Core Viewpoint - The wind power industry in China is experiencing rapid cost reduction and installation growth, particularly in onshore wind, while offshore wind is expected to recover significantly by 2025 due to major project initiations [1][2]. Onshore Wind Power - Since 2021, China's onshore wind power has entered a parity era, achieving rapid cost reductions through large-scale and technological advancements, leading to installations exceeding expectations [2]. - Intense competition in the main equipment segment has compressed profit margins, resulting in a situation where industry growth does not translate into increased profits [2]. - Price recovery in the onshore wind supply chain is expected in the second half of 2024, with improved profitability anticipated in 2025 as shipment volumes increase [2]. - The overseas market for onshore wind is witnessing explosive growth in orders, driven by competitive pricing, service, and localization advantages of Chinese manufacturers [2][3]. Offshore Wind Power - The offshore wind sector has faced installation challenges from 2022 to 2024 due to slow approval processes, but significant project initiations in regions like Jiangsu and Guangdong are expected to enhance industry conditions in 2025 [2][4]. - For 2026, domestic offshore wind installations are projected to rise to a range of 11-15 GW, representing a year-on-year increase of over 40% [4]. - The upcoming "15th Five-Year Plan" period is expected to see a total of 70-100 GW of new offshore wind installations nationwide, with record-high bidding anticipated [4]. Investment Recommendations - The global wind power industry is entering a new growth phase, with high certainty of performance increases in the sector [5]. - Key companies to watch in the main equipment segment include Goldwind Technology, Yunda Co., and SANY Renewable Energy, while component manufacturers like Delijia and Jinlei Co. are also highlighted [5]. - In the offshore wind sector, companies such as Dajin Heavy Industry, Haili Wind Power, and Oriental Cable are recommended for investment focus [5].

消息上，国家能源局新能源和可再生能源司副司长桂小阳12月18日在2025光伏行业年度大会上表示，未 来十年我国风光装机每年还需增长2亿千瓦左右，在已有的高基数基础上继续保持较高增速。 花旗认为明年「风能和太阳能装机产量超过200GW」的预测可能过低，并预计十五五规划期间的水电 与核电项目资本开支将会增加，以达成减排目标。此外，该行预计全球储能系统(ESS)的需求将加快扩 张。该行重申对金风科技、通威股份、东方电气及阳光电源的"买入"评级。 | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 01072 | 东方电气 | 23.420 | 4.09% | | 02208 | 金风科技 | 13.370 | 1.13% | | 00579 | 京能清洁能源 | 2.290 | 0.44% | | 00956 | 新天绿色能源 | 4.080 | 0.25% | | 00916 | 龙源电力 | 6.650 | 0.15% | 港股风电股盘初多数拉升，其中，东方电气涨超4%，金风科技涨超1%，龙源电力、新天绿色能源跟 涨。 ...

在绿色经济方面，朱光耀说，目前中国光伏装机容量占全球总装机容量的50%以上；风电总装机容量占 全球比重超45%；2024年中国电动汽车产量突破1300万辆，全球占比超70%。中国绿色经济的成就对中 国和世界的意义很重要，我们为全球应对气候危机做出了特殊的、巨大的贡献。 朱光耀表示，外商对中国人工智能和绿色经济领域的投资热情很高，美国华尔街近期不断调高对中国人 工智能领域的投资预期，正是看中了中国庞大的应用场景与发展潜力。外企投资中国的锂电池和光伏行 业，亦是希望在市场占有和技术分享方面同中国共享机遇。 (责任编辑：何欣) 中国经济网北京12月19日讯（记者 朱晓航）"中国2025年有望顺利实现5%左右的增长目标，经济总量 预计达到140万亿元。"财政部原副部长朱光耀在接受中国经济网《深谈》节目访谈时说，"'十四五'期 间，中国经济预计增长40万亿元，几乎等于创造了一个'全球第三大经济体'。中国经济总量占全球的 17%左右，但年均对全球新增经济增长量的贡献超过30%。" 朱光耀表示，"十四五"期间，中国经济高质量发展特别体现在人工智能和绿色经济两方面。在数字经济 方面，中国牢牢地抓住了人工智能的机遇，第一次站在 ...

Group 1: Macroeconomic Insights - November fiscal data shows a decline in fiscal strength, with general public budget revenue turning negative at -0.02% year-on-year, down from 3.2% [8][9] - Tax revenue decreased by 2.8%, with corporate income tax down by 5.2%, indicating continued pressure on corporate profitability [8][9] - Government fund budget revenue also saw a narrowing decline, with land transfer income down by 26.8%, while government fund expenditure turned positive at 2.8% year-on-year [8][9] Group 2: Wind Power Industry Investment Strategy - The wind power industry is expected to experience a boom in 2026, with domestic onshore wind installations projected to reach 120 GW, a 10% increase year-on-year [10][11] - The offshore wind market is anticipated to see new installations between 11-15 GW in 2026, with significant projects commencing in regions like Jiangsu and Guangdong [10][11] - Key players to watch include Goldwind Technology, Yunda Co., and Sany Heavy Energy in the onshore segment, and Daikin Heavy Industries and Oriental Cable in the offshore segment [11] Group 3: Huazhu Group Insights - The hotel industry is undergoing a structural adjustment, with a focus on balancing supply and demand, as leisure travel grows steadily while business travel remains low [13][14] - Huazhu's business model emphasizes a strong product lineup and digital management, with a membership base exceeding 300 million, leading to a competitive edge in revenue management [14][15] - The company aims to expand its mid-range and high-end hotel offerings significantly by 2030, with a projected increase in the number of hotels to 18,000 [15] Group 4: Weiteou Company Analysis - Weiteou reported a 24% year-on-year revenue growth in the first three quarters, reaching 1.06 billion yuan, while net profit attributable to shareholders decreased by 4.84% [16][17] - The company is focusing on domestic market penetration in microelectronics soldering materials, with a market share of approximately 7% in solder paste [18] - Weiteou's dual-platform strategy aims to enhance its product matrix and expand into new materials, with expectations of revenue growth to 1.54 billion yuan by 2027 [19] Group 5: Tencent Holdings Overview - Tencent's overseas cloud and gaming businesses are expected to drive growth, with cloud revenue projected to reach 757 billion yuan in 2025, accounting for 32% of total gaming revenue [20][21] - The company is leveraging AI to enhance game development efficiency and user experience, with significant improvements noted in production processes [21][22] - Tencent's strategic investments in overseas gaming studios are beginning to yield results, with a strong focus on replicating successful domestic models in international markets [21]

Core Viewpoint - The energy supply situation in China is stable, with sufficient resources to meet the demands of winter heating and power generation, supported by both traditional and clean energy sources [1][2][3] Traditional Energy Supply - Coal remains a critical component of China's energy security, with daily coal production reaching 75,000 tons and a maximum coal stockpile exceeding 350,000 tons, ensuring supply stability during extreme winter weather [1] - The National Energy Group has implemented an emergency supply mechanism, delivering over 11 million tons of coal and generating over 21 billion kilowatt-hours of electricity since December [2] Clean Energy Projects - Significant clean energy projects are being launched, including the 800 MW offshore wind project in Jiangsu, which is expected to power 1.4 million households and reduce carbon emissions by approximately 2.37 million tons [2] - The successful grid connection of the second unit of the Zhangzhou Nuclear Power Plant marks a milestone in nuclear energy development, contributing to the overall energy supply [3] Power Grid Enhancements - The completion of the ±800 kV UHVDC transmission project in Hubei will enable the transmission of approximately 40 billion kilowatt-hours of clean electricity annually, equivalent to replacing 12 million tons of standard coal and reducing carbon emissions by 30 million tons [3] - The State Grid has 82 key projects aimed at enhancing power supply capacity by over 30 million kilowatts, ensuring reliable electricity supply during peak winter demand [4] Resilience in Power Supply - To improve the resilience of the power supply system, it is essential to enhance the accuracy of renewable energy forecasting, apply digital technologies across various sectors, and optimize the efficiency of UHV transmission channels [5]

Group 1 - The EU has become increasingly reliant on China for rare earth materials, with a dependency rate of 98%, which directly impacts key industries such as renewable energy, military, and aerospace [4] - In September 2025, China exported 2,582 tons of rare earth magnets to the EU, marking a 21% month-on-month increase and reaching a recent high [1] - The EU is planning to impose a 50% tariff on Chinese steel and has initiated 20 anti-dumping investigations, indicating a shift towards protectionist measures against Chinese imports [1] Group 2 - The EU's recent sanctions against 12 Chinese companies, accused of helping Russia evade sanctions, have raised concerns among European businesses about the potential disruption of supply chains [1][9] - China's recent export controls on rare earth materials include a compliance review system, which could impact global supply chains and create a "valve" controlled by China [7] - The EU's Critical Raw Materials Act aims to reduce reliance on single third-country suppliers to below 65% by 2030, but challenges remain due to slow progress in domestic rare earth projects [6] Group 3 - European companies are facing production disruptions due to China's tightened rare earth export controls, with some firms experiencing a 40% drop in imports and a 15% increase in production costs [9] - The political tensions between the EU and China are creating a complex environment for businesses, as companies like those in Bavaria are successfully navigating through established "green channels" for importing rare earth materials [10] - The EU's internal contradictions regarding its approach to China are evident, as it seeks to balance geopolitical alignment with the U.S. while also recognizing the necessity of maintaining stable supply chains from China [6]

长沙晚报掌上长沙12月18日讯（全媒体记者 匡小娟）在哈萨克斯坦曼格斯套州，里海之畔，一座承载着能源革新 的风电场正静静伫立，与潮声共呼吸。近日，三一重能承建的哈萨克斯坦舍甫琴科堡UNEX 43.6兆瓦风电项目顺 利实现全容量并网。这不仅是8.0兆瓦平台风电机组在中亚地区的首次应用，也是中亚首个投运的"以大代小"等容 改造风电项目，标志着中国高端风电装备与绿色能源解决方案在中亚市场取得历史性突破。 舍甫琴科堡UNEX风电场位于哈萨克斯坦曼格斯套州图普卡拉甘区，原安装了24台1.7～2兆瓦的风电机组，已服 役多年，发电效率与稳定性早已大不如前。此次改造升级，三一重能6台8兆瓦风电机组成功"接棒"，刷新中亚地 区风电项目的单机容量纪录。 据介绍，在总装机容量不变的基础上，UNEX风电场通过"以大代小"，机位数量减少67%，叶轮直径增至195米， 轮毂高度110米，直接将"捕风触角"伸向风资源更富集的高空区域，发电效率呈指数级增长。 关键词：三一重能 风电 >>我要举报 D ( "通过此次'以旧换新'，项目年发电量预计增至1.4亿千瓦时，将有效缓解当地用电紧张问题。同时，机组数量从24 台减少至6台，土地利用率翻倍 ...

Group 1: Report Overview - The report focuses on the development of Hainan Free Trade Port, including its construction process, leading industries, infrastructure, and draws lessons from international free trade ports such as Hong Kong and Singapore [2][3] Group 2: Hainan Free Trade Port Development Overview Construction Process - Hainan Free Trade Port construction has gone through exploration and launch, full implementation, and customs closure preparation stages, with a continuously improving policy system and a phased approach towards full - island customs closure. The "Three - Step" strategy aims to initially establish a system by 2025, mature it by 2035, and fully build a high - level, internationally influential free trade port by the mid - 21st century [4][5] Leading Industries - Hainan has four leading industries: tourism, high - tech, modern services, and tropical characteristic high - efficiency agriculture, forming a diversified and integrated development pattern. In 2024, the number of tourists and total tourist spending in Hainan increased by 8% and 12.5% respectively, the added value of modern services increased by 7%, and that of high - tech industries increased by 8%. The digital economy industry achieved revenues of 142.4 billion yuan in 2024, with a growth rate of 20.5% in Q1 2025 [7][8] Infrastructure Construction - Transportation has achieved "county - to - county expressways", and the container throughput of Yangpu Port is expected to reach 6.5 million TEUs by 2025. Logistics and supply chains are accelerating international cooperation, and digital infrastructure has achieved "dual - gigabit" urban - rural integrated coverage [10][11] Group 3: International Free Trade Port Case Analysis Hong Kong International Free Trade Port - **Development Background**: With over 180 years of history, it has geographical advantages and has seized development opportunities after World War II and China's reform and opening - up [13] - **Development Features**: It features free - port and open - market policies, high internationalization, a service - based economy, and policy flexibility and institutional innovation [15][17] - **Lessons for Hainan**: Hainan can optimize trade and tax policies, create an international business environment, promote industrial diversification, strengthen institutional innovation, and build a high - end consumption hub [18][19] Singapore International Free Trade Port - **Historical Background**: Since its establishment as a trading post in 1819, it has transformed from a single re - export economy to a diversified one after independence in 1965 [21] - **Institutional Basis**: It has free - trade policies, tax incentives, and efficient administrative management [22][23][24] - **Economic Functions**: It serves as a re - export trade, financial, and shipping center [26][27][28] - **Industrial Characteristics**: It has a strong manufacturing and modern service industries [29][30] - **Lessons for Hainan**: Hainan can learn from Singapore's international vision, information construction, and regulatory experience [31][32][33]

Core Insights - The wind power industry is expected to experience a synchronous recovery in both domestic and international markets, driven by changes in demand and industry dynamics, creating new investment opportunities [1] - The report maintains an "outperform" rating for the wind power sector, indicating a positive outlook for investment [1] Group 1: Industry Review - Since 2021, China's onshore wind power has entered a parity era, with rapid cost reductions achieved through large-scale and technological advancements, leading to continuous installation exceeding expectations [3] - The competition within the main engine segment has significantly compressed the profitability of the industry chain, resulting in a situation where growth in volume does not equate to growth in profit [3] - The price of the onshore wind industry chain has been recovering since the second half of 2024, with profitability expected to improve in 2025 as shipment volumes increase [3][4] Group 2: Onshore Wind Power Outlook - For 2026, it is anticipated that new onshore installations in China will reach 120 GW, a year-on-year increase of 10%, setting a new historical high [4] - The industry chain prices are expected to have solid support, leading to significant recovery in main engine profits, with component segments showing notable operational leverage [4] - The CAGR for new onshore installations in emerging markets is projected to be 17% from 2024 to 2030, with domestic manufacturers expected to see substantial growth in export profits [4] Group 3: Offshore Wind Power Outlook - The report forecasts that new offshore installations in China will rise to a range of 11-15 GW in 2026, representing a year-on-year increase of over 40% [5] - The national offshore wind project development is expected to commence in 2026, with a total of 70-100 GW of new offshore installations projected during the 14th Five-Year Plan period [5] - The global offshore wind market is anticipated to see steady growth in orders and construction demand, particularly in Europe, where supply constraints for cables and piles are expected [5] Group 4: Investment Recommendations - The report suggests focusing on key players in the main engine segment such as Goldwind Technology, Yunda Co., and Sany Renewable Energy, while component manufacturers like Delijia and Jinlei Co. are also highlighted [6] - In the offshore wind sector, companies such as Dajin Heavy Industry, Haili Wind Power, and Oriental Cable are recommended for investment consideration [6]

证券研究报告 | 浙商早知道 报告日期：2025 年 12 月 19 日 浙商早知道 2025 年 12 月 19 日 ：张延兵 执业证书编号：S1230511010020 ：021-80106048 ：zhangyanbing@stocke.com.cn 市场总览 资金：周四全 A 总成交额为 16768.01 亿元，南下资金净流入 12.57 亿港元。 精品报告 【浙商电新 邱世梁/陈明雨/曹宇】量利向上，两海可期——风电行业专题报告——20251218 http://www.stocke.com.cn 1/3 请务必阅读正文之后的免责条款部分 2 重要推荐 2.1 【浙商电新 邱世梁/陈明雨/曹宇】量利向上，两海可期——风电行业专题报告——20251218 1、电新—量利向上，两海可期—风电行业专题报告—邱世梁/陈明雨/曹宇—20251218 大势：周四上证指数上涨 0.16%，沪深 300 下跌 0.59%，科创 50 下跌 1.46%，中证 1000 下跌 0.22%，创业板指下 跌 2.17%，恒生指数上涨 0.12%。 行业：周四表现最好的行业分别是银行（+1.97%)、煤炭（+1.89%)、石 ...