Investment Rating - The report maintains a "Recommendation" rating for the wind power industry, indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [1][37]. Core Insights - The report highlights significant developments in the wind power sector, including a total of 1.4GW of wind turbine bids this week, with 0.6GW for offshore wind and an average winning bid price of 1793 yuan/kW for onshore wind [1][10][16]. - As of July 11, 2025, the total bidding for wind power projects this year reached 46.5GW, with offshore and onshore projects accounting for 4.2GW and 42.3GW, respectively [10][18]. - The report emphasizes three main investment themes: high reserve projects for offshore wind, robust bidding for onshore wind in 2024, and significant growth in overseas installations [20][23]. Summary by Sections Wind Turbine Data - This week saw 0.6GW of offshore wind bidding initiated in Shandong, with a total of 1.4GW of wind turbines bid, including 0.8GW for onshore projects [10][16]. - The average winning bid price for onshore wind turbines was reported at 1793 yuan/kW, with major manufacturers exceeding 1300 yuan/kW [16][18]. Offshore Wind Progress - As of July 11, 2025, there are 71GW of offshore wind projects in various stages, with significant reserves in provinces like Guangdong and Shandong [18][22]. - Recent developments include the completion of foundation piling for a 504MW project in Shandong and a 900MW project in Guangxi with a bid amount of 820 million yuan [18][22]. Investment Recommendations - The report suggests focusing on three investment lines: high reserve offshore wind projects, increased bidding for onshore wind, and growth in overseas installations [20][23]. - Recommended companies include Mingyang Smart Energy, Oriental Cable, Zhongtian Technology, and others involved in the wind power supply chain [20][23].

Investment Rating - The report maintains a "Recommended" rating for the wind power industry, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [32]. Core Insights - The report highlights that during the week, 7.4GW of onshore wind projects were awarded at an average price of 1485 CNY/kW. Year-to-date, a total of 52.7GW of wind projects have been awarded, with 6.8GW offshore and 45.9GW onshore [10][12]. - The report emphasizes the significant growth in offshore wind projects, with a total of 69GW in various stages including competitive allocation, approval, and construction as of June 29, 2025. Key provinces with substantial projects include Guangdong, Shandong, and Fujian [15][18]. - Investment suggestions focus on three main lines: high reserves of domestic offshore wind projects, robust onshore wind bidding in 2024, and regional growth in overseas installations. Companies to watch include Mingyang Smart Energy, Dongfang Cable, and Zhongtian Technology [16]. Summary by Sections Wind Turbine Data - In the week, 0.6GW of onshore wind was tendered, with a total of 43.8GW tendered year-to-date, split between 3.6GW offshore and 40.2GW onshore [10][12]. Offshore Wind Progress - As of June 29, 2025, the offshore wind project pipeline includes 69GW in competitive allocation, 16GW approved, 7GW tendered, 9GW in cable tendering, and 15GW under construction. The first batch of units from the Jiangsu Guoxin Dafeng 850,000 kW offshore wind project has successfully connected to the grid [15][18]. Investment Recommendations - The report suggests focusing on three investment themes: 1) High reserves of domestic offshore wind projects with supportive policies, 2) Increased bidding for onshore wind in 2024, and 3) Growth in overseas installations for domestic cable and component manufacturers. Recommended companies include Mingyang Smart Energy, Dongfang Cable, and Zhongtian Technology [16].

Investment Rating - The report maintains a "Recommend" 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][35]. Core Insights - The report highlights significant developments in offshore wind projects, with Guangdong's offshore wind project winning a bid of 0.8GW at an average price of 2506 CNY/kW [1][9]. - The total bidding for wind power in 2025 has reached 43.2GW, with offshore and onshore projects accounting for 3.6GW and 39.7GW respectively [9][11]. - The report emphasizes three main investment themes: high domestic offshore wind project reserves, robust onshore wind bidding in 2024, and regional growth in overseas installations [18][21]. Summary by Sections Industry Basic Data - The industry comprises 301 listed companies with a total market capitalization of 49,118.76 billion CNY and a circulating market value of 42,780.41 billion CNY [4]. Company Profit Forecasts and Valuations - Key companies and their investment ratings include: - Dongfang Cable: EPS forecast of 2.29 CNY for 2025, PE of 21.21, rated "Recommend" [3]. - Zhongtian Technology: EPS forecast of 1.04 CNY for 2025, PE of 13.00, rated "Recommend" [3]. - Mingyang Smart Energy: EPS forecast of 0.71 CNY for 2025, PE of 15.01, rated "Strong Recommend" [3]. - Times New Material: EPS forecast of 0.92 CNY for 2025, PE of 13.65, rated "Recommend" [3]. Wind Power Bidding Data - The report details the bidding activity for wind power, with 4.2GW awarded this week, including 0.8GW offshore and 3.4GW onshore [11][14]. - The average bidding price for offshore wind was 2506 CNY/kW, while onshore wind averaged 1552 CNY/kW [14]. Investment Recommendations - The report suggests focusing on companies involved in offshore wind projects, onshore wind manufacturing, and those expanding into international markets [18][21].

Core Points - The company held its fifth supervisory board meeting on June 19, 2025, via telecommunication, with all three supervisors present [1][2] - The board approved an investment project for its wholly-owned subsidiary, Jiangyin Hengrun Transmission Technology Co., Ltd., to construct a production line for 2,000 sets of wind turbine gearbox components [1] - The total planned investment for the project is 1.2 billion RMB, with the first phase requiring an investment of 500 million RMB [1]

Investment Rating - The report maintains a "Recommended" rating for the wind power industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [33]. Core Insights - The report highlights significant developments in the wind power sector, including a total of 48.5GW of wind turbines awarded in 2025, with offshore and onshore projects accounting for 6.8GW and 41.7GW respectively [10][17]. - The average bidding price for offshore wind turbines is reported at 2357 CNY/kW, while onshore turbines average 1977 CNY/kW [10][13]. - The report identifies three main investment themes: high domestic offshore wind project reserves, increased onshore wind bidding activity, and regional growth in overseas installations [18]. Summary by Sections Wind Turbine Data - In the week of June 9-15, 2025, 0.5GW of offshore wind projects were awarded in Guangdong, with an average price of 2357 CNY/kW [10][8]. - The total awarded wind turbines for 2025 so far is 48.5GW, with a breakdown of 6.8GW offshore and 41.7GW onshore [10][17]. Offshore Wind Progress - As of June 15, 2025, there are 68GW of competitive allocation, 16GW approved, 7GW of turbine bidding, 9GW of submarine cable bidding, and 15GW under construction for offshore wind projects [17][18]. - Guangdong, Shandong, and Fujian are noted for having the highest number of existing projects [17]. Investment Recommendations - The report suggests focusing on three investment lines: high reserves of domestic offshore wind projects, increased bidding for onshore wind, and growth in overseas installations [18]. - Companies to watch include Mingyang Smart Energy, Oriental Cable, Zhongtian Technology, and others [18].

Investment Rating - The industry investment rating is "Recommended" [5][55]. Core Viewpoints - The report highlights a significant increase in wind power project bidding and winning bids, with a total of 40.2GW of wind turbine bids from January to May, representing a year-on-year increase of 14.5% [2][11]. - The winning bids for wind power from January to May reached 39.5GW, showing a year-on-year increase of 8.8% [3][19]. - The report emphasizes three main investment lines in the wind power sector: high domestic offshore wind project reserves, robust land wind bidding in 2024, and regional growth in overseas installations [40]. Summary by Sections Bidding Volume - From January to May, wind turbine bidding totaled 40.2GW, with offshore and onshore bids at 3.6GW and 36.6GW respectively, marking increases of 5.5% and 15.5% year-on-year [11][19]. - In May, offshore and onshore bids were 0.5GW and 7.4GW respectively, with total wind power bidding at 7.9GW, showing a slight decrease compared to previous months [11][19]. Winning Bids - The total winning bids for wind power from January to May were 39.5GW, with offshore and onshore winning bids at 4.3GW and 35.2GW respectively, indicating increases of 48.5% and 5.4% year-on-year [19][20]. - In May, the winning bids were 1GW for offshore and 7.2GW for onshore, with a total of 8.1GW, reflecting a significant decrease compared to previous months [19][20]. Winning Bid Prices - The average winning bid prices in May were 2568 yuan/kW for offshore and 1558 yuan/kW for onshore, with slight month-on-month decreases of 1.4% and 0.6% respectively [35][39]. - The report notes that most major manufacturers had winning bid prices exceeding 1500 yuan/kW for onshore projects [39]. Investment Recommendations - The report suggests focusing on three investment lines: high offshore wind project reserves, increased land wind bidding in 2024, and growth in overseas installations [40]. - Recommended companies include Mingyang Smart Energy, Oriental Cable, Zhongtian Technology, and others [40].

Investment Rating - The report maintains a "Recommended" 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 [32]. Core Insights - The report highlights significant developments in the wind power sector, including a total of 2GW of wind turbine bids this week, with 0.5GW for offshore wind and 1.5GW for onshore wind. Cumulatively, 37.8GW has been bid in 2025, with offshore and onshore projects accounting for 3.6GW and 34.3GW respectively [8][11]. - The average winning bid price for onshore wind turbines is reported at 1619 yuan/kW, while offshore wind turbines have an average price of 2818 yuan/kW. Notably, some onshore bids exceeded 2000 yuan/kW [13][14]. - The report emphasizes the acceleration of offshore wind projects in Jiangsu, with a total of 68GW in various stages of development across the country, indicating a robust pipeline for future growth [14][15]. Summary by Sections Industry Basic Data - The report notes that there are 300 listed companies in the power equipment and new energy sector, with a total market capitalization of 49,560.12 billion yuan and a circulating market value of 43,536.44 billion yuan [3]. Company Earnings Forecast and Valuation - Key companies in the sector are projected to have the following earnings per share (EPS) and price-to-earnings (PE) ratios: - Dongfang Cable: EPS of 2.29 yuan in 2025E, PE of 21.92 [2] - Zhongtian Technology: EPS of 1.19 yuan in 2025E, PE of 11.47 [2] - Mingyang Smart Energy: EPS of 1.11 yuan in 2025E, PE of 9.53 [2] - Times New Material: EPS of 0.87 yuan in 2025E, PE of 13.39 [2] Market Performance - The report provides a performance overview, indicating an absolute performance of 8.3% over the past month, with a relative performance of 5.2% compared to the benchmark index [4]. Investment Recommendations - The report suggests focusing on three main investment themes in the wind power sector: 1. High reserve projects in domestic offshore wind, with policies supporting long-term development and a concentration of project launches expected in 2025 [15]. 2. High bidding activity for onshore wind in 2024, benefiting main engine manufacturers and component suppliers [15]. 3. Regional growth in overseas offshore and onshore installations, with opportunities for domestic cable, main engine, and component manufacturers to expand internationally [15][18].

Investment Rating - The report maintains a "Recommended" 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 [32]. Core Insights - The report highlights significant developments in the wind power sector, including a total of 2GW of wind turbine bids this week, with 0.5GW for offshore wind and 1.5GW for onshore wind. Cumulatively, 37.8GW has been bid this year, with offshore and onshore projects accounting for 3.6GW and 34.3GW respectively [8][11]. - The average bid price for onshore wind turbines is reported at 1619 yuan/kW, while offshore wind turbines have an average bid price of 2818 yuan/kW. Notably, some bids for onshore turbines exceeded 2000 yuan/kW [13][14]. - The report emphasizes the acceleration of offshore wind projects in Jiangsu, with a total of 68GW in various stages of development across the country, indicating a robust pipeline for future growth [14][15]. Summary by Sections Industry Basic Data - The wind power sector comprises 300 listed companies with a total market capitalization of 49,560.12 billion yuan and a circulating market value of 43,536.44 billion yuan [3]. Company Earnings Forecast and Valuation - Key companies in the sector, such as Dongfang Cable, Zhongtian Technology, and Mingyang Smart Energy, are projected to have earnings per share (EPS) growth, with respective PE ratios indicating favorable valuations. For instance, Dongfang Cable is expected to have an EPS of 2.29 yuan in 2025 with a PE ratio of 21.92 [2]. Investment Recommendations - The report suggests focusing on three main investment themes: 1. High reserves of domestic offshore wind projects and supportive policies for long-term development, anticipating concentrated construction and high-value order bidding in 2025. 2. High bidding activity for onshore wind in 2024, with expectations for increased volume and profitability for manufacturers and component suppliers. 3. Regional growth in overseas offshore and onshore installations, with opportunities for domestic cable, main engine, and component manufacturers to expand internationally [15][18].

Investment Rating - The report maintains a "Recommended" investment rating for the wind power industry, indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [37]. Core Insights - The report highlights a total of 2.8GW of land-based wind power projects tendered during the week, with an average winning bid price of 1723 CNY/kW for land-based turbines and 2545 CNY/kW for offshore turbines [12][16]. - Year-to-date, a total of 37.4GW has been tendered, with 34.3GW being land-based and 3.1GW offshore [12]. - The report emphasizes the significant growth potential in the offshore wind sector, driven by high project reserves and supportive policies, with expectations for concentrated project launches in 2025 [23]. Summary by Sections Wind Turbine Data - During the week, 2.8GW of land-based wind turbines were tendered, with major contributions from State Power Investment Corporation (2.5GW) and Huadian (0.2GW) [12]. - Year-to-date, 34.8GW of wind turbines have been awarded, with 30.6GW being land-based and 4.3GW offshore [14]. Submarine Cable Data - The report notes that 0.3GW of submarine cables and 0.9GW of onshore cables were awarded during the week, with a total of 4.3GW of submarine cables tendered year-to-date [17]. Offshore Wind Progress - As of May 11, 2025, there are 31GW of offshore wind projects in various stages, including competitive allocation, approval, and construction [19]. - The report identifies Guangdong, Shandong, and Fujian as provinces with significant project reserves, totaling 30GW, 16GW, and 13GW respectively [19]. Investment Recommendations - The report suggests focusing on three main investment themes in the wind power sector: high reserves of offshore wind projects, increased land-based wind tenders, and regional growth in overseas installations [23]. - Companies to watch include Mingyang Smart Energy, Oriental Cable, Zhongtian Technology, and others [23].

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 [2][55]. Core Insights - The report highlights a significant increase in wind turbine bidding, with a total of 33.6 GW bid from January to April 2025, representing a year-on-year growth of 23.2% [11][20]. - The average bidding price for land-based wind power is 1554 RMB/kW, while for offshore wind power, it is 2589 RMB/kW, showing a month-on-month increase of 5.8% for land-based projects [36][40]. - The report identifies three main investment themes in the wind power sector: high domestic offshore wind project reserves, robust land-based wind bidding, and increasing overseas installation growth [40]. Summary by Sections Bidding Volume - From January to April 2025, wind turbine bidding reached 33.6 GW, with offshore and onshore projects accounting for 3.1 GW and 30.5 GW respectively, marking increases of 19.4% and 23.6% year-on-year [11][31]. - In April alone, 12.2 GW was bid, with offshore projects at 0.5 GW and onshore projects at 11.7 GW, reflecting a month-on-month increase of 60.3% for onshore projects [11][20]. Winning Volume - The total winning volume for wind power from January to April 2025 was 32.1 GW, a year-on-year increase of 46%, with offshore and onshore projects contributing 3.8 GW and 28.3 GW respectively [20][21]. - In April, the winning volume was 13.7 GW, with offshore projects at 3.1 GW, showing a significant month-on-month increase of 577.8% [20][21]. Average Winning Price - The average winning price for land-based wind power in April was 1554 RMB/kW, while for offshore wind power, it was 2589 RMB/kW, indicating a competitive pricing environment [36][40]. Investment Recommendations - The report suggests focusing on key companies such as Mingyang Smart Energy, Oriental Cable, and Zhongtian Technology, which are well-positioned to benefit from the anticipated growth in the wind power sector [40].