Group 1 - The core viewpoint of the news is that Yunda Co., Ltd. has seen a stock price increase of 5.07%, reaching 20.10 yuan per share, with a trading volume of 208 million yuan and a turnover rate of 1.52%, resulting in a total market capitalization of 15.816 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, production, and sales of large wind turbine generators [1] - The revenue composition of Yunda Co., Ltd. includes wind power units at 87.54%, new energy EPC contracting at 6.36%, other revenues at 4.04%, and power generation income at 2.06% [1] Group 2 - From the perspective of Yunda Co., Ltd.'s top ten circulating shareholders, one fund under Bosera Fund ranks among the top shareholders. Bosera Hengle Bond A (014846) entered the top ten circulating shareholders in the third quarter, holding 4.5491 million shares, accounting for 0.65% of circulating shares [2] - Bosera Hengle Bond A (014846) was established on April 28, 2022, with a latest scale of 10.807 billion yuan. The fund has achieved a return of 7.28% this year, ranking 415 out of 6576 in its category, and a return of 7.6% over the past year, ranking 386 out of 6571 [2] - The fund manager of Bosera Hengle Bond A (014846) is Zhang Liling, who has a cumulative tenure of 13 years and 126 days, managing total fund assets of 45.798 billion yuan, with the best fund return during his tenure being 34.66% and the worst being -8.6% [2]

| 债券面值 | 100 | 元/张 | | --- | --- | --- | | 开盘参考价 | 100 | 元/张 | （以下无正文） （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（第一期）在深圳证券交易所上市的公告》之盖章 页） 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）在深圳证券交易所上市的公告 根据深圳证券交易所债券上市的有关规定，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）符合深圳证券 交易所债券上市条件，将于 2025 年 12 月 29 日起在深圳证券交易所上市，并面 向专业投资者中的机构投资者交易，交易方式包括匹配成交、点击成交、询价成 交、竞买成交和协商成交。债券相关要素如下： | 债券名称 | | 2025 | 年面向专业投资 | | | 运达能源科技集团股份有限公司 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 者公开发行绿色可续期公司债券（第一期） | | ...

Overview - The report maintains a "stronger than market" rating for the renewable energy sector, highlighting that the demand for offshore wind power in China and Europe is increasing, leading to a rise in foundation demand and profit recovery for wind turbines. The "anti-involution" policy is expected to continue driving the photovoltaic sector, particularly with the expansion of perovskite technology. Overall, while short-term installation demand for renewable energy globally may be weak, there are structural opportunities in the market [1]. Key Points Supporting the Rating - The "anti-involution" trend is stabilizing wind turbine prices, enhancing profitability for manufacturers. China's offshore wind projects are becoming economically viable, contributing significantly to installed capacity. The demand for offshore wind in Europe and emerging markets is also on the rise [3]. - In the photovoltaic sector, the "anti-involution" policy remains the main theme, with a focus on the potential for capacity exits in battery and module production, as well as the industrialization potential of perovskite technology. Investment should prioritize growth-oriented new technology directions and the main industry chain benefiting from the "anti-involution" trend [3]. Investment Recommendations - For wind power, the report suggests prioritizing investments in the turbine segment, which is expected to recover profitability, and in the foundation segment that is progressing quickly in Europe. The offshore wind market is projected to grow significantly, with a focus on deep-sea projects [3]. - In the photovoltaic sector, the report emphasizes the importance of monitoring the "anti-involution" policy's impact on the industry, particularly regarding the exit of inefficient capacity and the enhancement of efficiency in battery and module production [3]. Long-term Outlook for Renewable Energy Demand - The report indicates that China's renewable energy demand is expected to remain robust in the long term, with an average annual installation capacity of over 400GW projected from 2025 to 2035. This is driven by the country's energy security needs and the ongoing transition to a low-carbon economy [13][16]. - The "136 Document" is noted for guiding the development of renewable energy projects towards market-oriented pricing, which is expected to stabilize project returns and promote high-quality development in the sector [31]. Photovoltaic Sector Insights - The report anticipates a moderate decline in photovoltaic installations in 2026 due to a phase of pre-installation in 2025, with projected installations of 290GW in 2025 and 180GW in 2026, reflecting a year-on-year decrease of 38% [33]. - The report highlights that the European photovoltaic market is facing growth challenges, with a forecasted installation of 64.2GW in 2025, indicating a slight decline. The U.S. market is also expected to experience pressure on growth due to policy adjustments [34][37]. Perovskite Technology Potential - Perovskite technology is identified as a key area for enhancing competitiveness in the photovoltaic manufacturing sector, with expectations for significant breakthroughs in industrialization by leading manufacturers in 2026 [33][44].

证券代码：300772 证券简称：运达股份 公告编号：2025-091 运达能源科技集团股份有限公司 第五届董事会第三十六次会议决议公告 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。 一、董事会会议召开情况 运达能源科技集团股份有限公司（以下简称"公司"）第五届董事会第三十六次会 议于 2025 年 12 月 25 日以通讯方式召开，会议通知及会议资料于 2025 年 12 月 15 日以 传真、电子邮件或专人送达等方式送达各位董事。公司全体董事参加了会议，本次会议 召开和表决符合《公司法》和《公司章程》的规定。 二、董事会会议审议情况 与会董事审议并一致通过了以下议案： （一）《关于授权总会计师 2026 年向金融机构申请综合授信的议案》。 表决情况：同意 6 票，反对 0 票，弃权 0 票。 三、备查文件 1.第五届董事会第三十六次会议决议。 特此公告。 运达能源科技集团股份有限公司 董事会 2025 年 12 月 25 日 ...

Core Viewpoint - The Zhejiang Provincial People's Congress has passed the "Regulations on Promoting High-Quality Development of Marine Economy," which emphasizes the expansion of offshore wind power into deep waters and the development of various clean energy sources, including nuclear and tidal energy [1] Group 1: Offshore Wind Power Development - The current global offshore wind power costs are now economically viable alternatives to traditional fossil fuels, with a favorable carbon emission profile throughout its lifecycle [1] - Offshore wind power projects are advantageous due to their distance from residential areas, minimizing noise and visual pollution, and the absence of road construction limitations [1] - The ability to select optimal wind conditions and higher capacity factor sites enhances the reliability and efficiency of offshore wind power [1] Group 2: Industry Recommendations - The transition from nearshore to deep offshore wind power is underway, with provinces actively promoting demonstration projects to build experience for future large-scale developments [2] - Companies in the submarine cable segment, such as Dongfang Cable, Zhongtian Technology, and Hengtong Optic-Electric, are recommended for investment [2] - In the offshore wind foundation and marine engineering sector, companies like Dajin Heavy Industry, Haili Wind Power, and Tian Shun Wind Energy are highlighted as potential beneficiaries [2] - For turbine manufacturers with sufficient orders, companies like Goldwind Technology, Yunda Co., and Sany Renewable Energy are suggested for attention [2]

Group 1 - The wind power equipment sector has seen a significant increase, with Electric Wind Power rising over 10% [1] - Other companies such as Yunda Co., Jin Feng Technology, Sany Heavy Energy, China Shipbuilding Technology, and Mingyang Smart Energy have also experienced gains [1]

当前，金融与新能源产业深度融合成为推动"双碳"目标实现、助力区域绿色发展的关键路径，政策性金 融支持为新能源项目落地与产业升级提供了重要保障。12月10日，运达股份黑龙江公司与国家开发银行 黑龙江省分行在哈尔滨正式签署战略合作协议，国开行黑龙江省分行行长白新民、运达股份总经理程晨 光出席签约仪式，标志着双方在新能源领域的合作迈入常态化、机制化新阶段。 白新民表示，国开行黑龙江省分行始终立足政策性银行职能定位，积极服务国家"双碳"战略与黑龙江省 绿色发展规划，此次合作将进一步整合信贷资源，为运达提供全流程、定制化金融服务，助力区域新能 源产业规模化发展与能源结构优化。 程晨光指出，运达股份将以此次战略合作为重要契机，充分发挥全产业链优势，借助国开行专业金融支 持，加速推进新能源项目落地见效，持续拓宽融资渠道、创新合作模式，为实现国家"双碳"目标和黑龙 江省绿色发展贡献运达力量。 此次战略合作的达成，将为黑龙江省新能源项目开发与绿色能源产业升级注入强劲金融动力。未来，双 方将聚焦政策研究、项目培育与风险防控三大重点，携手构建"亲清"银企合作典范，以金融赋能产业、 以产业践行绿色发展，共同书写黑龙江绿色能源高质量发 ...

Group 1 - The company successfully issued green perpetual corporate bonds (Phase 1) on December 23, marking a new breakthrough in capital market operations [5] - This bond issuance is the lowest coupon rate for green perpetual corporate bonds in Zhejiang Province's history, with a total issuance scale of 1.5 billion yuan and a final issuance rate of only 2.49% [2][5] - The company received the highest credit rating of AAA, reflecting strong market recognition of its leading position in the state-owned wind power sector and its solid operational fundamentals [5] Group 2 - The bond's characteristics, such as its equity-like attributes and controllable financing costs, will inject long-term capital into the company's green energy business [5] - The company operates in six major sectors, including wind power equipment manufacturing, new energy power station investment and operation, and energy storage system solutions, establishing a diversified profit foundation [5] - The successful issuance of these perpetual bonds will enhance the company's equity capital, optimize its asset-liability structure, and broaden green financing channels [5]

证券代码：300772 证券简称：运达股份 公告编号：2025-090 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（含）15 亿元，发行价格为每张 100 元，采取网下面向专业机构投资者询价配售的方式发 行。 本期债券发行时间为 2025 年 12 月 23 日，具体发行情况如下： 本期债券网下预设的发行数量占本期债券发行规模的比例为 100%，即 15 亿元；最终网下实际发行数量为 15 亿元，占本期债券发行规模的 100%。本期债 券的票面利率为 2.49%。 公司的董事、高级管理人员、持股比例超过 5%的股东以及其他关联方未参 与本期债券的认购。 认购本期债券的投资者均符合《公司债券发行与交易管理办法》《深圳证券 交易所公开发行公司债券挂牌规则（2023 年修订）》《深圳证券交易所债券市 场投资者适当性管理办法（2023 年修订）》及《关于进一步规范债券发行业务 有关事项的通知》等各项有关要求。 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）发行结果公告 本公司及董 ...

债券代码：524606.SZ 证券简称：25 运达 GY01 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）发行结果公告 本公司及其全体董事、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。 运达能源科技集团股份有限公司（以下简称"公司"）公开发行不超过 25 亿 元绿色可续期公司债券已获得中国证券监督管理委员会《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）。根据《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》，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（含）15 亿元，发行价格为每张 100 元，采取网下面向专业机构投资者询价配售的方式发行。 本期债券发行时间为 2025 年 12 月 23 日，具体发行情况如下： 本期债券网下预设的发行数量占本期债券发行规模的比例为 100%，即 15 亿 元；最终网下实际 ...