风电行业周报：起帆电缆联合体拟中标帆石一66kV海缆及敷设

Investment Rating - The industry investment rating is maintained as "Overweight" [8] Core Viewpoints - The report highlights the continuous breakthroughs in the submarine cable business by Qifan Cable, which is expected to benefit from the increasing demand for offshore wind power [4][69] - The wind power sector has shown significant growth, with a 22.76% year-on-year increase in new installations from January to October 2024, totaling 45.80 GW [5][41] - The report emphasizes the strong performance of the wind power equipment sub-sector, which saw a 7.33% increase in the past week, outperforming other sub-sectors [5][25] Summary by Sections 1. Wind Power Sector Market Review - The electric power equipment sector experienced a 2.34% increase in the week of November 25-29, 2024, ranking 25th among 31 primary industries [21] - The wind power equipment sub-sector's performance was notably strong, with a 7.33% increase, leading other sub-sectors [25] 2. Wind Power Industry Chain Tracking 2.1 Wind Power Installation Data - New wind power installations in China reached 45.80 GW from January to October 2024, marking a 22.76% increase year-on-year [41] - In October 2024 alone, 6.68 GW of new installations were added, reflecting a 74.41% year-on-year growth [5][39] 2.2 Wind Power Approval Data - A total of 80.04 GW of wind power projects were approved in China from January to October 2024, including 64.44 GW of onshore projects and 14.68 GW of offshore projects [50] 2.3 Wind Power Unit Bidding Data - In the week of November 25-29, 2024, 25 wind power projects were opened for bidding, totaling 5702.85 MW, with the average winning bid price for onshore projects being 1834 CNY/kW [60][61] 2.4 Upstream Raw Material Price Tracking - The average price of medium-thick plates was 3685.20 CNY/ton, showing a slight decrease of 0.03% from the previous week, while scrap steel prices increased by 2.14% to 2198.00 CNY/ton [66] 3. Investment Recommendations - The report suggests focusing on growth stocks benefiting from offshore wind demand, such as Dongfang Cable, Tienshun Wind Power, and Qifan Cable [69] - It also highlights companies with strong overseas market expansion capabilities, including Dajin Heavy Industry and Taisheng Wind Power [69] - Wind turbine manufacturers with recovering profitability, such as Mingyang Smart Energy and Goldwind Technology, are also recommended [69]