金风科技被查，股价稳住了？

Core Viewpoint - The investigation by the European Commission into Goldwind Technology (金风科技) under the Foreign Subsidies Regulation (FSR) reflects a broader trend of protectionism against Chinese companies in the renewable energy sector, particularly in wind power, as the EU aims to strengthen its energy sovereignty and reduce reliance on Chinese technology [1][2][3]. Group 1: Company Performance - On February 9, Goldwind Technology opened at 26.02 yuan, reaching a high of 26.58 yuan during the day, and closed at 26.19 yuan, marking a 2.67% increase, recovering from a previous drop of 9% on February 5 when it closed at 24.82 yuan [1]. - Despite the investigation, Goldwind's stock did not experience a significant decline, indicating that the market's previous downturn was more related to sector-wide adjustments rather than the EU's inquiry [1]. Group 2: Regulatory Environment - The investigation into Goldwind is the first deep investigation under the FSR targeting a single Chinese wind power company, following multiple similar actions against Chinese firms in 2024 [2]. - The Chinese Ministry of Commerce criticized the EU's investigation as lacking sufficient evidence and transparency, labeling it as a form of protectionism disguised as fair competition [2]. Group 3: Industry Context - The EU's actions are seen as an attempt to protect local renewable energy industries, such as Siemens Energy and Vestas, while limiting the market expansion of Chinese companies like Goldwind, which are recognized as global leaders in wind turbine manufacturing [3]. - There is a growing trend of economic nationalism in the West, with some politicians using anti-China rhetoric to appeal to voters amid rising inflation and energy crises, framing China as a systemic competitor [3]. Group 4: Financial Health - Goldwind Technology reported a high debt-to-asset ratio of 73.11% as of September 30, 2025, alongside a negative operating cash flow of approximately -0.15 yuan per share, indicating potential concerns regarding its financial health [4].