Investment Rating - The investment rating for the wind power equipment industry is "Positive" (first-time rating) [2] Core Viewpoints - The offshore wind industry is expected to enter a period of intensive construction, with sufficient project reserves ready to commence [7] - The trend towards high voltage and direct current in submarine cables is evident, benefiting leading cable manufacturers [7] - European offshore wind is anticipated to develop on a large scale, with domestic manufacturers likely to accelerate their overseas expansion due to capacity shortages [7] - Domestic offshore wind projects are expected to have a high degree of certainty in performance release once operational [7] Summary by Sections Industry Performance - The offshore wind sector has experienced a downturn for three consecutive years, with new installations dropping significantly from a peak of 16.9 GW in 2021 to 5.1 GW, 6.3 GW, and 4.0 GW in 2022, 2023, and 2024 respectively [7] Project Developments - In Guangdong, several projects are moving into full construction, with 7 GW across 15 projects approved in 2024 [7] - Jiangsu has initiated three projects totaling 2.65 GW, with further projects expected to commence in 2025 [7] - Shanghai is progressing with preliminary work on a 4.3 GW offshore wind demonstration project [7] Market Trends - The adoption of higher voltage submarine cables is becoming crucial for cost reduction, with leading companies like Dongfang Cable, Zhongtian Technology, and Hengtong Optic-Electric securing significant contracts [7] - European offshore wind capacity is projected to exceed 10 GW by 2028 and 20 GW by 2030, creating opportunities for domestic manufacturers to meet overseas demand [7] Investment Recommendations - The report recommends focusing on Dongfang Cable, with additional attention on Zhongtian Technology, Daikin Heavy Industries, Haili Wind Power, Hengtong Optic-Electric, and Changlan Technology [7]