新闻聚焦 ◐ 国家能源局：能源行业重要数据、能源行业核心数据的处理者应建立数据安全工作体系。 12月12日，国家能源局发布的《能源 行业数据安全管理办法（试行）》指出，能源数据处理者开展数据处理活动，应建立健全数据安全管理制度，明确数据全生命周期 各环节的管理要求；定期组织开展能源行业数据安全知识和技能教育培训。能源行业重要数据、能源行业核心数据的处理者应建立 数据安全工作体系，加强人员和经费保障，并配合有关部门开展监督检查工作。 【更多详情】 ◐两部门：用好绿色金融政策支持绿色工厂建设。 12月12日，工信部、中国人民银行发布的《关于用好绿色金融政策支持绿色工 厂建设的通知》指出，重点支持国家绿色工厂采用中国人民银行等三部门《绿色金融支持项目目录（2025年版）》以及国家有关部 门政策规划、技术目录中载明的绿色低碳技术实施的投资项目，旨在提高企业能源低碳化、资源高效化、生产洁净化、产品绿色 化、用地集约化等绿色发展水平。 【更多详情】 国内新闻 ◐ 2030年我国天然气产量将达3000亿立方米。 据央视新闻12月14日报道，《中国油气行业"十四五"发展成就报告》显示，中国正 加速迈向现代油气产业发展新阶段， ...

Re-listing - Enjie Co., Ltd. plans to acquire 100% of Zhongke Hualian, a high-tech enterprise specializing in the research and development of wet lithium-ion battery separator production equipment and other polymer material production equipment, leading to the resumption of its stock trading [1] - Guoao Technology's actual controller has changed to Xu Yinghui, resulting in the resumption of its stock trading [2] Capital Increase and Mergers - Tiens Wind Power plans to raise 1.95 billion yuan for the expansion of the Changfeng New Energy Equipment Manufacturing Base and other related projects [3] - Rese Intelligent plans to raise no more than 1.144 billion yuan for the development and industrialization of core components for intelligent equipment motion control and other projects [4] - Tiankang Biological intends to acquire 51% of Xinjiang Qiangdu Animal Husbandry Technology Co., Ltd. for 1.275 billion yuan in cash [5] Share Transfer and Buyback - Maide Medical plans to repurchase shares worth 20 million to 40 million yuan to reduce the company's registered capital [6] - Xice Testing's controlling shareholder Li Zexin intends to transfer 4.22 million shares at a price of 48.59 yuan per share, accounting for 5% [7] - Jintian Titanium Industry is inquiring about a share transfer price of 15.39 yuan per share for a total of 22.6625 million shares [8] External Investment and Daily Operations - Saiyi Information received approval for a major national science and technology project related to intelligent manufacturing systems and robotics [9] - Jiuan Medical's U.S. subsidiary received pre-market notification from the FDA for a home test kit for multiple viruses [10] - Jiazhe New Energy plans to invest in two wind power projects with a total installed capacity of 450 MW and an investment of approximately 2.366 billion yuan [11] - Junshi Biosciences received FDA approval for clinical trials of JS212 for the treatment of advanced malignant solid tumors [12] - Longsheng Technology plans to invest 350 million yuan in an innovative center for embodied intelligent robots [13] - Watson Bio's subsidiary received approval for clinical trials of a freeze-dried shingles virus mRNA vaccine [14] - Greeenmei plans to acquire 16.38% of Henan Circular Technology Industry Group for 400 million yuan [15] - Heng Rui Medicine's HRS9531 injection clinical trial has been approved, with no similar drugs approved globally for the MASH indication [16] - Guodian Power plans to invest 7.218 billion yuan in the expansion of the Guoneng Jianbi Phase 8 project [17] - Guorui Technology's subsidiary won a bid for the "GXLF Project Pump Source" project with a bid of 76 million yuan [18] - Xin Fengming plans to invest 280 million USD in a 360,000-ton functional fiber project in Egypt [19] - Chip Origin terminated the acquisition of 97% of Chip Lai Zhirong [20] - Moore Thread plans to use 7.5 billion yuan of idle raised funds for cash management [21]

Mergers and Acquisitions - Moore Threads plans to use no more than 7.5 billion yuan of idle raised funds for cash management [3] - Tian康 Bio intends to acquire 51% equity of Qiangdu Livestock for 1.275 billion yuan [3] - Greenmeadow plans to acquire 16.38% equity of Henan Recycling Group for 400 million yuan [3] - Chongqing Water intends to acquire a sewage treatment project for 382 million yuan [3] - Enjie shares plans to acquire 100% equity of Zhongke Hualian, with stock resuming trading [3] - Rongbai Technology plans to acquire part of the equity of Guizhou Xinren and increase capital to achieve control [3] - Jiahuan Energy plans to merge with its wholly-owned subsidiary Zhejiang Jiahuan Hydrogen Peroxide Co., Ltd. [3] Financing Activities - Guangzhou Development received a registration notice for 8 billion yuan medium-term notes and 6 billion yuan short-term financing bonds [3] - Poly Development plans to issue convertible bonds to raise no more than 5 billion yuan [3] - Liaoning Chengda's 3 billion yuan medium-term notes have been approved for registration [3] - Tianyu Bio's application for issuing A-shares to specific targets in 2025 has been accepted by the Shanghai Stock Exchange [3] - Tonglian Precision's application for issuing convertible bonds to unspecified targets has been approved by the Shanghai Stock Exchange [3] Shareholding Changes - Xice Testing's actual controller plans to transfer 5% of the company's shares through an agreement [3] - China High-Tech's control is set to change, with stock suspension starting December 15 [3] Buybacks and Shareholding Adjustments - Oppein Home's actual controller and concerted actors plan to increase their holdings of company shares by 50 million to 100 million yuan [3] - Maide Medical plans to repurchase shares worth 20 million to 40 million yuan [3] - Xilong Science's private equity intends to reduce its holdings by no more than 1% of the company's shares [3] - Jincheng shares' actual controller and concerted actors plan to reduce their holdings by no more than 0.97% [3] Operational Data - China Merchants Port reported a container throughput of 17.248 million TEUs in November, a year-on-year increase of 6.4% [4] Major Investments - New Fengming plans to invest 280 million USD in a 360,000 tons/year functional fiber project in Egypt [5] - Tian Shun Wind Power plans to raise no more than 1.95 billion yuan for the expansion of the Changfeng New Energy Equipment Manufacturing Base [5] - Lei Sai Intelligent plans to raise no more than 1.144 billion yuan for core components of intelligent equipment motion control [5] - Hainan Development's subsidiary plans to invest 215 million yuan in the second phase of the Zhuhai production base [5]

Group 1 - The company TianShun Wind Power announced a plan to issue shares to specific investors, with a maximum of 539 million shares to be issued, accounting for up to 30% of the total share capital before the issuance [1] - The issuance price will not be lower than 80% of the average trading price of the company's shares over the 20 trading days prior to the pricing benchmark [1] - The total funds to be raised are expected to be no more than 1.95 billion yuan, allocated for various projects including the expansion of the Longfeng New Energy Equipment Manufacturing Base and other wind power-related projects [1] Group 2 - For the first half of 2025, the company's revenue composition was as follows: wind power equipment accounted for 63.07%, power generation for 31.66%, and other businesses for 5.26% [2] - The current market capitalization of TianShun Wind Power is 12.3 billion yuan [3]

聚焦风电核心零部件，技术实力铸就护城河 根据国家能源局最新数据，我国2025年1-10月新增风电装机容量达7,001万千瓦，较上年同期增长2,421万千瓦。基于这一 强劲增长势头，中金公司研报预计，2025年国内风电新增装机容量有望攀升至110-120GW，不仅将刷新历史纪录，更将 推动上游零部件产业链步入高景气周期。 尤其在风机大型化趋势驱动下，以齿轮箱为代表的核心零部件需求激增，其上游配套专用部件市场亦同步扩容，且市场 份额持续向头部企业集中。目前，国内能稳定供应高端产品的企业屈指可数，仅约4-6家，其中铸造龙头日月股份 （603218）、轮胎模具巨头跨界布局的豪迈科技（002595）、风电铸件专家宏德股份（301163），以及深耕风电齿轮箱 部件的锡华科技（603248），共同构成了行业核心阵营。值得关注的是，锡华科技即将登陆A股主板，此举将进一步壮大 国内高端风电零部件供应商队伍。 球化孕育控制、机械加工方案设计等方面形成了独特的技术优势。截至招股意向书签署日，公司已获得117项授权专利 （含27项发明专利），技术实力获得行业广泛认可。 公司产品能够适应-60℃极端低温及高盐度腐蚀等复杂环境，满足陆上 ...

行业需求增长、产能释放与核心技术引领形成三重共振。 | 作者 | | 木盒 | | --- | --- | --- | | 编辑 | | 小白 | 12月12日，江苏锡华新能源科技股份有限公司（简称"锡华科技"）正式启动申购。 作为风电核心零部件的主力军，锡华科技的产品在大兆瓦风机大型化产业趋势中实现引领和快速放 量，拓展了众多行业优质客户。 此次IPO将助力公司抓住新能源风电行业的发展机遇，推动产能扩张与技术升级，未来有望跻身全球 顶尖大型高端装备专用部件制造商行列。 绿色低碳高质量发展，既是我国可持续发展的必然要求，也是全球经济未来的发展趋势。其中，风电 行业的发展，对推动我国能源体系向绿色低碳转型、提升可再生能源发电比例具有重要意义。 风电机组中，风电齿轮箱是核心传动部件，其作用是将叶片在风力作用下产生的动力传递给发电机并 使其获得较高转速。该部件技术含量与行业门槛极高，对使用寿命、承载能力和可靠性均有严苛要 求。 锡华科技专注于风电齿轮箱专用部件领域，处于风电齿轮箱上游，是国内少数可提供风电齿轮箱专用 部件全工序服务的企业。 （招股意向书） 公司产品包括行星架、齿轮箱体、扭力臂与法兰等，其中行星架收入 ...

证券之星消息，12月12日风电设备板块较上一交易日上涨1.08%，飞沃科技领涨。当日上证指数报收于 3889.35，上涨0.41%。深证成指报收于13258.33，上涨0.84%。风电设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 301232 | 飞沃科技 | 109.50 | 9.28% | 11.41万 | | 12.07亿 | | 688186 | 广大特材 | 23.35 | 8.10% | 21.00万 | | 4.82 Z | | 603063 | 禾望电气 | 31.14 | 7.01% | 42.65万 | | 13.09亿 | | 301040 | 中环海陆 | 32.11 | 5.18% | 16.59万 | | 5.36亿 | | 603507 | 振江股份 | 24.82 | 3.37% | 10.48万 | | 2.58亿 | | 301456 | 盘古智能 | 29.12 | 2.97% | 2.46万 | | 7156.9 ...

Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy industry [2][48]. Core Viewpoints - The Central Economic Work Conference emphasized the need to deepen the rectification of "involution" competition, particularly in the photovoltaic industry, which is expected to accelerate the exit of backward production capacity and promote the recovery of industry profit margins [4][43]. - The report suggests focusing on leading new energy companies that excel in technology and scale [4][43]. Market Review - As of December 11, 2025, the Shenwan Power Equipment industry rose by 1.32% over the past two weeks, outperforming the CSI 300 index by 0.51 percentage points, ranking 12th among 31 industries [11]. - Year-to-date, the Shenwan Power Equipment sector has increased by 40.05%, surpassing the CSI 300 index by 24.36 percentage points, ranking 5th among 31 industries [11]. - The wind power equipment sector increased by 5.79%, while the photovoltaic equipment sector decreased by 0.82% in the last two weeks [16]. Valuation and Industry Data - As of December 11, 2025, the price-to-earnings (PE) ratio for the power equipment sector is 32.90 times [24]. - The PE ratios for sub-sectors are as follows: Electric Motor II at 56.45 times, Other Power Equipment II at 51.83 times, Photovoltaic Equipment at 30.06 times, Wind Power Equipment at 33.63 times, Battery at 32.83 times, and Grid Equipment at 28.49 times [24]. Company Announcements - The report highlights significant projects and developments, including the approval of the Zhejiang UHV AC Ring Network Project with a total investment of 29.3 billion yuan, which is the highest for a single UHV AC project in China [38][39]. - The report also notes various company announcements regarding share repurchases and changes in control, indicating active corporate governance within the sector [42][43]. Weekly Perspective - The report reiterates the importance of adhering to the "dual carbon" goals and promoting a comprehensive green transition, with a focus on energy efficiency and carbon reduction in key industries [4][43]. - It emphasizes the need for technological innovation and quality improvement in the photovoltaic sector, moving away from mere scale expansion [4][43].

Core Viewpoint - The article emphasizes the importance of timely and professional information interpretation in investment decision-making, focusing on the investment value of significant events, analysis of industry chain companies, and key points of major policies [1]. Group 1: Company Developments - The company is engaged in research and development of rocket launch and recovery facilities in collaboration with a well-known domestic aerospace enterprise [1]. - The controlling shareholder has invested in the aerospace company, which has established a subsidiary focused on aerospace equipment [1]. Group 2: Industry Insights - The subsidiary has clients in the wind power sector, including leading wind turbine manufacturers such as Goldwind Technology and Vestas [1].

Group 1: Market Interest Rate and Bond Information - DRO01 closed at 1.28 with a -1.14bp change, DR007 at 1.45 with a -0.05bp change, GC001 at 1.26 with a -15.50bp change, GC007 at 1.51 with a 0.00bp change, SHBOR 3M at 1.58 with a 0.20bp change, and LPR 5 - year at 3.50 with a 0.00bp change [3] - 1 - year treasury bond closed at 1.34 with a 0.70bp change, 5 - year at 1.62 with a -0.10bp change, 10 - year at 1.83 with a -1.40bp change, and 10 - year US treasury bond at 4.13 with a -1.30bp change [3] - The central bank conducted 118.6 billion yuan of 7 - day reverse repurchase operations yesterday, with 180.8 billion yuan of reverse repurchases maturing, resulting in a net withdrawal of 62.2 billion yuan [3] Group 2: Central Bank Policy and Economic Outlook - This week, there are 663.8 billion yuan of reverse repurchases maturing in the central bank's open market, with 107.6 billion, 156.3 billion, 79.3 billion, 180.8 billion, and 139.8 billion maturing from Monday to Friday respectively [4] - The Political Bureau Meeting of the CPC Central Committee pointed out that next year's economic work should adhere to making progress while maintaining stability and improving quality and efficiency, continue to implement a more proactive fiscal policy and a moderately loose monetary policy, and increase counter - cyclical and cross - cyclical adjustment [4] Group 3: Stock Index and Futures Market - The CSI 300 closed at 4552, down 0.86%; the SSE 50 at 2977, down 0.39%; the CSI 500 at 7083, down 1.02%; and the CSI 1000 at 7312, down 1.30%. The trading volume of the Shanghai and Shenzhen stock markets was 1.8571 trillion yuan, an increase of 78.6 billion yuan from the previous day [5] - IF当月 closed at 4540, down 0.8%; IH当月 at 2970, down 0.4%; IC当月 at 7074, down 0.7%; and IM当月 at 7305, down 0.9% [5] - IF trading volume was 106,663, down 13.1%; IF open interest was 269,076, down 2.7%; IH trading volume was 46,276, down 9.6%; IH open interest was 93,141, down 3.7%; IC trading volume was 112,902, down 3.1%; IC open interest was 248,093, down 1.6%; IM trading volume was 191,043, up 7.7%; IM open interest was 368,357, down 0.2% [5] Group 4: Market Analysis and Investment Suggestions - The Fed cut interest rates by 25bp as expected overnight, but there was a large divergence within the Fed on the future rate - cut rhythm, with contradictions between inflation recovery and employment pressure [6] - The stock index weakened in a volatile manner throughout the day yesterday. The Politburo Meeting released limited incremental information recently, and the Central Economic Work Conference is expected to make more specific arrangements for next year's economic work [6] - In the short term, be vigilant against the "buy - the - rumor, sell - the - news" adjustment after the meeting policies are implemented. In the long run, the market adjustment since mid - November has opened up space for the upward movement of the stock index next year, providing a layout window. Investors can consider gradually establishing long positions during the adjustment phase and use the discount structure of stock index futures to optimize long - term investment costs and win - rates [6] Group 5: Futures Contract Premium and Discount Information - IF premium/discount rates for the current - month, next - month, current - quarter, and next - quarter contracts were 12.61%, 6.54%, 4.50%, and 4.15% respectively [7] - IH premium/discount rates for the current - month, next - month, current - quarter, and next - quarter contracts were 11.08%, 4.92%, 1.89%, and 1.87% respectively [7] - IC premium/discount rates for the current - month, next - month, current - quarter, and next - quarter contracts were 5.47%, 9.60%, 9.83%, and 10.63% respectively [7] - IM premium/discount rates for the current - month, next - month, current - quarter, and next - quarter contracts were 4.61%, 12.37%, 12.55%, and 12.91% respectively [7]