6亿千瓦，相当于超26个三峡电站的总装机。2025年，风电行业持续刷新纪录，全球最大26兆瓦级海上 风电机组、全球在运海拔最高风电项目、我国离岸距离最远海上风电项目等陆续并网。 如今，我国已向全球提供约70%的风电设备，近10年来推动全球风电成本下降超过60%。在风能资源较 好地区，陆上风电平均度电成本降至0.1—0.15元，近海海上风电平均度电成本降至约0.33元，风电已成 为具备市场竞争力的电源类型。 我国风电装机容量超6亿千瓦 相当于超26个三峡电站的总装机 本报北京12月29日电 （记者丁怡婷）国家能源局近日发布的数据显示：截至11月底，全国累计发电装 机容量37.9亿千瓦，同比增长17.1%。其中，太阳能发电装机容量11.6亿千瓦，同比增长41.9%；风电装 机容量突破6亿千瓦，同比增长22.4%。 [ 责编：刘晗旭 ] ...

如今，我国已向全球提供约70%的风电设备，近10年来推动全球风电成本下降超过60%。在风能资源较 好地区，陆上风电平均度电成本降至0.1—0.15元，近海海上风电平均度电成本降至约0.33元，风电已成 为具备市场竞争力的电源类型。 6亿千瓦，相当于超26个三峡电站的总装机。2025年，风电行业持续刷新纪录，全球最大26兆瓦级海上 风电机组、全球在运海拔最高风电项目、我国离岸距离最远海上风电项目等陆续并网。 本报北京12月29日电 （记者丁怡婷）国家能源局近日发布的数据显示：截至11月底，全国累计发电装 机容量37.9亿千瓦，同比增长17.1%。其中，太阳能发电装机容量11.6亿千瓦，同比增长41.9%；风电装 机容量突破6亿千瓦，同比增长22.4%。 （文章来源：人民日报） ...

长江商报消息 ●长江商报记者 汪静 新强联（300850.SZ）再度向市场进行募资。 12月23日晚间，新强联公告称，拟定增募资不超过15亿元，将用于6MW及以上大功率风电主轴承、偏 航变桨轴承及零部件建设项目和补充流动资金。 长江商报记者注意到，上市5年以来，新强联频频募资，目前已增发3次，发行可转债1次，包括IPO累 计已募资逾42亿元，每次募资基本都投向风电相关业务。 新强联专注于风电核心零部件的研发、生产和销售。风电机组大型化趋势下，市场需求提升，2025年前 三季度，新强联实现营业收入36.18亿元，盈利6.64亿元。 再抛大手笔定增募资计划 12月23日晚间，新强联公告称，拟定增募资不超过15亿元，将用于6MW及以上大功率风电主轴承、偏 航变桨轴承及零部件建设项目和补充流动资金。其中，6MW及以上大功率风电主轴承、偏航变桨轴承 及零部件项目拟投入募集资金11亿元，总投资额为14.2亿元。? 新强联表示，公司本次募集资金投资项目拟扩充6MW及以上大功率风电轴承及零部件产能，拟投产轴 承最高可适用于18MW及以上功率等级的风力发电机组，是公司顺应行业变化趋势、巩固行业地位的重 要举措。 上市一年后，2 ...

浙商证券指出，国内陆风招标价格持续回升，招标量维持高位。全球风电中长期需求保持稳健增长，中 国、欧洲、美洲是传统装机区域，拉美、中东、印度及其他亚太地区增长较快。该行预计2026年全球风 电新增装机有望达到186.2GW，同比增长14.0%。 | 代码 | 名称 | 最新价 | 涨跌幅 ▽ | | --- | --- | --- | --- | | 02208 | 金风科技 | 14.530 | 5.21% | | 01072 | 东方电气 | 24.840 | 3.59% | | 00527 | 瑞风新能源 | 0.620 | 3.33% | | 00579 | 京能清洁能源 | 2.360 | 1.29% | | 00916 | 龙源电力 | 6.750 | 0.90% | 港股风电股持续活跃，其中，金风科技涨超5%，东方电气、瑞风新能源涨超3%，京能清洁能源涨 1.3%，龙源电力跟涨。 消息上，国家能源局新能源和可再生能源司副司长桂小阳12月18日在2025光伏行业年度大会上表示，未 来十年我国风光装机每年还需增长2亿千瓦左右，在已有的高基数基础上继续保持较高增速。 ...

消息面上，浙商证券（601878）研报指出，根据风芒能源，2025Q1-Q3风电整机累计招标量达到 127.3GW，同比增长16%。招标价格回升叠加出口规模扩大推动风电整机毛利率重回上行通道。风机环 节从中标到确收通常需要4-8季度，今年Q3-Q4是观察盈利回升的重要窗口期。同时伴随整机企业出口 容量快速提升，有望进一步增厚盈利能力。根据风芒能源统计，2024年中国整机企业中标海外订单 34.3GW，2025年前三季度达到19.28GW。 国信证券表示，展望2026年，国内风电新增装机有望保持10%-20%增长，订单饱和价格具有良好支撑。 主机盈利逐季提高，出口放量提振业绩，国内外呈现景气共振态势。零部件在2026年有望实现"量增价 稳"，长期成长性值得期待。在海风装机、招标同比显著增长背景下，海缆和管桩环节企业有望迎来订 单和业绩共振。 金风科技（002202）(02208)涨近5%，截至发稿，涨4.47%，报13.79港元，成交额7566.29万港元。 ...

证券研究报告 | 浙商早知道 报告日期：2025 年 12 月 19 日 浙商早知道 2025 年 12 月 19 日 ：张延兵 执业证书编号：S1230511010020 ：021-80106048 ：zhangyanbing@stocke.com.cn 市场总览 资金：周四全 A 总成交额为 16768.01 亿元，南下资金净流入 12.57 亿港元。 精品报告 【浙商电新 邱世梁/陈明雨/曹宇】量利向上，两海可期——风电行业专题报告——20251218 http://www.stocke.com.cn 1/3 请务必阅读正文之后的免责条款部分 2 重要推荐 2.1 【浙商电新 邱世梁/陈明雨/曹宇】量利向上，两海可期——风电行业专题报告——20251218 1、电新—量利向上，两海可期—风电行业专题报告—邱世梁/陈明雨/曹宇—20251218 大势：周四上证指数上涨 0.16%，沪深 300 下跌 0.59%，科创 50 下跌 1.46%，中证 1000 下跌 0.22%，创业板指下 跌 2.17%，恒生指数上涨 0.12%。 行业：周四表现最好的行业分别是银行（+1.97%)、煤炭（+1.89%)、石 ...

Core Viewpoint - The global wind power demand is expected to maintain steady growth, with an anticipated addition of 186.2 GW in new installations by 2026, representing a year-on-year increase of 14.0% [1] Group 1: Global Wind Power Demand - The long-term demand for global wind power is projected to grow steadily, with significant contributions from traditional installation regions such as China, Europe, and the Americas, as well as rapid growth in Latin America, the Middle East, India, and other Asia-Pacific regions [1] - The expected new installations for 2026 include 161.5 GW from onshore wind (up 7.7% year-on-year) and 24.7 GW from offshore wind (up 85.6% year-on-year), with a compound annual growth rate (CAGR) of approximately 10.9% from 2024 to 2030 [1] Group 2: European Wind Power Market - Europe is entering a peak installation period for offshore wind power, with significant growth in onshore wind as well [1] - According to WindEurope, the expected new offshore wind installations from 2025 to 2030 are projected to be 3.03, 8.04, 7.69, 5.99, 6.16, and 12.13 GW, totaling 43.04 GW, with a CAGR of 32% during this period [1] Group 3: Domestic Wind Power Market - In the domestic market, the bidding prices for onshore wind have been steadily increasing, with the average winning bid for onshore wind turbines (including towers) reaching 2,248 RMB/kW by October 2025, up from a low of 1,553 RMB/kW in April 2024 [2] - The cumulative bidding volume for wind power equipment in the first three quarters of 2025 reached 127.3 GW, reflecting a year-on-year increase of 16% [2] - The recovery in bidding prices, combined with an increase in export capacity, is expected to drive the gross profit margin of wind turbine manufacturers back into an upward trend [2] Group 4: Investment Recommendations - Companies to watch in the wind turbine sector include Goldwind Technology, Yunda Co., Mingyang Smart Energy, and SANY Renewable Energy [3] - For offshore wind foundations and towers, recommended companies include Dajin Heavy Industry, Haili Wind Power, Tiensun Wind Energy, and Taisheng Wind Energy [3] - In the subsea cable sector, companies such as Orient Cable, Zhongtian Technology, and Hengtong Optic-Electric are highlighted [3] - Key component manufacturers include Jinlei Co., Delijia, Times New Material, Riyue Co., and Guoda Special Materials [3]

Group 1: Domestic Wind Power Market - In 2025, China's offshore wind installation is expected to reach 8-10 GW, with a growth of over 30% in 2026, reaching 11-13 GW [1] - Onshore wind installations are projected to exceed 100 GW in 2025, with a year-on-year increase of over 25% [1] - The average annual installation during the 14th Five-Year Plan period is expected to be over 20 GW for offshore wind [1] Group 2: European Offshore Wind Market - European offshore wind auctions are set to increase significantly, with 20 GW planned for 2024, a 46% increase [2] - The average annual compound growth rate for European offshore wind installations from 2025 to 2030 is projected to be 21% [2] - A new round of offshore wind Final Investment Decisions (FID) is expected to start in 2023-2024, indicating accelerated installation in the coming years [2] Group 3: Submarine Cable Market - The submarine cable market is expected to reach 10.7 billion yuan in 2025, with a year-on-year growth of 62% [3] - The market is projected to grow to 34.3 billion yuan by 2030, with a compound annual growth rate of 26% from 2025 to 2030 [3] - The profit margins for 220 kV submarine cables are stable at 35-40%, while higher voltage cables show margins of 45-55% [3] Group 4: Tower and Pile Market - Domestic production capacity utilization has rapidly increased since Q2 2025, indicating a profitability turning point for related companies [4] - Internationally, companies are expanding rapidly, with significant profit margins and recognition from overseas clients [4] Group 5: Wind Turbine Market - Wind turbine prices have stabilized and are expected to rebound by over 5%, improving profitability for domestic companies in 2026 [5] - Overseas orders and deliveries for wind turbine companies are significantly increasing, with profit margins 5-10 percentage points higher than domestic [5]

关于行业壁垒等方面，威力传动表示，风电增速器有较高的行业壁垒：技术壁垒，设计需适配复杂工 况，加工、装配精度要求高，需通过多重严苛试验验证，技术门槛高；资金壁垒，属于资本密集型行 业，设备购置(尤其是进口设备)、研发投入等资金需求大；客户与认证壁垒，整机厂商供应商准入严 苛，验证周期长达2-3年，且产品需通过严格认证才能入市，新企业难快速突破；品牌与人才壁垒，客 户重视品牌信誉，新品牌难获信任；行业需要多学科复合型人才，新企业难快速组建团队。 关于风电增速器工厂的产能爬坡进度，公司表示，目前，风电增速器智慧工厂(一期)正处于建设期关键 推进阶段，核心生产设备已基本完成到厂部署，为后续产能释放奠定了硬件基础。不过，由于工厂仍处 于产能爬坡初期，当前存在三方面阶段性因素影响产能完全释放：一是生产团队需进一步提升操作熟练 度，确保设备精准运行；二是产线各环节仍在持续优化衔接，需逐步实现全流程高效贯通；三是部分设 备仍处于调试与性能校准阶段，以保障长期运行稳定性。基于上述情况，工厂产能将遵循"稳步爬坡、 逐步释放"的节奏推进，后续公司会持续跟踪产线磨合、人员培训及设备调试进度，待各环节成熟后逐 步向设计产能靠拢。 关 ...

Summary of SANY Renewable Energy Conference Call Company Overview - **Company**: SANY Renewable Energy - **Industry**: Wind Power Key Points Industry and Market Outlook - The wind power supply chain is expected to reduce costs by 2-3% in 2026, with internal optimization achieving a 3-5% reduction, benefiting from technological advancements and improved profitability of components [2][3] - Domestic wind power installation in 2025 is projected to exceed 120 GW, with an average of no less than 120 GW per year over the next five years [2][5] - The company anticipates a 2026 installation volume of approximately 110 GW, slightly lower than 2025, but price increases will ensure value retention [2][5] - New domestic orders for 2025 are expected to be around 130 GW, a year-on-year decline of 10-20%, but sufficient to support 2026 installation needs [4][12] Financial Performance - The company expects to ship 15-16 GW of wind turbines in Q4 2025, accounting for 40% of the annual total, with an overall gross margin expected to exceed 5% for the year [2][6] - Q4 gross margin is projected to improve to 5-6%, with a potential peak at 6% [7][8] - The sales scale of power stations is expected to surpass 1 GW in 2025, with a high probability of exceeding targets due to significant Q4 sales [9] Export and International Strategy - Export business growth is expected to accelerate in 2026, with conservative revenue estimates exceeding 3 billion RMB, significantly higher than the previous year's figures [2][11] - The company aims for 4-5 GW in new overseas orders in 2026, representing over 60% year-on-year growth [13] - SANY Renewable Energy has strategically positioned itself in the European market, establishing a 500 MW capacity with partners [4][16] Cost and Pricing Dynamics - Component prices are expected to decline by 2-3% in 2026, supported by technological advancements and improved profitability in the component sector [3] - The company has achieved over 5% cost reduction in 2025, with expectations for continued improvements in internal production efficiency [3][24] Future Growth and Development - The company plans to maintain a similar scale in 2026, aiming for stable growth in both domestic and international markets [25][27] - The wind power sector is projected to play an increasingly important role in the renewable energy landscape, with expectations of significant growth in installation capacity over the next five years [20][21] Competitive Landscape - SANY Renewable Energy ranks third among domestic companies capable of international expansion, facing lower competition intensity in emerging markets compared to domestic markets [23][22] Conclusion - The overall outlook for SANY Renewable Energy is positive, with expectations for stable growth in both domestic and international markets, improved profitability, and a strong position in the wind power industry [27][28]