Core Viewpoint - Mingyang Smart Energy (601615.SH), a wind turbine company with a market value exceeding 40 billion, has suspended trading starting today for a period not exceeding 10 trading days to plan the acquisition of control over Zhongshan Dehua Chip Technology Co., Ltd. [2] Group 1: Company Overview - Mingyang Smart Energy's main business includes wind turbine manufacturing, renewable power generation, and sales of renewable power products, with wind turbines and related components being the primary revenue source [2] - According to the China Renewable Energy Society Wind Energy Professional Committee, Mingyang Smart Energy ranks third in new installed capacity of wind turbines with 12.29 million kilowatts in 2024 [2] Group 2: Acquisition Details - The acquisition of Dehua Company is planned to be executed through the issuance of shares and cash payment, along with raising matching funds [2] - The transaction is currently in the planning stage and is not expected to constitute a major asset restructuring, but it is classified as a related party transaction [2] Group 3: Dehua Company Profile - Dehua Company focuses on the commercial aerospace sector, specializing in the research and industrialization of high-end compound semiconductor epitaxial wafers, chips, and space energy systems [2] - The company aims to provide comprehensive energy system solutions for satellites, deep space probes, and space stations [2] Group 4: Market Reaction - Mingyang Smart Energy's stock has increased by over 30% since the beginning of 2026 [3] - Other wind energy companies, such as Goldwind Technology (002202.SZ) and Taisheng Wind Power (300129.SZ), have also seen stock price increases due to the commercial aerospace concept [3] - Goldwind Technology's stock has risen by 66.42%, surpassing a market value of 100 billion, while Taisheng Wind Power's stock has increased by 60.13% [3] Group 5: Industry Trends - The commercial aerospace concept has been a significant driver for the rising stock prices of wind energy companies [4] - Goldwind Technology's stock surge is linked to its equity investment in Blue Arrow Aerospace, the first commercial aerospace company to go public [4][5] - Taisheng Wind Power is in the early stages of business layout in the commercial aerospace sector, focusing on rocket storage tank production and market expansion [5]

Core Viewpoint - The commercial aerospace concept is driving the stock price surge of several wind power companies, with Mingyang Smart Energy's stock suspension being a significant event in this trend [1][5]. Group 1: Company Overview - Mingyang Smart Energy (601615.SH), with a market value exceeding 40 billion, has suspended trading as of today, with the suspension expected to last no more than 10 trading days [1]. - The company's main business includes wind turbine manufacturing, renewable energy power generation, and sales of renewable energy power station products, with wind turbines and related components being the primary revenue source [1]. - According to the China Renewable Energy Society's Wind Energy Professional Committee, Mingyang Smart Energy ranks third in new installed capacity with 12.29 million kilowatts of wind turbines in 2024 [1]. Group 2: Acquisition Plans - The short trading suspension is primarily due to plans to acquire control of Zhongshan Dehua Chip Technology Co., which focuses on the commercial aerospace sector [3]. - Mingyang Smart Energy announced that it received a notification from its controlling shareholder, Mingyang New Energy Investment Holding Group, regarding the acquisition, which will involve issuing shares and cash payments [3]. - The transaction is currently in the planning stage and is not expected to constitute a major asset restructuring, but it is classified as a related party transaction [3]. Group 3: Market Reactions - The market had already anticipated the acquisition, as investors inquired about the company's stake in Dehua prior to the official announcement [3]. - Mingyang Smart Energy's stock has increased by over 30% since the beginning of 2026 [4]. - Other wind power companies, such as Goldwind Technology (002202.SZ) and Taisheng Wind Power (300129.SZ), have also seen stock price increases due to the commercial aerospace concept, with Goldwind's stock rising by 66.42% and Taisheng's by 60.13% since the beginning of the year [4]. Group 4: Industry Developments - Goldwind Technology's stock surge is linked to its investment in Blue Arrow Aerospace, which is considered the "first stock in commercial aerospace" [5]. - Taisheng Wind Power has indicated that its stock has been included in the commercial aerospace sector, with plans for business development in this area currently in the early stages [5]. - The company is working on rocket storage tank business research and technology reserves, with a production base project set to be established by the end of 2025 [5].

风电设备 2026 年展望 20260112 摘要 国内陆上风机价格自 2024 年底上涨，主要因行业竞争格局优化，预计 2026-2027 年报表将逐步体现，毛利率有望累计提升约 5 个百分点， 推动行业利润率提升。 海外市场需求多元化，新兴市场陆地风电需求增长显著，欧洲海上风电 维持高景气，但需关注融资利率和供应链问题对长期增长的影响。 预计 2026 年风机出口将突破 15GW，有望达到 18GW，主要由金风科 技、远景能源等公司带动，韵达、三一铭扬等公司也开始显现放量趋势。 英国海上风电市场预计 2026 年迎来订单放量，为中国供应链带来显著 订单，美国融资利率下行和供应链建设提升也为未来发展提供积极因素。 国内海上风电政策支持力度加大，项目资源充沛，业主投资意愿提升， 预计 2026 年底或 2027 年初将进入建设高峰期，拉动产业链发展。 2025 年风电装机量虽略有下降，但仍保持较大规模，头部公司订单充 足，预计 2026 年装机量将在 2025 年基础上稳中有增，有望超过 10% 的增长。 风电整机行业有望通过持续改善盈利能力，在国内外市场加速发展，未 来两到五年内，这些企业有望成长为大公司。 ...

Core Viewpoint - The recent surge in the stock price of Goldwind Technology is primarily linked to its investment in Blue Arrow Aerospace, rather than its core wind power business [3][4][6]. Group 1: Stock Performance - Goldwind Technology's stock price hit a ceiling of 35.13 yuan per share, with a market capitalization of 148.43 billion yuan as of January 12 [1][2]. - The company has experienced five consecutive trading halts, surprising investors [5]. Group 2: Investment Strategy - Goldwind holds approximately 4.14% of Blue Arrow Aerospace, which is expected to become the first publicly listed commercial aerospace company in China [4][6]. - The company has made several successful investments, including in companies like Shangwei New Materials and Jinli Permanent Magnet, yielding significant returns [6][7]. - In 2023-2024, Goldwind's investment income is projected to reach 4.2 billion yuan, surpassing its net profit of approximately 3.2 billion yuan during the same period [6]. Group 3: Financial Performance - For the first three quarters of 2025, Goldwind reported revenues of 48.147 billion yuan, a year-on-year increase of 34.34%, and a net profit of 2.584 billion yuan, up 44.21% [7]. - The company faced significant revenue declines in 2022 and 2023 due to industry price wars and rising raw material costs, but is expected to see a rebound in 2024 [8]. Group 4: Shareholder Actions - Major shareholders, including Xinjiang Energy Group, are planning to liquidate their holdings, with expected proceeds exceeding 300 million yuan [9]. - The fourth-largest shareholder, Harmony Health, has also been reducing its stake, having cashed out approximately 3.8 billion yuan since 2025 [9].

Core Viewpoint - The report from Guosheng Securities indicates a significant shift towards offshore wind power development in China, with expectations for accelerated planning and growth in the sector during the 14th Five-Year Plan period. Group 1: Wind Power Development - Onshore and offshore wind power tenders are projected to reach 97 GW and 5 GW respectively by the first three quarters of 2025, with approvals of 124 GW and 8.6 GW from January to November 2025 [1] - The "14th Five-Year Plan" aims to increase the share of wind power in new energy installations from 25% to 50%, targeting an annual installation capacity of 130 GW [1] - The government has explicitly stated the intention to develop offshore wind power, which is expected to be a key focus area for growth [1] Group 2: European Offshore Wind Market - European offshore wind is expected to accelerate, with policies supporting nearly 100 GW of offshore wind plans across multiple countries, and auction volumes anticipated to exceed 19.5 GW by 2025 [2] - The global floating wind market is projected to enter a growth phase, with an estimated 5.5 GW of floating wind projects expected to start installation by 2030 [2] - The domestic wind turbine market is experiencing price increases, with an average bid price for onshore wind turbines rising approximately 12% in the first ten months of 2025 compared to the previous year [2] Group 3: Submarine Cable Demand - The penetration rate of high-voltage direct current (HVDC) technology in domestic submarine cables is expected to increase, leading to a doubling of demand for submarine cables due to rising interconnection needs [3] - Major domestic cable manufacturers are expected to secure orders from Europe, where local production capacity is constrained [3] - The total demand for submarine cables from 2025 to 2040 is projected to reach 231,800 km, with approximately 89,000 km dedicated to power interconnections [3] Group 4: Offshore Engineering Sector - The domestic offshore engineering sector is witnessing a profitability turning point, with increased utilization rates expected to enhance earnings [4] - European offshore wind projects are facing tight capacity and rising prices due to production delays and labor strikes [4] - Companies that can produce floating foundations are likely to enjoy higher profit margins due to the complexity and cost associated with their production [4] Group 5: Component Market - The production capacity for main shaft castings is under pressure, with increased demand for gearboxes and bearings expected [5] - The market share for gearbox manufacturers is anticipated to grow as they expand production capacity [5] Group 6: Investment Recommendations - Key companies to watch in the turbine sector include Goldwind Technology, Yunda Co., Mingyang Smart Energy, and SANY Heavy Energy [6] - In the offshore wind sector, companies such as Dajin Heavy Industry, Oriental Cable, and Tianjun Wind Power are highlighted as potential investment opportunities [6] - Component manufacturers like Jinlei Co., Delijia, and Weili Transmission are also recommended for consideration [6]

Core Viewpoint - Deyang is enhancing its level of openness by accelerating the construction of logistics ports and creating high-level open platforms to attract foreign investment [2] Group 1: Open Platform Development - The Deyang International Railway Logistics Port Customs Supervision Center has completed its first export business, marking a significant step in enhancing the city's open platform capabilities [2] - Deyang aims to strengthen its open platforms by focusing on the construction of an export processing industry cluster and striving to create a bonded logistics center [7] - The city plans to deepen the construction of various platforms, including free trade zones and cross-border e-commerce pilot zones, to promote trade and industrial integration [7] Group 2: Industry Opportunities - Deyang's high-end energy equipment and chemical materials industries are seizing the opportunity to expand internationally amid global energy transitions and supply chain restructuring [3][4] - Over 160 equipment manufacturing companies in Deyang are engaged in international business, with a cumulative trade volume exceeding 400 billion yuan [4] - The city has established a strong export presence, with significant contributions from companies like Longbai Sichuan Titanium Industry and Sichuan Meifeng, which have successfully penetrated overseas markets [3][4] Group 3: Logistics and Trade Facilitation - The newly operational Deyang International Railway Logistics Port will facilitate efficient connections between rail and sea transport, significantly reducing customs clearance time and logistics costs for local enterprises [5] - Deyang has actively integrated into the Belt and Road Initiative and the Western Land-Sea New Corridor, launching 454 international trains and establishing five international logistics routes [5] - The city has issued 1,464 RCEP certificates, enabling 520 million yuan worth of export goods to benefit from trade agreements [5][6] Group 4: Future Development Strategies - Deyang's strategy for higher openness focuses on enhancing platforms, channels, and the construction of open entities [7][8] - The city plans to host high-level international exhibitions and implement initiatives to promote local products abroad while also attracting foreign investment [8] - Deyang aims to develop a comprehensive transportation network that connects various modes of transport, enhancing its global connectivity [7]

证券研究报告 | 行业策略 gszqdatemark 2026 01 11 年 月 日 风电设备 风电 2026 年行业策略：国内需求稳升，出海加速，国内外盈利共振 国内风电需求稳中有升，海风静待规划落地。如何看待中长期风电需求，主要从 短期、中长期两个维度判断。短期，陆上风电/海上风电招标在 2025 年前三季度 分别实现 97/5GW 招标，2025 年 1-11 月分别实现 124/8.6GW 核准，2026-2027 年风电需求有望持续高增。中长期：风电出力曲线与负荷需求匹配度较高、市场化 竞争电价波动性小，"十五五"风电在新能源装机占比有望从 25%提升至 50%， 实现单年装机达 130GW。国务院总理李强作政府工作报告，首次明确提出"发展 海上风电"，我们预计十五五风电增量重点向海发展，海风规划有望加速。 欧洲海风有望持续加速，浮式风电进入 0-1 周期。欧洲政策加大海风扶持力度， 多国家推动海上风电计划总规模近 100GW，大部分拍卖均采用 CfDs 模式，丹麦、 荷兰也有为重启 CfDs。欧盟降息已达 200 基点，利好海风建设。欧洲 2025 年拍 卖量高企有望超 19.5GW，FID 已 ...

Core Viewpoint - The wind power industry is expected to see a slight rebound in turbine bidding prices by 2025 due to increased emphasis on quality and reliability, as well as efforts to combat unfair competition practices [1] Group 1: Industry Developments - In October 2024, at the Beijing Wind Energy Exhibition, 12 domestic turbine manufacturers signed the "Self-Discipline Convention for Maintaining a Fair Competitive Environment in the Chinese Wind Power Industry," aimed at addressing issues like vicious low-price competition and unfair contract terms [1] - National-level important meetings have repeatedly emphasized the need to prevent and comprehensively rectify "involution-style" competition, with some owners actively responding by adjusting their bidding rules [1] Group 2: Market Trends - There is a growing trend among owners to prioritize high-quality, high-performance turbine units with optimal levelized cost of electricity, reflecting an increased focus on turbine quality and reliability within the industry [1]

Group 1 - The company expects a net profit attributable to shareholders for 2025 to be between -890 million RMB and -1.09 billion RMB, indicating short-term pressure on performance [1] - The wind power industry is accelerating towards high-quality development, with 2026 seen as the starting point for a new cycle of multiple economic upswings, which may support the company's future performance recovery and growth [1] - The National Development and Reform Commission and the Energy Administration have issued a notice promoting the market-oriented reform of new energy grid prices, which will enhance the competitiveness of wind power enterprises across the entire value chain [1] Group 2 - The company's overseas market expansion is accelerating, with foreign wind turbine sales revenue reaching 1.309 billion RMB in 2024, accounting for 12.62% of total revenue, indicating strong growth momentum [2] - The company is optimizing product development, project execution, and localization operations while deepening its presence in traditional markets such as Eurasia, Southeast Asia, and South Korea, and actively exploring emerging markets in the Middle East [2] - The industry ecosystem is continuously improving, with the implementation of self-discipline agreements and reforms in owner bidding rules leading to a rebound in domestic land wind turbine bidding prices, which is expected to solidify the foundation for the company's future development [2]

Core Viewpoint - The company Electric Wind Power (688660.SH) forecasts a net loss attributable to shareholders of between -8.90 billion to -10.90 billion yuan for the fiscal year 2025, compared to a net loss of -7.85 billion yuan in the previous year [1] Group 1: Financial Performance - The projected net loss for 2025 is significantly higher than the previous year's loss, indicating a worsening financial situation [1] - The company is facing increased competition in the offshore wind power market, leading to a decline in wind turbine sales prices [1] - The delay in project construction has resulted in slower order delivery, further impacting revenue [1] Group 2: Cost and Margin Issues - Rising prices of certain components have contributed to a decrease in gross profit margins year-on-year [1] - Some sales orders have costs exceeding the realizable income, prompting the company to recognize losses on contracts, which further reduces operating profit [1]