Guosen's Research Reports state that in the first three quarters of 2024, land wind bidding remains highly prosperous, and offshore wind bidding has turned positive year-on-year; in 2025, land and sea installations are expected to welcome dual prosperity. Since July, the prices of black raw materials have shown a downward trend, and it is anticipated that there will be a supply tightening for large megawatt components in 2025, suggesting that attention should be paid to the potential profit recovery of key components. Domestic offshore wind power is ready to start, with approved project capacity exceeding 25GW, and it is expected to enter a concentrated construction period in the coming year. The European offshore wind bidding in 2025-2026 is expected to enter a window period, and leading domestic offshore cable and pile companies are likely to benefit significantly against the backdrop of tightening overseas supply. Domestic land wind turbine quotes have stabilized, constructing a profit bottom, and the rapid growth of export orders provides long-term profit elasticity. The wind power third-quarter report has been released, with subsequent construction, catalysis, and performance expected to resonate, suggesting attention to investment opportunities in the sector.