Core Viewpoint - The 2025 Beijing International Wind Energy Conference and Exhibition highlights the strategic importance of the wind power industry in global climate governance and outlines new development goals for the sector [1][2]. Group 1: Industry Development Goals - The wind power industry aims for high-quality development, with a focus on expanding capacity and integrating with other energy sources [2][3]. - As of August 2023, China's wind power grid capacity reached 580 million kilowatts, doubling since 2020, contributing approximately 11% to the national electricity consumption [3]. Group 2: Achievements and Future Plans - Six major achievements in China's wind power sector include significant increases in installed capacity, continuous technological innovation, large-scale offshore wind development, diverse application scenarios, deepened international cooperation, and enhanced economic value [7]. - The "Beijing Wind Declaration 2.0" sets ambitious targets for cumulative installed capacity: 1.3 billion kilowatts by 2030, at least 2 billion kilowatts by 2035, and 5 billion kilowatts by 2060 [7]. Group 3: Action Guidelines - The declaration outlines five action points: aligning industry planning with climate goals, improving market policies, enhancing technological innovation, promoting integrated development, and deepening international collaboration [7]. - The "14th Five-Year Plan" marks the beginning of a fully market-oriented development phase for China's wind power sector, emphasizing the need for regulatory improvements and a healthy market environment [7].

Investment Rating - The report maintains a "Strong Buy" rating for the wind power sector, indicating a positive outlook for the industry [5]. Core Insights - The Ministry of Industry and Information Technology, the State Administration for Market Regulation, and the National Energy Administration jointly issued a plan to stabilize growth in the power equipment industry for 2025-2026, aiming for a 6% annual revenue growth for traditional power equipment and steady growth for new energy equipment [3][12]. - The report highlights significant growth in wind power installations, with a 79.50% year-on-year increase in new installations from January to July 2025, totaling 53.67 GW [3][27]. - The average bidding price for offshore wind turbines has shown a downward trend, with an average of 3266.17 RMB/kW in 2023 [44]. Summary by Sections 1. Industry Dynamics - The report outlines the government's focus on high-quality development in the wind power sector, emphasizing the need for innovation and international collaboration [3][12]. - Key projects include the announcement of a 3GW offshore wind power project in Qingdao [3]. 2. Market Performance - The wind power equipment sector experienced a decline of 2.04% in the week of September 8-12, 2025, underperforming compared to the broader market indices [15][18]. - The TTM price-to-earnings ratio for the wind power equipment index is reported at 35.19, with a market-to-book ratio of 1.93 [7][15]. 3. Installation Data - As of July 2025, the cumulative installed capacity of wind power reached approximately 574.87 million kW, reflecting a year-on-year growth of 22.10% [27][28]. - The report notes that land-based wind power installations accounted for 48.90 GW in the first half of 2025, a 95.52% increase year-on-year [4][27]. 4. Investment Recommendations - The report recommends companies such as Goldwind Technology and Yunda Co., which are expected to benefit from the acceleration of domestic wind power construction and overseas market expansion [8]. - It highlights the importance of large megawatt products and new technologies in enhancing profitability and competitive advantage within the industry [8].