电力设备与新能源：风能展新品不断，积极关注板块边际改善

Investment Rating - The report maintains a "Recommended" rating for the wind power sector, indicating a positive outlook for investment opportunities in this industry [3]. Core Insights - The wind energy sector is witnessing continuous innovation, with a focus on larger turbine sizes, which is expected to improve profitability as unit costs decrease [1]. - The global demand for wind energy remains strong, with a projected addition of 781GW of new installations from 2024 to 2028, reflecting a CAGR of 9.4% [1]. - Domestic offshore wind projects are gaining momentum, with significant tenders and projects expected to commence in the near term, indicating a robust growth trajectory [1]. - The report highlights the potential for increased installations in distributed wind power, estimating 10GW by 2025, driven by government initiatives [2]. - Investment recommendations include focusing on key players such as Goldwind Technology and Sany Heavy Energy for turbine manufacturers, and Dongfang Cable and Tianjun Wind Power for component suppliers [2]. Summary by Sections Wind Energy Trends - The recent Beijing International Wind Energy Conference showcased trends towards larger offshore and onshore wind turbines, with capacities reaching up to 26MW for offshore and 10-15MW for onshore [1]. - A self-regulatory agreement among domestic wind turbine manufacturers aims to curb price competition, which could stabilize and improve profitability [1]. Global Market Outlook - The report anticipates a significant increase in offshore wind installations in Europe starting from 2025, with major contracts awarded in the UK and Germany [1]. - The long-term outlook for global wind energy demand is robust, with offshore wind expected to contribute significantly to new installations [1]. Domestic Developments - Domestic offshore wind projects are accelerating, with multiple tenders and projects expected to be operational soon, particularly in Jiangsu and Guangdong provinces [1]. - The report forecasts a surge in installations in 2025, estimating 90-100GW for onshore and 15-18GW for offshore wind, representing substantial year-on-year growth [1]. Investment Recommendations - The report suggests focusing on companies involved in offshore wind logistics and turbine manufacturing, specifically naming Goldwind Technology and Sany Heavy Energy as key players [2].