Core Viewpoint - The article emphasizes the significant advancements and contributions of China's wind power industry, highlighting its transition from reliance on foreign technology to becoming a global leader in wind energy innovation and deployment [1][2][3]. Industry Development - In the first half of this year, China's newly installed wind power capacity reached 51.39 million kilowatts, with a cumulative capacity of 573 million kilowatts by June 2025, marking a year-on-year growth of 22.7% [1]. - The average utilization rate of wind power in China is reported at 93.2%, with a cumulative generation of 588 billion kilowatt-hours, reflecting a 15.6% increase year-on-year [1]. Technological Innovation - The company Yunda Energy Technology Group has played a pivotal role in the evolution of China's wind power sector, transitioning from technology importation to independent innovation, and has developed significant products such as the world's largest 10 MW onshore wind turbine and the 18 MW floating platform [2][3]. - In 2024, Yunda Energy is projected to achieve 12.5 GW of new installed capacity, ranking among the top three globally, with a total order backlog of 45.87 GW [3]. Market Expansion - The article notes that in 2024, China's new installed wind power capacity is expected to reach 79.8 GW, accounting for 68.2% of the global total, indicating that nearly two out of every three new wind turbines installed worldwide will be in China [3]. - The company Mingyang Smart Energy Group is establishing a comprehensive supply chain for offshore wind power, focusing on deep-sea projects, which are crucial for tapping into the vast wind energy resources available in deeper waters [5][6]. Global Outreach - Envision Energy has expanded its operations globally, recently partnering with Fortescue River Group to provide a 132 MW wind power project in Australia, showcasing its commitment to international renewable energy initiatives [7][8]. - Envision Energy manages over 30,000 wind turbines globally, with a total installed capacity exceeding 80 GW, and is recognized for its technological advancements in key components [8].

Core Viewpoint - The Chinese wind power industry is experiencing robust growth, with significant advancements in technology and market expansion, positioning itself as a global leader in renewable energy [2][5][11]. Industry Overview - The A-share wind power sector saw a strong performance on the first trading day of October, with leading wind turbine manufacturers' stock prices rising collectively, reflecting the industry's strong development momentum [2]. - According to the National Energy Administration, China's newly installed wind power capacity reached 51.39 million kilowatts in the first half of the year, with a cumulative installed capacity of 573 million kilowatts by June 2025, marking a year-on-year growth of 22.7% [2]. - Wind power generation in China totaled 588 billion kilowatt-hours in the first half of the year, representing a year-on-year increase of 15.6%, with an average utilization rate of 93.2% [2]. Company Highlights - Yunda Energy Technology Group has played a pivotal role in the evolution of China's wind power industry, transitioning from reliance on imported technology to becoming a leader in innovation [4][5]. - The company has developed significant products, including the world's largest 10 MW onshore wind turbine and the 18 MW floating platform, contributing to a projected 12.5 GW of new installed capacity in 2024, placing it among the top three globally [5][6]. - Mingyang Smart Energy Group has established a comprehensive industrial chain from nearshore to deep-sea wind power, demonstrating resilience during extreme weather events [7][8]. - Mingyang's floating wind turbines can be deployed in deep waters, significantly expanding the potential for wind energy development [7]. - Envision Group has expanded its operations globally, with over 30,000 wind turbines managed and an installed capacity exceeding 80 GW, leading in global order volume [10][11]. Technological Advancements - Yunda Energy has achieved breakthroughs in high-voltage technology, enabling the integration of electrical systems for large-capacity wind turbines, marking a significant milestone for Chinese enterprises [5]. - Mingyang has developed various wind power solutions tailored to different environmental conditions, enhancing the industry's adaptability [8]. - Envision's self-research and manufacturing capabilities in core components have driven the development of the entire supply chain, improving the efficiency of green energy utilization globally [11].

Core Viewpoint - A new company, Hangzhou Fuyang Tongda Agricultural and Light Complementary New Energy Co., Ltd., has been established, focusing on renewable energy generation and related services, with full ownership by Yunda Co., Ltd. [1] Company Summary - The newly established company has a registered capital of 10 million yuan [1] - Its business scope includes power generation, transmission, and distribution services [1] - The company is also involved in the research and development of offshore wind power systems and the sales of related equipment [1] Industry Summary - The establishment of this company indicates a growing focus on renewable energy solutions, particularly in offshore wind power [1] - The involvement of Yunda Co., Ltd. suggests potential synergies in the renewable energy sector [1]

新京报贝壳财经讯（记者朱玥怡）10月首个交易日10月9日，A股风电板块迎来开门红。 编辑 岳彩周 头部风电整机厂商股价集体领涨，运达股份（300772.SZ）收20.69元/股，涨9.30%；金风科技 （002202.SZ）收16.24元/股，涨8.48%；明阳智能（601615.SH）收17.28元/股，涨6.93%；三一重能 （688349.SH）收32.49元/股，涨6.91%。 校对 穆祥桐 Wind风电指数（866044.WI）今日涨3.24%，近一年涨幅大幅领先沪深300。 去年下半年开启的新能源反内卷战役中，风电由于自身产业集中度较高，被认为是较早落实反内卷的细 分赛道。 摩根士丹利在9月下旬上调了中国风电行业评级，该机构表示，中国风电价值链成功实现了"反内卷"， 在2025年初出现了价格和整体盈利能力的转机，2025年前8个月陆上风机招标价格较2024年上涨8%，海 上风机价格上涨12%，预计国内风电装机需求将保持韧性，看好关键零部件供应商和海缆企业的投资机 会。 国信证券研报指出，上半年主机企业国内制造盈利磨底，随着涨价后订单的陆续交付，三季度交付端将 迎来单价和毛利率双重修复。海上风电方面 ...

Core Insights - The wind power equipment sector experienced a significant increase of 3.88% on October 9, with Yunda Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Stock Performance - Yunda Co., Ltd. (300772) closed at 20.69, with a rise of 9.30% and a trading volume of 448,200 shares, amounting to a transaction value of 910 million [1] - Goldwind Technology (002202) saw a closing price of 16.24, up 8.48%, with a trading volume of 1,954,900 shares, totaling 3.14 billion [1] - Jixin Technology (601218) closed at 6.07, increasing by 8.20%, with a trading volume of 3,045,400 shares, amounting to 1.82 billion [1] - Other notable performers include Guangda Special Materials (688186) at 29.49 (+8.18%), Mingyang Smart Energy (601615) at 17.28 (+6.93%), and Sany Renewable Energy (688349) at 32.49 (+6.91%) [1] Capital Flow - The wind power equipment sector saw a net inflow of 1.057 billion in main funds, while retail investors experienced a net outflow of 1.061 billion [2] - Key stocks with significant main fund inflows include Goldwind Technology (3.91 million), Mingyang Smart Energy (1.75 million), and New Strong Union (98.31 million) [3] - Retail investors showed notable outflows in stocks like Goldwind Technology (-3.08 million) and Mingyang Smart Energy (-1.16 million) [3]

Core Viewpoint - The A-share market for wind power stocks has shown strong performance, with several companies experiencing significant gains amid positive developments in both domestic and international offshore wind markets [1] Group 1: Market Performance - Wind power stocks in the A-share market have seen notable increases, with Yunda Co. rising over 10%, Goldwind Technology hitting a 10% limit up, Jixin Technology increasing over 7%, and Mingyang Smart Energy up over 6% [1] - Tianeng Heavy Industries and Tianneng Wind Power both rose over 5% [1] Group 2: Market Developments - The domestic offshore wind market experienced a peak in bidding and contract awards in September [1] - The overseas offshore wind market has shown signs of a turning point, with Europe’s offshore installation capacity increasing to over 4.5 gigawatts this year [1] - China is set to launch its first national offshore wind power testing base, which will conduct tests on the world's largest capacity wind turbines and the longest wind turbine blades, as well as research on cutting-edge international technologies across multiple fields [1]

Core Viewpoint - Wind power stocks are experiencing a strong upward trend, with companies like Goldwind Technology hitting the daily limit, and others such as Yunda Co., Guangda Special Materials, Sany Heavy Industry, Daikin Heavy Industries, and Jixin Technology seeing increases of over 5% [1] Industry Summary - The domestic offshore wind market in China is witnessing a peak in bidding and contract awards in September [1] - The overseas offshore wind market has shown signs of a turning point, with Europe’s offshore wind installation capacity increasing to over 4.5 gigawatts this year [1] - China is set to launch its first national offshore wind power testing base, which will conduct tests on the world's largest capacity wind turbine units and the longest wind turbine blades, as well as research on cutting-edge technologies across multiple fields [1]

Investment Rating - The investment rating for the wind power industry is "Outperform the Market" (maintained rating) [1] Core Viewpoints - The offshore wind sector is expected to see significant project launches in Jiangsu and Guangdong in the first half of 2025, marking the beginning of a new era for national offshore wind development. The average annual installed capacity for offshore wind during the 14th Five-Year Plan period is projected to exceed 20GW, significantly surpassing the previous plan's levels. The onshore wind sector is anticipated to reach a historical high of 100GW in installed capacity in 2025, with component manufacturers experiencing simultaneous increases in volume and price, leading to substantial annual performance growth. The domestic manufacturing profitability for main engine companies is expected to recover in the third quarter as orders are delivered following price increases, providing profit elasticity through new orders from 2025 to 2026 [4][5]. Summary by Sections Industry News - The wind power sector has generally risen over the past two weeks, with the top three performing segments being complete machines (+15.1%), towers (+13.4%), and submarine cables (+10.2%). The top three individual stocks in terms of growth are Mingyang Smart Energy (+26.3%), Dongfang Cable (+22.7%), and Xinqianglian (+22.7%) [3]. Industry Data - As of August 2025, China's newly installed wind power capacity reached 4.17GW, a year-on-year increase of 13%. The cumulative installed capacity reached 579.01GW, accounting for 15.7% of total power generation capacity. The average bidding price for onshore wind turbines (excluding towers) in 2025 is 1,533 CNY/kW [7][39]. Investment Suggestions - Three main investment directions are recommended: 1) Leading companies in export layouts for pipe piles and submarine cables; 2) Domestic complete machine leaders with bottoming profits and accelerating exports; 3) Component manufacturers with opportunities for simultaneous volume and profit growth in 2025. Suggested companies include Goldwind Technology, Dongfang Cable, Guoda Special Materials, Zhongji United, Dajin Heavy Industry, Riyue Co., Times New Materials, Hewei Electric, and Jinlei Co. [5]

Investment Rating - The report rates the wind power industry as "Overweight," indicating that it is expected to outperform the overall market [9]. Core Insights - The wind turbine bidding prices are on the rise, leading to a comprehensive recovery in the sector. The average bidding price for wind turbine units in June 2025 was 1,616 RMB/kW, reflecting a year-on-year increase of approximately 10.3%. This price increase is anticipated to significantly enhance profit margins in the main machine segment as high-priced orders enter the delivery phase [3]. - The upcoming "14th Five-Year Plan" for marine economic development is expected to boost domestic offshore wind expectations. Global interest rate cuts are accelerating offshore wind construction in Europe, with an expected installed capacity of 8.7 GW in 2026, representing a year-on-year growth of 107%. The market is likely to adjust its valuation as expectations for profit elasticity in the main machine segment are realized [3]. - Investment recommendations focus on companies benefiting from price increases and strong profit elasticity, including Goldwind Technology, Yunda Co., SANY Renewable Energy, and Dongfang Cable. Additionally, companies with scarce capacity and significant expectation gaps, such as Jinlei Co., and those with strong growth logic in pure offshore wind, like Haili Wind Power, are highlighted [3]. Summary by Sections Wind Power Equipment - The wind power industry is experiencing a recovery phase with increasing bidding prices for wind turbines, which is expected to lead to higher profitability for manufacturers [3]. - The report emphasizes the importance of the upcoming marine economic development plan and its potential impact on offshore wind capacity growth [3]. Key Companies and Valuations - The report includes a valuation table for key companies in the wind power sector, detailing their market capitalization, projected net profits, and price-to-earnings ratios for 2024 to 2026 [5]. - Notable companies mentioned include Dongfang Cable, Zhongtian Technology, Haili Wind Power, and Goldwind Technology, among others, with varying projected growth rates and valuations [5].

Investment Rating - The report rates the wind power industry as "Overweight" indicating a positive outlook for the sector [3][10]. Core Insights - Wind turbine bidding prices are on the rise, with the average bidding price for wind turbine units reaching 1,616 RMB/kW in June 2025, a year-on-year increase of approximately 10.3%, which is expected to significantly enhance profit margins for manufacturers [3]. - The anticipated growth in offshore wind capacity, projected to reach 8.7 GW in 2026 (a year-on-year increase of 107%), is expected to drive a valuation shift in the sector, particularly as market expectations for profit elasticity in turbine manufacturing strengthen [3]. - Key investment recommendations include focusing on companies benefiting from price increases and strong profit elasticity, such as Goldwind Technology, Yunda Co., Sany Heavy Energy, and Dongfang Cable, as well as companies with scarce capacity and significant growth potential like Jinlei Co. and Haili Wind Power [3]. Summary by Sections Wind Power Equipment - The wind power equipment sector is experiencing a recovery phase with increasing bidding prices and profit potential [3]. - The establishment of industry self-regulation mechanisms is contributing to the positive price trend [3]. Market Expectations - The report highlights the synchronization of domestic and global offshore wind expectations, which is likely to enhance market sentiment and valuation for the sector [3]. - The report anticipates that the upcoming quarterly disclosures will further bolster market expectations regarding profit elasticity [3]. Key Companies - The report identifies several key companies for investment consideration, including: - Goldwind Technology - Yunda Co. - Sany Heavy Energy - Dongfang Cable - Jinlei Co. - Haili Wind Power - Other notable mentions include Dajin Heavy Industry, Zhongtian Technology, and Guoda Special Materials [3].