风电：碳达峰碳中和系列研究之海上风电篇：近海走向深远海，拓宽绿色金融服务生态

Investment Rating - The report indicates a high investment outlook for offshore wind power in China, with expectations of maintaining high demand for new installations in 2024-2025, projected to reach an average of over 12GW annually [1][11]. Core Insights - China has become the world's largest offshore wind power market, with significant government planning and support driving the expansion of offshore wind installations [6][11]. - The investment cost for offshore wind power is expected to continue decreasing, with a potential for achieving grid parity in the near future [14][24]. - The easing of restrictive factors such as project approvals and military management is anticipated to boost project progress and installation demand [29]. Summary by Sections 1. Offshore Wind Power Demand - The long-term demand for offshore wind power in China is driven by government planning, while mid-term demand is influenced by economic viability and short-term demand is affected by project progress [11][24]. - The government has set a target of over 50GW of new offshore wind installations during the 14th Five-Year Plan, with expectations of annual new installations exceeding 12GW in the next two years [11][13]. 2. Development of Deep Offshore Wind Power - The report highlights that deep offshore wind projects will be the main growth driver during the 15th Five-Year Plan, with significant potential for resource development in deep offshore areas [1][6]. - There is a need for policy support to facilitate the development of deep offshore wind projects, drawing lessons from mature overseas markets [1][6]. 3. Changes in Industry Participants - New players from sectors such as oil and gas, shipping, and construction are expected to enter the offshore wind power market, altering the investment and supply chain landscape [2][6]. - The introduction of flexible DC transmission technology is anticipated to enhance the cost-effectiveness of power transmission in offshore wind projects [2][6]. 4. Economic Viability and Cost Trends - The investment cost for offshore wind power has decreased significantly, with a cumulative reduction of nearly 82.16% since 2011, and is projected to continue declining [14][18]. - The report estimates that by 2025, the cost of electricity generated from offshore wind power could drop below 0.3 yuan/KWh, achieving grid parity [14][24]. 5. Project Approval and Market Indicators - The report notes that the approval process for offshore wind projects has been complex, but recent trends indicate a speeding up of approvals and a positive outlook for project initiation and grid connection [29][31]. - The bidding data for offshore wind projects serves as a leading indicator for future installation capacity, with significant bidding activity observed in 2022-2023 [29][31].