Core Viewpoint - The announcement from Yunda Co., Ltd. highlights the impact of various factors on wind turbine pricing, including product type, market environment, and project conditions [1] Industry Summary - In October 2024, at the Beijing Wind Energy Exhibition, 12 domestic manufacturers signed the "Self-Regulatory Convention for Maintaining Fair Competition in the Chinese Wind Power Industry," addressing issues such as vicious low-price competition and unfair contract terms [1] - There is a growing emphasis on the quality and reliability of wind turbines within the industry, leading more owners to prefer high-quality, high-performance units with optimal levelized cost of electricity [1] - As a result of these trends, the bidding prices for wind turbines have seen a slight increase this year [1]

Core Viewpoint - The company aims to lead the offshore wind power industry by leveraging its strengths in Zhejiang and expanding into coastal provinces, establishing a strong brand and core competitiveness in offshore wind energy [1] Group 1: Strategic Initiatives - The company has invested in offshore wind power assembly bases in Dalian and Wenzhou, creating a "north-south" layout for offshore wind power [1] - The company plans to utilize the resource advantages of Zhejiang and its status as a provincial state-owned enterprise to implement several nearshore and farshore wind power projects within the province [1] - The company is actively exploring deep-sea markets in Dalian and Guangdong [1]

（文章来源：证券日报） 证券日报网讯运达股份10月20日发布公告，在公司回答调研者提问时表示，2025年1-6月，公司新增订 单11，974.28MW；截至2025年6月底，累计在手订单45，866.86MW，其中2MW-4MW（不含4MW）风 电机组998.70MW，4MW-6MW（不含6MW）风电机组8，223.24MW，6MW及以上的风电机组36， 644.92MW。 ...

（文章来源：证券日报） 证券日报网讯运达股份10月20日发布公告，在公司回答调研者提问时表示，中国的陆上风电无论在技术 水平还是供应链保障能力上均处于世界一流水平，成本端的优势愈加明显，国际竞争力持续增强，未来 全球很多区域的中国风电机组占比将持续提升。2024年公司海外中标容量同比增长超100%，连续两年 保持翻倍增长，并在中东、北非等市场实现突破，首次获取项目订单。公司未来将加速全球战略布局， 加大海外新业主开拓力度，提升海外订单规模，打造公司未来盈利增长点。 ...

Core Insights - The 2025 Beijing International Wind Energy Conference released the "Beijing Wind Energy Declaration 2.0," setting ambitious targets for China's wind power capacity during the 14th Five-Year Plan, including an annual addition of at least 120 million kilowatts of new installed capacity, with offshore wind power contributing at least 15 million kilowatts annually [1][2] - By 2030, China's cumulative wind power installed capacity is expected to reach 1.3 billion kilowatts, increasing to at least 2 billion kilowatts by 2035, and 5 billion kilowatts by 2060, supporting the country's goal of achieving carbon neutrality in the energy sector [1][2] - The declaration emphasizes the critical role of wind power in meeting national climate action goals, highlighting China's rich wind energy resources and significant development potential [2] Industry Development - The declaration indicates that the economic and technical development potential of onshore wind energy resources in the "Three North" regions exceeds 750 million kilowatts, while the southeastern regions have over 250 million kilowatts available for development [2] - Offshore wind energy resources within 300 kilometers are estimated to have over 2.7 billion kilowatts of economic and technical development potential, entering a phase of large-scale commercialization [2] - The industry is entering a new era of adding over 100 million kilowatts of new installed capacity annually, necessitating a comprehensive market-oriented development approach during the 14th Five-Year Plan [2] Policy Recommendations - The declaration calls for the improvement of the industrial policy system to facilitate the comprehensive marketization of wind power, urging national authorities to enhance institutional mechanisms and deepen power system reforms [2] - It advocates for the establishment of a market mechanism that truly accommodates a high proportion of wind power, leveraging market-oriented methods to promote wind energy development [2] - The declaration also encourages the integration of wind power with other energy sources and industries, recommending the development of supportive policies for green hydrogen, ammonia, and zero-carbon parks to accelerate technological maturity [3]

Core Insights - The Ministry of Finance has announced adjustments to the value-added tax (VAT) policies for onshore wind, offshore wind, and nuclear power, transitioning from broad subsidies to targeted support [1][2] - The new VAT policies will take effect from November 1, 2023, with specific provisions for offshore wind and nuclear power projects [1][2] Group 1: Policy Changes - The VAT exemption for onshore wind power, established in 2015, will be abolished starting November 1, 2023 [1] - From November 1, 2023, to December 31, 2027, a 50% VAT refund policy will be implemented for electricity products generated from offshore wind [1] - For nuclear power, projects approved before October 31, 2025, will benefit from a 50% VAT refund for ten years after commercial operation begins [1] Group 2: Industry Implications - The differentiated VAT policies reflect a shift in the government's approach to renewable energy, moving from "policy blood transfusion" to "market blood production" [1] - The new policies indicate a transitional support strategy for the growing offshore wind and nuclear power sectors, with a focus on fostering technological competitiveness [2] - The success of offshore wind power in achieving price parity by 2027 will depend on advancements in floating technology and access to deep-sea development rights [2]

Core Points - The "Wind Energy Beijing Declaration 2.0" was officially released during the 2025 Beijing International Wind Energy Conference, setting ambitious targets for wind power installation in China [1] - The declaration aims for an annual new installation of no less than 120 million kilowatts during the 14th Five-Year Plan period, with a cumulative installed capacity of 1.3 billion kilowatts by 2030, 2 billion kilowatts by 2035, and 5 billion kilowatts by 2060 [1] - The previous "Wind Energy Beijing Declaration 1.0" had set lower targets, which have been exceeded, indicating significant growth in China's wind power industry [1] Industry Insights - The declaration is based on consensus from over 1,000 wind energy companies globally and aligns with China's new round of national contributions to climate goals [2] - It emphasizes that China's onshore and offshore wind energy resource development potential exceeds 12.7 billion kilowatts, positioning wind power as a highly competitive low-carbon energy source [2] - The declaration outlines five key initiatives: aligning industrial planning with climate goals, improving market policies for high wind power ratios, collaborative research on key technologies, promoting integration with hydrogen and ammonia industries, and deepening international cooperation to build resilient supply chains [2] - The declaration is seen as a guiding framework for the long-term development of the wind power industry and highlights China's commitment to global energy transition [2]

Core Insights - The wind power industry is positioned as a key driver of green energy and is at a critical juncture for future energy dynamics [1] - The 2025 Beijing International Wind Energy Conference and Exhibition (CWP 2025) is taking place from October 20 to 22, 2023, in Beijing, focusing on global energy transition and sustainable development [3] Industry Overview - The conference theme is "Promoting Global Energy Transition, Working Together for Sustainable Development," attracting experts and nearly a thousand companies from the wind power sector, along with over 100,000 professional attendees [3] - The event will feature discussions on the future of wind power, energy transformation, and sustainable development, with participation from international representatives and experts from organizations like the World Economic Forum (WEF) and the Global Wind Energy Council (GWEC) [3] Exhibition Highlights - CWP 2025 showcases exhibitors from over 20 countries, including China, Germany, Denmark, and the Netherlands, highlighting the latest technologies and achievements across the entire wind power industry chain [5] - The exhibition aims to cover the full industry chain, from complete machines and core components to emerging fields like energy storage and hydrogen energy [5] Policy and Initiatives - The conference will launch the "Beijing Wind Energy Declaration 2.0," aimed at uniting global consensus in the wind power industry and providing a clear action path for addressing climate change and achieving national climate goals [5] - The declaration outlines five initiatives to accelerate wind power development, including aligning industry planning with climate goals, enhancing policy frameworks, increasing technological innovation, promoting integrated development, and deepening international cooperation [5] Development Goals - Under the guidance of national contribution targets, the declaration sets a reasonable development goal for China's wind power, aiming for an annual new installed capacity of no less than 120 million kilowatts during the 14th Five-Year Plan, with offshore wind power contributing at least 15 million kilowatts annually [7] - By 2030, the cumulative installed capacity of wind power in China is expected to reach 1.3 billion kilowatts, with targets of 2 billion kilowatts by 2035 and 5 billion kilowatts by 2060, supporting the energy sector's goal of achieving carbon neutrality [7]

Group 1 - The market is experiencing fluctuations due to a combination of cautious sentiment and external news, leading to a shift of funds from the previously high-performing technology growth sector to defensive sectors like banking and coal [1] - The manager from Changcheng Fund, Han Lin, emphasizes the importance of focusing on stocks with positive third-quarter earnings expectations, particularly in the AI-driven technology growth sector [1] - Han Lin notes a change in market structure, with funds becoming more diversified and moving towards sectors with marginal improvement logic, such as domestic computing power, semiconductors, new energy, and robotics [1] Group 2 - Looking ahead to the fourth quarter, Han Lin believes that the October earnings forecast period will give more weight to short- and medium-term performance, continuing to focus on stocks with strong third-quarter earnings expectations [1] - The overseas computing power chain is expected to have high potential for performance, with interest gradually spreading to domestic computing power and self-controlled sectors [1] - There are opportunities in the gaming sector driven by bottom-up discovery of blockbuster products, with current valuations remaining reasonable [1] - Sectors represented by energy storage and wind power, which are relatively low and have marginal improvement logic, may also possess comparative advantages [1]

Group 1: Market Overview - The A-share market saw mixed performance last week, with major indices showing more declines than gains, while the overall market style was relatively favorable. The average daily trading volume across the market was 21,928.52 billion yuan [1] - In terms of industry performance, the banking, coal, and food and beverage sectors performed relatively well, while the automotive, media, and electronics sectors lagged behind [1] Group 2: Macroeconomic Analysis - The core CPI continued to rise year-on-year, with September CPI at -0.3% and PPI at -2.3%, indicating a need for price support. The rise in core CPI was driven by consumer subsidy policies and rising gold prices [2] - There is strong market expectation for the effects of "anti-involution" policies, with industrial product prices increasing since July, particularly in raw materials and upstream sectors. Recent policy measures include easing real estate purchase restrictions in major cities and the launch of 500 billion yuan in new policy financial tools [2] - September export data exceeded expectations, with a year-on-year increase of 8.3% in dollar terms, while social financing data showed a slight decline in growth to 8.7% [2] Group 3: Policy Developments - The macroeconomic adjustment remains positive, with fiscal measures being ramped up to support effective investment. The central government allocated 500 billion yuan from local government debt limits to support investment [3] - Upcoming events such as the 20th Central Committee's Fourth Plenary Session and the Politburo meeting are expected to provide further policy guidance [3] - A new round of trade negotiations between China and the U.S. is anticipated, with discussions scheduled for October 24, indicating a potentially optimistic outlook for trade relations [3] Group 4: Investment Strategy - The current market is characterized by high levels and increased uncertainty, leading to a cautious trading environment. However, there is potential for a new market trend to emerge following a period of reduced trading volume [4] - The upcoming policy window in mid to late October, including potential growth-stabilizing policies and international meetings, may provide favorable conditions for investment [4] - The focus should be on third-quarter earnings reports, particularly in sectors such as AI, renewable energy, and financial services, which are expected to show resilience [5] Group 5: Thematic Directions - Continued attention should be paid to sectors benefiting from U.S.-China trade tensions and the "14th Five-Year Plan," particularly in emerging technologies and regional economic development strategies [6]