The offshore wind power sector is experiencing dual growth opportunities from both domestic and international markets. According to CCTV Finance, Chinese wind power companies have seen a surge in overseas orders, making the global market a key growth driver. In the first half of 2026, Envision Energy secured over 4.4 GW of new overseas orders, covering regions including North Africa, Southern Europe, and Southeast Asia. Meanwhile, Dajin Heavy Industry holds overseas orders exceeding RMB 10 billion, with products exported to more than 30 countries and regions.
Reports indicate that in Sheyang, Jiangsu Province, a batch of large offshore intelligent wind turbines is being assembled and debugged, destined for the 128 MW Vinh Long nearshore wind power project in Vietnam. This project utilizes Envision Energy's large offshore intelligent wind turbines and will be one of the leading nearshore wind power project clusters in Vietnam and Southeast Asia in terms of single-unit capacity. Deng Heng, General Manager of Envision Energy's offshore products, noted that this is Vietnam's first adoption of large-diameter, high-capacity offshore intelligent wind turbines.
In Caofeidian, Tangshan, a deep-sea offshore engineering base built by Dajin Heavy Industry began operations this year. This base is the world's first fully indoor factory for ultra-large offshore engineering products, capable of mass-producing fixed and floating wind power foundations for 15MW-25MW high-power turbines. It aims to address challenges such as high costs, slow delivery, and complex supply chain coordination in deep-sea wind power development. Jiang Haitao, Vice President of Dajin Heavy Industry, revealed that overseas orders currently exceed RMB 10 billion.
The explosive growth of artificial intelligence is reshaping global electricity demand. Research institutions estimate that by 2030, data centers will account for over 5% of global electricity consumption, up from less than 2% in 2025. With the rapid expansion of computing power, there is a growing need for green, stable, and low-cost electricity supply. Offshore wind power, located near coastal load centers in eastern China, is at the forefront of this "computing-electricity synergy" trend.
On the domestic policy front, on July 23, the National Development and Reform Commission and the National Energy Administration jointly issued the "15th Five-Year Plan for Renewable Energy Development." The plan calls for approximately 100 GW of new offshore wind power construction starts during the 15th Five-Year Plan period, with cumulative installed capacity reaching at least 100 GW by 2030. It emphasizes accelerating nearshore wind power construction, advancing approved provincial projects, revising provincial offshore wind plans, optimizing submarine cable routes, and vigorously promoting the development of deep-sea wind power bases. The plan also aims to create a project repository for deep-sea bases, coordinate maritime space usage, and promote the integrated planning of source-grid projects, including shared submarine transmission corridors and landing points.
China's offshore wind power has entered a new phase of both quantitative and qualitative growth, characterized by scale expansion, technological leadership, and policy support. In 2025, China added 6.59 GW of new offshore wind capacity, bringing the cumulative total to 47.86 GW, solidifying the industry chain and deep-sea development foundation. Globally, 9.25 GW of new offshore wind capacity was added, reaching a cumulative total of 92.5 GW, just shy of the 100 GW milestone. According to the "2026 Global Offshore Wind Report," over 50 GW of offshore wind projects are currently under construction worldwide. Annual global new installations are expected to double by 2026 compared to 2025, triple by 2031, and exceed 50 GW per year by 2035.
The Global Wind Energy Council (GWEC) projects a compound annual growth rate of 24% for the global offshore wind market from 2026 to 2030, making it one of the fastest-growing mainstream energy technologies. Over the next decade, global new offshore wind installations are expected to exceed 327 GW, pushing cumulative capacity to 420 GW by the end of 2035. Industrial Securities points out that the offshore wind power industry is facing dual growth opportunities from both domestic and international markets. In Europe, a shift in policy mechanisms, energy security needs, and rising data center electricity demand are expected to further expand long-term demand, driving installations into a high-growth phase. Chinese companies, with their product and cost advantages, are poised to accelerate overseas expansion, boosting both performance and valuations. Domestically, offshore wind projects are progressing steadily, with accelerated construction starts expected to drive profit realization across the industry chain.
Guoxin Securities published a report stating that domestic wind power installations will enter a peak season in the second half of the year. It expects cumulative installation growth rates to increase in the coming months, with industry chain revenue and profitability improving alongside higher shipment volumes. The firm recommends focusing on Goldwind Technology (02208), Sany Renewable Energy (688349.SH), De Li Jia (603092.SH), and Times New Material (600458.SH).
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At the end of April, Bank of America Securities published a report stating that Goldwind Technology (02208)'s first-quarter net profit rose 60% year-over-year to RMB 907 million, exceeding expectations, driven by higher wind turbine shipments and the resumption of wind farm sales. The overall gross margin declined 5 percentage points year-over-year, dragged down by lower wind farm operating performance and a reduced share of overseas shipments. The bank raised its earnings forecasts for Goldwind for 2026-2028 by an average of 3% to reflect higher wind turbine shipment projections, expecting a 35% increase in 2025, partially offset by a decline in turbine margins to 10.8%. The H-share target price was raised from HKD 17.6 to HKD 18.5, with a "Buy" rating reaffirmed. The A-share target price was lowered from RMB 31.6 to RMB 26, maintaining an "Underperform" rating.
China Resources Power (00836) announced that in June 2026, its subsidiary's electricity sales reached 19.353 million MWh, a 5.1% year-over-year increase. Affected by lower wind speeds, wind farm electricity sales were 3.6318 million MWh, down 8.5% year-over-year, while solar power station sales were 1.6628 million MWh, up 38.8%. In the first half of 2026, cumulative electricity sales from its subsidiaries reached 120 million MWh, a 12.8% year-over-year increase. Wind farm cumulative sales were 27.5456 million MWh, down 3.2% year-over-year, while solar power station cumulative sales were 8.2571 million MWh, up 42.8%.
In mid-to-late July, JPMorgan Chase published a report noting that Longyuan Power (00916)'s stock has underperformed the Hang Seng China Enterprises Index by about 11% year-to-date. At current levels, its valuation is only 0.5 times the forecast price-to-book ratio for FY2027, a 15-year low. JPMorgan indicated that while the company faces pressures from rising curtailment rates and electricity market reform, its strategic role in the national energy system is strengthening. The current valuation is highly attractive, leading to an upgrade in its investment rating from "Neutral" to "Overweight," with an unchanged target price of HKD 7. The bank expects that with accelerated energy storage installation in 2025-2026, continued growth in grid capital expenditure in 2026, and slower new renewable energy capacity growth, Longyuan's curtailment rate could improve, and wind farm utilization hours may rebound from 2026 lows. Regarding electricity prices, the full implementation of market-based policies for wind and solar power from Q1 2026, following the first full year of impact, is expected to ease downward price pressure from 2027 onwards. JPMorgan adjusted its earnings forecasts for Longyuan for 2025-2027, ranging from a 1% decrease to a 15% increase, with 2027 adjusted earnings per share raised by 7.2% from RMB 0.55 to RMB 0.59.
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