CITIC Securities pointed out that with increased domestic support for ocean wind policy planning, the development of deep-sea projects is expected to accelerate; procurement demand in the European Seabreeze supply chain is gaining momentum in a new round, and domestic and foreign demand is expected to usher in an inflection point in growth. For core supply chain links such as pipe piles and submarine cables, domestic deep-sea trends will drive product specification upgrades and value upward, and drive share concentration at the top; production capacity in Europe is structurally tightening, and leading manufacturers with manufacturing advantages and global support capabilities will open up space to go overseas. It is expected that domestic and foreign project tenders and supply chain orders will take the lead in recovering in 2027. Starting in 2028, a new stage of product shipments and performance growth will begin. We are optimistic about Haifeng's core equipment leader with advantages in technology, products and market share.

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