Group 1 - The core view of the report indicates that domestic wind power demand is steadily increasing, with a significant focus on offshore wind development, which is expected to accelerate under the "14th Five-Year Plan" [1][47] - The report anticipates that the installed capacity of wind power during the "14th Five-Year Plan" will reach 130GW annually, with the proportion of wind power in new energy installations expected to rise from 25% to 50% [1][38] - The report highlights that the European offshore wind market is expected to continue its rapid growth, with a total planned capacity of nearly 100GW, supported by government policies and subsidies [2][51] Group 2 - The domestic wind turbine market is experiencing price increases, with an average bidding price for onshore wind turbines rising by approximately 12% in 2025 compared to 2024 [3][13] - The report notes that the domestic turbine manufacturers are gaining market share in overseas markets, with a projected overseas market share of about 14% in 2024 [3][41] - The report emphasizes the importance of high-voltage direct current (HVDC) technology in the domestic submarine cable market, predicting a significant increase in demand for submarine cables due to the growth of offshore wind and power interconnection projects [4][47] Group 3 - The report identifies a turning point in profitability for domestic marine engineering companies, with increased capacity utilization expected to enhance profitability [5][47] - The report suggests that the domestic marine engineering sector is well-positioned to expand in the European market, where demand for offshore wind foundations is high [5][51] - The report highlights the tight supply of offshore wind foundations in Europe, indicating a potential for domestic companies to capture significant market share [5][51] Group 4 - The report recommends focusing on key companies in the wind power sector, including Goldwind Technology, Yunda Co., and Mingyang Smart Energy, among others [6][10] - The report also highlights the importance of companies involved in submarine cables and marine engineering, such as Daikin Heavy Industries and Dongfang Cable [6][10] - The report indicates that component manufacturers, including Delijia and Weili Transmission, are expected to see increased demand due to the growth of the wind power sector [6][10]

Core Viewpoint - Mingyang Smart Energy (301291) is intensifying its overseas capacity expansion, with a new equipment investment officially launched at its Malaysia base, positioning overseas business as a new growth driver for future performance [1] Group 1: Company Strategy - The company is actively increasing its overseas production capacity [1] - The investment in Malaysia is part of the company's broader strategy to enhance its international presence [1] Group 2: Business Performance - The company assures that its production and operations are normal [1] - Investors are encouraged to await the upcoming periodic reports for detailed annual operational performance [1]

证券日报网讯1月6日，明阳电气（301291）在互动平台回答投资者提问时表示，目前公司按照既定战略 目标，有序开展重点项目，大力拓展海外业务，培育公司长期增长性，提升公司核心竞争力。 ...

每经AI快讯，有投资者在投资者互动平台提问：最近铜价大涨会对公司四季度利润造成影响吗？公司 产品出海进展顺利吗？网上有调研传出公司对四季度以及2026年一季度表达了悲观预期请问这种情况属 实吗？如果为保证所有投资者公平获得公司经营信息，是否可以披露一下四季度的生产状况以及订单状 况呢？ （文章来源：每日经济新闻） 明阳电气（301291.SZ）1月6日在投资者互动平台表示，公司持续加码布局海外产能，已在马来西亚基 地正式开展设备投资，海外业务将成为公司未来业绩新增长点。公司严格按照相关法律、法规、规章及 规范性文件的规定，履行信息披露义务，敬请以巨潮资讯网披露的相关公告和定期报告为准。公司生产 经营正常，有关年度的经营情况请耐心等待公司后续的定期报告披露。 ...

广东明阳电气股份有限公司 关于为全资子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、担保情况概述 广东明阳电气股份有限公司（以下简称"公司"）于 2025 年 4 月 22 日召开 第二届董事会第十二次会议和第二届监事会第十二次会议、于 2025 年 5 月 16 日召开 2024 年年度股东会，审议通过了《关于 2025 年度为合并报表范围内子公 司提供担保额度预计的议案》，同意公司为合并报表范围内的子公司提供预计合 计不超过 86,000 万元的担保额度，有效期限自 2024 年年度股东会审议通过之日 起至 2025 年年度股东会召开之日止。在上述担保额度和期限内，授权公司管理 层在担保额度内签署与担保相关的合同及法律文件，无需再逐项提请公司董事会 和股东会审批。具体内容详见公司在巨潮资讯网上披露的相关公告。 二、担保进展情况 （一）本次担保进展情况 1、近日，根据公司全资子公司广东博瑞天成能源技术有限公司（以下简称 "博瑞天成"）的实际生产经营需要，公司为博瑞天成向中国农业银行股份有限 公司中山火炬高技术产业开发区支行(以下 ...

华安证券（600909）股份有限公司研究员张志邦、郑洋2025年11月10日发布研报《明阳电气：计提减值 利润承压海外、数据中心业务扩展有望带来新增量》称，维持"买入"评级。 中国经济网北京12月31日讯明阳电气（301291）(301291.SZ)今日收报587.90元，跌幅3.50%。 2025年11月10日，明阳电气盘中达到近10个月股价最高点55.65元。 ...

Investment Rating - The industry investment rating is "Outperform the Market - A" [1] Core Insights - The artificial intelligence (AI) industrialization wave is approaching, leading to a rapid increase in demand for Artificial Intelligence Data Centers (AIDC) [4][11] - Power distribution equipment is a crucial component of AIDC and is expected to benefit significantly from the high demand in AIDC [36] - Major companies involved in the AIDC sector are highlighted, indicating potential investment opportunities [3] Summary by Sections Section 1: AI Industrialization and AIDC Demand Growth - AI is at a critical turning point for commercial deployment, driving a rapid increase in demand for intelligent computing power [4][11] - AIDC serves as the physical carrier for intelligent computing power, benefiting from the AI industrialization wave [12] - AIDC is evolving towards high energy consumption and high density, necessitating continuous upgrades in power distribution equipment [30][35] Section 2: Power Distribution Equipment in AIDC - Power distribution equipment is a vital part of AIDC, accounting for approximately 13% of initial investment costs [42] - AIDC's power supply architecture typically employs redundancy designs to ensure high reliability [43][44] - Diesel generator sets are the most common backup power solution for AIDC [56][60] - The transition from UPS to high-voltage direct current (HVDC) systems is anticipated, with HVDC becoming the mainstream architecture in the future [68][86] - The market for server power supplies is projected to exceed 100 billion, with supercapacitors and battery backup units (BBU) being key growth areas [113]

明阳电气公告，中山明阳将300万股首发前限售股质押给渤海国际信托股份有限公司，质押期自2025年 12月25日至办理解除质押登记为止，占其持股2.30%、占公司总股本0.96%，用于偿还贷款。截止公告 披露日，中山明阳及一致行动人持股1.37亿股，占44.02%，累计质押4930万股，占其持股35.87%、占公 司总股本15.79%。 ...

证券代码：301291 证券简称：明阳电气 公告编号：2025-064 广东明阳电气股份有限公司 关于控股股东部分股份新增质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 广东明阳电气股份有限公司（以下简称"公司"）近日接到控股股东中山市 明阳电器有限公司（以下简称"中山明阳"）的函告，获悉其所持有本公司的部 分股份办理了质押登记，具体事项如下： 一、股东股份质押基本情况 1、本次股份质押基本情况 | 股东 | 是否为控 股股东或 | 本次质押 | 占其所持 | 占公司总 | 是否为 | 是否为 | | | 质押到 | | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 第一大股 | | | | | 补充质 | 质押起始日 | | | 质权人 | | | 名称 | 东及其一 | 数量（股） | 股份比例 | 股本比例 | 限售股 | 押 | | | 期日 | | 用途 | | | 致行动人 | | | | | | | | | | | ...

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].