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]

Group 1 - Guizhou Province is leveraging land under solar panels for agricultural development, promoting livestock farming, and enhancing mountain agriculture to increase farmers' income [2] - The forest coverage rate in Guizhou Province has reached 63.3%, with the green economy accounting for 48% of its overall economy [2] - The ecological transformation of the Nanming River in Guiyang has significantly improved water quality, turning it into a vibrant urban space [4][5] Group 2 - The Ecological Civilization Guizhou International Forum highlighted China's rapid advancements in green low-carbon industries, particularly in solar, energy storage, and hydrogen technologies [6] - China leads globally in the production and supply of photovoltaic components and wind power equipment, accounting for over 70% of the global supply chain [6] - The average PM2.5 concentration in Chinese cities is projected to drop to 29.3 micrograms per cubic meter by 2024, with 90.4% of surface water meeting good quality standards [8] Group 3 - The concept of "Green Mountains and Clear Water are Invaluable Assets" has gained international recognition, emphasizing sustainable development and environmental harmony [9][10] - The "Belt and Road" initiative incorporates green development indices, influencing over 40 countries' environmental assessments [10] - The Ecological Civilization Guizhou International Forum serves as a platform for international cooperation on ecological governance and sustainable development [11][12]

Market Overview - The A-share market is experiencing a mixed performance with the Shanghai Composite Index slightly up by 0.02% while the Shenzhen Component Index and ChiNext Index are down by 0.70% and 1.21% respectively [2][7] - The overall market sentiment is cautious as investors await the upcoming mid-year earnings reports, leading to a divergence in index performances [9][10] Financial Data - As of July 2025, the total market capitalization of the Shanghai Composite Index is 6,743.38 billion yuan with a price-to-earnings (PE) ratio of 12.43 and a price-to-book (PB) ratio of 1.29 [3] - The ChiNext Index shows a significantly higher PE ratio of 27.91, indicating a higher valuation compared to the broader market [3] Industry Dynamics - The wind power equipment industry is highlighted as a sector with growth potential, particularly following the Central Financial Committee's focus on high-quality development of the marine economy [48][50] - The report indicates that the wind power sector is entering a new inventory replenishment cycle after a period of demand stagnation from 2022 to 2024, with expectations for improved performance in 2025 [52][53] Company Updates - Yanjing Beer (000729.SZ) is projected to see a net profit growth of 40-50% in the first half of 2025, driven by effective management and market strategies [36] - Zhaowei Electromechanical (003021.SZ) has launched a new generation of bionic dexterous hands, enhancing its product offerings in the robotics sector [38][40] - Anji Food (603345.SH/2648.HK) has successfully listed its H-shares on the Hong Kong Stock Exchange, raising approximately 2.302 billion HKD [41] Economic Indicators - As of June 2025, China's foreign exchange reserves reached 3,317.4 billion USD, reflecting a slight increase of 0.98% from the previous month [15][16] - The second quarter of 2025 saw China's shipping prosperity index rise to 120.81 points, indicating a recovery in the shipping sector [19][20]

Core Insights - Yangjiang is rapidly developing its offshore wind power industry, with significant investments and projects leading to its emergence as a key player in the sector [2][3][6] - The city aims to establish a complete offshore wind power industrial chain, enhancing its manufacturing capabilities and technological innovation [2][3][5] Investment and Development - As of May 2023, Yangjiang has invested approximately 112.6 billion yuan in 14 offshore wind projects, with a total installed capacity of 6.0166 million kilowatts, ranking first in Guangdong and second nationally [2] - The city has a target to achieve an annual output value of 100 billion yuan by 2025 and over 200 billion yuan by 2035 in the wind power sector [3][6] Technological Innovation - Yangjiang has established the Guangdong Provincial Laboratory for Advanced Energy Science and Technology, focusing on key technologies for deep-sea wind power [3][4] - The city is also developing a green energy demonstration industrial park, which will supply clean electricity directly from offshore wind power to manufacturing enterprises [3][6] Challenges and Solutions - The transition to deep-sea wind power development presents challenges in terms of environmental complexity and technical requirements [4] - Continuous efforts in technology breakthroughs and talent cultivation are essential to overcome these challenges and enhance the competitiveness of the industry [4][7] International Collaboration - Yangjiang is positioned to become a global leader in offshore wind power, with plans to export technology and capabilities to other countries [7][8] - The city is also involved in innovative projects that integrate offshore wind power with marine farming and hydrogen production, showcasing a comprehensive approach to energy development [6][8]

Group 1 - French President Macron's recent conversation with Russian President Putin marks a significant diplomatic shift, breaking a three-year communication gap since the escalation of the Ukraine crisis [1][3] - The dialogue included discussions on the Iran nuclear issue and the Russia-Ukraine conflict, with Macron urging for peace negotiations and Putin attributing the root of the conflict to the United States [3][5] - Macron emphasized the need for Europe to rethink its security architecture, indicating dissatisfaction with the US-led NATO framework [5][6] Group 2 - The proposed US tariff legislation aims to impose a 500% tariff on Chinese imports of Russian oil, which could significantly increase costs for American consumers [8][10] - China's daily imports of Russian oil reached 1.96 million barrels in May 2025, accounting for 17% of its total imports, while India imported 2.1 million barrels, nearly 40% of its total, demonstrating a deep economic interdependence that undermines US threats [10][12] - India's recent tariff on Chinese steel in an attempt to appease the US backfired, highlighting the complexities of international relations and the potential backlash against US demands [12][14] Group 3 - Historical precedents suggest that high tariffs, like those proposed by the US, could lead to significant declines in global trade, reminiscent of the 1930 Smoot-Hawley Tariff Act [14][16] - China is preparing countermeasures against US tariffs, including diversifying its energy sources and expanding its renewable energy sector, which is projected to grow significantly [14][16] - The ongoing geopolitical struggle reflects a clash between unilateral hegemony and a multipolar world order, with countries like China, Russia, and India asserting their positions against US dominance [16][18]

国内深远海风电项目招标和施工加速，各地规划规模庞大，浙江、山东、 福建等地推进较快。2025 年国内开工速度加快，风机招标量同比增长 显著，为 2026 年装机提供支撑。海外市场空间广阔，预计 2026 年海 外装机将显著释放。 中国国家强调发展海洋经济和深远科技，未来深远海领域可能会加速推 进。看好短期和中长期内整个行业景气度，并重点推荐管桩、海缆及核 心风机企业。 国内深远海海上风电项目推进节奏如何？20250707 摘要 深远海风电作为新兴战略产业，资源储备丰富，部分省份已进入实质性 开工或招标阶段，预示着行业正加速发展，为未来装机容量增长奠定基 础。政策支持和产业园区建设将进一步推动产业链完善。 浙江省深远海风电项目推进迅速，2023 年获批 28GW 项目，2024 年 规划六大区域，2025 年启动 2GW 招标，并计划 2026 年进入建设阶段， 同时进行 11GW 勘察测量招标及配套产业园区建设。 福建省规范了 4.8GW 示范项目，漳州六二二期已并网，连江外海和长 乐 DE 两区等项目已核准，其他项目前期工作正在进行中。山东省规划 20GW 项目厂址，多个项目正在推进，包括大唐青岛、华电青岛 ...

Investment Rating - The report does not provide specific investment ratings for the industry segments [2]. Core Insights - The overall strategy emphasizes the evolution of the supply side in the new energy sector, focusing on innovation and avoiding "involution" in the market [3][5]. - The new energy vehicle supply chain is entering a new cycle, with companies like CATL benefiting from collaborations with tech giants like Xiaomi and Huawei [3][21]. - The lithium battery sector is expected to see a positive outlook, with production forecasted to exceed 130 GWh in July, marking a nearly 40% year-on-year increase [4][35]. - The photovoltaic industry is facing challenges due to overcapacity and competition, but recent government measures aim to optimize supply and stabilize the market [5][25]. Summary by Sections New Energy Vehicle Supply Chain - The downstream landscape is evolving, with companies like CATL collaborating with automakers to enhance production efficiency and shorten delivery times [3][27]. - The launch of Xiaomi's YU7 has exceeded expectations, indicating a shift in consumer behavior towards valuing emotional and intelligent experiences in vehicles [21][22]. Lithium Battery Sector - The lithium battery production is projected to grow, with significant investments in high-end products and solid-state technologies [4][35]. - Companies like Fulin Precision and Enjie are expanding their production capabilities, focusing on high-performance lithium iron phosphate and solid-state battery materials [4][31]. Photovoltaic Industry - The photovoltaic sector is expected to confirm a mid-term bottom as supply-side optimization measures are implemented [5][25]. - Major glass manufacturers in the photovoltaic industry plan to reduce production by 30% starting in July to address overcapacity issues [5][25]. Offshore Market Opportunities - Leading companies like EVE Energy are investing in overseas projects, such as a new energy storage project in Malaysia worth up to 8.654 billion yuan [4][22]. - The establishment of independent pricing systems and production capacities in overseas markets is seen as a strategy to enhance profitability [4][22]. AI and New Energy Integration - The integration of AI with new energy sectors is highlighted, with companies exploring innovative applications and market breakthroughs [8][21]. - The report notes the acceleration of controlled nuclear fusion technology, with companies like CFS partnering with Google for future energy supply [8][34].

证券研究报告 | 2025年07月07日 电力设备新能源行业点评 金风科技业务海外快速增长，浙江海风产业链合资成立海工基地 |  | 行业研究·行业快评 | |  电力设备 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 王蔚祺 | 010-88005313 | wangweiqi2@guosen.com.cn | 执证编码：S0980520080003 | | 证券分析师： | 王晓声 | 010-88005231 | wangxiaosheng@guosen.com.cn | 执证编码：S0980523050002 | 国信电新观点：1）今日金风科技在投资者互动平台表示，公司秉承"以本土化推进国际化"的宗旨，积 极拓展国际市场。此前公司披露１-5 月全资子公司金风国际实现营业收入 71.9 亿元，同比增长 96％；实 现净利润 9.33 亿元，同比增长 182％（以上财务数据来自公司公告，均为未经审计数据）。2）日月股份、 东方电缆与浙江能源集团下属企业成立浙江海风装备基地。3）南方电网阳江三山岛海上风电柔性直流输 电工程（ ...