Group 1 - The wind power industry saw a significant increase in new installations, reaching 26.32 GW in May, a year-on-year growth of 801%. Cumulatively, from January to May, new installations totaled 46.28 GW, up 134% year-on-year. Large-scale equipment deliveries in Q2 are expected to support the performance of the industry chain [1] - The solar power sector added 197.85 GW of new installations from January to May, marking a nearly 150% year-on-year increase. In May alone, 92.92 GW was added, reflecting a month-on-month growth of 105.48%. However, component production in June is expected to decline by 18%-20%, with domestic component inventory nearing 50 GW [1] - The offshore wind sector is anticipated to see improved performance as the "Marine Power Nation" strategy is enhanced and projects are rapidly advanced, with related companies expected to realize quarterly earnings [1] Group 2 - The 136 document has been officially issued in regions like Mengxi, detailing the承接方案 for the power grid sector, which is gradually refining the mechanism for new energy participation in the electricity market. The ultra-high voltage sector is expected to enter a catalytic phase [1] - The Carbon Neutrality 50 ETF tracks the Environmental 50 Index, which is compiled by China Securities Index Co., Ltd. This index selects 50 listed companies from the A-share market involved in environmental equipment, environmental governance, and clean energy, reflecting the overall performance of the environmental industry [1] - The Environmental 50 Index is characterized by high industry concentration and strong growth potential, effectively representing the development trends of the environmental industry [1]

国金证券近日发布电力设备与新能源行业研究：广大特材发布中报业绩预告，Q2业绩同 环比增长230%/69%，拉开风电板块强势半年报大幕，关注量价齐升背景下零部件业绩弹性 释放；国内5月新增风电装机26.3GW，同比+801%，环比+393%，看好下半年风电需求继续 强势。 本周重要行业事件： 风光储：《三北沙漠戈壁荒漠地区光伏治沙规划（2025-2030年）》、《上海市海洋产 业发展规划（2025-2030）征求意见稿》印发；光伏/风电5月新增装机高增；国信大丰 850MW海风项目首批机组成功并网；大金重工公告筹划赴港上市。 以下为研究报告摘要： 子行业周度核心观点： 风电：广大特材发布中报业绩预告，Q2业绩同环比增长230%/69%，拉开风电板块强势 半年报大幕，关注量价齐升背景下零部件业绩弹性释放；国内5月新增风电装机26.3GW，同 比+801%，环比+393%，看好下半年风电需求继续强势。本周我们发布风电板块中期策略， 当前时点风电板块具备值得坚定看好的短、中、长期三重逻辑，持续重点推荐。 锂电：关注液相法锂金属、液相法硫化锂环节变化。锂金属工艺路线除了压延、蒸镀 外，还有液相熔融法，相较压延法，其能制 ...

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Views - The report highlights significant growth in the photovoltaic sector, with a 150% year-on-year increase in new installations, reaching 197.85 GW from January to May 2025 [4] - Wind power installations also saw substantial growth, with a 801% year-on-year increase in May, totaling 26.32 GW, supported by policy incentives [4] - The report emphasizes the ongoing advancements in the lithium battery supply chain, particularly in solid-state battery development, indicating a strong future outlook for the sector [7] Summary by Sections Photovoltaic Sector - New installations in the photovoltaic sector reached 197.85 GW from January to May 2025, marking a 150% increase year-on-year [4] - In May alone, 92.92 GW of new capacity was added, reflecting a 105.48% month-on-month increase and a 388.03% year-on-year increase [4] - The report suggests focusing on companies involved in material innovation and high-efficiency battery technologies [4] Wind Power Sector - The report notes that wind power installations reached 46.28 GW in the first five months of 2025, a 134% year-on-year increase [4] - The significant growth in installations is expected to support the performance of companies in the supply chain during Q2 [4] - The report recommends monitoring companies involved in offshore wind projects, as government policies are expected to catalyze further growth [4] Lithium Battery Sector - Companies in the lithium battery supply chain are advancing solid-state battery technologies, with several firms achieving significant milestones in energy density and production [7] - The report highlights that Ganfeng Lithium has established a comprehensive solid-state battery layout, achieving breakthroughs in energy density and cycle life [7] - The report suggests focusing on companies that are well-positioned in the solid-state battery ecosystem and those providing innovative solutions in the supply chain [7] Energy Storage Sector - The report indicates that energy storage markets in Europe are experiencing a surge in policy support, creating structural investment opportunities [7] - Various European countries are implementing significant subsidies and regulatory changes to enhance energy storage capabilities [7] - The report recommends focusing on companies that are positioned to benefit from these developments in the energy storage market [7] Overall Industry Outlook - The report concludes that the electric power equipment industry is experiencing positive fundamental changes and potential catalysts, maintaining an overall "Recommended" rating for the sector [4]

Investment Rating - The report gives a "Buy" rating for the offshore wind sector, particularly highlighting the potential for significant growth in European offshore wind projects and the expected increase in orders for related companies [7][6]. Core Insights - The offshore wind sector is experiencing a positive outlook with successful project milestones, such as the Jiangsu Guoxin Dafeng offshore wind project achieving its first power delivery and aiming for grid connection [7]. - The U.S. "Great American Outdoors Act" has introduced more lenient supply chain requirements, which is expected to benefit energy storage projects significantly [8]. - The lithium battery sector is seeing a resurgence in traditional orders and advancements in solid-state battery technology, with major manufacturers receiving large-scale orders [14][11]. Summary by Relevant Sections Offshore Wind - Jiangsu Guoxin Dafeng offshore wind project successfully completed its first power delivery, with expectations for initial grid connection within the month [7]. - The 2025 Offshore Wind Conference in Liaoning set a target of 13.1GW for offshore wind development, indicating strong future demand [7]. - European offshore wind demand is projected to double this year, with significant order growth anticipated [7]. Solar & Energy Storage - The U.S. Senate's version of the "Great American Outdoors Act" has relaxed certain supply chain restrictions, which is favorable for energy storage projects [8]. - After a peak in domestic installations, solar exports have rebounded, with May exports showing a month-on-month increase [8]. - The report highlights the potential for overseas markets to support solar demand in the second half of 2025 [8]. Lithium Batteries - The solid-state battery sector is moving towards industrialization, with major manufacturers receiving MWh scale orders [14]. - The report emphasizes the need for equipment upgrades in solid-state battery production, which is expected to yield higher value compared to traditional equipment [14]. - LG Energy Solution has secured an 8GWh order for cylindrical batteries from Chery, marking a significant contract in the lithium battery market [11]. New Energy Vehicles - The Chinese government has confirmed the continuation of the vehicle trade-in subsidy program, which is expected to stabilize market demand [15]. - The report notes a strong recovery in the overall vehicle market, particularly in the second half of the year, driven by new vehicle launches and subsidy support [15]. - The report anticipates a robust demand for new energy vehicles, with significant sales growth expected in the coming months [15]. Power Grid - The export of major electrical equipment has shown strong growth, with May exports reaching $6.49 billion, a year-on-year increase of 18% [18]. - The report highlights the ongoing demand for power grid equipment, particularly in overseas markets, which is expected to remain high [18]. - The report suggests that leading companies in the power grid sector are well-positioned to capture greater market share due to their comprehensive capabilities [20].

Macro Overview - The Federal Reserve paused interest rate cuts in June, maintaining the federal funds rate at 4.25%-4.50% while continuing quantitative tightening, which aligns with market expectations [2][3] - Economic forecasts indicate a downward adjustment in growth expectations for 2025 and 2026, with unemployment rates slightly increased, reflecting concerns over "stagflation" [3][4] - The dollar index is expected to decline further in 2025 due to tariffs, economic slowdown, and strengthening of alternative assets, stabilizing below 100 for the year [7] Home Appliances Industry - The home appliance sector is expected to benefit from long-term stability, with white goods focusing on performance consistency and increasing dividend rates, while black goods present opportunities due to enhanced global competitiveness [9][12] - The industry has seen a significant increase in the SW home appliance index, with respective gains of 3.8%, 25.4%, and 1.93% for 2023, 2024, and 2025 YTD [9][10] - The outlook for the home appliance market is cautious due to potential demand exhaustion and intensified competition, particularly in the air conditioning segment [10][11] Chemical Industry - The chemical industry is currently facing significant supply and demand pressures, with low profitability in the petrochemical sector, and a need for structural opportunities as the market stabilizes [15][16] - Brent crude oil prices are projected to range between $60-$70 per barrel in the second half of 2025, which may alleviate some cost pressures for the industry [15] - Key investment themes include domestic demand stimulation, supply-side constraints, and the domestic substitution of new materials [15][16] New Energy Sector - The new energy sector is experiencing structural differentiation, with a focus on new technologies and non-US exports, particularly in the wind and solar energy segments [18][19] - The demand for energy storage is expected to shift from policy-driven to market-driven profitability, with significant growth potential in domestic and overseas markets [20][21] - The wind energy sector is anticipated to see a recovery in profitability, driven by increased installations and demand from emerging markets [19][20] Investment Strategies - The report emphasizes the importance of long-term investment strategies, particularly in state-owned enterprises, technology, and consumer sectors, which are expected to yield stable excess returns [24][25] - The development of public funds is expected to favor long-term and passive investment strategies, with a focus on ETFs and sector-specific funds [25][26] - The report highlights the potential for significant returns through quantitative stock selection strategies based on fundamental factors [24][26]

星标 ★ IPO日报 精彩文章第一时间推送 在贵安新区这片平坦开阔的土地上，我流连忘返，两天的采访之旅让我一次次惊叹于眼前的景象： "昔日荒芜之地，已成今朝繁华新城"。 每次驱车经过数谷大道，腾讯数据中心那隐藏于平凡山腹中的"超级大脑"总能吸引我的目光。踏入 新区规划展示馆，光影交织的视觉盛宴令人震撼，其科技含量丝毫不逊色于一线城市，新区未来的 宏伟画卷正悄然展开。 在贵州电网公司贵安供电局的电网机巡作业平台上，智能作业中心工作人员轻点巡检中心，选择机 库……"一键"下发任务，贵安新区220千伏林后Ⅰ回线旁，一架无人机即自动从机巢旁起飞，开始 今天的巡线任务。在从晨曦初照的山林杆塔到夜幕低垂的农耕道旁，我目睹了一项项如何深刻地融 入其他产业的每一个角落。 在贵州长江汽车工厂里的实验室里，研究员们正忙碌地进行着各种精巧而奇怪的实验。他们为车主 们测试着车辆的极限性能，从"关门一万次"的耐久性测试到车底盘的坚固程度检测，每一个细节都 不放过。这里，一辆辆纯电动货车和新能源客车正从生产线上缓缓驶出，它们不仅代表着先进的制 造工艺，更承载着对未来绿色出行的无限憧憬。 同样是在贵安新区，夏日的快乐气泡诞生在中粮可口可乐 ...

Group 1: Development of Gui'an New Area - Gui'an New Area has transformed from a barren land into a prosperous new city, showcasing advanced technology comparable to first-tier cities [1] - The area features a variety of industries, including a data center operated by Tencent, which is referred to as a "super brain" [1] - The intelligent operation center of Guizhou Electric Power Company utilizes drones for automated inspection tasks, indicating the integration of technology into various sectors [1][12] Group 2: Automotive Industry in Gui'an - Guizhou Changjiang Automobile Factory is conducting rigorous tests on electric vehicles, including durability tests such as "closing the door 10,000 times" [1][8][6] - The factory is producing electric trucks and new energy buses, representing advanced manufacturing processes and a commitment to green transportation [1] Group 3: Food and Natural Resources - The COFCO Coca-Cola factory in Gui'an produces beverages that contribute to local enjoyment and economic activity [2] - The region is also known for its natural beauty, with Moon Lake Wetland Park serving as an important component of the sponge city initiative, enhancing urban ecology [2] - Local cuisine, including Miao-style cured meat and spicy fish soup, highlights the cultural richness and culinary diversity of the area [2]

财新观察｜更多运用市场力量 加快科技创新 成果转化 2025年5月25日，上海，位于南京东路步行街上的华为全球旗舰店。图：IC photo 近日，国务院以"深化科技成果转化机制改革，推动科技创新和产业创新融合发展"为 主题，进行第十四次专题学习。李强总理在主持学习时强调，科技成果转化需要良好环境作 支撑，要坚持有效市场和有为政府相结合，完善支持政策和市场服务，形成高效协同、富有 活力的成果转化体系。他指出，要加大资金支持，进一步拓宽思路，更多运用市场力量，吸 引社会资本加大投入，鼓励金融机构创新金融产品和服务方式，发展多层次资本市场，提供 多元化融资渠道。科技创新成果转化离不开市场力量，离不开一个健康发展、充满生机活力 的资本市场。 科技成果转化并非新课题。早在1996年，全国人大常委会就通过了《促进科技成果转 化法》。对于如何促进科技成果转化，各级政府、各高校和广大企业一直在探索。目前，中 国的学术论文发表数量和国际专利申请数量，均位居世界第一。截至2023年底，全国科研 院校的有效发明专利数达到102.3万件。科技部科技评估中心2024年9月发布的报告显示， 高校院所以转让、许可、作价投资和技术开发、咨询 ...

不过，由于关系到交通、能源领域内多个部门、多类环节，电网公司、充电企业、汽车用户等主体可能 存在差异化诉求。因此，要深入推动车网互动成为新型能源体系的关键支撑，让各方主体的核心诉求相 对均衡，这一规模化应用在基础设施更新与管理机制优化等方面还存在一些技术上的堵点、政策上的难 点，理应多措并举、协同推进。 一方面，提升技术成熟度。采用AI+边缘计算的技术融合方式，以车辆出行数据为基础，在后台系统建 立智能大脑，优化算力配置、强化算法供给，提升电网调度精准性。将边缘计算和分布式能源管理相结 合，实现车、桩、网的动态协同。 另一方面，优化协调机制。明确各方责任边界，形成职责清晰的联合体。制定车网互动技术标准体系时 需有全链条开发思维，确保应用通信协议、功率调节、信息安全防护等标准的规范性、前瞻性与兼容 性。借鉴山东等地先行先试的虚拟电厂聚合模式，众多车主参与充电运营商的整体性聚合，获得按照市 场规则结算的电费分成。深化"产学研"，鼓励高校开设车联网、智能电网等交叉学科课程，并与企业成 立产业联盟、实训基地或联合实验室，共同培养复合型技术人才。运营商要对充放电价格予以明示，将 电网需求响应时段清晰呈现，在充分尊重用户 ...

Summary of Key Points from Conference Call Records Industry Overview - The conference call primarily discusses the **new energy sector**, focusing on wind and solar power installations and market dynamics in China. Core Insights and Arguments 1. **Projected Installations for 2025**: It is expected that new wind and solar installations will reach approximately **300 GW**, with **200 GW** from solar and **80-90 GW** from wind. The mechanism electricity ratio is projected to be around **50%** [3][4][6]. 2. **Investment Expectations**: Despite a decrease from **370 GW** in 2024 to **300 GW** in 2025, the investment outlook remains stable for both existing and new projects due to the anticipated increase in industrial and commercial electricity consumption [3][4][6]. 3. **Market Risks Post-2026**: After 2026, the scale of centralized electricity generation is expected to shrink, leading to increased competition and potential downward pressure on mechanism electricity prices. This could result in a significant reduction in new energy installations [4][8]. 4. **Internal Rate of Return (IRR) Decline**: New energy project electricity prices are expected to decrease by **3-5 cents**, leading to a **1.5-2 percentage point** drop in internal rates of return. The average IRR in the northern regions is around **6.5%**, while the central and eastern regions may stabilize around **7-8%** [5][6]. 5. **Grid Investment Surge**: The grid investment is projected to reach a record high, with an **8%** increase in the budget, totaling over **660 billion** yuan, reflecting a **10%** growth rate [1][18]. Additional Important Insights 1. **Electricity Supply and Demand Balance**: The electricity supply gap is expected to ease this summer, with an addition of **60 million kW** in capacity, leading to a generally balanced supply-demand situation [2][32]. 2. **Solar Installation Progress**: As of April 2025, solar installations reached approximately **100 GW**, with expectations to hit **140 GW** by the end of May. However, new installations may decline in the latter half of the year due to project completions [7][16]. 3. **Market Entry of New Energy**: The proportion of new energy entering the market is set to reach **100%** in 2025, with all projects required to participate in market transactions, albeit with a minimum guaranteed price [10][11]. 4. **Utilization Rates**: The utilization rates for solar and wind power are declining due to increased installation capacity. Solar utilization is expected to drop to around **90%**, while wind utilization remains relatively stable [14][15]. 5. **Future of High Voltage Transmission**: The development of high voltage transmission projects is optimistic, with plans for **11 new lines** in 2025, although challenges remain regarding project approvals and environmental assessments [22][24][25]. This summary encapsulates the critical points discussed in the conference call, providing insights into the current state and future outlook of the new energy sector in China.