Investment Rating - The report maintains a "Recommended" investment rating for the wind power industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [6][35]. Core Insights - The report highlights significant bidding activity in the wind power sector, with 5.8GW of onshore wind turbines bid this week, contributing to a total of 31.3GW bid so far in 2025, with offshore and onshore projects accounting for 3.1GW and 28.2GW respectively [12][20]. - The report notes that the average winning bid price for onshore wind turbines is 1373 CNY/kW, while for offshore wind turbines it is 2626 CNY/kW, indicating competitive pricing in the market [16][20]. - The report emphasizes three main investment themes in the wind power sector: high domestic offshore wind project reserves, robust onshore wind bidding activity, and regional growth in overseas installations [20]. Summary by Sections Wind Turbine Data - This week saw a total of 5.8GW of onshore wind turbine bids, with major contributions from various companies [12]. - Year-to-date, a total of 31.3GW has been bid, with offshore projects at 3.1GW and onshore at 28.2GW [12]. Offshore Wind Progress - As of April 25, 2025, there are 30GW of offshore wind projects in various stages, including competitive bidding, approval, and construction [17]. - The report highlights that Guangdong, Shandong, and Fujian have the highest number of existing projects, with 30GW, 16GW, and 13GW respectively [17]. Investment Recommendations - The report suggests focusing on three investment lines: high reserves of domestic offshore wind projects, increased bidding activity for onshore wind, and growth in overseas installations [20]. - Companies to watch include Mingyang Smart Energy, Dongfang Cable, Zhongtian Technology, and others [20].

Investment Rating - The report maintains a "Recommended" investment rating for the wind power industry, indicating an expectation of growth exceeding the benchmark index by more than 5% in the next 3-6 months [3][45]. Core Insights - The report highlights significant developments in the wind power sector, including the commencement of major projects such as the Yangjiang Qingzhou Seven (1000MW) and the opening of bidding for the Yangjiang Sanshan Island flexible direct current project [2][28]. - It emphasizes the robust pipeline of offshore wind projects, with a total of 68GW in various stages of development, including competitive allocation, approval, and construction [28]. - The report identifies three key investment themes: high reserve of domestic offshore wind projects, increased bidding activity for onshore wind in 2024, and regional growth in overseas installations [29][31]. Summary by Sections Wind Turbine Data - During the week, 1.1GW of onshore wind turbines were bid, with a total of 22.5GW bid so far in 2025, split between 2.6GW offshore and 20GW onshore [10][13]. Submarine Cable Data - The report notes that Zhongtian and Dongcable are expected to win the bidding for the Yangjiang Sanshan Island flexible direct current submarine cable project, with a total capacity of 2GW [16][22]. Offshore Wind Progress - The Yangjiang Qingzhou Seven project has commenced construction, with significant ongoing projects across various provinces, particularly in Guangdong, Shandong, and Fujian [28][30]. Investment Recommendations - The report suggests focusing on companies involved in offshore wind projects, cable manufacturing, and components, including Mingyang Smart Energy, Oriental Cable, and Zhongtian Technology [29][31].

Investment Rating - The report maintains a "Recommended" rating for the wind power industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [4][53]. Core Insights - The wind power sector has seen a significant increase in bidding and winning volumes, with a total of 21.5GW of wind turbine bids in the first three months of 2025, representing a year-on-year increase of 14.7% [2][10]. - The report highlights three main investment themes in the wind power sector: 1. High domestic offshore wind project reserves and supportive policies for future development, with a focus on the concentration of offshore wind projects starting in 2025 [7][37]. 2. High bidding activity for onshore wind projects in 2024, indicating a phase of volume and profit growth for manufacturers and components [7][37]. 3. Regional growth in overseas offshore and onshore installations, presenting opportunities for domestic cable, main engine, and component manufacturers to expand internationally [7][37]. Summary by Sections Bidding Volume - In the first three months of 2025, wind turbine bidding reached 21.5GW, with offshore wind accounting for 2.6GW and onshore wind 18.9GW, showing increases of 262.2% and 5% year-on-year respectively [10][20]. - March saw a total of 9.2GW in wind power bids, with offshore wind at 1.8GW and onshore wind at 7.4GW, reflecting a month-on-month increase of 190.3% for onshore projects [10][20]. Winning Volume - The total winning volume for wind power in the first three months of 2025 was 20.3GW, a year-on-year increase of 101.4% [20][21]. - In March, the winning volume for offshore and onshore wind was 0.5GW and 6.8GW respectively, with year-on-year increases of 55.7% and 102.4% [20][21]. Winning Prices - The average winning price for offshore wind in March was 2818 yuan/kW, while for onshore wind it was 1408 yuan/kW, with a month-on-month decrease of 10.2% for onshore projects [36][37]. Investment Recommendations - The report suggests focusing on key companies such as Mingyang Smart Energy, Oriental Cable, Zhongtian Technology, and others, which are well-positioned to benefit from the anticipated growth in the wind power sector [7][39].