华源证券指出，从细分赛道的景气驱动来看，储能领域受益于全球需求高增，叠加价格拐点出现与需求 规模扩大的双重利好，电池及材料环节盈利有望反转，碳酸锂、六氟磷酸锂、隔膜、铜箔等重资产属性 强、扩产难度大的细分领域将优先受益；光伏行业通过强化产能调控，以市场化、法治化手段推动落后 产能出清，遏制低价恶性竞争，加速供需格局优化，进而带动价格中枢回升与企业盈利修复；风电领域 则迎来多重利好，国内风机价格企稳改善行业盈利能力，出海战略的推进进一步打开增长空间，风电制 氢等新场景的探索更延伸了绿色价值链，同时 "十五五" 期间深远海风与出海仍将是核心主线，欧洲海 风需求释放叠加中国厂商在原材料、生产效率上的优势，以及产能本地化部署趋势，有望助力企业斩获 更多海外订单，大兆瓦产品规模化出货与产能释放也将为行业发展注入动力。此外，电力设备领域在全 球人工智能数据中心（AIDC）发展与电网建设投资的双重驱动下，需求维持景气；气电行业的高景气 度，更直接带动燃气轮机需求旺盛。政策层面的引导同样为行业添砖加瓦，通过推动新能源非电利用以 解决消纳问题，主机厂商正从传统的资产周转模式转向全链条运营模式，实现行业价值的重构升级。新 能源E ...

Core Viewpoint - The "14th Five-Year Plan" has significantly accumulated the quantity of renewable energy, with wind and solar power becoming the mainstay in replacing thermal power. The "15th Five-Year Plan" is expected to accelerate the qualitative leap in renewable energy, driven by policy guidance and structural optimization in various aspects [2]. Renewable Energy Development - The transition from "quantity accumulation" to "quality leap" is anticipated during the "15th Five-Year Plan," with a focus on achieving a clean, low-carbon, safe, and efficient new energy system [1][2]. Energy Storage - Large-scale energy storage is expected to see a compound annual growth rate (CAGR) of around 50% globally from 2025 to 2027, driven by the maturation of business models and market-driven demand [3]. - Industrial and commercial storage is entering a high-growth phase due to increased support from various countries and declining system costs [3]. - China's complete energy storage supply chain positions it to benefit from rising domestic standards and profitability, enhancing its global market share [3]. Wind Power - Domestic wind power is projected to grow steadily due to its high yield and grid-friendly characteristics, with a new global growth cycle emerging [4]. - The domestic wind turbine market is expected to recover in terms of pricing and profit margins, while expanding into international markets [4]. - The supply-demand dynamics in the component sector may stabilize, with differentiated growth across various segments [4]. Photovoltaics - The domestic photovoltaic market may face pressure in 2026, with a potential global installation decline of 5%-10% to 520-550 GW, while emerging markets remain vibrant [5]. - Supply-side reforms are expected to lead to a recovery in prices and profitability within the photovoltaic industry, supported by new technologies such as high-efficiency silicon batteries and perovskite materials [5]. Green Fuels - The green fuel market, including green alcohol, green ammonia, and sustainable aviation fuel (SAF), is poised for significant growth, potentially reaching a market size of trillions by 2030 [6][7]. - The industry is benefiting from domestic renewable energy consumption policies and international carbon tax regulations, driving rapid cost reductions [7].

Core Viewpoint - The report from CITIC Securities indicates that the new energy sector is expected to see significant improvement in fundamentals by 2026, driven by domestic systematic upgrades and increased overseas demand, with a focus on energy storage, wind power, high-quality development in photovoltaics, and new growth opportunities in green fuels [1] Group 1: New Energy Development - New energy development is transitioning from "quantity accumulation" to "quality leap" during the 14th Five-Year Plan, with wind and solar power becoming the mainstay of energy supply [2] - The 15th Five-Year Plan is crucial for achieving carbon peak by 2030 and building a clean, low-carbon, safe, and efficient new energy system, with structural optimization expected in various aspects [2] Group 2: Energy Storage - Large-scale energy storage is expected to see a compound annual growth rate (CAGR) of around 50% globally from 2025 to 2027, driven by market-driven demand and improved commercial models [3] - The domestic energy storage industry is well-positioned with a complete supply chain, and Chinese manufacturers are likely to benefit from rising standards and profitability [3] Group 3: Wind Power - Domestic wind power is anticipated to grow steadily due to high returns and favorable grid integration, while international support for wind energy is expected to align growth trends [4] - The wind turbine sector is projected to recover prices and profit margins, with opportunities for global market expansion [4] Group 4: Photovoltaics - The photovoltaic sector may face pressure in domestic installations by 2026, with a potential global installation decline of 5%-10% to 520-550 GW, although emerging markets remain vibrant [5] - New technologies such as high-efficiency silicon batteries and perovskite materials are expected to drive long-term growth in the photovoltaic industry [6] Group 5: Green Fuels - The green fuel market, including green alcohol, green ammonia, and sustainable aviation fuel (SAF), is poised for significant growth, potentially reaching a market size of trillions by 2030 [7] - The domestic green fuel industry benefits from abundant renewable energy resources and a complete supply chain, facilitating the transition from demonstration to commercial operation [7]

Group 1 - The company is a leading provider of wind power solutions, maintaining the top market share in China for 14 consecutive years and globally for 3 years, benefiting from a recovery in wind power demand and stable pricing, with revenue of 48.147 billion yuan and net profit of 2.584 billion yuan in the first three quarters of 2025, representing increases of 34.34% and 44.21% respectively [1] - Wind turbine prices have stabilized, initiating a recovery cycle for gross margins, with the average bidding price for turbines reaching 1610 yuan/kW in September 2025, a year-on-year increase of 9.2%, and the company’s gross margin for turbine manufacturing expected to continue improving [1] - The company’s order backlog reached a historical high of 52.5 GW by the end of Q3 2025, indicating strong future revenue potential [1] Group 2 - The offshore wind power sector in China is experiencing rapid growth, with an expected addition of 25 GW by 2030, and the company capturing 19.60% of new domestic offshore installations in 2024, ranking second in the market [2] - The company is expanding its overseas market presence, with a 41.7% year-on-year increase in exports, totaling 5193.7 MW in 2024, and a cumulative export capacity of 9790.8 MW by the end of 2024, significantly exceeding competitors [2] - The gross margin for the company’s overseas business reached 18.7% in the first half of 2025, indicating strong profitability potential from international operations [2] Group 3 - The company is expected to see continued profit growth, with projected net profits of 3.732 billion yuan, 5.120 billion yuan, and 5.571 billion yuan for 2025-2027, reflecting year-on-year growth rates of 100.6%, 37.2%, and 8.8% respectively [3] - The estimated earnings per share (EPS) for the same period are projected to be 0.88 yuan, 1.21 yuan, and 1.32 yuan, with corresponding price-to-earnings (PE) ratios of 20, 14, and 13 times [3] - The company is rated "Buy" based on its strong industry position, improving order structure, and favorable market conditions [3]

人民财讯12月26日电，中信证券研报认为，"十五五"是国内建设清洁低碳安全高效新型能源体系的关键 期，新能源有望继续迈向量质并进，并逐步解决电力难消纳、行业内卷和机制僵化的积弊，完善源网荷 储、零碳闭环的多层次协同发展；同时，在能源转型的背景下，叠加AIDC激增、制造业回流等加剧海 外电力紧张局面，全球有望开启电力建设超级周期，新能源将成为全球能源发展和结构转型的关键一 环。在国内体系化升级、海外需求放量的推动下，受益于供给格局和全球布局优化，预计2026年新能源 板块基本面整体有望迎来显著改善，看好储能、风电行业的高景气增长，光伏转向高质量发展，以及绿 色燃料领域的新成长机遇。 ...

Core Insights - The Central Asian region is experiencing robust economic growth, with Kazakhstan, Uzbekistan, Kyrgyzstan, Tajikistan, and Turkmenistan showing resilience and a shift in development models, supported by deepening cooperation with China [1][5]. Economic Performance - Kazakhstan's economy grew by 6.4% in the first 11 months, with the real economy expanding by 8.3%. Key sectors include transportation (+20.3%) and construction (+14.7%). Fixed asset investment increased by 13.3% [2]. - Uzbekistan's GDP grew by 7.6% in the first nine months, with an expected annual growth of 7.5%. The construction sector grew by 14.2%, and services by 14%. Fitch upgraded Uzbekistan's credit rating to "BB" [2]. - Kyrgyzstan's economy surged by 11.7% in the first half and maintained a 10.2% growth rate in the first 11 months, driven by services (49.3% of GDP, +8.9%) and construction (+29%) [3]. - Tajikistan's GDP grew by 8.2% from January to September, with industrial output increasing by 24% and agriculture by 8.1% [3]. - Turkmenistan's economy grew by 6.3% in the first 11 months, with construction, transportation, and trade as key growth drivers [3]. Structural Transformation - Central Asian countries are shifting from external dependency to a dual-driven growth model, with domestic investment and consumption playing a larger role [4]. - The economic structure is diversifying, with rapid growth in the real economy and an expanding share of modern services such as trade, logistics, and finance [4]. - Policymakers are balancing growth and risk management, with inflation pressures prompting measures like interest rate hikes in Kazakhstan [4]. - Long-term strategies are focusing on digital transformation and sustainable development, with initiatives in technology and green energy [4]. China-Central Asia Cooperation - The economic vitality of Central Asia is closely linked to cooperation with China, marked by the second China-Central Asia Summit in 2025 [5]. - Trade between China and Kazakhstan reached $14.9 billion in the first half of the year, while trade with Kyrgyzstan increased from $17.4 billion to $23.6 billion in the first ten months [6]. - Connectivity projects are transforming Central Asia from a landlocked region to a land-linked one, with significant increases in cargo volumes and the launch of the China-Kyrgyzstan-Uzbekistan railway [6]. - Emerging cooperation in digital economy, green energy, and high-tech sectors is fostering future economic growth in Central Asia [6]. Institutional Framework - The signing of a permanent friendly cooperation treaty among six countries establishes six priority cooperation areas, enhancing institutional cooperation [7]. - The focus is on building local capacities through training, agricultural technology promotion, and poverty reduction mechanisms [7]. - The collective economic growth of Central Asia demonstrates the region's inherent vitality and resilience, supported by close ties with China [7].

Core Viewpoint - The 22nd World Wind Energy Conference held in Shantou, Guangdong, gathered representatives from nearly 30 countries to discuss cutting-edge wind power technologies and explore new paths for China's wind power industry to go global, culminating in the release of the "Shantou Declaration on Global Wind Energy Cooperation" and the launch of a comprehensive service port for China's wind power industry to expand internationally [1][7]. Group 1: Shantou's Wind Power Development - Shantou has established the Shantou International Wind Power Innovation Port, promoting China's wind power to ascend the global value chain [2]. - The region boasts exceptional wind resources, with an annual effective average utilization of nearly 4,000 hours and a potential offshore wind power capacity exceeding 60 million kilowatts [3]. - Shantou's strategic location as a key node in the "Maritime Silk Road" facilitates its role as an export base for wind power equipment, supported by a network of 268 ports across 57 countries and regions [3]. Group 2: Industry Growth and Innovation - Over the past five years, Shantou has rapidly developed its wind power sector, establishing three offshore wind farms with a total of 116 large turbines, leading the trend towards larger offshore wind projects [4]. - The total investment in the Lemen offshore wind farm exceeds 18 billion yuan, with the project recognized as a top-performing offshore wind farm in Guangdong [4]. - Shantou's International Wind Power Innovation Port integrates research, manufacturing, testing, and training, creating a comprehensive ecosystem for the wind power industry [5][6]. Group 3: Global Cooperation and Services - The "Shantou Declaration" outlines ten action directions for global wind power industry cooperation, including accelerating the construction of supply chains and fostering multi-party collaboration for technological innovation [7]. - The newly launched comprehensive service port aims to provide full-stack services to support Chinese wind power companies in their international expansion, leveraging the extensive network of overseas Chinese [8]. - Shantou's service port is designed to enhance the global competitiveness of China's wind power industry by facilitating both outbound and inbound investments [8].

Core Insights - The article highlights the rapid development and leadership of China's wind power industry, showcasing its significant contributions to green energy and the ongoing energy transition [1][4]. Group 1: Industry Growth and Capacity - China's wind power installed capacity reached 600 million kilowatts by November 2025, maintaining its position as the world's largest and fastest-growing renewable energy system [1]. - The Hebei region has over 37 million kilowatts of wind power capacity, contributing more than 60 billion kilowatt-hours of electricity this year [1]. - Jiangsu's offshore wind power has grown from 100,000 kilowatts in 2004 to over 12 million kilowatts, establishing a strong green energy supply [1]. Group 2: Technological Advancements - Continuous technological breakthroughs are driving high-quality development in the wind power industry, with a complete and leading industrial chain established [2]. - The localization of wind turbine main bearings has increased from 10% in 2021 to over 60%, significantly reducing reliance on imports [3]. - The average cost of onshore wind power has decreased by over 60%, with current costs being 30% lower than coal power, and construction costs around 4,000 yuan per kilowatt [3]. Group 3: Contribution to Energy Security - The share of wind and solar power in total electricity consumption has risen from 9.7% in 2020 to 18.6% in 2024, with projections nearing 25% in the first half of 2025 [5]. - Wind power is becoming a cornerstone for energy supply, supporting the increase in non-fossil energy consumption [6]. Group 4: Economic and Ecological Impact - Wind power is facilitating industrial transformation, with regions like Zhangjiakou leveraging green electricity for competitive advantages [6]. - The production of green ammonia at the Zero Carbon Hydrogen Industry Park in Chifeng is expected to reduce carbon emissions significantly [7]. - The green electricity trading in Inner Mongolia is projected to reach 4.9 billion kilowatt-hours by 2025, enhancing both ecological and economic benefits [7].

Core Insights - The article highlights the rapid development and leadership of China's wind power industry, showcasing its significant contributions to green energy generation and the ongoing energy transition [1][2][3] Industry Development - China's wind power installed capacity has reached 600 million kilowatts by November 2025, maintaining its position as the world's largest and fastest-growing renewable energy system [1] - The wind power industry has diversified across regions, with Hebei, Jiangsu, Xinjiang, and Inner Mongolia contributing significantly to green electricity supply [2] Technological Advancements - Domestic companies have made breakthroughs in key components, such as wind turbine main bearings, increasing the localization rate from 10% in 2021 to over 60% [3] - The cost of onshore wind power has decreased by over 60%, with the average cost per kilowatt now around 4,000 yuan, making it 30% cheaper than coal power [3] Energy Contribution - The share of wind and solar power in total electricity consumption has risen from 9.7% in 2020 to 18.6% in 2024, with projections indicating it could approach 25% in the first half of 2025 [5] Industrial Empowerment - Wind power is enabling industrial transformation, with regions like Zhangjiakou leveraging green electricity for data centers and manufacturing, thus reducing electricity costs and enhancing competitiveness [6] Ecological and Economic Benefits - Wind power contributes to ecological protection and regional development, with projects like the green ammonia production facility in Inner Mongolia significantly reducing carbon emissions [7] - The trading of green electricity has expanded, with transactions reaching 4.9 billion kilowatt-hours in 2025, enhancing both ecological and economic benefits [7]

Core Insights - The article highlights the rapid development and leadership of China's wind power industry, showcasing its significant contributions to green energy generation and the ongoing energy transition [1][2]. Industry Overview - China's wind power installed capacity has ranked first globally for 15 consecutive years, reaching 600 million kilowatts by November 2025, solidifying its position as a major player in clean energy [1]. - The wind power sector is characterized by a diverse regional development, with significant contributions from areas like Hebei, Jiangsu, Xinjiang, and Inner Mongolia, collectively generating substantial green electricity [2]. Technological Advancements - Continuous technological breakthroughs have been pivotal for the wind power industry's high-quality development, with domestic companies achieving a 60% localization rate for wind turbine main bearings, up from 10% in 2021 [3]. - The cost of onshore wind power has decreased by over 60%, with the average cost per kilowatt now around 4,000 yuan, making it 30% cheaper than coal power [3]. Contribution to Energy Security - Wind power's share in total electricity consumption has steadily increased, from 9.7% in 2020 to 18.6% in 2024, with projections indicating it could approach 25% in the first half of 2025 [5]. - The sector not only supports energy supply but also enhances industrial transformation, as seen in regions like Zhangjiakou and Jiangsu, where green electricity is utilized to reduce costs and improve competitiveness [5]. Environmental and Economic Impact - Wind power plays a crucial role in ecological protection and regional collaborative development, with projects like the green ammonia production facility in Inner Mongolia significantly reducing carbon emissions [6]. - The trading of green electricity has expanded, with transactions reaching 4.9 billion kilowatt-hours in 2025, marking a nearly fourfold increase, thus benefiting both ecological and economic outcomes [6].