Group 1 - The report from CITIC Securities highlights that AIDC (Artificial Intelligence Data Center) supporting equipment continues to benefit from significant capital expenditure increases by overseas cloud vendors, recovery in overseas expectations, and sustained high demand for power equipment [1] - The North American data center power demand is expected to surge, driving the trend of Solid Oxide Fuel Cell (SOFC) installations, with AI-related orders from leading overseas manufacturers having doubled year-on-year [1] - In the wind power sector, the substantial increase in shipments in the first half of the year continues to validate the industry's high prosperity, with stable recovery in wind turbine prices, cost control from economies of scale, and a higher proportion of overseas business contributing to significant improvements in the profitability of main engine manufacturers [1]

拐点明确，风机板块向上周期开启 - 风电主机行业深度报 告解读及风能行业协会专家交流 20250617 摘要 风电主机价格自 2024 年底上涨约 10%，主要因风机事故频发导致运营 商更重视质量，以及主机厂盈利下滑后缺乏价格战动力。此轮价格上涨 预计将对主机厂毛利率产生积极影响。 主机厂毛利率在 2024-2025 年交付价格下降期间保持稳定，预计 2026 年将显著增长，得益于 2025 年中标价格上涨和降本措施（如零部件大 型化和设计优化）。价格上涨 5%理论上可提升毛利率 4.4 个百分点， 成本下降 5%则可提升近 9 个百分点。 2025 年，金风科技在业绩层面表现突出，毛利率指引良好，双环技术 占比提升。建议重点关注金风科技，因其技术路线切换较早，业绩端及 未来预期更具优势。 全球风机市场规模预计将从 2025 年的 3,000 多亿元增长到 2030 年的 近 6,000 亿元，复合增速约为 12%。中国风机企业受益于出海渗透率 提升，预计复合增速更高，约为 14%。 Q&A 风电主机行业的盈利模式和历史表现如何？ 风电主机行业的盈利模式主要分为主机制造和风场运营两部分。历史上，主机 企业的盈 ...