Guoxin Securities·2025-06-28 14:25Investment Rating - The investment rating for the wind power industry is "Outperform the Market" (maintained rating) [1]. Core Insights - The wind power sector has seen a general increase in stock prices over the past two weeks, with the top three performing segments being complete machines (+10.9%), blades (+9.4%), and mooring systems (+7.8%) [3]. - Major projects in offshore wind power are set to commence in Jiangsu and Guangdong in the first half of 2025, marking the beginning of a significant development phase for offshore wind energy in China [4]. - The industry is expected to achieve a record high of 100GW in installed capacity for onshore wind power in 2025, with component manufacturers experiencing growth in both volume and pricing [4]. - The report suggests focusing on three main investment directions: leading companies in export layouts for piles and submarine cables, domestic complete machine leaders with improving profitability and accelerating exports, and component manufacturers benefiting from simultaneous growth in volume and profit in 2025 [5]. Summary by Sections Industry News - The wind power sector has experienced a general increase in stock prices, with significant gains in various segments and individual stocks [3]. Market Performance - The wind power sector has shown strong performance, with notable increases in stock prices for leading companies [3][48]. Industry Outlook - The offshore wind power sector is expected to see substantial project launches in 2025, with annual installed capacity projected to exceed 20GW during the 14th Five-Year Plan period [4]. - Onshore wind power is anticipated to reach a historical high of 100GW in installed capacity in 2025, with component manufacturers benefiting from increased demand and pricing [4]. Investment Recommendations - The report recommends focusing on companies with strong export capabilities, domestic leaders in profitability, and component manufacturers poised for growth in 2025 [5].