风电行业周报（20260316-20260320） 本周风电设备（申万）指数表现 本周（2026/03/16-2026/03/20）沪深 300 指数-2.19%，申万 31 个行 业指数 2个上涨，电力设备（申万）指数本周-3.06%，排在第 10位， 跑输指数 0.87pct。电力设备二级行业指数普跌，风电设备行业指数- 7.29%，电池（申万）、电网设备（申万）、其他电源设备Ⅱ（申万）、 光伏设备（申万）、电机Ⅱ（申万）分别-0.71%、-7.54%、-6.81%、- 0.16%、-6.88%。从公司表现看，本周风电设备行业（申万）公司涨 幅居前的公司为恒润股份、禾望电气、吉鑫科技、振江股份、中环海 陆，跌幅居前的公司是日月股份、三一重能、明阳智能、电气风电、 泰胜风能。 本周原材料价格小幅波动 本周铁矿石期货收盘价 815.5 元/吨，环比+4 元/吨；铸造生铁价格 3110元/吨，环比持平；中厚板价格3365元/吨，环比+23元/吨；铜、 铝现货价格分别为 12021.5、3329美元/吨，单价分别-736.5、-191美 元/吨，环比-5.8%、-5.4%。环氧树脂价格为 19500 元/吨，环比 ...

Investment Rating - The report maintains a "Positive" outlook for the wind power industry, expecting the industry index to outperform the market index by over 5% in the next six months [8]. Core Insights - The wind power industry is experiencing a recovery in profitability and an optimization of its structure, driven by stabilizing wind turbine prices, accelerated onshore wind installations, and favorable offshore wind policies. Long-term benefits are anticipated from breakthroughs in deep-sea technology and global expansion [3]. - The domestic public bidding capacity for wind power units in Q1 2025 is projected to be 28.6 GW, reflecting a year-on-year increase of 22.7%. The average bidding price for 3MW wind turbines in Q3 2025 is expected to be 1610 CNY/KW, up by 9.2% year-on-year [22][33]. Summary by Sections Wind Power Sector Weekly Market Review - During the period from February 24 to February 27, 2026, the Shanghai Composite Index increased by 1.08%, while the Shenwan Electric Equipment Index rose by 1.89%, ranking 16th among 31 industry indices. The wind power equipment index surged by 8.34%, outperforming the index by 0.81 percentage points [13][16]. - Notable performers in the wind power equipment sector included Feiwo Technology, Goldwind Technology, and Daikin Heavy Industries, while companies like Shuangyi Technology and Mingyang Smart Energy saw declines [20] Bidding and Raw Material Price Situation - The report highlights fluctuations in raw material prices, with iron ore futures closing at 750 CNY/ton, up by 4.5 CNY/ton. The prices for copper and aluminum were reported at 13439.5 and 3157.5 USD/ton, respectively, reflecting increases of 5.4% and 3.4% [2][26]. Company and Industry Events - The report details significant projects, including the 1200MW offshore wind project by Datang Group, which is set to install 60 units of 10MW wind turbines. The project is expected to enhance the offshore wind capacity in Hainan Province [34]. - In Germany, the offshore wind capacity has surpassed 10GW, marking a significant milestone in the country's renewable energy development [36].

Investment Rating - The report maintains a "Positive" outlook for the wind power industry, expecting the industry index to outperform the market index by over 5% in the next six months [8]. Core Insights - The wind power industry is experiencing a recovery in profitability and an optimization of its structure, driven by stabilizing wind turbine prices, accelerated onshore wind installations, and favorable offshore wind policies. Long-term benefits are anticipated from breakthroughs in deep-sea technology and global expansion [3]. - The first quarter of 2025 saw a public tender capacity for wind power units in China reach 28.6 GW, representing a year-on-year increase of 22.7%. The average bidding price for 3MW wind turbines was 1610 RMB/KW, up 9.2% year-on-year [20]. Summary by Sections 1. Weekly Market Review - During the week of February 2 to February 6, 2026, the Shanghai Composite Index decreased by 1.13%, while the power equipment index increased by 2.20%, outperforming the index by 3.53 percentage points. The wind power equipment index fell by 0.88% [13][14]. - Notable performers in the wind power equipment sector included companies like Zhenjiang Co., Zhonghuan Hailu, and Tiensun Wind Energy, while companies such as Times New Material and Yunda Co. experienced significant declines [17] 2. Raw Material Prices - The report notes fluctuations in raw material prices, with iron ore futures closing at 760.5 RMB/ton, down 31 RMB/ton. The prices for casting pig iron and medium-thick plates remained stable, while copper and aluminum prices saw declines of 4.0% and 2.1%, respectively [23]. 3. Company and Industry Events - The Shaanxi province has initiated a 2.45 GW wind and solar application, with individual projects not exceeding 50 MW, targeting high-energy-consuming industries such as electrolytic aluminum and steel [31]. - Guangdong province is pushing for the development of offshore wind power, promoting large-scale projects and the application of new technologies [34]. - The Fujian province has approved a 300 MW offshore wind project, with a total investment of 4.053 billion RMB, indicating ongoing growth in the sector [36].

Investment Rating - The report maintains a positive outlook on the wind power industry, suggesting a "Buy" rating based on expected recovery in profitability and market dynamics [3]. Core Insights - The wind power industry is experiencing a recovery in profitability and an optimization of its market structure, driven by stabilizing wind turbine prices, accelerated onshore wind installations, and favorable offshore wind policies. Long-term benefits are anticipated from breakthroughs in deep-sea technology and global expansion [3]. - The report highlights the importance of focusing on leading turbine manufacturers and key players in the offshore wind supply chain, as well as considering long-term investments in deep-sea and overseas projects [3]. Summary by Sections 1. Weekly Market Review of Wind Power Sector - During the week of January 19-23, 2026, the wind power equipment index increased by 7.84%, outperforming the broader electric equipment index, which rose by 3.57% [13][15]. - The performance of individual companies in the wind power sector showed significant gains for Mingfei Wo Technology, Taisheng Wind Energy, and others, while companies like Zhonghuan Hailu and Hewei Electric experienced declines [20][21]. 2. Bidding and Raw Material Price Trends - In Q1 2025, the domestic public bidding capacity for wind turbines reached 28.6 GW, marking a year-on-year increase of 22.7%. The average bidding price for 3MW wind turbines was 1610 RMB/KW, up 9.2% year-on-year [24]. - The report notes fluctuations in raw material prices, with iron ore futures closing at 795 RMB/ton, down 17 RMB/ton, while epoxy resin prices increased by 1.2% to 13666.67 RMB/ton [27][28]. 3. Company and Industry Events - Significant projects include the 500MW offshore wind project by State Power Investment Corporation, with a bid price of approximately 353.3 million RMB, and Guangdong Power Development's approval for a 400MW offshore wind project with a total investment of 428.44 million RMB [36][37]. - Goldwind Technology won a bid for a 500MW offshore wind project, with a bid amount of 128.06 million RMB [39].