Investment Rating - The report maintains a "Positive" investment rating for the wind power industry [15]. Core Insights - The offshore wind installation is expected to experience explosive growth by 2026, coupled with tight local supply, creating opportunities for domestic wind power companies to expand internationally. Domestic companies have already begun to realize overseas performance, which is anticipated to continue to release growth potential [7][25]. - Recent financial disclosures from overseas companies indicate a strong investment willingness from power operators, with capital expenditures continuing to expand and offshore wind projects at historical highs in terms of construction and Final Investment Decision (FID) scale [4][11]. Summary by Sections Introduction - The report emphasizes the anticipated explosive growth in offshore wind installations and the tight supply situation, which provides a broad space for domestic companies to venture abroad. It also highlights the recent performance of overseas wind power companies [7][25]. Wind Turbines: Mixed Performance with Abundant Orders - In Q2 2025, major turbine manufacturers showed varied performance. Vestas reported a revenue increase of 14% year-on-year, while Nordex and Siemens Energy saw declines in revenue but improvements in profitability. The order backlog for these companies is robust, with Vestas and Nordex having orders equivalent to 2.3 and 1.4 times their 2024 revenue, respectively [8][26][37]. Submarine Cables: Revenue and Profit Growth with Historical High Orders - Submarine cable companies reported revenue growth in Q2 2025, with Prysmian, Nexans, and NKT achieving year-on-year increases of 15.8%, 5.2%, and 19.5%, respectively. Their order backlogs are at historical highs, with Prysmian's backlog being 6.4 times its 2024 revenue [9][44][55]. Piles: Temporary Profit Pressure with Record Order Scale - Sif, a major player in the pile segment, reported a 2% increase in revenue for Q2 2025, despite a decline in production volume. The company’s order backlog reached approximately 625,000 tons, indicating strong future delivery potential [10][63][75]. Operators: Expanding Capital Expenditures with High Construction and FID Scale - Key operators Ørsted, RWE, and Vattenfall reported significant revenue growth in their offshore wind segments, with Ørsted's capital expenditures at historical highs. Their projects under construction and FID are also at record levels, indicating a strong commitment to offshore wind development [11][78][97]. Contractors: Accelerating Business Growth with Record High Orders - Cadeler, a contractor in the offshore wind sector, reported a remarkable 269% increase in revenue for Q2 2025, driven by growth in vessel leasing and installation services. The company’s order backlog reached approximately €2.492 billion, marking a historical high [12][106][110].

在新一轮财税改革中，一项重点任务是规范税收优惠政策，这项工作正加快推进。 近日，财政部 海关总署 税务总局公开《关于调整风力发电等增值税政策的公告》（下称《公告》）， 取消或调整了多个行业的相关增值税优惠政策。 根据《公告》附件的"废止文件和条款目录"，此次8项政策文件中相关条款被废止，涉及风电、核电、 融资租赁、飞机维修、铂金及其制品、钻石、新型墙体材料、煤层气抽采等行业相关企业。 陆上风电取消增值税即征即退 根据《公告》，今年11月1日起废止2015年出台的《财政部 国家税务总局关于风力发电增值税政策的通 知》。而当时为了鼓励利用风力发电，自2015年7月1日起，对纳税人销售自产的利用风力生产的电力产 品，实行增值税即征即退50%的政策。 在取消上述优惠政策的同时，《公告》明确自2025年11月1日起至2027年12月31日，对纳税人销售自产 的利用海上风力生产的电力产品，实行增值税即征即退50%的政策。 上海财经大学公共政策与治理研究院执行院长田志伟告诉第一财经，这意味着此次国家废止了陆上风电 的增值税即征即退50%优惠政策，但短期保留了针对海上风电的这一优惠政策。 田志伟表示，这可能是陆上风电技术非常 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [6] Core Insights - The report highlights significant developments in various sectors, including electric vehicles, solar energy, wind energy, energy storage, power equipment, industrial control, robotics, and hydrogen energy [2][3][4][5][9][18][28][36][50][59] Electric Vehicle and Lithium Battery Sector - Six departments issued a three-year plan to double the number of charging stations, aiming to add over 28 million new charging facilities by 2027, with a retail penetration rate of 57.8% for new energy vehicles in September [9][10] - The retail sales of new energy passenger vehicles reached a historical high of 1.296 million units in September, marking a year-on-year increase of 15.5% [10] Solar Energy Sector - Anticipation of two major favorable policies aimed at curbing price competition in the solar industry, with a focus on high-quality development [18][19] - The report emphasizes the need for effective policies to eliminate outdated production capacity and rejuvenate the solar industry [19] Wind Energy Sector - Multiple key offshore wind projects are undergoing intensive bidding, with a notable procurement of 1.52GW wind turbines by State Power Investment Corporation at competitive prices [28][30] - The report indicates that these projects will lay a solid foundation for installed capacity in 2026 and 2027 [28] Energy Storage Sector - Strong demand for energy storage batteries is expected to approach 600GWh by 2025, with a significant increase in shipments in Q3 2025 [36][37] - The first self-regulatory practice guidelines for energy storage systems have been released, focusing on safety and quality standards [38] Power Equipment Sector - The third batch of bidding for State Grid metering products has commenced, with a total of 16.96 million electric meters up for bid [52] - The Qinggui DC project has entered the feasibility study stage, which will enable the transmission of 36 billion kWh of electricity annually to Guangxi [56] Industrial Control and Robotics Sector - The establishment of a new intelligent transmission system headquarters in Hefei, with a planned investment of 1 billion yuan, aims to enhance the competitiveness of the robotics industry [59][60] - The listing of Yunji Technology on the Hong Kong Stock Exchange marks a significant milestone, with a first-day increase of 49% [61][62] Hydrogen Energy Sector - The National Development and Reform Commission has introduced investment measures to support five key areas, while General Motors has halted the development of the next-generation hydrogen fuel cell [5]

Investment Rating - Maintain "Buy" rating for the industry [6] Core Insights - The power equipment industry is transitioning from "ultra-low price competition" to "structural correction," with significant price increases expected due to changes in export tax policies and supply-side reforms [16][17] - The report highlights three key areas of focus: supply-side reform leading to price increases, long-term growth opportunities from new technologies, and industrialization opportunities from perovskite solar cells [17] Summary by Sections 1. New Energy Generation 1.1 Photovoltaics - The photovoltaic industry is experiencing a critical shift, with expected global component price increases of approximately 9% starting Q4 2025 due to the cancellation of VAT rebates on solar cell exports [16][17] - Domestic component prices have entered an upward trend since July 2025, with N-type component average prices rising by about 3.6% from July to September 2025 [16][17] 1.2 Wind Power & Grid - A new VAT policy for offshore wind power will be implemented from November 2025, allowing a 50% VAT rebate on self-produced electricity, which is expected to accelerate offshore wind development [18][19] - The first project under Jiangsu's 14th Five-Year Plan for offshore wind has been approved, indicating a boost in offshore wind capacity [18][19] 1.3 Hydrogen & Energy Storage - Sinopec's first green hydrogen ammonia synthesis project has been initiated, with a planned hydrogen production capacity of 20,000 tons/year and ammonia production of at least 100,000 tons/year [23] - Energy storage project bidding prices for October 2025 range from 0.4118 to 0.6 CNY/Wh, indicating a competitive market [24][30] 2. New Energy Vehicles - The National Development and Reform Commission has issued a plan to double the charging infrastructure by 2027, aiming to build 28 million charging facilities to support over 80 million new energy vehicles [35][36] - The plan includes enhancing urban rapid charging networks and expanding charging facilities in rural areas [35][36]

证券研究报告|行业研究周报 [Table_Date] 2025 年 10 月 19 日 [Table_Title] 英伟达发布 800VDC 供电架构白皮书，关注光伏边际变 化 [Table_Title2] 电力设备与新能源行业周观察 [Table_Summary] 报告摘要 1.人形机器人 智元机器人联合均普智能全球线下首发精灵 G2 随着国内外企业布局加速&AI 技术突破，人形机器有望迎来量产落 地时点。在降本需求的驱动下，人形机器人核心零部件的国产替代 需求强烈，市场空间广阔，率先取得突破的国内企业有望深度受 益。重点看好国产机器人/机器狗有望加速放量带动的产业链需 求。 2.新能源汽车 《电动汽车充电设施服务能力"三年倍增"行动方案（2025- 2027 年）》发布 我们认为： 1）国内充电设施将保持较好增长。根据中国充电联盟数据，截至 2024 年底，联盟内充电基础设施（公共+私人）累计数量为 1281.8 万台，当年新增数量为 422.2 万台。以"行动方案"提出的"到 2027 年底，在全国范围内建成 2800 万个充电设施"计算，年均新 增充电基础设施数量超过 500 万台。 2）公共直流充电 ...

子行业周度核心观点： 整体观点：节后一周内，围绕"可再生能源消费与消纳责任、节能降碳中央预算、治理价格无序竞争、风电增值税优 惠政策"等相关领域的政策、文件频发，再次从一定程度上映射出我国能源行业在十五五期间潜在的重点任务主线： 继续积极推进电力与非电领域降碳，同时推动相关装备制造业高质量发展。在当前市场波动环境中，建议重点把握"全 球能源发展大势+我国十五五规划重点方向"：绿氢氨醇、风电、储能&光伏、电网设备（出海）。 氢能与燃料电池：氢氨醇政策组合拳频发，系统性扫清绿氢及其衍生物（绿氨/绿醇等）产业发展的障碍，行业已从 示范探索迈入规模化爆发前夜。重点布局绿氢氨醇、燃料电池十五五规划方向：绿醇生产商、绿氢设备、燃料电池等。 风电：财政部发布风电增值税政策调整公告，陆风增值税优惠 50%政策结束，海风延续至 2027 年末，我们认为此次政 策调整对陆风项目冲击较小，并有望提高业主短期加速建设海风项目的积极性，建议关注海缆、基础等直接受益环节。 光伏&储能：光伏反内卷行动有效驱动 7 月以来产业链景气与产品价格修复，受益中上游硅料、硅片盈利显著修复的 企业有望在 Q3 呈现较强势的业绩环比表现；同时临近年底， ...

牛市来了还没上车？上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限 量发放！先到先得！ 近日，财政部海关总署税务总局公开《关于调整风力发电等增值税政策的公告》（下称《公告》），取消或调 整了多个行业的相关增值税优惠政策。 在取消上述优惠政策的同时，《公告》明确自2025年11月1日起至2027年12月31日，对纳税人销售自产的利 用海上风力生产的电力产品，实行增值税即征即退50%的政策。 上海财经大学公共政策与治理研究院执行院长田志伟告诉第一财经，这意味着此次国家废止了陆上风电的增值 税即征即退50%优惠政策，但短期保留了针对海上风电的这一优惠政策。 田志伟表示，这可能是陆上风电技术非常成熟，成本已具竞争力，不再需要特殊税收扶持。而与已经成熟的陆 上风电相比，海上风电仍处于发展初期，面临投资成本高、建设难度大、运维挑战多等难题，且海上风电成本 目前仍显著高于陆上风电。继续给予海上风电税收优惠，是国家对这块"难啃的骨头"的明确支持，意在鼓励企 业向更深、更远的海域发展，提升我国海上风电的技术和装备水平。 核电增值税先征后退政策淡出 在新一轮财税改革中，一项重点任务是规范税收优惠政策，这项 ...

10月18日，沈阳市法库县三合城水库周边的风电场，风力发电机组群迎风作业，源源不断输送绿电。近年来，当地充分依托丰富的风能资源，大力发展 风电产业，构建清洁、安全、高效的新型能源体系，为绿色发展提供澎湃动能。 ...

Core Insights - The articles highlight the opportunities and advancements in Yunnan's development, particularly in wind energy and tourism, leveraging natural resources and community involvement [1][2][3][4][5][6] Group 1: Wind Energy Development - Yunnan's high altitude and strong winds enable the establishment of wind farms, providing green electricity to 1.08 million households [1] - The planning of wind power bases in Qiubei County includes the construction of 320 kilometers of industrial roads and 17 kilometers of rural roads to facilitate agricultural product distribution [2] - The integration of wind energy projects with ecological restoration demonstrates a commitment to sustainable development [3] Group 2: Tourism and Economic Growth - The establishment of a flower demonstration park in Kunming has created 135 jobs and increased income by 5.4 million yuan annually through community involvement [2] - The Pu'er region is developing a "tea and coffee" tourism destination, showcasing local agricultural products and enhancing economic opportunities [2] - The transformation of traditional homes in scenic areas into modern accommodations has led to individual incomes exceeding 2 million yuan per year [2] Group 3: Ecological and Community Initiatives - Yunnan emphasizes ecological protection alongside development, with initiatives to restore the ecological environment around Dianchi Lake [4] - The promotion of cultural festivals among different ethnic groups fosters a sense of community and shared prosperity [4] - The opening of the China-Laos Railway has expanded trade, covering 19 countries and facilitating the transport of over 3,300 types of goods [4] Group 4: Strategic Vision for Development - The articles advocate for a strategic approach to development that prioritizes ecological sustainability and community welfare [5][6] - The focus on creating a shared future and mutual benefits aligns with global initiatives, enhancing Yunnan's role in international cooperation [6] - The narrative emphasizes the importance of aligning development goals with the needs and aspirations of local communities [6]

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Views - The lithium hexafluorophosphate market is experiencing unexpected prosperity, and the supply-side reform in the photovoltaic sector is continuously advancing [1] - The report highlights significant improvements in the supply-demand dynamics of the lithium hexafluorophosphate market, with prices rising sharply due to the end of the oversupply situation [8] - The photovoltaic industry is seeing a notable recovery, with the average external price of granular silicon increasing by 27.9% quarter-on-quarter, indicating a positive trend in the sector [5] Summary by Relevant Sections Photovoltaics - The photovoltaic sector is in a "de-involution" phase, with significant effects from supply-side reforms. The average external price of granular silicon reached 42.12 RMB/kg, up 27.9% from Q2, while cash costs decreased by 4.5% [5] - The price of silicon materials has stabilized around 50 RMB/kg, and there are expectations for new policies to further support the industry [5] - Companies to watch include GCL-Poly Energy, Tongwei Co., and high-efficiency battery technology firms such as BAK Power, Aiko Solar, and LONGi Green Energy [5] Wind Power - The offshore wind sector is entering a bidding peak, with significant projects being approved and orders being won by companies like Orient Cable and Zhongtian Technology [6] - The onshore wind market remains robust, with a high level of bidding activity and increasing average prices for wind turbines [7] Energy Storage - Hebei Province has released a list of independent energy storage pilot projects totaling 13.82 GW/47.03 GWh, indicating a push for diverse energy storage technologies [7] - The SNEC ES+2025 International Energy Storage Exhibition showcased advancements in large-scale energy storage systems [7] Lithium Battery - Companies in the lithium battery supply chain are advancing solid-state battery technologies, with significant deliveries of semi-solid batteries reported [7] - The price of lithium hexafluorophosphate has surged over 20% in less than a month, reflecting a substantial improvement in the supply-demand balance [8] Power Equipment - The State Grid's fixed asset investment increased by 8.1% year-on-year, with expectations for continued growth in power infrastructure [9] - The first cross-grid electricity spot trading between Southern and State Grid marks a significant step towards a unified electricity market in China [10]