Investment Rating - The industry investment rating is maintained as "Add" [5] Core Viewpoints - Domestic offshore wind projects are accelerating, and domestic companies are expanding overseas. The Shenneng Hainan CZ2 offshore wind power demonstration project has completed its main engineering work, with a planned capacity of 1,200 MW, and the first phase has a capacity of 603 MW. Additionally, the Cangnan No. 5 offshore wind project has been approved with a planned capacity of 800 MW [1][67] - The wind power installed capacity in China reached 79.34 GW in 2024, representing a year-on-year growth of 4.5%. The total installed capacity of wind power in China reached 520 million kW by the end of 2024, with a year-on-year increase of 18.0% [2][26] - The approval of wind power projects in 2024 totaled 103.41 GW, a year-on-year increase of 63.24%, with onshore wind projects accounting for 87.55 GW and offshore wind projects for 14.62 GW [2][44] Summary by Sections Market Performance Review - The electric power equipment sector experienced a weekly change of 1.12%, ranking 18th among 31 first-level industries in terms of performance [2][11] - The wind power equipment sub-sector had a weekly change of 0.09%, indicating a middle-range performance [15] Wind Power Industry Chain Tracking - The total installed capacity of wind power in China reached 520 million kW by the end of 2024, with an increase of 79.34 GW in new installations for the year [26][31] - The average utilization rate of wind power in 2024 was 95.9%, with wind power generation accounting for 10.1% of the total electricity consumption [31][36] Investment Recommendations - Companies benefiting from the demand for offshore wind power and the development of deep-sea wind projects include Dongfang Cable, Haili Wind Power, Qifan Cable, and Yaxing Anchor Chain [3][68] - Companies with strong capabilities in expanding overseas markets include Dajin Heavy Industry, Taisen Wind Energy, and Zhenjiang Co., Ltd. [3][68] - Wind turbine manufacturers with recovering profitability include Mingyang Smart Energy, Goldwind Technology, Sany Heavy Energy, and Yunda Co., Ltd. [3][68]