According to the CICC Research Report, in 2026, we believe the outlook for domestic and overseas wind power demand is optimistic. Thanks to the increase in domestic wind fan prices, the acceleration of industry exports and large-scale expansion into the industry, and the potential elasticity of domestic ocean winds, the industry chain profits are expected to show a more comprehensive increase. It is expected that the new installed capacity of domestic wind power will reach 130-140 GW in 2026, and it is expected to continue to grow under the high base of 120-130 GW in 2025. The main source of growth is domestic onshore wind power. Seabreeze is expected to add 10-12 GW in 2026, showing a relatively rapid increase compared to 7-9 GW in 2025, but the industry still needs to make continuous efforts to improve prosperity. Overseas wind power We expect demand for land wind to blossom more in emerging markets, and the boom in overseas offshore wind construction is expected to continue in the next 2 years. The three major trends are expected to drive an overall increase in the profitability of China's wind power industry chain in 2026. We expect: 1) The gross margin of domestic land wind fans in 2026 is expected to increase by 2-3 ppt compared to 2025, and in 2027, the net domestic land wind margin of leading companies is expected to approach or exceed 5% in 2027, showing obvious profit flexibility; 2) Overseas exports of Chinese fans are accelerating and spreading to more manufacturers, and European Ocean Wind shows room for order release in the short term; 3) Domestic ocean wind reserves are sufficient. With policy support, it is expected that the annual installed capacity will be achieved relatively quickly. 15GW+ propels the industrial chain to usher in obvious profit elasticity.

According to the CICC Research Report, in 2026, we believe the outlook for domestic and overseas wind power demand is optimistic. Thanks to the increase in domestic wind fan prices, the acceleration of industry exports and large-scale expansion into the industry, and the potential elasticity of domestic ocean winds, the industry chain profits are expected to show a more comprehensive increase. It is expected that the new installed capacity of domestic wind power will reach 130-140 GW in 2026, and it is expected to continue to grow under the high base of 120-130 GW in 2025. The main source of growth is domestic onshore wind power. Seabreeze is expected to add 10-12 GW in 2026, showing a relatively rapid increase compared to 7-9 GW in 2025, but the industry still needs to make continuous efforts to improve prosperity. Overseas wind power We expect demand for land wind to blossom more in emerging markets, and the boom in overseas offshore wind construction is expected to continue in the next 2 years. The three major trends are expected to drive an overall increase in the profitability of China's wind power industry chain in 2026. We expect: 1) The gross margin of domestic land wind fans in 2026 is expected to increase by 2-3 ppt compared to 2025, and in 2027, the net domestic land wind margin of leading companies is expected to approach or exceed 5% in 2027, showing obvious profit flexibility; 2) Overseas exports of Chinese fans are accelerating and spreading to more manufacturers, and European Ocean Wind shows room for order release in the short term; 3) Domestic ocean wind reserves are sufficient. With policy support, it is expected that the annual installed capacity will be achieved relatively quickly. 15GW+ propels the industrial chain to usher in obvious profit elasticity.