According to the CITIC Securities Research Report, against the backdrop of the entry of green power into the market and a sharp drop in investment costs, the economic advantages of domestic wind power projects are highlighted, the installed capacity is expected to accelerate, and the increase in the installed scale of onshore wind power is expected to exceed expectations in 2025. Benefiting from marginal improvements in the supply and demand pattern, a steady recovery in exports, and expectations that downstream price pressure may weaken, the prices of fans and components are expected to stabilize. Furthermore, the wind power component production schedule is expected to reach a significant upward inflection point in 24Q3. Increased capacity utilization will drive cost dilution; moreover, the cost of related raw materials may continue to decline, which is expected to further improve the gross margin of “iron casting” components such as castings and spindles. We are optimistic about the opportunities for the wind power industry to increase rapidly from 24H2, and focus on recommending high-quality suppliers and leading manufacturers of complete machines in the parts sector.