Investment Rating - The report maintains a "Positive" investment rating for the industry [3]. Core Viewpoints - The logic for high growth in lithium storage continues, with a focus on performance catalysts in the wind power sector [1]. - The report emphasizes the ongoing demand for energy storage and power equipment, with lithium supply remaining tight and the logic for wind and solar power remaining intact [15]. Summary by Sections 1. Photovoltaics - The industry is currently in a weak seasonal phase, but the core catalyst remains the anti-involution policy, with expectations for capacity control measures to be implemented by the end of the year [15][40]. - The "Chengdu Declaration" was released at the 2025 International Photovoltaic and Energy Storage Industry Conference, emphasizing the importance of anti-involution strategies and high-quality development [22]. - The price of polysilicon remains stable, while silicon wafer prices are declining due to weak demand and inventory pressure [28][34]. 2. Energy Storage - The report highlights ongoing domestic and international developments in energy storage, with a strong outlook for sustained high growth [45]. - In October, domestic energy storage added 1.70 GW/3.52 GWh, with a cumulative increase of 34.07 GW/85.71 GWh year-to-date, reflecting a 56% year-on-year growth [50]. - Significant projects include a 1.6 GWh energy storage project in Germany and new market mechanisms being established in various regions [47][48]. 3. Lithium Batteries - Demand expectations for lithium batteries are strengthening, with all segments showing a willingness to maintain prices, indicating a continuous improvement in profitability [15]. - The report recommends focusing on battery segments, particularly leading companies like CATL and EVE Energy, as well as other key players in the supply chain [15]. 4. Wind Power - The report notes a clear upward trend in the wind power sector, with the new five-year plan indicating a favorable cycle beginning [15]. - Companies like Goldwind Technology and Mingyang Smart Energy are highlighted as key players benefiting from this trend [15]. 5. Power Equipment - The report mentions the approval of five flexible direct current projects and a steady increase in transformer exports, indicating robust demand in the power equipment sector [15]. - Companies such as Sifang Electric and XJ Electric are recommended for their strong positions in the market [15]. 6. New Directions - The report emphasizes the importance of developments in humanoid robotics and domestic chip manufacturing, with a focus on Tesla's supply chain and the potential impact of NVIDIA's AI chips on the market [15].

Core Insights - As of the end of October, China's total installed power generation capacity reached 3.75 billion kilowatts, marking a year-on-year increase of 17.3% [1][2] - Solar power generation capacity reached 1.14 billion kilowatts, with a significant year-on-year growth of 43.8%, while wind power capacity increased by 21.4% to 590 million kilowatts [1][2] - The data indicates a recovery in the solar industry, with October seeing a new photovoltaic installation capacity of 12.6 GW, a 30.4% increase from September [3][4] Installed Capacity Breakdown - Total installed capacity: 3.75 billion kilowatts, up 17.3% year-on-year [2] - Hydropower: 443.88 million kilowatts, up 3.0% [2] - Thermal power: 1.51473 billion kilowatts, up 6.0% [2] - Nuclear power: 62.48 million kilowatts, up 7.6% [2] - Wind power: 590.39 million kilowatts, up 21.4% [2] - Solar power: 1.14018 billion kilowatts, up 43.8% [2] Recent Trends and Developments - The fourth quarter is typically a peak construction season for the solar industry in China, but recent policy adjustments have altered this seasonal pattern [4] - The simultaneous increase in solar, wind, and thermal power installations reflects China's multi-path approach to enhancing its power system to meet growing electricity demand and optimize energy structure [4] - New installations in October included 8.9 GW of wind power and 8.4 GW of thermal power, indicating a balanced growth across different energy sources [4]

Investment Rating - The report maintains a "Strong Buy" rating for the industry, indicating a positive outlook for investment opportunities [1]. Core Insights - The report highlights the expansion of floating offshore wind enterprises and the implementation of mandatory grid connection capabilities for large-scale energy storage in Europe, signaling a shift towards more advanced renewable energy technologies [5][6]. Summary by Sections Wind Power - Recent developments include the commencement of the deep-sea mooring equipment project by Yaxing Anchor Chain, which indicates accelerated commercialization of floating offshore wind [5][10]. - The domestic floating wind turbine prototypes have transitioned to capacities of 20MW and above, with notable projects from State Power Investment Corporation and Mingyang Smart Energy [5][10]. - The UK government has allocated £180 million for floating offshore wind projects, suggesting a robust international market for floating wind technology [5][10]. - The wind power index fell by 6.88%, underperforming the CSI 300 index by 3.11 percentage points, with a current PE_TTM valuation of approximately 24.12 times [4][11]. Photovoltaics - Longi Green Energy has signed an investment agreement for a green methanol project, aiming for completion by Q3 2027, which is expected to diversify its revenue streams amid competitive pressures in the photovoltaic sector [5][6]. - The photovoltaic equipment index decreased by 12.26%, with the current PE_TTM valuation around 44.19 times, reflecting ongoing challenges in the market [4][11]. Energy Storage & Hydrogen - The European Network of Transmission System Operators for Electricity (ENTSO-E) has mandated that large-scale battery storage systems over 1MW must have grid connection capabilities, addressing the declining inertia in the grid due to increased renewable energy penetration [6][10]. - The energy storage index dropped by 11.6%, with a PE_TTM of 29.85 times, while the hydrogen index decreased by 8.24%, with a PE_TTM of 33.36 times [4][11]. - Chinese energy storage companies have secured over 40GWh of orders in Europe, indicating a strong market presence and technological advantage [6][10]. Investment Recommendations - For wind power, companies like Goldwind Technology, Mingyang Smart Energy, and Yunda Co. are recommended due to their stable pricing and expansion into overseas markets [6]. - In photovoltaics, companies such as Dier Laser, Aiko Solar, and Longi Green Energy are highlighted for their potential amidst structural opportunities [6]. - In energy storage, Sunshine Power and Haibo Technology are recommended for their competitive advantages in the global market [6].

Core Viewpoint - The report from Huayuan Securities maintains a "buy" rating for Goldwind Technology (002202), highlighting strong performance in the first three quarters of the year, with revenue and net profit attributable to shareholders increasing by 34.3% and 44.2% year-on-year, respectively. The growth is primarily driven by the high demand in the wind power industry, with wind turbine sales surging by 90% year-on-year, and an ongoing improvement in gross margins [1]. Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 48.15 billion yuan (up 34.3% year-on-year) and a net profit attributable to shareholders of 2.58 billion yuan (up 44.2% year-on-year). In Q3 2025, the company reported revenue of 19.61 billion yuan (up 25.4% year-on-year) and a net profit of 1.097 billion yuan (up 170.6% year-on-year) [1]. Wind Turbine Sales and Margins - Wind turbine sales remained high, with external sales capacity reaching 18.4 GW in the first three quarters of 2025 (up 90% year-on-year), and Q3 sales alone were 7.8 GW (up 124% year-on-year), making it the main contributor to revenue. The overall gross margin for Q3 reached 13%, an increase of 0.84 percentage points quarter-on-quarter, indicating a continued upward trend in profitability [2]. - As of September 30, the company had an order backlog of 52.5 GW (up 18.5% year-on-year), with over 7 GW of overseas orders [2]. Capacity and Utilization - From January to September, the company added 745 MW of new installed capacity and sold a wind farm of 100 MW. By the end of September, the self-operated installed capacity was 8,688 MW, with 4,062 MW under construction, and the average utilization hours reached 1,730 hours [3]. Future Outlook - The "14th Five-Year Plan" is expected to sustain high levels of wind power installations, with an annual average of no less than 120 million kW of new capacity. The recovery in wind turbine prices over the past year is anticipated to continue, with the average bidding price for wind turbines in September being 1,610 yuan per kW, indicating a rebound from the bottom and potential for improved profitability [4]. Profit Forecast and Rating - Due to better-than-expected recovery in wind turbine gross margins and changes in the fair value of equity holdings, the profit forecast for 2025-2027 has been revised upwards to 3.08 billion yuan, 4.83 billion yuan, and 5.75 billion yuan, respectively, with year-on-year growth rates of 65%, 57%, and 19%. The current stock price corresponds to P/E ratios of 15, 9, and 8 times. The company is expected to see further recovery in wind turbine manufacturing profitability, leading to a maintained "buy" rating [5].

Core Viewpoint - The report from Huayuan Securities maintains a "buy" rating for Goldwind Technology (02208), highlighting strong performance in the first three quarters of the year, with revenue and net profit attributable to shareholders increasing by 34.3% and 44.2% year-on-year, respectively. The growth is primarily driven by the high demand in the wind power industry, with wind turbine sales surging by 90% year-on-year, and an ongoing improvement in gross margins [1]. Group 1: Performance Overview - For the first three quarters of 2025, the company achieved operating revenue of 48.15 billion yuan (up 34.3% year-on-year) and a net profit attributable to shareholders of 2.58 billion yuan (up 44.2% year-on-year). In Q3 2025, the company reported revenue of 19.61 billion yuan (up 25.4% year-on-year) and a net profit of 1.097 billion yuan (up 170.6% year-on-year) [1]. Group 2: Wind Turbine Sales and Margins - Wind turbine sales remained robust, with external sales capacity reaching 18.4 GW in the first three quarters of 2025 (up 90% year-on-year), and Q3 sales alone were 7.8 GW (up 124% year-on-year), significantly contributing to revenue [2]. - The overall gross margin for the company reached 13% in Q3 2025, an increase of 0.84 percentage points quarter-on-quarter, indicating a continued upward trend in the gross margin for the wind turbine segment [2]. Group 3: Capacity and Utilization - From January to September 2025, the company added 745 MW of new equity grid-connected capacity and sold a wind farm of 100 MW. As of the end of September, the company's self-operated equity installed capacity was 8,688 MW, with 4,062 MW under construction, and the average utilization hours reached 1,730 hours [3]. Group 4: Industry Outlook - The "14th Five-Year Plan" is expected to sustain high levels of wind power installations, with an annual average of no less than 120 million kW of new wind power capacity. The recovery in wind turbine prices over the past year is anticipated to continue, enhancing profitability in the wind turbine segment [4]. Group 5: Profit Forecast and Rating - Due to the better-than-expected recovery in wind turbine gross margins, the profit forecast for the company has been revised upwards for 2025-2027 to 3.08 billion yuan, 4.83 billion yuan, and 5.75 billion yuan, respectively, with year-on-year growth rates of 65%, 57%, and 19%. The current stock price corresponds to P/E ratios of 15, 9, and 8 times for the respective years. The company is expected to see further recovery in wind turbine manufacturing profitability [5].

Group 1: International Market Overview - The US stock market saw all three major indices rise, with the Dow Jones up 1.08% to 46,245.41 points, the S&P 500 up 0.98% to 6,602.99 points, and the Nasdaq up 0.88% to 22,273.08 points [6][12] - In the European market, the DAX30 index fell by 0.80% to 23,091.87 points, while the CAC40 index rose by 0.02% to 7,982.65 points, and the FTSE 100 index increased by 0.13% to 9,539.71 points [6][12] - The Hang Seng Index in the Asia-Pacific region dropped by 2.38% to 25,220.02 points, with the Hang Seng Tech Index down 3.21% to 5,395.49 points [6][12] Group 2: Key Company Updates - Google aims to double its computing capacity every six months, targeting a 1,000-fold increase in capabilities over the next 4-5 years, driven by the release of its AI model Gemini 3 [18] - NIO has officially started mass production of its right-hand drive model under the high-end brand Firefly, with the first batch set to be shipped to the Singapore market [18] - JinkoSolar has signed contracts for its Tiger 3 module product, achieving a cumulative total of 15 GW, marking the transition to large-scale production [18]

原标题：锂电池、光伏组件、风电叶片等持续热销海外 江苏发力填补世界"绿色缺口" 江苏制造为世界持续提供优质实惠的"绿色产品"，让越来越多的消费者买得起、用得起。11月3日，宿 迁阿特斯阳光能源科技有限公司生产的一批太阳能光伏组件产品快速通关，发往巴基斯坦。企业不断加 大技术研发力度、扩大产能布局规模。"2024年我们成功拓展了巴基斯坦市场，2025年前三季度出口超4 亿元，是2024年全年的3倍。"该公司关务苏茜说。 江苏不断深化与共建"一带一路"国家绿色经济等领域合作，携手推动绿色低碳可持续发展。日前，远景 能源有限公司江阴叶片工厂生产的15支风电叶片在江阴综合保税区完成集货后，将通过海运方式发往埃 及，这是2025年该企业发往共建"一带一路"国家的第15票风电叶片。"前9个月，公司出口共建'一带一 路'国家风机设备总值超过1.8亿元，在手订单已排至2026年12月。"江阴叶片工厂负责人黄伟告诉《新 华日报》记者。 在绿色经济出海的浪潮中，绿色装备的足迹不仅遍布全球风电赛场，更在新能源汽车产业链上加速延 伸。11月3日，安费诺汽车连接系统（常州）有限公司近500类新能源车辆连接器产品陆续下线，随后出 口至塞 ...

证券分析师 曾朵红 证券研究报告·行业跟踪周报·电力设备 电力设备行业跟踪周报 储能锂电需求旺盛、明年盈利修复可期 2025 年 11 月 24 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 阮巧燕 执业证书：S0600517120002 021-60199793 ruanqy@dwzq.com.cn 行业走势 相关研究 -19% -13% -7% -1% 5% 11% 17% 23% 29% 35% 41% 2024-11-25 2025-3-25 2025-7-23 2025-11-20 电力设备 沪深300 《锂电需求旺盛涨价诉求强、AIDC 潜 力可观》 2025-10-19 《动储产销两旺，量利双升，继续强 推》 2025-10-12 东吴证券研究所 1 / 48 请务必阅读正文之后的免责声明部分 ◼ 电气设备 9617 下跌 10.54%，表现弱于大盘。核电跌 7.06%，新能源汽车跌 7.34%，风电跌 7.41%，发电设 备跌 8.09%，电 ...

Group 1 - The report highlights that the macroeconomic environment is shifting towards a new growth paradigm, focusing on productivity enhancement, moderate inflation, and currency appreciation, which will lead to a systematic revaluation of equity markets [8][9] - The report indicates that the profitability of companies is expected to improve due to policies aimed at enhancing nominal GDP, which will directly translate into increased revenues and profits for listed companies [8][9] - The report notes that the relative attractiveness of various asset classes is changing, with equities showing significant potential for growth compared to bonds and real estate, which are under pressure [9] Group 2 - The report discusses the performance of the U.S. stock market, noting that the S&P 500 and Nasdaq experienced declines of 1.9% and 2.7% respectively, with most sectors under pressure [28][30] - The report mentions that the semiconductor sector saw a significant upward revision in earnings expectations, indicating a positive outlook despite recent market volatility [30] - The report highlights that the Hong Kong stock market faced significant pressure, with the Hang Seng Index declining by 5.1%, reflecting a broader trend of market pullbacks across various styles and sectors [28][30] Group 3 - The report emphasizes that the lithium battery industry is progressing steadily towards solid-state battery commercialization, despite ongoing internal competition [3] - The report notes that the wind power gearbox manufacturer, Delijia, is benefiting from industry prosperity and is experiencing high growth in performance [3] - The report indicates that the agricultural sector, particularly the pig farming industry, is undergoing orderly progress in reversing internal competition, with a positive outlook for the broader livestock cycle [3] Group 4 - The report highlights that the AI-driven growth in companies like Kuaishou and Baidu is significant, with Kuaishou's revenue exceeding 300 million RMB in a single quarter, and Baidu's new AI business revenue growing over 50% year-on-year [3] - The report discusses the recovery of recruitment demand in BOSS Zhipin, with stable growth in profit margins, indicating a healthy labor market [3] - The report mentions that the financial engineering sector is seeing substantial inflows into U.S. stock ETFs, with net inflows exceeding 100 billion USD, reflecting strong investor interest [3] Group 5 - The report indicates that the REITs market is experiencing a general decline, with the index down 1.0% for the week, although it remains relatively stable compared to equity assets [17] - The report notes that the infrastructure REITs are gaining traction, with significant support from government initiatives aimed at boosting consumption through REITs [19] - The report highlights that the turnover rate for REITs has decreased, indicating a potential slowdown in trading activity within this sector [17] Group 6 - The report discusses the performance of the convertible bond market, which has shown resilience amid stock market declines, with the index only down 1% compared to larger drops in equities [20] - The report highlights that certain convertible bonds are exhibiting strong defensive characteristics, particularly those with underlying stocks that are experiencing downward pressure [20] - The report emphasizes the importance of monitoring the supply-demand dynamics in the convertible bond market, which could provide opportunities for investors [20]

Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, with revenue reaching 2.1 billion and a year-on-year growth of 61%, while net profit attributable to shareholders was approximately 300 million, reflecting a 105% increase [1][2] Revenue Performance - In Q3, the company achieved a revenue of 800 million, marking a 39% year-on-year growth, primarily driven by an increase in product shipment volumes and contributions from wind power assembly business [2] - The gross margin for Q3 was approximately 26%, up by 1.5 percentage points year-on-year, attributed to rising product prices, declining raw material costs, and the dilution effect from increased shipment volumes [2] Profitability Metrics - The net profit margin for Q3 was around 14.1%, which is an increase of 1.5 percentage points year-on-year [2] - The company’s period expense ratio was approximately 9.5%, up by 1.3 percentage points year-on-year, with sales and management expense ratios decreasing slightly [2] R&D and Other Financials - R&D expense ratio increased to about 5.0% in Q3, mainly due to heightened investment in the development of new precision shaft products [2] - The company recorded other income of approximately 4 million and accounted for asset impairment and credit impairment losses totaling about 1 million [2] Inventory and Construction - As of the end of Q3, inventory stood at approximately 1.07 billion, at a historical high, which is expected to support future delivery performance [2] - The company had about 380 million in construction in progress, reflecting increased investment in the high-end transmission equipment industrial park project [2] Future Outlook - The wind power installation market is expected to remain robust in 2026, with the company actively expanding both domestic and international markets [3] - Projected net profits for 2025 and 2026 are approximately 450 million and 630 million, respectively, with corresponding price-to-earnings ratios of about 19 times and 14 times [3]