hcdx Wind Power Update: Stocks Oversold, Demand Marginal Improvement, Q3 Bullish on Rebound Opportunities

English summary

# Demand volume and price both exceed expectations. Tender volume: Since July, onshore wind tenders 18.1GW, offshore wind 0.6GW, #monthly total tender volume tripled YoY. Winning bid price: 23-25 onshore wind average winning prices were 1579/1374/1541 yuan/kW respectively; 2026 to date about 1584 yuan/kW, still rising under high base. #Mechanism electricity price stabilizes and recovers, supporting 2027 installed demand. 2027H1 wind power mechanism electricity price increases: Xinjiang +10% YoY, Heilongjiang +25% YoY, Gansu +25% versus previous period, supporting mechanism electricity volume significantly expanded, shortlisted project number increased 35% simultaneously. The increases are concentrated in the Three North region where mechanism electricity price has large impact this year, also traditional strong wind power provinces. Investment recommendation: Jan-Jun wind power tender demand missed expectations, installation also off-season, coupled with extreme technology style, core leaders oversold. Suggest focusing on wind turbine leaders Goldwind, Mingyang, Sany, Yunda; component leaders Xinqianglian, Delijia, Zhongji, Jinlei; offshore cables Dong Cable, Tianshun, Haili, Dajin.