大型化海上化带动成本下降及整机毛利修复。全年陆上风电新增装机预计30-40GW，海上预计6-10GW，装机形势好于此前预期，总结今年风电行业发展将呈现出几大趋势和特点：大型化带来质变级别的快速降本，上游零部件降价明显，整机毛利率修复可期；海风抢装显著拉动业绩，结合高毛利率属性，整机龙头利润增速将远高于营收。

1 本周观点 ........................................................................................................................................... 1

1.1 风电行业结构性机会凸显，大型化海上化带动整机毛利修复 ........................................ 2

1.2 下游需求再超预期，中游景气持续受益 ............................................................................................................ 2

1.3 光伏产业链博弈持续，关注硅料端超额收益 .................................................................................................... 3

2 行情回顾 .......................................................................................................................................................................... 4

2.1 行业表现 ................................................................................................................................................................ 4

2.2 个股表现 ................................................................................................................................................................ 6

2.3 估值表现 ................................................................................................................................................................ 7

3 行业跟踪 ........................................................................................................................................................................... 8

3.1 行业要闻 ................................................................................................................................................................ 8

3.2 主要上市公司公告 .............................................................................................................................................. 10

3.3 产业链价格 .......................................................................................................................................................... 11