来源：格隆汇APP 格隆汇2月12日丨根据联交所最新权益披露资料显示，2026年2月6日，金风科技(02208.HK)获JPMorgan Chase & Co.以每股均价13.2694港元增持好仓178.7万股，涉资约2371.3万港元。 | 法格局局 | 大股票/董事/最准行政人員名 作出損量的 廣入/費出或康及的 每股的平均價 | | | 的有傳出的股份數目 信已發行的 南關車体的目期相關法國股份 國權證據在 | | | | --- | --- | --- | --- | --- | --- | --- | | | DISTREE | | | (请都是上述*註 淘投票權股(日/月/年) 繼觉 | | | | | | | | 网上网站 | | | | CS20260211E00251 JPMorgan Chase & Co. | 1101(L) | 1,787,045(L) | HKD 13 2694 | 47,782,646(L) | 6.17(L)06/02/2026 | | | | | | | 24,961,827(S) | 3.22(S) | 15-12-12-2011 | | | | | | 14 ...

Group 1 - Morgan Stanley increased its stake in Goldwind Technology (02208) by 1,787,045 shares at a price of HKD 13.2694 per share, totaling approximately HKD 23.713 million [1] - After the increase, Morgan Stanley's total shareholding in Goldwind Technology is approximately 47,782,600 shares, representing a holding percentage of 6.17% [1]

Group 1 - Morgan Stanley increased its stake in Goldwind Technology (002202)(02208) by 1.787045 million shares at a price of HKD 13.2694 per share, totaling approximately HKD 23.713 million [1] - After the increase, the total number of shares held by Morgan Stanley is approximately 47.7826 million, representing a holding percentage of 6.17% [1]

Group 1 - The core point of the news is the resignation of Li Fei, the Vice President of Goldwind Technology, due to personal health reasons, effective immediately upon the board's receipt of his resignation letter [1] - Li Fei has been with the company for nearly 20 years, serving as Vice President for over six years, and his resignation will not affect the company's normal operations [1][4] - In 2024, Li Fei received a pre-tax compensation of 4.105 million yuan, and he increased his shareholding from 0 to 400,000 shares due to stock incentive grants [4][5] Group 2 - Goldwind Technology reported a revenue of 48.147 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 34.34%, and a net profit of 2.584 billion yuan, up 44.21% year-on-year [6] - The increase in net profit is attributed to higher gross profit and changes in fair value, despite a decrease in investment income [6] - The European Commission has initiated an in-depth investigation into Goldwind Technology's production, sales, and related services of wind turbines within the EU under the Foreign Subsidies Regulation [6][7]

Core Viewpoint - The article discusses the investment strategies of Goldwind Technology, highlighting its successful investments in various sectors, including commercial aerospace and robotics, and contrasts this with the challenges faced by the photovoltaic industry in achieving similar investment success [3][24]. Investment Strategies - Goldwind's investment strategy can be categorized into three main types: 1. Collaborative investments within the wind power supply chain to ensure supply security and reduce costs [30]. 2. Expanding into new energy ecosystems, including storage, hydrogen, and new materials, aligning with carbon neutrality policies [30]. 3. Investing in cutting-edge technologies to secure future strategic positions [31]. Notable Investments - Goldwind's investment in Blue Arrow Aerospace, which is currently undergoing an IPO with a projected valuation of 75 billion yuan, exemplifies its successful investment approach [25][28]. - The company invested 50 million yuan in Blue Arrow in 2017, which has since appreciated over 50 times [26]. - Another significant investment was in Shanghai Weaving New Materials, where Goldwind invested 300 million yuan in 2016, yielding substantial returns [27]. Financial Performance - As of the third quarter of 2025, Goldwind reported investment income and fair value changes totaling approximately 14.28 billion yuan, significantly contributing to its net profit of about 25.84 billion yuan [33]. Competitive Advantage - Goldwind's strong network includes partnerships with leading venture capital and private equity firms, as well as state-owned enterprises, enhancing its investment capabilities [34][35]. - The company operates as an "industrial investor," focusing on investments that provide business synergies rather than purely financial returns [34]. Industry Comparison - The article contrasts Goldwind's investment success with the photovoltaic industry, which struggles to create a sustainable investment cycle that supports its core business [18][21]. - It suggests that the photovoltaic sector often engages in speculative investments rather than strategic, long-term investments that could benefit the industry as a whole [19][20].

Group 1: Photovoltaic Industry - The photovoltaic industry is experiencing a clear upward trend due to supply-side clearing and demand-side support, with expectations of profitability recovery in 2026 as inefficient companies exit the market and leading firms enhance efficiency through technological upgrades [1][14] - In 2025, China's photovoltaic industry saw a significant increase in installed capacity, reaching 315.07 GW, with a year-on-year growth rate of 13.67%, despite a slowdown in the second half of the year [14][16] - The introduction of policies aimed at preventing "involution" in the industry has led to a recovery in prices, with polysilicon prices rising over 50% from June to November 2025, indicating a shift towards a more rational pricing environment [22][29] Group 2: Wind Power Industry - The wind power industry is expected to benefit from a favorable supply-demand structure, with significant growth anticipated in offshore wind projects and exports, particularly in 2025 [1][3] - The domestic wind power market is projected to continue its growth trajectory, with offshore wind becoming a key focus area, supported by increasing demand for domestic and international markets [1][3] - Investment recommendations include focusing on leading manufacturers in the wind turbine sector and companies involved in high-barrier components such as submarine cables, which are expected to see increased demand [3][3] Group 3: New Energy Vehicles - The new energy vehicle sector in China is projected to achieve sales of 16.49 million units in 2025, reflecting a year-on-year growth of 28.2%, driven by stable market demand and improved product structures [2][3] - The industry is witnessing a recovery in profitability as supply-side chaos is effectively managed, with significant price increases in key materials like lithium hexafluorophosphate and vinyl carbonate [2][3] - The transition to a high-quality development phase is expected in 2026, supported by technological innovations and enhanced supply chain capabilities [2][3] Group 4: Lithium Battery Industry - The lithium battery industry is experiencing a recovery in profitability as inefficient production capacity is eliminated, with key materials seeing price increases and demand from new energy vehicles and energy storage continuing to rise [8][8] - Recommendations include focusing on leading companies in the battery and structural components sectors, which are expected to benefit from the industry's recovery [8][8] - The commercialization of solid-state batteries is accelerating, with several companies making significant progress in this area [8][8]

Core Viewpoint - Key events for Goldwind Technology in 2026 include financial reports, regulatory investigations, business progress, and investment milestones, with specific timelines subject to change based on official disclosures from the company [1] Financial Performance - The company is scheduled to disclose its 2025 annual report on March 28, 2026, which will include full-year financial data and business details [2] Regulatory Situation - The European Commission initiated an in-depth investigation into Goldwind Technology on February 4, 2026, under the Foreign Subsidies Regulation, focusing on whether government subsidies distort market competition. The investigation is expected to last until autumn 2027 [3] - On February 10, the company announced it would provide performance guarantees for its Italian subsidiary, signaling normal business operations [3] Company Status - Goldwind Technology's stake in Landspace Technology was accepted for IPO on the Sci-Tech Innovation Board as of December 31, 2025. As the sixth-largest shareholder, the company holds approximately 4.14% of shares. The progress of the IPO review and listing may impact valuation [4] Business Progress - The first phase of the green methanol project in Xingan League, with a capacity of 250,000 tons, has been put into production and is expected to reach full capacity by the second quarter of 2026. The company has signed supply agreements with shipping giants like Maersk, which is anticipated to contribute to performance growth starting in 2026 [5] Project Advancement - The wind-solar hydrogen production project in Urat Front Banner received pre-approval from the Inner Mongolia Energy Bureau in January 2026, with a total investment of 18.92 billion yuan. The project plans to build 3GW of wind power capacity to support green hydrogen production and green ammonia, implemented in two phases. Future construction progress will be closely monitored [6]

Group 1 - The company, Goldwind Technology, is deeply focused on the wind power industry while also paying attention to technological and market opportunities in the renewable energy sector [1]

Group 1 - The European Commission has initiated an in-depth investigation into Goldwind Technology (002202) under the Foreign Subsidies Regulation, focusing on whether government subsidies distort competition in the EU market, with the investigation expected to last until autumn 2027 [1] - The Chinese Ministry of Commerce has expressed concerns over the targeted and discriminatory nature of the investigation [1] - Goldwind Technology announced a performance guarantee of 159 million RMB for its Italian subsidiary to support local wind power projects, signaling business continuity [1] Group 2 - Following the EU investigation, Goldwind Technology's A-share price experienced significant volatility, dropping by 9.02% on February 5, closing at 24.82 RMB, with a cumulative decline of 6.67% over five days; however, the stock has risen by 24.80% year-to-date, indicating a mix of long-term confidence and short-term pressure [2] - Institutional reports suggest that the company's wind turbine profitability is expected to recover, with green methanol business potentially contributing to growth from 2026; CICC maintains a target price of 25.8 RMB for A-shares [3] - Ping An Securities believes the EU investigation will have limited short-term impact on wind turbine exports but increases future market uncertainty, while maintaining a positive outlook on the competitiveness of China's wind power industry [3]

Core Viewpoint - The company announced the resignation of Vice President Li Fei due to personal health reasons, with his term originally set to last until the end of the ninth board of directors [1] Group 1 - The resignation was formally submitted in writing to the company's board of directors [1] - Li Fei's decision to resign is based on the need to prioritize his health [1] - The timing of the resignation comes as the company is navigating its current operational strategies [1]