Summary of Zhenjiang Co. Conference Call Company Overview - **Company**: Zhenjiang Co. - **Industry**: Wind Power, Exoskeleton Technology, Gas Turbines, and Photovoltaic Support Structures Key Points Wind Power Business - Wind power revenue is expected to account for 70% of total revenue by 2025, with over 70% of this from overseas markets [2][5] - The transition to Siemens' 14 MW turbine model is anticipated to enhance value and gross margins [2][5] - The Nantong factory has secured 70% of the 14 MW hub assembly share from Siemens and is expected to contribute over 1.5 billion RMB in revenue [2][5] - The traditional rotor business is closely tied to the growth of the European offshore wind market, projected to grow at a CAGR of 15%-20% over the next five years [2][7] Exoskeleton Business - The exoskeleton business is segmented into four application channels: cultural tourism, rehabilitation medical, military, and industrial [2][6] - Products have been implemented in scenic areas like Songshan and plans are in place to collaborate with brain-computer interface companies to expand into the rehabilitation market [2][6] - Sales of 20,000 units are expected by 2026, with ongoing efforts to penetrate military and industrial markets [2][6][23] Traditional Rotor Business - The traditional rotor business has a strong customer base including Siemens and Anritsu, with a projected CAGR of 15%-20% [3][7] - The decline in raw material prices is expected to further enhance gross margins, which are currently at historical highs [3][7] New Energy Sector - In 2024, the new energy sector generated 3.74 billion RMB, with expectations to maintain this level in 2025 [8] - The domestic wind power market is relatively small, with most clients being overseas, aligning with the company's technical route [8] Assembly Business Growth - Significant growth in assembly business is expected in 2026, with an incremental revenue of approximately 1.5 billion RMB [9] - The shift of the European supply chain to China is a key driver, leveraging China's advantages in labor and costs [9] Financial Projections - The company anticipates a profit of 320 million RMB and revenue of approximately 7 billion RMB in 2026 [19] - The assembly orders are expected to contribute significantly, with traditional businesses benefiting from the growth in the European offshore wind sector [19] Gas Turbine Business - The gas turbine segment is projected to double its revenue in 2026, with ongoing plans to develop associated assembly and integration services [14] Photovoltaic Support Structures - The company has signed an exclusive agreement for photovoltaic support structures in the Saudi market, with 2.3 GW of orders expected to be fully delivered by 2026 [17][18] Exoskeleton Product Pricing and Margins - The exoskeleton products have a gross margin exceeding 50%, with sales prices expected between 7,500-8,000 RMB [24] Overall Market Outlook - The company is optimistic about its performance in 2026, driven by strategic partnerships, new product launches, and market expansions across various sectors [20][21]

川能动力 20260107 摘要 川能动力李家沟锂矿项目受疫情和环保政策影响投产延期，选址因地理 条件限制调整，但目前四川锂矿开发加速，大规模开发仍受政策变动和 环保要求制约，短期内或有停产风险。 公司计划将李家沟锂矿现有产能翻番，正进行立项和增储勘探，预计 2026 年披露勘测报告。同时，积极寻求包括锂、铜、磷、镍等能源金 属的境内外并购机会。 川能动力锂盐总产能 4.5 万吨，老厂自采自用，德阿厂试生产碳酸锂需 认证，2026 年原料缺口可控，通过市场贸易商补充，暂无扩大锂盐产 能计划，优先匹配资源端与加工端。 公司对未来两年锂价持乐观态度，目前价格接近 14 万元/吨。库存方面， 保持适当库存应对市场波动，下游采购情绪稳定，灵活调整定价机制以 最大化收益。 预计 2026 年锂市场乐观，价格将在 10-16 万元/吨波动，生产成本和盈 利情况改善。储能市场爆发，公司计划矿山满产并适当扩产，锂盐端提 高产能利用率。 Q&A 请介绍一下川能动力在碳酸锂生产方面的成本和产量预期，以及与雅化集团的 矿石分配情况。 公司风电业务受攀西特高压检修和风量减少影响，2025 年收入和利润 下滑，但运营平稳。投运项目 1 ...

Core Viewpoint - The report from Guotai Junan Securities indicates that China's emerging technology industries, such as semiconductors, innovative pharmaceuticals, and communication equipment, are still in their early growth stages, with revenue and profitability lagging behind international leaders. However, the capital market has assigned high valuations, reflecting optimistic expectations for technological independence and industrial catch-up [1][3]. Group 1: Emerging Technology - China's emerging technology sector is characterized by significant growth potential, but it currently shows a gap in revenue and profitability compared to international leaders. The market has high valuations, indicating optimism for technological self-sufficiency and domestic substitution opportunities [1][3]. - Internet and application sector leaders have profit forecasts comparable to their overseas counterparts, with more attractive valuation levels. The acceleration of AI applications is expected to benefit internet platform companies, leading to valuation recovery and growth resonance [3][4]. Group 2: Advanced Manufacturing - The advanced manufacturing sector in China is relatively mature, with a complete industrial system and significant cost efficiency, establishing strong global competitiveness. Key areas like lithium batteries lead globally in scale and profitability, while wind power, though less profitable, also has low valuations [4]. - There is a broad space for value re-evaluation in advanced manufacturing, particularly for companies with strong profitability and deep global expansion. Investment opportunities may arise from high-quality manufacturing firms expanding internationally [4]. Group 3: Consumer Sector - In the consumer sector, leading Chinese companies in product consumption, such as high-end liquor and beverages, demonstrate strong profitability, but their growth is heavily reliant on domestic demand, with insufficient globalization compared to international leaders [5]. - The service consumption sector is still in its early development stage, with lower scale and profitability compared to overseas leaders. The consumer sector overall presents high value-for-money from a valuation perspective, with potential growth opportunities in service consumption and globally competitive product brands [5]. Group 4: Investment Recommendations - The report recommends focusing on leading companies in the electric new energy, transportation equipment, communication equipment, electronics, and service consumption sectors. These companies are expected to accelerate their catch-up with international leaders or maintain their leading positions due to significant innovation advantages and strong outbound momentum [6]. - Specific recommendations include advanced manufacturing leaders benefiting from strong profitability and global competitive advantages, as well as emerging technology leaders in communication equipment, electronics, and innovative pharmaceuticals that are expected to see rapid profit growth [6].

Core Viewpoint - The approval of seven wind power renovation and upgrade projects in Yunnan Province marks a significant breakthrough in the green energy sector, contributing to energy security and the promotion of low-carbon development [1][2]. Group 1: Project Overview - The seven approved projects include: - Xiaomushan Wind Farm in Xishan District - Luoping Mountain Wind Farm in Eryuan County, Dali Prefecture - Qilong Mountain Wind Farm in Eryuan County, Dali Prefecture - Fengle Wind Farm in Eryuan County, Dali Prefecture - Aguzi Wind Farm in Yongsheng County, Lijiang City - Huaping West Wind Farm in Lijiang City - Fuyuan North Wind Farm (Phase III) in Qujing City - The total investment for these projects is approximately 4.0954 billion yuan [1]. Group 2: Specific Project Details - Xiaomushan Wind Farm has a total installed capacity of 80.4 MW with an investment of 418.8631 million yuan, involving the construction of 11 wind turbines - Aguzi Wind Farm has a total installed capacity of 100 MW with an investment of 568.884 million yuan, involving the construction of 20 wind turbines - Huaping West Wind Farm has a total installed capacity of 150 MW with an investment of 704.9244 million yuan, involving the construction of 24 wind turbines - Fuyuan North Wind Farm (Phase III) has a total installed capacity of 97.5 MW with an investment of 459.9683 million yuan, involving the construction of 15 wind turbines [1]. Group 3: National Implementation and Environmental Impact - The Luoping Mountain, Qilong Mountain, and Fengle Wind Farms are included in the National Energy Administration's 2025 renovation and retirement plan, with an investment of approximately 1.9 billion yuan - The renovation will increase the total installed capacity from 140 MW to 390 MW, with an average annual power generation of 1.131 billion kWh, reducing carbon dioxide emissions by 344,500 tons annually [2]. - The implementation of these projects will enhance the utilization of local renewable energy resources, improve wind energy and land utilization rates, and promote the recycling of equipment, contributing to carbon peak and carbon neutrality goals [2].

（文章来源：证券日报） 证券日报网讯 1月7日，三峡能源在互动平台回答投资者提问时表示，公司已在山东、福建区域开展"海 上风电+海洋牧场"创新实践工作，在广东区域尝试开展相关工作。 ...

Core Viewpoint - The stock price of Goldwind Technology (02208.HK) has experienced an abnormal fluctuation, with a cumulative increase of over 20% in closing prices over three consecutive trading days from January 5 to January 7, 2026 [1] Summary by Relevant Sections - **Stock Price Movement** - Goldwind Technology's stock price has shown a significant increase, with a cumulative rise exceeding 20% over three trading days [1] - **Company's Response to Stock Fluctuation** - The company conducted an internal review regarding the stock price movement and confirmed that: - There are no corrections or supplements needed for previously disclosed information [1] - No recent media reports have emerged that could significantly impact the stock price [1] - There have been no major changes in the company's operational situation or external business environment [1] - The company has no controlling shareholder or actual controller [1] - The largest shareholder has not engaged in buying or selling the company's stock during the fluctuation period [1] - No other disclosable matters were identified during the verification process [1]

Core Viewpoint - Liangxin Co., Ltd. maintains a long-term strategic partnership with Goldwind Technology, serving as a core supplier and engaging in deep technical cooperation through joint laboratories [1] Group 1: Strategic Cooperation - Liangxin Co., Ltd. has established a close strategic cooperation with Goldwind Technology, providing a full range of low-voltage products and solutions for several of Goldwind's main models and major wind power base projects [1] - The company emphasizes a customer-oriented approach in its future cooperation plans, focusing on joint innovation platforms [1] Group 2: Future Collaboration - Liangxin Co., Ltd. aims to deepen collaboration with Goldwind Technology in areas such as new wind power technologies, new products, and low-carbon distribution solutions [1] - The partnership is positioned to jointly promote industry development [1]

据悉，该项目创新应用四桩导管架基础结构，最高可达83.9米，可有效确保风机在深远海复杂地质环境 下安全稳定运行。项目依托北斗系统研发了高精度定位技术，实现海底沉桩的毫米级施工定位，结合智 能辅助沉放技术，将深远海单台风机沉桩作业时间从48小时缩短至29小时。借助无人机与人工磁场协同 技术，项目完成了95.6公里超长海缆铺设。(完) （文章来源：中国新闻网） 中新社山东烟台1月7日电 (记者王娇妮)记者7日从中国华能集团有限公司获悉，中国水深最深的商运海 上风电项目当日在山东半岛北黄海海域并网发电，标志着中国商运海上风电在深远海领域实现新突破。 华能山东半岛北L场址海上风电项目总装机50.4万千瓦，安装42台12兆瓦风力发电机组，场址中心离岸 约70公里，水深52米至56米，为中国水深最深的商运海上风电项目，年发电量约17亿千瓦时，每年可节 约标准煤约50万吨。 ...

Core Insights - The article discusses the centralized procurement of wind turbine generators and associated equipment for 11 wind power projects in Huanghua City, Hebei, totaling 1950.5 MW capacity [1][8]. Group 1: Project Overview - The procurement consists of 6 bidding sections, with sections 5 and 6 being offshore wind projects [1][8]. - The bidding announcement is scheduled for October 20, 2025 [1][8]. Group 2: Bidding Results for Section 1 - Section 1 includes projects such as a 100 MW wind power project in Huanghua City and a 100 MW integrated wind and fire project in Bohai New Area [4][12]. - The top bidders for Section 1 are: - First: SANY Heavy Energy Co., Ltd. with a bid of 470.88 million yuan - Second: Yunda Energy Technology Group Co., Ltd. with a bid of 494.60 million yuan - Third: CRRC Shandong Wind Power Co., Ltd. with a bid of 479.00 million yuan [4][12]. Group 3: Bidding Results for Section 2 - Section 2 includes the 100 MW wind power project in Gaoyi and a 200 MW wind power project in Nanhe [5][13]. - The top bidders for Section 2 are: - First: CRRC Shandong Wind Power Co., Ltd. with a bid of 480.00 million yuan - Second: Yunda Energy Technology Group Co., Ltd. with a bid of 480.10 million yuan - Third: Dongfang Electric Wind Power Co., Ltd. with a bid of 492.00 million yuan [6][14]. Group 4: Bidding Results for Section 3 - Section 3 includes the 137.5 MW wind power project in Wuchuan and the 100 MW wind farm project in Sanjiang [6][14]. - The top bidders for Section 3 are: - First: Dongfang Electric Wind Power Co., Ltd. with a bid of 403.375 million yuan - Second: Yunda Energy Technology Group Co., Ltd. with a bid of 434.625 million yuan - Third: CRRC Zhuzhou Electric Locomotive Research Institute Co., Ltd. with a bid of 414.125 million yuan [7][15].

Market Overview - On January 7, the trading volume of the Shanghai and Shenzhen stock markets reached 2.85 trillion yuan, an increase of 476 billion yuan compared to the previous trading day [1] - Sectors such as storage chips, commercial aerospace, semiconductor equipment, and photoresist concepts saw significant gains, while brain-computer interfaces, titanium dioxide, and digital currency sectors experienced declines [1] Top Gainers - Shengtong Energy (001331) rose by 9.99% to 56.03 yuan, driven by a change in control and developments in robotics [2] - Fenglong Co. (002931) increased by 10.01% to 42.20 yuan, with news of a potential acquisition by UBTECH [2] - ST Dongyi (002713) gained 5.05% to 10.40 yuan, supported by restructuring expectations [2] - Lushin Investment (600783) surged by 10.00% to 26.94 yuan, linked to Blue Arrow Aerospace's IPO and AI fund developments [2] - Reco Defense (002413) rose by 10.01% to 16.71 yuan, benefiting from trends in storage chips and commercial aerospace [2] Notable Stocks - The top three net purchases on the Dragon and Tiger list were Tongyu Communication, Nanda Optoelectronics, and China First Heavy Industries, with net purchases of 404 million yuan, 342 million yuan, and 192 million yuan respectively [5] - The top three net sales were Goldwind Technology, Reco Defense, and Zhongchao Holdings, with net sales of 722 million yuan, 503 million yuan, and 197 million yuan respectively [6] Sector Highlights - Brain-computer interface stocks, such as Sanbo Brain Science, are gaining attention due to advancements in technology and clinical trials [9] - Commercial aerospace stocks, including Shunhao Co., are also in focus due to their involvement in space data center businesses and ongoing buyback plans [13] Trading Dynamics - The trading dynamics showed significant activity with stocks like Sanbo Brain Science experiencing a 10.45% increase, while Goldwind Technology faced a net sell-off despite a 10.00% rise [23][10] - The overall market sentiment appears to be influenced by sector-specific news and institutional trading behaviors, with notable net buying and selling patterns observed across various stocks [27][10]