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].

证券日报网讯12月25日，海力风电（301155）在互动平台回答投资者提问时表示，截至2025年12月19 日，公司股东人数为16859户。 ...

12月24日，海力风电涨2.08%，成交额2.49亿元。两融数据显示，当日海力风电获融资买入额1589.46万 元，融资偿还1730.99万元，融资净买入-141.52万元。截至12月24日，海力风电融资融券余额合计1.78 亿元。 截至11月28日，海力风电股东户数1.71万，较上期减少4.89%；人均流通股7213股，较上期增加5.14%。 2025年1月-9月，海力风电实现营业收入36.71亿元，同比增长246.01%；归母净利润3.47亿元，同比增长 299.36%。 分红方面，海力风电A股上市后累计派现2.37亿元。近三年，累计派现4130.44万元。 机构持仓方面，截止2025年9月30日，海力风电十大流通股东中，广发高端制造股票A（004997）位居 第六大流通股东，持股189.90万股，为新进股东。兴全合润混合A（163406）位居第七大流通股东，持 股156.62万股，为新进股东。香港中央结算有限公司位居第九大流通股东，持股127.57万股，相比上期 减少55.99万股。贝莱德中国新视野混合A（013426）退出十大流通股东之列。 责任编辑：小浪快报 融资方面，海力风电当日融资买入1589. ...

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]

12月23日，海力风电涨2.20%，成交额2.53亿元。两融数据显示，当日海力风电获融资买入额1811.84万 元，融资偿还1312.97万元，融资净买入498.87万元。截至12月23日，海力风电融资融券余额合计1.79亿 元。 融资方面，海力风电当日融资买入1811.84万元。当前融资余额1.77亿元，占流通市值的1.01%，融资余 额低于近一年20%分位水平，处于低位。 截至11月28日，海力风电股东户数1.71万，较上期减少4.89%；人均流通股7213股，较上期增加5.14%。 2025年1月-9月，海力风电实现营业收入36.71亿元，同比增长246.01%；归母净利润3.47亿元，同比增长 299.36%。 分红方面，海力风电A股上市后累计派现2.37亿元。近三年，累计派现4130.44万元。 融券方面，海力风电12月23日融券偿还0.00股，融券卖出200.00股，按当日收盘价计算，卖出金额1.61 万元；融券余量2.41万股，融券余额193.52万元，超过近一年80%分位水平，处于高位。 资料显示，江苏海力风电设备科技股份有限公司位于江苏省如东经济开发区金沙江路北侧、井冈山路东 侧，成立日期2 ...

Investment Rating - The report maintains a "Recommended" rating for key companies in the electric equipment and new energy sectors, including CATL, Keda, and others [5][6]. Core Insights - The electric equipment and new energy sector experienced a decline of 3.12% in the week from December 15 to December 19, 2025, underperforming the Shanghai Composite Index [1]. - QuantumScape (QS) signed a joint development agreement with a global top ten automotive manufacturer, marking significant progress in its commercial expansion goals for 2025 [2]. - China's photovoltaic module exports reached approximately 20.29 GW in October 2025, a year-on-year increase of 17% [3]. - The completion of the Jinshang-Hubei ±800 kV UHVDC project marks a historical high in grid construction intensity, with an investment of 33.4 billion yuan [4]. Summary by Sections 1. New Energy Vehicles - QS's partnership with a major automotive manufacturer signifies a key advancement in its business expansion for 2025, with ongoing collaborations with several top car manufacturers [14]. - The energy density of QS's solid-state battery reaches 844 Wh/L, supporting fast charging and high discharge rates [17]. - The company is focused on expanding its cooperative ecosystem and accelerating the commercialization of solid-state batteries [24]. 2. New Energy Generation - China's photovoltaic module exports in October 2025 were approximately 20.29 GW, reflecting a 17% year-on-year growth [35]. - The cumulative export volume reached 226.45 GW by the end of October, with a year-on-year increase of 11% [35]. - The European market remains the largest, but exports have declined for two consecutive months, with a 31% decrease month-on-month [36]. 3. Electric Equipment and Automation - The Jinshang-Hubei ±800 kV UHVDC project has been officially completed, with a total investment of 33.4 billion yuan, capable of transmitting approximately 40 billion kWh of clean electricity annually [54]. - The project enhances the capacity for large-scale development of hydropower and renewable energy in the upper reaches of the Jinsha River [54]. - The National Grid has completed 42 UHV projects, significantly supporting the large-scale delivery of clean energy from the western and northern regions [55]. 4. Weekly Sector Performance - The electric equipment and new energy sector saw a decline of 3.12%, ranking 30th in performance, with the new energy vehicle index showing the largest increase of 0.14% [1]. - The nuclear power index experienced the largest decline of 4.07% during the same period [1].

Core Insights - The wind power industry is expected to experience a synchronous recovery in both domestic and international markets, driven by changes in demand and industry dynamics, creating new investment opportunities [1] - The report maintains an "outperform" rating for the wind power sector, indicating a positive outlook for investment [1] Group 1: Industry Review - Since 2021, China's onshore wind power has entered a parity era, with rapid cost reductions achieved through large-scale and technological advancements, leading to continuous installation exceeding expectations [3] - The competition within the main engine segment has significantly compressed the profitability of the industry chain, resulting in a situation where growth in volume does not equate to growth in profit [3] - The price of the onshore wind industry chain has been recovering since the second half of 2024, with profitability expected to improve in 2025 as shipment volumes increase [3][4] Group 2: Onshore Wind Power Outlook - For 2026, it is anticipated that new onshore installations in China will reach 120 GW, a year-on-year increase of 10%, setting a new historical high [4] - The industry chain prices are expected to have solid support, leading to significant recovery in main engine profits, with component segments showing notable operational leverage [4] - The CAGR for new onshore installations in emerging markets is projected to be 17% from 2024 to 2030, with domestic manufacturers expected to see substantial growth in export profits [4] Group 3: Offshore Wind Power Outlook - The report forecasts that new offshore installations in China will rise to a range of 11-15 GW in 2026, representing a year-on-year increase of over 40% [5] - The national offshore wind project development is expected to commence in 2026, with a total of 70-100 GW of new offshore installations projected during the 14th Five-Year Plan period [5] - The global offshore wind market is anticipated to see steady growth in orders and construction demand, particularly in Europe, where supply constraints for cables and piles are expected [5] Group 4: Investment Recommendations - The report suggests focusing on key players in the main engine segment such as Goldwind Technology, Yunda Co., and Sany Renewable Energy, while component manufacturers like Delijia and Jinlei Co. are also highlighted [6] - In the offshore wind sector, companies such as Dajin Heavy Industry, Haili Wind Power, and Oriental Cable are recommended for investment consideration [6]

日前，如东县市场监管局牵头开展省风电装备产业链供应链联动提升工作，重点围绕设立海力风电 （301155）企业供应链产品质量监测点和海力风电产业链碳足迹标识认证等方面做文章，发展新质生产 力，不断拉升质量发展高线。 风电装备属省"1650"产业体系明确的50条重点产业链之一，也是如东九大传统产业链之一，遴选以海力 风电、江苏海装、重通成飞等"一批骨干企业"引领带动，以"龙头带动"引领产业发展，目前已集聚起包 括并网测试、运营维护、人员培训、控制系统等链上企业，产业规模稳步增长。 在风电领域发电机、齿轮箱等关键零部件制造环节、风电领域柔性直流输电技术、深远海域海上风电开 发及超大型海上风机技术等质量提升所面临的"急难愁盼"问题，不断扩充和完善"服务菜单"。如东县市 场监管局充分发挥市场监管系统自成体系的检验、检定和标准托管等资源优势和工具箱，开展一次惠企 政策宣讲、一堂专题培训课、一次深度交流座谈、一次全面"质量体检"、形成一份质量管理问题诊断 书、一套质量管理体系提升方案。 同时，专门安排检测、认证专家、质量专家一线调研等方式，紧盯质量管理数字化升级改造，绘就如东 风电产业链质量图谱，全县风电发电企业24家、风 ...

证券之星消息，12月15日风电设备板块较上一交易日上涨0.28%，飞沃科技领涨。当日上证指数报收于 3867.92，下跌0.55%。深证成指报收于13112.09，下跌1.1%。风电设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 301040 | 中环海陆 | 30.67 | -4.48% | 9.18万 | 2.84亿 | | 688660 | 电气风电 | 16.46 | -3.97% | 18.42万 | 3.05亿 | | 603063 | 禾望电气 | 30.70 | -1.41% | 16.41万 | 5.05亿 | | 301155 | 海力风电 | 81.15 | -1.39% | 2.09万 | 1.71亿 | | 300185 | 通裕重工 | 2.94 | -1.34% | 80.86万 | 2.39 乙 | | 603985 | 恒润股份 | 14.55 | -1.15% | 8.04万 | 1.18亿 | | 301456 | 盘古智能 | 2 ...

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]