“反内卷”率先突围，风电行业拐点将至

Core Insights - The wind power industry is showing positive changes after a prolonged period of adjustment, with most wind equipment companies reporting year-on-year increases in both revenue and net profit in their third-quarter reports [1] - The industry is experiencing a "reverse involution" phase, with prices for wind turbines recovering and a reduction in harmful price competition, indicating a potential new cycle of prosperity [1][2] Group 1: Industry Performance - Most wind equipment companies have reported a year-on-year increase in both revenue and net profit, with leading component and complete machine enterprises showing improved performance [1] - The average bidding price for wind turbine models has risen above their minimum cost price, indicating a halt to the previous trend of severe price competition [1][2] Group 2: Policy and Market Dynamics - The wind power industry has made significant progress in response to national policies aimed at reversing involution, with over 40 development and complete machine companies reaching consensus on optimizing bidding rules and increasing the weight of technical evaluations [2] - The industry is transitioning from a policy-driven to a market-driven model, requiring companies to enhance their operational capabilities and focus on value rather than scale [3] Group 3: Future Goals and Challenges - China aims to achieve a total installed capacity of wind and solar power that is six times that of 2020 by 2035, with annual new installed capacity targets set at no less than 12 million kilowatts during the 14th Five-Year Plan [2] - The wind power sector is encouraged to integrate with other technologies such as hydrogen, ammonia, and energy storage to enhance stability and create new business models [3] Group 4: Global Market Opportunities - Chinese wind power companies currently have a low market share overseas, but the international market presents significant opportunities for growth and brand enhancement [4] - The industry is expected to focus on improving quality and efficiency, leveraging integrated innovation and multi-energy collaboration to transform its advantages into sustainable value [4]