Wind power exports surged by 35.6%, with Shanxi, Fujian and Shandong provinces leading the way. However, the wind power sector is generally under pressure. Why is the capital market not buying it?

China's wind power exports surge, A-share sector declines, revealing divergent logics between industrial capital and market sentiment.

Energy Foresight learned that on the morning of July 14, the State Council Information Office held a regular press conference on China's import and export performance for the first half of 2026. Wang Jun, Vice Minister of the General Administration of Customs, released a set of figures: in the first half of the year, exports of wind turbines rose by 35.6%, lithium batteries by 37.6%, and electric vehicles by 68.7%.

The data is notably strong, with exports of green energy products delivering broad-based growth.

Yet at the same time, the performance of the wind power equipment sector on the A-share market painted a starkly different picture. On that day, the wind power equipment sector fell 0.92% compared to the previous trading day, with 20 individual stocks rising and 10 falling. The wind turbine manufacturing sector index closed at 1374.006 points, representing a 3% decline. Goldwind Technology dropped 5.43%, and Mingyang Intelligent fell 3.48%. Main capital saw a net outflow of 698 million yuan.

Exports surged by 35.6%, but the sector declined instead. It appears that the industry and the market are operating on separate narratives.

Shanxi: The Wind Power Business of a Major Coal Province

Shanxi, a traditional major energy province, recorded exports of wind turbines and their components reaching 1.49 billion yuan in the first five months, marking a 28.6-fold year-on-year increase. A province that holds one-third of the nation's coal reserves is now generating revenue from selling wind turbines.

The question is, what enabled Shanxi to achieve this?

The answer lies in a policy document issued four years ago. In 2022, Shanxi unveiled 10 provincial-level key industrial chains, expanding the number to 16 in 2023. The wind power equipment industry was prominently included, alongside special steel materials, new energy vehicles, and high-end equipment manufacturing. The logic behind the industrial chain layout is clear: focusing on the "components and raw materials - complete equipment manufacturing - wind farm development and operation" value chain, to develop complete sets of products including high-power wind turbines, wind power towers, and full wind turbine units. The lead enterprise of this industrial chain is Taiyuan Heavy Industry Group. Datong, Shuozhou, and Xinzhou have been designated as the core bases for wind power equipment production.

This is far from a nominal initiative. The 2025 Action Plan for Enhancing the Competitiveness of Key Industrial Chains in Shanxi Province, issued in 2025, explicitly targets that the total revenue of provincial-level industrial chains will exceed 800 billion yuan. Enterprises within the chains can apply for "supply and supporting" incentives, with tangible financial support driving development.

The effects are becoming evident. In the first four months, Shanxi had 2,313 enterprises with actual import and export performance, a 45.5% year-on-year increase. Exports of wind turbines reached 1.07 billion yuan, accounting for 7.5% of the total national export value of similar products. This major coal-producing province now captures nearly one-thirteenth of China's total wind power export share.

While a low base is a contributing factor, the 28.6-fold growth would not have materialized without the pre-emptive industrial chain layout and the rapid expansion of enterprise numbers. What Shanxi has done is straightforward: integrate wind power into the industrial chain, nurture a larger pool of enterprises, and then target the EU and markets under the Belt and Road Initiative for sales.

Fujian: Private Enterprises Venturing Overseas to Tackle Challenging Markets

Fujian's approach is completely distinct from that of Shanxi.

In the first four months, Fujian's exports of wind power equipment reached 98.729 million yuan, representing a 563.2% increase. Private enterprises account for 99.7% of this total share. Instead of state-owned enterprises taking the lead, it is grassroots private enterprises that are striving in overseas markets.

Fujian's strength lies in its precision. South Africa, Argentina, and Chile — its top three export markets — recorded zero exports for the same period last year. New exports to South Africa reached 47.538 million yuan, accounting for 48.1% of the province's total wind power exports; new exports to Chile hit 22.142 million yuan; exports to Argentina reached 28.211 million yuan, soaring by 23,000 times. Rather than spreading efforts thinly across many markets, Fujian focuses its resources to capture emerging markets.

Exports of independent brand products reached 97.894 million yuan, growing by 80,000 times and accounting for 99.2% of total exports. Fujian's enterprises are not engaged in original equipment manufacturing, but are entering overseas markets with their own brands.

Two kilometers away from Jiangyin Port Area of Fuzhou Port lies Fujian Three Gorges Offshore Wind Power International Industrial Park — China's first professional offshore wind power industrial park that integrates R&D, manufacturing, testing, and export capabilities. GE Vernova's Fujian factory, Goldwind Technology, and Dongfang Electric all operate here. Each wind turbine blade produced is over 100 meters long, compatible with 12 to 16MW offshore wind turbines.

Behind these outstanding achievements is close collaboration with customs authorities. Rongcheng Customs has opened a "green channel" and implemented a "direct loading upon arrival" model tailored to the oversized and overweight characteristics of wind turbine blades. Jiangyin Port Area has 14 deep-water berths and 9 terminals dedicated to handling extra-large cargo. Since exporting its first batch of wind turbine blades in December 2022, Fuzhou Port has accumulated 2.06 billion yuan in wind turbine blade exports.

The industrial chain is located within the park, orders are secured from overseas, and the port serves as the critical intermediate link. Fujian has successfully connected these three elements.

Shandong: The Green Matrix of Major Ports

Shandong's approach is more systematic, largely driven by its established export matrix.

In the first quarter, Shandong's exports of wind power equipment increased by 42.7%. While this figure alone may not seem exceptional, when combined with other green product exports — electric vehicle exports rose by 51.4%, and photovoltaic products by 116.5% — Shandong is not pursuing isolated breakthroughs, but building a "green product export matrix."

In the first quarter, Qingdao Port recorded total import and export volume of 219.37 billion yuan, continuing to lead the province. The Qingdao office of COSCO Shipping Specialized Carriers revealed that Penglai Port alone shipped 340,000 revenue tons of wind power equipment for export in the first quarter. Wind turbine blades, often exceeding 100 meters in length, present significant challenges in handling and transportation. Shandong boasts ports, a complete industrial base, and robust logistics capabilities — the combination of these three elements has enabled large-scale export capacity.

Shandong has 61,800 foreign trade enterprises with actual import and export performance, of which 57,200 are private enterprises. The dynamism of private enterprises forms the micro-level foundation for sustained export growth.

The Market and Capital Are Not Operating on the Same Page

The three provinces follow different paths, yet they all point to the same conclusion: global demand for wind power is expanding, and Chinese provinces are seizing these orders through their own unique approaches. Shanxi relies on industrial chain restructuring and the expansion of market entities, Fujian leverages the flexibility and precision of private enterprises, while Shandong capitalizes on its scale advantages and port logistics capabilities.

According to a research report from Zheshang Securities, global new wind power installations are expected to reach 186.2 GW in 2026. The compound annual growth rate of Europe's offshore wind power sector from 2025 to 2030 will stand at 32%. Emerging markets including Latin America, the Middle East, and India are all accelerating their development. The world is competing for wind turbines, and China is manufacturing them.

However, the capital market is focusing on different factors. The positive impact of strong export data has been diluted by policy signals such as the 15th Five-Year Plan's installation targets, coupled with concerns over narrowing profit margins for turbine manufacturers, putting overall pressure on the sector. Goldwind Technology fell 7.15%, and Mingyang Intelligent dropped 3.48% — institutional capital is selling off, while retail investors are absorbing the shares.

This clearly illustrates a key point: there is a noticeable time lag between industrial logic and market sentiment. It typically takes three to five years for the results of industrial chain layout to translate into tangible export data, while the capital market prioritizes quarterly performance results.

Shanxi spent three years integrating wind power into its industrial chain. Fujian took even longer to build its industrial park. Shandong did not establish its green product matrix overnight. Only after these efforts are completed can export figures rise. Yet the capital market is unwilling to price in "returns three years from now" — it demands immediate results.

The 35.6% growth in exports is a reality, and the decline of the sector is also a reality. The two are not contradictory; they merely reflect different perspectives. One focuses on the long-term value of the industrial chain, while the other calculates short-term returns.

As global demand for 186 GW of new wind power installations continues to be unleashed, and the cost advantage of China's wind power industrial chain remains difficult to replace in the short term, industrial logic will eventually align with market sentiment. This process, however, requires a degree of patience.