证券代码：300904 证券简称：威力传动 银川威力传动技术股份有限公司 投资者关系活动记录表 编号：2025-013 | 答：根据全球风能理事会（GWEC）发布的《2025 全球风能报告》， | | --- | | 2025-2030 年风电行业新增装机容量预计复合年平均增长率为 | | 8.8%，到 2030 年全球风能容量将增加 981GW。随着"十四五"规划、 | | "碳达峰"和"碳中和"等政策的推出，可再生清洁能源发电成为 | | 了中国未来发展的重点领域和主要布局点，国家政策层面也将持续 | | 推进支持建设，未来行业的发展环境将持续向好。 | | 2、减速器工厂的年折旧在多少？ | | 答：关于具体折旧数据，各位可参考公司在巨潮资讯网 | | （www.cninfo.com.cn）披露的定期报告，相关财务信息已在报告中 | | 详细列示，以便各位更全面地了解具体情况。 | | 3、公司增速器产品的优势是什么？ | | 答：风电增速器被誉为"风电装备制造业王冠上的宝石"，是 | | 风力发电机组科技含量最高的核心部件。增速器属于多级传动，其 | | 一般由行星齿轮机构、平行齿轮机构、箱体、轴承、 ...

Core Insights - The Global Wind Energy Council's report indicates that 2024 will see an addition of 8 GW of offshore wind capacity globally, marking the fourth highest year in history, with a total capacity reaching 83 GW by the end of 2024, enough to power 73 million households [2][3] - China remains the dominant force in global offshore wind capacity growth, contributing over 50% of new installations and maintaining a cumulative capacity share of 50.3%, solidifying its position as the world's largest offshore wind market [3][5] - Despite the growth in cumulative capacity, global new offshore wind installations are projected to decline by 26% year-on-year in 2024 due to macroeconomic challenges, geopolitical conflicts, and uncertainties in the investment landscape [5][6] Global Market Overview - By the end of 2024, the cumulative offshore wind capacity globally is expected to reach 83.2 GW, with China accounting for 50.47% of the new installations [3] - In Europe, four countries added nine offshore wind farms, contributing 2.7 GW of new capacity, with the UK being the largest market in Europe [3][4] - Floating wind technology is gaining attention, with a global installed capacity of 278 MW by the end of 2024, led by Norway, the UK, China, and France [4] Challenges in the Industry - The offshore wind sector faces significant headwinds in Europe and North America, including slow project approvals, unstable policies, and high costs, which have led to a downward revision of short-term installation forecasts [5][6] - In the US, policy changes and project cancellations have hindered offshore wind development, with only 174 MW of capacity installed by the end of last year [5] - In Europe, the "negative subsidy" auction mechanism has made projects more expensive and reduced the number of participating companies [6] Future Outlook - The Global Wind Energy Council anticipates a compound annual growth rate of 21% for offshore wind installations over the next decade, with a potential addition of approximately 350 GW by the end of 2034, bringing total capacity to 441 GW [7][8] - Record auction capacities and ongoing projects indicate a promising future for offshore wind, particularly in the Asia-Pacific region, which is expected to account for 60% of new installations in the next decade [8] - Collaboration among developers, supply chain partners, and government entities is essential to unlock the full potential of offshore wind, requiring competitive and feasible auction mechanisms to minimize risks and ensure project delivery [8]

Group 1 - Recent trade tensions between China and Europe have escalated, with Europe imposing restrictions on Chinese goods and China initiating anti-dumping investigations against European products, particularly targeting brandy [1][2][14] - France has expressed concerns over the increasing market share of Chinese goods, which is nearing 50%, warning that without protective measures, local factories may face closure [5][14] - The European Union's internal divisions are evident, with economic sectors favoring cooperation with China while political elites lean towards a strategy of containment influenced by the United States [17][24] Group 2 - China's response to the EU's anti-dumping measures is strategic, aiming to protect its market while adhering to WTO rules, indicating that EU brandy has been found to be dumped and poses a threat to Chinese industries [14][26] - The ongoing trade disputes are characterized by precise retaliatory measures from China, which are seen as systematic and mature, contrasting with previous passive responses [22] - The geopolitical context, including the influence of the US and the impact of the Russia-Ukraine conflict, complicates the trade relationship, leading to increased tensions and a call for a new mutual understanding [25][28]

Group 1 - Xi Jinping emphasized the importance of transforming the resource-based economy in Shanxi, aligning with the central government's strategic deployment for the rapid rise of the central region and ecological protection of the Yellow River basin [1][4] - The focus should be on energy transition, industrial upgrading, and moderate diversification, while ensuring the stability of coal supply for national energy needs [4][5] - Traditional manufacturing is crucial for the real economy, and there is a need to enhance technological innovation to revitalize traditional industries [3][4] Group 2 - The construction of a comprehensive reform pilot zone for the transformation of resource-based economies is a strategic task assigned to Shanxi by the central government [4] - There is a call for the coal industry to move from low-end to high-end production, and to develop high-value products from coal [4] - The development of new energy sources such as wind, solar, and hydrogen is essential for building a new energy system [4]

Group 1 - The core viewpoint emphasizes the need for high-quality development of the marine economy in China, aiming for a unique path towards maritime strength [1] - In 2024, China's marine economy is projected to exceed 10 trillion yuan for the first time, indicating a strong growth trend in marine industries [1] - The delivery of the first domestically built 16,000 TEU methanol dual-fuel container ship marks significant breakthroughs in the construction of large methanol dual-fuel vessels [1] Group 2 - The "Deep Sea No. 1" Phase II project has achieved full production, with a maximum daily output of 15 million cubic meters, making it the largest offshore gas field in China [1] - The integration of production, learning, and research has enhanced the capability to construct various types of deep-water oil and gas equipment tailored to different oil fields and sea areas [2] - New marine industries, such as marine oil and gas and offshore wind power, are showing positive developments, with continuous breakthroughs in marine pharmaceuticals and biological products [2] Group 3 - The first domestically developed LHD megawatt tidal energy generator is now operational, utilizing a modular technology approach to enhance tidal energy utilization [3] - China is focusing on the large-scale utilization of marine energy, aiming to promote new technologies and models in marine energy development [3] - The establishment of the first marine blue finance platform in Jiangsu aims to address the financing challenges faced by marine enterprises [4] Group 4 - The blue finance platform offers specialized financial products like blue loans and blue insurance, facilitating smoother financing for enterprises [4] - Guangdong province is striving to transition from a marine big province to a marine strong province, aiming to create a modern marine economic development hub [4] - The continuous optimization of marine industry structure and enhancement of technological innovation capabilities are driving forces for China's economic development [4][5]

大金重工（002487）公告，全资子公司蓬莱大金海洋重工有限公司与欧洲某海工企业签署的《单桩基础 制造和供应合同》项下，10根超大型单桩产品已全部交付完毕。项目位于欧洲波罗的海地区，历时不到 10个月，是公司交付周期最短的海工出口项目。项目顺利交付将对公司本年度经营业绩产生积极影响， 并促进公司在海外市场拓展更多区域海风项目和新型产品。 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry analyzed [2]. Core Insights - The report emphasizes the focus on "supply-side optimization" and "anti-involution" competition, with potential policy implementations expected in the second half of the year [3][8]. - Key industries identified for "anti-involution" include those with high inventory, high CAPEX, low capacity utilization, and low price levels, particularly in sectors such as chemicals, non-ferrous metals, coal, steel, and various manufacturing and consumer goods [3][11][13]. - The report outlines five perspectives for identifying potential beneficiaries of the "anti-involution" policies, including state-owned enterprise (SOE) share, industry concentration, tax revenue impact, labor intensity, and price elasticity post-capacity reduction [5][6]. Summary by Relevant Sections Policy Focus - The report highlights that the Central Financial Committee meeting on July 1 emphasized supply-side optimization and "anti-involution" competition, referencing past supply-side reforms from 2015-2016 as a model for future policy actions [3][8]. Key Industry Characteristics - Industries with high inventory, high CAPEX, low capacity utilization, and low price levels are targeted for policy intervention. These include: - Cyclical industries: Chemicals (chemical products, rubber, non-metallic materials), non-ferrous metals (energy metals), coal, and steel (common steel, steel raw materials) [3][11]. - Manufacturing: Electric new (motors, grid equipment, batteries, photovoltaics), machinery (automation equipment), automotive (passenger vehicles), military electronics, and construction [3][11]. - Consumer goods: Home appliances (appliance components), food and beverage (food processing, liquor, snacks) [3][11]. Five Perspectives for Industry Selection - **State-Owned Enterprise (SOE) Share**: Industries with higher SOE shares are expected to have stronger policy execution efficiency, including coal, common steel, cement, glass, and consumer sectors like liquor [3][5]. - **Industry Concentration**: Higher concentration industries are more likely to achieve supply clearing through stronger pricing power and quicker policy response, particularly in energy metals, non-metallic materials, and consumer goods like liquor [3][5]. - **Tax Revenue Impact**: Industries with lower tax revenue contributions will have a smaller impact on local finances during capacity reduction, focusing on sectors like glass, energy metals, and common steel [3][5]. - **Labor Intensity**: Industries with lower labor intensity will have a reduced impact on employment during capacity reduction, including non-metallic materials, chemical products, and energy metals [3][5]. - **Price Elasticity Post-Capacity Reduction**: Industries with a strong correlation between asset turnover and gross margin are expected to see greater price and margin expansion post-capacity reduction, including glass, chemical products, and energy metals [3][5]. Potential Beneficiary Industries - The report identifies several industries as potential beneficiaries of the "anti-involution" policies based on the five perspectives, including: - Coal mining, common steel, precious metals, glass fiber, coke, energy metals, steel raw materials, cement, chemical products, non-metallic materials, and various manufacturing sectors [6][7].

Group 1 - The first floating photovoltaic platform in deep sea, "Huang Hai No.1," has successfully completed its upgrade and debugging work, integrating vertical axis wind turbines with floating photovoltaic technology [1] - Domestic offshore wind power is expected to see a significant increase, with new installations projected to exceed 12GW by 2025, representing a year-on-year doubling [1] - The European offshore wind market is anticipated to enter a new growth cycle from 2025 to 2030, despite a 30% year-on-year decline in new installations in 2024 [1] Group 2 - The demand for subsea cables and wind turbine foundations is expected to rise significantly as offshore wind power moves towards deep sea and large-scale development [2] - By the end of 2024, China will have built five floating wind power demonstration projects with a total installed capacity of 40MW, accounting for 14.3% of the global total [2] - Investment recommendations include companies such as Dongfang Cable, Dajin Heavy Industry, Times New Material, and Goldwind Technology, which are positioned to benefit from the rising demand in the floating wind power sector [2]

Group 1 - BYD Energy signed a cooperation framework agreement with State Grid Hunan Zongneng on July 3, 2025, focusing on distributed energy storage [1] - Anhui Anwa New Energy launched the world's first GWh-level new solid-state battery production line on July 4, achieving an energy density exceeding 300Wh/kg and passing safety tests [1] - The Ministry of Industry and Information Technology and five other departments issued a document on July 7 to promote the construction of green data centers, emphasizing the use of efficient energy-saving equipment and active utilization of energy storage technology [1] Group 2 - Huaxi Securities noted that the oversupply issue in the photovoltaic industry has been adequately recognized, with policy expectations improving, and the silicon material segment is expected to benefit first [1] - BC batteries are gaining a premium advantage due to high efficiency, and costs are expected to decrease further due to the application of cheap metal solutions [1] - Offshore wind power has made breakthroughs in large-scale equipment and domestic component production, leading to a significant reduction in levelized cost of electricity and clear industry growth potential [1] Group 3 - The acceleration of UHV (Ultra High Voltage) construction will promote the approval and commencement of multiple transmission channels by 2025, significantly benefiting core equipment manufacturers [1] - In the electric vehicle sector, the maturity of new technologies like solid-state batteries, combined with vehicle replacement policies, is expected to sustain sales growth and stabilize the industry chain [1] - In the energy storage sector, European household storage depletion is nearing completion, and industrial and commercial storage is entering a fast track under price mechanisms and subsidy policies, showing clear signs of demand recovery [1] Group 4 - The ChiNext New Energy ETF by Guotai tracks the Innovation Energy Index, which can have a daily fluctuation of up to 20% [2] - The index, compiled by China Securities Index Co., focuses on upstream and downstream enterprises in the new energy industry chain, including solar, wind, and nuclear energy [2] - The latest fluctuation of the Innovation Energy Index is 2.98%, reflecting the market performance of the new energy sector [2]

Core Insights - The new energy sector, including lithium batteries, photovoltaics, and wind power, is experiencing significant activity on the STAR Market, with the New Energy ETF (588960) rising by 3.92% and the Lithium Battery ETF (561160) increasing by 2.64% [1] - Major companies in the New Energy ETF, such as Daqo Energy and Trina Solar, have seen substantial gains, with Daqo Energy rising over 10% and Trina Solar increasing more than 6% [1] - The central government is intensifying efforts to regulate disorderly competition, focusing on improving product quality and facilitating the orderly exit of outdated production capacity [1] Industry Developments - A joint notice from the National Development and Reform Commission and other departments emphasizes the scientific planning and construction of high-power charging facilities, aiming for over 100,000 such facilities nationwide by the end of 2027 [1] - The focus will be on local economic development, the promotion of new energy vehicles, and the distribution of electric power resources, with an emphasis on "instant charge and go" scenarios [1] - Analysts indicate that semi-solid-state batteries are beginning to scale up, while solid-state batteries are expected to see small-scale deployment by 2027 and larger applications in energy storage post-2030 [1] ETF Information - The New Energy ETF (588960) closely tracks the STAR Market New Energy Index (000692.SH), with daily price fluctuations potentially reaching 20% [2] - The index comprises 50 large-cap stocks from the solar, wind, and new energy vehicle sectors, reflecting the overall performance of representative companies in the new energy industry on the STAR Market [2]