风电行业周报（20260119-20260123）：本周风电设备（申万）指数表现

Investment Rating - The report maintains a positive outlook on the wind power industry, suggesting a "Buy" rating based on expected recovery in profitability and market dynamics [3]. Core Insights - The wind power industry is experiencing a recovery in profitability and an optimization of its market structure, driven by stabilizing wind turbine prices, accelerated onshore wind installations, and favorable offshore wind policies. Long-term benefits are anticipated from breakthroughs in deep-sea technology and global expansion [3]. - The report highlights the importance of focusing on leading turbine manufacturers and key players in the offshore wind supply chain, as well as considering long-term investments in deep-sea and overseas projects [3]. Summary by Sections 1. Weekly Market Review of Wind Power Sector - During the week of January 19-23, 2026, the wind power equipment index increased by 7.84%, outperforming the broader electric equipment index, which rose by 3.57% [13][15]. - The performance of individual companies in the wind power sector showed significant gains for Mingfei Wo Technology, Taisheng Wind Energy, and others, while companies like Zhonghuan Hailu and Hewei Electric experienced declines [20][21]. 2. Bidding and Raw Material Price Trends - In Q1 2025, the domestic public bidding capacity for wind turbines reached 28.6 GW, marking a year-on-year increase of 22.7%. The average bidding price for 3MW wind turbines was 1610 RMB/KW, up 9.2% year-on-year [24]. - The report notes fluctuations in raw material prices, with iron ore futures closing at 795 RMB/ton, down 17 RMB/ton, while epoxy resin prices increased by 1.2% to 13666.67 RMB/ton [27][28]. 3. Company and Industry Events - Significant projects include the 500MW offshore wind project by State Power Investment Corporation, with a bid price of approximately 353.3 million RMB, and Guangdong Power Development's approval for a 400MW offshore wind project with a total investment of 428.44 million RMB [36][37]. - Goldwind Technology won a bid for a 500MW offshore wind project, with a bid amount of 128.06 million RMB [39].