Core Insights - China's wind power installed capacity has maintained the world's largest position for 15 consecutive years, entering a new era of annual new installations exceeding 10 million kilowatts [1] - The introduction of AI-integrated wind power equipment by domestic companies aims to optimize electricity generation based on market prices, extending equipment lifespan by 5 years and increasing returns by 2% to 2.5% [1] - The first AI wind-storage integrated machine has been developed, which can enhance wind farm revenues by over 20% [1] Industry Overview - China's wind energy resources are abundant, with significant development potential, particularly in the "Three North" regions, which have over 75 billion kilowatts of economically viable onshore wind energy resources [2] - The reasonable development target for China's wind power during the 14th Five-Year Plan period is to achieve an annual new installed capacity of no less than 12 million kilowatts, aiming for a cumulative installed capacity of 1.3 billion kilowatts by 2030 and 5 billion kilowatts by 2060 [2] - The offshore wind energy resources within 300 kilometers have over 27 billion kilowatts of economically viable development potential and are entering a phase of large-scale commercialization [2]

Core Viewpoint - China Power Construction Corporation reported a total of 142 new energy storage projects signed from January to September 2025, with a total contract value of 36.698 billion RMB [1][4]. Summary by Category Business Type Statistics - The company signed a total of 6,306 new projects with a total contract value of 90.4527 billion RMB, reflecting a year-on-year increase of 5.04% [6][8]. - New energy storage projects accounted for 142 projects with a contract value of 36.698 billion RMB, showing a slight increase [6][7]. - The energy power sector saw 4,013 projects with a total value of 585.228 billion RMB, up by 12.89% year-on-year [6][7]. - Hydropower projects increased significantly by 68.82% year-on-year, totaling 1,494.38 billion RMB [6][7]. - Wind power projects also saw a substantial increase of 54.67%, amounting to 1,828.74 billion RMB [6][7]. - Solar power projects, however, experienced a decline of 33.36%, totaling 1,379.18 billion RMB [6][7]. Regional Distribution Statistics - Domestic contracts amounted to 69.0773 billion RMB, a slight increase of 0.83% year-on-year [9]. - International contracts reached 21.3754 billion RMB, reflecting a significant increase of 21.45% [9]. Major Contract Signing Situation - Notable contracts signed in September 2025 included: - A 57.52 million RMB contract for the Sun Valley Pumped Storage Power Station [11]. - A 17.8 million RMB contract for the 500MW/2000MWh independent energy storage project in Hetian [12]. - A 15.39 million RMB contract for the Uzbekistan Nukus Phase II wind-storage project [12].

Macro Economy - The Ministry of Commerce held a video meeting discussing export controls and the EU's anti-subsidy case against Chinese electric vehicles, with both sides expressing a willingness to enhance communication on semiconductor issues [4] - China's GDP growth averaged 5.5% during the first four years of the 14th Five-Year Plan, showcasing resilience and potential despite external challenges [4] - Domestic tourism saw 4.998 billion trips in the first three quarters, a year-on-year increase of 18.0%, with total spending reaching 4.85 trillion yuan, up 11.5% [4] Real Estate Dynamics - The Guangzhou Real Estate Agency issued a statement urging real estate agents to improve service quality and resist commission-based practices that harm the industry's reputation [6] - In September, the real estate sector raised 56.1 billion yuan in bond financing, a 31% year-on-year increase, with credit bonds accounting for 57.4% of the total [6] - Shenzhen plans to launch 39 new residential projects in Q4, with a total supply area of approximately 1.6 million square meters, indicating a significant increase compared to Q3 [6] Stock Market Review - The Shanghai Composite Index rose 1.36% to 3916.33 points, with a total market turnover of 1.87 trillion yuan, reflecting a broad-based rally [7] - The Hang Seng Index increased by 0.65%, with significant gains in the insurance and technology sectors, while new consumption concepts showed signs of adjustment [7] - As of October 21, the total market capitalization of companies listed on the Beijing Stock Exchange was 863.865 billion yuan [8] Company News - Bubble Mart reported a 245%-250% year-on-year increase in overall revenue for Q3, with domestic revenue up 185%-190% and overseas revenue up 365%-370% [18] - CATL is accelerating the production of its 587Ah battery, aiming to increase its market share in the future [19] - Yushutech launched a four-legged robot training platform aimed at enhancing engineering practice capabilities for students [19]

Core Viewpoint - The company plans to pre-list the transfer of 100% equity and related debts of its subsidiaries, aiming to optimize resource allocation and recover investment funds for future wind farm development [2][10]. Group 1: Transaction Overview - The company’s wholly-owned subsidiary, China Shipbuilding Group Wind Power Development Co., Ltd. (中船风电), intends to pre-list the transfer of 100% equity of China Shipbuilding Wind Power (Jixian County) New Energy Co., Ltd. and related debts [2]. - The transfer is part of the company's rolling development strategy for wind farm products, with the actual assessment of the equity still ongoing [2][10]. - The pre-listing is for information disclosure only and does not constitute a transaction; the trading counterpart is not yet defined, and no transaction contract has been signed [9]. Group 2: Financial Situation of Transaction Targets - For China Shipbuilding Wind Power (Jixian County) New Energy Co., Ltd.: - As of December 31, 2024, total assets are 776.75 million RMB, total liabilities are 650.75 million RMB, and owner's equity is 126 million RMB [5]. - As of September 30, 2025, total assets are 1,116.87 million RMB, total liabilities are 856.87 million RMB, and owner's equity is 260 million RMB, with operating income of 404,600 RMB [5]. - For China Shipbuilding Wind Power (Xingcheng) Clean Energy Development Co., Ltd.: - As of December 31, 2024, total assets are 1,724.47 million RMB, total liabilities are 1,407.47 million RMB, and owner's equity is 317 million RMB [8]. - As of September 30, 2025, total assets are 2,141.53 million RMB, total liabilities are 1,597.82 million RMB, and owner's equity is 543.71 million RMB, with operating income of 373,220 RMB [8]. Group 3: Purpose and Impact of the Transaction - The transaction aims to optimize resource allocation and recover initial investment funds for subsequent wind farm product development, contributing to the company's high-quality growth [10]. - The impact of the equity transfer on the company's current year profit is currently indeterminate due to ongoing assessment work [10].

Industry Overview - As of now, the newly installed wind power capacity in China exceeds 57.84 million kilowatts, with a cumulative installed capacity of 580 million kilowatts, accounting for 15.7% of the national power generation capacity [1] - The wind power installed capacity in China has ranked first in the world for 15 consecutive years and is entering a new era of annual new installations exceeding 10 million kilowatts [1] - In the first eight months of 2025, the national wind power installed capacity reached 58 GW, a year-on-year increase of 72%, with Q3 showing continued growth in both onshore and offshore wind deliveries [1] - From January to September 2025, onshore wind turbine bidding reached 79 GW, a year-on-year increase of 7%, while offshore wind bidding reached 8.3 GW, a year-on-year increase of 9% [1] - The 2025 Beijing International Wind Energy Conference and Exhibition, known as a "barometer" for China's wind power industry, opened on October 20, where the "Beijing Wind Energy Declaration 2.0" was released, aiming for an annual new installed capacity of no less than 12 million kilowatts during the 14th Five-Year Plan period [1] Company Insights - Longyuan Power (001289) is a listed company under the State Energy Group, rapidly developing its offshore wind power business with multiple large offshore wind farms in Jiangsu and Fujian [2] - Longyuan Power is expected to benefit from VAT tax refund policies, enhancing cash flow and overall performance, having won a bid for a 1 million kilowatt offshore wind power project in Jiangsu, a key project for 2025 [2] - Goldwind Technology (002202) is a leading player in the domestic wind power industry, heavily investing in offshore wind power technology research and product manufacturing [2] - The new policies are anticipated to further promote the offshore wind power market, providing a favorable market environment for Goldwind's offshore wind equipment sales, with projected revenue from self-owned wind farms reaching 10.8 billion RMB in 2024 [2] - In the first half of 2025, Goldwind's new signed orders in the offshore wind market reached 6 GW, and the company secured over 43% of the bidding volume in the 675 MW wind power project by Huadian in October 2025, showcasing its strong competitive edge [2] - Goldwind plans to invest 6 billion RMB in building a zero-carbon wind power industrial base in the Beibu Gulf, further enhancing its competitiveness in the offshore wind market [2] - Goldwind's cumulative delivery of wind power mixed towers has surpassed 3,000 units, serving over 240 wind power projects across 21 provinces, with a cumulative delivery capacity exceeding 15 GW [2]

Group 1 - The core theme of the articles revolves around the increasing trend of Chinese wind power companies expanding internationally, with significant growth in export volumes and the establishment of manufacturing bases abroad [1][2][3] - In 2024, China's wind power export scale is expected to grow by over 70%, with leading companies like Yunda Co. projecting their export amounts to increase by 7-8 times compared to the previous year [1] - Companies are adopting localized strategies to penetrate foreign markets, such as Yunda's approach of surrounding key markets like Serbia and Azerbaijan to enhance their competitiveness in Europe [1] Group 2 - Mingyang Smart Energy plans to invest £1.5 billion to establish the UK's first integrated wind turbine manufacturing base, aiming to serve the UK, Europe, and other non-Asian markets [2] - Mingyang has achieved several breakthroughs in global markets, becoming the first Chinese manufacturer to supply offshore projects in Japan and Italy, and is transitioning from technology export to localized manufacturing [2] - Companies like China National Materials are focusing on local compliance, employee training, and supply chain development in their overseas ventures, emphasizing the need to create local enterprises rather than just foreign branches [2] Group 3 - The current international expansion of wind power companies is viewed as an opportunity to reconstruct business models, focusing on sustainable development, talent cultivation, and brand building rather than merely increasing sales [3] - Key considerations for companies include establishing local service teams, managing supply chains, and addressing increased costs associated with overseas manufacturing, which may diminish their competitive edge [3] - Companies must integrate into local ecosystems and consider ESG factors, employment standards, and local regulations as part of their international strategies [3]

Core Viewpoint - The report from Huatai Securities highlights the launch of the "Wind Energy Beijing Declaration 2.0" at the Beijing International Wind Energy Conference on October 20, with over 1,000 representatives from global wind energy companies. The declaration sets a target for annual new wind power installations in China to be no less than 120 GW for the 14th Five-Year Plan and 140 GW for the 15th Five-Year Plan, reinforcing confidence in the industry's development [1]. Industry Summary - The wind power industry is expected to enter a phase of volume and profit recovery due to increasing demand and rising prices of wind turbines [1]. - The focus is on leading wind turbine manufacturers and offshore wind projects, both domestically and internationally, as key areas for investment [1].

Core Viewpoint - The Beijing International Wind Energy Conference opened on October 20, where representatives from over 1,000 global wind energy companies jointly released the "Wind Energy Beijing Declaration 2.0," aiming for an average annual new installed capacity of no less than 120 GW for the "14th Five-Year Plan" and 140 GW for the "15th Five-Year Plan," reinforcing confidence in industry development [1] Industry Summary - The wind power industry is expected to enter a phase of volume and profit recovery due to increasing demand and rising wind turbine prices [1] - It is recommended to focus on leading wind turbine manufacturers and offshore wind & overseas segments [1]

Industry Overview - As of now, the newly installed wind power capacity in China exceeds 57.84 million kilowatts, with a cumulative installed capacity of 580 million kilowatts, accounting for 15.7% of the national power generation capacity [1] - The wind power installed capacity in China has ranked first in the world for 15 consecutive years, entering a new era of annual new installations exceeding 10 million kilowatts [1] - In the first eight months of 2025, the national wind power installed capacity reached 58 GW, a year-on-year increase of 72%, with Q3 showing continued growth in both onshore and offshore wind deliveries [1] - From January to September 2025, onshore wind turbine bidding reached 79 GW, a year-on-year increase of 7%, while offshore wind bidding reached 8.3 GW, a year-on-year increase of 9% [1] Event Highlights - The 2025 Beijing International Wind Energy Conference and Exhibition, regarded as a "barometer" for China's wind power industry, opened on October 20 [2] - During the opening ceremony, the "Beijing Wind Energy Declaration 2.0" was released, aiming to unify global consensus in the wind power industry, proposing an annual new installed capacity of no less than 12 million kilowatts during the 14th Five-Year Plan period, doubling the target set in 2020 [2] - According to SANY Renewable Energy's board secretary, the worst pricing situation for wind power has passed, and the industry's profitability is expected to significantly improve next year, although company performance may vary [2] Company Insights - Longyuan Power (00916), a subsidiary of the State Energy Group, is rapidly developing its offshore wind power business, with multiple large offshore wind farms in Jiangsu and Fujian. The company will benefit from VAT refunds under new policies, enhancing cash flow and overall performance [3] - Goldwind Technology (02202), a leading player in China's wind power industry, has made significant investments in offshore wind technology research and product manufacturing. The new policies are expected to further promote the offshore wind market, providing a favorable environment for sales [3] - Goldwind Technology anticipates revenue of 10.8 billion RMB from its own wind farms in 2024, with new orders in the offshore wind market reaching 6 GW in the first half of 2025. The company secured over 43% of the bidding volume in the 675 MW wind power project in October 2025, showcasing its strong competitive edge [3] - Goldwind Technology is also planning to invest 6 billion RMB to establish a zero-carbon wind power industrial base in the Beibu Gulf, further enhancing its competitiveness in the offshore wind market [3] - The cumulative delivery of Goldwind's mixed towers has surpassed 3,000 units, serving over 240 wind power projects across 21 provinces, with a total delivery capacity exceeding 15 GW [3]

Core Viewpoint - The legal disputes between Huari Wind Power and Jiuding New Materials highlight the underlying tensions and trust issues within the wind power supply chain, exacerbated by financial pressures and delayed payments following a period of rapid industry growth [2][6][9]. Company Overview - Huari Wind Power and Jiuding New Materials, once partners in the wind power industry, are now embroiled in lawsuits over claims exceeding 139 million yuan, revealing deep-seated conflicts that have emerged post the "installation rush" [2][3]. - The partnership began in 2016, with Jiuding supplying key components to Huari, but tensions escalated in 2020 when a procurement agreement led to disputes over delivery delays and payment defaults [3][4]. Legal Disputes - Huari claims Jiuding failed to deliver 31 wind turbine blade sets on time, resulting in additional costs of approximately 16.59 million yuan for alternative procurement [4]. - Conversely, Jiuding asserts that Huari owes it over 90.59 million yuan in unpaid invoices, which have accumulated since 2020 [5][6]. Industry Context - The disputes reflect broader issues within the wind power sector, particularly the financial strain and supply chain management challenges that have arisen since the peak installation period in 2020, when new installations surged by 178% [6][7]. - The industry has seen a trend of extended payment terms from manufacturers to suppliers, leading to increased accounts receivable days from 127 days in 2019 to 189 days in 2021 [7]. Implications for the Supply Chain - The ongoing litigation may disrupt Huari's supply chain stability, as Jiuding may prioritize other clients if the disputes continue [8]. - Jiuding faces the risk of losing market share despite winning the legal battle, as other manufacturers may become wary of engaging with a supplier that litigates against major clients [8]. Future Outlook - The outcomes of these lawsuits could set precedents for how disputes are handled in the wind power industry, emphasizing the need for clearer communication and risk-sharing mechanisms among supply chain partners [9]. - The situation underscores a shift in the industry from rapid expansion to a focus on quality and efficiency, as companies must adapt to a changing market landscape [9].