Core Insights - The event organized by Shenzhen Stock Exchange in Australia aimed to showcase the investment opportunities in Chinese companies, particularly in technology innovation and high-quality economic development during the 14th Five-Year Plan period [1] Group 1: Company Participation and Focus Areas - Six representative companies from Shenzhen Stock Exchange participated in the roadshow, focusing on green low-carbon and high-end manufacturing sectors [1] - Companies like Tianqi Lithium, Goldwind Technology, and Xinwanda highlighted their technological breakthroughs and R&D efforts to attract investor interest [2] Group 2: ESG Practices and Recognition - The participating companies demonstrated improved ESG ratings, reflecting their commitment to sustainable development and attracting long-term investors [3] - Goldwind Technology and Tianqi Lithium have set clear carbon neutrality goals, while Xinwanda is advancing digital platforms for battery sustainability [3] Group 3: Alignment with Local Industry - The roadshow aligned well with Australia's focus on clean energy transition, with companies like Tianqi Lithium and Goldwind Technology directly engaging with local renewable energy initiatives [4][5] - The technological capabilities of the participating companies and their integration with local industries received high praise from investors [5]

长江证券研究所电力设备与新能源研究小组 2025-11-26 %% %% %% %% research.95579.com 1 分析师 邬博华 分析师 曹海花 SAC执业证书编号：S0490514040001 SAC执业证书编号：S0490522030001 SFC执业证书编号：BQK482 分析师及联系人 证券研究报告 • 证券研究报告 • 评级 看好 维持 新能源作为产业发展新增长的现状与 未来 %% %% %% %% research.95579.com 2 01 现状：全球竞争力突出，供需矛盾导致盈利承压 02 未来：迈向高质量发展，业务延伸打造新增长点 目 录 2.1 从高速发展迈向高质量发展 2.2 企业谋求出海带动量利齐升 2.3 业务延伸打造第二增长曲线 %% research.95579.com 3 01 现状：全球竞争力突出，供需矛盾导致盈利承压 %% %% %% %% research.95579.com 在光伏需求爆发背景下，供给端迎来快速扩张，目前各环节产能均超过1000GW，产能利用率大幅下降，其中硅料环节甚至低于50%。 图：2020年以来全球光伏装机快速增长 0% 10% 20 ...

Summary of Key Points from Conference Call Records Industry Overview - The focus is on the fixed income market, particularly interest rate bonds and credit bond allocation strategies [1][2][3]. Core Insights and Arguments - **Interest Rate Bonds Market**: The current market shows limited downward potential for interest rates, leading to a decrease in investor willingness to take long positions. The market is reacting less to positive factors [1][2]. - **Investment Strategy**: - For absolute return portfolios, a low duration defensive strategy is recommended, waiting for interest rate adjustments before considering new opportunities [1][3]. - For relative return portfolios, attention should be paid to the compression of spreads between government bonds and policy bank bonds [1][3]. - **Recommended Bonds**: - Long-term: 10-year policy bank bond 215 and 30-year government bonds are highlighted for their liquidity and potential capital gains [1][7]. - Short-term: 5-year policy bank bonds 208 and 203 are recommended, while avoiding certain convex positions due to low cost-effectiveness [1][8]. - **Hedging Strategy**: Utilizing government bond futures for hedging operations is advised, specifically buying policy bank bonds and hedging with 5-year or 10-year government bond futures to enhance cost-effectiveness [1][9]. Important but Overlooked Content - **Credit Bonds**: - Emphasis on focusing on economically strong provinces and cities for long-term credit bonds, while regions with insufficient growth momentum should prioritize bonds with maturities of three years or less [1][10][11]. - Specific attention to key industrial chains in provinces like Shandong and Sichuan, which are investing in renewable energy sectors such as photovoltaics and hydrogen energy [1][12][14]. - **Local Government Support**: The role of local governments in attracting investment and providing policy support is crucial for the development of local enterprises and industries [1][15]. - **Future Investment Opportunities**: Identifying investment opportunities based on local industrial development plans, particularly in emerging sectors like new energy and intelligent manufacturing, is essential for long-term growth [1][16][20]. Conclusion - The fixed income market is currently characterized by cautious investor sentiment due to limited interest rate movement. Strategic allocation in both long-term and short-term bonds, along with a focus on economically robust regions and sectors, is recommended for potential investment success.

Core Viewpoint - The event in Sydney focused on showcasing China's new quality productivity and investment opportunities, emphasizing the high-quality development prospects of the Chinese economy during the 14th Five-Year Plan period [2]. Group 1: Event Overview - The Shenzhen Stock Exchange organized a roadshow in Australia to present the stories of innovation and development of listed companies, aiming to attract local investors [2]. - Six representative companies from the Shenzhen market participated, including Tianqi Lithium, Goldwind Technology, and others from the green low-carbon and high-end manufacturing sectors [2][4]. Group 2: Industry Alignment - The participating companies align with Australia's focus on green low-carbon and high-end manufacturing, which are areas of significant interest for local investors [4]. - Tianqi Lithium holds leading lithium resources in Australia, while Goldwind Technology is a leader in the wind power sector, both aligning with Australia's renewable energy goals [4]. Group 3: Investor Sentiment - Australian investment institutions expressed optimism about Chinese companies' technological innovation and their movement towards higher value chains, indicating strong development prospects [5][10]. - The interaction at the roadshow reflected a positive outlook from foreign capital towards the long-term value of the Chinese market [12]. Group 4: Technological Innovation - Chinese companies showcased their commitment to innovation, with Tianqi Lithium emphasizing its market-oriented R&D management system and breakthroughs in lithium extraction technology [7]. - Other companies like MCG and Aoxin have maintained high R&D investment ratios, contributing to advancements in AI and battery technologies [7]. Group 5: ESG Practices - The participating companies have shown consistent improvement in ESG ratings, transitioning from compliance to value creation, which has attracted long-term investors [9]. - Companies like Goldwind Technology and Aoxin are integrating sustainability into their core strategies, enhancing their appeal to investors focused on ESG criteria [9].

Core Viewpoint - The Shenzhen Stock Exchange organized a roadshow in Australia to showcase the innovative development stories of listed companies and highlight investment opportunities in China's capital market during the 14th Five-Year Plan period [1] Group 1: Event Overview - The roadshow is the second consecutive year that the Shenzhen Stock Exchange has organized such an event in Australia, featuring six listed companies focused on green low-carbon and high-end manufacturing sectors [1] - Approximately 70 representatives from major Australian pension funds and asset management companies participated, engaging in discussions about the companies' operational status and innovation achievements [1] Group 2: Industry Focus - The participating companies align closely with Australia's investment hotspots, particularly in the renewable energy and high-end manufacturing sectors [2] - Tianqi Lithium, a leading lithium materials company, integrates deeply with Australia's lithium resource industry, while Goldwind Technology, a leader in wind power, aligns with Australia's renewable energy strategies [2] Group 3: Innovation and Technology - Companies are focusing on technological breakthroughs and increasing R&D investments to drive high-quality development, presenting significant investment opportunities [3] - Tianqi Lithium has established a market-oriented R&D management system, while Megmeet Electric has made breakthroughs in AI data center power supply systems [3] Group 4: ESG Practices - The participating companies have shown a commitment to ESG practices, which are increasingly recognized by long-term investors in Australia [4] - Goldwind Technology has integrated sustainable development into its entire product lifecycle, while Tianqi Lithium and Shenghong Technology have set clear carbon neutrality goals [5]

Core Insights - The customized wind turbine platform designed for high altitude and low wind speed environments has officially been launched in Guizhou Province, marking the production commencement of Shanghai Electric Wind Power Group (Guizhou) Co., Ltd [1] - The new wind turbine model EW6.25-220 is optimized for operations above 2000 meters and with an annual equivalent operating hour of approximately 1700 hours, achieving a utilization rate of over 98.5% [1] - The production base aims to establish a complete supply chain for clean energy equipment in the Southwest region, with a projected annual output value of approximately 1.5 billion yuan upon reaching full capacity [1] Company Developments - The wind turbine production facility is located in the Shanghai Electric Guizhou Longli Industrial Park, with plans for a blade factory to commence operations in 2024 [1] - The launch of the wind turbine signifies a significant step towards creating a comprehensive ecosystem for the clean energy industry, covering materials, core components, complete machines, and operational services [1] Industry Trends - During the 14th Five-Year Plan period, Guizhou has added a total of 3.44 million kilowatts of wind power capacity, representing a 62.5% increase compared to the end of 2020 [2] - There are currently 8.52 million kilowatts of wind power projects under construction, with expectations to exceed 10 million kilowatts by the end of 2025 [2] - The new wind turbine technology is anticipated to further expand wind power application scenarios during the 15th Five-Year Plan period [2]

（记者 张明双） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 每经AI快讯，明阳智能（SH 601615，收盘价：13.37元）11月26日晚间发布公告称，截至公告披露日， 上市公司及其控股子公司对外担保合同总额为人民币约53.88亿元，占公司2024年度经审计归属于母公 司净资产的20.53%；根据日常营运需求及项目建设情况，上市公司及其控股子公司对外担保余额为人 民币约25.81亿元，占公司2024年度经审计归属于母公司净资产的9.84%。 2025年1至6月份，明阳智能的营业收入构成为：产品销售收入占比92.08%，发电及售电收入占比 4.42%，风电场发电占比2.7%，其他业务占比0.8%。 截至发稿，明阳智能市值为304亿元。 每经头条（nbdtoutiao）——国开行辟谣的"人民资产"是什么？记者实探：号称投资600元80天赚8万 元！一位投资人的女儿：劝不住她，警察都拦不住 ...

Core Viewpoint - The Chinese wind power industry is experiencing a new round of development opportunities against the backdrop of a global shift towards cleaner and low-carbon energy structures, with significant growth potential in the offshore wind sector predicted from 2025 to 2030 [1][2]. Industry Developments - The Global Wind Energy Association forecasts stable growth in the global wind power market from 2025 to 2030, particularly highlighting the offshore wind sector's growth potential [1]. - The company actively participates in key industry events, showcasing its strategic positioning in emerging industries [1][2]. Company Performance - The company’s mid-year financial report for 2025 indicates a robust growth in overall operating performance, with revenue reaching 10.89 billion RMB, a 26% increase year-on-year [4]. - Wind turbine sales generated revenue of 9.54 billion RMB, reflecting a 47% year-on-year growth, solidifying its role as the core revenue pillar [4]. - The gross margin for wind turbine sales improved to 7.3%, up 2.2% year-on-year, attributed to advancements in large-scale turbine technology and product optimization [4]. - The company sold a total wind turbine capacity of 6.3 GW in the first half of the year, marking a 56% increase year-on-year [4]. - As of the end of Q2, the company had a strong order backlog of 45.9 GW, a 34% increase from the previous year, supporting future capacity release and performance realization [4]. Future Outlook - The company plans to continue focusing on its core wind power business, promoting technological innovation and market expansion, while enhancing domestic and international market positioning and industry chain collaboration [5].

Core Insights - The report highlights a significant decline in solar power installations in October, with a year-on-year decrease of 38% [1][2] - Despite the October decline, the total installed capacity of solar power is projected to reach 1.14 billion kilowatts by the end of October 2025, reflecting a year-on-year growth of 43.8% [2] - Wind power installations showed a positive trend, with an increase of 34% in October compared to the previous year [2] Solar Power - In October, the newly installed solar capacity was 12.60 GW, which is a 38% decrease year-on-year [2] - From January to October 2025, the total newly installed solar capacity reached 252.87 GW, marking a year-on-year increase of 39% [2] - The overall installed solar capacity is expected to be 1.14 billion kilowatts by the end of October 2025 [2] Wind Power - The newly installed wind capacity in October was 8.92 GW, representing a year-on-year increase of 34% [2] - The total installed wind capacity is projected to be approximately 590 million kilowatts by the end of October 2025, with a year-on-year growth of 21.4% [2] - For the period from January to October 2025, the newly installed wind capacity totaled 70.01 GW, reflecting a year-on-year increase of 53% [2] Investment Trends - From January to October, power generation investment increased by 0.7% year-on-year, while grid investment rose by 7.2% [2] - The cumulative average utilization of national power generation equipment was 2,619 hours, a decrease of 260 hours compared to the same period last year [2] - Major power generation companies completed investments of 721.8 billion yuan, showing a year-on-year growth of 0.7%, while grid projects saw investments of 482.4 billion yuan, up 7.2% year-on-year [2] Investment Recommendations - The industry is expected to see sustained long-term growth in new energy installations, maintaining a "recommended" rating for the sector [3] - Companies to watch in the solar sector include leading firms such as Longi Green Energy, Aiko Solar, JinkoSolar, Canadian Solar, and TCL Zhonghuan [3] - Attention is also recommended for profitable inverter and energy storage segments, with companies like Sungrow Power Supply, DeYe Shares, and Shangneng Electric being highlighted [3]

Core Insights - Hohhot City is actively promoting key project construction to achieve high-quality economic development goals, with a focus on renewable energy projects and infrastructure improvements [1][2] Group 1: Project Development - The Inner Mongolia Energy Group's 1 million kilowatt wind storage project in Zhalantun is a key initiative, with significant progress made in both segments of the project [1] - As of October, 493 key projects in the city have resumed work, with a resumption rate of 97.4%, marking an increase of 86 projects compared to the previous year [2] Group 2: Investment and Financial Support - The city has secured 4.235 billion yuan in funding from higher-level development and reform sectors, a year-on-year increase of 6.7%, supporting 78 projects across various sectors [1] - Total investment completed by the end of October reached 30.46 billion yuan, an increase of 5.1 billion yuan compared to the previous year, reflecting a growth rate of 20.1% [2]