Investment Rating - The report maintains a "Recommended" rating for the electrical equipment industry [3][22]. Core Insights - In January 2025, the central enterprises' wind power project bidding totaled 6.24GW, indicating an increase in market concentration among leading companies [4][10]. - The total approved wind power projects in January 2025 reached 11.3GW, with 85 projects, including 81 onshore and 2 offshore projects [4][10]. - The average bidding price for onshore wind projects (including towers) was 2199 RMB/kW, while the average price excluding towers was 1598 RMB/kW [4][10]. Summary by Sections Industry Performance Review - The photovoltaic index decreased by 0.59% from February 10 to 14, 2025, while the CSI 300 index increased by 1.19%, indicating underperformance of the photovoltaic sector [9]. - The wind power index fell by 1.65% during the same period, with only a few stocks showing positive growth [9]. Industry Updates - The bidding scale for central enterprise wind power projects in January 2025 saw a year-on-year decline of 70.4%, attributed to the large-scale project releases in 2024 and ongoing project planning and approval processes [5][11]. - Despite the decline in bidding scale, there are emerging characteristics in market concentration, regional distribution, and pricing trends, highlighting the competitive edge of comprehensive wind turbine manufacturers [5][11]. Key Companies - Notable companies in the sector include Dongfang Cable, Dajin Heavy Industry, Jinlei Co., Sunshine Power, and CITIC Bo [5].