heavy Energy for investment [3][29] - The offshore wind sector is expected to see significant growth, with recommendations for companies involved in submarine cables and foundation piles, such as Dongfang Cable and Zhongtian Technology [3][29] - The overall valuation of the power equipment industry is expected to grow in 2025, with the wind power sector presenting substantial investment opportunities due to favorable market conditions and increasing demand [28][15]

一、同意公司向专业投资者公开发行面值总额不超过25亿元绿色可续期公司债券的注册申请。二、本次 发行可续期公司债券应严格按照报送深圳证券交易所的募集说明书进行。三、本批复自同意注册之日起 24个月内有效，公司在注册有效期内可以分期发行绿色可续期公司债券。四、自同意注册之日起至本次 可续期公司债券发行结束前，公司如发生重大事项，应及时报告并按有关规定处理。 格隆汇12月10日丨运达股份(300772.SZ)公布，公司收到中国证券监督管理委员会（以下简称"中国证监 会"）《关于同意运达能源科技集团股份有限公司向专业投资者公开发行绿色可续期公司债券注册的批 复》（证监许可[2025]2690号），批复内容如下： ...