1. Report Industry Investment Rating - No relevant information provided in the report 2. Core Viewpoints - For industrial silicon, the supply side still shows a certain increase while the demand improvement is limited. The industrial silicon market remains in an oversupply situation, which may suppress the upside of the futures market. Attention should be paid to the support level of 8,300 - 8,500 yuan/ton. [1] - For polysilicon, recent news on the supply side has led to an upward movement in the polysilicon futures market. Considering the high raw material inventory of downstream enterprises, there is little possibility of concentrated restocking in the short term, and there is significant pressure for the spot price to continue rising, which may limit the upside of the futures market. [1] 3. Summary by Relevant Catalogs Industrial Silicon - **Price Changes**: The average price of non - oxygenated 553 (East China) industrial silicon remained stable at 9,300 yuan/ton compared to the previous day, while the average price of 421 (East China) industrial silicon decreased by 0.52% to 9,650 yuan/ton. The closing price of the futures main contract dropped by 0.24% to 8,485 yuan/ton. [1] - **Supply and Demand**: In October, the southwest production area is entering the high - cost dry season, with some silicon enterprises planning to reduce or halt production by the end of this month or next month, while the operation rate of northern silicon enterprises has increased. Overall, the total operation rate has increased. On the demand side, polysilicon enterprises are still reducing production, but there may still be an increase in output in October. Organic silicon enterprises maintain their pre - holiday operation level, and silicon - aluminum alloy enterprises purchase as needed. The downstream has limited willingness to stock up at low prices. [1] - **Investment Strategy**: The industrial silicon market remains in an oversupply situation, which may suppress the upside of the futures market. Attention should be paid to the support level of 8,300 - 8,500 yuan/ton. The trading strategy is to conduct range trading. [1] Polysilicon - **Price Changes**: The price of N - type dense material remained stable at 51.50 yuan/kg, N - type re - feeding material remained at 53.00 yuan/kg, N - type mixed material remained at 50.50 yuan/kg, and N - type granular silicon remained at 50.5 yuan/kg. The closing price of the futures main contract dropped by 0.80% to 50,310 yuan/ton. [1] - **Supply and Demand**: Silicon material enterprises are maintaining a production - reduction trend, and some silicon material plants may have new production capacity coming online. After offsetting the increase and decrease, the output in October is expected to increase slightly. During the National Day holiday, the market trading was light, with few new transactions. Downstream enterprises are resistant to high - priced resources, and the market is waiting for the industry meeting in October. [1] - **Investment Strategy**: Considering the high raw material inventory of downstream enterprises, there is little possibility of concentrated restocking in the short term, and there is significant pressure for the spot price to continue rising, which may limit the upside of the futures market. Before the implementation of supply - side reform policies, investors can try to go long on dips with a light position. [1] Industry News - On October 15, 2025, a 100MW photovoltaic project in the oil and gas industry in Luntai County, Tarim Oilfield, Xinjiang officially started construction. The project is expected to be completed by December 30, 2025, and is planned to be connected to the grid on January 30, 2026, with full - capacity grid connection on April 30, 2026. After operation, it will generate 160 million kWh of electricity annually, replace 49,700 tons of standard coal, and reduce 129,000 tons of carbon dioxide emissions. [1] - In October 2025, China Energy Engineering Group Co., Ltd. signed three new - energy general contracting contracts with Saudi partners to jointly build a 5GW clean - energy project worth approximately $2.745 billion (about 19.554 billion yuan). The project includes 3GW of wind power and 2GW of photovoltaic power. [1]

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Viewpoints - The 2025 Beijing International Wind Energy Conference and Exhibition concluded, and the "Beijing Wind Energy Declaration 2.0" was officially released, indicating a clearer new cycle of wind power prosperity during the 14th Five-Year Plan [2][4] - There is a significant increase in industry attention towards wind power, with optimistic demand forecasts for the future [11] - Domestic wind power installation capacity is expected to more than double compared to the previous five-year plan, with annual new installations not less than 120GW during the 14th Five-Year Plan [11] - The cumulative installed capacity of wind power in China is projected to reach 1300GW by 2030 and 2000GW by 2035, with a long-term goal of 5000GW by 2060 [11] - The overseas market is experiencing high demand, with domestic wind turbine companies increasing their international presence and export volumes expected to grow significantly [11] - The average annual new installation capacity for offshore wind power is anticipated to exceed 10GW in regions outside the mainland by 2026 [11] - The gross profit margin for wind turbines is expected to recover by 2026, with component profitability remaining high [11] Summary by Sections Event Description - The 2025 Beijing International Wind Energy Conference and Exhibition concluded, and the "Beijing Wind Energy Declaration 2.0" was officially released [4] Market Performance - The report highlights a significant increase in the attention towards wind energy and optimistic demand forecasts for the future [11] Domestic Demand - The annual new installed capacity of wind power is expected to be no less than 120GW during the 14th Five-Year Plan, with a doubling of capacity compared to the previous plan [11] Overseas Expansion - Domestic wind turbine companies are accelerating their international expansion, with exports expected to grow by 42% in 2024 compared to 2023 [11] Price & Profitability - The gross profit margin for wind turbines is expected to recover significantly by 2026, contributing to the profitability of turbine manufacturers [11] Future Outlook - The report emphasizes the importance of the upward trend in the fundamentals and the new cycle of wind power prosperity during the 14th Five-Year Plan, recommending investment in key segments such as submarine cables, piles, and leading turbine manufacturers [11]

Core Insights - China's wind power sector is enhancing its innovation capabilities and overall competitiveness, with record-breaking achievements in large-capacity units, blade lengths, and hub heights, leading to a continuous decrease in investment and construction costs [1] - The new national contribution targets announced in September aim for wind and solar power generation capacity to exceed six times the 2020 levels by 2035, targeting 3.6 billion kilowatts [2] - The cumulative installed capacity of wind power in China has reached 580 million kilowatts, doubling since 2020, and the country has maintained its position as the world's largest wind power installer for 15 consecutive years [3] Summary by Sections Innovation and Competitiveness - The wind power sector is experiencing significant technological advancements, which are crucial for expanding projects, improving efficiency, and reducing costs [4] - The CWP 2025 showcased nearly a thousand exhibitors presenting the latest technologies and achievements in the global wind power industry [4] National Goals and Policies - The "Wind Energy Beijing Declaration 2.0" sets ambitious targets for annual new installed capacity during the 14th Five-Year Plan, with at least 12 million kilowatts added each year, including 1.5 million kilowatts from offshore wind [2] - The declaration emphasizes collaboration among government, industry, academia, and research to enhance technological innovation and accelerate the commercialization of new technologies [2] Current Capacity and Future Projections - As of now, wind power generation accounts for approximately 11% of the total electricity consumption in China, highlighting its role as a critical energy supply source [3] - By 2030, the cumulative installed capacity of wind power is expected to reach 1.3 billion kilowatts, with projections of 2 billion kilowatts by 2035 and 5 billion kilowatts by 2060 [2] Technological Advancements - China CRRC showcased the world's largest offshore wind turbine, capable of generating up to 100 million kilowatt-hours of clean energy annually, sufficient for 55,000 households [5] - New technologies, including AI, are enhancing the efficiency and stability of wind power systems, significantly reducing inspection costs and improving operational efficiency [5]

Core Viewpoint - The company will hold a performance briefing for the third quarter of 2025 to enhance communication with investors and provide insights into its operational results and financial metrics [3]. Group 1: Meeting Details - The performance briefing is scheduled for October 30, 2025, from 14:00 to 15:00 [2][4]. - The meeting will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online text format [4]. - Investors can submit questions from October 23 to October 29, 2025, before 16:00, through the Roadshow Center website or via the company's email [2][5]. Group 2: Company Participation - Key participants from the company include Chairman Qiao Yinping, CEO Wang Yong, and other board members [5]. - The company may adjust the list of attendees due to special circumstances [5]. Group 3: Investor Participation - Investors can log in to the Roadshow Center on the day of the meeting to participate and ask questions [5]. - The company will address commonly asked questions during the briefing [6]. Group 4: Contact Information - The Securities Affairs Department can be contacted for inquiries at 021-54961895 or via email at sewc_ir@shanghai-electric.com [6].

Summary of Wind Power Industry Conference Call Industry Overview - The wind power equipment industry has entered a mature phase, with companies adopting more stable strategies and no longer showcasing large components on a large scale. The competitive landscape is stable, with companies like United Power and XJ Electric exiting the market, indicating no imminent large-scale eliminations in the short term [1][5] - Wind turbine prices are steadily increasing, with the State Power Investment Corporation's bidding results showing a year-on-year price increase of 200-300 RMB/kW for 6-8 MW products. The possibility of significant price reductions is low due to rising raw material costs and the trend towards larger products [1][5] Market Projections - It is expected that by 2026, China's wind power equipment exports will see significant growth, with a substantial increase in equipment delivery volumes [1][6] - The delivery scale for 2025 is projected to be between 120-130 GW, with approximately 10 GW from offshore wind. For 2026, the overall delivery level may adjust to 100-110 GW, with offshore contributions of about 12-15 GW [1][9] Technological Developments - Key component quality issues are gradually being resolved, which helps reduce costs for large, high-tower wind turbines and promotes the application of offshore wind turbines rated at 12-15 MW and above [1][7][8] - Innovations in component technology focus on sliding bearings, new materials, and domestic bearings, with high tower technology also receiving attention [1][23] Regional Insights - Zhejiang and Shandong provinces are leading in offshore wind development, with significant projects expected to be operational by 2025-2026. Coastal provinces are projected to meet 10% of their electricity demand from offshore wind by the end of 2027 [1][15][16] Economic Factors - The VAT refund policy significantly impacts cash flow for offshore wind companies, effectively raising electricity prices and aiding in technology optimization and scale expansion [1][20][21] - The pricing for various wind turbine models is as follows: 6.25 MW mixed tower turbines are priced at approximately 2,100-2,200 RMB/kW, while 10 MW turbines are around 1,200 RMB/kW, and offshore turbines rated at 12-16 MW are about 2,800 RMB/kW [1][11][12] Challenges and Opportunities - The offshore wind sector faces challenges such as military and navigation issues, but demonstration projects are gradually addressing these concerns. Local government negotiations with developers can also slow progress [1][19] - Chinese wind power companies are adopting localized manufacturing strategies to mitigate trade barriers and government demands, which helps maintain profit margins despite rising local labor costs [1][13] Future Outlook - The theoretical turning point for offshore wind power commercialization is expected by 2028, with significant advancements in cost, construction capacity, and average turbine capacity anticipated by then [1][18] - The competition in offshore wind primarily affects coastal economic provinces, with limited impact on land-based wind competition [1][22] Conclusion - The wind power industry is poised for growth, driven by technological advancements, stable pricing, and increasing export opportunities. However, challenges remain in terms of local regulations and market dynamics that will need to be navigated for sustained success [1][24][30]

Summary of Wind Power Industry Conference Call Industry Overview - The wind power industry is transitioning from large-scale projects to high-value solutions, integrating new technologies such as AI and combining with other sectors to enhance power generation efficiency. The industry is shifting from single equipment supply to system solutions, including intelligent operation and maintenance [1][5][9]. Key Points from the Beijing Declaration 2.0 - The Beijing Declaration 2.0 sets ambitious targets for the "14th Five-Year Plan" period, aiming for an average annual new installed capacity of 120 million kilowatts, with at least 15 million kilowatts from offshore wind. By 2030, the total installed capacity is expected to reach 1.3 billion kilowatts, 2 billion kilowatts by 2035, and 5 billion kilowatts by 2060 [1][6]. Challenges and Tasks Ahead - The wind power industry faces several challenges, including the need for technological stability and cost reduction. Local utilization issues must be addressed, and integrated development of source, grid, load, and storage is essential for achieving zero-carbon parks. International cooperation is also crucial for promoting green port projects [1][7]. Market Dynamics and Policy Support - National policies support the wind and solar installation targets, but challenges such as declining electricity prices and the cancellation of VAT refunds pose risks. Long-term market demand remains strong, and there is still room for cost reduction. Current onshore wind power generation costs range from 0.15 to 0.2 RMB per kWh, with potential for further price reductions [1][9]. Technological Innovations - Innovations in blade design, wind resource forecasting, and AI technology are critical for improving efficiency and reliability. The design of high towers and flexible towers must overcome systemic challenges, and the industry is moving towards hybrid tower applications [1][8]. Floating Wind Power Technology - Floating wind power technology is currently expensive, with costs ranging from 30,000 to 50,000 RMB per kilowatt. Future developments will focus on reducing material usage and costs through new designs and materials. The advancement of submarine cable technology is ongoing, but key insulating materials still need to be imported [1][10][11]. Export Markets and International Cooperation - In the next five years, countries along the Belt and Road Initiative, BRICS nations, and members of the Shanghai Cooperation Organization will be key export markets for Chinese wind power manufacturers. The export growth rate is expected to exceed 30-40% [1][15]. Emerging Market Demand - Demand for wind energy in emerging markets is driven by both policy initiatives and electricity shortages. These countries prioritize ensuring adequate power supply and affordability before focusing on green development [1][17]. Domestic Manufacturing and Global Strategy - Major Chinese manufacturers like Mingyang plan to establish overseas factories, leveraging a complete manufacturing system. However, challenges such as supply chain limitations and labor issues in foreign markets remain [1][19]. Conclusion - The wind power industry is poised for significant growth, driven by technological advancements, supportive policies, and expanding international markets. However, addressing challenges related to cost, reliability, and local utilization will be crucial for achieving the ambitious targets set forth in the Beijing Declaration 2.0 [1][6][7].

Summary of Key Points from Conference Call Industry Overview - **Wind Power and Nuclear Power**: The adjustment of value-added tax subsidies for wind power operators is significant, with a profit impact of approximately 10% starting from November 2025. The internal rate of return (IRR) for onshore wind projects is expected to decline by 0.5-0.6 percentage points, while nuclear power projects will see annual profit reductions of 20-50 million yuan per unit starting from 2031 [1][4]. - **Inbound Tourism**: The inbound tourism market is rapidly growing, projected to account for 18% of national tourism revenue by 2030 and 25% by 2034, driven by business, leisure, and talent immigration. The hotel industry is expected to contribute the most to revenue, with online travel agencies (OTAs) showing significant profit margin advantages [1][5][6]. - **Aviation Industry**: The aviation sector is benefiting from a shortage of flight capacity, with ticket prices turning positive year-on-year. The delivery of aircraft is slow, and engine maintenance is limiting capacity. Domestic flight schedules are experiencing negative growth, but passenger load factors are increasing [1][7][8]. - **Cement Industry**: Chinese cement companies are accelerating overseas expansion, targeting Southeast Asia, Central Asia, and Africa. The competition is intensifying in Southeast Asia, while Central Asia, particularly Tajikistan, remains profitable due to high demand. The potential for growth in Africa is significant [1][9]. Core Insights and Arguments - **Wind Power**: The cancellation of the 50% VAT subsidy for onshore wind projects will significantly impact profitability, with major operators like Longyuan and Goldwind facing substantial profit reductions [3][4]. - **Inbound Tourism Growth**: The growth in inbound tourism is expected to benefit various sectors, particularly hotels and OTAs, with recommendations for stocks like Ctrip and China National Aviation [1][5][6]. - **Aviation Sector Outlook**: The aviation industry is expected to continue its recovery, with increasing load factors and positive ticket pricing trends. Recommendations include H-shares of China National Aviation and Eastern Airlines [1][7][8]. - **Cement Companies' Overseas Strategy**: Companies like Huaxin Cement are leading in overseas expansion, with significant profit contributions from international operations. Huaxin is favored due to its strong growth prospects and risk management capabilities [1][9]. Additional Important Information - **Banking Sector Opportunities**: The banking sector is expected to see opportunities in Q4 2025 and Q1 2026, with stable interest margins and signs of income rebound. High-dividend banks like ICBC and CCB are recommended [10][11][13]. - **Insurance Industry Performance**: The insurance sector has shown strong performance in Q3 2025, with significant profit growth for major players like China Life and New China Life. The outlook for the insurance industry remains positive [14][15][16]. - **Automotive Industry Restructuring**: The automotive sector is undergoing significant restructuring, with mergers like Dongfeng and Changan, and strong sales growth for brands like MG. The outlook for electric vehicles is also positive [17][18][19]. - **State-Owned Enterprises**: Companies like BAIC are exploring transformation paths amid industry pressures, with potential for upward valuation through reforms [20].

Core Viewpoint - The wind power industry is at a critical juncture of technological iteration and model innovation, with Envision Energy launching the Galileo AI Wind Turbine, which integrates advanced meteorological and energy models to enhance wind farm revenue by over 20% [1][5][16] Group 1: Industry Challenges - The wind power sector faces dual challenges of "uncertain power generation" and "price volatility," complicating investment return assessments [3][16] - A recent client reported that an investment report for a wind power project could not pass the decision-making committee due to unpredictable revenue [3] Group 2: Technological Innovations - The Galileo AI Wind Turbine combines the "Tianji" meteorological model and the "Tianshu" energy model, utilizing multi-modal data and advanced computational capabilities to provide accurate forecasts for 15-30 days within just three minutes [5][6] - The integration of these models allows for enhanced predictive accuracy and revenue optimization for wind farms, with a reported 20.9% revenue increase for AI-equipped turbines compared to non-AI counterparts [5][6] Group 3: Reliability and Quality - The wind power industry has experienced rapid growth driven by larger turbines, but this has also amplified reliability issues [8][10] - Envision Energy emphasizes the importance of "technical accumulation" and "in-house manufacturing" to ensure high reliability and performance, addressing the industry's fragmented approach to technology [10][11] - The company has developed a comprehensive reliability management system that identifies weak points in the turbine's components and connections, enhancing overall system reliability [10][11] Group 4: Strategic Transition - The wind power sector is transitioning from being merely a "single power generation device" to a core participant in new energy systems, with a focus on "system safety" and "energy certainty" rather than just cost per kilowatt-hour [12][15] - Envision Energy's approach integrates AI and energy solutions, positioning the company to lead the industry towards a more value-driven model rather than mere scale expansion [12][16] Group 5: Market Dynamics - As the energy market becomes more complex, the demand for "certainty" has become paramount for clients, with Envision Energy addressing this through advanced forecasting and intelligent control systems [16] - The company is redefining the role of wind power from a passive energy source to an intelligent entity capable of understanding market dynamics and capturing value [16]

Core Insights - The article emphasizes the importance of integrating various renewable energy technologies to support China's "14th Five-Year Plan" for high-quality development in the energy sector [2][3][17] Group 1: Event Participation - The company actively participated in the CWP 2025 Wind Energy Exhibition and hosted the "Shanghai Electric Wind-Solar-Storage Integration Innovation Seminar," gathering over 150 experts to discuss collaborative development paths for wind-solar-storage systems [1] - The participation included showcasing cutting-edge insights and comprehensive solutions in areas such as wind, solar, storage, and hydrogen energy [1][19] Group 2: Product and Solution Offerings - The company focuses on providing high-reliability products and solutions tailored to various scenarios, including desert areas, offshore wind, and decentralized green electricity connections [3][4][17] - New product launches include a more efficient heterojunction solar module 2.0, designed to enhance customer returns through customized solutions [7][10] - The company has achieved over 1 billion yuan in new orders for liquid flow batteries for two consecutive years, establishing itself as a leader in the market [10] Group 3: Technological Innovations - The company is developing a comprehensive sensing framework to ensure high reliability and profitability in power generation, addressing environmental and operational challenges [20][22] - AI-driven predictive maintenance is being implemented to transition from reactive to proactive maintenance strategies, enhancing the reliability of the entire lifecycle of energy systems [22] Group 4: Integration and Ecosystem Development - The company aims to create a zero-carbon ecosystem by leveraging its full industrial chain capabilities, focusing on integrated solutions for centralized and comprehensive energy systems [17] - The integration of renewable energy with ecological restoration projects, such as solar energy in desert areas, demonstrates the company's commitment to sustainable development [30] Group 5: Hydrogen Energy Initiatives - The company is establishing a full-chain layout for green hydrogen, focusing on production, storage, and application, supported by successful projects in wind energy and biomass [33]

Core Insights - The company showcased its strategic initiatives and technological advancements in the renewable energy sector during the CWP2025 event, focusing on offshore wind power and green fuel developments [1][2]. Group 1: Green Fuel Business Developments - The company is building a "wind power-hydrogen-ammonia-methanol" green industrial chain to address wind power consumption issues and provide emission reduction solutions for high-emission industries [2]. - The company has made significant progress in its green fuel business, including successful trials in biomass gasification and the advancement of its green methanol project, which has secured sales contracts with major clients [2]. Group 2: Offshore and Onshore Wind Power Achievements - The company has seen substantial growth in China's wind power capacity, which increased from 130.75 million kW to 520.68 million kW over the past decade, with expectations for an additional 100 million kW by 2025 [3]. - The company is leading innovations in ultra-low wind speed technology and has established an innovation alliance in Chongqing to develop specialized wind turbine models [3]. - The company launched the world's first 18 MW offshore wind turbine in late 2022, with plans for further advancements in 25 MW models and smart operation technologies [4]. Group 3: Strategic Adjustments and Future Outlook - The company is currently in a strategic adjustment phase, focusing on upgrading models and optimizing personnel structure, which may temporarily impact performance [5]. - Long-term growth is anticipated through stable profits from wind farm transfer operations and new business segments like green fuel and blue ocean economy initiatives [5]. - The company aims to leverage the advantages of the China Shipbuilding Group's industrial chain and focus on ESG development to create long-term value for investors [6].