Investment Rating - The report maintains a "Buy" rating for key companies in the electric power equipment and new energy sectors, including Ningde Times, Keda Li, and others, indicating a positive outlook for their performance [4]. Core Insights - The inverter export value has shown continuous improvement, with a year-on-year increase of 9.25% in the first five months of 2025, reaching 24 billion RMB [3][21]. - The total electricity consumption in May 2025 was 809.6 billion kWh, reflecting a year-on-year growth of 4.4%, with significant increases in the first and third industries [4][34]. - The report highlights the ongoing decline in silicon material prices, which is expected to impact the photovoltaic industry positively [22][26]. Summary by Sections New Energy Vehicles - Leap Motor launched the 2026 C16 SUV, featuring a spacious interior and advanced safety and intelligent driving systems [2][8]. - The vehicle incorporates high-strength materials and a comprehensive safety structure, achieving a top safety rating [9]. Photovoltaics - Inverter exports reached 24 billion RMB in the first five months of 2025, with May exports at 5.975 billion RMB, marking a 7.96% year-on-year increase [21]. - The domestic component export value was 79.559 billion RMB, down 24.07% year-on-year, but May saw a 7.18% increase compared to the previous month [21]. - Silicon prices have decreased, with multi-crystalline silicon prices dropping by 6.27% [22]. Electric Power Equipment - The total electricity consumption for the first five months of 2025 was 39,665 billion kWh, up 3.4% year-on-year, with significant growth in the agricultural and residential sectors [34][35]. - The report emphasizes the trend of electric power equipment companies expanding overseas, leveraging China's complete manufacturing supply chain [45]. - Key recommendations include companies involved in transformers and smart grid investments, indicating a shift towards digitalization in the power sector [45].

Investment Rating - The report maintains a "Positive" investment rating for the offshore wind pile industry [12] Core Insights - Recent market attention on the pile segment has increased, with stock price fluctuations primarily driven by performance, which is closely linked to downstream construction volume and company shipment volume [5][8] - In the short term, the offshore wind pile industry is expected to benefit from increased downstream construction in Q2, leading to a dual increase in volume and profit, thereby releasing performance elasticity [9][11] - The long-term outlook suggests that deep-sea development will open up growth opportunities for the pile industry, while overseas offshore wind installations are anticipated to experience significant growth, with domestic companies accelerating overseas expansion [10][11] Summary by Sections Introduction: Volume as the Core Factor Affecting Pile Segment Performance - The report identifies that stock price movements in the pile segment are mainly influenced by performance, which is affected by downstream construction and shipment volumes [8][18] Short-term: Q2 Expected to Mark a Performance Turning Point, with Support for 2025-2026 Outlook - The offshore wind pile industry is projected to benefit from increased construction activity in Q2, with a year-to-date increase in offshore wind construction volume of 23% [9][24] - The report anticipates that the increase in shipments will lead to significant cost dilution effects, enhancing profitability for related companies [9][22] Long-term: Deep-sea Development Opens Industry Growth Space, Offshore Wind Expansion Releases Growth Elasticity - The shift towards deep-sea offshore wind is expected to create long-term growth opportunities for the pile industry, with significant growth anticipated in overseas installations [10][44] - The report highlights that domestic companies are accelerating their overseas expansion efforts, which is expected to release performance growth elasticity [10][11] Investment Recommendations - The report recommends focusing on domestic offshore wind pile companies that are expected to benefit from increased construction activity in the short term and have growth potential in the long term due to deep-sea development and overseas expansion [11][86]

证券代码：301155 证券简称：海力风电 公告编号：2025-025 江苏海力风电设备科技股份有限公司 关于召开 2025 年第二次临时股东大会通知的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何虚假记载、 误导性陈述或者重大遗漏。 江苏海力风电设备科技股份有限公司（以下简称"公司"）于2025年6月11日 召开第三届董事会第九次会议，审议通过了《关于提请召开2025年第二次临时股 东大会的议案》，现将本次股东大会的相关事项通知如下： 一、会议召开的基本情况 于提请召开2025年第二次临时股东大会的议案》，符合有关法律、行政法规、规 范性文件和《公司章程》等规定。 （1）现场会议召开时间：2025年6月27日（星期五）14：30 （2）网络投票时间：2025年6月27日 其中，通过深圳证券交易所（以下简称"深交所"）交易系统进行网络投票的 时间为：2025年6月27日上午9:15-9:25、9:30-11:30，下午13:00-15:00；通过深交 所互联网投票系统投票的具体时间为：2025年6月27日上午9:15至下午15:00期间 的任意时间。 （1）截止2025年6月23日（星期 ...

证券代码：301155 证券简称：海力风电 公告编号：2025-023 江苏海力风电设备科技股份有限公司 本公司及监事会全体成员保证公告内容真实、准确和完整，不存在任何虚假记载、 误导性陈述或者重大遗漏。 一、监事会会议召开情况 第九次会议的会议通知于2025年6月4日以书面通知方式发出。 程》的规定。 二、监事会会议审议情况 与会各位监事对本次监事会会议议案逐项进行了认真审议，以现场会议表决 方式进行了表决，通过了以下决议： 供担保暨关联交易的议案》 经审议，监事会认为：本次关联担保事项有利于参股公司立洋海洋工程有限 公司（以下简称"立洋海洋"）的业务发展，能够提升立洋海洋经营质量。被担 保对象为公司参股公司，其经营目标明确、行业前景广阔、资产质量较高、资信 状况良好，担保行为的风险处于公司可控的范围内，且立洋海洋将为公司本次担 保提供反担保。董事会在审议表决过程中，关联董事已依法回避表决，不存在损 害公司及股东特别是中小股东利益的情形，符合法律、法规的相关规定。同意公 司本次为参股公司提供关联担保。 本议案尚须提交公司 2025 年第二次临时股东大会审议。 《关于为参股公司提供担保暨关联交易的公告》（公告 ...

证券代码：301155 证券简称：海力风电 公告编号：2025-024 江苏海力风电设备科技股份有限公司 关于为参股公司提供担保暨关联交易的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何虚假记载、 误导性陈述或者重大遗漏。 江苏海力风电设备科技股份有限公司（以下简称"海力风电"或"公司"）于 2025年6月11日召开第三届董事会第九次会议及第三届监事会第九次会议，会议 审议通过了《关于为参股公司提供担保暨关联交易的议案》，相关关联董事已回 避表决。本事项已经公司独立董事专门会议审议通过，本事项尚需提交公司股东 大会审议，现将有关情况公告如下： 一、关联担保情况概述 鉴于参股公司立洋海洋工程有限公司（以下简称"立洋海洋"）旗下"中天 39"船舶需执行海外施工及光租业务，为满足其项目融资需求，公司本次拟为立 洋海洋提供共计不超过30,968万元的担保额度，担保方式为连带责任担保，担保 期限以与银行签署的协议为准。其余股东按照持股比例为立洋海洋提供担保，同 时立洋海洋为公司本次担保提供反担保。 单位：万元 | 担保方 | 被担保 | 担保方 | 被担保 方最近 | 截至目 | 本次新 | 担保 ...

证券代码：301155 证券简称：海力风电 公告编号：2025-025 江苏海力风电设备科技股份有限公司 关于召开 2025 年第二次临时股东大会通知的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何虚假记载、 误导性陈述或者重大遗漏。 江苏海力风电设备科技股份有限公司（以下简称"公司"）于2025年6月11日 召开第三届董事会第九次会议，审议通过了《关于提请召开2025年第二次临时股 东大会的议案》，现将本次股东大会的相关事项通知如下： 一、会议召开的基本情况 1、股东大会届次：2025年第二次临时股东大会 2、会议召集人：公司董事会 3、会议召开的合法、合规性：公司第三届董事会第九次会议审议通过了《关 于提请召开2025年第二次临时股东大会的议案》，符合有关法律、行政法规、规 范性文件和《公司章程》等规定。 4、会议召开日期和时间： （1）现场会议召开时间：2025年6月27日（星期五）14：30 （2）网络投票时间：2025年6月27日 其中，通过深圳证券交易所（以下简称"深交所"）交易系统进行网络投票的 时间为：2025年6月27日上午9:15-9:25、9:30-11:30，下午 ...

证券代码：301155 证券简称：海力风电 公告编号：2025-023 2、本次监事会于2025年6月11日在本公司会议室，以现场会议表决方式召开。 3、本次监事会应到监事3名，实到监事3名。 4、监事会主席邓峰主持本次监事会。公司董事会秘书列席了会议。 5、本次监事会会议的召集、召开符合《公司法》等法律、法规和《公司章 程》的规定。 江苏海力风电设备科技股份有限公司 第三届监事会第九次会议决议公告 本公司及监事会全体成员保证公告内容真实、准确和完整，不存在任何虚假记载、 误导性陈述或者重大遗漏。 一、监事会会议召开情况 1、江苏海力风电设备科技股份有限公司（下文简称"公司"）第三届监事会 第九次会议的会议通知于2025年6月4日以书面通知方式发出。 本议案尚须提交公司 2025 年第二次临时股东大会审议。 《关于为参股公司提供担保暨关联交易的公告》（公告编号：2025-024）详 见巨潮资讯网（www.cninfo.com.cn）。 三、备查文件 1、公司第三届监事会第九次会议决议。 特此公告。 二、监事会会议审议情况 与会各位监事对本次监事会会议议案逐项进行了认真审议，以现场会议表决 方式进行了表决，通过 ...

证券代码：301155 证券简称：海力风电 公告编号：2025-022 江苏海力风电设备科技股份有限公司 第三届董事会第九次会议决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何虚假记载、 误导性陈述或者重大遗漏。 一、董事会会议召开情况 1、江苏海力风电设备科技股份有限公司（下文简称"公司"）第三届董事会 第九次会议的会议通知于2025年6月4日以书面通知方式发出。 2、本次董事会于2025年6月11日在本公司会议室，以现场与视频会议表决方 式召开。 3、本次董事会应到董事8名，实到董事8名。 4、董事长许世俊先生主持本次董事会。公司监事和高级管理人员列席了会 议。 5、本次董事会会议的召集、召开符合《公司法》等法律、法规和《公司章 程》的规定。 与会各位董事对本次董事会会议议案逐项进行了认真审议，以现场与视频会 议表决方式进行了表决，通过了以下决议： 1、会议以 5 票同意，0 票弃权，0 票反对，审议通过了《关于为参股公司 提供担保暨关联交易的议案》 关联董事沙德权先生、许成辰先生、陈海骏先生回避该议案的表决。 本次担保事项符合参股公司立洋海洋工程有限公司（以下简称"立洋海洋"） ...

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sectors, including CATL, Keda, and others [4][5]. Core Insights - The new energy vehicle market shows strong growth, with significant delivery increases from various manufacturers, indicating a competitive landscape [2][11]. - The photovoltaic sector is experiencing a shift towards overseas production capacity, with companies like Junda establishing a 5GW solar cell base in Turkey to meet local demand [3][35]. - The National Energy Administration has initiated pilot projects for new power system construction, focusing on seven key technology areas [4]. Summary by Sections New Energy Vehicles - In May 2025, several new energy vehicle manufacturers reported strong delivery numbers, with Li Auto delivering 40,856 units and BYD maintaining a leading position with 382,476 units [2][11]. - Zeekr achieved a remarkable 37.7% month-on-month growth in deliveries, showcasing the competitive dynamics in the market [2][21]. Photovoltaics - Junda's agreement to build a 5GW solar cell base in Turkey aims to fill the local production gap and enhance global service efficiency [3][35]. - The photovoltaic industry is facing a decline in production, with a 12.7% decrease in output in May due to reduced domestic orders [3][38]. - Price stability is observed in the solar component market, with TOPCon dual-glass components priced between 0.60-0.72 RMB per watt [3][38]. Electric Equipment and Industrial Control - The National Energy Administration's pilot projects will focus on critical technologies such as smart microgrid integration and virtual power plant aggregation [4]. - Key companies to watch include CATL, Keda, and others, which are expected to benefit from these developments [4].

Group 1 - The report highlights the optimistic growth in the global power equipment market, projected to exceed $700 billion by 2025, with significant investments in the power grid expected to surpass $450 billion [3][23] - The company is positioned as a leader in the high-end diesel generator market, benefiting from strategic partnerships and a robust supply chain, which enhances its pricing power [3][24] - Revenue forecasts for the company indicate substantial growth, with expected revenues of 2.76 billion, 3.76 billion, and 4.75 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year increases of 689%, 36%, and 26% [3][24] Group 2 - The offshore wind power sector is anticipated to experience a new wave of growth, with domestic installations expected to reach 12 GW in 2025, a 200% increase year-on-year [4][6] - The company is expanding its production capacity and focusing on the deep-sea wind market, with significant investments in export terminals to meet growing international demand [4][6] - Profit forecasts for the company suggest net profits of 8.6 billion, 11.0 billion, and 13.1 billion yuan for 2025, 2026, and 2027, with corresponding price-to-earnings ratios of 15.8, 12.3, and 10.3 [4][6] Group 3 - The nuclear power sector is witnessing accelerated investment, with completed investments reaching 36.26 billion yuan in the first four months of 2025, a 36.64% year-on-year increase [12][27] - The company is well-positioned to capitalize on the modular construction market for nuclear power, with a projected market size of approximately 864 billion yuan from 2025 to 2030 [12][28] - Expected net profits for the company are projected to be 2.3 billion, 2.5 billion, and 2.9 billion yuan for 2025, 2026, and 2027, with price-to-earnings ratios of 20, 19, and 16 [12][30] Group 4 - The magnesium alloy market is experiencing rapid growth, with the company focusing on expanding its production capacity to meet increasing demand in various sectors, including aerospace and automotive [7][31] - Revenue for the company is expected to reach 4.09 billion yuan in 2024, reflecting a 16.01% year-on-year increase, with continued growth anticipated in subsequent years [7][31] - The company is actively integrating into the lightweight strategy of leading automotive manufacturers, enhancing its market position [7][31]