大金重工股份有限公司 董事会议事规则（草案） （H 股发行并上市后适用） 第一章 总则 第一条 为了进一步规范大金重工股份有限公司（以下简称"公司"）董事 会的议事方式和决策程序，促使董事和董事会有效地履行其职责，提高董事会规 范运作和科学决策水平，根据《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司治理准则》、《深圳证券交易所股票上市规则》《香港联合交易所有 限公司证券上市规则》（以下简称"《香港上市规则》"）等法律、行政法规、规范 性文件、公司股票上市地证券监管规则及《大金重工股份有限公司章程》（以下 简称"公司章程"）的规定，特制定本规则。 第二条 董事会是公司的常设机构，是公司的经营决策和业务领导机构，是 股东会决议的执行机构，并直接对股东会负责。董事会审议议案、决定事项，应 当充分考虑维护股东和公司的利益，严格依法办事。 第二章 董 事 第三条 公司董事为自然人，有下列情形之一的，不能担任公司的董事： （一）无民事行为能力或者限制民事行为能力； （二）因贪污、贿赂、侵占财产、挪用财产或者破坏社会主义市场经济秩序， 被判处刑罚，或者因犯罪被剥夺政治权利，执行期满未逾 5 年，被宣告缓刑的， ...

对外捐赠管理制度 大金重工股份有限公司 对外捐赠管理制度 （2025年制订） 第一章 总 则 第一条 为规范大金重工股份有限公司（以下简称"公司"）对外捐赠行为， 推动公司积极履行社会责任，根据《中华人民共和国公益事业捐赠法》《中华人 民共和国慈善法》《中华人民共和国公司法》等法律、法规和《大金重工股份有 限公司章程》的有关规定，制订本制度。 第七条 量力而行原则。公司应当在力所能及的范围内，积极参加社会公益 活动。如公司已经发生亏损或者由于对外捐赠将导致亏损或者影响公司正常生产 经营的，除特殊情况以外，不得对外捐赠。 P A G E （一）救助灾害、救济贫困、扶助残疾人等困难的社会群体和个人的活动； （二）教育、科学、文化、卫生、体育事业； （三）环境保护、社会公共设施建设； （四）促进社会发展和进步的其他社会公共和福利事业。 第二条 本制度适用于公司及下属全资子公司和控股子公司。 第三条 本办法所称"对外捐赠"，是指公司自愿无偿将其有权处分的合法 财产赠送给自然人、法人或者其他组织，用于与生产经营活动没有直接关系的公 益事业的行为。 第四条 公益事业是指非营利的下列事项： 第二章 基本原则 第五条 自愿无 ...

| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3382 | 0.65 | 0.99 | -0.21 | | 深证综指 | 1988 | 0.95 | 0.73 | -1.25 | | 风格指数 | 昨日表现 | 1 个月表现 | 6 个月表现 | | --- | --- | --- | --- | | | （％） | （％） | （％） | | 大盘指数 | 0.25 | -0.97 | -1.75 | | 中盘指数 | 0.66 | 0.76 | -4.81 | | 小盘指数 | 0.94 | 1.3 | -0.1 | | 行业涨幅 | 昨日涨 | 1 个月涨 | 6 个月涨 | | 地面兵装Ⅱ | 3.81 | 14.66 | 26.7 | | 能源金属 | 3.54 | 5.56 | 4.59 | | 动物保健Ⅱ | 3.28 | 1.48 | 20.07 | | 油服工程 | 3.13 | 20.22 | 14.27 | | IT 服务Ⅱ | 2.49 | ...

Investment Rating - The report gives a "Buy" rating for the offshore wind sector, particularly highlighting the potential for significant growth in European offshore wind projects and the expected increase in orders for related companies [7][6]. Core Insights - The offshore wind sector is experiencing a positive outlook with successful project milestones, such as the Jiangsu Guoxin Dafeng offshore wind project achieving its first power delivery and aiming for grid connection [7]. - The U.S. "Great American Outdoors Act" has introduced more lenient supply chain requirements, which is expected to benefit energy storage projects significantly [8]. - The lithium battery sector is seeing a resurgence in traditional orders and advancements in solid-state battery technology, with major manufacturers receiving large-scale orders [14][11]. Summary by Relevant Sections Offshore Wind - Jiangsu Guoxin Dafeng offshore wind project successfully completed its first power delivery, with expectations for initial grid connection within the month [7]. - The 2025 Offshore Wind Conference in Liaoning set a target of 13.1GW for offshore wind development, indicating strong future demand [7]. - European offshore wind demand is projected to double this year, with significant order growth anticipated [7]. Solar & Energy Storage - The U.S. Senate's version of the "Great American Outdoors Act" has relaxed certain supply chain restrictions, which is favorable for energy storage projects [8]. - After a peak in domestic installations, solar exports have rebounded, with May exports showing a month-on-month increase [8]. - The report highlights the potential for overseas markets to support solar demand in the second half of 2025 [8]. Lithium Batteries - The solid-state battery sector is moving towards industrialization, with major manufacturers receiving MWh scale orders [14]. - The report emphasizes the need for equipment upgrades in solid-state battery production, which is expected to yield higher value compared to traditional equipment [14]. - LG Energy Solution has secured an 8GWh order for cylindrical batteries from Chery, marking a significant contract in the lithium battery market [11]. New Energy Vehicles - The Chinese government has confirmed the continuation of the vehicle trade-in subsidy program, which is expected to stabilize market demand [15]. - The report notes a strong recovery in the overall vehicle market, particularly in the second half of the year, driven by new vehicle launches and subsidy support [15]. - The report anticipates a robust demand for new energy vehicles, with significant sales growth expected in the coming months [15]. Power Grid - The export of major electrical equipment has shown strong growth, with May exports reaching $6.49 billion, a year-on-year increase of 18% [18]. - The report highlights the ongoing demand for power grid equipment, particularly in overseas markets, which is expected to remain high [18]. - The report suggests that leading companies in the power grid sector are well-positioned to capture greater market share due to their comprehensive capabilities [20].

Investment Rating - The report maintains a "Buy" rating for key companies in the electric power equipment and new energy sectors, including Ningde Times, Keda Li, and others, indicating a positive outlook for their performance [4]. Core Insights - The inverter export value has shown continuous improvement, with a year-on-year increase of 9.25% in the first five months of 2025, reaching 24 billion RMB [3][21]. - The total electricity consumption in May 2025 was 809.6 billion kWh, reflecting a year-on-year growth of 4.4%, with significant increases in the first and third industries [4][34]. - The report highlights the ongoing decline in silicon material prices, which is expected to impact the photovoltaic industry positively [22][26]. Summary by Sections New Energy Vehicles - Leap Motor launched the 2026 C16 SUV, featuring a spacious interior and advanced safety and intelligent driving systems [2][8]. - The vehicle incorporates high-strength materials and a comprehensive safety structure, achieving a top safety rating [9]. Photovoltaics - Inverter exports reached 24 billion RMB in the first five months of 2025, with May exports at 5.975 billion RMB, marking a 7.96% year-on-year increase [21]. - The domestic component export value was 79.559 billion RMB, down 24.07% year-on-year, but May saw a 7.18% increase compared to the previous month [21]. - Silicon prices have decreased, with multi-crystalline silicon prices dropping by 6.27% [22]. Electric Power Equipment - The total electricity consumption for the first five months of 2025 was 39,665 billion kWh, up 3.4% year-on-year, with significant growth in the agricultural and residential sectors [34][35]. - The report emphasizes the trend of electric power equipment companies expanding overseas, leveraging China's complete manufacturing supply chain [45]. - Key recommendations include companies involved in transformers and smart grid investments, indicating a shift towards digitalization in the power sector [45].

Core Insights - Chinese renewable energy companies are actively expanding overseas, leveraging their complete industrial chain, continuous technological innovation, and significant cost advantages in solar, wind, and energy storage sectors [1][2] - The overseas operations of these companies yield higher gross margins compared to domestic markets, although they face multiple challenges including policy, market, technology, and legal issues [1][2] Group 1: Market Expansion - Chinese renewable energy companies have established a strong presence globally, from Southeast Asia's solar power plants to offshore wind farms in Europe and energy storage projects in Africa [2] - In 2024, China exported 28.79 GW of solar modules to the Middle East, a year-on-year increase of 99%, with total export value reaching 26.286 billion yuan, up 23.4% [2] - The offshore wind turbine orders for Chinese manufacturers are expected to triple in 2024 compared to previous years, indicating a significant growth in overseas markets [2] Group 2: Storage Sector Developments - The energy storage sector is witnessing substantial investments, with companies like XINWANDA planning to invest approximately 10.8 billion yuan in battery production facilities in Thailand [3] - The global energy storage capacity is projected to reach around 270 GW by 2026, making overseas markets crucial for China's new energy storage industry [3] - In 2024, China's lithium-ion battery exports are expected to reach 3.914 billion units, reflecting an 8.1% year-on-year growth [3] Group 3: Profitability Comparison - Many Chinese renewable energy companies report significantly higher gross margins in overseas markets compared to domestic operations, with companies like Dajin Heavy Industry showing a gross margin of 38.48% overseas versus 22.5% domestically [3] - Contemporary Amperex Technology Co., Ltd. (CATL) reported a gross margin of 29.45% for its overseas business compared to 22.25% for its domestic business in 2024 [3][4] Group 4: Challenges and Strategies - The intensifying competition among major economies has led to increased trade restrictions and local industry policies in the West, posing challenges for Chinese renewable energy companies [5] - Companies are advised to adopt a multi-regional production strategy to mitigate systemic risks associated with sudden policy changes in host countries [5] - Thailand has implemented various policies, including tax reductions and financial subsidies, to attract Chinese renewable energy investments, creating a favorable investment environment [5][6] Group 5: Legal and Compliance Issues - Legal challenges include unstable political environments and inadequate legal frameworks in host countries, which can hinder operations and contract enforcement [6] - Companies are encouraged to conduct thorough research on the legal and investment environment of host countries, ensuring compliance with local regulations [6] - Effective contract management and clear agreements on rights and obligations are essential to navigate potential disputes in international operations [6]

Group 1 - The China Securities Regulatory Commission (CSRC) is enhancing the inclusiveness and adaptability of the capital market by implementing the "1+6" policy measures to deepen the reforms of the Sci-Tech Innovation Board and the Growth Enterprise Market [1] - The CSRC plans to establish a Sci-Tech Growth Tier on the Sci-Tech Innovation Board and restart the listing of unprofitable companies under the fifth set of standards [1] - The CSRC will officially implement the third set of standards on the Growth Enterprise Market to support high-quality unprofitable innovative companies in going public [1] Group 2 - The private equity industry in China has seen a simultaneous increase in performance and positions, with the average position level approaching 80%, reflecting positive sentiment towards policy and economic expectations [2] - Key investment directions for private equity include technology, new consumption, precious metals, and dividend assets, focusing on "certainty" in investments [2] Group 3 - The outlook for the securities industry in the second half of 2025 is optimistic, with net profits expected to continue growing due to ongoing reform policies [3] - Large brokerages are likely to strengthen their market position through mergers and acquisitions, while smaller firms can rapidly expand their business scale [3] - The brokerage sector's valuation is expected to stabilize and recover, with attention on firms with high growth potential and balanced business structures [3] Group 4 - The Central Financial Committee has issued opinions to support the construction of Shanghai as an international financial center, enhancing the competitiveness and influence of the financial system [4] - The opinions emphasize the development of a multi-tiered equity market and the strengthening of the Sci-Tech Innovation Board's "hard technology" positioning [4] Group 5 - The Shanghai Stock Exchange has drafted self-regulatory guidelines for the Sci-Tech Growth Tier to enhance the inclusiveness and adaptability of the Sci-Tech Innovation Board [5] - The guidelines aim to support technology companies that have made significant breakthroughs but are currently unprofitable [5] Group 6 - Geopolitical risks in the Middle East are leading to rising oil transportation prices, with international oil prices also increasing due to recent conflicts [6] - The future trajectory of shipping costs will depend on the escalation of the situation and potential actions by Iran regarding the Strait of Hormuz [6] Group 7 - The smart glasses market in China has seen a significant increase in shipments, with a 116.1% year-on-year growth in Q1 2025 [7] - Factors driving this growth include advancements in AI and AR technologies, government subsidies, and the introduction of new products [7] Group 8 - The cross-border e-commerce industry is seeking stability and new opportunities amid fluctuating tariffs and uncertainties [8] - Industry participants are focusing on stabilizing their operations while exploring new markets to mitigate risks [8] Group 9 - The wind power industry is experiencing a resurgence in bidding prices, with significant increases in project approvals and installations expected in 2025 [9] - Domestic wind power manufacturers are poised to benefit from their experience and technology in both offshore and overseas markets [9] Group 10 - Oil and gas public funds have outperformed innovative drug-themed products in net value growth, with 12 funds seeing over 10% growth in June [10] - The strong performance of oil and gas funds is attributed to fluctuations in international fundamentals, although future price support for oil may be limited [10] Group 11 - GAC Group and Huawei's joint venture, Huawang Automotive, has begun large-scale recruitment, focusing on key positions in R&D and technology [11][12] - The new brand aims to leverage Huawei's smart driving software and solutions to create high-end automotive products [12] Group 12 - JD.com has announced its entry into the hotel and travel industry, aiming to optimize supply chain costs and enhance service quality [13] - The move is part of JD's strategy to leverage its supply chain and logistics advantages to improve the hotel and restaurant sectors [13]

Group 1: Wind Power Market Growth - The stock price of Yunda Co. increased by 20%, leading the wind power sector, driven by a significant rise in newly approved wind power projects and installation capacity in 2023 [1] - In the first five months of 2023, newly approved wind power projects in 25 provinces totaled 68.4 GW, a year-on-year increase of 72% [2] - The expected new installed capacity for wind power in 2024 is projected to be between 105 GW and 115 GW, with a growth rate of approximately 40% compared to 2023 [12] Group 2: Price Recovery and Industry Self-Regulation - The average bidding price for wind turbines has increased by over 5 percentage points compared to the average price in 2024, indicating a recovery in pricing [2][4] - A self-regulation agreement was signed by 12 wind turbine manufacturers to maintain fair competition, which has contributed to the price recovery since late 2022 [3] - The weighted average bidding price for onshore wind turbines rose from 1286.2 RMB/kW in September 2024 to 1613.5 RMB/kW in April 2025, stabilizing above 1600 RMB/kW for three consecutive months [3] Group 3: International Market Opportunities - The domestic offshore and overseas wind turbine markets are expected to experience significant growth, with leading manufacturers poised for accelerated growth [6] - Companies like Goldwind and Electric Wind Power are actively expanding into international markets, with Goldwind reporting a 26.1% year-on-year increase in overseas orders [6] - Emerging markets in regions such as Southeast Asia and Africa present substantial opportunities for Chinese wind power companies, with expectations that overseas revenue could exceed 50% of total income [7] Group 4: Future Projections and Policy Impact - The "136 Document" issued by the National Development and Reform Commission and the National Energy Administration is expected to influence the pricing and development of renewable energy projects, including wind power [11] - The wind power sector is anticipated to see an increase in its share of renewable energy investments, with a significant rise in new installations expected in 2025 [12] - The focus on offshore wind power is expected to intensify, with over 300 GW of planned offshore wind capacity, primarily in deep-sea areas, indicating a shift in development strategy [8][9]

Group 1: Virtual Power Plants - The development of virtual power plants (VPPs) is supported by recent government policies aimed at enhancing their scale and operational capabilities, with a target of achieving a regulation capacity of over 20 million kilowatts by 2027 and 50 million kilowatts by 2030 [3][28][31] - VPPs utilize modern information communication and system integration technologies to aggregate distributed energy resources, providing essential services such as peak shaving, frequency regulation, and backup power, thereby enhancing grid stability and facilitating renewable energy consumption [24][20][39] - The market for VPPs is expected to grow as they transition from invitation-based models to market-driven operations, allowing for participation in various electricity markets and increasing profitability [39][46] Group 2: Wind Power Industry - The bidding prices for domestic wind turbines have stabilized and begun to recover, with the average bidding price reaching 1,590 yuan/kW in March 2025, a 4.1% increase from December 2024 [52] - China's onshore wind power generation cost has significantly decreased, with the levelized cost of electricity (LCOE) dropping to 0.019 USD/kWh in 2023, a 67% reduction since 2017, making it competitive against coal [49][51] - The wind power industry is experiencing a trend towards larger turbine sizes and innovative materials, with advancements in tower height and blade length contributing to further cost reductions and efficiency improvements [54][55]

Investment Rating - The report initiates coverage with a "Buy" rating for the company, setting a target price of 40.85 RMB based on a 20x PE for 2026 [4]. Core Views - The company is expected to benefit significantly from the recovery of European offshore wind demand, with a projected doubling of order volume in 2025 compared to the previous year, driven by upcoming project deadlines and favorable market conditions [2][3]. - The company has achieved a market share of approximately 20% in the European monopile market, second only to local leader Sif, and is anticipated to continue increasing its market share due to capacity expansion and green manufacturing initiatives [3][42]. - The company’s revenue and profit forecasts for 2025-2027 indicate substantial growth, with revenues expected to reach 58 billion RMB in 2025, 73 billion RMB in 2026, and 95 billion RMB in 2027, alongside net profits of 960 million RMB, 1.3 billion RMB, and 1.83 billion RMB respectively [4][7]. Summary by Sections European Offshore Wind Market Outlook - The European offshore wind market is experiencing a recovery in project profitability due to declining interest rates and favorable policy adjustments, with a projected installation capacity of approximately 52 GW from 2025 to 2030 [2][13]. - The report estimates that the company could secure between 290,000 to 440,000 tons of monopile orders in 2025 under various market share scenarios [3][64]. Company’s Competitive Position - The company is the only domestic firm to have delivered multiple monopile projects in Europe, achieving a market share of around 20% from 2022 to 2024 [42][46]. - The company’s new production capacity at the Tangshan Caofeidian base is expected to reach 800,000 tons per year, enhancing its ability to meet the large-scale demands of European projects [3][50]. Profitability and Revenue Growth - The company’s revenue is projected to grow significantly, with a forecasted increase of 54% in 2025, followed by 26% and 29% in the subsequent years [4][7]. - The overseas revenue contribution is expected to rise, with a notable increase in profit margins from high-value offshore wind orders [65][70]. Additional Business Developments - The company is actively developing its own marine transport vessels to enhance service value and efficiency in delivering offshore wind products [78]. - The company has secured several renewable energy project indicators, with ongoing projects expected to contribute additional revenue starting in 2025 [80].