Xin Lang Cai Jing·2025-10-22 05:54Core Insights - The China Securities National New State-Owned Enterprises Modern Energy Index has seen a slight decline of 0.13% as of October 22, 2025, with mixed performance among constituent stocks [3] - The "Wind Energy Beijing Declaration 2.0" was released on October 20, 2025, at the International Wind Energy Conference, setting ambitious targets for wind power installation during the 14th and 15th Five-Year Plans [3] Group 1: Market Performance - The top-performing stocks include PetroChina Oilfield Services, which rose by 10.00%, and China Nuclear Engineering, which increased by 4.10% [3] - The recent trading volume for the National Modern Energy ETF was 161.57 million yuan, with a turnover rate of 3.62% [3] - Over the past year, the National Modern Energy ETF has seen an average daily trading volume of 615.35 million yuan [3] Group 2: Policy Changes - Starting November 1, 2025, the 50% VAT refund policy for onshore wind power will be canceled, while the policy for offshore wind power will continue until the end of 2027 [4] - The cancellation of tax incentives for onshore wind power is expected to impact net profits by approximately 19%, creating short-term pressure on profitability [4] Group 3: Industry Outlook - Despite the short-term challenges, the long-term outlook for the wind power industry remains robust due to China's commitment to its "dual carbon" strategy [4] - The wind power supply chain is anticipated to enter a recovery phase, with a focus on leading turbine manufacturers and offshore expansion [4] - The "Two Seas" strategy for wind power equipment is expected to enhance market share and overall profitability for companies in the sector [4] Group 4: Index Composition - As of September 30, 2025, the top ten weighted stocks in the index include Changjiang Electric Power and China Nuclear Power, accounting for 47.72% of the index [6]