Core Viewpoint - TianShun Wind Power's stock performance and financial metrics indicate a stable yet cautious investment environment, with recent trading activity reflecting low financing and margin levels, alongside mixed revenue growth and profit decline. Group 1: Stock Performance and Financing - On December 29, TianShun Wind Power's stock price remained unchanged at 0.00%, with a trading volume of 125 million yuan [1] - The financing buy-in amount for the day was 10.64 million yuan, while financing repayment totaled 10.06 million yuan, resulting in a net financing buy of 578,900 yuan [1] - As of December 29, the total financing and margin balance for TianShun Wind Power was 244 million yuan, with the financing balance accounting for 1.96% of the circulating market value, indicating a low level compared to the past year [1] Group 2: Shareholder and Revenue Information - As of December 20, the number of shareholders for TianShun Wind Power was 82,400, an increase of 0.92%, while the average circulating shares per person decreased by 0.91% to 21,674 shares [2] - For the period from January to September 2025, TianShun Wind Power reported a revenue of 3.723 billion yuan, reflecting a year-on-year growth of 4.56%, but the net profit attributable to shareholders decreased by 76.10% to 69.71 million yuan [2] Group 3: Dividend and Institutional Holdings - Since its A-share listing, TianShun Wind Power has distributed a total of 1.426 billion yuan in dividends, with 171 million yuan distributed over the past three years [3] - As of September 30, 2025, the top ten circulating shareholders included new entrants such as GF Multi-Factor Mixed Fund holding 18.1993 million shares and HSBC Jintrust Small Cap Stock holding 14.0193 million shares, while Hong Kong Central Clearing Limited reduced its holdings by 1.2791 million shares [3]

早盘提示 Morning session notice 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2025 年 12 月 30 日 星期二 联系方式：yujunli@greendh.com | 板块 | 品种 | 多（空） | 推荐理由 | | --- | --- | --- | --- | | | | | 【行情复盘】 | | | | | 周一两市主要指数震荡整理，收盘涨跌不一，商业航天板块继续走强。两市成交额 | | | | | 2.13 万亿元，变化不大。中证 500 指数收 7430 点，跌 28 点，跌幅-0.38%；中证 | | | | | 1000 指数收 7594 点，跌 11 点，跌幅-0.15%；沪深 300 指数收 4639 点，跌 17 点， | | | | | 跌幅-0.38%；上证 50 指数收 3034 点，跌 10 点，跌幅-0.35%。行业与主题 ETF 中 | | | | | 涨幅居前的是航天 ETF、通用航空 ETF 基金、航空 ETF、中韩半导体 ETF、军工龙头 | | | | | ETF，跌幅居前的是稀有金属 ET ...

即将过去的2025年，世界经济面对美国加征关税冲击、地缘冲突持续与金融波动加剧等多重压力， 仍展现出坚韧底色，增长有望超过预期。然而，全球经济前景依然脆弱，贸易保护主义、人工智能(AI) 泡沫与债务压力如重重暗礁，随时可能阻滞复苏进程。展望2026年，世界经济需要在持续的不确定性中 寻找新平衡。 2025年，不同经济体增长呈现显著分化态势。国际货币基金组织(IMF)、世界银行、经济合作与发 展组织在各自的研究报告中不约而同地有所提及。 IMF在10月的《世界经济展望报告》中将全年经济增长预期上调至3.2%，但预计2025年美国经济增 速仅为2.0%，2026年可能进一步下滑至1.7%。欧元区与日本则面临外部需求疲软、结构改革停滞等长 期挑战，2025年增速分别维持在1.3%和1.1%的低位。 这一年，全球贸易在逆境中悄然重塑。世贸组织数据显示，2025年上半年，全球货物贸易量同比增 长4.9%，全年预期上调至2.4%。推动力不仅来自美国关税前的"囤货效应"，更得益于发展中国家间的 贸易扩张——亚洲贡献了全球贸易增量的主要份额，中国在电子产品、绿色产业等领域的出口韧性尤其 突出。 这种分化映射出全球经济格局的重 ...

当前，中央安全生产考核巡查临近尾声，此次考核巡查是中共中央办公厅、国务院办公厅印发《安全生 产考核巡查办法》以来，首次组织开展的"年度大考"。目的就是推动各级党委和政府、有关部门更好统 筹发展和安全，持续加强和改进安全生产工作，坚决防范遏制重特大生产安全事故发生，为经济社会高 质量发展筑牢安全屏障。 岁末年初，历来是安全生产事故的多发易发期，风险防控容不得一丝一毫松懈。记者在跟随考核巡查组 检查时发现，部分地方的安全隐患问题较为突出，令人揪心：某地一食品加工企业，在没有经过安全设 施设计和安全验收的情况下就投入生产使用长达数年，厂房内存在大量粉尘堆积，且除尘设备安装位置 错误。一旦遇到火星、火苗等，极易引发爆炸等连锁反应；在某地一风电项目施工现场，风机底座模板 支设立杆未使用专用底座或垫板，基坑边坡坡度也与方案要求不符，容易造成模板支撑体系坍塌，对作 业人员生命安全构成威胁。这些重大事故隐患如得不到及时整治，任其发展蔓延，后果不堪设想。 表面隐患背后，潜藏的深层次问题更值得深刻反思，根源性症结主要集中在三方面： （文章来源：经济日报） 一是部分地方仍存在"重发展、轻安全"的思维惯性。地方在招商引资、项目推进中 ...

如今，我国已向全球提供约70%的风电设备，近10年来推动全球风电成本下降超过60%。在风能资源较 好地区，陆上风电平均度电成本降至0.1—0.15元，近海海上风电平均度电成本降至约0.33元，风电已成 为具备市场竞争力的电源类型。 6亿千瓦，相当于超26个三峡电站的总装机。2025年，风电行业持续刷新纪录，全球最大26兆瓦级海上 风电机组、全球在运海拔最高风电项目、我国离岸距离最远海上风电项目等陆续并网。 本报北京12月29日电 （记者丁怡婷）国家能源局近日发布的数据显示：截至11月底，全国累计发电装 机容量37.9亿千瓦，同比增长17.1%。其中，太阳能发电装机容量11.6亿千瓦，同比增长41.9%；风电装 机容量突破6亿千瓦，同比增长22.4%。 （文章来源：人民日报） ...

三峡能源公告称，截至目前该项目仍处于申报阶段，尚需获得中国证监会和上海证券交易所的审核同 意，存在不确定性。公司将及时关注政策动向，积极与监管机构保持密切沟通，不断完善申报发行材 料，严格按照法律法规的规定与要求及时履行信息披露义务。敬请广大投资者注意风险，谨慎投资。 （编辑 张昕） 本报讯 （记者贺王娟）12月29日晚间，中国三峡新能源（集团）股份有限公司（以下简称"三峡能 源"）公告，公司以全资子公司三峡新能源大连发电有限公司所持有的大连庄河Ⅲ海上风电项目为底层 资产发行基础设施公募REITs项目已向中国证券监督管理委员会（以下简称"中国证监会"）和上海证券 交易所提交了申请文件，并于2025年12月26日获正式受理。 ...

Core Viewpoint - The article highlights the contrasting situation of strong performance recovery at Goldwind Technology amidst significant share reductions by its major shareholder, Harmony Health Insurance, which has cashed out approximately 3.8 billion yuan in 2025 [4][39]. Group 1: Company Performance - In the first three quarters of 2025, Goldwind Technology achieved a revenue of 48.15 billion yuan, a year-on-year increase of 34.3%, and a net profit attributable to shareholders of 2.58 billion yuan, up 44.2%, marking a return to historical highs [12]. - The main drivers for the performance recovery include the rebound in wind turbine prices, optimization of product structure, and accelerated expansion of overseas business [15][18]. - The average bidding price for wind turbines in China has risen to 1,616 yuan/kW in June 2025, a 10.3% increase from June 2024 [15]. Group 2: Business Structure - Goldwind's business is structured into three main segments: wind turbine manufacturing and sales, wind power services, and wind farm development, with turbine sales contributing 76.6% of total revenue in the first half of 2025 [7]. - The company sold 18.4 GW of wind turbines in the first three quarters of 2025, with models of 6 MW and above accounting for 86% of total shipments, significantly up from 70% in 2024 [15]. Group 3: Market Position - Goldwind has maintained its position as a global leader in the wind power sector, with a domestic market share of 22% and a global market share of 15.9% in 2024 [9]. - The company has been the top player in the domestic wind turbine market for 14 consecutive years and has ranked first globally for three years [9]. Group 4: Industry Trends - The wind power industry is transitioning towards grid parity, with increasing market concentration and intensified competition among leading manufacturers [21]. - The cumulative installed capacity of wind power in China reached 581.6 GW by the end of September 2025, accounting for 15.6% of the total installed capacity [25]. Group 5: Financial Concerns - Despite the recovery in performance, Goldwind faces financial challenges, particularly regarding cash flow and debt repayment capabilities, with a negative operating cash flow of 630 million yuan in the first three quarters of 2025 [34]. - The company had approximately 10 billion yuan in cash and cash equivalents as of September 2025, while long-term borrowings amounted to 30 billion yuan, indicating significant debt pressure [38]. Group 6: Shareholder Actions - Harmony Health Insurance, a major shareholder, has been reducing its stake in Goldwind, having sold 275 million shares for a total of 3.8 billion yuan in 2025 [39]. - The official reason for the reduction is to optimize capital allocation, but it may also reflect internal pressures faced by Harmony Health due to declining insurance business revenues [41].

Group 1 - The core viewpoint of the article is that Funiu Co., Ltd. (600483) has confirmed the operational status of the Zhangpu Li'ao offshore wind farm, which is part of its investment in the Strait Power project [1] - The Changle Offshore J District wind farm project is expected to undergo investment decision approval by April 2025, with construction yet to commence and an estimated total construction period of 21 months [1]

大业股份（603278）开盘仅约1分钟垂直涨停，连续第4日封板，天奇股份（002009）连续3日涨停，中超控股（002471）4日3板，金风科技（002202）3日2 板，上纬新材、吉林化纤（000420）等逾10股强势涨停或涨超10%。 今日（12月29日）早盘，A股整体小幅上扬，上证指数连续第9日走强，深证成指、科创50、北证50等也微幅飘红，创业板指则微幅飘绿。下跌个股远多于 上涨个股，成交保持平稳。 盘面上，航天设备、风电设备、石油化工、PEEK材料等板块涨幅居前，玻璃玻纤、一般零售、汽车服务、酒店餐饮等板块跌幅居前。 风电行业"反内卷"见成效 风电股早间异动拉升，板块指数再度高开高走，盘中一度涨逾3%，创2个半月以来新高。 自去年10月12家整机企业共同签署《中国风电行业维护市场公平竞争环境自律公约》以来，中国风机中标价格（不含塔筒）再也没有低于1400元/千瓦，这 一大部分风机的成本线。 叠加风电行业高速发展，据国家能源局数据，截至2025年三季度末，全国风电累计并网容量达到5.82亿千瓦，同比增长21.3%，其中陆上风电5.37亿千瓦， 海上风电4461万千瓦。2025年前三季度，全国风电累计发 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The report highlights the increasing procurement ratio of high-efficiency photovoltaic components by Huaneng Group, indicating a shift towards higher efficiency in solar energy production [6] - The development of concentrated solar power (CSP) is emphasized, with a target of reaching 15GW of installed capacity by 2030, aiming for cost parity with coal power [7] - The report notes significant growth in the wind power index, outperforming the broader market, and provides insights into the performance of various renewable energy sectors [4][11] Summary by Sections Wind Power - The wind power index increased by 5.97%, outperforming the CSI 300 index by 4.02 percentage points, with a current PE_TTM valuation of approximately 26.26 times [4][11] - The delivery of the world's first methanol dual-fuel super-large oil tanker indicates a growing demand for hydrogen and methanol applications in the shipping sector, which is seen as a promising direction for renewable energy [10][26] Photovoltaics - Huaneng Group has adjusted its procurement framework for photovoltaic components, increasing the expected procurement capacity for high-efficiency components from 2.5GW to 3.5GW, while reducing the capacity for medium-efficiency components [6][7] - The report suggests that the shift towards high-efficiency components aligns with the government's push for quality and responsible pricing in the photovoltaic sector [6] Energy Storage & Hydrogen - The National Development and Reform Commission and the National Energy Administration have released opinions promoting the large-scale development of CSP, targeting a total installed capacity of 15GW by 2030 [7] - The report recommends investments in energy storage companies and highlights the potential for growth in distributed energy storage markets, particularly in residential and commercial sectors [7] Investment Recommendations - The report suggests focusing on companies with strong competitive positions in energy storage and wind power, including Yangguang Electric and Mingyang Smart Energy, while also recommending attention to leading photovoltaic companies like Longi Green Energy and Trina Solar [7]