According to the Guojin Securities Research Report, European offshore wind pipe pile orders are weak, mainly due to the suspension of procurement of Germany's 16.5GW stock project due to negative subsidies, backflow, and delays in connecting to the grid, etc., and demand has not been reversed. The auction mechanism is shifting from low prices to re-delivery: Germany promotes CFD+high margin, France's AO10 plans to sell 9.7-11.1GW and optimize price adjustment and source rules. The European plan for 2026-27 is about 39.4 GW, and reserves have not been reduced. The rise in gas prices strengthens energy security, and the underlying logic of sea breezes is stable. As project financability improves, supply chain orders such as pipe piles are expected to gradually increase over the next few quarters.

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