风电行业周报：国家发改委、国家能源局发布新能源上网电价市场化改革新政

Investment Rating - The industry investment rating is maintained as "Add" [5] Core Viewpoints - The new policy for market-oriented pricing of renewable energy grid connection is expected to promote high-quality development in the renewable energy sector and accelerate the establishment of a unified national electricity market [1][62] - The wind power sector has shown growth, with a 4.5% year-on-year increase in new installations in 2024, totaling 79.34 GW [2][24] - The approval of wind power projects in 2024 reached 103.41 GW, a significant increase of 63.24% year-on-year [42] Market Performance Review - The electricity equipment sector experienced a weekly increase of 5.61%, ranking 8th among 31 first-level industries [11] - The wind power equipment sub-sector saw a weekly increase of 2.83%, lagging behind other sectors [14] Wind Power Installation Data - As of the end of 2024, China's cumulative wind power installed capacity reached 520 million kW, a year-on-year increase of 18.0% [24] - In December 2024 alone, new installations amounted to 27.59 GW [24] Wind Power Project Approval Data - The approval of land-based wind projects in 2024 was 87.55 GW, up 71.78% year-on-year, while offshore projects accounted for 14.62 GW, up 27.14% [42] Investment Recommendations - Companies benefiting from the demand for offshore wind power and deep-sea projects include Dongfang Cable, Haili Wind Power, Qifan Cable, and Yaxing Anchor Chain [3][62] - Companies with strong overseas market expansion capabilities include Dajin Heavy Industry, Taisen Wind Power, and Zhenjiang Co., Ltd. [3][62] - Wind turbine manufacturers with recovering profitability include Mingyang Smart Energy, Goldwind Technology, Sany Renewable Energy, and Yunda Co., Ltd. [3][62]