Investment Rating - The report indicates a positive outlook for the power equipment industry, particularly in the renewable energy sector, with significant investments and technological advancements expected to drive growth [1][2][4]. Core Insights - The report highlights that the State Grid's investment during the "14th Five-Year Plan" period is projected to reach 4 trillion yuan, marking a 40% increase compared to the previous plan [2]. - The report emphasizes the stability in polysilicon prices and the continuous rise in battery component prices, with N-type battery prices increasing to 0.40 yuan per watt [15][16]. - The report identifies three key areas of focus: supply-side reform leading to price increases in the industry chain, long-term growth opportunities from new technologies, and industrialization opportunities from perovskite GW-level layouts [16]. Summary by Sections 1. New Energy Generation 1.1 Photovoltaics - Polysilicon prices remain stable, while battery component prices are on the rise, with N-type battery prices reaching an average of 0.40 yuan per watt [15]. - The report notes that leading component companies are responding to industry self-discipline by raising component prices, with distributed sales prices reaching 0.72 yuan per watt [15][16]. - Key companies to watch include Tongwei Co., GCL-Poly, LONGi Green Energy, JA Solar, and Trina Solar [16]. 1.2 Wind Power & Grid - The UK AR7 offshore wind auction results exceeded expectations, with a total scale of approximately 8.4GW, validating the upward trend in European offshore wind [17]. - The State Grid's investment is expected to enhance transmission capacity significantly, addressing bottlenecks in renewable energy delivery [18]. - Companies to focus on include Goldwind, Yunda Wind Power, Mingyang Smart Energy, and Sany Heavy Energy [18]. 1.3 Hydrogen & Energy Storage - By 2025, the production and sales of fuel cell vehicles in China are projected to reach 7,797 units, reflecting a 44% year-on-year increase [20]. - The report anticipates that new energy storage installations will reach 58.6GW/175.3GWh by 2025, with significant growth expected in the energy storage sector [21]. - Key players in the hydrogen sector include Shuangliang Energy, Huadian Heavy Industries, and Shenghui Technology [20]. 2. New Energy Vehicles - Solid-state batteries are gaining traction, with several automakers making progress towards mass production by 2026 [29]. - Companies such as BYD, Changan Automobile, and Chery are expected to achieve significant milestones in solid-state battery technology [29]. - The report suggests monitoring companies like Xiamen Tungsten, Hailiang Co., and Nanjing Advanced Lithium Battery [29]. 3. Industry Trends - The report notes a 0.4% increase in the new energy equipment sector from January 12 to January 16, 2026, with a cumulative increase of 5.3% since the beginning of the year [12]. - The photovoltaic equipment sector saw a 3.52% increase, while the wind power equipment sector experienced a decline of 1.28% during the same period [13].

Core Viewpoint - The wind power industry is experiencing a recovery, with signs of improved demand both domestically and internationally, and potential for profit improvement by 2026 [2][3] Group 1: Industry Recovery - The wind power sector is witnessing a rebound, with the cumulative installed capacity of wind and solar power surpassing that of thermal power for the first time by March 2025 [3] - The profitability of the wind turbine segment has shown significant improvement, with a downward trend in bidding prices for wind turbine units from 2022 to 2024 due to intense market competition [3][4] - The average bidding price for wind turbine units in the market is projected to be 1610 RMB/kW by September 2025, indicating a recovery in prices after a bottoming out in August 2024 [5][6] Group 2: Anti-Competition Measures - The wind power industry has recognized the dangers of "involution" competition, leading to initiatives aimed at stabilizing prices and ensuring fair competition [5][6] - A self-regulatory agreement was signed by 12 wind turbine manufacturers at the Beijing International Wind Energy Conference in 2024 to address issues such as malicious defamation and unfair contract terms [5] Group 3: Growth in "Dual Sea" Market - The "dual sea" market, encompassing offshore wind and overseas wind power, is expected to drive continued recovery in the industry [7][8] - The Global Wind Energy Council forecasts that over 350 GW of new offshore wind capacity will be added globally from 2025 to 2034, with China accounting for 51% of this growth [8] - Companies like SANY Heavy Energy and Mingyang Smart Energy are actively expanding in the "dual sea" market, with SANY expecting significant increases in overseas revenue starting in 2025 [9][10] Group 4: Overall Industry Chain Benefits - The entire wind power industry chain is anticipated to benefit from the growth in the "dual sea" market, with increased orders for offshore piles and submarine cables expected in 2026 [11] - European offshore wind projects are projected to release supply chain orders in 2026 and 2027, coinciding with a rise in project conversion rates [11] - Companies are focusing on high-potential markets and products needed for offshore wind and overseas markets, taking advantage of the competitive landscape [11]

Investment Rating - The report indicates a positive outlook for the offshore wind sector in Europe, particularly following the recent awarding of 8.4GW capacity in the UK AR7 auction, with a budget increase to £1.8 billion [4]. Core Insights - The offshore wind capacity awarded in the UK AR7 auction is 8.44GW, with a budget increase to £1.8 billion, addressing previous issues of low pricing and insufficient new capacity [4]. - The report highlights that from 2025 to 2030, Europe is expected to see a total new installed capacity of 139.6GW for offshore wind and 47.6GW for onshore wind, with a CAGR of 28.6% and 11.5% respectively [4]. - The report emphasizes that the UK and Germany will be the main contributors to new offshore wind installations, accounting for 27.7% and 20.1% respectively from 2025 to 2034 [4]. - The report suggests that domestic manufacturers are likely to benefit from the growing European offshore wind market, with companies like Dajin Heavy Industry and Mingyang Smart Energy leading the way in overseas orders [4]. Summary by Sections Offshore Wind Capacity and Budget - The UK AR7 auction results show a significant increase in offshore wind capacity awarded, with a budget that has doubled to £1.8 billion, improving project economics through a 14% increase in electricity prices [4]. European Market Growth - The report forecasts a substantial increase in offshore wind installations starting in 2026, with a sharp rise expected by 2029, reaching 11.77GW in 2030 [4]. Key Players and Opportunities - Companies such as Dajin Heavy Industry, Mingyang Smart Energy, and Dongfang Cable are highlighted as key players benefiting from the European market expansion, with significant orders already secured [4].

湖南启元律师事务所 关于三一重能股份有限公司 2026 年第一次临时股东会的 法律意见书 中国·长沙 世茂环球金融中心63层 网址：http://www.qiyuan.com 邮政编码：410000 电话：0731－82953778 传真：0731－82953779 2026 年 1 月 致：三一重能股份有限公司 湖南启元律师事务所（以下简称"本所"）接受三一重能股份有限公司（以下 简称"公司"）委托，指派律师出席公司 2026 年第一次临时股东会（以下简称"本 次股东会"）。根据《中华人民共和国公司法》（以下简称"《公司法》"）《上 市公司股东会规则》（以下简称"《股东会规则》"）等中国现行法律、法规、规 章和规范性文件以及《三一重能股份有限公司章程》（以下简称"《公司章程》"） 的相关规定，就公司本次股东会的召集、召开程序、出席会议的人员资格、召集 人资格、表决程序及表决结果等事宜出具本法律意见书。 为出具本法律意见书，本所律师出席了本次股东会，并核查和验证了公司提 供的与本次股东会有关的文件、资料，同时听取了公司就有关事实的陈述和说明。 本法律意见书仅用于本次股东会见证之目的，本所同意公司按照有关规定将 ...

证券代码：688349 证券简称：三一重能 公告编号：2026-001 三一重能股份有限公司 2026年第一次临时股东会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东会召开的时间：2026 年 1 月 9 日 （二） 股东会召开的地点：北京市昌平区北清路三一产业园 1 号楼 1 号会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 107 | | --- | --- | | 普通股股东人数 | 107 | | 2、出席会议的股东所持有的表决权数量 | 662,980,376 | | 普通股股东所持有表决权数量 | 662,980,376 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 54.6674 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 54.6674 | （四） 表 ...

Core Insights - The article discusses the centralized procurement of wind turbine generators and associated equipment for 11 wind power projects in Huanghua City, Hebei, totaling 1950.5 MW capacity [1][8]. Group 1: Project Overview - The procurement consists of 6 bidding sections, with sections 5 and 6 being offshore wind projects [1][8]. - The bidding announcement is scheduled for October 20, 2025 [1][8]. Group 2: Bidding Results for Section 1 - Section 1 includes projects such as a 100 MW wind power project in Huanghua City and a 100 MW integrated wind and fire project in Bohai New Area [4][12]. - The top bidders for Section 1 are: - First: SANY Heavy Energy Co., Ltd. with a bid of 470.88 million yuan - Second: Yunda Energy Technology Group Co., Ltd. with a bid of 494.60 million yuan - Third: CRRC Shandong Wind Power Co., Ltd. with a bid of 479.00 million yuan [4][12]. Group 3: Bidding Results for Section 2 - Section 2 includes the 100 MW wind power project in Gaoyi and a 200 MW wind power project in Nanhe [5][13]. - The top bidders for Section 2 are: - First: CRRC Shandong Wind Power Co., Ltd. with a bid of 480.00 million yuan - Second: Yunda Energy Technology Group Co., Ltd. with a bid of 480.10 million yuan - Third: Dongfang Electric Wind Power Co., Ltd. with a bid of 492.00 million yuan [6][14]. Group 4: Bidding Results for Section 3 - Section 3 includes the 137.5 MW wind power project in Wuchuan and the 100 MW wind farm project in Sanjiang [6][14]. - The top bidders for Section 3 are: - First: Dongfang Electric Wind Power Co., Ltd. with a bid of 403.375 million yuan - Second: Yunda Energy Technology Group Co., Ltd. with a bid of 434.625 million yuan - Third: CRRC Zhuzhou Electric Locomotive Research Institute Co., Ltd. with a bid of 414.125 million yuan [7][15].

Group 1 - Sany Heavy Energy's stock price increased by 5.28% to 27.11 CNY per share, with a trading volume of 1.79 billion CNY and a market capitalization of 33.248 billion CNY as of January 6 [1] - The company has experienced a continuous stock price increase for three days, with a cumulative increase of 2.51% during this period [1] - Sany Heavy Energy, established on April 17, 2008, focuses on the research, manufacturing, and sales of wind power equipment, as well as the design, construction, and management of wind farms and photovoltaic power plants [1] Group 2 - The main revenue sources for Sany Heavy Energy include wind turbine manufacturing and sales (75.14%), wind farm sales (21.33%), wind power services (2.12%), power generation income (0.96%), and other income (0.44%) [1] - Among the top ten circulating shareholders, E Fund's ETF reduced its holdings by 1.2902 million shares, maintaining 8.8646 million shares, which represents 3.59% of the circulating shares [2] - E Fund's ETF has achieved a year-to-date return of 4.41% and a one-year return of 49.74%, ranking 380 out of 5490 and 1113 out of 4193 respectively [2]

Core Insights - The rapid expansion of AI data centers, combined with the "anti-involution" trend, is expected to create new opportunities in the renewable energy sector by 2026 [1] Group 1: Policy and Regulatory Developments - The National Development and Reform Commission and the National Energy Administration aim for renewable energy generation to account for approximately 30% of total power generation by 2030 [2] - By 2035, a new type of power grid platform will be established, enhancing the optimization of power resources and supporting the stable operation of the power system [2] Group 2: Market Growth and Trends - The "14th Five-Year Plan" indicates that non-fossil energy will gradually become the main energy supply, marking a significant transformation in the energy supply structure [3] - The global demand for electricity is expected to expand exponentially due to the booming AI data centers and the acceleration of global electrification [3] Group 3: Investment Opportunities - A report from Citigroup highlights that transformer and large-scale energy storage systems (ESS) may become critical bottleneck assets in supporting the expansion of AI data centers [3] - Various institutions have released strategies for 2026, expressing optimism for the renewable energy sector, particularly in upstream materials like graphite anode materials and lithium hexafluorophosphate [3] Group 4: High-Growth Stocks - A total of 64 stocks in the renewable energy sector are projected to have a net profit growth rate exceeding 20% in both 2026 and 2027 [5] - Among these, 31 stocks have an upside potential of over 20% based on the comparison of their closing prices on December 31, 2025, with the target prices predicted by institutions [5] Group 5: Specific Stock Insights - EVE Energy is expected to have a price increase potential of 52.4%, driven by the launch of a new cylindrical battery project and improvements in profitability through energy storage and solid-state batteries [7] - Igor's stock has a potential increase of 49.58%, benefiting from the scaling of overseas production and new growth opportunities in the data center sector [7] - The rolling P/E ratio for Satellite Chemical is the lowest at 9.71, with ongoing development of immersion liquid cooling solutions for various applications [8][9]

Core Insights - The report emphasizes that the wind power sector is expected to break the cyclical pattern and maintain growth in 2026, driven by both onshore and offshore wind energy expansion globally, with a focus on green energy applications [10][12] - The report identifies four main investment themes for 2026: 1) Resonance of policies between China and Europe for offshore wind, 2) Green energy catalyzing non-electric utilization, 3) Profitability elasticity of major manufacturers, and 4) Sustained demand in the components sector [10][16] Group 1: Industry Overview - In 2025, the wind power sector faced cyclical pressures, but by the third quarter, the relative advantages of wind power became more pronounced due to policy impacts on the electricity market and non-electric utilization, leading to a projected double-digit growth in installed capacity for 2026 [10][20] - The report forecasts that installed capacity for onshore and offshore wind in 2026 will reach approximately 110 GW and 10 GW respectively, representing year-on-year growth of 10% and 25% [20][41] Group 2: Key Companies and Profitability Forecasts - The report highlights several key companies with investment ratings, including: - Goldwind Technology (002202.SZ) with a buy rating and projected EPS growth from 0.42 in 2024 to 1.16 in 2026 [7] - Dongfang Cable (603606.SH) also rated as buy, with EPS expected to rise from 1.47 in 2024 to 3.03 in 2026 [7] - New Strong Link (300850.SZ) rated as buy, with EPS projected to increase from 0.18 in 2024 to 2.92 in 2026 [7] - The profitability of major manufacturers is expected to improve significantly, with the average bidding price for main units increasing by 7.4% in 2025, and a high proportion of high-price orders expected to continue into 2026 [10][13] Group 3: Offshore Wind Development - The report notes that both Europe and China are emerging from a low point in offshore wind development, with a significant increase in project approvals and construction expected to drive growth in 2026 [10][56] - The offshore wind policy in China is evolving, with a focus on deep-sea technology and a significant number of projects expected to be initiated, which will enhance demand for high-voltage cables and other components [10][56] Group 4: Component Sector Dynamics - The demand for wind turbine components is projected to remain strong, with expectations of over 20,000 turbines needed annually during the "14th Five-Year Plan" period, indicating a recovery from previous supply chain constraints [10][44] - The report suggests that component manufacturers will benefit from increased capacity utilization and the introduction of new technologies, with specific companies recommended for investment, including New Strong Link and Delijia [10][13]

证券代码：688349 证券简称：三一重能 三一重能股份有限公司 2026 年第一次临时股东会会议资料 二〇二六年一月 目 录 现场要求提问的股东及股东代理人，应当按照会议的议程举手示意，经会议 主持人许可后方可提问。有多名股东及股东代理人同时要求提问时，先举手者先 提问；不能确定先后时，由主持人指定提问者。 会议进行中只接受股东及股东代理人发言或提问。发言或提问应围绕本次会 议议题进行，简明扼要，时间不超过 5 分钟。发言或提问时需说明股东名称及所 持股份总数，每位股东及股东代理人发言或提问次数不超过 2 次。 五、股东及股东代理人要求发言或提问时，不得打断会议报告人的报告或其 他股东及股东代理人的发言。在股东会进行表决时，股东及股东代理人不再进行 2026 年第一次临时股东会会议须知 为了维护全体股东的合法权益，确保股东会的正常秩序和议事效率，保证会 议的顺利进行，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》《上市公司股东会规则》以及《三一重能股份有限公司章 程》《三一重能股份有限公司股东会议事规则》等相关规定，三一重能股份有限 公司（以下简称"公司"或"三一重能"） ...