March 30, 2026 04:39 PM GMT Jiangsu Zhongtian Technology Co. Ltd. | Asia Pacific Buyback Initiatives Reinforce Management's Confidence; Reiterate OW New round of share buyback: Despite the notable rally in ZTT's share price – 60% in 2026 YTD (vs. the Shanghai Composite Index -1.2%), the company still announced a new round of share buyback plan today. The initiative includes repurchasing Rmb200–400mn worth of shares using internal cash, with a price cap at Rmb40/ share. This implies a buyback size of roughly ...

Group 1 - The World Data Organization (WDO) was established on March 30 in Beijing, aiming to bridge the data gap, unlock data value, and promote the digital economy [3] - The State Administration for Market Regulation issued a notice to combat "involution" competition in key industries such as platform economy, photovoltaic, lithium batteries, and new energy vehicles [3] - The Ministry of Commerce announced measures to boost consumption, including optimizing the trade-in policy for consumer goods and promoting the efficient circulation of second-hand cars [4] Group 2 - Hangzhou introduced a new housing provident fund policy, increasing the maximum loan amount for ordinary families to 1.8 million yuan, with potential increases for specific groups [4] - An international team, including researchers from Sweden's Karolinska Institute, developed a new method for generating CAR-T cells for cancer immunotherapy, with results published in the journal Nature [5] - U.S. President Trump indicated serious negotiations with Iran regarding military actions, while also threatening to destroy Iranian infrastructure if agreements are not reached [6] Group 3 - The Iranian parliament approved a bill to charge fees for ships passing through the Strait of Hormuz, which includes prohibiting vessels from the U.S. and Israel [9] - The U.S. Secretary of State stated that Iran must not be allowed to permanently control the Strait of Hormuz or establish a fee system [8] - U.S. stock indices showed mixed results, with the Dow Jones up 0.11% and the Nasdaq down 0.73%, while oil prices reached their highest level since July 2022 at $102.88 per barrel [7] Group 4 - Midea Group plans to repurchase shares worth between 6.5 billion and 13 billion yuan, with a projected net profit growth of 14.03% for 2025 [9] - SF Holding announced a plan to use up to 38 billion yuan for financial products and adjusted its share repurchase amount to between 3 billion and 6 billion yuan [9] - Zhongji Xuchuang expects a net profit growth of 108.78% for 2025 and plans to distribute 10 yuan per 10 shares [10]

Market Overview - The A-share market showed a strong rebound today, with the Shanghai Composite Index rising by 0.24%, while Japanese and Korean markets fell by nearly 3% each, indicating a competitive advantage for China [1] - The total market turnover reached 19,277.83 billion yuan, an increase of 637.87 billion yuan compared to the previous day, with over 2,800 stocks rising [21] Sector Performance - The aluminum sector led the gains, with companies like Tianshan Aluminum and Chang Aluminum hitting the daily limit. This surge is attributed to attacks on two Middle Eastern aluminum producers, which disrupted global aluminum supply chains [21][31] - The pharmaceutical sector continued to perform well, with stocks like Meinuo Pharma achieving five consecutive limits. The first quarter saw China's innovative drug licensing transactions exceed $60 billion, nearing half of last year's total [21] - The aerospace sector also saw increased activity, with companies like Shenjian Co. and Zengsheng Technology experiencing multiple limit-ups due to recent contract wins and upcoming launches [21] Company Updates - Maiwei Co. experienced a significant drop in stock price, attributed to market rumors regarding export restrictions on equipment and weak first-quarter performance expectations. However, the company has completed the first phase of equipment delivery for HJT production lines in the U.S. [16][18] - The optical fiber sector showed strong performance, with companies like Hengtong Optic-Electric and Changfei Optic-Fiber seeing stock price increases due to rising prices from operators and strong demand from data centers [19][23] - The agricultural sector also saw gains, driven by rising energy prices impacting fertilizer and logistics costs, which in turn raised expectations for agricultural product prices [23] Financial Performance - Zhaoyan New Drug reported a revenue of 1.658 billion yuan for 2025, a decrease of 17.87% year-on-year, but a net profit increase of 302.08% to 298 million yuan [27] - New Sharp Co. expects first-quarter revenue for 2026 to be between 1 billion and 1.15 billion yuan, a year-on-year increase of 89.28% to 117.68% [27] - Huazhi Precision anticipates a first-quarter net profit of 150 to 190 million yuan for 2026, reflecting a year-on-year growth of 413.28% to 550.15% [27] Industry Insights - Goldman Sachs has downgraded the target for the MSCI China Index and the CSI 300 Index by 5% and 4%, respectively, indicating a potential price return of 24% and 12% over the next 12 months [12] - The global economic backdrop is expected to lower the fair value of Chinese stocks by approximately 5%, with 2% attributed to profit deterioration and 3-4% due to a decline in the price-to-earnings ratio [11]

证券代码：600522 证券简称：中天科技 公告编号：临 2026-005 江苏中天科技股份有限公司 关于第六期以集中竞价交易方式回购股份方案的公告 暨回购报告书 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、准确性和完整性依法承担法律责任。 重要内容提示： ● 回购股份金额：不低于人民币 20,000 万元（含），不超过人民币 40,000 万元（含）。 ● 回购股份资金来源：自有资金。 ● 回购股份用途：用于实施员工持股计划。 ● 回购股份价格：不超过人民币 40.00 元/股（含），该价格不高于公司董事 会通过回购决议前 30 个交易日公司股票交易均价的 150%。 ● 回购股份方式：集中竞价交易方式。 ● 回购股份期限：董事会审议通过后 12 个月。 ● 相关股东是否存在减持计划：截至董事会通过本次回购方案决议之日，经 询问公司控股股东、实际控制人、董事、高级管理人员及持股 5%以上的股东在未 来 3 个月、未来 6 个月暂无减持计划。如上述主体未来拟实施股份减持计划，公 司将按照法律法规及规范性文件要求及时履行信息披露义务。 ● 相关风险提示： ...

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sectors, including CATL, Keda, and others [6][7]. Core Insights - The electric equipment and new energy sector saw a slight increase of 0.05% in the past week, outperforming the Shanghai Composite Index. Wind power indices showed the highest growth at 4.33%, while solar energy indices experienced the largest decline at 3.79% [1]. - Xiaomi's new generation SU7 electric vehicle was launched with strong market demand, achieving over 30,000 pre-orders within 72 hours. The vehicle features significant technological upgrades and competitive pricing [2][14]. - SpaceX's launch of a mini AI satellite with a power output of 100kW is expected to create a surge in demand for high-power, lightweight photovoltaic components, particularly P-type HJT batteries [3][39]. - The State Grid's recent tender for transmission and transformation equipment totaled 9.834 billion yuan, with major contracts awarded to companies like China West Electric and Siyi Electric [4][55]. Summary by Sections New Energy Vehicles - Xiaomi's SU7 was launched on March 19, 2026, with three versions priced at 219,900 yuan, 249,900 yuan, and 303,900 yuan. The vehicle features over 100 technical upgrades and a minimal price increase of 4,000 yuan [2][14]. - The vehicle's intelligent features include full standard configurations such as laser radar and advanced computing capabilities, marking a shift to a cognitive-driven approach in smart driving [16][18]. New Energy Generation - SpaceX's AI satellite launch is projected to drive demand for lightweight and radiation-resistant photovoltaic components, with plans to deploy 1 million satellites in the future [3][39]. - The P-type HJT battery technology is highlighted as a key solution for the anticipated large-scale deployment of satellites, with significant cost advantages over traditional solar batteries [41][42]. Electric Equipment and Automation - The State Grid's tender for transmission and transformation equipment reached 9.834 billion yuan, with the top three categories being switchgear, transformers, and power cables [4][55]. - The report indicates a robust demand for electric equipment, with significant contracts awarded to leading companies in the sector [4][55]. Commercial Aerospace - SpaceX is preparing for an IPO with a target valuation of approximately 1.75 trillion USD, aiming to raise between 50 billion to 75 billion USD [5]. - The establishment of China's first commercial aerospace "star alliance" in Wuxi aims to enhance satellite network efficiency and support economic development [5]. Market Trends - The electric equipment and new energy sector's performance is closely tied to market demand and technological advancements, with a focus on sustainable growth and innovation [1][28].

Summary of Key Points from the Conference Call Industry and Company Focus - **Industry**: Energy and Technology sectors in China - **Companies Mentioned**: - China Shenhua Energy (1088.HK) - Jiangsu Zhongtian Technology Co. Ltd. (600522.SS) - Spring Airlines (601021.SS) - Tencent Holdings Ltd. (0700.HK) Core Insights and Arguments - **China Shenhua Energy**: - Largest coal producer in China with annual production of 330 million tons (mnt) and sales volume of 430 mnt in 2025 [3] - The stock has been re-rated due to the energy transition in China, despite increasing coal supply [3] - Expected continued re-rating due to: - Support for coal prices from government policy and rising seaborne coal prices due to supply uncertainties in Indonesia and increased demand from energy shifts due to geopolitical conflicts [9] - Parent company plans to inject 12 assets into Shenhua, potentially increasing total coal production from approximately 330 mnt to 512 mnt [9] - Attractive ~7% dividend yield amid market volatility [9] - **Jiangsu Zhongtian Technology Co. Ltd.**: - Noted for significant earnings upside from the optical fiber upcycle, driven by demand from automation and drones [9] - Anticipated revenue growth of 35% year-over-year (YoY) to RMB 10.9 billion in 2026, with a gross profit margin (GPM) of 37% [9] - Positive outlook for offshore wind demand both domestically and internationally, supported by China's RMB 4 trillion grid investment plan during the 15th Five-Year Plan [10] Focus List Changes - **Additions**: - Jiangsu Zhongtian Technology Co. Ltd. (600522.SS) to China/HK Focus List [2] - China Shenhua Energy (1088.HK) to China/HK Focus List [2] - **Removals**: - Spring Airlines (601021.SS) from China/HK Focus List [2] - Tencent Holdings Ltd. (0700.HK) from China/HK Focus List [2] Additional Important Information - The total return of the Morgan Stanley China/HK Equity Strategy Focus List since inception is +117.1%, outperforming the MSCI China Index total return of +58.5% [15] - The total return for the last 12 months is 32.7%, compared to the MSCI China Index total return of 15.5% [15] - Analysts have certified their views on the companies discussed, ensuring no conflicts of interest in their recommendations [20] This summary encapsulates the key points from the conference call, focusing on the companies and industry dynamics relevant to potential investment opportunities and risks.

Summary of Jiangsu Zhongtian Technology Co. Ltd. Conference Call Company Overview - **Company**: Jiangsu Zhongtian Technology Co. Ltd. (ZTT) - **Industry**: Optical Fiber and Offshore Wind - **Stock Rating**: Overweight - **Market Cap**: Rmb85,665 million - **Price Target**: Rmb35.74, representing a 42% upside from the closing price of Rmb25.10 on March 23, 2026 Key Points Industry Dynamics - **Optical Fiber Demand**: ZTT anticipates an upcycle in optical fiber demand driven by industry needs, particularly from Chinese telecom operators, which may lead to notable earnings upside due to ASP (Average Selling Price) hikes [2][10] - **Supply Discipline**: The optical fiber industry is exhibiting more rational behavior post a decade of pricing downcycle and disorderly expansion. ZTT is focusing on technical upgrades and regional capacity expansion, particularly in Europe [4][10] Capacity and Production - **Capacity Expansion**: ZTT plans to increase its effective capacity by 15-20% through technical upgrades and aims to expand its European capacity to approximately 15 million fkm from the current 5 million fkm [4][10] - **Production Mix**: For 2026, ZTT expects over 50% of its production to be G.652D and 20% to be G.657, a significant increase from 5% in 2025, reflecting a shift towards higher-priced products [5][10] Demand Drivers - **AI Data Centers**: The demand for optical fiber is being driven by AI data centers, which is expected to be a persistent trend rather than a temporary spike. This is leading to a crowding out of G.652D supply by G.657 products [5][10] - **Drones and Defense**: Demand from drones is expected to persist, with ZTT allocating over 15% of its G.657 capacity to this segment in 2026. The range of drones has increased, leading to higher fiber consumption per unit [11][10] Pricing and ASP - **ASP Upside Risk**: ZTT sees potential upside in ASP for shipments to Chinese telecom operators, with some provincial centralized tenders reaching above Rmb100/core-km. Current pricing levels imply an ASP of approximately Rmb70-80/core-km, significantly higher than previous guidance [12][10] Offshore Wind Market - **China and EU Offshore Wind**: The offshore wind market is expected to accelerate, with China's 15th Five-Year Plan targeting over 100GW of cumulative offshore wind installations by 2030. ZTT has a marine order backlog of Rmb13 billion as of October 2025 [10][13] - **European Market Growth**: Europe’s offshore wind capacity is projected to rise from 39GW at the end of 2025 to 73GW by 2030, supported by government initiatives and a more favorable tender model in Germany [13][10] Strategic Moves - **Middle East Expansion**: ZTT is establishing a localized manufacturing base in Saudi Arabia with a planned annual production of 500km submarine cable and 12,500km optical cables, with an investment of about US$100 million [15][10] - **Logistical Challenges**: Current regional tensions may pose near-term logistical challenges, but ZTT's localization strategy is expected to mitigate these risks in the long term [16][10] Conclusion Jiangsu Zhongtian Technology Co. Ltd. is positioned to benefit from a favorable industry environment characterized by increasing demand for optical fiber and offshore wind solutions. The company's strategic capacity expansions and focus on high-demand products are expected to drive significant earnings growth in the coming years.

Summary of Conference Call on Optical Fiber and Cable Industry Industry Overview - The global optical fiber supply and demand is expected to be in a tight balance by 2026, with demand driven by AI and drones projected to reach 750 million core kilometers, while effective supply is only about 700 million core kilometers, indicating minimal price decline potential [1][6] - AI and drone applications are identified as core growth drivers, with North American AI-related demand expected to exceed 100 million core kilometers by 2026, and drone fiber guidance demand anticipated to double from 50 million to over 100 million core kilometers [1][6] Key Insights and Arguments - Domestic operators are experiencing rising procurement prices, with Heilongjiang Telecom's cable limit price translating to a fiber price of 120 RMB/core kilometer, exceeding the market price, reflecting concerns over future supply shortages [1][4] - Significant growth in overseas demand is noted, with Russian fiber exports increasing by approximately 1,000% year-on-year in January-February, and Poland's annual procurement intention for G.657.A2 fiber exceeding 20 million core kilometers [1][2] - Supply-side growth is constrained, with Corning and Fujikura's expansion cycles lasting 18-24 months, and leading domestic manufacturers (Yangtze Optical, Zhongtian, Hengtong) being cautious in expansion, prioritizing long-term orders [1][6][8] Market Dynamics - Recent procurement dynamics from domestic operators indicate a bullish market price expectation, with provincial companies organizing their own procurements due to previous contract completions, leading to higher limit prices [3][4] - Upcoming annual procurements from China Telecom and China Mobile are expected to see changes in bidding volume and pricing strategies, potentially shifting to smaller batch tenders to manage high prices while maintaining demand [5][6] Future Projections - By 2027, AI and drone applications are expected to remain the main growth drivers for fiber demand, with North American demand projected to exceed 100 million core kilometers [7][8] - Supply from overseas manufacturers is limited, with significant expansions taking longer, while domestic manufacturers are cautious and prefer to expand only after securing long-term orders [8][9] Pricing Trends - Corning's recent price adjustments reflect its customer structure and market regions, with long-term agreements typically priced lower than spot market prices, indicating a divergence from domestic market prices [9][10] - The overall pricing trend is expected to converge globally, with North American prices likely to continue rising [10] Investment Logic - The investment logic for the optical fiber and cable sector is shifting towards growth, with fiber demand being purely incremental and less affected by technological iterations [11] - Recommended focus on leading manufacturers like Yangtze Optical, Zhongtian, and Hengtong, which are reasonably valued and poised for breakthroughs in overseas markets, as well as second-tier companies with high G.657 fiber ratios that may show significant performance elasticity [11]

Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Insights - The communication sector rose by 1.96% in the 11th week of 2026, ranking first among major industries, and has increased by 6.8% since the beginning of the year, ranking seventh [2][5] - GTC 2026 sees NVIDIA's introduction of the "Five Cabinet" inference solution, leading to significant growth in Scale-out optical interconnects [6] - OFC 2026 anticipates exponential growth in the AI-driven optical communication industry, with leading companies accelerating capacity expansion and multiple technology paths such as CPO, NPO, OCS, and XPO being implemented [7][10] - Domestic cloud providers are adjusting AI service pricing due to surging AI demand and rising supply chain costs [9] Summary by Sections Market Performance - In the 11th week of 2026, the communication sector's performance was highlighted, with significant individual stock movements, including a 26.8% increase for Yuanjie Technology and a 15.5% decrease for Fenghuo Communication [5] GTC 2026 Developments - NVIDIA forecasts that orders for the Blackwell and Rubin platforms will reach $1 trillion by 2027, doubling the previous estimate of $500 billion for 2026 [6] - The hardware aspect includes the release of Groq 3 LPU chips and Groq 3 LPX inference cabinets, achieving a total cabinet computing power of 315 PFLOPS [6] OFC 2026 Projections - The optical communication industry is expected to grow exponentially, with AI optical communication's total addressable market (TAM) projected to increase from $18 billion to over $90 billion from 2025 to 2030, reflecting a CAGR of approximately 40% [7] - InP chip demand is expected to grow at a CAGR of 85% from 2026 to 2030, with significant capacity expansions planned by major players [7] Technology Advancements - The industry is on the brink of entering the single-channel 400G era, with companies like Zhongji Xuchuang and Xinyi Sheng launching new optical modules and products [8] Pricing Adjustments by Cloud Providers - Major cloud providers in China, including Tencent Cloud and Alibaba Cloud, have significantly raised prices for AI services, with increases ranging from 5% to 34% [9]

Summary of Key Points from Conference Call Records Industry Overview - The European offshore wind market is entering a rapid growth phase, with installed capacity expected to increase from 2 GW in 2025 to 15 GW by 2030, indicating a growth potential of over five times [1] - The trend towards high-voltage direct current (HVDC) is significant, with 320 kV and 525 kV DC cables accounting for 81% of the market, becoming the core demand [1] - A supply-demand gap is widening, with an average annual demand of 8,000 kilometers for offshore HV cables from 2026 to 2030, while global supply is only about 6,000 kilometers [1] Key Market Dynamics - European cable manufacturers are facing severe order backlogs, with delivery cycles extending to 2029-2035, providing opportunities for Chinese companies to capture overflow orders [1] - Chinese manufacturers, such as Orient Cable and Zhongtian Technology, have made breakthroughs, securing orders for 220 kV/275 kV cables and entering the R&D of 525 kV flexible direct current cables [1] - The performance elasticity is substantial, benefiting from the high-margin European market, with leading companies expected to see performance growth potential of 2-5 times and significant valuation recovery space [1] Investment Trends and Opportunities - The urgency for energy security is driving increased investment in clean energy, particularly in the wind power sector in Europe, as evidenced by the EU's new energy investment strategy and the UK's removal of import tariffs on wind power components [2] - The acceleration of European wind power export orders is notable, with procurement cycles shortening from nearly six months to 1-2 months, focusing on capacity assurance and delivery capability [2] - The European market has a backlog of planned but unbuilt wind projects, with over 20 GW in the UK and Germany, while only 2 GW is expected to be connected by 2025, primarily due to supply chain capacity and efficiency issues [2] Competitive Landscape - The offshore wind cable market is dominated by established European manufacturers, with Prysmian holding a 36% market share, Nexans at 28%, and NKT at 13%, collectively accounting for nearly 80% of the market [6] - Chinese companies, including Orient Cable and Zhongtian Technology, have captured about 15% of the market share through projects in the UK, Poland, and Germany [6] - The existing annual production capacity of major European suppliers is approximately 1,750 kilometers, with expansion plans to increase capacity to 4,300 kilometers by 2027-2028 [7] Future Demand Projections - The demand for high-voltage cables is expected to double by 2030 compared to 2024, particularly for cables rated at 500 kV and above, with supply shortages anticipated as cable factories and installation vessels are fully booked [8] - The European power interconnection projects are projected to require significant investments, with approximately €400 billion allocated for offshore transmission infrastructure, including €123 billion for cable investments [9] - The average annual demand for high-voltage cables from offshore wind and interconnection projects is expected to reach between 3,000 kilometers and 7,000 kilometers, while current production capacity remains insufficient [10] Order Backlog and Market Trends - Major European cable manufacturers are experiencing significant order backlogs, with projected orders nearing €10 billion by 2025 for companies like Prysmian, NKT, and Nexans [12] - For instance, Prysmian's backlog includes €111 billion in cable orders, highlighting the industry's backlog due to slow installation progress in offshore wind projects [12] Chinese Manufacturers' Breakthroughs - Chinese cable manufacturers have achieved significant breakthroughs in the European market, securing orders and establishing partnerships with major players [14] - Companies like Zhongtian Technology and Orient Cable have successfully entered the European market, with orders for high-voltage cables and collaborations with European grid operators [14] Strategic Initiatives - Chinese manufacturers are employing various strategies to deepen their presence in the European market, including technology development, market expansion, equity investments, and capacity planning [15] - Orient Cable and Zhongtian Technology are developing higher voltage direct current cables and have established subsidiaries in Europe to enhance their market positioning [16]