风电赛道迎投资风口

Core Viewpoint - The wind power industry is gaining significant attention in the capital market due to clear growth logic and technological breakthroughs, especially as the fourth quarter capital market layout window opens [1] Policy and Technological Breakthroughs - In the first half of the year, China's newly installed wind power capacity reached 51.39 million kilowatts, with a cumulative installed capacity of 573 million kilowatts by June 2025, marking a year-on-year increase of 22.7% [2] - Wind power generation in the first half of the year totaled 588 billion kilowatt-hours, a year-on-year increase of 15.6%, with an average utilization rate of 93.2% [2] - China's new national contribution target announced at the UN Climate Summit aims for non-fossil energy consumption to exceed 30% by 2035, with a target of 360 million kilowatts for wind and solar power combined [2] - A national-level offshore wind power testing base in Fujian will support the development of deep-sea wind power with testing for the world's largest capacity wind turbines and longest blades [2] Market Performance and Institutional Interest - The wind power sector has shown impressive performance in the capital market, with nearly 60 wind power concept stocks averaging a 33.65% increase in share price this year, with only 7 stocks declining [4] - Zhongcai Technology leads with a 163.48% increase, driven by plans to invest in a wind turbine blade manufacturing base in Uzbekistan, projecting a 10.9% year-on-year increase in sales volume for 2024 [4] - Institutional interest is rising, with nearly half of the concept stocks having a public fund holding ratio exceeding 3%, and 11 stocks, including Sany Heavy Energy and Sunshine Power, having over 10% holdings [4] Positive Outlook for High-Performing Stocks - Morgan Stanley has upgraded the rating for China's wind power industry, predicting an average annual new installed capacity exceeding 110 gigawatts during the 14th Five-Year Plan period, potentially reaching about 120 gigawatts from 2028 to 2030 [5] - Key component suppliers and submarine cable companies are seen as investment opportunities due to resilient domestic wind power demand and rising turbine prices [5] - Several wind power concept stocks are expected to maintain high growth in earnings for 2025 and 2026, with Dongfang Cable receiving ratings from 32 institutions, predicting a net profit increase exceeding 30% [5]