Group 1: Core Insights - The global energy storage installation demand is expected to maintain high growth, with a significant increase in demand from AI computing centers contributing to this trend [1][5] - The lithium carbonate price has bottomed out and is recovering, leading to an end of negative feedback effects in the supply chain, which will significantly improve corporate profitability [1][5] Group 2: Photovoltaics - The photovoltaic industry is expected to see a bottoming out in its fundamentals in 2025, with marginal improvements in supply-demand mismatches and stabilization in industry chain prices [2] - Global photovoltaic installations are projected to face short-term pressure, with a potential year-on-year decline in new markets in China, the US, and Europe, while new markets in regions like the Middle East and South Asia are expected to grow rapidly [2] Group 3: Wind Power - The domestic wind power sector is anticipated to experience significant installation growth in 2025, reflecting high demand from previous years' bidding [3] - The profitability of listed companies in the wind power sector is expected to improve as high demand translates into better financial performance [3] Group 4: Power Grid Equipment - Global investment in power grids is expected to continue growing to accommodate the increasing share of wind and solar power generation [4] - The aging infrastructure in developed economies necessitates urgent upgrades, which will benefit domestic power grid equipment companies [4] Group 5: Energy Storage - The energy storage sector is projected to see explosive growth in 2025, with a significant increase in demand from large-scale storage in China, the US, and Europe [5] - By 2026, global energy storage installations are expected to reach 417 GWh, representing a 51% year-on-year increase [5]

Core Insights - The report emphasizes that the wind power sector is expected to break the cyclical pattern and maintain growth in 2026, driven by both onshore and offshore wind energy expansion globally, with a focus on green energy applications [10][12] - The report identifies four main investment themes for 2026: 1) Resonance of policies between China and Europe for offshore wind, 2) Green energy catalyzing non-electric utilization, 3) Profitability elasticity of major manufacturers, and 4) Sustained demand in the components sector [10][16] Group 1: Industry Overview - In 2025, the wind power sector faced cyclical pressures, but by the third quarter, the relative advantages of wind power became more pronounced due to policy impacts on the electricity market and non-electric utilization, leading to a projected double-digit growth in installed capacity for 2026 [10][20] - The report forecasts that installed capacity for onshore and offshore wind in 2026 will reach approximately 110 GW and 10 GW respectively, representing year-on-year growth of 10% and 25% [20][41] Group 2: Key Companies and Profitability Forecasts - The report highlights several key companies with investment ratings, including: - Goldwind Technology (002202.SZ) with a buy rating and projected EPS growth from 0.42 in 2024 to 1.16 in 2026 [7] - Dongfang Cable (603606.SH) also rated as buy, with EPS expected to rise from 1.47 in 2024 to 3.03 in 2026 [7] - New Strong Link (300850.SZ) rated as buy, with EPS projected to increase from 0.18 in 2024 to 2.92 in 2026 [7] - The profitability of major manufacturers is expected to improve significantly, with the average bidding price for main units increasing by 7.4% in 2025, and a high proportion of high-price orders expected to continue into 2026 [10][13] Group 3: Offshore Wind Development - The report notes that both Europe and China are emerging from a low point in offshore wind development, with a significant increase in project approvals and construction expected to drive growth in 2026 [10][56] - The offshore wind policy in China is evolving, with a focus on deep-sea technology and a significant number of projects expected to be initiated, which will enhance demand for high-voltage cables and other components [10][56] Group 4: Component Sector Dynamics - The demand for wind turbine components is projected to remain strong, with expectations of over 20,000 turbines needed annually during the "14th Five-Year Plan" period, indicating a recovery from previous supply chain constraints [10][44] - The report suggests that component manufacturers will benefit from increased capacity utilization and the introduction of new technologies, with specific companies recommended for investment, including New Strong Link and Delijia [10][13]

Core Insights - The article highlights the operation of China's first intelligent unmanned wind farm, the Sanxia Energy Ningxia Tongli Third Wind Farm, located in Wuzhong City, Ningxia, with a total installed capacity of 70 megawatts [2][4][6][8] - The wind farm operates efficiently without the presence of maintenance personnel, utilizing over 300 intelligent "employees" including drones, quadruped robots, and rail inspection robots for various tasks [2][4][6][8] Summary by Category Company Overview - Sanxia Energy is pioneering the development of intelligent unmanned wind farms in China, showcasing advanced technology in renewable energy [2][4][6][8] Technology and Operations - The wind farm employs a total installed capacity of 70 megawatts, demonstrating a shift towards automation in energy production [2][4][6][8] - The absence of traditional operational staff is replaced by a fleet of over 300 intelligent devices, indicating a significant advancement in operational efficiency and safety [2][4][6][8]

Group 1 - The construction of major projects continues across the country during the New Year holiday, with thousands of builders dedicated to advancing engineering efforts [1] - The largest ultra-high altitude mountain photovoltaic project in China, the Chaburang Photovoltaic Power Station, has recently commenced trial operations with over 1,000 builders ensuring equipment debugging and operational support [3] - The project manager of the Chaburang Photovoltaic Project expressed that the New Year message from the President has inspired the team to convert encouragement into practical motivation, aiming for formal commercial operation before the Spring Festival [5] Group 2 - Builders are also active in extreme environments such as deserts and deep seas, with over 70 oil workers successfully completing the first winter drilling operation in the Badanjilin Desert [10] - The "Deep Sea No. 1" project has successfully reduced the time for crude oil transportation from 18 hours to under 8 hours, showcasing advancements in operational efficiency [10] - The production supervisor of the "Deep Sea No. 1" gas field stated that efforts will be made to elevate deep-water oil and gas development technology in the new year [12] Group 3 - In the construction site of the Xi-Kang high-speed railway in Shaanxi, critical processes such as switch flash welding are accelerating, laying a solid foundation for subsequent track adjustments and testing [14] - During the holiday, 9,633 construction workers are engaged in the construction of the second natural gas pipeline for the "West-to-East Gas Transmission" project, having completed 1,770 kilometers of welding tasks, with progress exceeding 35% [17] - The project manager of the 300,000-kilowatt wind power project in Akto County, Huaneng, emphasized the commitment to expedite operations to deliver more clean energy to households [20]

这家丹麦风电开发商及其合资伙伴天源可再生能源公司在声明中表示，美国政府的这项指令 "违反了适 用法律"。两家企业将申请法院撤销该叫停令，直至法院作出终审判决。 这已是 "革命风电项目" 第二次成为特朗普政府的整治对象。今年夏季美国政府下达停工令后，法官裁 定该项目可在司法诉讼期间恢复施工。特朗普总统正大力阻挠风电行业发展，一边废除拜登政府时期的 气候政策，一边力推化石能源开发。 沃旭能源股价周五开盘一度上涨 3.7%。受特朗普政府多次打压风电行业、以及公司管理层决定大规模 配股（实则为丹麦政府对企业的纾困注资）影响，该公司股价 2025 年累计暴跌逾 30%。 特朗普政府叫停罗德岛近海一座即将完工的风电项目租赁协议后，丹麦沃旭能源公司正式提起司法诉 讼。 美国政府去年 12 月以国家安全顾虑为由，叫停了东海岸五座在建海上风电项目的租赁协议，称巨型风 机可能干扰雷达系统运行。除革命风电项目外，沃旭能源位于纽约近海的日出风电项目也受此波及。 美国政府去年 12 月以国家安全顾虑为由，叫停了东海岸五座在建海上风电项目的租赁协议，称巨型风 机可能干扰雷达系统运行。除革命风电项目外，沃旭能源位于纽约近海的日出风电项目也 ...

Core Viewpoint - The ongoing legal disputes between Dajin Heavy Industry and China Gezhouba Group Electric Power Co., Ltd. involve significant financial claims, with Dajin Heavy Industry seeking compensation of approximately 129 million yuan due to alleged economic losses caused by Gezhouba Electric Power [1][4]. Group 1: Legal Disputes - Dajin Heavy Industry's subsidiary has filed a lawsuit against Gezhouba Electric Power for compensation of 129 million yuan and related litigation costs [1][4]. - Gezhouba Electric Power previously initiated a lawsuit against Dajin Heavy Industry's subsidiary, claiming approximately 573 million yuan for construction contract disputes [1][2]. - The court has frozen a total of 12.53 million yuan in bank deposits from both companies as part of the legal proceedings [3]. Group 2: Financial Impact - The financial implications of the lawsuits could affect Dajin Heavy Industry's performance, particularly if the company is required to pay damages, which would impact profits [3][4]. - Dajin Heavy Industry reported significant revenue growth in 2025, achieving 4.595 billion yuan in revenue, a 99.25% increase year-on-year, and a net profit of 888 million yuan, up 214.63% [5]. - The company has experienced a turnaround after two years of declining revenue, with the increase attributed to a surge in overseas business [5]. Group 3: Overseas Business Expansion - Dajin Heavy Industry has become the leading supplier of offshore wind foundation equipment in Europe, with market share increasing from 18.5% in 2024 to 29.1% in the first half of 2025 [6]. - The company's export business has seen a significant rise, with export revenue accounting for nearly 80% of total income, reflecting a 23 percentage point increase from the previous year [5][6]. - Plans for a Hong Kong IPO are underway, with funds intended for upgrading solutions, constructing a European assembly base, and expanding into new global markets [6].

"十五五"规划即将实施。规划强调科技创新是"十五五"的核心动力，旨在 解决"卡脖子"技术问题，培育新质生产力，重点方向包括人工智能、量子 信息、生命科学等。2 026 年我国资本市场有望延续慢牛、长牛行情，其 中科技创新领域将受到关注。 2025年我国经济、科技基本情况及政策前景 文/ 前海开 源基金 首席经济学家 杨德龙 在货币政策方面，美联储预计将继续降息。美联储降息往往会引发其他央行跟随降息，而我国央行此前已经通过降准、降息提供了较为宽松的货币环境。 预计 2026年美联储可能降息两次。我国利率水平本身已经处于较低位置，降息空间相对有限，但仍可通过下调 LPR 利率、MLF 利率等方式降低资金成 本。这将为推动 A 股和港股进一步走强奠定基础。 在美元指数逐步回落的背景下，人民币汇率有望继续回升。人民币升值将吸引更多外资流入中国资产，这对于推动中国资产估值回升具有积极意义。 2025年前十一个月，我国货物贸易顺差突破 1万亿美元，创造了历史记录。在中美签署贸易协定之后，我国出口贸易有望保持平稳增长态势，并在这一基 础上实现进一步提升。当前我国出口"新三样"，即新能源汽车、锂电池和光伏产品，具备较强的国际 ...

格隆汇1月2日｜丹麦风电商Orsted表示，将向法院申请禁制令，挑战美国政府暂停其Revolution Wind合 资项目合约的决定。Revolution Wind已向美国哥伦比亚特区联邦地方法院提出诉讼。Orsted声明指， Revolution Wind在暂停令下达时已完成合约项目约87%，预计最早本月开始发电。声明称，Revolution Wind已按严格审查程序要求，投入并承诺数十亿美元。Revolution Wind为Orsted及Global Infrastructure Partners旗下Skyborn Renewables合营，双方各持半数权益。 美国于去年12月29日以国家安全疑虑为由， 暂停美国东海岸5个正兴建大型离岸风电合约。 ...

2025年12月30日，中船科技（600072.SH）自主研制的H305-25MW海上风电机组在山东东营成功下线，这是全球首台25兆瓦级构网型海上风电机组，刷新 了风电行业构网型海上风电单机容量与技术集成的全球纪录。 该机组由作为中船集团风电产业产业链"链长"的中船科技整合集团内外优势资源，以"高可靠性、高发电量、低度电成本"为核心研发目标，攻克全球最大 功率构网型技术、150米级超长叶片高稳定设计、机电传动系统高密度集成等核心技术研发而成，为破解深远海风电开发难题、推动产业提质增效提供了 新方案。 25兆瓦海上风电机组不仅是单机功率的突破，更是实现了发电性能、可靠性、电网支撑能力与经济性的全面突破。从应用前景来看，该机组可减少风场机 位点数量20%以上，有效降低基础、塔筒、集电海缆等设备用量与施工成本，使项目综合开发成本降低5%以上，收益率提升10%以上，适配浙江、福建、 广东、海南等中高风速区域的平价上网需求。 2024年4月，东营市与上海电气风电集团、中船科技签订了电气风电年产160万千瓦大型海上风电智能制造基地及海上风电测试认证基地项目，建成后可具 备年产风力发电机组125套的装配、试验能力。 随着全 ...

Group 1 - China's economy is expected to maintain steady growth in 2025, successfully achieving annual targets, with strong momentum continuing into 2026 driven by new consumption, enhanced production capabilities, and a solid export position in global supply chains [1] Group 2 - New consumption is set to expand and improve, with policies aimed at boosting domestic demand, including increased quotas for trade-in programs and an expanded range of supported products, leading to over 2.5 trillion yuan in sales benefiting more than 360 million people in 2025 [2] - The shift in consumer trends towards value-for-money and emotional value is notable, with experiential consumption in areas like culture, travel, and fitness driving growth [2] - AI is enhancing both online and offline retail experiences, with innovations like instant retail and smart shopping becoming more prevalent, expected to lead to deeper integration and quality improvements in consumption by 2026 [3] Group 3 - Core technology breakthroughs are reshaping industrial advantages, with advancements in AI, semiconductors, and commercial aerospace expected to drive high-quality upgrades in various sectors [4] - The renewable energy sector is projected to expand significantly, with an expected addition of over 20 million kilowatts of wind and solar power capacity by 2026, contributing to energy structure optimization and carbon peak goals [4] - The digital transformation of manufacturing is advancing, with a penetration rate of 68% in 2025, leading to efficiency improvements of over 25% in key industries [4] Group 4 - Export resilience is anticipated, with a focus on diversifying markets and consolidating China's leading position in global supply chains [6] - The reduction of tariff uncertainties is expected to stabilize trade with the U.S., while high-value, green products are becoming key growth drivers, with electric vehicle exports reaching 3.01 million units in 2025, a 62% increase [7] - China's trade with Belt and Road Initiative countries accounted for over 50% of exports in 2025, indicating a strong foundation for non-U.S. trade [7] - Continued high-level openness and trade innovation are expected to strengthen global supply chain positions, with rapid growth in cross-border e-commerce and digital technologies reducing trade costs [8]