GOLDWIND (02208) rose nearly 4%, and as of press time, it was up 3.07% to HK$9.06, with a trading volume of HK$68.0624 million. On the news front, according to announcements from Solar Energy and Jinkai New Energy, multiple new energy power generation operators have recently received concentrated distributions of renewable energy subsidy funds. Solar Energy's subsidiary photovoltaic project companies received subsidy funds from January to August with a year-on-year increase of 232%, reaching 170% of the full-year 2024 amount; Jinkai New Energy received subsidy funds from January to August with a year-on-year increase of 342%, reaching 190% of the full-year 2024 amount. It is understood that operators intensively received a batch of subsidy distribution notifications at the end of August, and the distribution of renewable energy power generation subsidies has clearly accelerated. China Securities pointed out that against the backdrop of wind and solar project returns being pressured by both market-oriented trading on the revenue side and anti-involution price increases on the cost side, "concentrated distribution of historically owed subsidies" is a potential policy tool that can immediately stimulate developers' investment enthusiasm (after the concentrated distribution of subsidies in 2022, domestic photovoltaic/wind power installations increased by 148%/102% year-on-year in 2023). Recently, GOLDWIND released its 2025 interim report, with the company's revenue growing significantly in the first half of the year, mainly due to increased sales revenue from the wind turbine and components segment. CITIC Securities stated that GOLDWIND's wind turbine business gross margin was 8% in the first half of the year, an increase of 4.2 percentage points year-on-year, with the wind turbine business gross margin improving significantly as expected. In the first half of the year, the company's overseas wind turbine sales proportion increased, while domestic wind turbine gross margins showed a recovery trend.