中金：2026年中国风电新增装机展望乐观 建议关注整机等环节

Group 1 - The core viewpoint is that China's wind power sector is expected to experience significant growth, with a projected cumulative installed capacity of 640 million kilowatts by the end of 2025, and a year-on-year increase in new grid-connected capacity of 50.2% to 119.87 GW [1] - The optimistic outlook for the wind power industry includes expectations for a profitability reversal in the wind turbine manufacturing segment, increased export opportunities particularly benefiting from European offshore wind orders, and potential growth in domestic offshore wind segments [1] - The 2025 new grid-connected wind power capacity aligns with market expectations, driven by concentrated construction of large base projects and the execution of established installation plans by downstream owners [1] Group 2 - The outlook for new wind power installations in China for 2026 remains optimistic, with the China Wind Energy Association (CWEA) estimating 120 GW of new installations, and stable projections of around 120 GW for 2027-2028 [2] - The cumulative export of Chinese wind turbines is expected to exceed 28 GW by the end of 2025, with over 7.2 GW exported in 2025 alone, marking a year-on-year growth of over 38%, indicating that turbine exports are becoming a significant growth driver for the industry [2]