2025 年上半年，全球新增光伏装机容量达 310GW，同比增长 60%， 中国市场在 1,136 号文驱动下，并网装机容量达 212GW，同比增长 107%，占全球 69%，海外市场增速约为 170%。 2025 年上半年全球储能装机容量达 109GWh，同比增长 68%，欧洲、 中东、亚太地区储能招标量和装机量大幅提升，阳光电源储能业务收入 178 亿元，同比增长 128%。 国内风电市场在政策和经济性推动下快速增长，2025 年上半年装机容 量达 51GW，同比翻倍，新能源各赛道均保持良好增长态势，符合甚至 超出预期。 阳光电源 2025 年上半年营收 435 亿元，同比增长 40%；归母净利润 77 亿元，同比增长 56%，盈利能力提升主要得益于毛利率提升至 34.4%及品牌竞争力增强。 阳光电源逆变器融资性排名全球第一，储能系统及 PCS 融资性排名也居 首位，已形成全球营销渠道和服务网络体系，坚持本地化发展战略，海 外建设超过 20 家分支机构。 Q&A 阳光电源 20250826 摘要 2025 年上半年全球光伏行业的发展情况如何？ 2025 年上半年，全球光伏行业在低碳目标的引领下，政策驱动积 ...

中国风电企业海外市场拓展加速，大金重工零部件出海领先，风机出海 在中东、东南亚进展顺利，欧洲市场契机在于海外龙头企业收缩战略， 中国制造在成本和性能上具优势。 风电行业催化剂包括业绩表现（二季度良好，三季度预计更佳）和新的 订单机会（特别是海外订单，如英国、法国），当前风电公司估值较低 （风机公司约 10 倍，零部件公司约 15 倍明年估值）。 风电行业未来的发展前景如何？ 今年风电装机量预计将达到 115GW，其中陆上风电 105GW，海上风电 10GW，相比去年增长 30%~40%。这是因为今年是十四五规划的最后一年， 从央企角度来看是应装尽装。此外，现在国债收益率下降，央企资金成本也随 之降低，使得目前一个可接受的最低内部收益率（IRR）甚至有 5 点几。因此， 今年需求没有问题，并且三四季度的业绩会非常好。 关于招标价格，自去年 10 月、11 月以来有所反弹，今年 3 月份和 6 月份继续反弹，相较于去年最低 点价格反弹幅度至少在 10%左右。这对于经营杠杆非常高的行业来说具有巨大 弹性。此外，今年原材料成本下降显著，例如钢价从年初至 7 月份下降接近 20%，钢铁成本在整个风机成本中占比超过 50 ...

Group 1 - The core point of the article is that Goldwind Technology (SZ 002202) announced a board meeting to discuss the proposal for reducing its stake in Weiqi New Materials Technology Co., Ltd. [1] - For the first half of 2025, Goldwind Technology's revenue composition shows that the wind power industry accounts for 97.84%, while other sectors contribute 2.16% [1] - As of the report, Goldwind Technology has a market capitalization of 50.5 billion yuan [1] Group 2 - The pet industry is experiencing significant growth, with a market size of 300 billion yuan, leading to a surge in stock prices for related companies [1]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Views - Layout of the bottom - position is as important as flexible offense. A basket of "high - dividend × low - volatility" dividend assets can provide a natural "shock absorber" for the portfolio, and the combination can withstand extreme market conditions by suppressing volatility with stable cash flows and low β and then capturing market mismatches with the remaining positions [3]. - To amplify returns in the dividend pool, a dual - screening approach is more reliable than relying solely on the "high - dividend" indicator. Adding a second filter such as low - volatility, earnings quality, or institutional holdings can eliminate potential risks and further increase the returns of general dividend assets [3]. - On top of the dividend bottom - position, there are systematic excess opportunities from the left - to - right shift of the industrial cycle. Priority should be given to companies with stable cash flows despite pressured profits. Industries such as cement, silicone, and phosphate chemicals are currently in the preferred range, while the photovoltaic chain is still in a state of "double losses in profit and cash flow". The overall allocation strategy involves initially establishing an observation position, increasing the position after confirming the leading indicators of the profit inflection point, and exiting when profits weaken again or the gross margin is inverted [3]. 3. Summary by Relevant Catalogs 3.1 Bottom - Position Allocation Necessity: "Pure Left" and "Pure Right" Are Not Desirable - In a market with an increasing industry rotation center, it is crucial to build a long - term core position first. A 15 - year quarterly rotation experiment on 31 Shenwan primary industries shows that both extreme left - side bottom - fishing and extreme right - side chasing result in single - digit annualized returns and significant drawdowns. In contrast, a dividend portfolio characterized by "high - dividend × low - volatility" can provide double - digit annualized returns and keep drawdowns within an acceptable range. Therefore, increasing the exposure of "high - dividend + low - β" in the bottom - position can provide a safety cushion for the portfolio [7]. - Dividend assets are the optimal core bottom - position in terms of return - to - drawdown. Historical stress tests show that the dividend index has shallower drawdowns, a stable 3 - year rolling Sharpe ratio, and does not require market timing in the long - term perspective. It also has higher probabilities of achieving positive returns in different holding periods compared to most broad - based and style indices [10][12][21]. 3.2 Dividend Yield Single - Factor Trap - Selecting stocks based solely on the "high - dividend" factor often leads to choosing high - volatility stocks with limited return increases and large drawdowns. Adding a second filter such as low - volatility or earnings quality can improve the overall cost - effectiveness. Statistical regression shows that the dividend yield alone has a weak explanatory power for future returns [29]. - Several case studies illustrate different types of "false high - dividend" traps. For example, some companies rely on one - time gains to support high dividends, some have high dividends due to falling stock prices rather than improved profitability, and some have high dividends at the peak of the business cycle or due to high leverage. To avoid these traps, specific financial and operational criteria need to be set [37][40][44]. 3.3 High - Dividend Smart - Beta's Distortion Risk - Modified dividend indices such as "Dividend Quality" and "Dividend Potential" have larger fluctuations and deeper drawdowns than the CSI Dividend Index. Their style drift and uncontrolled risk exposure lead to higher volatility, especially in bear markets. The main reasons are their high - concentration weighting, high - valuation requirements, and frequent chasing of market highs [60][64]. - The CSI Dividend Index selects 100 stocks based on a three - year dividend yield with a diversified weighting, while the Dividend Quality and Dividend Potential indices select 50 stocks by adding factors such as ROE and EPS growth, with a more concentrated and high - chasing weighting. As a result, they are more likely to suffer from double - kills of earnings and valuation when the market weakens [64]. 3.4 Potential Ways to Enhance Dividend Low - Volatility - **Dividend + Pricing Power Approach**: Traditional high - dividend indices have several drawbacks, including style drift, inclusion of high - risk high - dividend stocks, and right - side trading characteristics. A comprehensive scoring system based on pricing power, price - to - earnings ratio, and stability can be used to select the top 20 stocks for a portfolio. A ten - year back - test shows that this combination has better performance in terms of cumulative return, annualized return, and drawdown control compared to the CSI Dividend Index [83][84]. - **Considering Institutional Participation Rate**: Incorporating institutional holdings into high - dividend screening reveals that stocks with high institutional participation (≥20%) from stable - cash - flow industries have better risk - return profiles, including higher cumulative returns, greater upside potential, and controlled drawdowns. In contrast, stocks with low institutional participation (<20%) from cyclical industries perform less well. Therefore, combining high - dividends with institutional recognition can build a safer and more sustainable dividend portfolio [89]. 3.5 Bottom - Position Is Not Just Dividends: Quality Low - Volatility and Cash Cows - The "quality + low - volatility" dual - screened bottom - position established in June 2020 can achieve a balance between offense and defense. By filtering out high - leverage and low - resilience companies and compressing risk thresholds, it has achieved a five - year rolling net value increase of about 1.6 times, with stable single - digit annualized returns and significantly reduced volatility and drawdowns compared to ordinary low - volatility strategies [94]. - The long - term returns of dividend assets mainly come from stable dividends and profits rather than valuation increases. From 2014 - 2025, the annualized total returns of Dividend Low - Volatility and CSI Dividend after reinvestment were 13.9% and 13.2% respectively, with dividend contributions exceeding 9 percentage points and accounting for over 70% of the total returns [98]. - The cash - cow enhancement framework uses six dimensions to examine potential risks in high - dividend portfolios and provides corresponding enhancement measures. These measures include equal - weighting industries and quality sorting to address concentration risks, using free - cash - flow and growth thresholds to eliminate "high - dividend traps", and implementing valuation gates and hedging strategies to manage valuation risks [108]. 3.6 Industrial Cycle Reversal: From Left to Right - At the inflection point of the industrial cycle, multi - dimensional indicators such as fundamentals, inventory, price, valuation, and funds often show concurrent inflection points. The consistency in the industry dimension, from raw material prices to mid - stream production and downstream demand, can improve the reliability of inflection - point signals. For example, the anti - involution market rhythm is often in line with this "consistency chain" [111][112]. - At the company level, by dividing samples into leading, mid - stream, and tail companies, monitoring the second - order derivatives of 10 key indicators can help identify the acceleration of marginal improvements in demand, pricing, or cash flows. When at least three indicators in any two of the three sample layers show positive second - order derivatives, it can be regarded as a company - level consistency inflection point [114]. - The industrial cycle reversal framework uses a "three - light" approach to determine investment opportunities. When the three conditions of valuation repair, profit - cash flow resonance improvement, and completion of inventory reduction and demand expansion are met simultaneously, it indicates a three - dimensional resonance of supply - demand, profit, and sentiment, and investors can make aggressive investments. Otherwise, they should continue to hold the dividend bottom - position [115].

Core Viewpoint - The company demonstrates strong resilience and strategic positioning in a complex wind power industry environment, achieving significant revenue growth while reducing net losses in the first half of 2025 [1] Group 1: Financial Performance - The company reported a revenue of 2.664 billion yuan, representing a year-on-year increase of 118.6% [1] - The net profit attributable to shareholders was -279 million yuan, a reduction in losses by 108 million yuan compared to the previous year [1] Group 2: Market Dynamics - The wind power industry is experiencing a critical transformation period characterized by demand release and ongoing competition, with national installed wind power capacity reaching 570 million kilowatts, a year-on-year increase of 22.7% [1] - The company secured new orders totaling 5,386.95 MW, a year-on-year increase of 68.5%, with total orders on hand reaching 20,126.25 MW, up 74.8% from the previous year [2] Group 3: International Expansion - The overseas market has become a significant highlight for the company, contributing to revenue growth, with successful projects in Vietnam and Bosnia, and partnerships in the Middle East enhancing its international competitiveness [3] - The company is focusing on high-end and differentiated development strategies, optimizing product development and local operations to capture emerging market opportunities [3] Group 4: Quality and Service Commitment - The company adheres to a "return to the essence" philosophy, emphasizing high-quality products and services to strengthen competitive barriers, with a focus on reliability and cost leadership [4] - The company has established a full-cycle service model aiming for zero faults, complaints, and losses during the project lifecycle, enhancing customer confidence [4] Group 5: Industry Outlook - The wind power industry is entering a new phase of high-quality development driven by quality and efficiency, with strong growth in demand and a favorable market environment for order acquisition [6][7] - The company is well-positioned to leverage its technological and market advantages, along with its quality-driven competitive barriers, to achieve further high-quality development in the future [7]

人民财讯8月26日电，电气风电(688660)8月26日晚间披露2025年半年报，上半年实现营业收入26.64亿 元，同比增长118.61%；归母净利润-2.79亿元；基本每股收益-0.21元。营业收入较上年同期增加，主要 是因为上年度公司新增风机产品销售订单量同比有较大提升，本期风机销售收入相应有大幅增长。 ...

Core Insights - The company reported a revenue of 2.943 billion yuan for the first half of 2025, representing a year-on-year growth of 7.59% [1] - The net profit attributable to shareholders reached 60.739 million yuan, marking a significant increase of 49.70% year-on-year [1] - The net cash flow from operating activities was 118 million yuan, up by 35.37% compared to the previous year [1] - The basic earnings per share were 0.02 yuan, reflecting a 100% year-on-year increase [1] - The company plans to distribute a cash dividend of 0.06 yuan per 10 shares to all shareholders [1] Business Performance - The wind power spindle segment (including forged and cast spindles) generated revenue of 395 million yuan, a year-on-year increase of 16.96% [2] - The casting segment achieved revenue of 514 million yuan, up by 45.94% year-on-year [2] - The structural components and complete equipment segment (including metallurgical and nuclear power equipment) reported revenue of 172 million yuan, a growth of 75.99% year-on-year [2] - The modular wind power equipment business generated revenue of 505 million yuan, while other forgings brought in 694 million yuan [2] - The forging materials segment achieved revenue of 160 million yuan, and powder metallurgy products generated 211 million yuan in revenue [2] Strategic Development - The company aims to become a world-class supplier of high-end equipment and new energy equipment, guided by its strategic positioning [2] - The focus is on high-end, large-scale, and international development, with an emphasis on innovation and lean management [2] - The company is actively developing new products, technologies, and processes to extend its industrial chain and enhance product competitiveness [2] - The company has commenced small-scale production of wind power rotor room products and completed the casting of a super-large nuclear power high-pressure outer cylinder weighing 120 tons [2] - The first set of semi-finished forged crankshafts for 6G80ME marine low-speed diesel engines has been delivered to customers, reinforcing the company's market position in marine shaft forging [2]

Core Viewpoint - Shanghai Electric Wind Power Group Co., Ltd. reported significant growth in revenue and a reduction in losses for the first half of 2025, driven by increased sales of wind turbine products and effective cost control measures [2][3]. Company Overview and Financial Indicators - The company achieved an operating revenue of approximately 2.66 billion RMB, representing a year-on-year increase of 118.61% [2]. - The total profit for the period was a loss of approximately 202.78 million RMB, an improvement from a loss of 403.29 million RMB in the same period last year [2]. - The net profit attributable to shareholders was a loss of approximately 278.92 million RMB, compared to a loss of 386.81 million RMB in the previous year [2]. - The net cash flow from operating activities increased significantly to approximately 216.69 million RMB, a turnaround from a negative cash flow of over 2.53 billion RMB in the previous year [2][3]. Industry and Main Business Situation - The wind power industry is experiencing a shift towards market-oriented reforms, with policies encouraging renewable energy projects to participate in electricity market transactions [4][5]. - As of June 2025, the cumulative installed capacity of wind power in China reached approximately 570 million kW, with a year-on-year growth of 22.7% [5]. - The company focuses on wind power equipment design, research and development, manufacturing, and sales, covering a range of products from 5MW to 16MW for both onshore and offshore applications [6]. Business Operations and Market Strategy - The company employs a bidding process to secure project orders and utilizes a customized production approach based on sales forecasts [6]. - The company has seen a significant increase in overseas orders, with a total of 5,386.95 MW of new orders, marking a 68.50% increase year-on-year [9]. - The company is enhancing its service offerings, focusing on high-quality service orders in areas such as maintenance and technical upgrades [9]. Technological Development and Innovation - The company is committed to technological innovation, focusing on the development of high-reliability products and smart technologies to enhance customer satisfaction and operational efficiency [8][16]. - The company has established multiple research and development centers and collaborates with leading universities to strengthen its technological capabilities [15]. - Recent advancements include the development of new offshore products and improvements in blade technology, enhancing the efficiency and reliability of wind turbines [20]. Competitive Advantages - The company has built a comprehensive product system and maintains a leading position in the offshore wind power sector in China, with a cumulative installed capacity that has been the highest in the country for ten consecutive years [19]. - The company’s core technologies include advanced design capabilities for wind turbines and a strong focus on digital and intelligent production processes [16].

上海电气风电集团股份有限公司2025 年半年度报告摘要 公司代码：688660 公司简称：电气风电 上海电气风电集团股份有限公司2025 年半年度报告摘要 单 规划，投资者应当到 http://www.sse.com.cn/网站仔细阅读半年度报告全文。 截至报告期末股东总数 （户） 29,871 截至报告期末表决权恢复的优先股股东总数（户） 截至报告期末持有特别表决权股份的股东总数（户） 前 10 名股东持股情况 持股 持有有限售条 包含转融通借 出股 质押、标记或冻结 股东名称 股东性质 持股比例(%) 数量 件的股份数量 份的限售股份 数量 的股份数量 上海电气集团股份有限公司 国有法人 61.40 818,666,636 0 0 无 0 汪月英 境内自然人 1.79 23,900,742 0 0 无 0 香港中央结算有限公司 境外法人 0.91 12,128,000 0 0 无 0 上海电气投资有限公司 国有法人 0.60 8,000,000 0 0 无 0 陈雪云 境内自然人 0.34 4,483,632 0 0 无 0 高勇 境内自然人 0.28 3,690,275 0 0 无 0 王传红 境内自然 ...

（四） 关于议案表决的有关情况说明 证券代码：688660 证券简称：电气风电 公告编号：2025-029 上海电气风电集团股份有限公司 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ? 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东会召开的时间：2025 年 8 月 26 日 （二） 股东会召开的地点：上海市徐汇区漕宝路 115 号公司会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： 普通股股东人数 547 普通股股东所持有表决权数量 835,481,861 普通股股东所持有表决权数量占公司表决权数量的比例（%） 62.6611 （四） 表决方式是否符合《公司法》及公司章程的规定，会议主持情况等。 本次会议由董事会召集，董事长乔银平先生主持。会议采取现场投票与网络 投票相结合的记名表决方式，符合《中华人民共和国公司法》和本公司章程的有 关规定。 （五） 公司董事、监事和董事会秘书的出席情况 未能出席本次会议； 能出席本次会议； ...