2025年11月1日，陆上风电行业延续十年的增值税即征即退50%优惠政策正式终止，而海上风电税收支 持政策则延续至2027年末。这一差异化政策调整，不仅标志着我国风电行业从"政策扶持"向"市场竞 争"的关键转型，更直接触发全产业链技术升级、格局重塑与全球化拓展的深度变革，推动已成长为"能 源保供主力"的风电产业，迈入自主参与市场竞争、深耕全球市场的新阶段。 告别温室： 陆上风电直面市场竞争 十年政策红利的落幕，是产业成熟与政策优化的必然结果。截至2025年8月，全国风电累计并网容量已 达5.8亿千瓦（kW），发电量占全社会用电量约11%，风电已从"补充能源"跃升为电力供给的重要力 量，独立参与市场竞争是必经之路。 从中长期来看，行业成熟度提升与技术创新将对冲成本压力。国际可再生能源署（IRENA）数据显 示，2023年全球新投产陆上风电项目加权平均LCOE已比化石燃料低67%，较2010年实现从高成本到低 成本的根本性转变，技术进步带来的降本空间仍然可观。 头部企业已率先通过技术创新实现效能提升。金风科技投入1400余万元研发的"偏航集电环技术"，替代 传统扭缆方案，单台机组可降低成本1万余元；三峡能源宁夏同 ...

"目前，我国海上风电政策体系已立体完备。自2007年探索开发以来，我国陆续出台《海上风电开发建 设管理办法》《关于进一步加强海上风电项目用海管理的通知》等一系列政策文件，构建起'目标牵引 —配套支持—落地实施'的多层次立体政策框架，为产业发展保驾护航。"三峡集团副总经理王昕伟在会 上提到，我国已建成涵盖"勘察设计—设备研制—开发建设—运行维护—检测认证"等环节的完整产业 链，每年可支撑千万千瓦级海上风电新增并网规模，有效推动深远海风电的规模化开发。 统计数据显示，我国海上风电新增与累计装机容量连续多年稳居世界第一，占据全球总量近一半，成为 全球海上风电发展的引领者。2018年至2024年，中国海上风电新增装机连续7年居全球首位；2021年至 2024年，中国海上风电累计装机连续4年居全球首位。 尤其是我国沿海省市海上风电建设全面提速。沿海地区经济发达，能源需求旺盛，为海上风电提供了广 阔市场。当前，沿海各省份均已布局大规模海上风电项目，江苏、广东装机规模均超1万兆瓦，产业呈 现强劲发展态势，并加速向深远海迈进。 "'十四五'时期我国海上风电装机规模连续多年全球居首， 累计并网容量约占全球一半""我国海上风机 ...

自然资源部总工程师何广顺表示，坚持一海多用，积极推进海域立体应用，推行"海上风电+"模式，鼓 励海上风电与深远海养殖、海上制氢等产业深度融合发展，切实提升海洋资源集约节约的利用效果。 20兆瓦大容量海上风电机组示范应用推动风机大型化进入新阶段，单体最大16兆瓦漂浮式海上风电机组 为进军深远海打下基础，基于6.5千伏国产IGCT（集成门极换流晶闸管）器件的海上风电柔性直流送出 系统实现关键器件国产化破局……"十四五"期间，我国海上风电深远海技术实现一系列重大突破，实现 了从"近海追随"到"深远海引领"的历史性跨越。 "双碳"目标下，海上风电开发要继续迈向"深蓝"，更多挑战摆在行业面前。在近日举行的2025海上风电 现代产业链共链行动大会上，海上风电现代产业链联盟宣布成立。联盟汇聚风电场规划设计与建设安 装、机组研发与制造、海上并网与输电系统、海上风电智慧运维、海上风电融合发展等产业链骨干力 量，通过联合研发、标准共制、供需对接等机制，着力破解技术瓶颈与供应链风险等共性挑战。这标志 着我国海上风电产业正从过去企业内部循环、单点竞争的松散模式，转向全产业链协同创新、风险共 担、利益共享的融合发展新阶段。 优化能源结 ...

Core Viewpoint - The China Three Gorges Corporation has made significant contributions to national strategic security, energy security, and environmental protection during the "14th Five-Year Plan" period, aligning with the goals of high-quality development and modernization in China [3][4][11]. Group 1: National Strategic Security - The corporation focuses on enhancing core functions to support national strategies such as ensuring the safety of the Yangtze River and promoting energy security [5]. - It has established a comprehensive flood control capacity with a total flood storage capacity of nearly 38 billion cubic meters, having accumulated over 40 billion cubic meters of floodwater retention since the beginning of the "14th Five-Year Plan" [5]. - The company has provided over 1.5 billion cubic meters of water to downstream areas, including an emergency supply of approximately 5.6 billion cubic meters during a severe drought in 2022 [5]. Group 2: Energy Security - Clean energy accounts for approximately 96% of the corporation's total installed capacity, with renewable energy generation ranking first globally [6]. - The completion of the Wudongde and Baihetan hydropower stations has established the world's largest clean energy corridor, with 110 hydropower units in operation along the Yangtze River [6]. - The corporation is advancing offshore wind power projects and has initiated the construction of two large-scale "sand and desert" renewable energy bases in Inner Mongolia and Xinjiang [6]. Group 3: Environmental Protection - The corporation has invested over 120 billion yuan in environmental protection initiatives along the Yangtze River, achieving long-term water quality improvement in key river basins [7]. - It has successfully relocated over 2,000 rare plant species and released more than 28 million rare fish, contributing to the restoration of fish populations to levels seen in the 1980s [7]. - The company has built China's first large-scale green zero-carbon data center and has innovated in wastewater treatment and solar integration [7]. Group 4: Technological Innovation - The corporation has developed a unique innovation model focused on major engineering projects and key technology breakthroughs [9]. - It has made significant advancements in hydropower technology, including the application of ultra-large underground excavation and intelligent construction of high arch dams [9]. - The establishment of an industrial internet platform has enhanced operational efficiency across the hydropower stations [9]. Group 5: New Development Pattern - The corporation is actively promoting the transformation and upgrading of traditional industries while developing strategic emerging industries [12]. - Projects such as the Inner Mongolia renewable energy base and offshore wind power initiatives have been recognized as key national projects [12]. - The company is also involved in international investments, covering 12 countries and regions, with controllable installed capacity expected to exceed 13 million kilowatts [12][13]. Group 6: Future Outlook - The corporation aims to continue its alignment with Xi Jinping's thoughts on socialism with Chinese characteristics, enhancing its role in national strategy and striving to become a world-class enterprise [14].

Investment Rating - The report maintains an "Outperform" rating for the power equipment and new energy industry [1]. Core Viewpoints - Global offshore wind installation demand is expected to see significant growth, with China and Europe leading the market. The report anticipates that global offshore wind installations will reach 8GW in 2024, with China contributing over 50% of this growth [3][12]. - The report highlights the strong demand in Europe and the promising outlook in the Asia-Pacific region, with European offshore wind installations projected to grow rapidly [3][25]. - The supply chain dynamics are evolving, with domestic offshore wind turbine manufacturers looking to expand overseas, particularly in Europe and Japan, where demand is expected to rise [3][12]. Summary by Sections Overview: Global Offshore Wind Installations Expected to Double - The report indicates that global offshore wind installations are set to experience a doubling in growth, driven by strong demand from China and Europe [5]. Demand Side: Strong European Demand, Promising Asia-Pacific Outlook - Europe is a key offshore wind market, with 2.7GW of new installations expected in 2024, accounting for 34% of global additions. The report notes that the European market is facing challenges but remains optimistic about future growth [3][25][34]. Supply Side (Part One): Clarity in Offshore Wind Turbine Export Logic - The report discusses the current landscape of offshore wind turbine exports, emphasizing the need for domestic manufacturers to establish overseas production facilities to meet growing international demand [3][12]. Supply Side (Part Two): Focus on Submarine Cables, Piles, and Floating Opportunities - The report identifies key areas of opportunity within the supply chain, including submarine cables and floating wind technology, highlighting the competitive landscape and potential for growth in these segments [3][12]. Investment Recommendations - The report suggests three main investment lines: 1. Favorable conditions for submarine cable companies, recommending Oriental Cable and suggesting attention to Zhongtian Technology [3]. 2. Opportunities in offshore wind turbine manufacturers, recommending Mingyang Smart Energy and Goldwind Technology, while suggesting attention to Yunda Co. and Sany Heavy Energy [3]. 3. Focus on floating wind technology, recommending Astar Anchor Chain and Mingyang Smart Energy [3].

央视网消息：海上风电是清洁能源的重要组成部分，记者从日前闭幕的2025海上风电现代产业链共链行动大会上了解到，2025年前三季度，我 国海上风电累计并网容量达到4461万千瓦，已连续四年保持世界第一。 在福建漳浦海域，我国首台20兆瓦海上风电机组的基础钢管桩施工已完成，为后续风机安装奠定了坚实基础。与此同时，在福清三峡海上风电 产业园内，风机主机已完成最后的检测工作，即将装船运往施工海域。 三峡集团福建分公司产业园总经理盛雷介绍，风机将安装在离岸超过30公里的海域，主机轮毂中心安装高度达到174米。安装完成后，每年可 以生产8000万度清洁电能，相当于4.4万户家庭一年的用电需求。 2025年以来，我国海上风电关键技术持续刷新全球纪录。在山东东营，全球单机容量最大的26兆瓦级海上风电机组成功并网发电。在广西北 海，全球首台16兆瓦大容量漂浮式海上风电成套系统装备完成组装，成为全球已安装单机容量最大的漂浮式海上风电系统装备。在江苏盐城， 大丰800兆瓦海上风电项目刷新我国海上风电项目离岸距离纪录。 《海上风电技术攻关清单》发布 为风电行业协同攻关划定"路线图" 海上风电技术已成为全球能源科技竞争的前沿阵地，构建 ...

海上风电是清洁能源的重要组成部分，记者从日前闭幕的2025海上风电现代产业链共链行动大会上了解到，今年前三季度，我国海上风电累计并网容量达到 4461万千瓦，已连续四年保持世界第一。 0:00 在福建漳浦海域，我国首台20兆瓦海上风电机组的基础钢管桩施工已完成，为后续风机安装奠定了坚实基础。与此同时，在福清三峡海上风电产业园内，风 机主机已完成最后的检测工作，即将装船运往施工海域。 三峡集团福建分公司产业园总经理 盛雷：风机将安装在离岸超过30公里的海域，轮毂中心安装高度达到174米，安装完成后，每年可以生产8000万千瓦时清 洁电能，相当于4.4万户家庭一年的用电需求。 今年以来，我国海上风电关键技术持续刷新全球纪录。在山东东营，全球单机容量最大的26兆瓦级海上风电机组成功并网发电；在广西北海，全球首台16兆 瓦大容量漂浮式海上风电成套系统装备完成组装，成为全球已安装单机容量最大的漂浮式海上风电系统装备；在江苏盐城，大丰800兆瓦海上风电项目刷新 我国海上风电项目离岸距离纪录。 《海上风电技术攻关清单》发布 为风电行业协同攻关划定"路线图" 海上风电技术已成为全球能源科技竞争的前沿阵地，构建自主可控、安全可 ...

Core Viewpoint - The development of offshore wind farms in Hainan is being accelerated to integrate resource advantages with industrial growth, positioning the region as a hub for clean energy and a model for green transformation [5][9]. Offshore Wind Power Development - The first offshore wind power project by the State Energy Group in Hainan has officially commenced construction, marking a significant step in the region's clean energy initiatives [5]. - Hainan plans to build 11 offshore wind farms with a total installed capacity of 12.3 million kilowatts, as approved by the National Energy Administration [23]. - The offshore wind power sector in Hainan has attracted significant investment, exceeding 30 billion yuan in the past two years, and is forming industrial clusters in areas like Danzhou and Dongfang [11][23]. Energy Production and Capacity - The offshore wind farms have already contributed 708 million kilowatt-hours of green electricity this year, enough to power 240,000 households annually [8]. - The Huaneng Lingao CZ1 offshore wind project is set to connect to the grid by December 27, 2024, with a capacity of 10 megawatts per unit [7]. Technological Advancements - The National Energy Group's CZ8 project is utilizing innovative techniques to address challenges posed by complex underwater geological conditions, ensuring the stability of wind turbine foundations [12][15]. - The project team is employing advanced methods to optimize the installation of wind turbine foundations, which include adapting to varying geological conditions [15][16]. Industry Ecosystem and Future Prospects - The offshore wind power industry in Hainan is evolving into a comprehensive ecosystem, integrating upstream power generation, midstream equipment manufacturing, and downstream applications [21]. - The establishment of manufacturing bases for floating offshore wind turbines is planned, with an investment of 10 billion yuan, aiming to enhance competitiveness in international markets [18][19]. - The region is also exploring the integration of offshore wind power with hydrogen production and energy storage, contributing to a modern renewable energy industry system [22].

Core Insights - China's wind power sector is enhancing its innovation capabilities and overall competitiveness, with record-breaking achievements in large-capacity units, blade lengths, and hub heights, leading to a continuous decrease in investment and construction costs [1] - The new national contribution targets announced in September aim for wind and solar power generation capacity to exceed six times the 2020 levels by 2035, targeting 3.6 billion kilowatts [2] - The cumulative installed capacity of wind power in China has reached 580 million kilowatts, doubling since 2020, and the country has maintained its position as the world's largest wind power installer for 15 consecutive years [3] Summary by Sections Innovation and Competitiveness - The wind power sector is experiencing significant technological advancements, which are crucial for expanding projects, improving efficiency, and reducing costs [4] - The CWP 2025 showcased nearly a thousand exhibitors presenting the latest technologies and achievements in the global wind power industry [4] National Goals and Policies - The "Wind Energy Beijing Declaration 2.0" sets ambitious targets for annual new installed capacity during the 14th Five-Year Plan, with at least 12 million kilowatts added each year, including 1.5 million kilowatts from offshore wind [2] - The declaration emphasizes collaboration among government, industry, academia, and research to enhance technological innovation and accelerate the commercialization of new technologies [2] Current Capacity and Future Projections - As of now, wind power generation accounts for approximately 11% of the total electricity consumption in China, highlighting its role as a critical energy supply source [3] - By 2030, the cumulative installed capacity of wind power is expected to reach 1.3 billion kilowatts, with projections of 2 billion kilowatts by 2035 and 5 billion kilowatts by 2060 [2] Technological Advancements - China CRRC showcased the world's largest offshore wind turbine, capable of generating up to 100 million kilowatt-hours of clean energy annually, sufficient for 55,000 households [5] - New technologies, including AI, are enhancing the efficiency and stability of wind power systems, significantly reducing inspection costs and improving operational efficiency [5]

Core Insights - China's wind power sector has significantly enhanced its innovation capabilities and overall competitiveness, achieving global records in large-capacity units, blade lengths, and hub heights, leading to a continuous decrease in investment and construction costs for wind power [1] Group 1: National Goals and Capacity Expansion - In September, China announced a new round of national contributions, aiming for a total installed capacity of wind and solar power to exceed six times that of 2020 by 2035, targeting 3.6 billion kilowatts [4] - The "Beijing Wind Energy Declaration 2.0" sets a target for annual new installed capacity of wind power during the 14th Five-Year Plan to be no less than 120 million kilowatts, with offshore wind power accounting for at least 15 million kilowatts annually [5] - By 2030, China's cumulative installed wind power capacity is expected to reach 1.3 billion kilowatts, with a target of at least 2 billion kilowatts by 2035 and 5 billion kilowatts by 2060 [5] Group 2: Technological Innovation and Industry Development - Technological innovation is identified as the key driver for expanding wind power projects, improving efficiency, and reducing costs [6] - The CWP 2025 showcased nearly a thousand companies presenting the latest technologies and achievements in the global wind power industry [6] - New technologies, such as AI, are enhancing the intelligence of wind power units, optimizing energy efficiency, and improving grid stability under complex conditions [6] Group 3: Environmental Impact and Energy Supply - In the first eight months of this year, wind power generation accounted for approximately 11% of the total electricity consumption in China, becoming a crucial component of energy supply [6] - The world's largest offshore floating wind turbine, "Qihang," is expected to save about 25,000 tons of coal consumption annually, reducing carbon dioxide emissions by approximately 62,000 tons [6]