An updated edition of the Nov. 13, 2025, article.The renewable energy boom that we are witnessing worldwide today is expected to enhance immensely over the next few years, with exponentially growing artificial intelligence (AI)-driven electricity demand playing the role of a critical growth catalyst. Other factors like rapidly growing electrification of the transportation sector, favorable policy adaptations, plummeting costs of solar and wind installation, along with faster-paced renewable energy capacity ...

GlobalData’s latest report, 'Wind Turbines Market Size, Share and Trends Analysis by Technology, Installed Capacity, Generation, Key Players and Forecast, 2024-2030', offers comprehensive information and understanding of the global wind turbine market. The report analyses the wind turbine market value and capacity for the historical (2020–2024) and forecast (2025–2030) periods, as well as country-wise drivers and restraints affecting the market. The report also provides detailed information about key pol ...

26 年风电年度策略：陆风装机有支撑，看好"十五五"两 海成长空间 20251221 摘要 2025 年风电新增装机预计达 100GW 以上，同比增长 25%，其中海风 装机 8-10GW，增长 30-70%。2026 年陆风装机预计持平，海风新增 装机有望达 11-13GW，深远海规划若推出将推动 2027-2030 年海风 发展。 海缆板块因市场格局清晰、技术升级及欧洲亚洲电力互联订单支持，保 持较高毛利率。塔筒管桩国内外盈利弹性显著，国内通过产能利用率提 升和导管架升级，海外则因价格较高实现盈利提升。 风机板块自 2024 年三季度起出现反内卷迹象，招投标价格反弹超 5%。预计 2026 年交付端将体现订单增长带来的盈利弹性，陆风企业出 口利润增量可观，部分企业海风出口亦有所斩获。 欧洲海上风电规划上调，2030 年新增装机预计从 2-3GW 增至 12GW，复合增长率达 21%。中国在漂浮式项目上取得进展，如英国 Green Box 项目获补贴，国内多个商业化项目推进。 海外市场特别是欧洲，对中国风电行业影响显著。欧洲自俄乌战争以来，为摆 脱对外国天然气依赖，上调了海上风电规划。从 2022 年起拍卖 ...

绿色转型持续推进。1月至11月，全省汽车用锂离子动力电池保持较快增长势头，产量同比增长 46.0%。清洁能源发展势头良好，风力发电机组产量增长1.1倍，风力发电量增长7.5%，太阳能发电量增 长9.5%。 投资领域，1月至11月，全省固定资产投资同比下降9.6%，降幅比前10个月收窄2.1个百分点。其中，项 目投资下降8.5%，降幅收窄1.9个百分点，房地产开发投资下降20.7%，降幅收窄3.9个百分点。11月当 月投资同比增长17.3%，是今年5月以来当月投资首次正增长。基础设施投资支撑有力。前11个月，全 省基础设施投资同比增长19.4%，占全省投资总量的33.8%，拉动全省投资增长5.0个百分点。其中，道 路运输业增长56.3%，电信、广播电视和卫星传输服务增长34.1%，互联网和相关服务增长8.6倍，水利 管理业增长7.4%，生态保护和环境治理业增长20.1%。 此外，1月至11月，全省消费市场运行平稳，社会消费品零售总额同比增长2.4%。其中，限额以上单位 消费品零售额增长2.3%。以旧换新政策效益持续显效，全省限额以上单位家用电器和音像器材类、建 筑及装潢材料类、汽车类零售额分别增长21.8%、1 ...

Federal Reserve and Market Reactions - The Federal Reserve has made its last rate decision of the year, implementing a widely expected rate cut, which has led to the S&P 500 closing near all-time highs [1][36] - Small-cap stocks, particularly the Russell 2000, experienced significant gains, reaching a fresh record intraday high, marking the first record high on a Fed day since November 2021 [25][27] Energy Sector Insights - GE Vernova is positioned at the center of a global energy buildout, with over half of the daily electricity in the U.S. generated using its equipment [3][4] - Currently, only about 10% of GE Vernova's backlog is AI-centric, but this is expected to grow to approximately one-third over the next three years [4][9] - The company is also focusing on the electrification of buildings and transportation, alongside industrial growth, indicating multiple drivers of demand beyond AI [5][6] Wind Energy Business - GE Vernova has 57,000 wind turbines globally, with a focus on servicing existing wind farms to enhance performance [11][12] - The company is exploring repowering opportunities for 30 gigawatts of wind turbines in the U.S. by the end of the decade, which allows for upgrades without needing new project approvals [12][14] Mergers and Acquisitions - GE Vernova recently acquired the remaining 50% of Prolle, a maker of transformers, to streamline operations and enhance output in North America [16][17] - The company anticipates generating $22 billion in free cash flow from 2025 to 2028, with plans to return at least a third to shareholders while focusing on core business investments [19][20] Competitive Landscape in Media - Paramount Skyown has made a competing bid for Warner Brothers Discovery, claiming its $30 per share offer is superior to Netflix's proposal, which includes a lower cash portion [22][23] - The bidding war has introduced political complexities, with President Trump suggesting any deal must include the sale of CNN, adding uncertainty to the negotiations [24] Upcoming Earnings and Economic Indicators - Major companies like Broadcom, Costco, and Lululemon are set to report earnings, with expectations that Broadcom's growth is driven primarily by AI [49] - Weekly initial jobless claims are forecasted to rise to 220,000, indicating potential cooling in the labor market, while mortgage rates have declined for two consecutive weeks [50]

Group 1: Company Developments - Vestas, a Danish wind turbine manufacturer, will expand its capacity in Poland to meet strong demand for turbines in Europe, primarily targeting the German market [1] - The expansion will include a new production line at Vestas' factory in Goleniow and the hiring of 300 additional workers [1] Group 2: Industry Trends in Germany - Germany is expected to expand its wind turbine capacity by 5.1 GW in 2025, following a 2.2 GW increase in the first half of the year, which represents a 67% year-on-year increase and the highest new wind capacity in eight years [2] - A total of 7.8 GW of new wind energy capacity was approved in Germany during the first half of 2025, marking a record high for any first half of the year and a 55% increase compared to the first half of 2024 [3] Group 3: Regulatory and Economic Challenges - Despite the increase in wind power installations, Germany faces a gap between the rate of capacity expansion and the legally mandated goals outlined in the Renewable Energy Sources Act, with targets not expected to be met until at least 2026 [4] - The CEO of E.ON, one of Germany's largest power utilities, has called for an end to subsidies for wind and solar power, emphasizing the long-term financial implications of fixed feed-in tariffs [5]

Siemens Energy AG was Europe’s best-performing stock in 2024. Only seven days after a drubbing caused by broad market concerns of an artificial-intelligence bubble, Europe’s biggest winner from the theme is back near record levels. Most Read from Bloomberg Boosted by a wave of analyst optimism and a wider equities rally, Siemens Energy AG shares are up by 13% this week and hovering near an all-time high, fully recouping last Friday’s 10% slump. That’s pushed the company’s market value to within touching ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China Power Sector - **Electricity Demand**: PRC electricity consumption grew by 4.5% year-on-year (y/y) to 888.6 million MWh in September, with a slight deceleration from 4.6% in August [2][8] - **Power Generation Capacity**: New power generation capacity added in September was 21.6 GW, a decrease of 33.9% y/y, with significant drops in solar and wind installations [3][10] Core Insights - **Electricity Demand Breakdown**: - Industrial sector: 64% (+5.7% y/y) - Services sector: 20% (+6.3% y/y) - Residential sector: 14% (–2.6% y/y) - Farming and fishing: 2% (+7.3% y/y) [2][14] - **Power Grid Capital Expenditure (Capex)**: - Total power grid capex increased by 9.9% y/y to RMB 437.8 billion in the first nine months of 2025, but fell by 11.0% y/y to RMB 58.2 billion in September [4][11] - **Utilization Rates**: - Average utilization of power plants decreased by 9.6% y/y to 263 hours in September, with notable declines in thermal, wind, and solar power utilization [5][13] Investment Opportunities - **Top Picks**: - **Sieyuan Electric**: High export growth in power grid equipment [1] - **Goldwind**: Strong sales volume and margin increases in wind equipment [1] - **Sungrow**: Significant growth in energy storage system (ESS) shipments [1] Additional Insights - **Solar Installations**: The decline in solar installations in September was attributed to the end of rush installations following government policy changes [3][10] - **Future Expectations**: Anticipation of a recovery in national power grid capex in October based on delivery schedules from grid equipment manufacturers [1] - **Structural Changes**: Expected declines in wind and solar utilization rates in 2025 due to new capacity being added in less favorable areas [5] Risks - **Goldwind**: Risks include fewer-than-expected new orders and less favorable government policies [29] - **Sieyuan**: Risks include lower-than-expected PRC grid capex and higher raw material costs [31] - **Sungrow**: Risks include slower-than-expected solar installations and intensified trade tensions affecting exports [34]

Core Insights - Denmark's Orsted and Vestas are advocating for European nations to expedite permitting processes, enhance auction terms, and invest in power grids to unlock growth potential in the offshore wind sector [1][2] - The offshore wind industry is shifting focus to Europe due to a stagnant U.S. market under President Trump's administration, which has halted several offshore developments [6] Industry Growth Potential - Vestas anticipates global offshore wind capacity to increase by 20-25% annually until 2030, contingent on improved licensing and auction frameworks in Europe [2] - Orsted expresses optimism about the improving terms of auctions across various European markets, particularly regarding contracts for difference that stabilize power prices [5] Auction Challenges - Several European countries, including Denmark, Britain, Germany, and the Netherlands, have struggled to attract bidders for offshore wind permits due to insufficient subsidies and revenue guarantees [3][4] - Vestas' finance chief highlights the recurring mistakes made by European governments in auction designs that place full price risk on developers amid rising costs [4] Company Performance - Orsted reported a third-quarter net loss of 1.70 billion Danish crowns ($265 million), a significant decline from a profit of 5.17 billion crowns the previous year, primarily due to U.S. tariffs and project halts [6] - Vestas' shares rose approximately 13% following a new share buyback announcement and better-than-expected third-quarter earnings, driven by strong performance in its onshore business [7]

Core Viewpoint - The company expects its revenue for 2025 to be between 18.5 billion euros and 19.5 billion euros, which is influenced by lower anticipated earnings in its service division [1] Revenue Expectations - Projected revenue range for 2025 is between 18.5 billion euros and 19.5 billion euros [1] - The expectation reflects a decrease in earnings specifically within the service division [1]