Core Viewpoint - The wind power sector, particularly offshore wind, is poised for explosive growth by 2025, driven by large-scale turbine deployment and the goals set in the 14th Five-Year Plan [1][5]. Group 1: Wind Power Advantages - Wind power, especially offshore, is gaining attention from investors due to its efficiency and compatibility with electricity demand curves, outperforming solar power in terms of generation efficiency [2][3]. - In 2024, wind power generation in China is projected to reach 991.6 billion kWh, surpassing solar power's 834.1 billion kWh, despite lower installed capacity [2]. Group 2: Offshore Wind Power Potential - Offshore wind power has significant advantages, including higher average wind speeds and more stable wind directions, leading to greater generation efficiency compared to onshore wind and solar [3][5]. - The offshore wind sector is not land-intensive and is strategically located near major electricity consumption centers, reducing transmission losses [5]. Group 3: Installation Growth and Market Dynamics - The domestic offshore wind installation is expected to reach 51.4 GW in the first half of 2025, a year-on-year increase of 98.9%, with offshore and onshore wind contributing 2.5 GW and 48.9 GW respectively [5]. - The industry is entering a recovery phase, as evidenced by increasing installation data and rising bid prices from 2024 to 2025 [11]. Group 4: International Market Opportunities - European markets represent a significant opportunity for Chinese wind power companies, with 34% of global offshore wind installations expected in Europe in 2024 [15]. - Companies with core technologies and cost advantages are likely to benefit from higher profit margins in overseas markets [17]. Group 5: Company Performance and Investment Trends - For instance, a company named Dajin Heavy Industry is leading in the European market with a 29.1% market share, reporting a revenue of 4.6 billion yuan in the first three quarters of 2025, a 99.2% year-on-year increase [19]. - The company's gross margin improved by 3.9 percentage points to 31.1%, with a net profit margin of 19.3%, reflecting strong financial performance [20]. Group 6: Investment Funds and Strategies - Currently, there are no dedicated wind power ETFs in the A-share market, leading investors to rely on actively managed funds for exposure to the wind sector [23]. - One actively managed fund, Qianhai United Yonglong Mixed Fund, has achieved a 56.1% return this year by focusing on wind power stocks [24].

Core Viewpoint - The wind power industry, particularly offshore wind power, is expected to experience explosive growth in installed capacity by 2025, driven by cost reductions from larger turbines and the goals set in the "14th Five-Year Plan" [1][4]. Group 1: Importance of Wind Power - Wind power, especially offshore wind, is gaining attention from professional investors due to its advantages in energy transition, despite solar power being more widely recognized [5]. - Wind power demonstrates higher efficiency in power generation compared to solar, with projected wind generation reaching 991.6 billion kWh in 2024, surpassing solar's 834.1 billion kWh, despite lower installed capacity [5]. - Wind power aligns better with electricity load curves, particularly benefiting from increased output during nighttime, which matches peak evening demand [5]. Group 2: Offshore Wind Power Advantages - Offshore wind power has a significantly higher average utilization hours (3,500-4,500 hours) compared to onshore (2,000-2,500 hours), translating to a 75%-80% increase in efficiency [8]. - Offshore wind power benefits from lower wind resistance and more stable wind speeds, leading to higher energy conversion efficiency [7][9]. - The growth of offshore wind power is supported by its proximity to major electricity consumption centers, reducing transmission losses [9]. Group 3: Market Trends and Projections - The domestic market is expected to see a 98.9% year-on-year increase in new wind power installations in the first half of 2025, with offshore and onshore wind contributing 2.5 GW and 48.9 GW, respectively [9]. - Projections indicate that new offshore wind installations could reach 11.3 GW and 16.4 GW in 2025 and 2026, respectively [12]. - The industry is entering a recovery phase, with increased bidding activities and a rebound in installation data and prices [17]. Group 4: International Market Opportunities - European offshore wind installations are projected to account for 34% of global new capacity in 2024, driven by favorable wind resources and emission reduction targets [23]. - The overseas market offers higher profit margins for Chinese wind power companies with core technologies and cost advantages [26]. - The performance of Chinese companies in the European market is exemplified by Daikin Heavy Industries, which achieved a 99.2% year-on-year revenue increase in the first three quarters of 2025 [27][28]. Group 5: Investment Opportunities - The only actively managed fund with a long-term focus on the wind power sector is Qianhai United Yonglong Mixed Fund, which has shown a 56.1% return this year [31][32]. - Other actively managed funds, such as Southern Potential New Blue Chip, have also reported significant returns, with a year-to-date performance of 54.5% [36]. - The focus on wind power stocks, including Daikin Heavy Industries and Dongfang Cable, is evident in the stable holdings of these funds [34].

Core Insights - The domestic wind power installation is expected to reach new heights during the "14th Five-Year Plan" period, with annual new installations projected to be no less than 120GW, including at least 15GW from offshore wind [3][24]. - The land-based wind power market is showing signs of recovery from price competition, with the average bid price for land-based wind turbines increasing by 13% in the first eight months of 2025 compared to the average price in 2024 [4][34]. - There is a significant growth potential in offshore wind power, with abundant project reserves and a strong push from government policies to accelerate installation [4][36]. Group 1: Domestic Wind Power Market - The domestic wind power market is expected to see a substantial increase in new installations, with a total of 86.99GW projected for 2024, marking a 9.6% year-on-year increase [3][24]. - The cumulative new installations from 2021 to 2024 are expected to reach 272.1GW, significantly higher than the 145.5GW during the "13th Five-Year Plan" [3][24]. - The average utilization hours for wind power in 2024 are projected to be 2,127 hours, significantly higher than the 1,211 hours for solar power, indicating a better match with load demand [12][18]. Group 2: Offshore Wind Power Development - The offshore wind power sector is anticipated to maintain high installation levels, with a target of at least 15GW of new installations annually during the "14th Five-Year Plan" [4][36]. - The actual installation of offshore wind power during the "14th Five-Year Plan" period has fallen short of planned targets, indicating a significant gap and potential for future growth [36][37]. - The recent approval of over 19.9GW of offshore wind projects in Europe in 2024 highlights the growing demand and potential for offshore wind power [76][78]. Group 3: International Expansion of Domestic Wind Power Companies - Domestic wind turbine manufacturers are accelerating their international expansion, with a total of 19.28GW of overseas orders secured by seven manufacturers in the first three quarters of 2025, marking a 187.8% year-on-year increase [5][66]. - Companies like Goldwind and Mingyang Smart Energy are establishing manufacturing bases overseas, enhancing their competitiveness in international markets [72][73]. - The average price of domestic wind turbines in overseas markets is still lower than that of Western manufacturers, providing a competitive edge for Chinese companies [57][66].

Core Insights - The report highlights the progress, challenges, and optimization paths of Sino-European green cooperation in the low-carbon transition of the electricity sector, providing references for global climate governance collaboration [1][2]. Group 1: Current Status of Sino-European Green Cooperation - Sino-European green cooperation has established a solid foundation and diverse outcomes, with the EU aiming for climate neutrality by 2050 through the European Green Deal and China planning to invest $625 billion in clean energy by 2024 [1][2]. - Both parties have reached a consensus on not building new overseas coal power projects, and significant progress has been made in renewable energy cooperation, with China's renewable energy capacity expected to reach 2.159 billion kilowatts by 2025, accounting for 59.2% of total installed capacity [2]. Group 2: Key Challenges in Cooperation - The cooperation faces multiple structural challenges, including fragmented global climate governance, intensified geopolitical competition, and differences in energy structures and political landscapes within the EU [2][3]. - The EU's "de-risking" policy towards China and trade frictions, such as the increase in electric vehicle tariffs to 45.3%, complicate regulatory coordination [2]. Group 3: Proposed Cooperation Paths - The report proposes two core cooperation paths: enhancing climate ambition through the "Sino-European +" framework and deepening electricity decarbonization cooperation, focusing on renewable energy complementarity and green electricity certification [3][21]. - Sino-European cooperation is positioned as a key force in global green transition, aiming to overcome geopolitical differences and strengthen rule compatibility and industrial collaboration [3].

格隆汇11月3日｜港股午后三大指数开盘呈现快速拉升行情，恒生指数一度涨恒指1.3%，最终收涨 0.97%，国企指数涨0.98%，恒生科技指数转涨至0.24%。盘面上，大型科技股涨跌各异，其中，小米涨 3.5%，百度、美团飘红，阿里巴巴跌超1%，京东、腾讯小幅下跌；欧佩克+拟明年Q1暂停增产，大摩 上调短期油价预期，三桶油全天强势，中国石油股份涨约4%刷新阶段新高；煤炭季节性消费旺季正式 拉开序幕，煤炭股集体活跃；大摩维持对保险股全年业绩正面看法，增长超预期友邦保险大涨15%表现 最佳；行业Q3净利润增速有所提升，内银股普遍上涨，10月交付出炉新能源汽车集体上涨，造车新势 力蔚小理涨幅靠前，航空股、风电股、生物医药股、重型机械股集体上涨。另一方面，黄金交易税收政 策调整，黄金股、珠宝首饰股最为跌幅明显，明星股老铺黄金大跌近7%，中国黄金国际、紫金黄金国 际均下跌，此外，铜等有色金属股跟跌，半导体股继续弱势，苹果概念股、家电股、零售股普遍下跌。 (格隆汇) 来源：格隆汇APP ...

Investment Rating - The report maintains an "Outperform" rating for the renewable energy sector, indicating a positive outlook compared to the broader market [2]. Core Insights - The report highlights that major companies in the energy storage sector have shown impressive Q3 performance, with significant year-on-year profit growth [7]. - The photovoltaic sector has seen a sequential improvement in profitability, although challenges remain due to market pressures [28][29]. - The wind energy sector is experiencing robust growth, particularly with significant overseas contracts being secured [6][25]. Summary by Sections Wind Energy - Goldwind Technology has signed a contract for a 3GW wind power project in Saudi Arabia, providing a full lifecycle solution from equipment to operation [6][11]. - The wind index increased by 1.12% in the week of October 27-31, outperforming the CSI 300 index by 1.55 percentage points, with a current PE TTM of 26.07 [12][13]. - The report emphasizes the competitive advantage of domestic large-capacity wind turbine models in international markets [11][25]. Photovoltaic - Major photovoltaic companies reported Q3 losses, but with a reduction in losses compared to previous quarters; Longi Green Energy reported a loss of 830 million yuan, a reduction of 300 million yuan [28][27]. - The photovoltaic equipment index rose by 8.65%, outperforming the CSI 300 index by 9.08 percentage points, with a current PE TTM of 48.20 [30]. - The improvement in profitability is attributed to stabilized prices in the photovoltaic supply chain and a reduction in inventory impairment losses [28][29]. Energy Storage & Hydrogen Energy - Major energy storage companies reported strong Q3 results, with Sunshine Power's net profit increasing by 56.34% year-on-year [7]. - The report notes that the domestic energy storage market is expected to grow significantly, with a projected market size of approximately 800GWh over the next three years [7]. - The global energy storage market is anticipated to grow at a rate of 40-50% by 2026, indicating strong demand in both domestic and international markets [7].

Core Viewpoint - Goldwind Technology (002202) has signed an agreement for the PIF5 wind power project in Saudi Arabia, which is the largest onshore wind power project under construction globally, with a total capacity of 3GW [1] Group 1: Project Details - The PIF5 wind power project will provide a full lifecycle solution from equipment to operation and maintenance [1] - Once completed, the project is expected to generate an annual electricity output of 11.3 billion kilowatt-hours, accounting for approximately 2.4% of Saudi Arabia's total electricity generation in 2024 [1] Group 2: Financial Performance - For the first three quarters of 2025, Goldwind Technology reported a revenue of approximately 48.147 billion yuan, representing a year-on-year increase of 34.34% [1] - The net profit attributable to shareholders was approximately 2.584 billion yuan, showing a year-on-year growth of 44.21% [1] Group 3: Market Outlook - Huatai Securities expresses optimism regarding the domestic wind power market's growth in both volume and price, alongside accelerated overseas expansion, which is expected to drive continuous recovery in wind turbine profitability [1] - The company is expected to benefit from the transfer of power stations and advancements in green alcohol business, contributing to performance growth [1] - Goldwind Technology's position as a global leader in wind turbines remains solid, with accelerated breakthroughs in overseas markets and leading progress in green alcohol business [1]

Core Viewpoint - Goldwind Technology (02208) has signed an agreement for the Saudi PIF5 wind power project, which is the largest onshore wind power project under construction globally, with a total capacity of 3GW [1] Group 1: Project Details - The PIF5 wind power project will provide a full lifecycle solution from equipment to operation and maintenance [1] - Once completed, the project is expected to generate an annual electricity output of 11.3 billion kilowatt-hours, accounting for approximately 2.4% of Saudi Arabia's total electricity generation in 2024 [1] Group 2: Financial Performance - For the first three quarters of 2025, Goldwind Technology reported revenue of approximately 48.147 billion yuan, representing a year-on-year increase of 34.34% [1] - The net profit attributable to shareholders was approximately 2.584 billion yuan, reflecting a year-on-year growth of 44.21% [1] Group 3: Market Outlook - Huatai Securities expresses optimism regarding the domestic wind power market's growth in both volume and price, alongside accelerated international expansion, which is expected to drive continuous recovery in wind turbine profitability [1] - The company is expected to benefit from power station transfers and green alcohol business, contributing to performance growth [1] - Goldwind Technology's position as a global leader in wind turbines is solid, with rapid breakthroughs in overseas markets and advanced progress in green alcohol business [1]

Core Viewpoint - The Chinese wind power industry is recognized as a core driver of global energy transformation, leveraging its supply chain advantages and climate leadership to enhance its global competitiveness [3][4]. Group 1: Competitive Advantages - The core advantage of the Chinese wind power industry lies in its "incredible supply chain," supported by a stable domestic policy environment and an expanding market scale [5]. - The continuity of policies has allowed companies to invest in R&D and expand capacity, resulting in a complete industrial ecosystem that includes manufacturing, core components, and operational services [5]. - The domestic supply chain can reduce the order-to-delivery cycle by over 30% and lower costs by 15%-20% compared to international peers [5]. Group 2: Market Growth and Transition - In 2024, China is expected to account for two-thirds of the global new installed wind power capacity, maintaining its position as the world's largest market for 12 consecutive years [6]. - The wind power industry in China has successfully transitioned from policy-driven to market-driven growth, demonstrating resilience and competitiveness even after the removal of subsidies [6]. Group 3: Global Contribution and Climate Impact - The Chinese wind power industry is defined as a "fundamental driver" in the global response to climate change, directly competing with fossil fuels and supporting global supply chains [8]. - In 2024, China's wind power generation is projected to reach nearly 1 trillion kilowatt-hours, equivalent to replacing 310 million tons of standard coal and reducing CO2 emissions by 820 million tons [8]. - China's supply chain accounts for 60% of global wind turbine manufacturing capacity, 75% of blade capacity, and over 80% of photovoltaic module capacity, significantly impacting the cost reduction of renewable energy globally [9]. Group 4: International Cooperation and Future Goals - China's recent wind power development goals and international cooperation initiatives are seen as crucial for boosting global confidence in energy transition [10]. - By 2035, China aims to achieve a total installed capacity of 3.6 billion kilowatts for wind and solar, with a target of exceeding 1.3 billion kilowatts of cumulative wind power capacity by 2030 [10]. - The global energy transition requires collaboration among various regions, including the Middle East, Africa, and Latin America, to address the significant gap in renewable energy installations needed to meet climate goals [10].

Core Insights - The company reported Q3 2025 revenue of 9.161 billion, a year-on-year increase of 8.53%, with net profit attributable to shareholders of 156 million, up 5.39% year-on-year, while the net profit after deducting non-recurring items decreased by 22.56% [1] - For the first three quarters, the company achieved revenue of 26.304 billion, a year-on-year increase of 29.98%, but net profit attributable to shareholders decreased by 5.29% to 766 million [1] Group 1: Wind Turbine Sales and Revenue - Wind turbine sales grew significantly, with total sales of 12.28 GW in the first three quarters, representing a year-on-year increase of 59.50%, including 11.02 GW from onshore and 1.26 GW from offshore [2] - In Q3 alone, the company sold 4.18 GW of wind turbines, with 3.13 GW from onshore and 1.05 GW from offshore [2] - Revenue from the power station transfer business reached 3.746 billion in the first three quarters, with Q3 revenue of 606 million, while revenue from power generation was 1.03 billion, with Q3 revenue of 273 million [2] Group 2: UK Production Base and Offshore Wind Development - The company plans to establish the first integrated offshore wind turbine manufacturing base in Scotland, with a total investment of 1.5 billion pounds, aimed at creating a manufacturing facility for offshore and floating wind turbines [2] - The project will be executed in three phases, with the first phase focusing on advanced wind turbine nacelle and blade manufacturing, expected to commence production by the end of 2028 [2] - This initiative is expected to position the company as a key player in the global offshore wind industry, serving markets in the UK, Europe, and beyond [2] Group 3: Technological Advancements - The company launched the Ocean X Tiancheng platform, the world's first 50 MW ultra-large floating wind turbine, featuring a "dual-head" design and a floating foundation suitable for deep-water environments [3] - This new turbine design is anticipated to significantly reduce investment costs for floating offshore wind projects, enhancing the company's technological advantage in this sector [3] Group 4: Profit Forecast and Investment Recommendation - The company adjusted its profit forecast, expecting net profits attributable to shareholders of 1.145 billion, 2.145 billion, and 2.774 billion for 2025-2027, with corresponding dynamic PE ratios of 30.0, 16.0, and 12.4 times [3] - The wind power industry is experiencing upward momentum, and the company's wind turbine business is expected to recover profitability, supported by new technologies and offshore wind potential [3]