Guoxin Securities Co., Ltd·2026-03-19 05:45Investment Rating - The report maintains a "Positive" outlook for the wind power industry, expecting the industry index to outperform the market index by over 5% in the next six months [3][37]. Core Insights - The wind power industry is experiencing a recovery in profitability and an optimization of its 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 first quarter of 2025 saw a domestic public tender capacity for wind power units reach 28.6 GW, representing a year-on-year increase of 22.7%. The average bidding price for 3MW wind turbines in Q3 2025 was 1610 RMB/KW, up 9.2% year-on-year [22][3]. Summary by Sections Wind Power Sector Weekly Market Review - During the week of March 9-13, 2026, the Shanghai Composite Index increased by 0.19%, while the Shenwan Electric Equipment Index rose by 4.55%, ranking second among 31 industry indices. The wind power equipment index surged by 11.74%, outperforming other sectors [12][15]. - Notable performers in the wind power equipment sector included Tongyu Heavy Industry, Shuangyi Technology, and Dajin Heavy Industry, while Haigang Co., Feiwo Technology, and Xiangdian Co. saw significant declines [19][3]. Raw Material Prices and Tender Information - The report indicates fluctuations in raw material prices, with iron ore futures closing at 811.5 RMB/ton, up 39.5 RMB/ton, and casting pig iron at 3110 RMB/ton, up 70 RMB/ton. The price of epoxy resin increased significantly to 19166.67 RMB/ton, up 3566.67 RMB/ton [25][2]. - The average bidding price for 3MW wind turbines reflects a positive trend, indicating a healthy demand in the market [22]. Company and Industry Events - The report highlights key projects under China's 14th Five-Year Plan, focusing on the development of major energy bases and the promotion of clean energy. Specific projects in Guangdong and Zhejiang provinces are set to enhance offshore wind capacity significantly, with investments totaling over 500 billion RMB [31][32][33][35].