Group 1 - The A-share market experienced fluctuations on January 15, 2026, with the ChiNext New Energy ETF (Hua Xia, 159368) rising by 1.12% against the trend [1] - Lithium mining stocks showed resilience, with Hai Li Wind Power increasing by 9.32%, Zhong Wei New Materials by 6.86%, Xian Dao Intelligent by 4.36%, and Xin Qiang Lian by 4.14% [1] - The trading volume of the ChiNext New Energy ETF reached 65.93 million yuan, making it the top performer among similar funds [1] Group 2 - The benchmark price for industrial-grade lithium carbonate was reported at 160,000.00 yuan per ton, a 36.71% increase from the beginning of the month [1] - The inter-ministerial joint meeting on the development of the energy-saving and new energy vehicle industry emphasized enhancing the self-controllable capabilities of the supply chain and accelerating breakthroughs in solid-state batteries and advanced autonomous driving technologies [1] - Northeast Securities anticipates that the export tax rebate rate for lithium battery products will gradually decrease, with an expected increase in demand for lithium carbonate by 40,000 to 50,000 tons in 2026, intensifying supply constraints [1] Group 3 - The ChiNext New Energy ETF (Hua Xia, 159368) is the largest ETF fund tracking the ChiNext New Energy Index, covering various sectors within the new energy and new energy vehicle industries, including batteries and photovoltaics [2] - The ETF has high elasticity, with a potential increase of up to 20%, and the lowest fee rate, with a total management and custody fee of only 0.2% [2] - As of December 30, 2025, the fund's scale reached 676 million yuan, with an average daily trading volume of 70.75 million yuan over the past month [2]

Group 1 - The core viewpoint of the news highlights the significant growth in the new energy sector, particularly in the electric vehicle (EV) market, with a notable increase in production and sales figures for December 2025 [1] - The China Association of Automobile Manufacturers reported that in December 2025, the production and sales of new energy vehicles reached 1.718 million and 1.71 million units, respectively, representing year-on-year growth of 12.3% and 7.2%, with new energy vehicle sales accounting for 52.3% of total new car sales [1] - The solid-state battery industry is accelerating its industrialization process, with 2026 being a critical year for production line construction and supply chain establishment, as key technological routes and supply patterns remain uncertain [1] Group 2 - In the photovoltaic sector, starting from April 1, 2026, China will eliminate the value-added tax export rebate for photovoltaic products and gradually reduce the export rebate rate for battery products to zero, aiming to shift the industry from reliance on fiscal subsidies to technology premium and cost competitiveness [1] - This policy adjustment is expected to compress profit margins for outdated production capacities, leading to increased industry concentration, with leading companies possessing global layouts and technological advantages likely to emerge as winners in the competition [1] - As of December 31, 2025, the top ten weighted stocks in the China New Energy Index include CATL, Sungrow Power, TBEA, LONGi Green Energy, Huayou Cobalt, EVE Energy, China National Nuclear Power, Ganfeng Lithium, Tianci Materials, and Three Gorges Energy, collectively accounting for 43.23% of the index [2]

Market Overview - The Shanghai Composite Index is at 4108.93 points, below the five-day moving average, with a decline of 0.42% [1] - The total trading volume of A-shares is 1,427.2 billion yuan [1] Stocks Exceeding Five-Day Moving Average - A total of 451 A-shares have surpassed the five-day moving average today [1] - Notable stocks with significant deviation rates include: - Tianming Technology: 14.26% [1] - Keheng Co., Ltd.: 9.26% [1] - Yunwei Co., Ltd.: 7.41% [1] Stock Performance Data - The following stocks have notable performance metrics: - Tianming Technology: Today's increase of 19.80%, turnover rate of 13.23%, five-day moving average of 21.77 yuan, latest price at 24.87 yuan [1] - Keheng Co., Ltd.: Today's increase of 12.51%, turnover rate of 12.50%, five-day moving average of 13.01 yuan, latest price at 14.21 yuan [1] - Yunwei Co., Ltd.: Today's increase of 9.98%, turnover rate of 3.88%, five-day moving average of 4.21 yuan, latest price at 4.52 yuan [1] Additional Stocks with Performance Metrics - Other stocks with notable performance include: - Wenkai Co., Ltd.: Increase of 10.09%, turnover rate of 3.41%, five-day moving average of 4.48 yuan, latest price at 4.80 yuan [1] - Li Qun Co., Ltd.: Increase of 10.10%, turnover rate of 6.91%, five-day moving average of 5.11 yuan, latest price at 5.45 yuan [1] - Su Dawei Co., Ltd.: Increase of 12.35%, turnover rate of 16.46%, five-day moving average of 42.14 yuan, latest price at 44.93 yuan [1]

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sectors, including CATL, Keda, and others, indicating a positive outlook for their performance [6][7]. Core Insights - The global power battery installation volume reached 1,046 GWh from January to November 2025, marking a year-on-year growth of 32.60%, with CATL leading the market with a share of 38.2% [2][15][19]. - The cancellation of export tax rebates for photovoltaic products starting April 1, 2026, is expected to increase direct costs for companies and reduce price competitiveness in the global market [3][34][37]. - The Chinese government aims to establish a new type of power grid by 2030, enhancing resource allocation capabilities and supporting a renewable energy generation share of around 30% [4][52][53]. Summary by Sections 1. New Energy Vehicles - The global power battery installation volume reached 1,046 GWh from January to November 2025, with a year-on-year growth of 32.60% [2][15]. - CATL leads the market with 400 GWh, followed by BYD with 175.2 GWh, and LG Energy with 96.9 GWh [16][19]. - The market concentration is high, with the top ten companies holding nearly 90% of the market share, and Chinese companies occupying six spots in the top ten [15][16]. 2. New Energy Generation - The cancellation of export tax rebates for photovoltaic products will lead to increased costs for companies and a decrease in price competitiveness [3][34]. - The expected impact includes a rise in global photovoltaic component prices and a potential clearing of outdated production capacity [35][37]. 3. Electric Equipment and Automation - The Chinese government plans to build a new type of power grid by 2030, which will significantly enhance resource allocation capabilities [4][52]. - The "West-East Power Transmission" project is expected to exceed 420 million kilowatts, supporting a renewable energy generation share of about 30% [52][53]. 4. Commercial Aerospace - China has submitted an application for an additional 203,000 satellites, which is expected to stimulate demand for rockets and satellites [5]. 5. Weekly Sector Performance - The electric equipment and new energy sector rose by 5.02% this week, outperforming the Shanghai Composite Index [1].

Investment Rating - The report suggests a positive outlook for the wind power industry, indicating a comprehensive improvement in profitability across the supply chain by 2026 [5]. Core Insights - The report identifies three major trends that are expected to drive a more comprehensive improvement in profitability within the Chinese wind power supply chain in 2026: 1. Domestic onshore wind turbines are anticipated to show significant profitability rebound elasticity, benefiting from improved industry demand. 2. Export profitability and order elasticity are expected to expand across the industry. 3. Domestic offshore wind power is poised for significant potential during the "14th Five-Year Plan" period [24][22]. Summary by Sections Section 1: Outlook for Domestic and Overseas Wind Power Demand in 2026 - The domestic wind power installation is projected to reach 130-140 GW in 2026, with offshore wind contributing 10-12 GW. This growth is expected despite a high base in 2025, primarily driven by onshore wind demand [11][10]. Section 2: Three Major Trends Driving Profitability Improvement - The report outlines three trends that will enhance profitability in the wind power supply chain: 1. Onshore wind turbines are expected to experience a notable rebound in profitability, with component manufacturers also benefiting from favorable industry demand [24]. 2. The acceleration of exports is anticipated to broaden profitability and order elasticity across the industry [40]. 3. The domestic offshore wind sector is expected to have significant potential, particularly during the "14th Five-Year Plan" [24]. Section 3: Profitability Trends in Onshore Wind Turbines - The average price of domestic onshore wind turbines has shown a positive recovery trend, with an increase of approximately 8-10% in the average bidding price from 2024 to 2025 [27][31]. - The report indicates that the recovery in turbine prices is expected to continue, driven by a more stable competitive landscape and a focus on overseas markets by leading manufacturers [31]. Section 4: Export Growth and Market Expansion - Chinese wind turbine exports are accelerating, with new orders exceeding 20 GW in 2024, significantly higher than historical levels. The report forecasts continued growth in export orders through 2025 [42][41]. - The report highlights that the European market presents a substantial opportunity for Chinese manufacturers, with expectations of significant breakthroughs in the coming years [46]. Section 5: Offshore Wind Power Development - The report notes that while the offshore wind sector in Europe is experiencing challenges, government responses are being implemented to address these issues, indicating potential for future growth [49].

证券代码：301155 证券简称：海力风电 公告编号：2026-001 江苏海力风电设备科技股份有限公司 关于持股 5%以上股东、董事、高级管理人员减持计划 时间届满暨减持结果的公告 公司大股东、董事、总经理沙德权先生保证向本公司提供的信息内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 江苏海力风电设备科技股份有限公司（以下简称"公司"或"本公司"）于 2025 年 9 月 15 日在巨潮资讯网（www.cninfo.com.cn）上披露了《关于持股 5% 以上股东、董事、高级管理人员股份减持计划预披露公告》（公告编号：2025-040）， 沙德权先生计划在公告披露之日起 15 个交易日后的 3 个月内通过集中竞价的方 式减持公司股份不超过 2,000,000 股（占公司总股本比例 0.9200%），具体减持 计划请详见公司披露的上述公告。 近日，公司收到沙德权先生出具的《关于股份减持计划期限届满告知函》， 截至 2026 年 1 月 14 日，本次减持计划时间届满，根据《上市公司股东减持股份 管理暂行办法》、《深圳证券交易所上 ...

证券日报网讯1月13日，海力风电（301155）在互动平台回答投资者提问时表示，根据《深圳证券交易 所创业板股票上市规则》的相关规定，上市公司预计年度经营业绩或者财务状况触及应当披露业绩预告 的情形的，应在会计年度结束之日起一个月内履行信息披露义务。公司将严格按照法律法规的要求及时 履行信息披露义务。 ...

证券日报网讯1月13日，海力风电（301155）在互动平台回答投资者提问时表示，截至2026年1月9日， 公司股东人数为16948户。 ...

Summary of Wind Power Equipment Industry Outlook 2026 Industry Overview - The wind power equipment industry is expected to see a price increase for domestic onshore wind turbines starting from the end of 2024, driven by an optimized competitive landscape. This trend is projected to reflect in financial statements gradually from 2026 to 2027, with a cumulative gross margin increase of approximately 5 percentage points, enhancing industry profitability [1][5][6]. Key Trends and Insights 1. **Profit Reversal from Price Increases**: The price increase of domestic onshore wind turbines is anticipated to continue into 2026, with a full reflection of this price surge expected by 2027. The gross margin for domestic onshore wind turbines is projected to cumulatively increase by about 5 percentage points between 2026 and 2027 [2][5][6]. 2. **Export Growth**: The industry is expected to see significant growth in exports, particularly in wind turbine exports and European offshore wind products. Emerging markets in the Middle East, Eastern Europe, Central Asia, Africa, and South America are showing notable demand growth. The offshore wind equipment deliveries, especially to Europe, are expected to remain robust, although financing rates and supply chain issues need to be addressed for sustained long-term growth [2][4][7]. 3. **Domestic Offshore Wind Potential**: There is a potential for domestic offshore wind power to exceed expectations, with various supportive policies and abundant project resources. The investment willingness from project owners is increasing, indicating a peak construction period around the end of 2026 or early 2027, which will drive the development of the entire industry chain [2][9]. Demand and Installation Forecast - For 2025, despite initial pessimism regarding demand for new energy and wind power, actual demand has shown resilience and is being revised upwards. The installation capacity for 2025 is expected to slightly decline compared to 2024 but will still maintain a large scale. By the end of 2025, leading companies are projected to have total orders of 250-300 GW, including substantial overseas orders. The installation capacity for 2026 is forecasted to grow by over 10% compared to 2025 [3][7]. Market Dynamics - The overall performance of the wind power industry in 2026 is expected to remain positive, with rising prices for wind turbines and components driven by increased domestic and international demand. The export of wind turbines is projected to exceed 15 GW, potentially reaching 18 GW, primarily driven by companies like Goldwind and Envision Energy, with others like Yunda and SANY also showing growth trends [7][8]. Offshore Wind Development - The domestic offshore wind sector is showing favorable development conditions, supported by high-level policies and abundant project resources. Leading companies are already demonstrating good revenue and profit indicators. Although the industry is currently in a relatively quiet phase, a significant construction phase is expected to commence by late 2026 or early 2027, leading to substantial benefits for the entire industry chain [9]. Future Outlook - The wind power equipment and offshore supply chain are projected to have a very optimistic development outlook in the coming years. The wind power equipment industry is expected to improve profitability and accelerate growth in both domestic and international markets, with companies likely to grow into major players within the next two to five years [8].

Core Viewpoint - The report from Guosheng Securities indicates a significant shift towards offshore wind power development in China, with expectations for accelerated planning and growth in the sector during the 14th Five-Year Plan period. Group 1: Wind Power Development - Onshore and offshore wind power tenders are projected to reach 97 GW and 5 GW respectively by the first three quarters of 2025, with approvals of 124 GW and 8.6 GW from January to November 2025 [1] - The "14th Five-Year Plan" aims to increase the share of wind power in new energy installations from 25% to 50%, targeting an annual installation capacity of 130 GW [1] - The government has explicitly stated the intention to develop offshore wind power, which is expected to be a key focus area for growth [1] Group 2: European Offshore Wind Market - European offshore wind is expected to accelerate, with policies supporting nearly 100 GW of offshore wind plans across multiple countries, and auction volumes anticipated to exceed 19.5 GW by 2025 [2] - The global floating wind market is projected to enter a growth phase, with an estimated 5.5 GW of floating wind projects expected to start installation by 2030 [2] - The domestic wind turbine market is experiencing price increases, with an average bid price for onshore wind turbines rising approximately 12% in the first ten months of 2025 compared to the previous year [2] Group 3: Submarine Cable Demand - The penetration rate of high-voltage direct current (HVDC) technology in domestic submarine cables is expected to increase, leading to a doubling of demand for submarine cables due to rising interconnection needs [3] - Major domestic cable manufacturers are expected to secure orders from Europe, where local production capacity is constrained [3] - The total demand for submarine cables from 2025 to 2040 is projected to reach 231,800 km, with approximately 89,000 km dedicated to power interconnections [3] Group 4: Offshore Engineering Sector - The domestic offshore engineering sector is witnessing a profitability turning point, with increased utilization rates expected to enhance earnings [4] - European offshore wind projects are facing tight capacity and rising prices due to production delays and labor strikes [4] - Companies that can produce floating foundations are likely to enjoy higher profit margins due to the complexity and cost associated with their production [4] Group 5: Component Market - The production capacity for main shaft castings is under pressure, with increased demand for gearboxes and bearings expected [5] - The market share for gearbox manufacturers is anticipated to grow as they expand production capacity [5] Group 6: Investment Recommendations - Key companies to watch in the turbine sector include Goldwind Technology, Yunda Co., Mingyang Smart Energy, and SANY Heavy Energy [6] - In the offshore wind sector, companies such as Dajin Heavy Industry, Oriental Cable, and Tianjun Wind Power are highlighted as potential investment opportunities [6] - Component manufacturers like Jinlei Co., Delijia, and Weili Transmission are also recommended for consideration [6]