大业股份（603278）开盘仅约1分钟垂直涨停，连续第4日封板，天奇股份（002009）连续3日涨停，中超控股（002471）4日3板，金风科技（002202）3日2 板，上纬新材、吉林化纤（000420）等逾10股强势涨停或涨超10%。 今日（12月29日）早盘，A股整体小幅上扬，上证指数连续第9日走强，深证成指、科创50、北证50等也微幅飘红，创业板指则微幅飘绿。下跌个股远多于 上涨个股，成交保持平稳。 盘面上，航天设备、风电设备、石油化工、PEEK材料等板块涨幅居前，玻璃玻纤、一般零售、汽车服务、酒店餐饮等板块跌幅居前。 风电行业"反内卷"见成效 风电股早间异动拉升，板块指数再度高开高走，盘中一度涨逾3%，创2个半月以来新高。 自去年10月12家整机企业共同签署《中国风电行业维护市场公平竞争环境自律公约》以来，中国风机中标价格（不含塔筒）再也没有低于1400元/千瓦，这 一大部分风机的成本线。 叠加风电行业高速发展，据国家能源局数据，截至2025年三季度末，全国风电累计并网容量达到5.82亿千瓦，同比增长21.3%，其中陆上风电5.37亿千瓦， 海上风电4461万千瓦。2025年前三季度，全国风电累计发 ...

Summary of Wind Power Industry Conference Call Industry Overview - The Chinese wind power industry has ambitious goals, aiming for a cumulative installed capacity of 1,300 GW by 2030 and 5,000 GW by 2035, significantly exceeding the 2020 targets, indicating a doubling of annual new installations to 130 GW over the next five years [1][2] - The domestic wind power market shows high certainty in demand, with an expected installation volume exceeding 110 GW in 2025, driven primarily by economic factors and reduced cost per kilowatt-hour, making the internal rate of return (IRR) attractive [1][4] Global Market Dynamics - The global wind power market is experiencing rapid growth, with the tendering scale expected to increase from 50-60 GW in 2026 to around 80 GW, with significant growth in onshore wind in India, the Middle East, and Brazil, as well as offshore wind in Europe [1][4] - European countries need to add at least 20 GW annually to meet their 2030/2035 targets, indicating a fast expansion phase for offshore wind projects [4] Export and International Expansion - Chinese wind power companies are actively expanding into overseas markets, with significant growth in export orders expected in 2025, projected to reach 25-26 GW, accounting for about half of the total tender volume in Asia, Africa, and Latin America [1][5][6] - The increase in offshore distances and water depths is driving demand for domestic pipe pile industries to participate in overseas projects [3][8] Pricing and Profitability Trends - The wind power industry has seen a recovery in bidding prices for onshore wind turbines, now in the range of 1,500-1,600 RMB per kW, with expectations for further increases in average delivery prices by the end of 2025 and into 2026, which will help restore profit margins in the turbine manufacturing sector [1][10] - The industry has shifted towards larger turbine models, focusing on operational hours and smart products, which aids in stabilizing the supply chain and reducing costs [10] Challenges and Opportunities - Challenges include the need for technological advancements, supply chain management, and policy support to meet ambitious growth targets, as project cycles can take over a decade from planning to grid connection [5] - Opportunities arise from the increasing competitiveness of Chinese companies in the global market, with major players accelerating their international strategies [5][6] Future Outlook - The overall outlook for the wind power industry is optimistic, with both domestic and international markets expected to experience significant growth in the coming years, particularly in offshore wind [7][12] - The industry is entering a new cycle of growth characterized by a resonance of volume and profitability, with a recommendation to focus on offshore wind and international expansion, including key players in subsea cables, pipe piles, and turbine components [12]

Group 1 - Wind power stocks in Hong Kong rose against the market trend, with increases of over 7%, 5%, and nearly 5% among various companies [1] - Morgan Stanley upgraded the rating of the Chinese wind power industry, suggesting that the sector may experience a recovery following efforts to combat internal competition [2] - The report indicates that after a challenging period from 2022 to 2024, the Chinese wind power industry successfully reversed the trend of vicious competition through self-regulation [3] Group 2 - Morgan Stanley forecasts that during the "14th Five-Year Plan" period, the average annual new installed capacity will exceed 110 GW, potentially reaching around 120 GW between 2028 and 2030 [3] - The investment opportunities are particularly favorable for key component suppliers and submarine cable companies within the wind power value chain [2]

Group 1 - The wind power industry has achieved preliminary results in countering internal competition, with significant stock price increases among key players such as Tongyu Heavy Industry and Chuanrun Co., Ltd. [1] - The average bidding prices for wind turbine models have rebounded in the first half of this year, alleviating pressure across the industry chain. For instance, the minimum bidding price for 5 MW units rose from 1157 RMB/kW in 2024 to approximately 1700 RMB/kW in the first half of this year [1]. - All turbine models' bidding prices in the first half of this year are now above their minimum cost prices, effectively curbing the trend of vicious low-price competition in the industry [1]. Group 2 - Major wind power stocks have seen substantial gains, with companies like China National Materials and Hangzhou Gear achieving over 100% increase in stock prices this year. China National Materials leads with a 192.84% increase [2]. - Mingyang Smart Energy reported a stabilization and recovery in bidding prices for wind turbines, with external environment improvements and better order structures contributing to a clearer path for industry and company profitability recovery [2]. - Significant net inflows of capital were observed in wind power stocks, with Tongyu Heavy Industry and Zhongtian Technology receiving 566 million RMB and 147 million RMB in net inflows, respectively [2][3].