Core Viewpoint - Jiangsu Haili Wind Power Equipment Technology Co., Ltd. has shown significant growth in revenue and net profit for the first nine months of 2025, indicating strong operational performance in the wind power sector [2] Financing Summary - On November 6, Haili Wind Power experienced a decline of 0.87% with a trading volume of 295 million yuan. The financing buy amount was 22.81 million yuan, while the financing repayment was 33.85 million yuan, resulting in a net financing outflow of 11.04 million yuan [1] - As of November 6, the total financing and securities balance for Haili Wind Power was 201 million yuan, with the current financing balance at 198 million yuan, representing 1.07% of the circulating market value, which is below the 30th percentile level over the past year [1] - In terms of securities lending, on November 6, Haili Wind Power repaid 2,300 shares and sold 1,100 shares, with a selling amount of 93,500 yuan. The remaining securities lending volume was 24,600 shares, with a balance of 2.09 million yuan, exceeding the 90th percentile level over the past year [1] Business Overview - Haili Wind Power, established on August 18, 2009, and listed on November 24, 2021, focuses on the research, production, and sales of wind power equipment components, among other machinery [2] - The main revenue composition includes: 77.04% from foundations, 14.38% from wind power towers, 6.72% from conductors, and 1.85% from other sources [2] - As of October 31, the number of shareholders increased by 18.20% to 18,000, while the average circulating shares per person decreased by 15.40% to 6,861 shares [2] Financial Performance - For the period from January to September 2025, Haili Wind Power achieved a revenue of 3.671 billion yuan, representing a year-on-year growth of 246.01%. The net profit attributable to shareholders was 347 million yuan, with a year-on-year increase of 299.36% [2] Dividend Information - Since its A-share listing, Haili Wind Power has distributed a total of 237 million yuan in dividends, with 41.30 million yuan distributed over the past three years [3] Shareholding Structure - As of September 30, 2025, the top ten circulating shareholders included new entrants such as GF Advanced Manufacturing Stock A and Xingquan Helun Mixed A, holding 1.899 million shares and 1.5662 million shares, respectively [3] - Hong Kong Central Clearing Limited, ranked ninth among circulating shareholders, reduced its holdings by 559,900 shares [3] - BlackRock China New Horizons Mixed A exited the top ten circulating shareholders list [3]

Core Viewpoint - Goldwind Technology (002202)(02208) announced that as of October 31, 2025, the company has not repurchased any A-shares or H-shares [1] Summary by Category - **Share Repurchase Progress** - As of October 31, 2025, the company has not repurchased any A-shares [1] - The company has also not repurchased any H-shares [1]

Core Points - Yunda Energy Technology Group Co., Ltd. experienced a stock decline of 5.05%, trading at 18.05 CNY per share with a total market capitalization of 14.203 billion CNY as of November 4 [1] - The company specializes in the research, production, and sales of large wind turbine generators, with its main revenue sources being wind turbine units (87.54%), new energy EPC contracting (6.36%), and other services (4.04%) [1] Fund Holdings - Guodu Securities has a fund that heavily invests in Yunda shares, with Guodu Jucheng (011389) holding 20,000 shares, representing 3.25% of the fund's net value, making it the eighth largest holding [2] - The fund has reported a floating loss of approximately 19,200 CNY as of the latest data [2] Fund Manager Performance - The fund managers of Guodu Jucheng include Liao Xiaodong, Zhang Xiaolei, and Gong Yongjin, with varying tenures and performance records [3] - Liao Xiaodong has a tenure of 5 years and 175 days, with the best fund return of -24.14% and the worst at -65.41% [3] - Zhang Xiaolei has a tenure of 6 years and 325 days, achieving a best return of 80.09% and a worst return of -23.54% [3] - Gong Yongjin has a shorter tenure of 1 year and 216 days, with a consistent return of 9.93% [3]

Core Insights - China's foreign trade enterprises are actively adapting to the trend of green trade, transforming green and low-carbon concepts into high-quality products, thereby enriching global supply [1][3]. Group 1: Export Performance - In the first three quarters of this year, the growth rate of wind turbine units and components exceeded 30% [3]. - Photovoltaic products have maintained an export value of over 200 billion yuan for four consecutive years [3]. - The export volume of electric vehicles surpassed 2 million units for the first time last year [3]. - Other green transportation tools, such as electric motorcycles and bicycles, also showed strong growth [3]. Group 2: Green Product Popularity - Energy-saving and environmentally friendly home appliances, as well as recycled textiles and garments, are well-received in international markets [3]. - The 138th Canton Fair revealed that 47% of new products incorporated green design concepts [5]. Group 3: Trade Promotion Activities - Since the beginning of the year, over 10 trade promotion activities focusing on green and low-carbon themes have been successfully held domestically and internationally [6].

Group 1 - The core point of the article is that Goldwind Technology has successfully issued its second phase of green technology innovation bonds for the year 2025, with a total issuance amount of 1 billion yuan [1] Group 2 - The bonds were issued on October 29, 2025, and the funds were received on October 30, 2025 [1] - The total amount of the bonds issued is 1 billion yuan [1]

Core Viewpoint - Goldwind Technology (02208.HK) experienced a significant increase in stock price, rising over 9% in early trading and currently up 6.7% at HKD 13.86, with a trading volume of HKD 364 million [1] Group 1 - The stock price of Goldwind Technology rose by over 9% in early trading [1] - As of the latest update, the stock is up 6.7% at HKD 13.86 [1] - The trading volume reached HKD 364 million [1]

Core Insights - The company reported a revenue of 1,533,157,636.30 yuan for the third quarter of 2025, representing a year-on-year increase of 17.80% [1] - The net profit attributable to shareholders of the listed company was 15,884,761.78 yuan, showing a significant year-on-year decline of 79.01% [1] Financial Performance - Revenue for Q3 2025: 1,533,157,636.30 yuan, up 17.80% year-on-year [1] - Net profit for Q3 2025: 15,884,761.78 yuan, down 79.01% year-on-year [1]

Core Viewpoint - Daiwa's report indicates that the positive factors for Goldwind Technology may have been fully reflected in the market, suggesting limited future upside potential [1] Group 1: Company Performance - Goldwind Technology's guidance for wind turbine generator (WTG) shipments for 2025 to 2026 is set at 2.5 GW, which may indicate that the pace of wind farm construction is slower than expected [1] - The company is expected to reach breakeven in its largest shipment segment, the WTG business, by 2026, compared to its current loss-making status [1] Group 2: Market Expectations - Daiwa believes there is a potential opportunity for profit-taking before Goldwind's fourth-quarter earnings announcement, as the market may have already priced in the guidance of a 2 percentage point increase in WTG gross margin by 2026 [1] - The valuation adjustment space for Goldwind is considered limited, leading to a downgrade in rating from "Outperform" to "Hold" [1] Group 3: Financial Projections - Daiwa raised the 12-month target price for Goldwind's H-shares from HKD 9 to HKD 13 [1] - Earnings per share estimates for the fiscal years 2025 to 2027 have been increased by 11% to 14% to account for the improvement in WTG gross margin [1]

Core Viewpoint - Goldwind Technology (02208) experienced a decline of over 4% in its stock price despite reporting a significant increase in net profit for the first three quarters of 2025, indicating potential profit-taking by investors ahead of the fourth-quarter earnings announcement [1] Financial Performance - The company reported a revenue of approximately 48.147 billion yuan, representing a year-on-year growth of 34.34% [1] - The net profit attributable to shareholders was around 2.584 billion yuan, reflecting a year-on-year increase of 44.21% [1] - Basic earnings per share were reported at 0.5969 yuan [1] Market Analysis - Daiwa published a report suggesting that there may be opportunities for profit-taking before the fourth-quarter results are released [1] - The firm believes that the market has largely priced in the guidance of a 2 percentage point increase in gross margin for wind turbines by 2026, indicating limited potential for positive surprises in the future [1] - Daiwa noted that the largest product mix for Goldwind comes from the wind turbine business, which is expected to reach breakeven by 2026 [1] Rating and Target Price - Daiwa downgraded Goldwind's stock rating from "Outperform" to "Hold" [1] - The target price was raised from 9 Hong Kong dollars to 13 Hong Kong dollars [1]

Core Viewpoint - Citigroup maintains a "Buy" rating on Goldwind Technology, raising the target price from HKD 11 to HKD 17, reflecting profit growth and improved cash flow [1] Financial Performance - The company's Q3 2025 performance exceeded expectations, with a significant increase in wind turbine sales and improved profit margins [1] - Investment income has also increased, contributing positively to overall financial results [1] Earnings Forecast - Citigroup has raised the net profit forecast for Goldwind Technology for 2026 and 2027 by 11% to 12% [1] - Factors influencing this adjustment include a strong order volume, with expected wind turbine sales growth revised from 15% and 10% to 20% and 15% year-on-year, respectively [1] - Sales management expenses are well-controlled, leading to a reduction in expenditures [1]