HDECL(SH:600726) Jianghai Securities·2025-11-17 10:27Investment Rating - The industry investment rating is "Overweight" (maintained) [4] Core Viewpoints - The report highlights the continuous increase in wind power bidding in November, with expectations for wind turbine prices to stabilize and recover [3] - The integration of "wind power + supercomputing" and "coal power + wind power" is seen as a key driver for energy transition in Heilongjiang [4] - The establishment of the first "wind power + supercomputing" project in Northeast China aims to create a closed-loop system for green electricity supply and high-performance computing, significantly reducing carbon emissions from data centers [4] Summary by Sections Project Developments - On November 6, a framework agreement was signed for a green industry project in Tonghe County, with a total investment of approximately 2.228 billion yuan, focusing on the synergy between energy structure and digital infrastructure [4] - On November 7, Huadian Energy announced plans to invest 12.043 billion yuan in a new integrated coal and renewable energy project in Heilongjiang [4] Financial Projections - The report outlines expected investment returns for six wind power projects, with the Qiqihar Fularji wind power project leading at a 20.55% return rate, while others range from 9.01% to 19.76% [4] Investment Recommendations - The report suggests focusing on local wind power operator Jiuzhou Group and Huadian Energy, one of China's five major power groups [4]