Guoxin Securities Co., Ltd·2026-03-12 13:25Investment Rating - The report maintains a "Positive" outlook for the wind power industry, expecting the industry index to outperform the market index by 5% over the next six months [8]. Core Insights - The wind power industry is experiencing a recovery in profitability and an optimization of its structure, with short-term stabilization and rebound in turbine prices, accelerated onshore wind installations, and policy catalysts for offshore wind. Long-term benefits are anticipated from breakthroughs in deep-sea technology and global expansion [3]. - The first quarter of 2025 saw a public tender capacity for wind power units in China reach 28.6 GW, representing a year-on-year increase of 22.7%. The average tender price for 3MW wind turbines was 1610 RMB/KW, up 9.2% year-on-year [23][34]. Summary by Sections Wind Power Sector Weekly Market Review - During the week of March 2-6, 2026, the Shanghai Composite Index decreased by 1.07%, while the Shenwan 31 industry indices saw 7 rise, with the electric power equipment index increasing by 0.55%, ranking 6th and outperforming the index by 1.62 percentage points. The wind power equipment index fell by 2.41% [13][16]. - Among companies in the wind power equipment sector, the top gainers were Tiensun Wind Power, Hewei Electric, Tongyu Heavy Industry, Riyue Shares, and Tianneng Heavy Industry, while the biggest losers included Taisheng Wind Power, Dajin Heavy Industry, Shuangyi Technology, Mingyang Smart Energy, and Feiwo Technology [20][22]. Bidding and Key Raw Material Price Trends - The report notes fluctuations in raw material prices, with iron ore futures closing at 750,772 RMB/ton, up by 21.5 RMB/ton. The price of casting pig iron remained stable at 3040 RMB/ton, while the price of medium-thick plates decreased by 3 RMB/ton to 3312 RMB/ton. Copper and aluminum spot prices were 12,808 and 3,385 USD/ton, respectively, with changes of -4.7% and +7.2% [2][26]. Company and Industry Events - Guangdong Yangjiang is pushing for the comprehensive commencement of a 2.5 million kW offshore wind power project this year, with significant advancements in offshore wind power capacity and equipment manufacturing [33][34]. - The report highlights that by 2035, China's energy strategy aims for a total installed capacity of 3.6 billion kW for wind and solar power, with wind power being a core component of energy transition [35].