光大证券发布研报称，截至25年6月底，金风科技在手外部订单共51.8GW，同比+45.58%，风机及零部 件销售毛利率同比+4.22pct，以上数据表明风电行业景气度整体较好，整机企业盈利亦持续改善。该行 认为在风电整机公司的中报和三季报中，风机毛利率是关键指标，若其持续改善，或将成为行情重要催 化剂。此外，汇丰研究指出，相信尽管利润率相对离岸及海外市场较低的中国内地陆上风电产品订单交 付下半年占比增加，但金风科技制造业务的基本面将继续改善，主要由于未来几年利润率较高的强劲海 外订单。 智通财经APP获悉，金风科技(02208)再涨超3%，截至发稿，涨3.05%，报9.84港元，成交额7927.27万港 元。 消息面上，近日，金风科技发布截至2025年6月30日止6个月中期业绩，该集团取得收入人民币 284.94亿元(单位下同)，同比增加41.46%；公司股东应占利润14.88亿元，同比增加7.26%；每股盈利 0.34元。报告期内，公司风力发电机组及零部件销售收入为218.52亿元，同比增长 71.15%，占公司营业 收入的比重为76.69%；2025年1-6月实现机组对外销售容量10,641.44MW，同 ...

Overall Viewpoint - Wind power: The price of wind turbine units is stabilizing, and the trend towards larger units along with cost reductions in components will drive continuous improvement in profitability for the turbine segment through 2026. The 136 document reshapes the logic of new energy installations, as wind power has a favorable output curve, leading to a potential recovery in wind power development and power station sales. Short-term pressure is expected from June wind power bidding and Q2 performance, but the market is gradually digesting these issues, and expectations for improvement in related indicators are forming [2]. Component Segment - Attention is drawn to the trend of larger turbine units, particularly in the bearing segment, and investment opportunities in European offshore wind products. The current timing is crucial for performance realization [3]. Photovoltaics - This week, the price of polysilicon futures has rebounded due to news factors. After experiencing internal competition policies in Q4 2024 and a rush for installations in Q1 2025, the photovoltaic sector's debt repayment ability did not continue to deteriorate during Q1 2025. However, starting in May 2025, production and prices in the photovoltaic sector have declined, further worsening the sector's debt repayment and profitability. It is anticipated that supply or demand-side support policies will strengthen in the next phase, with a focus on BC cells, perovskite, silicon materials, and low-PB integrated companies [3]. Solid-State Batteries - The market for solid-state batteries has expanded to include copper foil, separators, and other segments, which are currently at low price levels and in distress, but may not have reversed yet. In the short term, there is a risk of a pullback in the solid-state battery sector. However, in the medium term, battery manufacturers are actively advancing semi-solid production lines and full solid-state experiments, leading to increased capital expenditure in the solid-state battery sector, supported by policies. Continuous attention is recommended for solid-state battery front and mid-process equipment, lithium sulfide, solid-state electrolyte membranes, and dry-process positive electrode technologies [3]. Energy Storage - There is a consensus in the market regarding the favorable outlook for large-scale energy storage in Europe and overseas commercial storage. However, there are differing views on the profitability improvement and demand rhythm for domestic large-scale storage following the 136 document. The good bidding data for large-scale storage in May-June is related to the "531" rush for installations and independent energy storage "land grabbing." The mid-term profitability improvement for large-scale storage relies on the construction of the electricity market and improved trading flexibility, while the peak-valley price difference remains cyclical. In the short term, large-scale storage still requires substantial subsidies, but the commercial model is expected to improve, necessitating continuous monitoring of large-scale storage bidding data changes in the second half of the year [4][5].