Goldwind (02208) surged more than 3%, reaching HK$13.75 by the time of writing, with a trading volume of HK$148 million. The rally follows recent developments from the 2026 National Energy Work Conference held in Beijing, which emphasized advancing higher-level energy security and accelerating the transition to green and low-carbon energy. Key priorities include increasing the share of renewable energy supply, targeting over 200GW in new wind and solar power installations for the year, while also promoting major hydropower projects and the safe, orderly development of nuclear power.
Citi released a research note stating that the recent decline in several mainland utility stocks on December 17 was likely due to conservative guidance from the National Energy Administration for next year, including cautious targets for new wind and solar installations and a restrained approach to hydropower and nuclear development. The bank argued that, based on historical trends, the projected "over 200GW in wind and solar installations" for next year may be underestimated. It also anticipates increased capital expenditures for hydropower and nuclear projects during the 15th Five-Year Plan period to meet emission reduction goals. Additionally, Citi expects global energy storage system (ESS) demand to expand at a faster pace.
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