Xin Lang Cai Jing·2025-12-05 04:01Group 1 - The core viewpoint of the article highlights the positive performance of the wind power industry, with Jin Feng Technology's stock price increasing by 6.67% to HKD 13.11, and a trading volume of HKD 224 million [1] - According to Guojin Securities, the operating net cash flow of the wind power industry improved in Q3 2025, reaching RMB 3.4 billion, an increase of RMB 700 million year-on-year [1] - The industry inventory continued to rise in Q3, while contract liabilities saw a temporary decline, indicating a strong demand forecast for Q4 during the peak installation season [1] Group 2 - The current industry backlog is estimated at approximately 300 GW, ensuring sustained demand and stable pricing for the wind power sector [1] - According to Kaiyuan Securities, the domestic wind power demand is solid due to the "dual carbon" goals and the 2035 plan for wind and solar installations to reach 360 million kilowatts [1] - The "Wind Energy Beijing Declaration 2.0" suggests that during the 14th Five-Year Plan, the annual new installed capacity for domestic wind power should not be less than 120 GW, with offshore wind power contributing at least 15 GW annually [1]