御风系列：欧洲海风进展如何？

Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Viewpoints - The ongoing Middle East conflict, particularly Iran's blockade of the Strait of Hormuz, has disrupted oil and gas transportation, significantly increasing natural gas prices in Europe. This situation is expected to accelerate the development of offshore wind projects in Europe [2][4] - European countries have signed the "Hamburg Declaration," which aims to expedite the implementation of offshore wind projects. The declaration sets a target of at least 300GW of offshore wind capacity in the North Sea by 2050, with 100GW achieved through cross-border cooperation [4][17] - The UK government has announced a reduction in import tariffs on 33 types of industrial products used in offshore wind manufacturing, effective April 1, to lower production costs for offshore wind manufacturers [5][19] - The pace of offshore wind project grid connection outside mainland China has accelerated, with 0.9GW of new connections in Q1 2026, up from 0.3GW in the same period of 2025. This trend is expected to lay a strong foundation for significant growth in offshore wind installations in 2026 [6][28] Summary by Sections Offshore Wind Development in Europe - The signing of the "Hamburg Declaration" by European leaders aims to address previous delays in offshore wind project construction due to cost factors. Countries like the Netherlands plan to restart subsidized project bidding by September 2026 [4][17] - The declaration encourages cross-border projects and financing mechanisms, which will help share costs among participating countries [4][19] UK Tariff Reductions - The UK has eliminated tariffs on key components for offshore wind production, reflecting a more favorable stance towards wind energy imports and aiming to boost domestic manufacturing [5][19] Project Connection and Growth Forecast - The report indicates that offshore wind installations outside mainland China are expected to reach 12GW in 2026, a significant increase from 3.1GW in 2025, with Europe alone projected to contribute 7.5GW [6][28]