金吾财讯 | 中信证券表示，在技术进步增强风电经济性和电网适应性优势提升的背景下，国内新能源建设重心或向风电倾斜，该行预计2025年国内风电装机规模将达115GW以上（+~30% YoY），且“十五五”风电年均装机或维持高位。同时，海外加码风电政策支持力度，加快海风项目拍卖和供应链招标，市场空间大，全球风能理事会（GWEC）预计未来3年新增装机CAGR或达23%，有望于2026年起接力中国贡献全球风电需求主要增量。整体节奏来看，该行预计短期“十四五”收官，国内风电装机需求有望快速放量，中长期国内外海风需求支撑有力。该行指，在风电行业将迎来景气高启的背景下，产业链相关环节有望充分受益，企业或将迎来业绩快速增长。风电叶片作为风机核心零部件，是装机交付的关键环节。在需求释放和技术进步的驱动下，叶片及相关材料部件有望充分受益，量价齐升，该行建议关注叶片、模具、轮毂铸件以及原材料等环节。
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