Core Insights - Jiangsu Province is set to achieve a cumulative offshore wind power grid capacity of 13.49 million kilowatts by the end of 2025, leading the nation and accounting for nearly 30% of the total offshore wind power grid capacity in China [1] - The offshore wind power in Jiangsu can provide over 30 billion kilowatt-hours of green electricity annually to the Yangtze River Delta region, resulting in a reduction of over 22 million tons of carbon dioxide emissions [1] Group 1 - Jiangsu has a coastline of 954 kilometers, which provides abundant offshore wind energy resources and a complete wind power industry chain [1] - Yancheng, a city in Jiangsu, has the largest offshore wind power grid capacity in the country, exceeding 7.2 million kilowatts [1] - The offshore wind power industry in Jiangsu has developed rapidly over the past 20 years, covering intertidal zones, nearshore, and mid-to-deep sea areas [2] Group 2 - Yancheng hosts the largest offshore wind power industrial cluster in China, integrating research and development, equipment manufacturing, resource development, and operation and maintenance services [2] - Jiangsu's offshore wind power generation capacity accounts for over 40% of the national total [2] - The province has established the first 110 kV and 220 kV offshore booster stations in the country and operates the largest offshore wind power grid connection and transformation project [2] Group 3 - Jiangsu's offshore wind power is transmitted to the core urban areas of the Yangtze River Delta through six high-grade cross-river transmission channels [2] - During the 14th Five-Year Plan period, Jiangsu will accelerate the planning and construction of several projects, including the Sutong GIL DC project and the third phase of the Yangzhen DC project, to ensure stable delivery of green electricity from the coastal areas to the inland [2]

Regulatory Developments - The National Development and Reform Commission is seeking public opinions on the "Regulations on the Supervision and Management of Hydroelectric Dam Operation Safety," applicable to medium and large hydropower stations with a total installed capacity of 50,000 kilowatts and above [2] - The National Energy Administration has published a compilation of typical cases for electric power quality management, aimed at sharing successful experiences in managing electric power quality issues [2] Industry News - Three departments, including the Ministry of Industry and Information Technology, are taking steps to resist disorderly price wars in the new energy vehicle industry, emphasizing innovation and quality [2] - The Ministry of Natural Resources reported that China has exceeded its "14th Five-Year Plan" target for ecological restoration of historical mining sites, completing restoration of 3.35 million acres, which is 19.6% above the target [2] Energy Sector Updates - The People's Bank of China is expanding its carbon reduction support tool to include projects with direct carbon reduction effects, with an annual operation volume not exceeding 800 billion yuan [3] - The offshore wind power grid connection capacity in the Yangtze River Delta region is expected to exceed 19 million kilowatts by the end of 2025, with Jiangsu contributing the largest share [3] Water Resource Management - The South-to-North Water Diversion Project's eastern route has officially started its water diversion work for the 2025-2026 period, planning to increase water supply by 1.638 billion cubic meters [4] Power Load Records - The Heilongjiang power grid reached a maximum load of 18.728 million kilowatts, marking a historical high and a 25.1 thousand kilowatt increase compared to the previous winter peak [4] International Energy Market - The U.S. has officially begun selling Venezuelan oil, with the first transaction valued at $500 million, and more sales expected in the coming weeks [5] - OPEC forecasts that global daily oil demand will increase by 1.38 million barrels in 2026 compared to 2025, reaching 106.52 million barrels [5]

1月15日，国家电网数据显示，截至2025年年底，长三角地区海上风电并网规模超1900万千瓦，成为全 国海上风电并网规模最大的区域。除了长三角地区，目前在环渤海、粤港澳等区域，海上风电基地建设 也正稳步推进。预计到"十五五"末，全国海上风电累计装机规模将突破1亿千瓦，为实现"双碳"目标提 供坚实保障。 中关村物联网产业联盟副秘书长袁帅对《证券日报》记者表示，长三角地区海上风电并网规模突破1900 万千瓦，这不仅印证了我国沿海重点区域风电开发的资源适配性与产业协同能力，更将为环渤海、粤港 澳等后续基地建设提供可复制的区域开发经验，对于推动全国海上风电向"十五五"末1亿千瓦装机目标 迈进、筑牢"双碳"目标能源支撑根基具有关键引领作用。 发展成果显著 方正证券研报显示，预计我国2026年海上风电吊装容量有望达11.16GW，同比2025年增长64%。 加快向深远海进军 为抢抓产业发展风口，多家上市公司正加快向深远海风电领域进军。 在产业基地建设方面，中国三峡新能源(集团)股份有限公司于1月14日在投资者互动平台表示，广西北 海三峡海上风电国际产业园重点围绕广西海上风电产业发展重大需求和科技前沿，积极引导海上风电产 ...

Core Viewpoint - Wind and photovoltaic companies are targeting the space photovoltaic business, with Mingyang Smart Energy planning to acquire control of Zhongshan Dehua Chip Technology Co., Ltd. and raise supporting funds [1][2] Group 1: Company Overview - Mingyang Smart Energy is currently in a suspension phase due to the acquisition announcement [1] - The company reported a year-on-year decline in net profit since 2023, with a net profit of approximately 766 million yuan for the first three quarters of 2025, down 5.29% [1][3] - The controlling shareholder of Dehua Chip is a family member of Mingyang's actual controller, indicating that the transaction is a related party transaction [1] Group 2: Business Focus - Dehua Chip, established in 2015, focuses on space solar cells and flexible solar cells, possessing full industry chain capabilities in materials, epitaxial wafers, chips, and space energy systems [2] - Mingyang Smart Energy's main business includes wind turbine manufacturing, renewable energy power generation and sales, and sales of renewable energy products, with expansions into photovoltaic, power electronics, energy storage, hydrogen energy, and smart energy sectors [2] Group 3: Financial Performance - Mingyang Smart Energy's revenue for 2022, 2023, and 2024 was approximately 30.748 billion yuan, 28.124 billion yuan, and 27.158 billion yuan, respectively, with net profits of approximately 3.445 billion yuan, 377 million yuan, and 346 million yuan [3] - For the first three quarters of 2025, the company reported revenue of approximately 26.304 billion yuan, a year-on-year increase of 29.98% [3] - Prior to the acquisition announcement, Mingyang's stock price surged, closing at a limit-up price of 19.68 yuan per share on January 12, with a total market value of 44.51 billion yuan [3]

Investment Rating - The report indicates a positive outlook for the offshore wind sector in Europe, particularly following the recent awarding of 8.4GW capacity in the UK AR7 auction, with a budget increase to £1.8 billion [4]. Core Insights - The offshore wind capacity awarded in the UK AR7 auction is 8.44GW, with a budget increase to £1.8 billion, addressing previous issues of low pricing and insufficient new capacity [4]. - The report highlights that from 2025 to 2030, Europe is expected to see a total new installed capacity of 139.6GW for offshore wind and 47.6GW for onshore wind, with a CAGR of 28.6% and 11.5% respectively [4]. - The report emphasizes that the UK and Germany will be the main contributors to new offshore wind installations, accounting for 27.7% and 20.1% respectively from 2025 to 2034 [4]. - The report suggests that domestic manufacturers are likely to benefit from the growing European offshore wind market, with companies like Dajin Heavy Industry and Mingyang Smart Energy leading the way in overseas orders [4]. Summary by Sections Offshore Wind Capacity and Budget - The UK AR7 auction results show a significant increase in offshore wind capacity awarded, with a budget that has doubled to £1.8 billion, improving project economics through a 14% increase in electricity prices [4]. European Market Growth - The report forecasts a substantial increase in offshore wind installations starting in 2026, with a sharp rise expected by 2029, reaching 11.77GW in 2030 [4]. Key Players and Opportunities - Companies such as Dajin Heavy Industry, Mingyang Smart Energy, and Dongfang Cable are highlighted as key players benefiting from the European market expansion, with significant orders already secured [4].

Core Insights - A series of strategic and leading projects in Shaanxi's energy, transportation, and livelihood sectors have made significant progress, injecting strong momentum into the province's economy at the start of 2026 [2][6]. Energy Sector - The Yulin Energy Chemical Base's Shanmei Group's 15 million tons/year coal-to-chemical clean and efficient conversion demonstration project has reached several key milestones, including the completion of main traffic roads and the arrival of the first methanol synthesis low-pressure tower [2][6]. - The project focuses on coal quality utilization technology to produce high-value-added materials, battery electrolyte solvents, biodegradable materials, and specialty oils, further extending the industrial chain and enhancing the value chain [2][6]. - The Shaanxi Yanchang Petroleum's 100,000 kW wind power project has successfully connected its first unit to the grid, expected to save approximately 60,000 tons of standard coal and reduce carbon dioxide emissions by about 170,000 tons annually [2][6]. Transportation Sector - The Hu-Zhou-Mei Expressway, aimed at achieving a "half-hour commute" from Xi'an to Zhou County, is in the later stages of construction, with bridge works nearly completed, which will alleviate traffic congestion on the Jingkun Expressway [3][7]. - The completion of the Southwest Second Ring Interchange and parallel ramps in Xi'an has significantly eased traffic pressure in the Daqing Road to Science and Technology Road area [3][7]. - The Yuehe Rapid Road in Ankang has opened, relieving pressure on National Highway 316 and stimulating industrial development along the Yuehe River [3][7]. Livelihood and Industry Integration - The Shaanxi Xianyang Jinli Sunshine International Agricultural Trade City project, with a total investment of nearly 2 billion yuan, is entering the debugging phase for its west area, while the east area is nearing completion [3][7]. - This project integrates trading, processing, research and development, and cold chain logistics, which will play a crucial role in ensuring regional agricultural product circulation and stabilizing market supply [3][7].

Core Viewpoint - The company aims to optimize its revenue structure by increasing the proportion of orders and deliveries from offshore and overseas markets while driving cost reduction and efficiency through core technological innovation [1] Group 1: Revenue Optimization - The company will focus on enhancing the order acquisition and resource development capabilities to expand revenue scale while maintaining effective cost control and efficiency optimization [1] - The strategy includes a commitment to platformization, modularization, and large-scale development [1] Group 2: Project Management - The company plans to implement meticulous management to control costs across the entire process of sales order projects [1] - There is an emphasis on steadily advancing the construction and operation of wind farm resource projects to generate tangible benefits for shareholders [1]

Investment Rating - The report indicates a positive outlook for the offshore wind sector in Europe, particularly following the recent awarding of 8.4GW capacity in the UK AR7 auction, with a budget increase to £1.8 billion [4]. Core Insights - The offshore wind capacity awarded in the UK AR7 auction is 8.44GW, with a budget increase to £1.8 billion, addressing previous issues of low pricing and insufficient new additions [4]. - The report highlights that the European offshore wind market is expected to see significant growth starting in 2026, with Germany and the UK being the primary contributors [4]. - The auction results indicate a strong demand for offshore wind projects, with a projected CAGR of 28.6% for offshore wind installations in Europe from 2025 to 2030 [4]. - The report suggests that Chinese manufacturers who have successfully entered the European market for tower, cable, and component manufacturing are likely to benefit from this growth [4]. Summary by Sections Offshore Wind Capacity and Budget - The UK AR7 auction results show a significant increase in awarded capacity and budget, with fixed prices for offshore wind set at £89-91/MWh, which is an improvement compared to previous auctions [4]. - The report notes that the auction results are a response to past issues, with a 14% increase in electricity prices improving project economics [4]. Market Growth Projections - According to Wind Europe, the total new installed capacity for offshore and onshore wind in Europe is projected to be 139.6GW and 47.6GW respectively from 2025 to 2030, with a CAGR of 28.6% for offshore wind [4]. - The report anticipates a sharp increase in offshore wind installations starting in 2029, with 11.77GW expected to be added in 2030 alone [4]. Key Players and Opportunities - Major companies such as Daikin Heavy Industries, Mingyang Smart Energy, and Oriental Cable are highlighted as key players benefiting from the European offshore wind market expansion [4]. - The report emphasizes the potential for floating wind power to achieve full commercialization by 2030, with Europe leading the way [4].

Core Viewpoint - The wind power company Mingyang Smart Energy is pursuing a merger to acquire control of Zhongshan Dehua Chip Technology Co., Ltd., focusing on the space photovoltaic business, while facing declining profits in recent years [1][3][4]. Group 1: Company Overview - Mingyang Smart Energy is involved in wind turbine manufacturing, renewable energy power generation and sales, and has expanded into photovoltaic, power electronics, energy storage, hydrogen energy, and smart energy sectors [4]. - The company was listed on the A-share market in 2019 and has been diversifying its business in the new energy sector [4]. Group 2: Acquisition Details - The acquisition involves issuing shares and cash to gain control of Dehua Company, which is controlled by the family of Mingyang's actual controller [3]. - Dehua Company specializes in semiconductor products, including space solar cells and flexible solar cells, and has a complete industrial chain capability [3][4]. Group 3: Financial Performance - Mingyang's net profit has declined for two consecutive years, with 2023 and 2024 showing a decrease in net profit [4]. - Financial data indicates that from 2022 to 2024, the company achieved revenues of approximately 307.48 billion, 281.24 billion, and 271.58 billion respectively, with corresponding net profits of about 34.45 billion, 3.77 billion, and 3.46 billion [4]. - In the first three quarters of 2025, the company reported revenues of approximately 263.04 billion, a year-on-year increase of 29.98%, but net profit decreased by 5.29% to about 7.66 billion [4]. Group 4: Market Reaction - Prior to the announcement of the merger, Mingyang's stock price surged, with a 33.6% increase over five trading days, significantly outperforming the market [5][6].

Core Viewpoint - Mingyang Smart Energy Group Co., Ltd. plans to acquire control of Zhongshan Dehua Chip Technology Co., Ltd. through a combination of share issuance and cash payment, with stock suspension expected to last no more than 10 trading days [1]. Group 1: Acquisition Details - The transaction is considered a related party transaction as the counterparty is wholly owned by Zhang Chao, a close relative of the actual controller of Mingyang Smart [2]. - Dehua Company, established in August 2015 with a registered capital of 94.32 million yuan, focuses on high-end compound semiconductor optoelectronic chips, aligning with the current market trend of "space photovoltaics" [3][4]. - The acquisition is still in the planning stage, with specific details such as valuation and payment terms yet to be finalized, raising concerns about the fairness of the transaction [5]. Group 2: Company Performance and Industry Context - Mingyang Smart, founded in 2006, derives 98.33% of its revenue from the wind power industry, indicating a heavy reliance on this sector [7]. - The company experienced explosive growth from 2018 to 2022, with revenue increasing from 6.902 billion yuan to 30.748 billion yuan and net profit rising from 426 million yuan to 3.455 billion yuan [10]. - However, since 2022, the wind power industry has faced a slowdown due to subsidy reductions and increased competition, leading to a significant drop in Mingyang's profit margins from 20% in 2022 to 8% in 2024 [11][12]. Group 3: Strategic Implications of the Acquisition - The acquisition of Dehua Company is viewed as a strategic move to find new growth avenues amid declining core business performance [14]. - Dehua's focus on high-end semiconductor products aligns with Mingyang's exploration of integrated "wind-solar-storage" solutions and the emerging "space photovoltaic" sector, which is gaining traction due to the rise of space economy and the demand for sustainable energy [15][16].