Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Viewpoints - The report highlights the increasing attention on offshore wind project construction progress outside mainland China, with an expected addition of 5-6 GW of grid-connected capacity by 2025, primarily from the UK, Germany, France, and Taiwan [2][4][16] - The report indicates a decline in new competitive bidding for offshore wind projects, with approximately 34 GW expected in 2025, down from 58 GW in 2024, largely due to the impact of Trump-era policies on US offshore wind projects [5][25] - The report anticipates an acceleration in offshore wind project construction in the second half of the year, with domestic cable companies expected to increase shipments, leading to a recovery in performance [7][40] Summary by Sections 1. Offshore Wind Project Construction Progress - By 2025, offshore wind projects outside mainland China are expected to add 5-6 GW of grid-connected capacity, with Europe contributing 4.1 GW and the Asia-Pacific region contributing 2.3 GW [4][19] - The current status shows approximately 3.0 GW under construction and 3.3 GW already connected [4][19] 2. New Capacity Reserve Situation - New competitive bidding for offshore wind projects is estimated at 34 GW for 2025, with a significant regional distribution: Europe (24.8 GW), Asia-Pacific (7.3 GW), and Australia (2.0 GW) [5][25] - The new Final Investment Decision (FID) projects are approximately 6.5 GW, close to the 2024 total of 7.0 GW, with Europe accounting for 5.6 GW and Asia-Pacific for 0.9 GW [6][33] - New construction starts are projected at 12.4 GW, an increase from 9.6 GW in 2024, with Europe leading at 11.2 GW [6][36] 3. Investment Recommendations - The report emphasizes the positive outlook for the offshore wind industry, suggesting continued growth in related sectors such as pile foundations, submarine cables, and wind turbine manufacturing [7][40]