Not All Wind Is Losing Speed; Value Emerges as Negatives Being Priced-In

China's wind sector has corrected sharply on weak earnings and slowing onshore demand growth, prompting us to lower our onshore installation outlook and expect a more moderate growth trajectory through FY30. However, we remain positive on offshore wind and export-related opportunities, supported by stronger policy backing, a recovering project pipeline, and rising global competitiveness of Chinese suppliers. China's wind sector has corrected by roughly 30%-50% (averaging ~42%) since 1Q26-end, underperforming the SHCOMP and HSCEI, which have declined by ~3%. We attribute the weakness primarily to: 1) disappointing 1H26 earnings, reflecting a mix of structural and timing-related headwinds, and 2) a decline in China's wind turbine tender activity. Offshore wind and wind exports, however, are following a different cycle and remain on an uptrend;