"反内卷"聚焦新兴制造业 随着政策持续发力，"反内卷"已成为市场新的投资主线，钢铁、光伏等板块强势反弹。截至7月11日，6 月23日以来国泰钢铁ETF上涨12.18%，汇添富光伏龙头ETF、银华光伏50ETF、华泰柏瑞光伏ETF等涨 幅超过13%。 资金面则呈现显著分化。对于相关传统行业如钢铁板块，资金选择获利了结；而新兴领域如光伏行业， 则吸引资金持续加仓。Choice数据显示，截至7月10日，6月23日以来国泰钢铁ETF被净赎回7.29亿元。 同期，光伏主题ETF净申购额合计20.82亿元。其中，华泰柏瑞光伏ETF份额增至169.61亿份，创上市以 来新高。 这种分歧的背后，与"反内卷"的聚焦方向密切相关。富国基金认为，"反内卷"聚焦行业并非黑色板块相 关的传统行业，而是光伏、锂电池、新能源汽车、电商平台等新兴领域。 富国基金分析称，传统上游资源品的资本开支扩张情况并不严重，因此短期对于传统上游资源品影响不 大。"反内卷"聚焦中下游制造，对于初期的上游商品来说，或带来需求小幅下行。下游竞争格局优化、 终端需求改善后，有望再度拉动上游需求。 投资锚定"质"与"势" ◎记者 赵明超 近期，"反内卷"相关投资机 ...

Overview - Goldwind Technology Co., Ltd. has signed a parent company guarantee agreement to support its wholly-owned subsidiary, Goldwind Energy S.r.l., in fulfilling its obligations under a wind turbine supply and installation agreement with Draghiescu Partners S.r.l. in Romania [1][2] Guarantee Situation - The guarantee amount is set for the obligations of Goldwind Energy S.r.l. under the wind turbine supply and installation agreement, with the agreement signed on July 11, 2025, in Beijing [1] - Goldwind Energy S.r.l. has a debt-to-asset ratio exceeding 70%, which necessitates investor attention regarding guarantee risks [1] Financial Status of the Guaranteed Party - As of December 31, 2024, and May 31, 2025, Goldwind Energy S.r.l. reported: - Total assets of approximately 11.32 billion RMB and 42.13 billion RMB respectively - Total liabilities of approximately 11.52 billion RMB and 43.17 billion RMB respectively - Net assets of approximately -197 million RMB and -1.04 billion RMB respectively - Total revenue and profit figures were reported as zero and negative, indicating financial challenges [1] Main Content of the Guarantee Agreement - The guarantee will automatically extend for six months if the obligations under the wind turbine supply and installation agreement are not fulfilled by the expiration date due to reasons not attributable to the owner [2] Board of Directors' Opinion - The board approved a guarantee limit of 96 billion RMB for subsidiaries with a debt-to-asset ratio below 70% and 204 billion RMB for those above 70% [2][3] - The company is authorized to provide guarantees without further board meetings, as long as the guarantees fall within the approved limits [3] Cumulative External Guarantees - After this guarantee, the total external guarantee balance for the company and its subsidiaries will be approximately 288 million RMB, which is 0.75% of the latest audited net assets [3]

Group 1 - The company expects a significant increase in net profit for the first half of 2025, projecting a profit of 840 million to 1.04 billion yuan, which represents a year-on-year growth of 80.77% to 123.81% compared to 464.68 million yuan in the same period last year [1][2] - The net profit after deducting non-recurring gains and losses is projected to be between 670 million and 830 million yuan, indicating a substantial increase of 186.13% to 254.47% from 234.16 million yuan in the previous year [1][2] - Basic earnings per share are expected to be between 0.5006 yuan and 0.6197 yuan, compared to 0.2769 yuan in the same period last year [1][2] Group 2 - The increase in financial performance is attributed to the optimization of the product structure of fiberglass products, a year-on-year increase in prices, and a growth in sales of wind turbine blade products [2]

Group 1 - The company expects to achieve a net profit attributable to shareholders of the parent company between 35 million and 45 million yuan for the first half of 2025, marking a turnaround from a loss in the same period last year [1][2] - The net profit for the same period last year was a loss of 31.96 million yuan, with a total profit of -35.88 million yuan and a net profit excluding non-recurring gains and losses of -40.82 million yuan [1][2] - The main reasons for the turnaround include the release of production capacity for new products in the wind power sector and improved performance in the computing power segment [2] Group 2 - The wind power sector has seen a recovery in market conditions, leading to increased orders and gross profit for the company's wind power business [2] - The company's subsidiaries have significantly improved their capacity utilization rates, effectively reducing unit production costs [2] - The company has actively adjusted its product structure to focus on high value-added products, with new products gradually entering the market and contributing to performance [2]

证券研究报告 | 2025年07月11日 时代新材（600458.SH） 重点布局新材料业务矩阵，有望打造新利润增长点 公司研究·公司快评 电力设备·风电设备 投资评级：优于大市（维持） 证券分析师： 王蔚祺 010-88005313 wangweiqi2@guosen.com.cn 执证编码：S0980520080003 证券分析师： 王晓声 010-88005231 wangxiaosheng@guosen.com.cn 执证编码：S0980523050002 证券分析师： 袁阳 0755-22940078 yuanyang2@guosen.com.cn 执证编码：S0980524030002 事项： 日前公司宣布第四大业务板块新材料事业部完成业务矩阵布局。公司 2023 年末开启建设新材料产业园&中 试基地，主要生产高端聚氨酯减振及防护制品、有机硅 PACK 功能材料以及 HP-RTM PACK（高压树脂传递模 塑）结构材料，基于多年经验积累，不断拓展新材料产品序列。目前成功形成覆盖聚氨酯、有机硅、HP-RTM 以及芳纶材料的产品矩阵，并积极研制 PI 光电信息材料、PAI 聚酰胺酰亚胺、可回收环氧树脂 ...

| | | 编号： | | | | | | --- | --- | --- | --- | --- | --- | --- | | 投 资 者 关 系 活 | √特定对象调研 □分析师会议 | | | | | | | 动类别 | □媒体采访 □业绩说明会 | | | | | | | | □新闻发布会 □路演活动 | | | | | | | | □现场参观 | | | | | | | | □其他 | | | | | | | 参 与 单 位 名 称 | 长江证券 周圣钧，广发基金 李骁，西部证券 邓宇轩，杭 | | | | | | | | | 陈立，国盛证券 魏燕英，天风证券 杨志芳，招商 | 银理财 | | | | | 及人员姓名 | | | | 基金 刘宇晨，煜诚私募 王凯，睿谷投资 梁美美，兴证证 | | | | | | | | | 券 高元甲，易米基金 孙会东，华泰证券 宫宇博，国联民 | | | | 王一如，华安证券 王璐 | | | | | 生 | | 时间 | 年 7 月 11 日 | | | | | 2025 | | 地点 | 运达股份会议室 | | | | | | | 上 市 公 司 接 待 | ...

Core Viewpoint - The company expects a significant increase in net profit for the first half of 2025, projecting a growth of 80.77% to 123.81% compared to the same period last year [1] Financial Performance - The estimated net profit attributable to shareholders is between 840 million yuan and 1.04 billion yuan [1] - This represents a substantial year-on-year increase in profitability [1] Product Performance - The company has optimized the structure of its fiberglass products, contributing to improved financial results [1] - There has been a year-on-year increase in the sales volume of wind turbine blade products [1]

Core Points - The Shanghai Composite Index opened high and fluctuated, with the CSI 300 Utilities (secondary industry) index reported at 2645.95 points [1] - The CSI 300 Utilities index has decreased by 0.31% over the past month, increased by 1.48% over the past three months, and has declined by 2.24% year-to-date [1] Industry Classification - The CSI 300 index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing a comprehensive analysis tool for investors [1] - The index is based on a sample of 300 stocks from the CSI 300 index, with a base date of December 31, 2004, and a base point of 1000.0 [1] Index Holdings - The top ten weights in the CSI 300 Utilities index are: - Changjiang Electric Power (48.55%) - China Nuclear Power (10.28%) - Three Gorges Energy (8.2%) - Guodian Power (5.62%) - State Power Investment Corporation (4.72%) - Sichuan Investment Energy (4.17%) - Huaneng International (4.15%) - China General Nuclear Power (3.86%) - Zhejiang Energy (2.77%) - Huadian International (2.72%) [1] Market Distribution - The market distribution of the CSI 300 Utilities index shows that the Shanghai Stock Exchange accounts for 95.80%, while the Shenzhen Stock Exchange accounts for 4.20% [2] - In terms of industry composition within the index, hydropower constitutes 59.70%, thermal power 15.26%, nuclear power 14.14%, wind power 8.54%, and gas power 2.36% [2] Sample Adjustment - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the CSI 300 index samples [2]

政策驱动下的风电混塔"黄金时代" 随着"十四五"规划收官在即，风电产业正迎来爆发式增长。2024年混塔市场订单量同比激增94.98%，交付 量增长79.13%，河北、内蒙古等省份成为混塔应用主力战场。这一趋势背后，是国家对可再生能源的强力 支持——从"十二五"到"十四五"，风电装机目标从1亿千瓦跃升至了12亿千瓦!混塔作为高风速、复杂地形 的高效解决方案，其混凝土塔片的拼接以"预制节段拼接胶"为主力材料，这为产业链的发展提供了坚实的 可靠性与广阔的未来潜力。 一、政策红利+市场需求：混塔拼接胶迎来技术升级窗口 1.政策导向明确 《以沙漠、戈壁、荒漠地区为重点的大型风电基地规划布局方案》提出"十四五"新增风光电2亿千瓦，"十 五五"新增2.55亿千瓦时。混塔凭借其抗风性能强、适用场景广的优势，逐步成为高风速区域的首选。 2.行业需求爆发 根据调研的19家混塔企业，2024年混塔中标量超7191台，高强度、耐候性的拼接胶需求随之激增，尤其需 满足寒冷(黑龙江)、湿热(广西)、盐雾(山东)等多样化气候挑战。 二、国家标准VS协会标准：GB/T 44543-2024释放哪些信号? 卡本作为GB/T 44543-202 ...

Group 1 - In August 2023, China Shipbuilding Technology (600072.SH) acquired 100% of China Haizhuang and 88.58% of China Ship Wind Power through a combination of share issuance and cash payment, aiming to enhance its renewable energy business [1] - The acquisition has drawn attention due to ongoing litigation involving a 50 million yuan contract dispute between Zhonghai Xinyuan and China Ship Wind Power Beijing, which could impact the company's profits significantly [1] - China Shipbuilding Technology's major shareholder is China Shipbuilding Group, with the State-owned Assets Supervision and Administration Commission as the actual controller, and wind power is projected to account for 56.04% of its revenue in 2024 [1] Group 2 - In 2024, after the restructuring of its wind power industry, the company reported total revenue of 8.423 billion yuan, a year-on-year decline of 41.85%, and a net profit of 146 million yuan, down 9.51%, indicating a continuous decline in performance [2] - The company has been actively selling assets to focus on its core business, with 16 announcements related to asset sales in 2024 alone, but these efforts have not reversed the downward trend in performance [2] - In Q1 2025, the company's net profit loss reached 310 million yuan, with a sales gross margin of 3.14%, the lowest since 2017, and total liabilities of 35.933 billion yuan, significantly exceeding net assets [2] Group 3 - The company's stock performance has weakened alongside its declining earnings, with a share price drop of 57.71% from its peak in July 2023 to around 13 yuan per share [5] - Institutional interest in the company has diminished, with no research reports published in the last two years, reflecting a lack of confidence in its future development [5] - Overall, the company faces multiple challenges, including potential impacts from ongoing litigation, continuous performance decline, low asset operational efficiency, and insufficient market confidence, leading to an uncertain future [5]