摩根士丹利：中国风电招标与价格追踪 ——2025 年 6 月

Investment Rating - The industry investment rating is Attractive [5][31]. Core Insights - New wind installations in China reached 46GW from January to May 2025, representing a 134% year-over-year increase, with May alone accounting for 26.5GW [5][8]. - Wind turbine public tenders totaled 61GW in the first half of 2025, with 49GW for onshore and 12GW for offshore, marking a 17% year-over-year increase [8]. - The average onshore wind turbine (WTG) ASP (tower excluded) was Rmb1,474/kW, up 4% year-over-year but down 11% month-over-month; offshore WTG ASP (tower included) averaged Rmb2,957/kW, down 13% month-over-month [8]. - As of the end of June 2025, 19.2GW of offshore wind projects were under construction, with 2.5GW newly commissioned year-to-date [8]. Summary by Sections Wind Power Installations - New wind installations were 46GW from January to May 2025, up 134% year-over-year, with May recording 26.5GW [5][8]. Tender and Pricing Overview - Wind turbine public tenders were 61GW in 1H25, with 49GW onshore and 12GW offshore, up 17% year-over-year [8]. - Onshore WTG ASP (tower excluded) averaged Rmb1,474/kW, up 4% year-over-year, while offshore WTG (tower included) averaged Rmb2,957/kW, down 13% month-over-month [8]. Project Development - Offshore wind projects: 19.2GW under construction as of end June, and 2.5GW newly commissioned year-to-date [8].