Core Viewpoint - The report from CITIC Securities indicates that during the "14th Five-Year Plan" period, domestic wind power installations are expected to maintain high prosperity due to a shift in investment towards wind energy, particularly offshore wind projects, while overseas wind power construction is accelerating, with a peak expected from 2026 onwards [1] Group 1: Domestic Wind Power Outlook - Domestic offshore wind planning is robust, suggesting a sustained high demand for wind power installations [1] - The domestic wind power sector is anticipated to benefit from product advantages and cost-effectiveness in meeting increasing overseas demand [1] Group 2: Investment Recommendations - It is suggested to focus on investment opportunities in components and materials that will benefit from the dual demand release, including blade molds, blade segments, hub castings, and carbon fiber [1]

Core Viewpoint - The wind power industry is expected to experience a significant upturn due to technological advancements improving economic viability and grid integration advantages, leading to increased investment [1][2][7]. Short-term and Long-term Outlook - In the short term, domestic wind power installation demand is anticipated to accelerate as the "14th Five-Year Plan" concludes, with an expected installation scale of over 115 GW by 2025, representing a year-on-year increase of approximately 30% [2]. - Long-term global demand for offshore wind power is expected to remain strong, with the Global Wind Energy Council (GWEC) projecting a compound annual growth rate (CAGR) of 23% for new installations over the next three years [2]. Blade Industry Insights - Wind turbine blades are critical components for converting wind energy into mechanical energy, accounting for 15%-20% of the total cost of a wind turbine [3]. - The domestic wind power blade market is projected to reach 38 billion yuan by 2025, reflecting a year-on-year growth of 20% and a CAGR of 13.5% from 2025 to 2027 [3]. Segment Analysis - **Molds**: The demand for wind blade molds is expected to reach 1.16 billion yuan by 2025, driven by production consumption and model updates [4][5]. - **Hub Castings**: The global wind turbine hub casting market is projected to reach 42.6 billion yuan by 2025, with a CAGR of 12.1% over the next three years [5]. - **Raw Materials**: Raw materials constitute over 70% of the cost structure of wind blades, with carbon fiber demand expected to reach 48,000 tons by 2025, reflecting a CAGR of 13.4% from 2025 to 2027 [5]. Investment Strategy - The wind power industry is poised for a high growth phase, with blade and related material companies expected to benefit from increased demand and technological advancements, leading to sustained growth in performance [7].