华源证券近日发布大能源行业2025年第22周周报（20250602）：绿电直供业务已明确直 供线路由非电网企业建设，近期国家以及各地相关政策频出，更大概念上的源网荷储一体化 项目进展有望加快，从而使得用户侧商业模式更加丰富，电力交易、虚拟电厂、微电网等方 向值得关注。此外，类似业务模式主要还是为了提高绿电底层需求，有利于新能源设备行业 长期稳定发展，海上风电作为沿海重要的新能源资源发展有望提速。 以下为研究报告摘要： 投资要点： 事件：国家发改委、能源局发布《关于有序推动绿电直连发展有关事项的通知》（以下 简称《通知》）。 绿电直连有助于绿电经济性和环境价值体现。本次政策针对对单一用户的绿电供给模 式，带来2个明显的好处：（1）可以有效降低企业的用电成本；（2）对于企业碳排放认定 有很大帮助（特别是出口型企业）。我国东南沿海出口型企业密集，绿电是该地区重要的新 能源资源，随着直供模式推广有望带动海上风电产业快速发展。 明确绿电直供在现货连续运行区域可反送电网，提高绿电直供模式经济性。以往源网荷 储一体化项目为了降低公共电网调峰压力，通常对自用电比例都有较高要求且不允许反送电 网。《通知》在要求自用电比例不低于 ...

Core Viewpoint - The latest statistics from the Ministry of Natural Resources indicate that China's marine GDP reached 2.5 trillion yuan in the first quarter of this year, reflecting a year-on-year growth of 5.7%, highlighting the accelerated construction of a modern marine industry system [1] Group 1: Marine Economic Development - China's marine economy has shown significant high-quality development, with the added value of emerging marine industries expected to grow by 7.2% in 2024, surpassing the overall marine GDP growth by 1.3 percentage points [2] - The number of automated container and bulk cargo terminals has reached the highest in the world, with operational efficiency at automated terminals maintaining a global lead [2] - The usage rate of clean energy in international hub ports has exceeded 60%, and the market share for new green ship orders has reached 78.5% [2] Group 2: Policy and Innovation - A joint guideline issued by the Ministry of Natural Resources and five other departments aims to promote the large-scale utilization of marine energy, focusing on resource potential assessment, technological innovation, open cooperation, and policy measures [2] - Guangdong Province has established the Greater Bay Area Marine Energy Innovation Alliance, exploring innovative models for marine energy development [2] Group 3: Technological Innovation - The development plan for marine technology emphasizes addressing real demands, focusing on key areas such as polar energy, bioresource development, clean energy for ports, high-end marine equipment, and marine biomedicine [3] - A mechanism for integrated development of production, education, research, and application is being established to enhance the proportion of marine technology R&D projects in fiscal spending [3] Group 4: Industry Structure - Traditional industries are being upgraded through the integration of digital technologies such as IoT, big data, AI, and virtual simulation, particularly in marine oil and gas, shipbuilding, transportation, and fisheries [3] - The development of strategic and leading emerging industries is being promoted, including offshore wind power, deep-sea engineering equipment manufacturing, marine pharmaceuticals, and new marine materials [3] Group 5: Talent Development - Strengthening the talent cultivation and recruitment mechanism in marine sectors, implementing interdisciplinary training plans, and collaborating with national laboratories and leading tech enterprises to develop marine technology experts [4] - International cooperation is being enhanced through the establishment of overseas educational institutions and joint research efforts, with a focus on attracting marine technology innovation talents and seafarers [4]

5月29日，2025年省委农村工作会议暨深入实施"百县千镇万村高质量发展工程"推进会在广州召开。会 议强调，坚持发动群众、用好市场、因地制宜、久久为功，凝心聚力把"三农"工作和"百县千镇万村高 质量发展工程"推向深入。 2022年12月，省委十三届二次全会启动实施"百千万工程"。自此，全省122个县（市、区）、1613个乡 镇（街道）、2.65万个行政村（社区），奋力描绘城乡区域协调发展新画卷。2025年是"百千万工程"实 现"三年初见成效"目标的关键之年。 作为牵动发展全局的关键之举，"百千万工程"自实施以来，在县域产业振兴、新型城镇化建设、城乡风 貌提升、集成式改革和社会力量动员等方面取得显著成效，一幅城乡融合、共同繁荣的"实景画"正徐徐 展开。 县域产业 从"一县一业"到千亿县突破 产业强，则县域兴。"百千万工程"实施以来，广东各地立足资源禀赋，推动县域产业差异化、特色化发 展。经过两年多的发展，广东县域产业结构不断优化，县域经济活力持续激发。2024年，全省57个县 （市）整体经济增速快于全省平均水平，17个区、2个县（市）获评全国百强区、百强县，57个县 （市）实现整体人口净流入，县城聚人聚商聚产效 ...

Core Insights - As of the end of April, China's offshore wind power installed capacity reached 43.51 million kilowatts, maintaining the world's largest share at over 50% of the global total [1][2] - Guangdong Province's offshore wind power capacity has surpassed 12.5 million kilowatts, with Yangjiang City contributing 6 million kilowatts, ranking second nationally [2] Industry Developments - Significant breakthroughs in offshore wind power technology have been achieved, including the launch of a domestic 26-megawatt offshore wind turbine model and advancements in subsea flexible direct current transmission and deep-sea booster station technologies [2] - A number of floating offshore wind turbine units have been constructed and are now operational [2] Future Projections - By 2030, Yangjiang is projected to reach an offshore wind power capacity of 40 million kilowatts, generating over 100 billion kilowatt-hours of electricity, which would account for approximately one-ninth of Guangdong's estimated electricity consumption in 2024 [2] - This development is expected to reduce carbon dioxide emissions by 80 million tons annually, highlighting significant environmental benefits [2] Market Trends - The offshore wind power sector in China is entering a phase of market competition, characterized by accelerated deep-sea development, continuous technological upgrades, and multi-industry integration [2] - The industry faces challenges such as complex construction conditions and increased technical difficulties, necessitating a focus on innovative floating foundation research and development, as well as improved policy incentives and collaborative mechanisms [2]

围绕打造国际"绿能之都"目标，近年来，阳江坚定不移向"新"而动、逐"绿"而行，大力推进海上风电规 模化、集群化发展，逐步形成了集资源开发、装备制造、研发设计、检测认证、运维管理、综合服务于 一体的海上风电全产业链发展格局，"全球风电看中国，海上风电看阳江"已成为行业共识。 截至目前，阳江已形成2000万千瓦海上风电规划总装机规模，并网装机容量逾600万千瓦，占全省 50%、位居全国第二。到2026年，阳江海上风电并网总装机有望突破1300万千瓦，成为全国首个规模超 千万千瓦级海上风电基地，年发电量可满足大湾区1000万户家庭清洁用电需求。 本次大会以"完善海上风电生态 打造国际绿能之都"为主题，汇聚了中国工程院院士、中国科学院海洋 研究所研究员侯保荣，中国职工技术协会副理事长、电力专委会名誉会长、联合国国际生态生命安全科 学院院士毕亚雄等海内外风能领域的顶尖专家与行业领袖，围绕海上风电应用与技术创新、绿能产业与 零碳经济发展、全球风电产业链供应链建设等内容，共探阳江打造全球领先绿色能源产业集群的创新路 径，共享创新成果，建立协作机制，为全球海上风电高质量发展贡献智慧和力量。 开幕式上，院士专家作了主旨报告。开 ...

地处南海要冲的阳江，海域面积位居广东省第二。目前，阳江已建成海上风电并网装机容量600万千 瓦，位居全国第二，占据广东"半壁江山"。此外，阳江基本构建起集资源开发、装备制造、研发设计、 检测认证、运维管理、综合服务于一体的海上风电全产业链体系。 中国工程院院士、中国科学院海洋研究所研究员侯保荣表示，海上风电产业的高质量发展不能仅依赖规 模扩张，更需从材料、结构、运维上突破，构建全生命周期的可靠性保障体系。阳江的实践证明，通过 扎实的技术创新与生态构建，完全能够在复杂海况下实现产业可持续发展。 图为与会嘉宾参观东方电缆。主办方供图 国家能源局新能源和可再生能源司副司长潘慧敏介绍，在"双碳"目标引领下，我国已发展成为全球最大 的海上风电市场。在装机方面，截至今年4月底，我国海上风电累计装机达到4351万千瓦，超过全球海 上风电累计装机的一半。阳江以海上风电为牵引，构建起海上风电全产业链体系，是"经略海洋、向海 图强"的生动实践。 中新网阳江5月25日电 (孙秋霞 费先霞 姚寿高)海陵岛国际风能大会24日在广东阳江开幕，本次大会汇聚 海内外风能领域的专家与行业领袖，围绕海上风电应用与技术创新、绿能产业与零碳经济发展 ...

Economic Growth and Development - In the first quarter of 2025, Dongtou's GDP grew by 10.2% year-on-year, making it a typical case of "contributing more" to Zhejiang's industrial economy [1] - The completion rate of the "thousand projects worth trillions" investment in Dongtou ranks among the top in Zhejiang's mountainous island counties [1] Port and Marine Economy - The construction of the Zhejiang (East China) Deep Sea Wind Power Mother Port is underway, which will support the aggregation of leading companies in the offshore wind power industry [1] - The port area is enhancing its logistics system and has opened 17 near-ocean boutique shipping routes, with container throughput expected to exceed 1 million TEUs annually [1] - The export value of the new energy second-hand vehicle base increased by 51.5% year-on-year in the first quarter of 2025 [1] Marine Ecological Innovation - The introduction of 30,000 Daichu fish fry into the "sonic wave marine ranch" demonstrates Dongtou's commitment to marine ecological protection and restoration [3] - The survival rate of wild-cultured fry has improved by over 60% compared to traditional methods, addressing the issue of fish species degradation [3] - Dongtou is actively promoting ecological governance and green industry development, including the protection and restoration of coastal ecosystems [3][4] Tourism and Cultural Integration - Dongtou has over 7,000 bed spaces in homestays, with an average income increase of 150,000 yuan per household [5] - The area received 1.127 million tourists in the first quarter of this year, with overnight visitor numbers increasing by 15.2% year-on-year [6] - The integration of international ecological tourism is transforming rural areas, with various new business models being developed [5][6]

丨证券研究报告丨 公司研究丨点评报告丨海力风电（301155.SZ） [Table_Title] 海力风电：合同负债历史高位，Q2 海风交付有 望加速放量 报告要点 [Table_Summary] 公司发布 2024 年年报及 2025 年一季报，2024 年收入 13.5 亿元，同比-19.6%；归母净利润 0.7 亿元，同比扭亏；扣非净利润 0.6 亿元，同比扭亏。单 Q4 看，2024Q4 收入 2.9 亿元，同 比+124.6%；归母净利润-0.2 亿元；扣非净利润-0.2 亿元。落于此前业绩预告区间。2025Q1 收 入 4.4 亿元，同比+251.5%；归母净利润 0.6 亿元，同比-13.3%；扣非净利润 0.3 亿元，同比- 64.3%。 分析师及联系人 [Table_Author] 邬博华 曹海花 司鸿历 周圣钧 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524120003 SFC：BQK482 SFC：BUD284 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.c ...

据华盛顿邮报：特朗普官员允许大规模Empire Wind纽约海上风电项目重启。 ...

Q&A • 2025 年国内海上风电装机量预计达 12GW，较 2024 年显著增长，主要 受益于已核准和招标项目的强力支撑，以及江苏、广东等地停滞项目的复 工。 • 二季度是海上风电施工旺季，4 月以来各项目加快发运和施工进度，预计 二季度整体发货量同比环比均显著增长，单位盈利能力有望修复，利润端 呈现显著增长。 • 海上风电装机量增加带动产业链公司盈利修复，受益于成本摊薄和单位盈 利快速修复。江苏大丰供应商、揭阳码头、海南和广东金风科技等均显示 二季度进入交付和发运旺季。 • 2026 年海上风电市场展望乐观，已招标但尚未开工的项目总量超过 15GW，预计 2026 年装机量有望进一步增长至 15GW，广东、浙江、海 南项目量较大。 • 2025 年 1-5 月海上风电招标量接近 5GW，同比增长约 30%，表明今年 海上风电招标有望实现较好增速。 • 长期来看，国内深远海风电市场潜力巨大，政府工作报告提及上海科技新 兴产业，相关政策加快落地将显著推动深远海市场发展。 • 海外市场前景乐观，2026 年欧洲有望达到 8-9GW 装机规模，国内头部企 业如东莞中集电通、广州大金电力和天顺风能等积极布局海外市 ...