盈利趋势向好，“两海”指引方向 | 投研报告

Group 1 - The core viewpoint is that the wind power industry is experiencing a positive trend in profitability, with improvements in the wind turbine manufacturing and bearing segments, and a slight recovery in wind turbine prices [1][2] - In Q3 2025, the domestic wind power installation saw a decline both year-on-year and quarter-on-quarter, primarily due to a wait-and-see approach following a rush in Q2 2025. However, long-term global onshore wind power is expected to grow steadily, supporting new installations, while offshore wind power is anticipated to contribute even more significantly [2] - The bidding prices for wind turbines are rebounding, aided by the effects of reducing internal competition and a slowdown in the trend towards larger turbines, leading to a continuous price recovery [2] Group 2 - The industry maintains high levels of contract liabilities and inventory, which supports future demand [1][2] - Companies with a focus on offshore wind power and increasing overseas revenue proportions are expected to benefit, including those involved in wind turbines, towers, and components [2] - The overseas market offers higher unit prices and better profitability, indicating that exporting companies and those with overseas production capacity are likely to see sustained profit growth [1][2]