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风电行业周报(20250623-20250629):周内陆风中标7.4GW,均价为1485元/kW-20250630
Huachuang Securities·2025-06-30 13:42

Investment Rating - The report maintains a "Recommended" rating for the wind power industry, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [32]. Core Insights - The report highlights that during the week, 7.4GW of onshore wind projects were awarded at an average price of 1485 CNY/kW. Year-to-date, a total of 52.7GW of wind projects have been awarded, with 6.8GW offshore and 45.9GW onshore [10][12]. - The report emphasizes the significant growth in offshore wind projects, with a total of 69GW in various stages including competitive allocation, approval, and construction as of June 29, 2025. Key provinces with substantial projects include Guangdong, Shandong, and Fujian [15][18]. - Investment suggestions focus on three main lines: high reserves of domestic offshore wind projects, robust onshore wind bidding in 2024, and regional growth in overseas installations. Companies to watch include Mingyang Smart Energy, Dongfang Cable, and Zhongtian Technology [16]. Summary by Sections Wind Turbine Data - In the week, 0.6GW of onshore wind was tendered, with a total of 43.8GW tendered year-to-date, split between 3.6GW offshore and 40.2GW onshore [10][12]. Offshore Wind Progress - As of June 29, 2025, the offshore wind project pipeline includes 69GW in competitive allocation, 16GW approved, 7GW tendered, 9GW in cable tendering, and 15GW under construction. The first batch of units from the Jiangsu Guoxin Dafeng 850,000 kW offshore wind project has successfully connected to the grid [15][18]. Investment Recommendations - The report suggests focusing on three investment themes: 1) High reserves of domestic offshore wind projects with supportive policies, 2) Increased bidding for onshore wind in 2024, and 3) Growth in overseas installations for domestic cable and component manufacturers. Recommended companies include Mingyang Smart Energy, Dongfang Cable, and Zhongtian Technology [16].