[Table_Page] 投资策略报告|电力设备 证券研究报告 [Table_Title] 风电行业 2025 年中期策略 深远海加速推进，供需催生结构性涨价 [Table_Summary] 核心观点： [Table_PicQuote] 相对市场表现 -10% 1% 12% 22% 33% 44% 07/24 09/24 11/24 02/25 04/25 07/25 电力设备 沪深300 | [分析师： Table_Author]陈子坤 | | --- | | SAC 执证号：S0260513080001 | | 010-59136690 | | chenzikun@gf.com.cn | | 分析师： 纪成炜 | | SAC 执证号：S0260518060001 | | SFC CE No. BOI548 | | 021-38003594 | | jichengwei@gf.com.cn | | 分析师： 曹瑞元 | | SAC 执证号：S0260521090002 | | 021-38003752 | | caoruiyuan@gf.com.cn | | 请注意，陈子坤,曹瑞元并非香港证券及期货事务监察 ...

证券代码：600522 证券简称：中天科技 公告编号：临 2025-045 江苏中天科技股份有限公司 关于第五期以集中竞价交易方式回购股份的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | 回购方案首次披露日 | 2024/11/6，由董事会提议 | | --- | --- | | 回购方案实施期限 | 2024 年 11 月 6 日-2025 年 11 月 5 日 | | 预计回购金额 | 20,000万元-40,000万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 1,879.08万股 | | 累计已回购股数占总股本比例 | 0.5506% | | 累计已回购金额 | 25,229.12万元 | | 实际回购价格区间 | 12.60元/股-14.80元/股 | 重要内容提示： 一、回购股份的基本情况 2024 年 11 月 5 日，江苏中天科技股份有限公司（以下简称"公司"）召开第 八 ...

Group 1 - The company, Jiangsu Zhongtian Technology Co., Ltd., has announced that its wholly-owned subsidiary, Zhongtian Technology Submarine Cable Co., Ltd., has won multiple domestic and international marine energy project bids, with a total project value of approximately 1.722 billion RMB [1][2] - The projects include the supply and installation of 500kV submarine cables for the Sheneng Shanwei Honghai Bay offshore wind power project and the procurement of 220kV and 35kV fiber composite submarine cables for the Ningde Xiapu offshore wind farm [1][2] - The company has established itself as a leader in the ultra-high voltage submarine cable sector, having successfully bid for several significant projects, which enhances its market competitiveness and brand value in the global marine energy sector [2] Group 2 - The total project value of approximately 1.722 billion RMB represents about 3.58% of the company's audited revenue for the fiscal year 2024, indicating a positive impact on future operating performance [2] - The company plans to increase its R&D investment and focus on high-end, intelligent products to support the global energy transition, while also enhancing project delivery quality and operational service systems [2]

证券代码：600522 证券简称：中天科技 公告编号：临 2025-044 江苏中天科技股份有限公司 二、本次中标对公司的影响 中天科技海缆作为工信部认定的"制造业单项冠军示范企业"，深耕海底光 电缆技术二十余年，承制了我国数十个交流、直流海底电缆标志性示范工程，持 续突破超高压海缆尖端技术，服务于国家深海科技战略和全球能源转型升级。 深能汕尾红海湾六海上风电项目 500kV 海底电缆供货及敷设采购项目是粤 东红海湾系列项目的首次招标。公司已连续中标多个超高压海缆项目（中广核阳 江帆石二 500kV 交流海缆和南网阳江三山岛海上风电±500kV 直流海缆），不仅 标志着公司在超高压海缆领域的技术实力和市场竞争力，也为粤东地区后续超高 压海缆项目的跟进奠定了坚实基础。项目的实施将进一步提升公司在全球海洋能 源领域的品牌价值，为巩固国内外超高压海缆市场具有显著的推动作用。 本次中标/预中标的项目金额合计约 17.22 亿元人民币，占公司 2024 年度经 审计营业收入的 3.58%，对公司后续年度经营业绩将有积极影响。未来，公司将 持续加大研发投入，深耕海洋能源赛道，以高端化、智能化产品服务全球能源结 1 关于全 ...

策略报告 | 投资策略专题 深海科技：海洋强国战略的关键支柱 证券研究报告 产业赛道投资图谱 海洋经济驱动经济提速，深海科技为其注入新质内涵 海洋经济有效拉动 GDP 增长，产业空间具备规模。根据《2024 年中国海洋 经济统计公报》，2024 年全国海洋生产总值首次突破 10 万亿元，占 2024 年国内生产总值 7.8%，海洋经济是驱动经济增长的重要模块。政府报告在新 质生产力部分首次提及 "深海科技"，为海洋经济注入新内涵。2025 年政 府工作报告提出，"开展新技术新产品新场景大规模应用示范行动，推动商业 航天、低空经济、深海科技等新兴产业安全健康发展。" 我们认为，深海科 技与商业航天、低空经济并列，有望获得较高速发展，尤其是在深海装备、 深海探索等核心科技领域。 多省市加快布局海洋经济发展新蓝图 海洋经济政策正呈现 "高端化、智能化、绿色化"协同发展态势，通过构建多 层级产业体系、强化科技创新与区域联动，加速向深远海和战略性新兴产业 拓展。2025 年 6 月，上海市发布《上海市海洋产业发展规划（2025-2035） （征求意见稿）》，提出形成"3+5+X"产业体系。2025 年 2 月广东省发布 ...

Group 1 - Jiangsu Zhongtian Technology Co., Ltd. and Shanghai Zhongtian Aluminum Wire Co., Ltd. have obtained a patent for a "straightening device" in the field of metal processing technology [1] - The patent includes a support component, a moving component, and a straightening mechanism, designed to improve the efficiency of straightening metal plates [1] - The straightening device utilizes multiple components to clamp and straighten different areas of the metal plate simultaneously, enhancing the straightening efficiency during annealing treatment [1] Group 2 - Jiangsu Zhongtian Technology Co., Ltd. was established in 1996, located in Nantong City, with a registered capital of approximately 3.41 billion RMB [2] - The company has invested in 57 enterprises, participated in 5000 bidding projects, and holds 1812 patents along with 70 trademark registrations [2] - Shanghai Zhongtian Aluminum Wire Co., Ltd. was founded in 2004, located in Shanghai, with a registered capital of 1 billion RMB [2] - The company has invested in 1 enterprise, participated in 991 bidding projects, and holds 104 patents along with 5 trademark registrations [2]

Core Viewpoint - The copper cable high-speed connection concept has seen a significant increase of 3.22%, leading the concept sector in gains, with 39 stocks rising, including notable performers like Chuangyitong and New Asia Electronics reaching their daily limit up [1] Group 1: Market Performance - The copper cable high-speed connection concept ranked first in daily gains among concept sectors, with a rise of 3.22% [1] - Key stocks in this sector include Chuangyitong with a 20% limit up, New Asia Electronics also hitting the limit up, and other notable gainers such as Honglin Electric and Jintian Co., which rose by 11.62% and 6.05% respectively [1] - Other concept sectors with notable performance include Metal Zinc (3.11%), Metal Lead (2.55%), and Flexible DC Transmission (1.76%) [1] Group 2: Fund Flow - The copper cable high-speed connection concept attracted a net inflow of 909 million yuan, with 28 stocks receiving net inflows [1] - Leading the net inflow was Luxshare Precision with 156 million yuan, followed by Taicheng Light, New Asia Electronics, and Wolong Nuclear Materials with net inflows of 147 million yuan, 132 million yuan, and 127 million yuan respectively [1] - New Asia Electronics, Chuangyitong, and Zhongtian Technology had the highest net inflow ratios at 17.30%, 9.75%, and 7.93% respectively [2]

Investment Rating - The industry investment rating is "Increase Holding," indicating an expectation that the industry index will outperform the benchmark by more than 5% in the next six months [29]. Core Insights - The report highlights a significant increase in merger and acquisition (M&A) activities, with a total of 78 M&A events reported during the week of June 16-22, excluding one failed event. Among these, 26 were classified as major M&A events, with 11 completed [9][13]. - Recent policy updates from regulatory bodies aim to enhance the M&A environment, including the introduction of simplified review processes and mechanisms for phased payment of shares [7]. - The report notes a growing confidence in the M&A market, with the number of filings for business concentration increasing by 9.9% year-on-year, reflecting a more active market [7]. Section Summaries 1. M&A Activity Overview - During the week of June 16-22, there were 78 M&A events involving listed companies, with 26 classified as major events and 11 completed [9][12]. 2. Policy Updates - Key policy updates include the promotion of phased payment mechanisms and simplified review processes for M&A, aimed at improving the success rate of mergers and enhancing corporate governance [7]. 3. Major M&A Events - A total of 10 major M&A events involved state-owned enterprises as buyers, indicating a trend towards consolidation in key sectors [13]. 4. Failed M&A Events - There was one reported failed M&A event during the week, where a company decided to terminate the transaction due to changing market conditions [16]. 5. Control Changes - Three companies disclosed changes in actual control, with one instance of state-owned capital entering a private enterprise [18]. 6. Market Performance - The restructuring index underperformed compared to the Wind All A index, with a negative excess return of -2.24% during the week [21].

Investment Rating - The report maintains an "Overweight" rating for the industry [4] Core Insights - The solid-state battery sector is expected to enter a 2-3 year upward cycle, with potential improvements in performance and valuation [6] - The report highlights the successful delivery of core solid-state battery equipment by leading companies, indicating strong demand and technological advancements in the lithium battery industry [12][13] - The energy storage market is showing signs of recovery, with significant project registrations and increasing confidence in the sector for 2025 [22][25] - The electric power equipment sector is benefiting from rising electricity consumption and green electricity trading, with a notable increase in transaction volumes [23][25] Summary by Sections Lithium Battery Sector - The lithium battery industry is witnessing a positive trend, with companies like Xian Dao Intelligent and Xian Hui Technology successfully delivering solid-state battery equipment [6][12][13] - The report recommends companies such as CATL and Yiwei Lithium Energy for investment, highlighting their strong market positions [6] - The report notes a potential turning point in supply and demand for the lithium battery industry in 2025, suggesting a favorable environment for mid-term investments [6] Energy Storage Sector - In May, Anhui province registered 71 energy storage projects, with a total scale exceeding 2.5GWh, indicating robust growth in the sector [22] - The report discusses the recent adjustments in electricity pricing in Tianjin, enhancing the investment attractiveness of energy storage projects [20][21] - The energy storage market is expected to benefit from recovering demand in Europe and emerging markets, with key companies identified for investment [6] Electric Power Equipment Sector - The report highlights a 4.4% year-on-year increase in national electricity consumption in May, indicating a growing demand for electric power equipment [23][24] - The green electricity trading volume has surpassed 220 billion kWh in the first five months of 2025, reflecting a significant growth of nearly 50% year-on-year [25] - The report suggests focusing on high-voltage transmission companies as they are expected to benefit from increased investments in electric grid infrastructure [6] Photovoltaic Sector - The report notes a decline in silicon material prices and a weak demand for photovoltaic products, suggesting a challenging market environment [27][30] - The procurement results for photovoltaic inverters indicate a decrease in winning bid prices compared to the previous year, reflecting competitive pressures in the market [34] - The report emphasizes the importance of new technologies and leading companies in the photovoltaic sector for future growth [6] Wind Power Sector - The report outlines ongoing project approvals and bidding activities in the offshore wind power sector, indicating a steady pace of development [36][38] - Recent announcements of significant offshore wind power projects in various regions highlight the growing investment opportunities in this sector [40][41] - The report identifies key companies involved in offshore wind projects, suggesting potential investment opportunities [6]

证券研究报告 | 行业周报 gszqdatemark 2025 06 22 年 月 日 电力设备 国轩高科与亿航智能达成战略合作，中天科技预中标红海湾六主缆 光伏：需求疲软，硅料价格持续下行。本周根据硅业分会报价，n 型复投料成交均 价 3.44 万元/吨，环比下降 6.27%。n 型颗粒硅成交均价为 3.35 万元/吨，环比下 降 2.90%。p 型多晶硅暂无批量成交。当前受下游需求疲软影响，产业链成交疲 软，价格整体下行。叠加近期硅料企业产能置换逐步推进，带来一定产量增加，6 月硅料产出预计上调环比约 8%左右，带动产业链价格下行。建议持续关注三季度 产业链排产控制情况。核心关注两大方向：1）供给侧偏刚性、后续需求复苏后价 格弹性更大的硅料和玻璃，核心关注协鑫科技、通威股份、福莱特等。2）新技术 背景下带来的中长期成长性机会，核心关注爱旭股份、聚和材料等。 风电&电网：中天科技预中标红海湾六海上风电项目 500kV 海底电缆。2025 年 6 月 20 日，深能汕尾红海湾六海上风电项目 500kV 海底电缆供货及敷设采购项目 预中标公示，其中中天科技以 8.96 亿元预中标。深能汕尾红海湾六海上风电项目 ...