Macro Strategy Insights - The current market focus is on structural aspects, with expectations for next year's economic conditions becoming increasingly important, while current economic conditions have a diminishing impact on stock prices [1] - Two strategies for year-end market positioning are proposed: focusing on technology growth and cyclical sectors benefiting from supply-side adjustments and structural demand changes [1] - Key areas of interest include low-position technology growth (AI software applications, military industry, pharmaceuticals) and cyclical sectors (steel, chemicals, building materials, new consumption & service consumption, agriculture) [1] Industry Tracking - In November, lithium battery production reached 138.6 GWh, a month-on-month increase of 1.5%, indicating strong demand [2] - The increase in production is driven by seasonal demand and pre-installation needs, with significant growth in the domestic energy storage sector and accelerating sales in the European and U.S. electric vehicle markets [2][3] - The industry is experiencing tightening supply-demand dynamics, leading to price increases across various segments, including batteries and lithium hexafluorophosphate [2][3] - Major battery manufacturers are operating at full capacity and seeking external production to meet demand, with price increases for energy storage batteries already reflected in Q3 results [3] - The processing fees for lithium iron phosphate batteries have risen significantly, indicating a supply-demand imbalance that is expected to persist into next year [3]

Core Viewpoint - The article highlights the strategic positioning of a leading tower and foundation company in the wind energy sector, emphasizing its expansion into marine ranching, converter stations, and floating foundations, while also preparing for future export opportunities in the wind power market [1]. Group 1 - The company is capitalizing on the domestic offshore wind projects and the supply shortage in European wind energy [1]. - The company has an expected production capacity exceeding one million tons, indicating significant operational scale [1]. - The company has proactively established export bases in Jiangsu and Guangdong to seize future offshore wind opportunities [1].

Investment Rating - The report maintains an "Overweight" rating for the wind power support infrastructure within the electric equipment and new energy industry [2] Core Insights - The wind power sector is becoming a crucial part of China's electricity supply structure, with significant optimization in wind power support structures and a shift towards mixed steel-concrete towers [5][33] - The domestic wind power market is expected to grow, with a projected cumulative installed capacity of approximately 520.7 GW by the end of 2024, marking an 18% year-on-year increase [55] - The report highlights the global wind power industry maintaining a high level of prosperity, with substantial growth potential in installed capacity [64] Summary by Sections 1. Wind Power as a Key Component of China's Energy Supply - Wind power support structures are continuously optimized, with a notable shift from traditional steel towers to mixed steel-concrete towers, which are gaining market acceptance [5][33] - The average cost of onshore wind power in China has significantly decreased, with a 67% reduction since 2017, making it more competitive compared to coal [14] - The average installed capacity of onshore wind turbines in China is projected to reach 5.89 MW by 2024, reflecting a 9.6% year-on-year increase [21] 2. Global Wind Power Industry Outlook - The global wind power installed capacity is expected to grow from 1,136 GW in 2024 to 2,118 GW by 2030, indicating a compound annual growth rate of 10.9% [68] - The report notes that the global wind power market is driven by energy security and carbon reduction goals, with significant policy support from the EU [64] 3. Investment Strategies and Key Companies - The report suggests focusing on leading companies in the wind power support infrastructure sector, such as 大金重工 (Dajin Heavy Industry), 泰胜风能 (Taisheng Wind Power), and 海力风电 (Haili Wind Power) [5][42] - The report emphasizes the importance of companies that can benefit from the booming global wind power market, particularly those with strong manufacturing capabilities and established reputations in Europe [5][41]