12月12日，港股集体高开，恒生指数上涨230.9点，涨幅0.9%报25761.41点；恒生科技指数上涨56.56 点，涨幅1.02%报5591.15点；国企指数上涨78.78点，涨幅0.88%报9013.06点；红筹指数上涨17.19点， 涨幅0.42%报4119.82点。 盘面上，科网股普涨，网易、阿里巴巴、小米、联想、腾讯、快手涨超1%；黄金股普涨，中国黄金国 际涨超4%；电力设备股高开，东方电气涨超2%；新消费概念股活跃，沪上阿姨涨超1%；锂电池板块高 开，宁德时代涨近3%，赣锋锂业、天齐锂业涨超2%。 企业新闻 香港科技探索(01137.HK)：香港电子商贸业务11月订单总商品交易额6.36亿港元，同比下降7.4%。 京东方精电(00710.HK)：与京东方越南订立总产品加工协议。 招商证券(06099.HK)：获准发行不超过400亿元公司债券。 中国银河(06881.HK)：完成发行40亿元短期公司债券。 云迹(02670.HK)：拟成立合营公司，重点发展面向创新场景的机器人智慧体解决方案。 机构观点 广发证券：港股对外围风险更敏感，美联储未来降息路径不明，以及港股12月面临限售股解禁高峰、分 子 ...

此前，《风能北京宣言2.0》在京发布，明确提出"十五五"期间我国海上风电年均新增装机达1500万千瓦。若按此节奏推进，到2030年，全国海上风电累计 装机将突破1亿千瓦，支撑非化石能源消费占比提升至25%的目标，万亿级产业链正步入加速成长通道。 市场层面持续释放积极信号 西部证券指出，自2024年底以来，受主机厂商自律及下游评标规则优化影响，风机中标价格持续回升。数据显示，2025年1–10月，陆上风机平均中标单价为 1618元/kW，同比增长6.86%；含塔筒机型均价达2096元/kW，同比上涨9.78%。随着价格企稳，主机厂商盈利有望于2026年明显回暖。 此外，行业需求端同样强劲。2025年前10个月，陆上风机招标量(不含框架协议)同比增长13.16%；1–8月风电项目核准量同比大增29%，预示2026年国内装 机规模或超预期。与此同时，"风机出海"成为新增长极——金风科技、远景能源等头部企业在2025年上半年海外订单同比大幅增长，全球化布局正打开更广 阔成长空间。 智通财经12月10日讯（编辑 胡家荣）今日港股风电股表现活跃。截至发稿，金风科技(02208.HK)涨6.50%、东方电气(09988.H ...

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Views - The acquisition of Precision Energy by Longi Green Energy is a significant move, enhancing its position in the energy storage sector [5] - The independent storage capacity pricing mechanism is being refined, indicating a supportive policy environment for energy storage development [6] Summary by Sections Wind Power - Wind turbine exports are progressing, with Goldwind's new factory in South Africa marking its sixth overseas facility, aimed at providing comprehensive services for renewable projects in the region [5][9] - The wind power index fell by 3.17% this week, underperforming the CSI 300 index by 2.09 percentage points, with a current PE_TTM valuation of approximately 25.97 times [4][10] Photovoltaics - Longi Green Energy's acquisition of Precision Energy aims to strengthen its foothold in the energy storage market, which includes a range of lithium-ion battery storage systems [5][6] - The photovoltaic equipment index decreased by 2.12%, with the current PE_TTM valuation around 50.33 times [4] Energy Storage & Hydrogen - The National Development and Reform Commission and the Energy Administration have introduced guidelines to improve the pricing mechanism for new energy storage, recognizing its value in the new power system [6] - The compensation standard for independent new energy storage stations in Inner Mongolia for 2026 is set at 0.28 yuan/kWh, down from 0.35 yuan/kWh in 2025, but still favorable [6] Investment Recommendations - For wind power, focus on companies like Goldwind, Mingyang Smart Energy, and Yunda shares due to their potential for profit recovery and overseas market expansion [6] - In photovoltaics, attention is drawn to structural opportunities within the industry, with recommended stocks including Dier Laser, Aiko Solar, and Longi Green Energy [6] - In energy storage, companies like Sungrow Power Supply and Haibo Technology are highlighted for their strong market positions and overseas expansion efforts [6]

Investment Rating - The report maintains a "Buy" rating for the company [11]. Core Insights - The company's wind turbine business has shown positive marginal changes, with significant improvements in profitability and a strong order backlog, particularly in overseas markets [3][9]. - The company achieved approximately 10.6 GW in wind turbine shipments in the first half of 2025, a year-on-year increase of 106.6%, with revenues of about 21.85 billion yuan, up 71% year-on-year [6][24]. - The gross margin for wind turbines reached approximately 8% in the first half of 2025, an increase of 4.2 percentage points year-on-year, indicating improved profitability [6][26]. Summary by Sections Short-term Outlook - The wind turbine business is expected to see further profitability recovery in the second half of 2025, supported by stable bidding prices and a solid order backlog [7][36]. - The industry is anticipated to reach a profitability recovery point, with wind turbine prices stabilizing and major manufacturers focusing on cost reduction and efficiency [7][36]. Medium to Long-term Outlook - The overseas wind power market is projected to grow rapidly, with a compound annual growth rate of approximately 14% from 2024 to 2030, potentially reaching a market size of 359 billion yuan by 2030 [8][61]. - The company has established a strong presence in international markets, with cumulative installed capacity of 10 GW across 40 countries as of the first half of 2025, and a significant increase in overseas orders [8][76]. - The company is actively developing new power plants and has plans for a 3 GW wind-hydrogen-ammonia integrated project, which is expected to provide additional profit support [89][90]. Investment Recommendations - The report highlights the company's strong performance in the first half of 2025, with a focus on the wind turbine business's positive changes and profitability improvements [9][91]. - The expected net profits for 2025 and 2026 are approximately 3.08 billion yuan and 4.29 billion yuan, respectively, with corresponding price-to-earnings ratios of 18 times and 13 times [9][91].

供需形势：我国风力发电行业产能过剩现象较为明显，2024年底全国风电发电机产能已超过200GW， 对应2024年全国新增风电装机近80GW、2025年行业110GW左右装机预期来看，产能过剩。 2023年下半年以来，主机中标均价已经明显趋于平稳，2024年底到2025年5月，主机价格有所上涨，涨 幅约10%，截至2025年5月，陆风不含塔筒均价上涨10%达到1600元以上状态已维持半年以上时间，风 机行业价格拐点明确，预计2025年行业中标均价上涨5%-10%，叠加主机自身降本，该行预计在2026年 主机毛利率有望迎来明显增长，风机行业向上周期开启。 重点推荐主机方向，建议关注：金风科技、运达股份、三一重能、明阳智能 风力发电是利用风能转化为电能的技术，风力发电机组是实现风能向电能转换的核心装置。风电整机上 游为零部件行业，下游为风力发电运营商。目前主流风电整机有三条技术路线：双馈、半直驱、直驱; 陆上风机中，双馈路线受益于成本优势，已占据绝对主导;海上风机以半直驱技术路线为主。 风机行业空间及增速：预计2025-2030年全球风机行业市场空间从3345亿提升至接近6000亿，复合增速 约为12%，考虑到中国 ...