实有，大概会有一个十几个 G 瓦的一个差额那即使剔除掉美国之外，其实我们也承认，就 是确实整体的一个欧洲，就是中国大陆以外地区的一个海风进它的规模其实也还是有一个 小幅回落的。 我觉得主要的原因也是我刚提到，就是确实 2024 年它会有一份地源的一些容量可能会放 在 2024 年，所以整体的一个基数还是属于一个比较高的一个水平。那就从 2025 年新增 净配的一些区域来看的话，其实我目前看下来，大头肯定是在欧洲，欧洲大概是在 28.8 个计划左右，那其次亚太，亚太 7.3。那首先话，其实欧洲地区的话，其实主要的新的敬 佩的国家，一个是法国，然后是 9.9 个计划，然后英国可能 8.3 个计划。而其次是波兰丹 麦挪威爱爱沙尼亚和爱尔兰立陶宛这国家基本上都是有比如像波兰、丹麦和挪威都是和爱 沙尼亚都是有一个一到三个计划左右这样的水平那个爱尔兰和那个立陶宛，这些新兴新增 的国家，都是有一个大几百兆瓦，这样一个水平。 周圣钧 长江证券分析师: 各位投资者，那个早上好。那个欢迎大家来参加我们那个长江电新裕丰系列的 43 期电话 会。那个，我是长江证券的那个分析师，那个周任军。在这里的话，就给各位投资者再汇 报一下，最近 ...

Company and Industry Summary Company Overview - The company is the only private enterprise in China that has achieved a full industrial chain layout from epitaxial wafers to chips and power systems, holding over 80% market share in epitaxial wafers and 35% in the industry [1][1]. Key Technological Advancements - The company has mastered key technological breakthroughs, improving energy conversion efficiency compared to traditional solutions. It has achieved mass production and received 80 orders, with 29 orders already delivered. The first satellite verification was completed in August 2025 [1][1]. - The company is deeply involved with major institutions like Zhongxing and Zhongke, serving as the exclusive supplier for certain models, and is currently in the sample delivery phase with aerospace institutions [1][1]. Production Capacity and Expansion Plans - Zhongke Dianzhi owns 15 MOCVD production lines, with plans to expand to 40 lines. A new base is expected to be operational by August 2028, with an initial annual production capacity of 100 units and a long-term plan for 1,000 units [1][1]. Revenue Projections - If military orders are secured in 2026, the company expects to deliver 100 units, which will correspond to significant revenue. The sales revenue is projected to reach substantial levels in 2027, with power system revenue expected to surpass chip revenue by 2027-2028 [2][2]. Industry Dynamics - Mingyang Smart Energy has acquired 100% of Dehua's equity, gaining core space energy technology and forming a closed-loop technology route. Mingyang currently leads in domestic neodymium-iron-boron production with over 34% market share and plans to increase annual production capacity to 260 tons [3][3]. Market Position and Financial Performance - The company holds the top market share in offshore wind turbines, with a 8% increase in order volume in the first three quarters of 2025, outpacing industry growth. The gross margin for Q3 2025 is approaching breakeven, with expectations of a 3-5 percentage point increase in wind turbine gross margin due to low-price order deliveries and a reduction in self-research cost rates [4][4]. - The company plans to establish localized production bases overseas, with the UK base still ramping up. The first batch of offshore wind turbines is expected to be offline by the end of 2028, in collaboration with a strategic partner [4][4]. Financial Forecasts - The main business profit is expected to reach 2.4 billion in 2026, with a projected PE ratio of 15-20 times [5][5]. - Assuming the launch of 10,000 satellites, the gallium arsenide chip segment could yield a profit of 1.2 billion, with a corresponding PE ratio of 30 times. The total potential profit from the main business, satellite energy, and offshore wind export options could reach significant levels [6][6].

Core Insights - The visit of UK Prime Minister Keir Starmer to China in January 2026 resulted in 11 positive outcomes, marking a new phase in UK-China relations characterized by "re-engagement" and "divergence management" [1] - China's direct investment in the UK has shifted from "capital scale expansion" to "high-quality supply chain integration" over the past five years, with a significant rebound in investment flow expected in 2024-2025, driven by strong performance in renewable energy and greenfield projects [1][4] - The establishment of a "High-Level Climate and Nature Partnership" during the visit validates the business logic of collaboration in the "net-zero emissions" sector, highlighting the complementary strengths of both countries [1][3] Investment Trends - China's direct investment in the UK has transitioned from acquisition-driven capital to strategic greenfield projects, with FDI stock declining from approximately £6 billion in 2020 to £3.7 billion by the end of 2023, representing about 0.2% of the UK's total inward FDI [5][6] - Despite the decline in FDI stock, the number of Chinese projects in the UK has remained robust, averaging 37 to 46 new projects annually from 2021 to 2025, with a notable rebound in investment flow expected to reach €10 billion in 2024-2025 [5][6] Employment Impact - Chinese enterprises in the UK employ over 57,000 individuals and generate nearly £99 billion in annual revenue, with at least 9,356 new jobs created from 2021 to 2025, peaking at 2,814 new jobs in the 2023 fiscal year [6] Regional Investment Distribution - Investment from China has shifted from a concentration in London to a more balanced distribution across the UK, with greenfield investments rising to 60% of total investments by 2025, benefiting regions such as the West Midlands and North East England [8][11] Strategic Focus Areas - The focus of Chinese investment has moved towards renewable energy and electric vehicle supply chains, with significant investments in offshore wind, energy storage, and battery technology [14][19] - The West Midlands has become a key area for electric vehicle supply chains, while the North East and Yorkshire are transitioning from traditional heavy industries to low-carbon manufacturing [15][19] Challenges and Opportunities - The UK faces increasing competition from other European countries for Chinese investment, with regulatory uncertainties and unclear review processes diminishing its attractiveness [20][21] - The UK's National Security and Investment Act (NSIA) presents challenges for Chinese enterprises, as the unpredictability of the review process can lead to increased costs and project delays [23][24] Recommendations for Improvement - To enhance its attractiveness to Chinese investors, the UK should establish a green investment fast track for low-sensitivity projects and create a standardized trust framework to help Chinese enterprises navigate the regulatory landscape [28][29] - Strengthening post-investment support systems and ensuring clear communication regarding project delivery processes will be crucial for fostering a conducive investment environment [31]

Summary of Conference Call Notes Industry Overview - The focus is on the European offshore wind industry, highlighting the need for a reevaluation of valuations due to previously pessimistic market expectations and the unique attributes of certain companies [1][2]. Key Points Market Sentiment and Valuation Adjustments - The market has previously held overly pessimistic views regarding the growth potential of the European offshore wind sector, failing to recognize the unique characteristics of companies like Daikin Heavy Industries [1][2]. - Recent developments, such as the UK AR7 auction results, have led to an upward revision of installation forecasts for offshore wind, indicating a more positive outlook for the industry [2]. Positive Developments in Installation Forecasts - The UK AR7 auction exceeded expectations with a capacity of 8.4 GW, compared to prior estimates of 5-6 GW, prompting an increase in projected installation volumes for 2028 and 2029 [2]. - The forecast for annual installations in Europe has been adjusted to 9.1 GW for 2028 and 10 GW for 2029, reflecting a more optimistic growth trajectory [2]. Long-term Goals and Regional Development - The "Hamburg Declaration" from ten European countries reaffirms the goal of achieving 300 GW of offshore wind capacity in the North Sea by 2050, with a target of over 30 GW by the end of 2025 [2]. - The potential for additional development exists in other regions such as the Baltic Sea, Mediterranean, Atlantic coast, and Black Sea, suggesting significant future growth opportunities [2]. Company-Specific Insights - Daikin Heavy Industries is noted for its superior valuation potential, which is currently not reflected in its market price, with a PE ratio of 25X for 2026, compared to lower valuations for competitors [3]. - Cadeler, a leader in offshore wind installation, is also undervalued with a PE ratio of only 5-6X for 2026, despite expanding its business from turbine installation to foundation installation and transportation [3]. - The report emphasizes the importance of recognizing the alpha attributes of these companies, which have not been adequately priced into the market [3]. Recommendations - Continued optimism for the European offshore wind sector is expressed, with specific recommendations to focus on companies such as Daikin Heavy Industries, Cadeler, and others involved in offshore wind infrastructure [3].

该项目预计于2026年夏季作出最终投资决策，历时两年建设后于2028年投入运营。项目建成后预计年发电量达4 TWh，可满足约100万户家庭的用电需求，并将成为德国波罗的海地区迄今规模最大的海上风电场。 根据合同，Seaway7将负责运输和安装63根单桩基础及过渡件，海上施工预计于2027年启动。该项目单桩基础将 由EEW Special Pipe Construction（EEW SPC）制造，过渡段由大金重工交付。 Gennaker海上风电项目位于Fischland-Darß-Zingst半岛以北约15公里处，装机容量高达976.5MW，拟安装63台西门 子歌美飒SG 14-236海上风机和两座海上变电站。 （来源：龙船风电网） 近日，Subsea7集团旗下子公司Seaway7已获得Skyborn Renewables授予的一份重大合同，将为德国Gennaker海上风 电场运输和安装单桩基础及过渡件。这份重大合同价值在1.5亿美元至3亿美元（约合人民币10.42亿元至20.84亿 元）之间。 日前，Skyborn Renewables与德国输电系统运营商50Hertz签署协议，后者正主导推进Gennaker ...

1月31日，上海振华重工集团参建的广东阳江三山岛500千伏海上风电柔直输电工程海上换流站在南通振 华重装码头顺利封顶。该项目是国内首个海陆一体海上风电柔性直流输电工程，建成后将通过先进的柔 性直流技术，为粤港澳大湾区绿色低碳发展注入新动能。 许丛军 摄 视觉江苏网供图） （来源：新华日报） ...

彭博社1月26日报道，英国、德国、挪威等北海沿岸九国签署联合宣言，计划投资95亿欧元加速海 上风电开发，目标在2050年前实现100吉瓦装机容量，将这一传统油气产区转型为全球最大清洁能源基 地。根据规划，相关投资预计到2040年可带动1万亿欧元资金，创造9.1万个就业岗位，并降低电力生产 成本约30%。 （原标题：北海沿岸国家拟投95亿欧元加速海上风电开发） ...

Core Insights - The development of offshore photovoltaic power stations in Shandong has established a commercial model based on "co-located wind and solar" projects, significantly enhancing economic viability [1][3] - Shandong's marine economy is rapidly growing, with emerging industries projected to achieve a value-added of 558.6 billion yuan in 2024, reflecting a year-on-year growth of 7.3% [2] - The offshore renewable energy sector is seen as a new growth area, with significant potential for development due to favorable wind and solar resources [3] Offshore Photovoltaic Development - The first offshore fixed photovoltaic power station was established in Yantai, marking the beginning of the offshore photovoltaic sector in China [1] - The exploration in Shandong has led to the identification of a commercial model that utilizes shared infrastructure, enhancing the economic feasibility of offshore energy projects [1] - Future projects are expected to reach several tens of gigawatts (GW) in capacity [1] Marine Economic Growth - Shandong's marine economy is becoming a vast experimental field for various industries, including renewable energy, deep-sea mining, and biomedicine [2] - By 2025, Shandong's marine economy is projected to rank second nationally, driven by the growth of new industries [2] Offshore Wind and Solar Integration - Offshore renewable energy stations benefit from high wind speeds (average annual wind speed of about 7.5 m/s) and significant solar radiation (1,400-1,550 kW/m²) [3] - The proximity to electricity load centers is a key advantage for offshore energy stations, allowing for direct connections to high-demand areas [3] Policy Support for Offshore Projects - Shandong has implemented policies to reduce the development costs of offshore projects, such as exempting certain projects from energy storage requirements, which could increase project profitability by approximately 2 percentage points [4] - Major offshore wind projects are being constructed, with a total installed capacity of 592.4 MW reported by November 2025 [4] Marine Cable Technology Development - The demand for efficient energy transport from offshore to land has spurred innovation in submarine cable technology, with collaborations between universities and companies [5][6] - New products, such as cable protection accessories, are being developed to enhance the reliability of underwater power transmission [6] Comprehensive Marine Industry Advantages - Shandong's marine technology sector benefits from a robust industrial chain and strong research capabilities, with institutions like Ocean University of China leading in deep-sea mining technology [7] - The province has a complete industrial foundation that supports the development of marine equipment and technology, facilitating a closed-loop system from research to application [7] Challenges in Deep-Sea Equipment Development - The transition of deep-sea research into practical applications faces challenges such as high development costs and long validation periods, necessitating systematic resource integration [8]

Core Viewpoint - The company, Hai Li Wind Power (301155), expects a net profit of 327 million to 400 million yuan for the fiscal year 2025, representing a year-on-year growth of 394.76% to 504.71. [1] Group 1: Company Performance - The offshore wind power industry is showing signs of recovery, providing a favorable external environment for the company's development. [1] - The company has strategically positioned its production capacity to align closely with market demand, effectively seizing market opportunities. [1] - Both the shipment volume of the company's main products and its capacity utilization rate have achieved year-on-year growth, contributing to an increase in profitability. [1]

证券日报网讯1月29日，天顺风能（002531）在互动平台回答投资者提问时表示，海上风电行业空间巨 大，公司只是行业中一个细分领域的一员，虽然天顺永远争细分领域第一，但在这个万亿级别的大行业 里，公司始终保持清醒的头脑，做自己能力范围内擅长的事，并争取努力做到第一。 ...