Wind power stocks rose, Datang Renew (01798) up 4.1%, China Suntien Green Energy (00956) up 2.62%, China Longyuan Power Group (00916) up 2.64%, Dongfang Electric Corporation (01072) up 1.71%.

On the news front, Guolian Securities stated that the demand side of the wind power industry is strongly affected by policy planning, and the investment intensity on the supply side has been relatively low in the past few years. The core issue of wind power is on the demand side. In the short term, the commencement and approval progress of Guangdong/Jiangsu offshore wind projects are expected to steadily advance, and industry demand is expected to further improve month on month. In the medium and long term, offshore wind power has great offshore potential. Domestic high-quality companies are expected to benefit from the tightening supply and demand of overseas offshore wind power. Since 2023, the early-stage planning, competition and approval work of domestic offshore wind power has steadily advanced. Guangdong and Shanghai have initiated competition and allocation work for national offshore wind power projects, and the long-term certainty of China's offshore wind power development has been strengthened; offshore wind power bidding in 2024 is expected to achieve rapid growth. Wind power is recommended to focus on three major directions: 1) Tower/pile head leading enterprises with high proportion of pipeline capacity and large export space in the future; 2) Cable leading enterprises with expected restoration and gradually opening export space; 3) Whole unit leading enterprises with domestic profitable bottom-building and accelerated export.

Guosen Securities stated that downstream installation has been constrained by multiple factors since 2023, and there is expected to be a surge in mid-2024; wind power company performance is under pressure in the first quarter of 2024 due to base and downstream installation rhythms, and it is recommended to focus on opportunities after the first quarter report. Overseas, there are clear signs of the bottom of offshore wind power, which is expected to recover in 2024 and enter a stage of surge in 2025. Domestic cable and pile head enterprises are expected to benefit from the tight supply and demand background. Since 2023, the early planning, competition, and approval work of domestic offshore wind power has steadily advanced, and Guangdong and Shanghai have initiated the competition and allocation work for national marine wind power projects. The long-term certainty of China's marine wind power development has been consolidated; offshore wind power bidding in 2024 is expected to achieve rapid growth. Wind power is recommended to focus on three major directions: 1) Tower/pile head leading enterprises with high proportion of pipeline capacity and large export space in the future; 2) Cable leading enterprises with expected restoration and gradually opening export space; 3) Whole unit leading enterprises with domestic profitable bottom-building and accelerated export.