Investment Rating - The report maintains an "Outperform" rating for the power equipment and new energy industry [1]. Core Viewpoints - Global offshore wind installation demand is expected to see significant growth, with China and Europe leading the market. The report anticipates that global offshore wind installations will reach 8GW in 2024, with China contributing over 50% of this growth [3][12]. - The report highlights the strong demand in Europe and the promising outlook in the Asia-Pacific region, with European offshore wind installations projected to grow rapidly [3][25]. - The supply chain dynamics are evolving, with domestic offshore wind turbine manufacturers looking to expand overseas, particularly in Europe and Japan, where demand is expected to rise [3][12]. Summary by Sections Overview: Global Offshore Wind Installations Expected to Double - The report indicates that global offshore wind installations are set to experience a doubling in growth, driven by strong demand from China and Europe [5]. Demand Side: Strong European Demand, Promising Asia-Pacific Outlook - Europe is a key offshore wind market, with 2.7GW of new installations expected in 2024, accounting for 34% of global additions. The report notes that the European market is facing challenges but remains optimistic about future growth [3][25][34]. Supply Side (Part One): Clarity in Offshore Wind Turbine Export Logic - The report discusses the current landscape of offshore wind turbine exports, emphasizing the need for domestic manufacturers to establish overseas production facilities to meet growing international demand [3][12]. Supply Side (Part Two): Focus on Submarine Cables, Piles, and Floating Opportunities - The report identifies key areas of opportunity within the supply chain, including submarine cables and floating wind technology, highlighting the competitive landscape and potential for growth in these segments [3][12]. Investment Recommendations - The report suggests three main investment lines: 1. Favorable conditions for submarine cable companies, recommending Oriental Cable and suggesting attention to Zhongtian Technology [3]. 2. Opportunities in offshore wind turbine manufacturers, recommending Mingyang Smart Energy and Goldwind Technology, while suggesting attention to Yunda Co. and Sany Heavy Energy [3]. 3. Focus on floating wind technology, recommending Astar Anchor Chain and Mingyang Smart Energy [3].

Core Viewpoint - The financial performance of Zhezhong Co., Ltd. shows a significant increase in net profit despite a decline in revenue, indicating potential resilience in profitability [2]. Group 1: Financial Performance - For the period from January to September 2025, Zhezhong Co., Ltd. achieved operating revenue of 598 million, a year-on-year decrease of 17.27% [2]. - The net profit attributable to shareholders reached 352 million, reflecting a substantial year-on-year increase of 338.55% [2]. - Cumulative cash dividends since the A-share listing amount to 985 million, with 381 million distributed over the past three years [2]. Group 2: Shareholder and Market Activity - As of September 30, 2025, the number of shareholders for Zhezhong Co., Ltd. increased to 20,000, up by 3.09% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 3.00% to 19,666 shares [2]. - On November 11, 2023, Zhezhong Co., Ltd. recorded a financing buy-in of 10.37 million, with a net financing outflow of 2.51 million, indicating a high level of financing activity [1].

Investment Rating - The report maintains a positive outlook on the wind power industry, highlighting continued revenue and profit growth in Q3 2025, with a recommendation to focus on companies with higher profit elasticity [3][25][28]. Core Insights - The wind power sector achieved revenues of 662 billion yuan in Q3 2025, a year-on-year increase of 27.2%, and a net profit of 14.4 billion yuan, up 4.6% year-on-year, indicating a sustained upward trend in profitability [2][25][28]. - The industry is expected to maintain high demand and pricing levels, supported by a robust order backlog of approximately 300 GW, which is projected to ensure continued growth through 2027 [2][3][13]. - The report identifies four key segments with varying performance: 1. The turbine segment shows profit differentiation, with companies like Goldwind and Yunda benefiting from fewer low-price orders [2][3]. 2. The operator segment has seen significant cash flow improvements due to accelerated national subsidies [2][3]. 3. The offshore wind and cable segments are experiencing high demand and increased capital expenditures [2][3]. 4. The components segment is benefiting from reduced raw material costs and high capacity utilization [2][3]. Summary by Sections Revenue and Profit Growth - The wind power sector's revenue for the first three quarters reached 1.71 trillion yuan, a 37.9% increase year-on-year, with a net profit of 56.7 billion yuan, up 12.5% year-on-year [18][21]. - Q3 2025 saw a sales gross margin of 13.5% and a net margin of 3.6%, reflecting a slight decline due to the increased share of lower-margin manufacturing business [18][21]. Demand and Pricing Trends - The average bidding price for onshore wind turbines increased by 12% year-on-year to 1593 yuan/kW, indicating a positive pricing trend [16][28]. - The report anticipates that the demand for wind installations will continue to accelerate, with an expected total of 118 GW of new installations for the year [8][13]. Segment Performance - The turbine segment's profitability is expected to improve due to a higher proportion of high-price orders in future deliveries [2][3]. - The offshore wind segment is experiencing robust growth, with significant capital investments and project deliveries [2][3]. - The components segment is seeing improved profitability driven by lower raw material costs and increased production efficiency [2][3]. Investment Recommendations - The report recommends focusing on companies with strong profit elasticity in the turbine segment, such as Goldwind, Yunda, and Mingyang Smart Energy, as well as those in the cable and component segments like Daikin Heavy Industries and Dongfang Cable [3][3].

Core Viewpoint - Sanhe Pile (003037.SZ) reported its Q3 2025 results, highlighting a significant institutional ownership of 69.71% of its total shares, with a slight decline in institutional holding compared to the previous quarter [1] Institutional Ownership - As of October 28, 2025, a total of 8 institutional investors disclosed their holdings in Sanhe Pile, amounting to 418 million shares [1] - The institutional ownership represents 69.71% of Sanhe Pile's total share capital, which is a decrease of 2.10 percentage points from the previous quarter [1] Public Fund Disclosure - In this reporting period, 49 public funds were not disclosed compared to the previous quarter, including notable funds such as Guotai CSI All Share Construction Materials ETF and GF CSI All Share Construction Materials Index A [1]

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Viewpoints - The 2025 Beijing International Wind Energy Conference and Exhibition concluded, and the "Beijing Wind Energy Declaration 2.0" was officially released, indicating a clearer new cycle of wind power prosperity during the 14th Five-Year Plan [2][4] - There is a significant increase in industry attention towards wind power, with optimistic demand forecasts for the future [11] - Domestic wind power installation capacity is expected to more than double compared to the previous five-year plan, with annual new installations not less than 120GW during the 14th Five-Year Plan [11] - The cumulative installed capacity of wind power in China is projected to reach 1300GW by 2030 and 2000GW by 2035, with a long-term goal of 5000GW by 2060 [11] - The overseas market is experiencing high demand, with domestic wind turbine companies increasing their international presence and export volumes expected to grow significantly [11] - The average annual new installation capacity for offshore wind power is anticipated to exceed 10GW in regions outside the mainland by 2026 [11] - The gross profit margin for wind turbines is expected to recover by 2026, with component profitability remaining high [11] Summary by Sections Event Description - The 2025 Beijing International Wind Energy Conference and Exhibition concluded, and the "Beijing Wind Energy Declaration 2.0" was officially released [4] Market Performance - The report highlights a significant increase in the attention towards wind energy and optimistic demand forecasts for the future [11] Domestic Demand - The annual new installed capacity of wind power is expected to be no less than 120GW during the 14th Five-Year Plan, with a doubling of capacity compared to the previous plan [11] Overseas Expansion - Domestic wind turbine companies are accelerating their international expansion, with exports expected to grow by 42% in 2024 compared to 2023 [11] Price & Profitability - The gross profit margin for wind turbines is expected to recover significantly by 2026, contributing to the profitability of turbine manufacturers [11] Future Outlook - The report emphasizes the importance of the upward trend in the fundamentals and the new cycle of wind power prosperity during the 14th Five-Year Plan, recommending investment in key segments such as submarine cables, piles, and leading turbine manufacturers [11]

Investment Rating - The report maintains a "Positive" investment rating for the wind power industry [15]. Core Insights - The offshore wind installation is expected to experience explosive growth by 2026, coupled with tight local supply, creating opportunities for domestic wind power companies to expand internationally. Domestic companies have already begun to realize overseas performance, which is anticipated to continue to release growth potential [7][25]. - Recent financial disclosures from overseas companies indicate a strong investment willingness from power operators, with capital expenditures continuing to expand and offshore wind projects at historical highs in terms of construction and Final Investment Decision (FID) scale [4][11]. Summary by Sections Introduction - The report emphasizes the anticipated explosive growth in offshore wind installations and the tight supply situation, which provides a broad space for domestic companies to venture abroad. It also highlights the recent performance of overseas wind power companies [7][25]. Wind Turbines: Mixed Performance with Abundant Orders - In Q2 2025, major turbine manufacturers showed varied performance. Vestas reported a revenue increase of 14% year-on-year, while Nordex and Siemens Energy saw declines in revenue but improvements in profitability. The order backlog for these companies is robust, with Vestas and Nordex having orders equivalent to 2.3 and 1.4 times their 2024 revenue, respectively [8][26][37]. Submarine Cables: Revenue and Profit Growth with Historical High Orders - Submarine cable companies reported revenue growth in Q2 2025, with Prysmian, Nexans, and NKT achieving year-on-year increases of 15.8%, 5.2%, and 19.5%, respectively. Their order backlogs are at historical highs, with Prysmian's backlog being 6.4 times its 2024 revenue [9][44][55]. Piles: Temporary Profit Pressure with Record Order Scale - Sif, a major player in the pile segment, reported a 2% increase in revenue for Q2 2025, despite a decline in production volume. The company’s order backlog reached approximately 625,000 tons, indicating strong future delivery potential [10][63][75]. Operators: Expanding Capital Expenditures with High Construction and FID Scale - Key operators Ørsted, RWE, and Vattenfall reported significant revenue growth in their offshore wind segments, with Ørsted's capital expenditures at historical highs. Their projects under construction and FID are also at record levels, indicating a strong commitment to offshore wind development [11][78][97]. Contractors: Accelerating Business Growth with Record High Orders - Cadeler, a contractor in the offshore wind sector, reported a remarkable 269% increase in revenue for Q2 2025, driven by growth in vessel leasing and installation services. The company’s order backlog reached approximately €2.492 billion, marking a historical high [12][106][110].

Core Viewpoint - The company is expanding its business into the new materials sector by investing in Hunan Sanqi New Materials Co., Ltd., while maintaining a focus on its core pile business [1] Group 1: Investment Details - The company holds a 40% stake in Hunan Sanqi New Materials Co., Ltd., which is a joint venture established with partners [1] - The new venture's business scope includes the manufacturing of high-performance fibers and composite materials [1] Group 2: Strategic Direction - The investment aligns with the company's long-term strategic direction, aiming to explore opportunities in the new materials field while ensuring risk is manageable [1] - Hunan Sanqi New Materials Co., Ltd. is currently in the preparatory stage of establishment [1]

Group 1: Wind Power Industry - The wind power industry is entering a performance realization period, with expectations for comprehensive performance release in the second half of the year [1] - The industry is anticipated to enter a new upward cycle during the "14th Five-Year Plan" period, driven by offshore wind power, export markets, and onshore wind power [1] - By 2025, three major catalysts are expected: the initiation of deep-sea offshore wind power, accelerated exports, and recovery in wind turbine profitability [1] Group 2: Energy Storage and Hydrogen Industry - Independent energy storage market growth is supported by domestic policies, with strong demand for large-scale storage in Europe and emerging markets [2] - The hydrogen industry is accelerating across the entire value chain, with reduced financing difficulties and ongoing support for new technology development [2] - Key focus areas include hydrogen production, storage and transportation, and hydrogen applications [2] Group 3: Lithium Battery Industry - The lithium battery supply chain is experiencing a surge in orders due to strong demand from both the energy storage sector and the booming electric vehicle market [3] - The market is witnessing a significant increase in procurement willingness and order volume from terminal enterprises, driven by the peak consumption season for new energy vehicles [3] - There is a strong sentiment among related companies to raise prices, with actual transaction prices gradually increasing [3] Group 4: Large-Scale Energy Storage - Large-scale energy storage demand is expected to exceed expectations, with projected growth of around 30% over the next two years [4] - The overseas market, particularly in Europe and the Middle East, is experiencing a strong surge in demand for large-scale energy storage [4] - The global installed capacity of energy storage is expected to grow at a compound annual growth rate of 30% to 50% from 2025 to 2028 [4] Group 5: Solid-State Battery Industry - The industrialization process of solid-state batteries is accelerating, with several automakers planning to adopt full solid-state batteries around 2027 [5] - The establishment of pilot production lines and the restart of lithium battery expansion cycles are expected to improve the fundamentals of equipment companies [5] - There are opportunities for resonance between industry cycles and technological advancements, with a focus on upstream equipment companies and leading lithium battery equipment firms [5] Group 6: Renewable Energy Development - The renewable energy sector, primarily wind and solar power, is projected to have nearly 2 billion kilowatts of new capacity from 2025 to 2035 [6] - The construction of large wind and solar bases is accelerating, with steady progress in deep-sea wind power and distributed wind power [6] - The industry is expected to achieve long-term growth driven by "dual carbon" goals, with continued optimism for opportunities in the renewable energy sector [6]

Group 1 - The issuer, Taisheng Wind Power Group Co., Ltd., is applying for a specific object stock issuance and listing on the ChiNext board, with Huatai United Securities as the sponsor [1][3] - The total share capital of the issuer as of June 30, 2025, is 934,899,232 shares, with 30.85% being restricted shares and 69.15% being unrestricted shares [7] - The top ten shareholders hold a total of 369,298,730 shares, accounting for 39.49% of the total share capital [7] Group 2 - The issuer's business includes sales of metal structures, onshore and offshore wind turbine sales, and manufacturing of marine engineering equipment [7] - As of June 30, 2025, the issuer's total assets amount to 1,015,133.58 million, with total liabilities of 559,493.05 million and shareholders' equity of 455,640.52 million [11] - The issuer's revenue for the first half of 2025 is reported at 229,854.49 million, with a net profit of 11,506.27 million [11] Group 3 - The fundraising amount for the stock issuance is expected to be no more than 117,592.92 million, which will be used to supplement working capital [25][26] - The issuance price is set at 6.76 per share, which complies with the regulations of not being lower than 80% of the average stock price over the previous 20 trading days [27][28] - The issuer has completed the necessary internal decision-making procedures for the stock issuance, including board and shareholder meetings [17][18]

Group 1: New Energy Industry Performance - The new energy sector has seen significant growth in Q3, outperforming the broader market, with the China Securities New Energy Index rising by 20.66% compared to a 14.24% increase in the CSI 300 Index [1] - Within the new energy sector, the photovoltaic industry index increased by 23.12%, the new energy vehicle index by 18.47%, the grid equipment index by 11.04%, and the wind power industry index by 10.33% [1] - Despite the growth, there are risks of demand slowdown and overcapacity, but structural investment opportunities remain [1] Group 2: Electric Vehicle Market in Europe - The penetration rate of electric vehicles in Europe is increasing, with the electrification rate of new passenger cars at approximately 25%, significantly lower than China's 55%, indicating substantial growth potential [1] - European automotive brands are beginning to mass-produce new generation electric vehicles that are more attractive to consumers, leading to increased collaboration with Chinese component suppliers, particularly in the three-electric system [1] Group 3: Overseas Energy Storage Demand - Overseas demand for energy storage, primarily in Europe, is rapidly growing due to policy incentives, with Chinese companies securing 160 GWh of new overseas energy storage orders in the first half of the year, a 220% year-on-year increase [1] - Countries are implementing various supportive policies for energy storage to address electricity supply security issues, with Australia and Europe leading in these initiatives [1] Group 4: AI and Data Center Infrastructure - The global surge in AI demand is driving large-scale construction and upgrades of data centers, necessitating increased investment in supporting power and electrical facilities [2] - Major internet companies in China and the U.S. are ramping up investments in AI infrastructure, which requires enhanced electrical systems, including more gas turbines and nuclear power units for stable electricity supply [2] Group 5: Offshore Wind Power Investment - Investment in offshore wind power is accelerating globally, with Europe and China planning and reserving numerous projects, and Chinese manufacturers actively seeking overseas clients for core components like piles and submarine cables [2] - The Global Wind Energy Council (GWEC) predicts that Europe will add an average of over 12 GW of offshore wind capacity annually over the next decade, more than four times the average of the past five years [2] - China's marine economy is prioritized as a key industry direction, with significant growth expected in offshore wind development as it expands from nearshore to deep-sea areas, increasing infrastructure demand [2]