【大河财立方消息】12月1日，银河证券研报表示，12月，A股市场仍处于向上态势，短期行情预计呈 现震荡结构特征，港股或将受到美联储释放的信号的影响，呈现震荡上行趋势。 首先，建议关注12月的中央经济工作会议，2026是"十五五"开局之年，预计会议将重点部署2026年经济 政策，在财政货币政策、扩内需、稳地产、"反内卷"等方面或将做出重点部署。 关注线索： （1）"反内卷"主线。"反内卷"政策预期与推进效果将持续体现，以促进行业业绩改善，美元走弱或将 直接推升大宗商品价格。建议关注受益于金铜量价齐升的资源品板块。 （2）出海主线。中国高端制造业在全球市场份额未来有望持续提升，叠加2026年相对稳定的外部贸易 环境，海外收入预期成为公司利润增长的重要动力。建议关注风电设备、家电出口相关板块。 （3）高股息与红利主线，建议关注现金流稳定、分红率占优的防御板块。 其次，美联储在12月议息会议上,可能采取"降息+鹰派指引"的组合。 再次，一系列产业会议可能催生相关主题的投资机会。例如，12月1日2025"人工智能+"产业大会，12月 4日脑机接口大会，12月9日第九届国际碳材料大会，12月11日2025算力产业生态高质 ...

Investment Rating - The report assigns a "Buy" rating for the company, Deleijia (603092), marking its first coverage [2]. Core Insights - Deleijia is the second-largest wind power gearbox supplier in China, with a market share of 10.4% globally and 16.2% domestically as of 2024. The company has established strong ties with key clients such as Goldwind Technology and SANY Heavy Energy, with over 90% of its revenue coming from its top five clients [5][14]. - The wind power gearbox industry is experiencing significant growth, driven by increased domestic demand and favorable policies. The company has seen a 65% year-on-year increase in net profit for the first three quarters of 2025, reaching 630 million yuan [5][14]. - The report highlights the company's competitive advantages, including its leading profitability in the industry, with a gross margin of 25.4% and a net margin of 15.5% in the first half of 2025, significantly higher than its competitors [5][38]. Summary by Sections Company Overview and Market Positioning - Deleijia specializes in wind power gearboxes and has been operational since 2017. The company has expanded its production capacity to approximately 4,000 units, making it the second-largest supplier in China [5][15]. - The company went public on November 7, 2025, raising 1.87 billion yuan to fund the expansion of its production capacity by 1,800 units [17][19]. Supply and Demand Dynamics in the Wind Power Gearbox Industry - The domestic wind power demand is expected to surge, with a projected annual average of 140 GW during the 14th Five-Year Plan period, leading to a significant increase in the gearbox market size, estimated at 28.6 billion yuan [5][50][70]. - The report notes that the market for wind power gearboxes is highly concentrated, with the top five suppliers holding a combined market share of 76.5% as of 2024 [71]. Competitive Advantages and Performance Elasticity - Deleijia's strong client relationships and its focus on cost reduction through economies of scale have resulted in superior profitability compared to other gearbox manufacturers [5][38]. - The company has maintained a high capacity utilization rate and has seen a significant increase in sales volume, with a 66.4% year-on-year revenue growth in the first three quarters of 2025 [29][38]. Financial Projections and Investment Rating - The report forecasts that Deleijia's revenue will grow from 5.14 billion yuan in 2025 to 8.28 billion yuan in 2027, with corresponding net profits expected to reach 1.39 billion yuan by 2027 [6][7]. - The company is projected to maintain a strong growth trajectory, supported by its market position and the expanding wind power sector [6][47].

截至发稿，威力传动市值为50亿元。 每经头条（nbdtoutiao）——已有75人遇难，1名死者为消防员，还有10名消防员受伤！记者现场直击香 港大埔火灾：燃烧的宏福苑，五级大火的五个谜团 （记者 曾健辉） 每经AI快讯，威力传动（SZ 300904，收盘价：69.24元）11月28日晚间发布公告称，公司第三届董事会 第三十七次会议于2025年11月28日以通讯表决方式召开。会议审议了《关于续聘公司2025年度审计机构 的议案》等文件。 2025年1至6月份，威力传动的营业收入构成为：风电齿轮箱占比98.23%，其他产品占比1.77%。 ...

Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy industry [2][47]. Core Viewpoints - The opening of the "Shago Desert" clean energy base project in Qinghai, which is the largest approved new energy installation in the country, is expected to create a certain demand for the domestic new energy industry chain [3][42]. - The power equipment sector has experienced a decline of 10.21% over the past two weeks, underperforming the CSI 300 index by 6.24 percentage points, ranking 31st among 31 sectors [11][10]. - The report suggests focusing on leading new energy companies with advanced technology and scale due to the significant investment in the new energy base project [42]. Summary by Sections 1. Market Review - As of November 27, 2025, the power equipment sector has seen a year-to-date increase of 38.23%, outperforming the CSI 300 index by 23.47 percentage points, ranking 5th among 31 sectors [11][10]. - The wind power equipment sector declined by 4.29%, the photovoltaic equipment sector by 9.98%, and the grid equipment sector by 11.12% in the last two weeks [11][19]. 2. Valuation and Industry Data - As of November 27, 2025, the price-to-earnings (PE) ratio for the power equipment sector is 32.19 times, with sub-sectors like electric motors at 55.76 times and photovoltaic equipment at 29.60 times [24][5]. - The report provides detailed valuation metrics for various sub-sectors, indicating a range of PE ratios from 27.51 times for grid equipment to 55.76 times for electric motors [24][5]. 3. Industry News - The "Shago Desert" clean energy base project has a total planned capacity of 19.44 million kilowatts, with over 80% from renewable sources, and is expected to stabilize power supply [37][42]. - The project will utilize a ±800 kV ultra-high voltage direct current transmission line to deliver power to the Guangdong-Hong Kong-Macao Greater Bay Area [37][42]. 4. Company Announcements - The report highlights several companies to watch, including Guodian NARI, Sunshine Power, and Goldwind Technology, which are noted for their technological advancements and market positions in the new energy sector [43][42].

威力传动公告称，2025年11月14日收到宁夏证监局责令改正决定，需30日内完成整改并提交报告。公司 存在临时公告信息披露不完整、内控不规范、应收账款坏账准备计提不充分问题。针对信息披露问题， 已补充披露投资协议，截至10月31日，风电增速器智慧工厂累计投入132,111.27万元；内控方面，组织 培训细化审核流程；坏账准备问题，将跟踪客户状况，结合评估结果计提。各问题均明确了整改责任 人、责任部室和期限。 ...

Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy industry [2] Core Viewpoints - The report highlights the commencement of the "Shago Desert" clean energy base project in Qinghai, which is the largest approved new energy installation in the country, with a total investment of nearly 73 billion yuan and a planned power capacity of 19.44 million kilowatts [3][42] - The project aims to create a multi-energy complementary structure with over 80% of its capacity coming from renewable sources, including 6 million kilowatts of wind power and 9.6 million kilowatts of solar power [42] - The report suggests focusing on leading new energy companies that have technological and scale advantages due to the certainty of demand created by this project [42] Market Review - As of November 27, 2025, the power equipment sector has seen a decline of 10.21% over the past two weeks, underperforming the CSI 300 index by 6.24 percentage points, ranking 31st among 31 sectors [11][13] - Year-to-date, the sector has increased by 38.23%, outperforming the CSI 300 index by 23.47 percentage points, ranking 5th among 31 sectors [11][13] - The wind power equipment sector fell by 4.29%, solar equipment by 9.98%, grid equipment by 11.12%, motor equipment by 4.56%, battery equipment by 11.20%, and other power equipment by 7.80% in the last two weeks [11][19] Valuation and Industry Data - As of November 27, 2025, the price-to-earnings (PE) ratio for the power equipment sector is 32.19 times [4][24] - Sub-sector PE ratios include: motors at 55.76 times, other power equipment at 52.32 times, solar equipment at 29.60 times, wind equipment at 31.80 times, battery equipment at 32.15 times, and grid equipment at 27.51 times [4][24] Industry News - The report notes the official start of the Qinghai Hainan clean energy base project, which is expected to stabilize power supply and create demand certainty for the domestic new energy industry chain [37][42] - The project will utilize a ±800 kV ultra-high voltage direct current transmission line to deliver power to the Guangdong-Hong Kong-Macao Greater Bay Area [37][42]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 301040 | 中环海陆 | 28.22 | 6.73% | 14.84万 | | 4.07亿 | | 603507 | 振江股份 | 23.90 | 4.82% | 9.26万 | | 2.18亿 | | 301232 | 飞沃科技 | 58.78 | 3.83% | 5.63万 | | 3.20亿 | | 301557 | 常友科技 | 128.88 | 3.02% | 9985.83 | | 1.27亿 | | 300772 | 运达股份 | 17.47 | 2.89% | 12.48万 | | 2.18亿 | | 688660 | 电气风电 | 17.58 | 2.87% | 25.46万 | | 4.38亿 | | 601615 | 明阳智能 | 13.57 | 2.49% | 31.95万 | | 4.32亿 | | 301163 | 宏德股份 | 28.30 | 2.39% | 2.46万 | | 6829.87万 ...

华龙证券近日发布风电&电网设备行业2025年三季报业绩综述：风电收入增长加快，净利润同比提升。 2025年Q1-Q3，风电设备（申万）行业实现营业收入1710亿元，同比+38.27%；实现归母净利润57亿 元，同比+9.73%。2025年Q1-Q3，风电设备（申万）行业实现毛利率13.52%，较2024年+0.3pct；实现 净利率3.56%，较2024年+0.5pct；实现ROE3.02%，较2024年-0.2pct。 以下为研究报告摘要： 风电：风电收入增长加快，净利润同比提升。2025年Q1-Q3，风电设备（申万）行业实现营业收入1710 亿元，同比+38.27%；实现归母净利润57亿元，同比+9.73%。2025年Q1-Q3，风电设备（申万）行业实 现毛利率13.52%，较2024年+0.3pct；实现净利率3.56%，较2024年+0.5pct；实现ROE3.02%，较2024 年-0.2pct。 我们选取32家代表公司分环节分析，风电板块塔筒管桩、轴承2025年Q3业绩高增。业绩增速来看，风 机2025年Q3净利润同比下滑，海缆业绩增速小幅提升；塔筒管桩、轴承、叶片环节净利润大幅提升， 增速分别为 ...

Core Insights - The report provides a summary of recommended stocks across various industries for December 2025, highlighting investment logic and potential growth opportunities for each company [2]. Industry Summaries Construction - Shenghui Integrated (603163.SH) is a Taiwanese cleanroom engineering service provider and a core engineering supplier for Google's TPU, poised to benefit from TSMC's expansion in the U.S. with potential orders from TSMC Arizona and multiple North American data centers [2]. Banking - China Merchants Bank (600036.SH) is expected to attract investors due to its stable operations and a projected dividend yield of 4.62% for the 2024 annual report, with increased demand for low-volatility stocks as market fluctuations rise [2]. Electronics - Aojie Technology (688220.SH) is positioned to benefit from the AI trend, with its unique 2-5G full-standard cellular communication capabilities and strong ASIC customization experience, which are expected to drive growth in wearable technology and other applications [2]. Power Equipment and New Energy - Delijia (603092.SH) maintains a leading market share in wind power main gearboxes, with a projected global market size of $11.563 billion by 2030 and a compound annual growth rate of 5.10% from 2024 to 2030, indicating stable growth prospects [2]. Basic Chemicals - Yaqi International (000893) is set to increase its potash fertilizer production capacity significantly, benefiting from a rising global potash market [2]. Agriculture, Forestry, Animal Husbandry, and Fishery - Youran Dairy (9858.HK), a leading global dairy farming company, is expected to benefit from rising milk prices and beef prices, leading to improved performance [2]. Internet - Alibaba (9988.HK) is experiencing accelerated growth in cloud revenue, with a 34% year-on-year increase in FY26Q2, and is expected to continue improving profitability through enhanced user engagement and AI integration [2]. Pharmaceuticals - Yifeng Pharmacy (603939.SH) is anticipated to see profit improvements due to ongoing optimization of its store structure and a clear plan for non-pharmaceutical profit growth [2]. Home Appliances - Midea Group (000333.SZ) is focusing on dual-driven strategies in domestic and international markets, with strong cash flow and a favorable dividend yield, despite facing some pressure in Q4 [2]. Non-Bank Financials - Ping An Insurance (601318.SH) is increasing investments in high-quality long-term assets, with potential for valuation improvement as market conditions shift [2].

明年是"十五五"规划的开局之年，市规划资源局提前统筹规划资源保障工作，启动2026年重大项目 保障计划，对500个拟申报省市重大项目开展要素保障全面梳理。全市"地等项目"储备库在库产业用地 总面积1197.1公顷，具备供地条件的"十成熟"地块共57个。规划资源部门将通过"多规合一"平台将在库 用地信息与各区（园区）招商等部门共享，推动项目从"能开工"向"早落地、早投产"迈进，为产业强市 注入持续动能。 作为2025年省市重大项目，凌安传动从申请选址到正式开工，仅历时4个月。"这得益于我们优化 营商环境的组合拳。"市规划资源局高淳分局相关负责人表示，该局建立"一企一策"服务机制，安排专 属"工业管家"、建立"专属服务群"，实现"项目全程陪跑"。利用土地挂牌公示期时间差，市规划资源局高 淳分局联合区数据局、区城建局、经济开发区、漆桥街道，成功将"等待期"转化为"服务期"。 今年3月，凌安传动顺利完成"五证齐发"，这是高淳区推行工业重点项目"五证齐发"改革后首个落地 项目。从企业拿地到发证仅2个工作日，流程节约了60%—80%。 "项目落地，全程没让我们跑腿，这让我们对未来的投资更有信心。"戴朝敏介绍，正是高效的" ...