通知明确，生态保护红线、自然保护地、重要湿地、重点国有林区林地草地内不得新建、扩建风电场项 目。在上述禁建区外，支持风电场项目开发建设并规范使用林地草地。 生态保护红线、自然保护地内依法已建成风电场项目，原则上不进行改造升级。生态保护红线、自然保 护地外，重要湿地、重点国有林区林地草地、基本草原内依法已建成的风电场项目，可按照集约化、节 约化的原则进行改造升级。鼓励用地单位将风电场项目改造升级后闲置的建设用地修复为林地、草地、 湿地，推动风电开发建设与生态修复融合发展。上述区域内的风电场项目用地期满后，应当逐步有序退 出，并做好生态修复。 （文章来源：新华财经） 新华财经北京1月29日电为统筹风电开发建设与林地草地保护，推动风电场项目规范使用林地草地，促 进风电高质量发展，日前，国家林业和草原局、国家能源局联合发布《关于支持风电开发建设规范使用 林地草地有关工作的通知》。通知自发布之日起施行，有效期至2030年12月31日。 通知从支持引导风电场项目科学布局、明确风电场项目改造升级要求、规范风电场项目使用林地草地手 续办理，和强化风电场项目指导和监管四个方面，明确风电企业和社会关注的"在哪儿建设"问题。 ...

Core Viewpoint - The joint notice issued by the National Forestry and Grassland Administration and the National Energy Administration aims to balance wind power development with the protection of forest and grassland resources, promoting high-quality development of wind power projects in China [1][2]. Group 1: Planning and Development - The notice emphasizes the importance of planning in the development of wind power projects, ensuring alignment with national land use, forestry, and wind power development plans during the "14th Five-Year Plan" [1]. - It encourages the establishment of large-scale wind and solar power bases in desert, Gobi, and barren areas, promoting efficient land use for wind power projects [1][2]. Group 2: Construction Regulations - The notice delineates prohibited construction areas, including ecological protection red lines, natural reserves, important wetlands, and key state-owned forest areas, where no new or expanded wind power projects are allowed [1][2]. - In areas outside the prohibited zones, the construction of wind power facilities must avoid sensitive ecological regions, such as national public forests, wetlands, and critical habitats for wildlife, adhering to relevant legal regulations [2]. Group 3: Environmental Protection Measures - The notice mandates ecological impact monitoring and vegetation restoration, ensuring that any temporary use of forest and grassland is followed by timely restoration of the ecosystem [2]. - It emphasizes the responsibility of developers to implement effective measures to safeguard the migration of wildlife, particularly birds, during the construction and operation of wind power projects [2].

1月29日，国家林业和草原局、国家能源局发布关于支持风电开发建设规范使用林地草地有关工作的通 知。通知提出，支持引导风电场项目科学布局。鼓励风电场项目开发空间集约复合利用，优先布局在沙 漠、戈壁、荒漠等区域。生态保护红线、自然保护地、重要湿地、重点国有林区林地草地内不得新建、 扩建风电场项目。在上述禁建区外，支持风电场项目开发建设并规范使用林地草地。生态保护红线、自 然保护地内依法已建成风电场项目，原则上不进行改造升级。生态保护红线、自然保护地外，重要湿 地、重点国有林区林地草地、基本草原内依法已建成的风电场项目，可按照集约化、节约化的原则进行 改造升级。鼓励用地单位将风电场项目改造升级后闲置的建设用地修复为林地、草地、湿地，推动风电 开发建设与生态修复融合发展。上述区域内的风电场项目用地期满后，应当逐步有序退出，并做好生态 修复。 《国家林业和草原局 国家能源局关于支持风电开发建设规范使用林地草地有关工作的通知》 各省、自治区、直辖市林业和草原主管部门、能源主管部门，新疆生产建设兵团林业和草原局、发展改 革委，国家林业和草原局各派出机构、各直属单位，国家能源局各派出机构，内蒙古、吉林长白山、龙 江、伊春森工 ...

Core Viewpoint - The notification aims to support and regulate the development of wind power projects while ensuring the protection of forest and grassland areas, promoting high-quality development of wind energy [2][3][4][5]. Group 1: Support and Guidance for Wind Power Projects - Wind power projects should be scientifically planned, with coordination among various departments to ensure compliance with land use regulations and encourage development in less ecologically sensitive areas such as deserts and barren lands [2]. - New wind power projects are prohibited in ecological protection red lines, natural reserves, important wetlands, and key state-owned forest areas [2]. Group 2: Upgrade Requirements for Existing Wind Power Projects - Existing wind power projects within ecological protection red lines should not undergo upgrades, while those outside can be upgraded following principles of efficiency and conservation [3]. - There is encouragement for the restoration of idle construction land back to forest, grassland, or wetland after project upgrades [3]. Group 3: Procedures for Land Use and Approval - New or expanded wind power projects must strictly follow land use approval procedures, ensuring compliance with relevant environmental laws [4]. - Construction and maintenance roads should utilize existing pathways where possible, and new roads must adhere to industry standards to prevent soil erosion [4]. Group 4: Strengthening Guidance and Supervision - Departments are required to enhance coordination and oversight of wind power projects, ensuring that ecological monitoring and wildlife protection measures are implemented [5]. - After temporary land use, restoration of vegetation and production conditions must be conducted promptly [5]. Group 5: Implementation and Validity - The notification is effective from the date of publication until December 31, 2030 [6].

Core Viewpoint - The article discusses the issuance of the "Notice on Supporting Wind Power Development and Regulating the Use of Forest and Grassland" by the National Forestry and Grassland Administration and the National Energy Administration, aimed at balancing wind power development with ecological protection and promoting high-quality development in the wind power sector [3]. Group 1: Background of the Notice - The need to reasonably guarantee land for renewable energy construction is emphasized, aligning with the goals set by the 20th Central Committee of the Communist Party of China to accelerate the construction of a new energy system and enhance the supply of renewable energy [4]. - The necessity to strengthen the protection and management of forest and grassland resources is highlighted, given China's ecological fragility and the need to balance wind power development with resource conservation [4]. - The notice aims to implement integrated protection of mountains, rivers, forests, fields, lakes, grasslands, and deserts, building on previous regulations to adapt to new trends in the wind power industry [5]. Group 2: Supporting and Guiding Wind Power Project Layout - The notice outlines four dimensions to guide the reasonable layout of wind power projects, emphasizing planning as a leading factor [6]. - Priority areas for wind power development are identified, particularly in desert, Gobi, and barren regions, encouraging the efficient use of space [7]. - Prohibited construction areas are defined, including ecological protection red lines and important wetlands, where no new wind power projects can be established [7]. - Guidelines for construction in permissible areas are provided, focusing on ecological value and biodiversity protection [7]. Group 3: Requirements for Wind Power Project Renovation and Upgrading - The notice specifies renovation and upgrading requirements based on ecological protection red lines and natural protected areas, with a general principle against modifications in sensitive areas [8]. - Projects outside sensitive areas may undergo upgrades if they adhere to land use efficiency requirements [8]. - There is an encouragement for land restoration post-renovation, integrating ecological restoration with wind power development [8]. Group 4: Norms for Utilizing Forest and Grassland Space - Construction activities must avoid sensitive ecological areas, with strict adherence to land use regulations [9]. - Proper procedures for land use must be followed, avoiding illegal modifications to circumvent restrictions [9]. - The notice emphasizes the importance of ecological impact monitoring and vegetation restoration after temporary land use [10]. - Fire prevention measures must be integrated into wind power project planning and execution [11]. Group 5: Regulatory and Service Responsibilities of Forestry Authorities - The notice outlines the responsibilities of forestry authorities at various stages of wind power project development, emphasizing proactive service and collaboration with other departments [12]. - Efficiency in processing land use applications for compliant projects is prioritized [12]. - Continuous oversight and guidance for ecological monitoring and restoration obligations are mandated [12]. - Post-retirement land restoration efforts should align with forest and grassland recovery initiatives [12].

1月29日，国家林业和草原局、国家能源局发布的《关于支持风电开发建设规范使用林地草地有关工作的通知》指出，支持引导风电 场项目科学布局；明确风电场项目改造升级要求；规范风电场项目使用林地草地手续办理；强化风电场项目指导和监管。 以下为原文 | 名 称 | 《国家林业和草原局 国家能源局关于支持风电开发建设规范使用林地草地有关工作的通知》 | | 【字体： 大 中 小】 打印本页 【下载】 分享到： ( 20 ( ) | | --- | --- | --- | --- | | 文 号 林资规〔2026〕1号 | | 发布时间 | 2026年01月29日 | | 发布机构 | 国家林业和草原局森林资源管理司 | 来 源 | 国家林业和草原局政府网 | | 业务类型 综合 | | 现行有效 时效状态 | | 各省、自治区、直辖市林业和草原主管部门、能源主管部门，新疆生产建设兵团林业和草原局、发展改革委，国家林业和草原局各派出 机构、各直属单位，国家能源局各派出机构，内蒙古、吉林长白山、龙江、伊春森工集团，有关发电企业： 本通知下发之前，已核准（备案）新建或改扩建的风电场项目使用草地的，可按照核准（备案）时用地预审意 ...

Summary of Conference Call Notes Company Overview - The company discussed in the notes is Mingyang Smart Energy, a leader in the wind energy sector, particularly focusing on offshore wind power. Key Points and Arguments Financial Performance - The company forecasts a net profit attributable to shareholders of 800 million to 1 billion yuan for 2025, representing a year-on-year increase of 131.14% to 188.92% [1] - The expected non-recurring profit is projected to be between 580 million to 780 million yuan, indicating a significant year-on-year growth of 230.66% to 344.68% [1] - For Q4, the company anticipates a net profit of 34 million to 234 million yuan, with non-recurring profit expected to be between 0 to 200 million yuan [1] - The profitability in Q4 is attributed to the earnings from power plants covering the losses from wind turbine manufacturing and impairments, with a notable reduction in impairments compared to the same period in 2024 [1] - Historically, Q4 has been a challenging quarter due to low-price order deliveries and impairments, but the forecast indicates a positive shift with Q4 profitability turning positive for the first time [1] Industry Dynamics - The domestic deep-sea wind policy is expected to be implemented soon, with the Wind Energy Committee projecting an average annual installation of 20 GW for offshore wind during the 14th Five-Year Plan [2] - There is a positive resonance in the European offshore wind market, highlighted by the UK’s AR7 bidding and a 100 GW offshore wind construction plan in Europe, which are seen as catalysts for growth [2] - The company holds over 40% of its orders in offshore wind, with overseas deliveries expected to contribute to performance starting in 2026 [2] Investment Outlook - The company’s main business in wind turbine manufacturing is at a critical turning point, with profit expectations of 2.3 billion and 3.3 billion yuan for 2026 and 2027, respectively, leading to a valuation of 40 billion to 50 billion yuan [2] - The company possesses key assets, including the Dehua chip satellite power asset, which is valued at 30 billion yuan in the short term and potentially 100 billion yuan in the long term [2] Stock Valuation - Current stock prices reflect only the valuation of the main business, and the company continues to be recommended as a strong investment opportunity [3]

Group 1 - The core viewpoint of the articles emphasizes the rapid growth of the global green economy, which has reached a value of $5 trillion, making it the fastest-growing sector after technology [1] - China is leading the world in renewable energy capacity and market share, positioning itself as a key player in the global green transition [1][2] - The development of China's renewable energy sector has significantly contributed to global carbon emission reductions, with an estimated 4.1 billion tons of carbon emissions reduced through the export of wind and solar products during the 14th Five-Year Plan [2] Group 2 - The transition to renewable energy is seen as a new engine for global economic growth, especially as traditional economic growth engines weaken and trade protectionism rises [3] - China's renewable energy initiatives not only provide products but also create opportunities for economic growth and job creation across various sectors, including high-end steel, smart chips, and logistics [3] - The current energy transition is characterized by a focus on sustainability and the integration of digital technologies, which will reshape global economic structures and productivity [4] Group 3 - The new energy transition is expected to drive humanity towards a higher stage of civilization, addressing the challenges of limited resources and climate change while promoting economic development [4] - This transition is systemic and digital, relying on renewable energy, new storage technologies, and smart grids, which will have a broader impact than previous energy transitions [4] - By embracing renewable energy, countries can better develop high-value manufacturing and future-oriented industries, demonstrating that green transformation is a vital opportunity rather than a burden [4]

Investment Logic - The company is a leading domestic offshore wind turbine manufacturer, with a three-tiered logic supporting its performance in an upward trajectory. In the short term, domestic onshore wind prices have rebounded, with the average bidding price for onshore wind turbines (excluding towers) expected to increase by over 10% year-on-year in 2025. As high-priced orders are delivered in 2026-2027, the company's manufacturing performance is anticipated to continue to release elasticity [1] - In the medium term, after three years of adjustment, the demand for domestic offshore wind construction is expected to gradually recover. It is projected that the average annual installed capacity of offshore wind during the 14th Five-Year Plan will increase from 8 GW to 15-20 GW, benefiting the company as a domestic offshore wind leader [1] - In the long term, Europe is entering a phase of rapid offshore wind construction, with an expected average annual installed capacity of over 15 GW after 2030. Currently, the local offshore wind turbine production capacity in Europe is only 4 GW. Coupled with the strong demand from European developers for cost reduction, the company is expected to achieve breakthroughs in the European offshore wind market through its local base in the UK, opening up long-term growth opportunities [1] Acquisition of Satellite Energy System Manufacturer - The company announced plans to acquire 100% of Zhongshan Dehua Chip through a combination of issuing shares and cash payments, along with raising matching funds. Dehua Chip focuses on flexible space solar cell chips and circuits, possessing gallium arsenide component-level supply capabilities. The general manager is Yang Wenyu, a former senior vice president of Blue Arrow Aerospace [2] - In September 2025, the world's lightest, most compact, highest efficiency, and simplest reliable deployment satellite fully flexible roll-fold solar wing made by Dehua Chip will be used in a commercial satellite for internet technology testing and successfully launched [2] - The company has established mass production capacity for HJT ground photovoltaic products and a pilot line for perovskite technology. With Dehua Chip's customer base and validation channels in the gallium arsenide field, the company is expected to smoothly enter the in-orbit verification phase after relevant product development, further opening the energy system market for high-power, large-area, and commercial satellites [2] Profit Forecast, Valuation, and Rating - The company is projected to achieve operating revenues of 37.4 billion, 42.7 billion, and 46.4 billion yuan in 2025, 2026, and 2027, respectively, with year-on-year growth of 37.6%, 14.3%, and 8.6%. The net profit attributable to shareholders is expected to be 1.02 billion, 2.21 billion, and 3.14 billion yuan, with year-on-year growth of 195.4%, 116.2%, and 42.2%, corresponding to EPS of 0.45, 0.98, and 1.39 yuan [3] - The company benefits from rising domestic onshore wind prices and accelerated offshore wind construction, with strong certainty in the release of mid-to-short-term profit elasticity. The investment in European offshore wind capacity and the acquisition of Zhongshan Dehua Chip establish long-term growth momentum, maintaining a "buy" rating [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating strong confidence in its future performance [4]. Core Insights - The company is positioned as a leading domestic offshore wind turbine manufacturer, with a three-tiered logic supporting its performance growth: short-term price recovery in onshore wind, mid-term recovery in offshore wind demand, and long-term expansion into the European market [2][15]. - The acquisition of Zhongshan Dehua Chip, a satellite energy system manufacturer, is expected to enhance the company's capabilities in space photovoltaic technology, further diversifying its business [3][70]. Summary by Sections Section 1: Domestic Offshore Wind Leader - The company ranks among the top four in the domestic wind turbine installation market from 2022 to 2024, with a leading position in offshore wind turbine technology and geographical layout [15][17]. - Short-term, the recovery in onshore wind turbine prices is expected to release profit elasticity, with a projected increase of over 10% in the average bidding price for onshore wind turbines in 2025 [20][25]. - Mid-term, the acceleration of offshore wind project development is anticipated, with a significant increase in installed capacity during the "14th Five-Year Plan" period [39][44]. - Long-term, the company aims to capitalize on the growing European offshore wind market, with expectations of substantial demand growth and a strategic investment in a local manufacturing base in Scotland [49][68]. Section 2: Satellite Energy System Manufacturer - The company plans to acquire 100% of Zhongshan Dehua Chip, which specializes in flexible space solar cell chips and systems, enhancing its position in the space energy sector [3][70]. - Dehua Chip's technology has achieved significant breakthroughs, including the development of the world's lightest and most efficient flexible solar wings for satellites [3][76]. - The company has established a comprehensive layout in third-generation photovoltaic technology, focusing on the commercialization of gallium arsenide solar cells [71][80]. Section 3: Profit Forecast and Valuation - Revenue projections for 2025, 2026, and 2027 are estimated at 37.4 billion, 42.7 billion, and 46.4 billion RMB, respectively, with year-on-year growth rates of 37.6%, 14.3%, and 8.6% [4][9]. - Net profit forecasts for the same years are 1.02 billion, 2.21 billion, and 3.14 billion RMB, reflecting substantial growth rates of 195.4%, 116.2%, and 42.2% [4][9].