证券研究报告 电力设备与新能源 2025 年风电需求超预期，26 年高景气 有望延续 华泰研究 2026 年 3 月 03 日│中国内地 动态点评 电力设备与新能源 增持 (维持) 2025 年回顾：陆风装机超预期，风机出海加速推进 陆风装机超年初预期，海风需求有待释放。根据 CWEA《2025 年中国风电 吊装容量统计简报》，2025 年国内新增装机 130.8GW，同比+49.9%，其 中陆风 125.2GW，同比+53.4%，高于年初 CWEA 预期（95-100GW）， 主要系风电机制电价较高，业主新能源项目开发向其倾斜；海风 5.6GW， 同比持平，不及年初预期（10-15GW），主要由于部分项目开工建设进度 较慢。风机大型化持续推进，2025 年国内新增装机平均单机容量 7.2MW， 同比 18.3%，其中陆上 7.1MW，同比+20.1%，主要系大基地项目规模起量， 10MW 及以上机型占比为 24.8%，同比+19.6pct；海风 10.1MW，同比+1.4%。 风机竞争格局持续优化。2025 年，国内实现新增装机的整机厂共 10 家，同 比减少 3 家，CR7 为 91.8%，同比+1.9p ...

证券研究报告 | 行业周报 gszqdatemark 2026 03 01 年 月 日 电力设备 储能：2026 年 1 月国内储能 EPC 中标规模 4.92GW/12.42GWh。2026 年 1 月国内储能 EPC 中标项目共 25 个，总装机规模达 4916.5MW/12420.28MWh，项目单体平均规模为 196.7MW/496.8MWh，较 2025 年同期提升超 30%。2025 年国内新型储能新增装机 59GW/175GWh，2h 储能系统价格 0.55 元/wh，预计 2026 年碳酸锂价格上涨推动储能均价 上行。建议关注方向：建议关注国内外增速确定性高的大储方向，关注阳光电源、阿特斯、 海博思创、上能电气、科华数据、三晖电气、东方日升。 新能源车：2 月 27 日，鑫椤锂电公布 3 月锂电预排产数据。其中，国内电池样本企业 3 月 排产 149.59GWh，环比+21.93%；海外电池样本企业 22.4GWh，环比+11.27%；正极为 19.47 万吨，环比+23.3%；负极为 16.3 万吨，环比+16.42%；隔膜为 18.95 亿平，环比 +8.7%；电解液为 10.75 万吨， ...

声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 中证1000增强ETF（561590）业绩比较基准为中证1000指数收益率，管理人为华泰柏瑞基金管理有限公 司，基金经理为笪篁、柳军，成立（2022-11-23）以来回报为55.98%，近一个月回报为1.30%。 来源：新浪基金∞工作室 2月27日，截止午间收盘，中证1000增强ETF（561590）跌0.19%，报1.557元，成交额228.42万元。中证 1000增强ETF（561590）重仓股方面，经纬恒润截止午盘跌0.81%，大金重工跌1.43%，中熔电气跌 3.78%，金雷股份跌0.21%，震裕科技跌3.21%，虹软科技涨2.38%，华峰测控跌3.68%，炬芯科技涨 0.50%，聚辰股份跌1.86%，太辰光跌6.34%。 ...

据交易所官网审核动态信息，今日，1家IPO企业上会获审核通过。 | 上会日期 教师 教师 会教师 注册地 | | | | --- | --- | --- | | 2026-2-13 1 北交所 额宏股份 江苏 通过 231 金属制品业 | 10,205,74 | 45,097,50 国界海通 中汇 国浩(上海) | 公开信息显示，振宏股份曾于2022年7月28日向江苏证监局报送了公开发行股票并在创业板上市的辅导 备案申请材料。此后，公司根据自身经营情况，结合未来发展战略规划，拟将上市辅导备案板块由创业 板变更为北交所。2025年1月14日，江苏证监局接收变更申请，公司完成拟申报板块的变更。6月27日， 振宏股份北交所IPO申报获交易所受理。 本篇中，汉鼎咨询结合申报材料、反馈问询期间监管问询关注点及上市委现场审议问题等，对振宏股份 的基本情况及监管重点关注问题进行了梳理分析。从上会前的两轮审核问询答复来看，振宏股份的业绩 增长可持续性、关联交易合规性及公允性、募投项目合理性及产能消化风险等事项被监管持续问询。此 外，公司在完成第二轮答复前调减了拟募资规模，主要涉及铺底流动资金及补流项目。 IPO上会企业 审议 ...

Core Viewpoint - Zhenhong Heavy Industry (Jiangsu) Co., Ltd. is focused on the research, production, and sales of forged wind turbine main shafts and other large metal forgings, and is a major supplier in the wind turbine forging market, currently applying for an IPO [1][3]. Company Overview - Zhenhong Heavy Industry specializes in products used in various sectors including wind power, chemical, machinery, shipping, and nuclear power [1]. - The company is ranked among the top three in the domestic market share for wind turbine main shaft forgings according to the China Forging Association [3]. Financial Performance - For 2024, Zhenhong's sales revenue from wind power forgings is projected to be 612 million yuan, significantly lower than competitors such as Jinlei Co. (1.439 billion yuan), Tongyu Heavy Industry (834 million yuan), and Parker New Materials (1.108 billion yuan) [3]. - The company's production capacity for 2024 is reported to be 105,267 tons, with a capacity utilization rate of 97.43% [6]. Investment Projects - The main fundraising project for the IPO is the "5,000 tons high-quality forging expansion project," with a total investment of 415.14 million yuan, aimed at increasing production capacity [9]. - A comparison project, with a fixed asset investment of 380 million yuan, aims to achieve an annual production capacity of 13,300 tons, indicating a higher investment efficiency compared to the IPO project [9]. Management and Personnel - The company’s board secretary, Li Jiabin, has a history of roles in Zhenhong and Jixin Technology, which faced regulatory scrutiny in the past for information disclosure violations [1][3]. - Key technical personnel include Yan Zhenwei, who has been with the company since 2014 and previously worked at a company that has since changed its name [4].

Core Viewpoint - Jinlei Co., Ltd. (300443.SZ) announced the resignation of its Chief Financial Officer (CFO), Zhu Xiaoyu, due to personal reasons, after serving for less than four months since her appointment on October 29, 2025 [2][11]. Group 1: Resignation of CFO - Zhu Xiaoyu, born in 1984, holds a PhD in Management Science and Engineering from Dalian University of Technology [2][11]. - Prior to joining Jinlei, Zhu served as CFO at Country Garden from December 2016 to December 2022 and at Zhejiang Hailiang Co., Ltd. from August 2023 to July 2025 [2][11]. Group 2: Appointment of New CFO - On February 9, 2026, the company announced the appointment of Zhou Li as the new CFO, who previously held the position before Zhu Xiaoyu [5][14]. - Zhou Li, born in 1974, graduated from Wuhan University with a degree in auditing and is a non-practicing Chinese Certified Public Accountant [5][14]. - Zhou has been with the company since July 2011 and served as CFO from August 2011 to October 2025, and has also been a board member and secretary since 2015 [5][14]. Group 3: Compensation Information - According to the company's 2024 annual report, Zhou Li received a pre-tax compensation of 811,700 yuan for the year 2024 [7][16].

Summary of the Conference Call for Jinlei Co., Ltd. Company Overview - **Company**: Jinlei Co., Ltd. - **Industry**: Wind Power Equipment Manufacturing Key Points and Arguments Management Changes - The CFO, Zhu Xiaoyu, resigned due to personal reasons and cultural adaptation issues within the company. The new CFO, Zhou Li, has been appointed and emphasizes adherence to regulatory standards and transparency in financial reporting [4][5][6]. Financial Performance and Reporting - Jinlei has maintained an A-class rating for information disclosure for nine consecutive years since its listing in 2015, which is a significant achievement among the 11 companies in the Growth Enterprise Market [5][6][7]. - The company has a strong commitment to accurate financial accounting and has received recognition from the Shenzhen Stock Exchange for its compliance and operational standards [6][7]. Production and Orders - The company is currently experiencing high demand, with full production capacity for both casting and forging components. Orders are based on annual contracts with clients [10][11]. - There is an expectation of a slight decline in the first quarter of 2025 compared to the previous year due to the impact of policy changes (Document 136) but overall demand remains strong [10][11][12]. - The company anticipates a significant increase in casting orders in 2025, with expectations of 140,000 tons being shipped [12]. Capacity Expansion - Jinlei is expanding its production capacity, with plans to increase casting capacity by 80,000 tons, reaching a total of 180,000 tons by 2026 [17][18]. - The company is also investing in additional machining capacity to support its growth strategy [17][18]. International Market Development - Jinlei is actively pursuing international clients, including Siemens and Vestas, with ongoing negotiations for new contracts. The company has already delivered components to Enel and expects to ramp up production for these clients in 2027 and 2028 [20][21]. - The company is focusing on high-value, large-scale components, which typically have higher margins due to their complexity [24][25]. Pricing and Profitability - The average price for the company's products increased by 15% compared to the previous year, with expectations that pricing will remain stable moving forward [29][30]. - The company anticipates that profitability will improve significantly in 2027 as new production capacities come online and fixed costs are spread over a larger output [30][31]. Strategic Focus - Jinlei is concentrating on core products related to wind power, particularly axis systems, while minimizing investment in less profitable areas [35][36]. - The company has strategically adjusted its production focus to align with market demands and has optimized its investment in production facilities [36]. Additional Important Information - The company is committed to maintaining strong relationships with clients and ensuring employee satisfaction during production peaks, especially around holiday seasons [8][10]. - Jinlei's management emphasizes the importance of communication with investors and stakeholders to foster trust and transparency [39][40]. This summary encapsulates the key discussions and insights from the conference call, highlighting Jinlei Co., Ltd.'s operational status, strategic direction, and market positioning within the wind power equipment manufacturing industry.

Group 1 - The company Jinlei Co., Ltd. announced the appointment of Ms. Zhou Li as the new Chief Financial Officer [2]

Group 1 - The company Jinlei Co., Ltd. held its sixth board meeting on February 9, 2026, to discuss the appointment of a new financial director [1] - The article highlights the trend of young leaders, particularly those born in the 2000s, taking on significant roles in A-share companies, which poses a challenge to meet investor expectations [1]

证券代码：300443 证券简称：金雷股份 公告编号：2026-013 金雷科技股份公司 周丽女士的任职资格符合《公司法》《深圳证券交易所创业板股票 上市规则》《深圳证券交易所上市公司自律监管指引第 2 号—创业板上 市公司规范运作》和《公司章程》等有关规定，不存在不得担任公司财 务总监的情形。周丽女士简历详见附件。 特此公告。 金雷科技股份公司董事会 2026 年 2 月 9 日 附件：周丽女士简历 周丽，女，1974 年出生，毕业于武汉大学审计学专业，本科学历， 中国注册会计师（非执业），2007 年至 2011 年，任中瑞岳华会计师事 务所高级经理。2011 年 7 月起在公司工作，2011 年 8 月至 2025 年 10 月任公司财务总监，2015 年 5 月至今任公司董事，2015 年 10 月至今任 公司董事会秘书。 截至本公告日，周丽女士未直接持有公司股份，持有公司 2025 年 员工持股计划 104.35 万份份额，对应股份数量 9.05 万股，未在持有公 司 5%以上有表决权股份的股东、实际控制人及关联方单位任职，与持 有公司百分之五以上股份的股东、实际控制人、公司其他董事和高级管 理人员 ...