Industry Review Business Review Financial Results Global Wind Power Market Onshore Offshore 2025 Interim Results 88.4 72.5 68.8 105.7 109.0 6.9 21.1 8.8 10.9 8.0 95.3 93.6 77.6 116.6 117.0 2020 2021 2022 2023 2024 Global Annual New Installation (GW) Wind power has become the most economical renewable energy source（USD/KWh） 0.087 0.06 0.057 0.043 0.092 0.079 0.034 0.086 0.055 0.044 0.417 0.402 0.208 0.113 Bioenergy Geothermal Hydropower Solar PV Concentrated solar power Offshore wind Onshore wind global LCOE ...

"首台风机吊装完成是项目建设的里程碑。"常山北明石家庄市能投公司相关负责人表示，面对时间紧任务重，汛期施工难度大等问题，该公司全体员工将 继续发扬"不畏艰难、百折不挠"的精神，以高标准严要求规范施工作业，继续推进后续15台风机的吊装及配套工程建设，全力以赴确保项目按期全容量并 网发电。 运营｜石家庄广播电视台新媒体中心 来源｜石家庄日报记者 范玉蕾 编辑｜王恩 责编｜胡光 转自：石家庄发布 记者从石家庄常山北明科技股份有限公司获悉，由该公司所属石家庄市能投公司投资建设的深泽县210MW风电项目（一期100MW）首台风机，于近日顺 利完成吊装。 随着巨大风轮在160米高的塔架顶端精准就位，标志着这一市级重点新能源项目全面转入风机吊装攻坚期，为项目如期并网发电奠定了坚实基础，更为区 域绿色能源转型注入新的强劲动力。 作为全市唯一一家从事风力发电的市属国有新能源企业，能投公司在风机吊装过程中充分展现了国企担当与责任，切实抓实抓好事关安全和质量的细节管 理工作。施工团队严格按照操作规程和安全规范，克服高空作业风险、构件吊装精度控制等难点，通过提前规划吊装路线、配备专业吊装设备、实施全程 安全监护等措施，确保了风机主机 ...

上市企业：金风科技（002202）,明阳智能（601615）,运达股份（300772）,上海电气（601727）,中材科 技（002080）,节能风电（601016）,泰胜风能（300129）,东方电气（600875）,湘电股份（600416）,天 顺风能（002531） 相关报告：智研咨询发布的《2025-2031年中国风力发电行业市场竞争策略及未来发展潜力报告》 根据国家统计局数据显示：2025年6月中国风力发电量产量为738亿千瓦时，同比增长3.2%；2025年1-6 月中国风力发电量累计产量为5533.1亿千瓦时，累计增长10.6%。 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 数据来源：国家统计局，智研咨询整理 ...

金风科技（以下简称"公司"）的全资子公司金风国际控股（香 港）有限公司（以下简称"金风国际"）的全资子公司 Goldwind Egypt For Turbines（以下简称"金风埃及"）与能源企业 Masdar IPH Wind S.A.E（以下简称"IPH"）签署了《长期运维服务协议》，由金风埃及 作为服务供应商，负责机组整场验收后的运维服务工作，并提供相应 的机组可利用率保证。 金风国际与 IPH 签署《长期运维服务担保协议》 股票代码：002202 股票简称：金风科技 公告编号：2025-066 金风科技股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 一、担保情况概述 ，为金风埃及在 上述《长期运维服务协议》项下的履约责任和义务提供担保，担保金 额不超过 40,535,437.50 美元（折合人民币约 288,964,973.31 元），担 保期限自《长期运维服务担保协议》签署之日起至服务供应商（金风 埃及）的责任和义务履行完毕之日止。 《长期运维服务担保协议》签署日期为 2025 年 8 月 21 日，签署 地点为北京、埃及。 二、被担保 ...

Investment Rating - The investment rating for the industry is "Overweight" [4] Core Views - The industrial power generation volume in July increased by 3.1% year-on-year, indicating a recovery in power production [3] - The implementation of Gansu's "Document 136" has established a market-oriented pricing mechanism for renewable energy, with a stock price of 0.3078 yuan/kWh [3][42] - The overall valuation of the public utility sector has slightly decreased, with the industry index PE (TTM) at 17.38 times, down from 17.51 times the previous week [25] Market Performance - The public utility sector index fell by 0.55% during the week of August 11-15, underperforming compared to the Shanghai Composite Index by 2.24 percentage points [2][13] - The individual stock performance showed significant gains for companies like Fuan Energy (+28.72%) and Hongtong Gas (+15.80%), while companies like Huayin Power (-9.44%) and Xinzhu Co. (-8.79%) faced declines [31][31] Industry Dynamics - The total industrial power generation for July reached 926.7 billion kWh, with a notable increase in thermal and solar power generation [37] - Gansu's new pricing mechanism for renewable energy projects aims to stabilize the market and improve project profitability [38][42] - The implementation of demand response subsidies in Guangzhou aims to enhance the efficiency of power supply and demand management [46] Key Data Tracking - As of August 15, the price of Shanxi mixed coal (5500) was 695 yuan/ton, reflecting a week-on-week increase of 2.51% [53] - The trading volume of green certificates for wind and solar power reached 14.22 and 12.26 thousand respectively during the week of August 11-17 [56] - The national CEA trading volume for the week was 93.0 million tons, with an average transaction price of 72.30 yuan/ton [58]

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the advancements in the **800V HVDC** technology and its implications for the **AIDC (Artificial Intelligence Data Center)** supply architecture, highlighting a significant opportunity for domestic suppliers in China to meet overseas demand [1][2][5]. Core Insights and Arguments - **Adoption of 800V HVDC**: Nvidia plans to gradually adopt 800V HVDC to address the increasing power density in AI computing, which will lead to energy savings and reduced copper usage [1][2][4]. - **Investment Trends**: Major tech companies like Meta and Alphabet are increasing capital expenditures, indicating a strong focus on AIDC investments. Meta's capital expenditure was raised from $64 billion to $66 billion, while Alphabet's was increased to $85 billion [5]. - **Advantages of HVDC**: HVDC systems eliminate the need for AC-DC and DC-DC conversions, resulting in energy savings and reduced losses compared to traditional UPS systems [3][4]. - **Solid-State Transformers (SST)**: SSTs are being developed as future power solutions, currently in pilot testing, with potential applications in data centers and renewable energy generation. Full-scale deployment is expected to take three years [1][7][8]. - **Solid-State Battery Development**: Focus on key components such as dry electrodes and insulation materials, with significant orders already placed for equipment [9][10]. - **Photovoltaic Industry**: The solar industry is in a transitional phase, with clear price recovery trends and a recommendation to focus on silicon materials and auxiliary materials [11]. Additional Important Content - **Investment Opportunities**: Companies like McMitter, Zhongheng Electric, and Shenghong Co. are highlighted as key players in the HVDC space. In the UPS sector, companies like Kstar and Kehua Data are also noted for their technological capabilities [6]. - **Future of SST**: SSTs are expected to play a crucial role in the evolution of power supply systems, particularly in high-power AIDC applications [8]. - **Wind Power Market**: The wind power sector is showing signs of recovery, with a focus on key components and offshore wind developments, indicating strong growth potential [14][15]. - **Investment Strategy**: Current investment strategies should prioritize IDC power systems, solid-state batteries, and the photovoltaic sector, as these areas present significant growth potential [18].

Group 1 - The nominal growth rate of fixed asset investment in China fell to 1.6% in the first seven months, but the actual growth, after excluding price factors, is approximately 4% to 5%, indicating a systematic optimization of the investment structure as the economy transitions from high-speed growth to high-quality development [1] - Investment in the manufacturing sector increased by 6.2% year-on-year, with notable growth in traditional manufacturing upgrades and high-end industries, such as aerospace and computer equipment manufacturing, which saw year-on-year growth rates of 33.9% and 16% respectively [1] - Investment in major sectors is growing rapidly, with equipment and tool purchases increasing by 15.2% year-on-year, accounting for 16.2% of total investment and contributing 2.2 percentage points to overall investment growth [1] Group 2 - Investment in renewable energy sources, including solar, wind, nuclear, and hydropower, increased by 21.9% year-on-year, supporting the green transformation of the economy and reducing reliance on traditional fossil fuels [2] - There is significant potential for investment in infrastructure and industrial upgrades, driven by the urbanization of nearly 300 million agricultural migrants, which creates demand for education, healthcare, and housing [2] - Policy measures are being implemented to stimulate effective investment, including the promotion of a unified national market and the activation of private capital through tools like REITs and industrial funds, which will enhance the investment environment [2]

Group 1 - The State Intellectual Property Office of China granted a patent to Shanghai Electric Wind Power Group Co., Ltd. for a device named "removal tool" with authorization announcement number CN223223301U, applied for on October 2024 [1] - The patent relates to the field of removing broken wires from the rectangular pipes of wind turbines, providing a tool that includes positioning fixtures, positioning components, and an installation base, ensuring simple structure and reliable positioning [1] Group 2 - Shanghai Electric Wind Power Group Co., Ltd. was established in 2006 and is located in Shanghai, primarily engaged in the production and supply of electricity and heat [2] - The company has a registered capital of 1,333.33 million RMB and has invested in 121 enterprises, participated in 1,854 bidding projects, and holds 1,173 patents along with 118 trademark registrations [2]

Group 1 - The core viewpoint is that China's fixed asset investment grew by 1.6% year-on-year in the first seven months of the year, reflecting a decline compared to the first half of the year, but the pressure on investment growth is considered to be temporary [1][2] - The actual growth of fixed asset investment, excluding price factors, is around 4%-5%, indicating that the nominal growth rate decline is influenced by short-term factors such as extreme weather and a complex external environment [1] - Manufacturing investment showed a significant increase, with a year-on-year growth of 6.2% in the first seven months, outpacing the overall investment growth rate [1] Group 2 - Investment in key sectors, particularly in energy and green transition, has seen rapid growth, with solar, wind, nuclear, and hydropower investments collectively increasing by 21.9% year-on-year [2] - The overall investment scale in China continues to expand, and the investment structure is optimizing, with significant potential for future investment due to the gap in per capita capital stock compared to developed countries [2]

Group 1 - The stock price of Guosheng Technology closed at 3.87 yuan on August 12, down 0.06 yuan, representing a decline of 1.53% from the previous trading day [1] - The trading volume for the day was 202,900 hands, with a transaction amount of 79 million yuan [1] Group 2 - Guosheng Technology's main business involves the manufacturing of photovoltaic equipment [1] - The company recently co-founded Guosheng Future (Jiangsu) Energy Technology Co., Ltd., with a registered capital of 10 million yuan, focusing on wind power technology services and other renewable energy sector activities [1]