本文来自格隆汇专栏：能源新媒 作者：范珊珊 2025年风电迎来了发展拐点，正走出内卷困局。价格企稳回升、业绩回暖，行业整体摆脱恶性竞争，迎 来新生。 在历经数年"低价恶性竞争"的内卷困境后，中国风电行业于2025年迎来了关键转折。从风机价格稳步回 升、企业业绩持续回暖，到行业战略目标全面升级、全球化布局加速推进，风电正逐步摆脱"补充电 源"的定位，向能源转型中的"主力电源"跨越，正式迈入市场驱动的全新发展阶段。 2025年三季报数据印证了风电行业的盈利修复态势。据统计，第三季度风电板块实现营收662亿元，同 比增长27%；归母净利润14.5亿元，同比增长4.6%。 从全年趋势来看，前三季度风电板块营收规模达到1710亿元，同比增幅37.9%；归母净利润56.7亿元， 同比增长12.5%。整机龙头金风科技表现尤为突出，2025年前三季度实现营业收入481.47亿元，同比增 长34.34%；净利润25.84亿元，同比大增44.21%。其中，第三季度单季净利润10.97亿元，同比增幅高达 170.64%，盈利改善势头强劲。 2025年以来，行业"反内卷"成效逐步显现。据统计，1—10月，国内陆上风机中标均价（不含塔 ...

Core Viewpoint - Envision Energy is rapidly expanding its global footprint, particularly in the Indian market, with significant orders and projects aimed at leveraging local wind conditions for clean energy generation [3][4]. Market Consolidation - Envision Energy has secured a 300 MW order from UPC Renewable Energy India, marking another significant achievement in the Indian market [3]. - The company has over 16 GW of order capacity in India and is developing projects exceeding 4.5 GW, with operational capacity surpassing 2.5 GW [4]. - The Indian wind power market is experiencing rapid growth, with a 113% year-on-year increase in new installations, reaching 1.6 GW in Q2 2025 [4]. Business Landscape - Envision Energy ranks 122nd in the 2025 list of China's top 500 private enterprises with a revenue of 86.942 billion yuan and is valued at 110 billion yuan, placing it 30th in the 2025 Global Unicorn List [5]. - The company has established a strong global presence, with over 9 GW of new overseas orders in the first three quarters of 2025, accounting for over 40% of China's new overseas orders [5]. - Envision Energy has set up operational headquarters and R&D centers in over 20 countries and has manufacturing bases in more than 60 countries, with international employees making up over 50% of its workforce [5]. Strategic Vision - Envision Energy is advancing its "AI + Energy" strategy, integrating artificial intelligence with energy systems, and has launched the world's first Galileo AI wind-storage integrated machine [6]. - The company is developing comprehensive energy solutions, including green electricity direct connection, source-grid-load-storage, and off-grid hydrogen and ammonia production [6]. - The Chifeng green hydrogen and ammonia project is set to produce 320,000 tons of green synthetic ammonia annually, with a total planned capacity of 1.52 million tons [6]. Global Benchmark - Envision Energy is not only expanding its market but also exporting technology and standards, with a $1 billion investment in a zero-carbon hydrogen industry park in Spain [8]. - The company has partnered with FRV in Saudi Arabia for a green ammonia project in Brazil, which includes a 500 MW electrolyzer and a comprehensive green ammonia plant [8]. - Envision Energy has built a full industry chain capability covering wind power, energy storage, hydrogen energy, and smart energy management, with over 88 GW of total installed capacity globally [9]. Environmental Commitment - Envision Energy has achieved operational carbon neutrality for three consecutive years and aims for 100% renewable electricity usage by 2024, one year ahead of its RE100 commitment [7]. - The company plans to achieve 100% green electricity usage in its core supply chain by 2028 [7].

Core Insights - The wind power industry is transitioning from a "scale competition" to a "value competition," focusing on "power generation value" rather than just "power generation capacity" [1][4] - The marketization of renewable energy pricing is driving this shift, as traditional revenue models based on high output are becoming less viable [2][4] Industry Trends - The trend of large-scale wind turbine production is slowing down, with fewer manufacturers releasing larger turbine models in 2025 [2] - The introduction of policies like the "Document No. 136" has increased uncertainty in revenue for wind power projects, leading to a reevaluation of growth strategies [2][4] Technological Developments - Companies are emphasizing "high reliability" and "smart generation" as essential components for investment safety and operational efficiency [4][6] - The integration of artificial intelligence and system collaboration is seen as crucial for enhancing reliability and optimizing power generation [5][8] Market Dynamics - The industry is moving towards integrated development, combining wind power with other energy sources to create comprehensive energy solutions [9][11] - The focus is shifting from merely generating power to ensuring stable and predictable revenue streams for clients [6][11] Future Outlook - Companies that can leverage AI technology and provide integrated solutions are expected to lead the industry transformation [11] - The emphasis on building a sustainable industrial ecosystem is becoming increasingly important for the future of wind power in China [11]

Core Insights - The article highlights the transition of China's wind power industry from a focus on "generation capacity" to "generation value" as the market evolves towards competition in the electricity market [1][6][9] Group 1: Industry Developments - China's wind power industry has achieved a significant milestone with the largest offshore wind turbine capacity of 26 MW and the world's first 16 MW floating offshore wind system [1] - The country aims to reach a wind power installation target of 50 billion kW by 2060, with a focus on enhancing the competitiveness of wind energy in the market [5][4] - The wind power sector has maintained its position as the world's largest for 15 consecutive years, with an annual addition of over 10 million kW [4] Group 2: Market Dynamics - The shift towards market-driven pricing for renewable energy means that wind power projects will no longer benefit from guaranteed purchase prices, necessitating a focus on market competition [1][6] - The concept of "cost of electricity value" is being adopted to enhance market competitiveness, moving away from the traditional focus on "cost of electricity" [6][7] Group 3: Technological Innovations - Companies like Goldwind Technology are implementing strategies to optimize power generation based on price fluctuations, enhancing the operational efficiency of wind turbines [7][8] - The integration of artificial intelligence in wind energy systems is being emphasized, with companies like Envision Energy and CRRC Group launching AI-driven solutions to improve energy management and operational efficiency [9][10] Group 4: Future Outlook - The future competitiveness of energy companies will increasingly depend on their capabilities in artificial intelligence and data management rather than just installed capacity [10] - The industry is expected to undergo a transformation towards a more intelligent and integrated energy ecosystem, driven by advancements in AI technology [9][10]

Core Insights - The wind power industry in China is transitioning from a focus on "generation capacity" to "generation value" as market dynamics change, particularly with the move towards market-driven pricing for electricity [1][4][3] Group 1: Industry Developments - China has maintained its position as the world's largest wind power market for 15 consecutive years, with an annual installation rate exceeding 10 million kilowatts [2] - The country aims to achieve a wind power installed capacity of 50 billion kilowatts by 2060, with significant contributions expected from wind energy [3][2] - The "Three North" region has over 75 billion kilowatts of economically viable wind energy resources, while offshore wind resources within 300 kilometers are entering large-scale commercial development [2] Group 2: Technological Innovations - The industry is adopting a "value per kilowatt-hour" strategy, moving away from merely increasing turbine size to optimizing the economic value of electricity generated [4][5] - Goldwind Technology has introduced the GWH204-Ultra series turbines, which enhance output during high-value trading periods through advanced materials and intelligent systems [5][6] - The integration of artificial intelligence in wind energy systems is becoming prevalent, with companies like Envision Energy and CRRC Group launching AI-driven solutions to improve operational efficiency and revenue [7][8] Group 3: Market Dynamics - The shift towards market-driven pricing has led to a reevaluation of traditional profit models, emphasizing the need for precise forecasting and adaptive generation strategies [4][6] - The new paradigm requires wind power companies to respond to price fluctuations and optimize generation accordingly, moving from a fixed-price subsidy model to a competitive market environment [4][6] - The focus on artificial intelligence is expected to enhance the industry's ability to manage the uncertainties of renewable energy generation and pricing [8]

Core Insights - The wind power sector in A-shares is experiencing a significant recovery, with major companies like Goldwind Technology, Xinqianglian, and China National Materials Technology reporting substantial revenue and profit growth, marking a transition from losses to profits driven by policy support and market demand [1][2][5] Industry Performance - The recovery trend in the wind power industry is evident across the entire supply chain, with leading companies reporting net profit growth exceeding 200% and improved gross margins compared to the previous year [2][5] - Goldwind Technology reported a revenue of 48.147 billion yuan, a year-on-year increase of 34.34%, and a net profit of 2.584 billion yuan, up 44.21% [2] - Xinqianglian achieved a revenue of 3.618 billion yuan, a growth of 84.10%, and a net profit of 664 million yuan, reversing a loss from the previous year [4] - Haile Wind Power reported a revenue of 3.671 billion yuan, a 246.01% increase, and a net profit of 347 million yuan, marking a significant turnaround [4] - China National Materials Technology recorded a revenue of 21.701 billion yuan, a 29.09% increase, and a net profit of 1.480 billion yuan, up 143.24% [5] Policy and Market Dynamics - The strong performance in Q3 is attributed to a combination of policy benefits and the steady advancement of major projects, with the government implementing measures to curb unhealthy competition in the industry [6][7] - The "anti-involution" policies introduced by the government aim to stabilize market prices and promote fair competition, leading to a recovery in bidding prices for wind power projects [6][7] - Major projects like the Kubuqi Desert Wind Power Base, with an investment of 98.8 billion yuan and a planned capacity of 4 million kilowatts, are set to drive demand in the sector [7] Future Growth Prospects - The "Wind Energy Beijing Declaration 2.0" anticipates that China's annual new installed capacity for wind power will not be less than 120 GW during the 14th Five-Year Plan period, doubling the previous average [9] - The offshore wind power sector is expected to see significant growth, with policies supporting its development and a projected increase in global offshore wind capacity from 15.5 GW to 38.5 GW by 2030 [10][12] - Domestic companies are accelerating their global expansion, with firms like Envision Energy and Mingyang Smart Energy securing international contracts and establishing manufacturing bases abroad [14][15] Technological Innovations - The integration of AI and energy solutions is becoming a focal point for innovation in the wind power industry, with companies exploring new business models and technologies [15] - The emphasis on green hydrogen and ammonia, along with zero-carbon initiatives, is expected to shape the future landscape of the industry [15]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a "Buy" recommendation for several companies within these industries [3][4]. Core Insights - The second industry is the main driver of electricity consumption growth, with a notable increase in electricity demand due to seasonal factors and high temperatures in Q3 [4][9]. - Global gas prices are rebounding, and expectations of a cold winter may enhance gas sales growth [18][19]. - The report highlights various investment opportunities across different energy sectors, including hydropower, green energy, nuclear power, thermal power, and gas [16][40]. Summary by Sections 1. Electricity: Q3 Second Industry Drives National Electricity Consumption - In September, total electricity consumption reached 888.6 billion kWh, a year-on-year increase of 4.5% [10]. - The second industry contributed significantly to this growth, with a 5.1% increase in electricity consumption, accounting for 51% of the total growth [4][9]. - The cumulative electricity consumption from January to September was 7767.5 billion kWh, reflecting a 4.6% year-on-year growth [13]. 2. Gas: Global Gas Price Rebound and Cold Winter Expectations - As of October 24, the Henry Hub spot price was $3.21/mmBtu, showing a weekly increase of 13.96% [19][20]. - The report notes a seasonal demand increase and geopolitical factors supporting gas prices, particularly in Europe [25][37]. - The anticipated La Niña phenomenon may lead to colder winter conditions, potentially boosting gas consumption [37]. 3. Weekly Market Review - The report indicates that the power equipment sector outperformed the Shanghai and Shenzhen 300 index, while the public utility, gas, and environmental protection sectors lagged [42]. 4. Company and Industry Dynamics - The report discusses significant developments in the energy sector, including the launch of innovative products in wind energy and updates on national energy policies [50][51]. - It highlights the performance of major companies, such as Huadian International, which reported a decrease in electricity generation due to increased renewable energy capacity [57].

Group 1: Industry Trends - The recent Beijing International Wind Energy Conference showcased nearly a thousand wind power companies, highlighting the industry's new direction towards larger wind turbines [1] - The trend of larger wind turbines is exemplified by Mingyang Smart Energy's launch of the world's first 50 MW wind turbine, which nearly doubles the capacity of the largest existing models [1] - The innovative Y-series platform design features a "dual-head" configuration with two 25 MW units, designed for deep-sea environments with a wind turbine diameter of 260 meters [1] Group 2: Technological Advancements - Luoyang Bearing Group presented the world's first 16 MW offshore wind turbine main bearing, along with yaw and pitch bearings for the largest 18 MW offshore wind turbine [2] - The 16 MW main bearing has been tested against extreme weather conditions, demonstrating its robust quality [2] - China Shipbuilding Technology's H305-20 MW offshore wind turbine is designed for high wind speed areas and can withstand typhoons, improving operational efficiency by over 10% [2] Group 3: Smart Integration - Artificial intelligence is transforming the wind energy sector, with companies like Envision Energy emphasizing the need for AI integration to optimize energy production and pricing [3] - Envision Energy launched the world's first Galileo AI wind-storage integrated machine, which enhances revenue by over 20% while reducing costs by more than 10% [3] - China CRRC introduced an AI+ wind turbine system, aiming to support the entire wind energy supply chain through intelligent solutions [3]

Group 1 - The recent Beijing International Wind Energy Conference showcased nearly a thousand wind power companies, highlighting the industry's new trends towards larger, more efficient wind turbines [1] - Mingyang Smart Energy unveiled the world's first 50 MW wind turbine, nearly doubling the capacity of existing models, featuring an innovative Y-series platform design with a "V"-shaped tower and a rotor diameter of 260 meters [1] - The bearing is a critical component for wind turbines, and Luoyang Bearing Group presented the world's first 16 MW offshore wind turbine main bearing, demonstrating its capability to withstand extreme weather conditions [1] Group 2 - Offshore wind turbines face challenges such as high salt mist and strong winds, and China is advancing in this area with the H305-20 MW offshore wind turbine designed for high wind speed regions, capable of withstanding 17-level typhoons [2] - The "Sea Eagle" floating offshore wind turbine from Yunda Co. is designed for deep-sea wind power development, with successful commercial application after nearly a year of stable operation [2] - Artificial intelligence is transforming the wind energy sector, with companies like Envision Energy emphasizing the need for AI integration to optimize energy production and pricing strategies [2] Group 3 - Envision Energy launched the world's first Galileo AI wind-storage integrated machine, which combines wind turbines, energy storage, and AI models to enhance efficiency and reduce costs [3] - The Galileo AI system is projected to increase wind farm revenue by over 20% and reduce integrated construction costs by more than 10% compared to traditional wind turbines [3] - China CRRC introduced the "Zhuo Wheel·Yu Feng" AI+ wind turbine system, aiming to support the entire wind energy supply chain through AI-driven solutions [3]

Core Insights - The Chinese wind power industry is rapidly advancing towards high-quality development, with a focus on overcoming challenges in deep-sea wind power and adapting to harsh environments [1][2] - China aims to achieve a wind power installed capacity of 50 billion kilowatts by 2035, with significant contributions from both onshore and offshore wind resources [2][3] - The industry is experiencing a transformation from policy-driven to market-driven dynamics, emphasizing the importance of artificial intelligence in enhancing operational efficiency and competitiveness [4][5] Industry Development - China's wind power installed capacity has maintained the world's largest position for 15 consecutive years, with an annual increase of over 10 million kilowatts [1] - The country has set a new target for non-fossil energy consumption to exceed 30% of total energy consumption by 2035, with wind and solar power capacity aimed to reach six times that of June 2020 [1][2] - The "Three North" regions have over 75 billion kilowatts of economically viable onshore wind resources, while offshore wind resources within 300 kilometers are entering large-scale commercial development [2] Technological Innovation - The integration of AI technology in wind power equipment is becoming a key focus, with companies like Envision Energy launching AI-driven wind turbines and energy storage systems [4][5] - AI applications are enhancing operational efficiency, enabling real-time responses in electricity trading, and improving the stability of wind farms under complex grid conditions [5] - The shift towards AI-driven solutions is expected to redefine the competitive landscape of the energy sector, moving away from traditional metrics like installed capacity [5] International Expansion - Chinese wind turbine exports are on the rise, with a projected increase of 41.7% in new export capacity for 2024, reaching a cumulative export capacity of 2,078.78 million kilowatts [6] - The industry is transitioning from merely exporting equipment to providing comprehensive solutions that include technology, standards, and services [6][7] - Leading companies like Envision Energy are securing significant international orders, reinforcing China's position in the global wind power market [6][7]