Great Wall Securities·2025-08-20 05:04Investment Rating - The report maintains an "Outperform" rating for the wind power sector [4] Core Insights - Gansu Province has officially issued a plan to promote the market-oriented reform of renewable energy pricing, allowing all renewable energy projects to enter the electricity market, with a mechanism price of 0.3078 yuan/kWh for existing projects [2][12] - The wind power sector has seen significant growth, with a 98.88% year-on-year increase in new installations in the first half of 2025, totaling 51.39 GW [3][28] - The average bidding price for offshore wind turbines has shown a downward trend, currently at 3266.17 yuan/kW [3][47] Industry Dynamics - Gansu's new pricing mechanism will apply to all renewable energy projects, with a total electricity scale of 154 billion kWh for existing projects [2][12] - In Liaoning Province, several offshore wind projects have made progress, including the approval of a 500 MW project [12] - The wind power equipment index has a TTM P/E ratio of 33.38 and a MRQ P/B ratio of 1.8 [16][21] Market Performance - The wind power equipment sector increased by 4.79% this week, outperforming the CSI 300 index by 2.42 percentage points [16][19] - Key stocks that led the market include Shuangyi Technology and Jinpan Technology, with increases of 41.17% and 20.73%, respectively [22][26] Macroeconomic Data - The GDP for the first half of 2025 was 66.05 trillion yuan, reflecting a year-on-year growth of 5.3% [24][27] - The total electricity consumption in the first half of 2025 was 48,418 billion kWh, a 3.7% increase year-on-year [24][27] Wind Power Installation Data - As of June 2025, the cumulative installed capacity of wind power reached approximately 572.6 million kW, a year-on-year increase of 22.7% [28][29] - The first half of 2025 saw 48.90 GW of new onshore wind installations and 2.49 GW of new offshore installations [28][35] Material Prices - The prices of raw materials such as scrap steel, copper, aluminum, and epoxy resin have increased, while the prices of medium-thick plates and rebar have decreased [37][38] Investment Recommendations - The report recommends key companies such as Goldwind Technology and Yunda Co. for their strong market positions and growth potential [7][56] - Companies in the tower and foundation segment, such as Daikin Heavy Industries and Taisheng Wind Power, are highlighted for their regional advantages and strong order acquisition capabilities [7][56]