11月27日，皖能电力盘中上涨2.04%，截至10:25，报8.01元/股，成交1.02亿元，换手率0.57%，总市值 181.58亿元。 资金流向方面，主力资金净流入542.33万元，特大单买入1267.66万元，占比12.47%，卖出1210.23万 元，占比11.90%；大单买入2614.74万元，占比25.72%，卖出2129.84万元，占比20.95%。 皖能电力今年以来股价涨5.52%，近5个交易日涨0.75%，近20日跌5.43%，近60日涨11.40%。 资料显示，安徽省皖能股份有限公司位于安徽省合肥市包河区贵州路491号皖能智能管控中心25-27层， 成立日期1993年12月13日，上市日期1993年12月20日，公司主营业务涉及燃煤火力发电。主营业务收入 构成为：电力及相关产品79.28%，煤炭17.97%，运输1.52%，垃圾处理1.09%，其他0.14%。 机构持仓方面，截止2025年9月30日，皖能电力十大流通股东中，南方中证500ETF（510500）位居第六 大流通股东，持股1648.36万股，相比上期减少30.87万股。香港中央结算有限公司位居第七大流通股 东，持股1546.3 ...

近日，大金重工（证券代码：002487）发布公告称，全资子公司蓬莱大金海洋重工有限公司（以下简 称"蓬莱大金"）与欧洲某能源企业签署了某海上风电场项目过渡段独家供应合同，合同总金额折合人民 币约13.39亿元，占公司2024年度经审计营业收入的比例约35.41%。 蓬莱大金成立于2009年，注册资本1.3亿元，是大金重工的山东蓬莱生产基地，产能50万吨，是全球风 电海工单体最大工厂，是大金重工两海战略（海上风电和海外市场）的实施主体。 除上述合同外，近年来，蓬莱大金签署了多个海外合同。 大金重工9月10日发布公告称，蓬莱大金与海外某海上风电开发商签署长期锁产协议下的首个海上风电 基础供应合同，合同总金额折合人民币约12.5亿元，将为海外某海上风电项目提供超大型海上风电单 桩、过渡段及附属结构产品。 公告显示，交易对手方为全球领先的能源企业，且大金重工近三年曾与该企业发生过类似交易，双方具 备一定合作基础。业主方将负责综合统筹项目开展，蓬莱大金则以承包商身份承担超大型海上风电单 桩、过渡段及附属结构的建造任务；交易价格确定为折合人民币约12.5亿元，经测算，该金额占大金重 工2024年度经审计营业收入的比例约3 ...

证券研究报告·公司点评报告·风电设备 大金重工（002487） 签署过渡段订单，单价超 5 万元/吨，向全套 解决方案服务商进发！ 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 4,325 | 3,780 | 6,752 | 8,980 | 11,710 | | 同比（%） | (15.30) | (12.61) | 78.63 | 33.00 | 30.41 | | 归母净利润（百万元） | 425.16 | 473.87 | 1,102.04 | 1,711.68 | 2,528.66 | | 同比（%） | (5.58) | 11.46 | 132.56 | 55.32 | 47.73 | | EPS-最新摊薄（元/股） | 0.67 | 0.74 | 1.73 | 2.68 | 3.96 | | P/E（现价&最新摊薄） | 74.37 | 66.73 | 28.69 | 18.47 | 12.50 | ...

Summary of the Conference Call for Daikin Heavy Industries Company Overview - Daikin Heavy Industries has significantly increased its export business share to 79% in 2025, driven by explosive growth in offshore wind power exports, despite historical revenue fluctuations due to adjustments in onshore wind power business [2][3][4]. Key Points and Arguments Industry Dynamics - The global offshore wind power installation target for Europe and the Asia-Pacific region is expected to exceed 200 GW by 2030, with only 38-39 GW installed by the end of 2024, indicating substantial growth potential [2][6]. - The global offshore wind installation capacity is projected to experience explosive growth by 2026, increasing from approximately 5-6 GW per year to 13 GW [6][9]. Company Performance - Daikin Heavy Industries has achieved a remarkable profit growth in 2025, primarily due to increased overseas offshore wind product shipments and a transition to a manufacturing and transportation integrated service model, which has significantly improved gross and net profit margins [2][4][5]. - The company’s export business share rose from 18% in 2020 to 79% in 2025, reflecting a doubling of revenue from offshore wind exports [3][4]. Competitive Advantages - Daikin Heavy Industries possesses cost and capacity advantages in the international market, with domestic steel prices lower than those in the EU and lower labor costs compared to Europe [4][12]. - The company’s effective production capacity is expected to reach 500,000 tons by the end of 2025, with potential expansion to over 700,000 tons [4][12]. Order Backlog and Future Prospects - The company has a robust order backlog, including high-value projects such as the Danish Raytheon project and the German NSC project, which are expected to enhance overall profit levels [7][8]. - The company is well-positioned to capture more market share and achieve unexpected performance growth due to optimistic global offshore wind installation plans and ongoing business model iterations [9][13]. Strategic Initiatives - Daikin Heavy Industries is expanding its production capacity and transitioning to an integrated manufacturing and transportation model to reduce costs and improve delivery efficiency [13]. - The establishment of a global floating wind power center in Madrid, Spain, aims to capitalize on the future growth of the floating wind power market in Europe [13]. Additional Important Insights - The company is actively pursuing opportunities in emerging markets such as Japan and South Korea, where significant growth in offshore wind capacity is anticipated [10][11]. - Daikin Heavy Industries has become the first company globally to obtain SBTI certification, enhancing its collaboration with clients focused on green certifications [12]. This comprehensive overview highlights Daikin Heavy Industries' strategic positioning, competitive advantages, and growth potential in the offshore wind power sector.

Core Viewpoint - Jingneng Power has shown a significant increase in revenue and net profit for the first nine months of 2025, indicating strong financial performance despite recent stock price fluctuations [2]. Financial Performance - For the period from January to September 2025, Jingneng Power achieved operating revenue of 26.16 billion yuan, representing a year-on-year growth of 4.62% [2]. - The net profit attributable to shareholders reached 3.17 billion yuan, marking a substantial year-on-year increase of 123.95% [2]. Stock Performance - As of November 26, Jingneng Power's stock price increased by 2.03% to 4.53 yuan per share, with a total market capitalization of 30.33 billion yuan [1]. - Year-to-date, the stock price has risen by 33.24%, although it has experienced a decline of 0.88% over the last five trading days and 8.85% over the past 20 days [1]. Shareholder Information - As of September 30, the number of shareholders increased by 12.39% to 56,500, while the average circulating shares per person decreased by 11.03% to 118,453 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with notable changes in their holdings [3]. Dividend Distribution - Since its A-share listing, Jingneng Power has distributed a total of 10.276 billion yuan in dividends, with 2.31 billion yuan distributed over the past three years [3]. Business Overview - Jingneng Power, established on March 10, 2000, primarily engages in the production and sale of electricity and heat, with electricity sales accounting for 89.74% of its main business revenue [1]. - The company operates within the public utility sector, specifically in the electricity and thermal power generation industry [1].

m 2025 年 11 月 26 日 | H70455@capital.com.tw | | | --- | --- | | 沈嘉婕 目标价(元) | RMB 63 | | 机构投资者占流通 A 股比例 | | | --- | --- | | 基金 | 2.8% | | 一般法人 | 45.2% | 公司基本资讯 股价相对大盘走势 | 产业别 | 机械设备 | | | --- | --- | --- | | A 股价(2025/11/25) | 49.20 | | | 深证成指(2025/11/25) | 12777.31 | | | 股价 12 个月高/低 | 54.77/18.61 | | | 总发行股数(百万) | 637.75 | | | A 股数(百万) | 630.92 | | | A 市值(亿元) | 310.41 | | | 主要股东 | 阜新金胤能源 | | | 咨询有限公司 | | | | | (38.93%) | | | 每股净值(元) | 12.63 | | | 股价/账面净值 | | 3.90 | | 一个月 三个月 | 一年 | | | 股价涨跌(%) 2.4 | 42.2 121 ...

五矿证券近日发布电气设备行业25Q3风电业绩总结：从主要财务指标来看，25Q3风机制造及轴承环节 出现盈利改善，风机价格持续小幅回升。行业合同负债及库存水平维持高位，支撑未来行业需求。风机 投标价格持续反弹，叠加反内卷成效及大型化的减缓，风机价格持续修复。海外市场单价高盈利好，出 口企业及海外产能布局企业有望获得持续盈利提升。 以下为研究报告摘要： 风险提示 电力需求减弱，导致风电发电企业电价不及预期。 电源结构发生超预期变化导致风电需求减弱。 反内卷力度不及预期，厂商恶性竞争加重。 报告要点：盈利趋势向好，"两海"指引方向 2025年三季报：从主要财务指标来看，25Q3风机制造及轴承环节出现盈利改善，风机价格持续小幅回 升。行业合同负债及库存水平维持高位，支撑未来行业需求。 需求上：25Q3国内风电装机同环比均有下滑，主要是25Q2抢装后需求处于观望期。中长期来看，全球 陆上风电稳步增长，支撑主要新增装机量，海上风电增速更快带来增量贡献。 盈利上：风机投标价格持续反弹，叠加反内卷成效及大型化的减缓，风机价格持续修复。海外市场单价 高盈利好，出口企业及海外产能布局企业有望获得持续盈利提升。 观点：看好海上风电 ...

25Q3风电业绩总结：盈利趋势向好 "两海"指引方向 五矿证券研究所 新能源行业 分析师：蔡紫豪 登记编码：S0950523070002 电话：0755-23375760 邮箱：caizihao@wkzq.com.cn 证券研究报告 | 行业点评 2025/11/25 | 电气设备行业 | | | --- | --- | | 投资评级 | 看好 | 25Q3风电行业收入利润基本持平，盈利能力略微下降 图表2：25Q3风电行业盈利能力环比略微下滑 图表1：25Q3风电行业营收和利润环比基本持平 0 200 400 600 800 1000 1200 1400 1600 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 营业收入 归母净利润 0% 5% 10% 15% 20% 25% 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 毛利 ...

Core Viewpoint - Jiangte Electric's stock price has shown volatility, with a year-to-date increase of 38.33% but a recent decline of 14.01% over the past five trading days [1] Group 1: Stock Performance - As of November 25, Jiangte Electric's stock price was 10.25 CNY per share, with a market capitalization of 17.49 billion CNY [1] - The stock has experienced a trading volume of 746 million CNY, with a turnover rate of 4.35% [1] - Year-to-date, the stock has been on the leaderboard three times, with the most recent net purchase of 277 million CNY on October 30 [1] Group 2: Financial Performance - For the period from January to September 2025, Jiangte Electric reported a revenue of 1.43 billion CNY, reflecting a year-on-year growth of 14.62% [2] - The company recorded a net profit attributable to shareholders of -113 million CNY, a decrease of 37.31% compared to the previous year [2] Group 3: Shareholder Information - As of September 30, 2025, Jiangte Electric had 222,500 shareholders, an increase of 8.82% from the previous period [2] - The average number of circulating shares per shareholder was 7,666, a decrease of 8.11% [2] - The top three circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 7.36 million shares [3]

Core Viewpoint - CITIC Special Steel's stock price has shown a year-to-date increase of 38.84%, indicating strong performance in the market despite a recent decline of 2.04% on November 25 [1][2]. Financial Performance - For the period from January to September 2025, CITIC Special Steel reported a revenue of 81.206 billion yuan, a year-on-year decrease of 2.75%, while the net profit attributable to shareholders was 4.33 billion yuan, reflecting a year-on-year growth of 12.88% [2]. - The company has distributed a total of 21.937 billion yuan in dividends since its A-share listing, with 9.952 billion yuan distributed over the past three years [3]. Stock Market Activity - As of November 25, the stock price was 14.86 yuan per share, with a market capitalization of 75.001 billion yuan. The trading volume was 29.3162 million yuan, with a turnover rate of 0.04% [1]. - The net inflow of main funds was 2.0994 million yuan, with large orders accounting for 8.62% of total purchases [1]. Shareholder Structure - As of September 30, 2025, CITIC Special Steel had 38,400 shareholders, a decrease of 11.57% from the previous period, with an average of 131,570 circulating shares per shareholder, an increase of 13.09% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 17.0402 million shares, and several ETFs that have reduced their holdings [3].