行 华福证券 电力设备 2025 年 08 月 31 日 业 研 究 行 业 电力设备 产业周跟踪：固态电池标准加速制定，9 月玻璃 报价显著上涨 投资要点： 锂电板块核心观点：锂电排产旺盛迎接金九银十，固态电池加速标准 制定。1）9 月锂电排产高增，迎接金九银十；2）固态电池加速标准制定， 产业化渐行渐近。 定 期 报 告 光伏板块核心观点：光伏玻璃库存下降，9 月玻璃新单报价显著上涨。 根据 SMM，2.0mm 单层镀膜玻璃 9 月新单报价较 8 月初上调 2 元/平方米， 且针对近期需求量较大的组件 210 版型对应的玻璃新增价差机制，报价较 2.0mm 基准价增加 1 元/平方米，我们认为，此次 9 月光伏玻璃新单报价显 著上涨，主要原因来自库存下降（头部组件厂囤货抄底带动）及后续订单 量的支撑，当前最新头部玻璃企业库存天数降至接近 20 天，部分甚至降至 10 天左右；展望后续，我们预计 9 月玻璃落地价格将确定性上涨，同时后 续随着天然气价格上涨，年末玻璃价格仍有小幅上涨预期。 风电板块核心观点：推动海洋经济高质量发展，建设海洋强国。1）推 动海洋经济高质量发展，为海洋强国建设提供有力支撑；2）英 ...

电力设备及新能源 2025 年 08 月 31 日 明阳智能(601615.SH) 盈利水平修复可期，新技术和海风整机出海值得期待 推荐（维持） 股价：12.14 元 主要数据 | 行业 | 电力设备及新能源 | | --- | --- | | 公司网址 | www.my wind.com.cn | | 大股东/持股 | WISER TYSON INVESTMENT | | | CORP LIMITED/6.91% | | 实际控制人 | 吴玲,张传卫,张瑞 | | 总股本(百万股) | 2,271 | | 流通 A 股(百万股) | 2,271 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 276 | | 流通 A 股市值(亿元) | 276 | | 每股净资产(元) | 11.54 | | 资产负债率(%) | 69.9 | 行情走势图 证券分析师 皮秀 投资咨询资格编号 S1060517070004 PIXIU809@pingan.com.cn 事项： 资料来源：同花顺 iFinD，平安证券研究所 公 司 半 年 报 点 评 公司发布 2025 年半年报，上半年实现营收 171.4 ...

Group 1 - Central Huijin has significantly increased its holdings in ETFs, with a total market value of 1.28 trillion yuan, representing a nearly 23% increase from the end of last year [1] - Central Huijin Asset Management has increased its stock ETF holdings by 58% compared to the end of last year, with several broad-based ETFs receiving over 1 billion shares in additional purchases [1] - The securities industry reported a strong performance in the first half of 2025, with 42 listed brokerages achieving a total revenue of 251.87 billion yuan, a year-on-year increase of 30.8%, and a net profit of 104.02 billion yuan, up 65.08% [2] Group 2 - Equity funds have shown an average net value growth rate of 23.89% in the first eight months of 2025, outperforming major indices like the Shanghai Composite Index [3] - Active equity funds achieved an average net value growth rate of 23.83%, with some funds increasing by over 175% [4] - The manufacturing PMI, non-manufacturing business activity index, and composite PMI output index all showed slight increases in August, indicating continued economic expansion in China [5] Group 3 - A new ultra-broadband optoelectronic integration system has been developed, promising to enhance high-speed wireless communication for future 6G networks [6] - In July, there was a notable shift of household deposits towards funds and wealth management products, with a decrease of 1.1 trillion yuan in new household deposits and an increase of 2.14 trillion yuan in non-bank institution deposits [7] - The U.S. Federal Reserve officials have indicated a likelihood of interest rate cuts, with market expectations for a 25 basis point cut in September reaching 86.9% [8] Group 4 - The CSI 300 ETF has seen significant growth, with a total scale increase of nearly 400 billion yuan over the past year, becoming a key channel for capital entry into the market [10] - The U.S. Department of Transportation has withdrawn funding for a $679 million offshore wind project, impacting the renewable energy sector [11] - Colombia has banned coal exports to Israel, which could affect Israel's coal supply significantly [12] Group 5 - The average coal price at European ARA ports was $96.25 per ton as of August 29, reflecting a decrease of $5.00 per ton [13] - The major indices in the market have shown an upward trend, with the Shanghai Composite Index closing at 3857.93 points, up 0.84% for the week [14] - The communication, non-ferrous metals, and electronics indices have shown the highest gains, while comprehensive finance, textiles, and coal indices have seen declines [15][18]

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 嘉泽新能2025年中报显示，主营收入13.1亿元，同比上升5.87%；归母净利润4.6亿元，同比上升 11.59%；扣非净利润4.61亿元，同比上升12.47%。2025年第二季度单季度归母净利润2.2亿元，同比上 升2.44%；扣非净利润2.21亿元，同比上升3.3%。负债率70.5%，财务费用2.33亿元，毛利率59.97%。 公司公告汇总 嘉泽新能收到中国证监会批复，同意公司向特定对象发行股票注册申请，批复自同意注册之日起12个月 内有效。公司将按要求及股东大会授权办理相关事宜，并履行信息披露义务。 前次募集资金使用情况显示，2020年可转债募集资金净额1,289,482,075.47元已全部使用完毕，账户已销 户。资金用于三道山150MW风电项目、苏家梁100MW风电项目及补充流动资金，无变更项目。累计使 用募集资金1,300,000,000.00元，含置换自筹资金870,105,205.60元。两个项目均已达到预定可使用状 态，最近三年一期实际效益达预计效益。截至2025年6 ...

曾经，我们在大地上建起风车，利用风能提水灌溉、碾磨谷物，而今，我们在海中也树起了"大风车"，将海风中蕴含的能量转化成电能。8月29日，我国拥 有完全自主知识产权，全球最大26兆瓦级海上风力发电机组在山东东营完成吊装。随着长达153米的叶片与轮毂精准对接，也意味着刷新叶片长度、单机容 量、机舱重量等多项世界纪录的海上风电机组完成了首次安装。 26兆瓦风机的"超大容量"究竟多大？600吨级机舱如何在百米高空"穿针引线"？超大风机矗立海上，如何抵御大风大浪的袭击？一起来了解↓↓↓ 600吨级机舱 如何在百米高空"穿针引线"？ 600吨级机舱如何在百米高空实现毫米级精准对接，这台发电能力可媲美传统小型风电场的风机，取得了一系列技术突破。 此次安装的最大挑战，在于"高空精准作业"与"复杂场地限制"的双重考验。要在近200米高空完成200多根连接螺栓的毫米级对接，同时需应对滩涂地基承载 力不足、施工场地狭小的问题。为此，施工团队创新采用"桩基加固法"强化地基稳定性，同时调用全球最大的4000吨级履带式起重机承担吊装任务，通 过"地面预调平+高空精准协同"的方案，确保机舱平稳就位。 26兆瓦级的海上"大风车" 发电能力有多 ...

Core Viewpoint - The company's 1H25 performance met market expectations, with significant revenue growth but a decline in net profit [1] Financial Performance - In 1H25, the company reported revenue of 8.594 billion yuan, a year-on-year increase of 62.75%, while net profit attributable to shareholders was 210 million yuan, corresponding to earnings per share of 0.17 yuan, down 51.54% year-on-year [1] - For 2Q25, the company achieved revenue of 6.407 billion yuan, representing an 80.3% year-on-year growth and a 292.9% quarter-on-quarter increase; net profit was 401 million yuan, up 139.2% year-on-year, marking a turnaround from a loss [1] Business Segments - The company's wind turbine gross margin was under pressure, with a gross margin of 4.65%, the lowest in recent years, primarily due to the impact of low-priced orders from previous periods [1] - The company sold over 300,000 kW of power stations, generating 1.83 billion yuan in revenue from this segment, with a gross margin of 28.8%, indicating a smooth sales rhythm for power station products [1] Development Trends - As of the end of 1H25, the company had a backlog of 28 GW in orders, with over 2 GW of new overseas orders since the beginning of 2025, and overseas order value exceeding 10 billion yuan [2] - The company is expected to see significant growth in wind turbine shipments in 2025, with overall shipment levels projected to remain stable in 2026; wind turbine profitability is anticipated to improve as the impact of low-priced orders diminishes [2] - The power station business is experiencing rapid growth, with 0.46 GW of new connected power stations added in 1H25 and 2.9 GW under construction, alongside plans for greenfield projects overseas [2] Profit Forecast and Valuation - Due to lower-than-expected profit margins in the wind turbine manufacturing business, the company has revised its profit forecasts for 2025 and 2026 down by 35.1% and 12.4% to 1.51 billion yuan and 2.40 billion yuan, respectively [3] - The current stock price corresponds to a price-to-earnings ratio of 23.1 and 14.5 for 2025 and 2026, respectively; the company maintains a target price of 33.92 yuan, indicating a potential upside of 19.3% from the current price [3]

（来源：央视网） ...

（原标题：突然，全线重挫！美国宣布：撤销！） 美国新能源产业再遭重大打击。 据最新消息，美国交通部宣布，将撤销总额6.79亿美元（约合人民币48亿元）的海上风电项目资金。这 一举措被视为美国总统特朗普遏制美国可再生能源发展的最新行动。受此影响，美股与欧洲市场的风电 板块全线重挫，丹麦风电巨头Orsted、Vestas Wind Systems股价大跌超3%。 针对特朗普政府的打压政策，业内人士警告称，扼杀可再生能源将加剧美国迫在眉睫的电力供应短缺、 损害电网、并导致消费者电价上涨。有数据显示，2024年全美新增并网电量中，风电与光伏合计占比高 达93%。 美国宣布：撤销 当地时间8月29日，美国交通部宣布，将撤销总额6.79亿美元的联邦资金支持计划，这些资金原计划用 于十余个支撑海上风电发展的基础设施项目。 受此影响，丹麦风电巨头Orsted（沃旭能源）大跌3.28%，全球最大风力涡轮机制造商之一维斯塔斯 （Vestas Wind Systems）大跌3.05%，美股Brookfield再生能源亦持续走弱。 今年以来，特朗普持续打击风电行业，叫停了一系列海上风电租赁项目。近期，特朗普政府明显加大了 对该行业的 ...

Economic Overview - The GDP growth for the first half of the year is 5.3%, with consumption contributing over half, indicating a stable economic foundation [3] - The central bank is implementing policies such as interest rate cuts and a 500 billion yuan loan to support consumption and elderly care, aiming to "stabilize confidence" [3] Investment Opportunities - **Technology Sector**: The government has launched the "Artificial Intelligence+" initiative, focusing on computing power and chips, with many companies seeing AI revenue approaching 25% [4] - **Consumer Recovery**: Retail sales increased by 5% in the first half of the year, with policies driving demand for 12 million home appliances, benefiting leading companies like Midea and Haier [4] - **Renewable Energy**: The cost of HJT solar cells has dropped to 0.15 yuan per kWh, and there is a potential surge in offshore wind installations, with companies like Mingyang Smart Energy and Daikin Heavy Industries having orders extending into next year [4] Risks to Monitor - High savings rates among consumers indicate that domestic demand may not recover quickly [5] - Rapid technological advancements in semiconductors could lead to volatility, necessitating careful monitoring of R&D investments [5] Investment Strategy - Diversification is recommended, with suggestions to allocate funds into indices like CSI 300 and STAR Market 50, as well as gold ETFs, which have seen a 50% increase in scale [7] - Following government policies in emerging sectors such as low-altitude economy and quantum computing may reveal new investment opportunities [7] - Flexibility in investment positions is crucial, with attention to upcoming events like special treasury bonds and developer conferences [8]

Core Viewpoint - The article highlights the significant setback faced by the U.S. renewable energy sector due to the recent decision by the U.S. Department of Transportation to withdraw $679 million in federal funding for offshore wind projects, which is seen as part of President Trump's broader strategy to curb renewable energy development [2][3][6]. Group 1: Funding Withdrawal - The U.S. Department of Transportation announced the cancellation of $679 million in federal funding originally intended for over a dozen offshore wind infrastructure projects [2][3]. - The most affected project is the Humboldt Bay offshore wind project in Northern California, which was set to receive $427 million (approximately 3 billion yuan) [7][8]. - Other projects losing federal funding include various offshore wind initiatives in Maryland, Connecticut, New Jersey, New York, Massachusetts, North Carolina, Ohio, Virginia, and Rhode Island [8]. Group 2: Market Impact - Following the funding withdrawal, shares of Danish wind energy giants Orsted and Vestas Wind Systems fell by over 3%, indicating a negative market reaction [2][3]. - Brookfield Renewable Partners also experienced a decline in stock value as a result of the announcement [3]. Group 3: Industry Concerns - Industry experts warn that the Trump administration's actions could exacerbate the imminent electricity supply shortage in the U.S., damage the power grid, and lead to increased consumer electricity prices [2][9]. - The U.S. Energy Information Administration (EIA) predicts that electricity prices will rise above inflation levels by 2026 due to increased demand and insufficient new renewable energy generation [10]. Group 4: Policy Implications - Trump's administration has been vocal about its discontent with renewable energy projects, particularly wind energy, stating that no new solar or wind projects will be approved even in areas facing electricity shortages [9][10]. - The administration prioritizes fossil fuels and nuclear energy as the most effective and reliable sources for national power supply, contrasting sharply with the renewable energy agenda [10].