CITIC Securities: Wind power, as "green oil drilling", is expected to reshape its valuation.

CITIC Securities research report states that the green fuel industry is crucial for national energy security, positioning itself as a substitute for oil and gas. The competition has shifted from decarbonization being an optional choice to a rigid national strategy, providing clear growth potential. The valuation premium logic of oil substitution + national energy security will drive the development of the wind power industry, completing a fundamental reconstruction of the underlying logic. The wind power industry will see a systematic shift in valuation center, a comprehensive switch in valuation system, and a thorough opening of the long-term growth ceiling, leading to a triple value reassessment.