风电行业周报：东方电缆中标青洲五、七±500kV直流海缆EPC项目

Investment Rating - The report maintains an "Accumulate" rating for the electric power equipment industry [7]. Core Views - The report highlights that Dongfang Cable has won the EPC project for the Qingzhou 5 and 7 ±500kV DC submarine cable, with a contract value of approximately 1.514 billion yuan. This project is significant as it utilizes Dongfang Cable's independently developed DC submarine cable system, capable of transmitting 2GW of electricity in a single circuit, marking a domestic first and providing valuable experience for future deep-sea development [4][5]. Summary by Sections 1. Wind Power Sector Market Review - The electric power equipment sector experienced a decline of 0.65% in the week of November 18-22, 2024, ranking 16th among 31 first-level industries [20]. - The wind power equipment sub-sector saw a decrease of 0.66%, ranking lower in performance [22]. 2. Wind Power Industry Chain Tracking 2.1 Wind Power Installation Data - From January to October 2024, China added 45.80GW of new wind power installations, a year-on-year increase of 22.76%. In October alone, 6.68GW was added, representing a 74.41% increase year-on-year [38]. 2.2 Wind Power Approval Data - A total of 80.04GW of wind power projects were approved in China from January to October 2024, including 64.44GW of onshore projects and 14.68GW of offshore projects [49]. 2.3 Wind Turbine Bidding Data - Eight projects initiated turbine procurement this week, totaling 1978.5MW, with one offshore project included [51]. 2.4 Upstream Raw Material Price Tracking - The average price of medium-thick plates was 3686.20 yuan/ton, down 0.56% from the previous week, while scrap steel averaged 2152.00 yuan/ton, down 1.74% [65]. 3. Investment Recommendations - The report suggests focusing on companies benefiting from the demand for offshore wind power, such as Dongfang Cable, Tiensun Wind Power, and Qifan Cable. It also highlights companies with strong overseas market expansion capabilities, like Dajin Heavy Industry and Taisheng Wind Power, as well as wind turbine manufacturers with recovering profitability, including Goldwind Technology and Mingyang Smart Energy [5].