Core Viewpoint - The company plans to invest in two new wind power projects with a total capacity of 450MW, which is expected to enhance its profitability in the wind power sector [1] Group 1: Project Details - The company intends to construct the Dunhua Zerui New Energy 300MW wind power project and the Rong'an Banlan 150MW wind power project, totaling an estimated investment of approximately 2.366 billion yuan [1] - Upon completion, these projects will significantly expand the company's wind power generation capacity [1] Group 2: Financial Implications - The investment in these wind power projects is anticipated to improve the company's profitability in the wind power industry [1]

人民财讯12月14日电，嘉泽新能（601619）12月14日公告，公司拟投建两个风电项目：1.敦化泽瑞新能 源300MW风电项目，该项目建设单位为公司三级子公司敦化泽瑞新能源有限公司，项目估算总投资约 16.31亿元；2.融安板榄150MW风电项目，该项目建设单位为公司二级控股子公司柳州博阳广能新能源 有限公司，项目估算总投资约7.35亿元。上述拟投建风电项目装机容量共计450MW，估算总投资共计 约23.66亿元；公司将视项目进展情况分期分批投入资金。 ...

Investment Rating - The report indicates a positive investment outlook for the wind power, hydrogen, and energy storage sectors, driven by government policies and market demand [1][5][18]. Core Insights - The central economic work conference has prioritized "dual carbon" initiatives and comprehensive green transformation as key tasks for the upcoming year, emphasizing energy supply and consumption decarbonization [1][5]. - Investment opportunities during the 15th Five-Year Plan are expected to focus on three main areas: wind power, green hydrogen and ammonia, and energy storage [1][5]. - The European wind power market is anticipated to see sustained demand due to legislative reforms and infrastructure investments [1][6]. Summary by Sections Wind Power - The EU's new grid plan aims to improve wind project access and enhance certainty for offshore projects, with a significant demand expected in Europe [1][6]. - Recommendations include focusing on companies involved in offshore capabilities, such as pile foundations, components, and wind turbines [1][6][7]. Lithium Battery - Tianji Co. and Tianci Materials have postponed their 6F project timelines, indicating cautious supply expansion [8][10]. - The lithium battery supply chain remains optimistic about price stability and demand recovery [8][10]. Photovoltaics & Energy Storage - The photovoltaic industry is undergoing a "de-involution" phase, with a focus on cost control and supply-side adjustments to restore profitability [14][15]. - The establishment of a polysilicon capacity integration platform is seen as a critical step towards addressing industry competition issues [15][16]. Hydrogen and Fuel Cells - Hydrogen is positioned as a key carrier for non-electric decarbonization, with increasing policy support and market demand expected [18][19]. - The green methanol market is projected to grow significantly, driven by global demand and regulatory changes [18][19]. Electric Grid - The approval of a major ultra-high voltage project in Zhejiang is expected to enhance profit elasticity for related companies [3][23]. - The North American AI power shortage is driving demand for high-efficiency electrical equipment, benefiting leading power equipment exporters [22][23]. AIDC and Liquid Cooling - Taiwanese liquid cooling companies reported significant revenue growth, indicating a rising demand for liquid cooling solutions in AI applications [24][26]. - The acquisition activities in the liquid cooling sector are expected to enhance competitive positioning for domestic companies in the global market [26][27]. Investment Recommendations - Recommended companies in wind power include Goldwind Technology, Yunda Co., and Mingyang Smart Energy [28]. - In the photovoltaic sector, key players include Sungrow Power, Xinyi Solar, and LONGi Green Energy [28]. - For energy storage, companies like Sungrow Power and Aiko Solar are highlighted [28]. - In the hydrogen sector, recommended firms include Furuite and Huadian Science and Technology [28].

Investment Rating - The report maintains an "Overweight" rating for the power equipment sector [5] Core Insights - The establishment of a polysilicon capacity integration acquisition platform is seen as a key measure to address the "involution" competition in the photovoltaic industry, aiming to enhance market efficiency through a dual-track model of "debt acquisition + flexible capacity utilization" [1][14] - The report highlights three main investment directions: 1) Opportunities for price increases in the supply chain under supply-side reforms, focusing on companies like Tongwei Co., Xiexin Technology, Longi Green Energy, and others; 2) Long-term growth opportunities driven by new technologies, with a focus on Maiwei Co., Aiko Solar, and others; 3) Industrialization opportunities from perovskite GW-level layouts, focusing on companies like Jinjing Technology and others [1][15] Summary by Sections 1. New Energy Generation 1.1 Photovoltaics - The polysilicon capacity integration acquisition platform has officially launched, aimed at resolving severe competition within the industry [1][14] - Longi Green Energy has announced an employee stock ownership plan, indicating expectations for industry recovery by 2026 [15] 1.2 Wind Power & Grid - The Zhejiang UHV AC ring network project has been approved, with a total investment of 29.3 billion yuan, marking it as the largest UHV AC project in China [2][17] - Goldwind Technology won the "China IDC Industry Green Solution Award," showcasing the integration of green power solutions in data centers [2][16] 1.3 Hydrogen & Energy Storage - A milestone was reached with the delivery of 500 hydrogen fuel trucks, marking significant progress in the hydrogen corridor construction in Northwest China [3][19] - The report suggests focusing on high-growth energy storage companies, with average bidding prices for energy storage systems ranging from 0.5397 to 0.5854 yuan/Wh [3][20][28] 2. New Energy Vehicles - Samsung SDI signed a nearly 10 billion yuan order for lithium iron phosphate energy storage batteries, indicating a shift in production lines to meet local demand in the U.S. [4][29] - The report recommends focusing on leading battery manufacturers such as CATL and others, as well as material and equipment manufacturers [30]

Demand: Onshore Wind Capacity Supported, Positive Outlook for Offshore Growth - In 2025, onshore wind capacity is expected to exceed 100GW, with a year-on-year growth of over 25% [2][11] - For offshore wind, the expected capacity for 2025 is between 8-10GW, with a year-on-year increase of 30%+ anticipated for 2026 [12][11] - The "14th Five-Year Plan" period is projected to see an average annual installation of 110-120GW for onshore wind and over 20GW for offshore wind [11][12] Offshore Cable: Voltage Levels Increasing, Leading Players Strengthening - The market size for offshore cables is expected to reach 10.7 billion yuan in 2025, a 62% increase year-on-year, with a compound annual growth rate of 26% from 2025 to 2030 [2][11] - The gross margin for 220kV cables remains stable at 35-40%, while higher voltage cables show promising margins of 45-55% [2][11] Tower and Pile: Domestic Profitability Turning Point, International Expansion Opportunities - Domestic capacity utilization rates have rapidly increased since Q2 2025, indicating a profitability turning point for related companies [2][11] - Internationally, companies are expanding their market share with significant profitability from single pile deliveries [2][11] Wind Turbines: Price Stabilization and Profitability Improvement Expected in 2026 - Wind turbine prices have stabilized, with a rebound of over 5% in bidding prices, leading to improved profitability for domestic manufacturers expected in 2026 [2][11] - Offshore orders and deliveries for wind turbine companies are significantly increasing, with offshore margins exceeding domestic margins by 5-10 percentage points [2][11] Investment Recommendations: Positive Outlook for Offshore Sector - The upcoming deep offshore projects are expected to catalyze growth, with a potential upward adjustment in mid-to-long-term installation levels [2][11] - Recommended stocks include those in the offshore wind sector such as 大金重工, 东方电缆, and others, as well as wind turbine manufacturers like 金风科技 and 明阳智能 [2][11] European Offshore Wind: Accelerated Planning Amid Energy Crisis - Following the energy crisis due to the Russia-Ukraine conflict, European countries are ramping up offshore wind planning, with auction volumes expected to increase significantly [2][21] - The average annual compound growth rate for European offshore wind installations is projected to reach 21% from 2025 to 2030 [2][37]

12月12日晚间，天顺风能（002531）发布定增预案。 据披露，公司拟向特定对象发行股票数量不超过5.39亿股，不超过本次发行前公司总股本的30%，募集 资金总额不超过19.5亿元，拟投向长风新能源装备制造基地扩建项目、天顺(射阳)风电海工智造项目(二 期)、天顺(阳江)重型风电海工装备智能制造项目(一期)、阳江港吉树作业区#J8泊位码头工程项目、特 种运输船舶购置项目及补充流动资金。 谈及本次交易目的，天顺风能表示，公司装备制造板块将逐步实现"陆向海"的战略转型，战略收缩陆上 塔筒和叶片制造业务，不再以规模为导向；战略重心将转移至发展前景更加广阔的海上风电装备制造环 节。在战略布局中，公司专注于海上固定式及漂浮式基础产品的制造，构建深厚的产品护城河，未来将 面向"国内+海外"多元市场，依托现有基地优势，聚焦重点区域客户，深度参与中国沿海项目，积极开 拓欧洲、日韩、东南亚等海外市场，形成国内外协同、产销联动的业务体系。 2025年作为中国海上风电从"规模化扩张"向"高质量跃迁"的关键节点。风电当前已是我国能源结构的重 要组成部分，且占比仍在不断提升。根据国家能源局数据，2025年1-9月，全国风电新增并网容 ...

Core Insights - The report indicates that the 2025 Central Economic Work Conference is more focused on "structural adjustment," suggesting a potential for a structural market trend in the upcoming year [4][6][26] - Historical patterns show that years emphasizing "stabilizing growth" typically lead to stronger market performance, favoring large-cap stocks over small-cap and value stocks over growth stocks [2][10] - Conversely, years focused on "structural adjustment" tend to exhibit market volatility, with large-cap stocks remaining flat while small-cap stocks weaken [2][10] Summary by Sections Historical Performance Post-Central Economic Work Conference - The report categorizes past conferences into two themes: "stabilizing growth" and "structural adjustment," with specific years identified for each theme [1][2] - Years with a "stabilizing growth" focus include 2014, 2018, 2019, 2021, 2022, and 2024, characterized by economic slowdowns and policies aimed at maintaining stability [1][2] - Years emphasizing "structural adjustment" include 2013, 2015, 2016, 2017, 2020, and 2023, where the focus was on addressing structural issues and risks [2] Market Behavior and Style Preferences - In "stabilizing growth" years, the market index typically strengthens, with large-cap stocks outperforming small-cap stocks and value stocks outperforming growth stocks [2][10] - In "structural adjustment" years, the market tends to be more volatile, with large-cap stocks showing flat performance and small-cap stocks declining [2][10] Industry Performance Insights - The report notes that the focus of the Central Economic Work Conference influences the following year's market trends, with specific industry policies guiding investment directions [3][4] - For instance, the emphasis on "innovation-driven" policies in 2012 led to a TMT boom in 2013, while the focus on "new consumption" and "new infrastructure" in 2018 shaped market trends in 2019 [3] 2025 Conference Insights - The 2025 conference highlights a "supply strong, demand weak" scenario, indicating a need to balance supply and demand dynamics [4][6] - The report suggests that monetary policy will prioritize economic stability and reasonable price recovery, which could lead to improved corporate profitability if inflation expectations rise [6] - Expanding domestic demand is a key focus, with policies aimed at increasing consumer income and stabilizing investment to counteract previous declines in fixed asset investment growth [6] Market Outlook and Sector Allocation - The report anticipates a structural market trend in 2025, with specific sectors recommended for investment, including AI applications, semiconductor, and renewable energy sectors [7] - The report emphasizes the importance of monitoring macroeconomic conditions and policy developments to inform investment strategies in the upcoming year [7]

Core Insights - The "Zhongjin Data Ulanqab Low-Carbon Computing Power Base" project, co-developed by Goldwind Technology and Zhongjin Data, won the "2025 China IDC Industry Green Solution Award," highlighting the importance of intelligent and green development in the industry [1] - Goldwind Technology is the only wind power enterprise to receive this award, demonstrating its role in providing a model for green computing power development through cross-industry integration [1] Project Overview - The Zhongjin Data project is the first in the country to successfully deliver power with a data center as a stable load, featuring 26 Goldwind GWH221-7.7MW wind turbines with a total installed capacity of 200.2 MW, fully operational since July this year [1] - The project adopts a "load-based generation, interactive source-load" approach, creating a collaborative system that includes "green energy supply, smart grid scheduling, efficient computing power load, and new energy storage systems" [1] - An intelligent scheduling system achieves dynamic balance between computing power load and electricity supply, pioneering an innovative operational model of "green electricity moving with computing power" [1] Environmental Impact - The project is expected to generate 848 million kWh of self-produced green electricity annually, with a renewable energy substitution rate of 38.74%, equivalent to a reduction of 580,000 tons of carbon emissions each year [1] - The AI computing power cost at this base is projected to decrease by over 25%, showcasing significant economic and environmental benefits [1] Industry Context - The International Energy Agency reports that data centers are projected to account for 1.5% of global electricity consumption in 2024, reaching 415 TWh, which is about half of Japan's annual electricity usage [6] - Energy supply and emission reduction pressures may become a "ceiling" for the large-scale expansion of the artificial intelligence industry, with direct green electricity connections being an effective solution [6] - The successful practices of Goldwind Technology and Zhongjin Data can be replicated under the "East Data West Computing" strategy, accelerating the integration of "AI + New Energy" and driving sustainable development of social productivity through green computing power [6]

Group 1 - The New Zealand Wind Energy Association (NZWEA) organized a delegation sharing session in China to explore mutual cooperation opportunities after visiting several Chinese wind power companies [2] - The event was attended by over 50 participants, including NZWEA CEO Kevin Hart and members of the New Zealand-China Relationship Promotion Committee [2] - The session highlighted the rich wind resources in New Zealand and the ambitious wind power installation targets set by the country [4] Group 2 - The Chinese Consulate in Auckland, represented by Consul Wang Chengguang, discussed China's 2035 national contribution goals and the "14th Five-Year Plan" for wind power development [4] - Chinese wind power companies are recognized for their efficient, innovative, and reliable products, which have gained a foothold in the global market [4] - Collaboration in the wind power sector between New Zealand and China is seen as beneficial for addressing climate change challenges [4]

证券日报网讯 12月12日晚间，天能重工发布公告称，公司第五届董事会第十五次会议审议通过了《关 于募集资金投资项目结项并将节余募集资金永久补充流动资金的议案》，公司决定将"天能重工武川 150MW风电项目"及"江苏天能海上风电装备制造基地技改及二期扩建项目"结项，并将节余募集资金 15，528.76万元永久补充流动资金。 （文章来源：证券日报） ...