CITIC Securities: Multiple factors of demand and supply are driving the prosperity of the wind power industry.

CITIC Securities research report indicates that recently, the State Power Investment Corporation (SPIC) opened bidding for the second batch of large-scale procurement of onshore wind turbines for 2025. The average price for the bid sections, except for sections 5 and 6, is over 2000 yuan/kW. The increase in the bid prices for SPIC wind turbines has established a trend of rising prices for domestic wind turbines. Combined with the dual recovery of supply and demand for wind power, as well as the opening of long-term space by the "Two Seas" project, wind power is expected to initiate a sustained market trend, driving the recovery of the sector's performance and valuation in sync. In the second quarter of 2025, the components and overall machine for wind turbines have a relatively high level of economic activity, with a concentration of price and quantity release of components. The trend of profit recovery for wind turbine companies is established within the year. It is recommended to focus on wind turbine companies with greater price elasticity and leading overseas layouts, as well as companies that have rapidly increased capacity utilization and deeply benefited from this round of price increases in the industry chain components.