破局之道，既需风机技术硬实力突围，更要全球规则与本地生态软实力适配，三一重能的 远征之路，正是中国高端制造业"以技术为核、借生态赋能"的鲜活样本。 风电作为资本、技术、合规三重密集型产业，海外拓展胜负手早已超越风机性能比拼。不 同区域的法规差异、ESG标准对齐压力，本地化供应链韧性构建、跨文化协作效率提升等 难题，考验着企业的长期主义定力。 近日，21世纪经济报道携同埃克森美孚（中国）投资有限公司、中国银河证券共同走进三 一重能进行深入交流。 百年跨国企业埃克森美孚深耕全球百余个市场的经验，淬炼出"全球本土化"的核心路径： 真正的跨国布局，始于规则洞察、成于本地适配、终于生态共生，这与中国风电企业"扎 下根"的诉求深度呼应。 当三一重能以"灯塔工厂"筑牢智造根基，以自主研发抢占技术高地，埃克森美孚等跨国企 业的全球化范式，正成为中国风电企业破解海外"软壁垒"的有益借鉴。 这种"技术破局、经验参照"的演进路径，既藏着风电的突围密码，更揭示了中国高端制造 业全球化的核心竞争力——唯有融合自身硬实力与全球先进实践，方能在全球市场博弈中 行稳致远。 记者丨 曹恩惠 编辑丨张伟贤 全球能源转型纵深推进，中国风电产业的全 ...

Core Insights - The global energy transition and the competitiveness of China's wind power industry have made "going global" a central theme for development [1] - The shift from product export to localized operations signifies an evolution in the globalization strategy of Chinese wind power companies [2] Group 1: Trends in Globalization - The pace of Chinese wind power companies "going global" has accelerated, with competition now focusing on technology, service, and localization rather than just product pricing [2] - By the third quarter of 2025, domestic companies secured a total of 23.043 GW of international wind turbine orders, with export orders doubling year-on-year in the first half of the year [2] - Companies are moving from a simple product supply model to a "full-chain cooperation" model, which includes equipment supply, technology licensing, and localized production [2] Group 2: Localization Practices - The complex environment of overseas markets demands higher localization capabilities from companies, as different regions have distinct policies, market demands, and cultural backgrounds [3] - Electric Power Equipment (688660.SH) has established overseas operations in regions like the Middle East and East Asia, targeting high-growth markets while diversifying regional risks [3] - A partnership with Oman’s Mawarid Group includes not only equipment supply but also technology licensing and local factory design, exemplifying the shift from "selling equipment" to "providing comprehensive solutions" [3] Group 3: Value Reconstruction - The overseas market offers wind power companies opportunities beyond short-term order growth, including business model restructuring, brand value enhancement, and technological advancement [4] - Participation in various wind power projects allows companies to accumulate operational experience under extreme conditions, which can inform domestic product development [4] - The profitability potential of the overseas wind power market is becoming evident, with data indicating that the gross margin for overseas wind turbines is higher than that for domestic ones [4]

Core Viewpoint - The report from CITIC Securities highlights the optimistic outlook for the energy storage sector, predicting significant growth in lithium battery and material shipments and price adjustments due to unexpected increases in energy storage demand [1][4]. Group 1: Energy Storage - The global energy storage demand is expected to surge, driven by the economic advantages of energy storage solutions, leading to a new cycle in the lithium battery industry [2][4]. - Domestic energy storage installations are projected to reach 300 GWh next year, contributing to a total lithium battery demand exceeding 2700 GWh, with a year-on-year growth rate of over 30% [4][5]. - The report anticipates that by Q4 2026, capacity utilization rates for key materials such as 6F, LFP, separator, and copper foil will reach 106%, 96%, 98%, and 95% respectively, indicating potential tightness in supply [1][5]. Group 2: Lithium Batteries - The demand for lithium batteries is expected to grow significantly, with domestic energy storage installations projected to double by 2026 and global energy storage battery shipment demand reaching 943 GWh, a year-on-year increase of 68% [5]. - The overall global lithium battery demand is forecasted to reach 2716 GWh by 2026, reflecting a year-on-year growth of 32% [5]. - Material supply constraints are anticipated due to a slowdown in production expansion among industry players, with current capacity utilization rates exceeding 75% and expected to surpass 80% by mid-2026 [5]. Group 3: Power Equipment - The export market for power equipment is experiencing high demand, particularly in North America and the Middle East, with core companies seeing significant growth in their export businesses [7]. - Domestic high-voltage equipment orders are robust, supporting a strong performance outlook for the industry in 2025 and beyond [7]. Group 4: Wind Power - The wind power industry is showing signs of recovery, with a focus on overseas markets, particularly offshore wind, expected to see significant growth during the "14th Five-Year Plan" period [8]. - The domestic wind power market is anticipated to improve, with a healthy recovery in pricing and profitability expected [8]. Group 5: Photovoltaics - The photovoltaic industry is undergoing a "de-involution" process, with improvements in profitability across most segments, particularly in the silicon material sector [9]. - Ongoing policies aimed at controlling production and sales in the silicon material sector are expected to lead to further industry consolidation [9]. Group 6: AIDC Power Distribution - The demand for AIDC (Artificial Intelligence Data Center) is experiencing a strong upward trend, with significant capital investments from major internet companies [10]. - The trend towards higher power density and the adoption of advanced power supply solutions, such as the 800V system, is driving innovation in the sector [10].

2023-2024年受价格战影响，风机企业盈利能力集体承压，随着行业自律公约的签订及开发商优化招标 规则，行业告别恶性竞争，2025年1-8月陆风含塔筒中标价较2024年均价提升13%，国内量稳利升。招 标通常前置于装机1年，价格回升订单将从2025Q4陆续交付，有望对风电产业链利润形成一定修复。同 时，国内海风项目储备丰富，"十五五"期间国内风电装机有望维持高位。 海外需求正在起量，国内企业加速出海 智通财经APP获悉，开源证券发布研报称，国内风电需求基本盘稳固，10月《风能北京宣言2.0》提 出"十五五"期间国内风电年新增装机容量不低于120GW，其中海风年新增不低于15GW，"十五五"期间 国内风电装机规模有望再上台阶。出海方面，国内风机企业正在从单纯的产品出口转为深度的属地化布 局，2025年前三季度国内7家整机商合计中标海外订单19.28GW再创新高，海外订单单价更高、盈利能 力更好，随着海外订单进入集中交付期，将直接驱动整机环节企业盈利能力的提升。推荐大金重工 (002487.SZ)。 开源证券主要观点如下： "十五五"国内风电装机有望再上台阶 在"双碳"目标及2035年风光装机达36亿千瓦的规划 ...

Core Viewpoint - Goldwind Technology (002202) has signed an agreement for the PIF5 wind power project in Saudi Arabia, which is the largest onshore wind power project under construction globally, with a total capacity of 3GW [1] Group 1: Project Details - The PIF5 wind power project will provide a full lifecycle solution from equipment to operation and maintenance [1] - Once completed, the project is expected to generate an annual electricity output of 11.3 billion kilowatt-hours, accounting for approximately 2.4% of Saudi Arabia's total electricity generation in 2024 [1] Group 2: Financial Performance - For the first three quarters of 2025, Goldwind Technology reported a revenue of approximately 48.147 billion yuan, representing a year-on-year increase of 34.34% [1] - The net profit attributable to shareholders was approximately 2.584 billion yuan, showing a year-on-year growth of 44.21% [1] Group 3: Market Outlook - Huatai Securities expresses optimism regarding the domestic wind power market's growth in both volume and price, alongside accelerated overseas expansion, which is expected to drive continuous recovery in wind turbine profitability [1] - The company is expected to benefit from the transfer of power stations and advancements in green alcohol business, contributing to performance growth [1] - Goldwind Technology's position as a global leader in wind turbines remains solid, with accelerated breakthroughs in overseas markets and leading progress in green alcohol business [1]

Core Viewpoint - Goldwind Technology (02208) has signed an agreement for the Saudi PIF5 wind power project, which is the largest onshore wind power project under construction globally, with a total capacity of 3GW [1] Group 1: Project Details - The PIF5 wind power project will provide a full lifecycle solution from equipment to operation and maintenance [1] - Once completed, the project is expected to generate an annual electricity output of 11.3 billion kilowatt-hours, accounting for approximately 2.4% of Saudi Arabia's total electricity generation in 2024 [1] Group 2: Financial Performance - For the first three quarters of 2025, Goldwind Technology reported revenue of approximately 48.147 billion yuan, representing a year-on-year increase of 34.34% [1] - The net profit attributable to shareholders was approximately 2.584 billion yuan, reflecting a year-on-year growth of 44.21% [1] Group 3: Market Outlook - Huatai Securities expresses optimism regarding the domestic wind power market's growth in both volume and price, alongside accelerated international expansion, which is expected to drive continuous recovery in wind turbine profitability [1] - The company is expected to benefit from power station transfers and green alcohol business, contributing to performance growth [1] - Goldwind Technology's position as a global leader in wind turbines is solid, with rapid breakthroughs in overseas markets and advanced progress in green alcohol business [1]

Core Viewpoint - The article highlights the strategic positioning of a leading tower and foundation company in the wind energy sector, emphasizing its expansion into marine ranching, converter stations, and floating foundations, while also preparing for future export opportunities in the wind power market [1]. Group 1 - The company is capitalizing on the domestic offshore wind projects and the supply shortage in European wind energy [1]. - The company has an expected production capacity exceeding one million tons, indicating significant operational scale [1]. - The company has proactively established export bases in Jiangsu and Guangdong to seize future offshore wind opportunities [1].

Group 1: Performance Growth - The company achieved a revenue of 4.595 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 99.25% [1] - The net profit attributable to shareholders reached 888 million yuan, with a year-on-year increase of 214.63% [1] - In Q3 2025, the company reported a revenue of 1.754 billion yuan, up 84.64% year-on-year and 3.16% quarter-on-quarter, with a net profit of 341 million yuan, reflecting a year-on-year growth of 215.12% and a quarter-on-quarter increase of 7.98% [1] Group 2: Offshore Wind Power Orders - The company has significantly increased its overseas offshore engineering orders, with a market share in the European offshore wind foundation equipment rising from 18.5% in 2024 to 29.1% in the first half of 2025 [2] - As of the 2025 semi-annual report, the company has accumulated over 10 billion yuan in overseas offshore engineering orders, primarily scheduled for delivery in the next two years [2] - The company is actively participating in tenders for offshore wind projects in several European countries and Asian emerging markets, with some projects already in the later stages of bidding [2] Group 3: Shipbuilding Developments - The company successfully launched its first self-built ultra-large deck transport ship, KINGONE, which is expected to begin its maiden voyage in early 2026 [3] - The company has established a production plan for two self-built ultra-large deck transport ships for 2026 and 2027, enhancing its order profitability [3] - The company signed a contract with a South Korean shipping company to design and build a 23,000 DWT heavy-duty wind power deck transport ship, with a total contract value of approximately 300 million yuan, scheduled for delivery in 2027 [3] Group 4: Profit Forecast and Valuation - The profit forecast has been raised, maintaining a "buy" rating, with expectations of significant performance driven by increased European orders [4] - Projected net profits attributable to shareholders for 2025-2027 are 1.059 billion, 1.617 billion, and 2.194 billion yuan, respectively, with corresponding EPS of 1.66, 2.54, and 3.44 yuan [4] - The projected PE ratios for the same period are 32, 21, and 15 times, respectively [4]

Summary of Wind Power Industry Conference Call Industry Overview - The Chinese wind power industry has ambitious goals, aiming for a cumulative installed capacity of 1,300 GW by 2030 and 5,000 GW by 2035, significantly exceeding the 2020 targets, indicating a doubling of annual new installations to 130 GW over the next five years [1][2] - The domestic wind power market shows high certainty in demand, with an expected installation volume exceeding 110 GW in 2025, driven primarily by economic factors and reduced cost per kilowatt-hour, making the internal rate of return (IRR) attractive [1][4] Global Market Dynamics - The global wind power market is experiencing rapid growth, with the tendering scale expected to increase from 50-60 GW in 2026 to around 80 GW, with significant growth in onshore wind in India, the Middle East, and Brazil, as well as offshore wind in Europe [1][4] - European countries need to add at least 20 GW annually to meet their 2030/2035 targets, indicating a fast expansion phase for offshore wind projects [4] Export and International Expansion - Chinese wind power companies are actively expanding into overseas markets, with significant growth in export orders expected in 2025, projected to reach 25-26 GW, accounting for about half of the total tender volume in Asia, Africa, and Latin America [1][5][6] - The increase in offshore distances and water depths is driving demand for domestic pipe pile industries to participate in overseas projects [3][8] Pricing and Profitability Trends - The wind power industry has seen a recovery in bidding prices for onshore wind turbines, now in the range of 1,500-1,600 RMB per kW, with expectations for further increases in average delivery prices by the end of 2025 and into 2026, which will help restore profit margins in the turbine manufacturing sector [1][10] - The industry has shifted towards larger turbine models, focusing on operational hours and smart products, which aids in stabilizing the supply chain and reducing costs [10] Challenges and Opportunities - Challenges include the need for technological advancements, supply chain management, and policy support to meet ambitious growth targets, as project cycles can take over a decade from planning to grid connection [5] - Opportunities arise from the increasing competitiveness of Chinese companies in the global market, with major players accelerating their international strategies [5][6] Future Outlook - The overall outlook for the wind power industry is optimistic, with both domestic and international markets expected to experience significant growth in the coming years, particularly in offshore wind [7][12] - The industry is entering a new cycle of growth characterized by a resonance of volume and profitability, with a recommendation to focus on offshore wind and international expansion, including key players in subsea cables, pipe piles, and turbine components [12]

Group 1 - The core theme of the articles revolves around the increasing trend of Chinese wind power companies expanding internationally, with significant growth in export volumes and the establishment of manufacturing bases abroad [1][2][3] - In 2024, China's wind power export scale is expected to grow by over 70%, with leading companies like Yunda Co. projecting their export amounts to increase by 7-8 times compared to the previous year [1] - Companies are adopting localized strategies to penetrate foreign markets, such as Yunda's approach of surrounding key markets like Serbia and Azerbaijan to enhance their competitiveness in Europe [1] Group 2 - Mingyang Smart Energy plans to invest £1.5 billion to establish the UK's first integrated wind turbine manufacturing base, aiming to serve the UK, Europe, and other non-Asian markets [2] - Mingyang has achieved several breakthroughs in global markets, becoming the first Chinese manufacturer to supply offshore projects in Japan and Italy, and is transitioning from technology export to localized manufacturing [2] - Companies like China National Materials are focusing on local compliance, employee training, and supply chain development in their overseas ventures, emphasizing the need to create local enterprises rather than just foreign branches [2] Group 3 - The current international expansion of wind power companies is viewed as an opportunity to reconstruct business models, focusing on sustainable development, talent cultivation, and brand building rather than merely increasing sales [3] - Key considerations for companies include establishing local service teams, managing supply chains, and addressing increased costs associated with overseas manufacturing, which may diminish their competitive edge [3] - Companies must integrate into local ecosystems and consider ESG factors, employment standards, and local regulations as part of their international strategies [3]