20251208-国新证券股份-风电行业周报_11页_928kb

Wind Power Industry Weekly Report Summary

Market Performance:
This week (December 1-5, 2025), the wind power equipment sector index (Shenwan) rose by 3.53%, outperforming the overall market with the CSI 300 index increasing by 1.28%. The power equipment sector saw mixed results, with other sub-industries like grid equipment up 2.35% and photovoltaic equipment down 1.65%. Key companies driving gains included Feiwo Technologies (+35%), TaiSheng Wind Energy, and others, while losers featured companies like Hongde Shares with a decline of -30%.

Raw Material Prices:
Materials showed mixed trends this week. Iron ore prices dropped by 8.5 yuan/ton, copper increased by 5.8% to $11,645/ton, and aluminum rose by 4.7% to $2,865/ton. Epoxy resin prices fell by 33.33%. These fluctuations could impact cost structures in the wind power supply chain.

Investment Recommendations:
Recommend focusing on offshore wind cable, marine engineering, and pile foundation sectors, along with companies with strong international order capabilities. These areas are seen as growth opportunities, supported by favorable policy developments.

Industry Events:
Noteworthy events include Shanghai's plan for over 8 GW of offshore wind by 2035 under its ocean industry strategy, and Hebei Province's wind power bidding results showing prices around 0.35 yuan/kWh. Additionally, a Central Party meeting emphasized accelerating green transitions and the "double carbon" goal.

Risk Factors:
Key risks highlighted are raw material price volatility, delays in project launches, and potential trade conflicts. These could threaten consistent growth and investment returns.

Overall Outlook:
The report maintains a positive stance, noting strong demand drivers and supportive policies, but advises caution due to external uncertainties.