Core Viewpoint - The article highlights five categories of stocks that are at high risk of decline in the current market environment, driven by stricter delisting regulations, policy rollbacks, and valuation bubbles. Group 1: High Delisting Risk Stocks - The 2025 delisting rules are the strictest ever, with companies facing mandatory delisting if their market value falls below 500 million yuan for 20 consecutive trading days on the main board, or 300 million yuan on the ChiNext [2] - As of April 2025, 132 companies have issued delisting risk warnings, an increase of 45% from the previous year [2] - Companies like *ST Dongfang and *ST Xinhai have faced delisting due to financial fraud and continuous low stock prices, leading to significant losses for investors [2] Group 2: Stocks in Policy-Dependent Industries - The cancellation of subsidies for onshore wind power and the reduction of tax exemptions for electric vehicles will directly pressure the profits of related companies [4] - The onshore wind power sector will see a 0.5 percentage point decrease in capital IRR due to subsidy cuts, impacting already thin profit margins for small firms [4] - The automotive industry is facing overcapacity and reduced subsidies, with some second-tier car manufacturers reporting a 40% decline in net profits year-on-year [4] Group 3: Stocks with Severe Valuation Bubbles - Many popular sectors have inflated valuations, with the ChiNext 50 index at a P/E ratio of 159.31 and the semiconductor index at 126.46, indicating severe overvaluation [5] - The computer sector, driven by AI hype, has a P/E ratio of 91.55, while the average net profit growth in the industry is only 8% [5] - High valuation stocks have seen significant declines, with the ChiNext 50 index down 12% and the computer sector down 15% since October [5] Group 4: High Pledge and Debt Issues - Companies with high equity pledges (over 60%) and high debt ratios (over 80%) face significant risks, including potential stock price collapses [6] - As of April 2025, 89 companies have a pledge rate exceeding 60%, with 32 of them also having debt ratios above 80% [6] - Companies like Nanwei and ST Tiantian are struggling with financing difficulties due to high pledge rates and ongoing investigations [6] Group 5: Stocks with Outdated Production Capacity - The national industrial capacity utilization rate is only 74%, indicating significant overcapacity in traditional manufacturing sectors [7] - The steel industry continues to struggle with low-efficiency production, while the photovoltaic sector is eliminating 20% of low-efficiency capacity [7] - Traditional industries like chemicals and machinery are facing a 32% year-on-year decline in net profits, as they lack policy support and face shrinking market demand [7]

Core Viewpoint - The wind power industry, particularly offshore wind power, is expected to experience explosive growth in installed capacity by 2025, driven by cost reductions from larger turbines and the goals set in the "14th Five-Year Plan" [1][4]. Group 1: Importance of Wind Power - Wind power, especially offshore wind, is gaining attention from professional investors due to its advantages in energy transition, despite solar power being more widely recognized [5]. - Wind power demonstrates higher efficiency in power generation compared to solar, with projected wind generation reaching 991.6 billion kWh in 2024, surpassing solar's 834.1 billion kWh, despite lower installed capacity [5]. - Wind power aligns better with electricity load curves, particularly benefiting from increased output during nighttime, which matches peak evening demand [5]. Group 2: Offshore Wind Power Advantages - Offshore wind power has a significantly higher average utilization hours (3,500-4,500 hours) compared to onshore (2,000-2,500 hours), translating to a 75%-80% increase in efficiency [8]. - Offshore wind power benefits from lower wind resistance and more stable wind speeds, leading to higher energy conversion efficiency [7][9]. - The growth of offshore wind power is supported by its proximity to major electricity consumption centers, reducing transmission losses [9]. Group 3: Market Trends and Projections - The domestic market is expected to see a 98.9% year-on-year increase in new wind power installations in the first half of 2025, with offshore and onshore wind contributing 2.5 GW and 48.9 GW, respectively [9]. - Projections indicate that new offshore wind installations could reach 11.3 GW and 16.4 GW in 2025 and 2026, respectively [12]. - The industry is entering a recovery phase, with increased bidding activities and a rebound in installation data and prices [17]. Group 4: International Market Opportunities - European offshore wind installations are projected to account for 34% of global new capacity in 2024, driven by favorable wind resources and emission reduction targets [23]. - The overseas market offers higher profit margins for Chinese wind power companies with core technologies and cost advantages [26]. - The performance of Chinese companies in the European market is exemplified by Daikin Heavy Industries, which achieved a 99.2% year-on-year revenue increase in the first three quarters of 2025 [27][28]. Group 5: Investment Opportunities - The only actively managed fund with a long-term focus on the wind power sector is Qianhai United Yonglong Mixed Fund, which has shown a 56.1% return this year [31][32]. - Other actively managed funds, such as Southern Potential New Blue Chip, have also reported significant returns, with a year-to-date performance of 54.5% [36]. - The focus on wind power stocks, including Daikin Heavy Industries and Dongfang Cable, is evident in the stable holdings of these funds [34].

"税收优惠的退出并非行业寒冬，而是风电产业真正走向成熟的成人礼。" 近日，财政部、海关总署、国家税务总局联合发布了《关于调整风力发电等增值税政策的公告》，自 2025年11月1日起，陆上风电增值税即征即退政策将正式取消，而海上风电将继续享受税收优惠至2027 年底。这一"有保有控"的政策调整，背后释放出重要信号：我国新能源政策正从"集体供暖"式的普惠扶 持，转向更加精准的差异化引导。陆上风电的"换挡期"已经到来。 政策调整恰逢其时 税收优惠政策从来不是"终身制"。中国财政科学研究院公共收入研究中心主任梁季点出了问题的关键： 在政策和市场双轮驱动下，我国风力发电行业已取得长足发展，良好的行业发展势头已无需税收优惠政 策的支持。 回顾我国风电发展历程，税收优惠确实功不可没。从"三北"地区的大风电场到中东南部的低风速风电， 陆上风电已经实现了规模化、商业化发展。技术进步带来的成本下降，使陆上风电在不少地区已经具备 了与传统能源竞争的能力。此时取消税收优惠，既是行业成熟的标志，也是市场规律的必然选择。 政策调整最值得称道之处在于其精准性。给陆上风电撤去"拐杖"的同时进行海上风电的"续扶"。这种差 异化的安排正体现出国 ...

Group 1 - Iberdrola plans to invest €58 billion (approximately $68 billion) by 2028, focusing on growth in its electricity grid business in the UK and the US [1] - The company aims to transform into a business that emphasizes regulated operations, with two-thirds of its funds directed towards transmission and distribution networks [1] - Expected net profit by 2028 is projected to reach €7.6 billion, with cumulative dividend distribution of approximately €20 billion from 2024 to 2028 [1] Group 2 - The UK will receive the largest share of investment at €20 billion (approximately $24 billion), followed by the US with €16 billion (approximately $19 billion) [1] - An additional €21 billion (approximately $25 billion) will be allocated for generation and customer portfolio, with 75% already invested in ongoing projects [2] - From 2029 to 2031, Iberdrola plans to invest an additional €45 billion (approximately $53 billion), with €30 billion (approximately $35 billion) earmarked for grid construction [2]

Core Viewpoint - Longyuan Power (00916) plans to issue A-shares to raise up to RMB 5 billion for renewable energy projects [1] Group 1: Fundraising Details - The board of Longyuan Power has proposed to issue A-shares to no more than 35 specific investors [1] - The total number of shares to be issued will not exceed approximately 2.508 billion shares [1] - The net proceeds from the fundraising are intended for investment in the 500,000 kW offshore wind power project in Hainan Dongfang CZ8 site and the 1,000,000 kW wind power project at the "Ningxiang DC" supporting new energy base in Shapo [1]

Core Viewpoint - Longyuan Power (001289)(00916) plans to issue up to approximately 2.508 billion A-shares to raise a total of no more than RMB 5 billion, aimed at funding specific renewable energy projects [1] Group 1: Fundraising Details - The board of Longyuan Power has proposed to issue shares to no more than 35 specific targets [1] - The total number of shares to be issued will not exceed approximately 2.508 billion [1] - The total fundraising amount is capped at RMB 5 billion, including the principal [1] Group 2: Project Investment - The net proceeds from the fundraising are intended for investment in the 500,000 kW offshore wind power project at Hainan Dongfang CZ8 site [1] - Additionally, funds will be allocated to the "Ningxiang DC" supporting new energy base at Shapotou, which has a capacity of 1,000,000 kW wind power project [1]

Core Insights - The company reported a revenue of 344 million yuan for Q3 2025, representing a year-on-year growth of 20.43%, and a net profit attributable to shareholders of 124 million yuan, showing a significant increase of 221.42% [1] Group 1: Company Performance - The company focuses on the development, investment, and operation of wind and solar energy, with its main business covering onshore wind power and photovoltaic generation [1] - The company is accelerating the construction of large-scale wind and solar power bases in desert, gobi, and barren areas, promoting integrated development of source, grid, load, and storage [1] - The company is actively laying out new energy storage businesses and forming a diversified business pattern supported by wind power, solar energy, energy storage, and strategic investments [1] Group 2: Industry Developments - The Xinjiang Development and Reform Commission has issued a notice to enhance the resilience of new energy development and maintain the goal of adding 50 million kilowatts of new energy installed capacity by 2025 [2] - The notice encourages the construction of new energy storage in areas rich in renewable resources but with low local consumption capacity, supporting large-scale consumption of new energy [2] - The notice also emphasizes the need for research on flexible direct current transmission channels and aims for 40% of the exported new energy volume during the 14th Five-Year Plan period to come from Xinjiang [3]

未来风电行业的发展及全产业链各环节的降本仍需依靠关键技术突破带动。 此轮板块异动的直接催化，部分来自于近期行业重磅利好的集中释放。 消息面上，据中国可再生能源学会风能专业委员会消息，正在举行的2025北京国际风能大会暨展览会 （CWP 2025）上，全球1000多家风能企业的代表联合发布《风能北京宣言2.0》，明确了风电产业中长 期发展目标以及需要采取的行动。 《风能北京宣言2.0》设定了清晰的增量路径：提出到中国风电"十五五"期间年新增装机容量应不低于 1.2亿千瓦，相比2020年提出的装机目标，年均装机量翻番。 10月22日盘中，风电设备板块（801736）表现活跃，截至早盘收盘，该板块上涨2.85%。风电整机制造 企业电气风电（688660.SH）以14.99%的涨幅领涨，新强联（300850.SZ）、运达股份（300772.SZ）、 大金重工（002487.SZ）等核心零部件及整机企业均跟涨超过5%。 该宣言对海上风电给予了重点强调，要求其年新增装机容量不低于1500万千瓦，确保2030年中国风电累 计装机容量达到13亿千瓦，到2035年累计装机不少于20亿千瓦，到2060年累计装机达到50亿千瓦。 ...

文 | 国家能源局 9月2 4日，国家能源局局长王宏志《以更大力度推动我国新能源高质量发展》在《学习日 报》发布。其中提到： 党的十八大以来，我国新能源产业通过规模跃升和开放竞争，持续推动技术创新和产品迭 代，实现成本快速下降， 陆上风电累计降本6 0%以上，光伏发电累计降本8 0%以上， 当 前新能源平均度电成本已比煤电低三成，用电集中的午高峰成为电价低谷。 2 0 24 年 全 国 新 能 源 重 点 项 目 完 成 投 资 额 约 1.2 万 亿 元 ， 占 电 力 领 域 重 点 项 目 投 资 超 过 5 0%，占全国固定资产投资超过2%。在部分资源优异省区，新能源发电及装备制造贡献 了全省（区）2 0%以上固定资产投资。 在新能源快速发展的推动下， 新一代煤电、抽水蓄能、新型储能等多元调节存储技术快 速发展。 面向新形势新需要， 新能源的发展方式正加速向集成应用升级，各类新技术、新模式、 新业态蓬勃涌现， 助力增强新能源资源配置能力和利用效率，提升新能源就近就地消纳 水平，具体表现在： 一是多能融合，以绿电制氢氨醇为代表的多能转换技术正加速探索与示范应用，气 电掺氢、煤电掺氨，以及化工、交通、冶金 ...

Summary of Wind Power Industry Conference Call Industry Overview - The wind power industry is expected to show significant improvements in its fundamentals in 2025, with strong performance from export chains and component manufacturers in the first half of the year, and anticipated growth from domestic offshore wind and turbine companies in the second half [1][3]. Key Projections - The installed capacity for onshore wind power is projected to reach 100 GW in 2025, representing a year-on-year growth of 30%-40% [5][11]. - Offshore wind power capacity is expected to double to around 10 GW in 2025, indicating rapid growth in both onshore and offshore segments [5][11]. Project Reserves and Support - There is a substantial reserve of domestic offshore wind projects, including approximately 17-18 GW of projects that have been tendered but not yet started, over 20 GW that have been approved but not tendered, and 40-50 GW of competitive projects [6][9]. - Policy support for deep-sea development is expected to bolster future installations [6]. International Market Dynamics - In the first eight months of 2024, overseas Final Investment Decision (FID) projects totaled 8 GW, surpassing the total for the previous year, with 12 GW of projects under construction, up from 10 GW last year [7][8]. - The European market, particularly the UK, France, and Germany, has significantly contributed to these figures, despite challenges in the US market [7][8]. Catalysts for Growth - Key catalysts for industry growth in the second half of 2024 include: 1. A robust tender reserve of approximately 160-170 GW for 2024, with about 60-70 GW of projects yet to be constructed [12]. 2. Favorable economic conditions for wind power, with internal rates of return (IRR) remaining attractive for investors [12]. 3. Strong order books for major turbine manufacturers, with orders increasing by over 10% compared to the end of 2024 [12][15]. Investment Recommendations - The wind power sector is currently viewed as a strong investment opportunity, with expectations of accelerated performance across the entire industry chain in the second half of 2024 [14]. - It is recommended to focus on leading companies in sub-sectors such as submarine cables, piles, turbines, and components to capitalize on the upcoming growth cycle [14]. Long-term Outlook - The medium to long-term outlook remains positive, with expectations of continued high growth in both domestic and international markets, supported by large-scale project reserves and favorable policies [9][10]. - By 2026, global installed capacity is projected to reach 10 GW or more, indicating more than double the growth compared to previous years [9]. Conclusion - The wind power industry is poised for significant growth, driven by strong fundamentals, substantial project reserves, and favorable market conditions both domestically and internationally. Investors are encouraged to consider strategic allocations in this sector to leverage upcoming opportunities.