GOLDWIND(SZ:002202) Zhong Guo Neng Yuan Wang·2025-08-25 02:35Core Viewpoint - The report highlights the strong performance of Goldwind Technology in the first half of the year, with significant improvements in manufacturing profitability and ongoing expansion in overseas markets [1][2]. Wind Power - Goldwind Technology reported a strong half-year performance, with manufacturing profitability improving by 4.2 percentage points year-on-year, leading to the first positive profit in the wind turbine manufacturing segment since 2022 [1][2]. - State-owned enterprises, including the National Energy Group, have initiated wind turbine centralized procurement tenders, with a total scale of approximately 8.3 GW since August, showing a significant recovery compared to June and July [1][2]. - The average winning bid price remains at a favorable level, continuing to recommend the complete machine segment [1][2]. AIDC (Artificial Intelligence Data Center) - The liquid cooling sector is currently consolidating, with a long-term positive outlook for domestic companies in the global liquid cooling market [2]. - Intel's UQD (Quick Connect) interconnect alliance has been officially established, and DeepSeek-V3.1 has been released, utilizing parameters designed for next-generation domestic chip design [2]. Photovoltaics & Energy Storage - The photovoltaic industry meeting has expanded its participants, and the "anti-involution" initiative has been elevated, with expectations for increased administrative support [2]. - Despite the seasonal downturn in July, photovoltaic exports remained strong due to impending U.S. tariffs on imports and anticipated adjustments to export tax rebate policies [2]. - The overseas energy storage market continues to show high demand, with optimistic future prospects, recommending companies like Sungrow and Aters [2]. Lithium Battery - The price of lithium hexafluorophosphate has been rising, supported by raw material costs and limited market supply, with the average market price reaching 54,000 yuan per ton, up 1.89% from the previous week [3]. Hydrogen Energy and Fuel Cells - The U.S. power supply is under pressure due to AI growth, leading to a rise in distributed generation sources, creating significant opportunities for SOFC (Solid Oxide Fuel Cells) [4]. - Major power equipment exports in July reached 6.9 billion USD, a year-on-year increase of 20%, with transformers and high-voltage switchgear exports growing by 42% and 25% respectively [4]. - The second batch of bidding for primary equipment by the Southern Power Grid amounted to 1.33 billion yuan, a year-on-year increase of 41.6%, with leading shares from TBEA, Xidian, and Pinggao [4]. Important Industry Events - The trend of increased wind turbine bidding in August is notable, with Goldwind Technology's strong half-year report and the establishment of a photovoltaic industry meeting [5]. - From January to July, grid investment totaled 331.5 billion yuan, a year-on-year increase of 12.5%, with July's total electricity consumption rising by 8.6% year-on-year [5]. - Local subsidies for new energy vehicles have seen a reduction, impacting sales, particularly for electric vehicles, with a need to monitor future policy implementations [5].