20251117-江海证券-黑龙江新质生产力研究系列报告_风电设备行业_风电+超算_和_煤电+风电_助力黑龙江能源转型_3页_305kb

Heilongjiang Wind Power Industry Analysis Summary

• Report Context: This study, part of the "Heilongjiang New Quality Productive Forces" series by Jianghai Securities, examines the wind power equipment sector. It was released on November 17, 2025, with an industry rating of "Hold" (maintained), highlighting developments in energy and digital infrastructure.

• Key Event: On November 6, 2025, Tonghe County signed a framework agreement with Jiatang (Liaoning) AI Technology for a "Wind + Supercomputing" project. This 22.28 billion CNY initiative aims to create an integrated system with 7,500 kW high-performance computing and 225 MW wind power, fostering green energy and data innovation in the region.

• Industry Performance: Recent data shows weak performance in wind power, with a relative yield of -5.15% over 1 month, but positive trends over longer periods. A major event is Huaadian Energy's investment in a new thermal power and wind integration project, totaling 120.43 billion CNY, focusing on reducing carbon emissions and boosting renewable energy use.

• Investment Highlights: The "Wind + Supercomputing" project promotes energy-digital synergy by enabling efficient green electricity supply to data centers. It reduces carbon emissions and supports industries like agriculture and manufacturing through advanced AI. Huaadian's coal-fired and wind hybrid project underscores the shift to cleaner energy, with high-yield wind components in certain regions.

• Recommendations and Risks: Suggested stock focus includes local wind operator Jiuzhou Group and Huaadian's listed platform, Huaadian Energy. A "Buy" recommendation is issued if relative yields exceed 15%, based on upcoming developments. Risks include distant coal sources leading to supply constraints and grid limitations causing wind power curtailment.

• Report Conclusions: The initiatives demonstrate potential for economic growth and sustainable energy transitions in Heilongjiang, but investors should monitor project execution and regional infrastructure advancements.