According to the CITIC Securities Research Report, due to the influence of green power market-based trading policies, domestic wind power developers have been very wait-and-see in the past year, and the tendering and development progress of wind power projects has been delayed; however, as project bidding and operation experience continues to accumulate, and the sharp rise in mechanical electricity prices and electricity volumes in some provinces in 2027 will drive a recovery in project yield expectations, CITIC Securities expects to improve starting 2026H2, and developers' enthusiasm for new project tenders and construction is expected to improve. At present, the bottom of expectations for the wind power industry has been consolidated, and the bottom of performance is expected to become clear as the 2027 mid-term report is released one after another; as signs of recovery become stronger, it is recommended to focus on industrial chain profit improvements and valuation repair opportunities brought about by the acceleration of domestic wind power tenders and construction, and recommend complete machines and segment component leaders with a “double sea” competitive advantage.

According to the CITIC Securities Research Report, due to the influence of green power market-based trading policies, domestic wind power developers have been very wait-and-see in the past year, and the tendering and development progress of wind power projects has been delayed; however, as project bidding and operation experience continues to accumulate, and the sharp rise in mechanical electricity prices and electricity volumes in some provinces in 2027 will drive a recovery in project yield expectations, CITIC Securities expects to improve starting 2026H2, and developers' enthusiasm for new project tenders and construction is expected to improve. At present, the bottom of expectations for the wind power industry has been consolidated, and the bottom of performance is expected to become clear as the 2027 mid-term report is released one after another; as signs of recovery become stronger, it is recommended to focus on industrial chain profit improvements and valuation repair opportunities brought about by the acceleration of domestic wind power tenders and construction, and recommend complete machines and segment component leaders with a “double sea” competitive advantage.