◎记者 黄淑慧 南通市地区生产总值 2020年迈上万亿元台阶 2024年达到1.24万亿元，同比增长6.2% 沪苏通大桥 航拍云雾缭绕的狼山古刹与现代都市 弄潮江海风正劲——解码万亿南通产业升级路 "遨游半在江湖里，始觉今朝眼界开。"站在江苏南通狼山之巅极目远眺，江水浩荡，奔流向海，气势磅 礴。 南通，这片江海相拥的土地，曾是中国近代民族工业的重要发祥地之一，以敢为人先的实践点燃了实业 救国的星火，留下了"近代第一城"的历史印迹；曾作为首批14个沿海开放城市之一，以"纺织之乡""建 筑铁军"等名片，在改革开放的春风里激流勇进。如今，站在"十四五"收官与"十五五"启航的历史交汇 点，面对多重战略机遇叠加的天时，"左右逢源""南通好通"的地利，南通正在加快打造江苏高质量发展 重要增长极，建设长三角北翼中心城市，书写跨江向海、通向未来的新篇章。 南通，始终是江海大地上勇立涛头的弄潮儿。 今年前三季度9788.9亿元，同比增长5.4% 南通市海岸线 长达276公里，约占江苏的1/3 百年实业 薪火相传 源远流长，生生不息。南通的底蕴深藏在"近代第一城"的历史遗存和张謇精神的代代相传中。 南通唐闸大生纱厂的老厂区内，地 ...

Demand: Onshore Wind Capacity Supported, Positive Outlook for Offshore Growth - In 2025, onshore wind capacity is expected to exceed 100GW, with a year-on-year growth of over 25% [2][11] - For offshore wind, the expected capacity for 2025 is between 8-10GW, with a year-on-year increase of 30%+ anticipated for 2026 [12][11] - The "14th Five-Year Plan" period is projected to see an average annual installation of 110-120GW for onshore wind and over 20GW for offshore wind [11][12] Offshore Cable: Voltage Levels Increasing, Leading Players Strengthening - The market size for offshore cables is expected to reach 10.7 billion yuan in 2025, a 62% increase year-on-year, with a compound annual growth rate of 26% from 2025 to 2030 [2][11] - The gross margin for 220kV cables remains stable at 35-40%, while higher voltage cables show promising margins of 45-55% [2][11] Tower and Pile: Domestic Profitability Turning Point, International Expansion Opportunities - Domestic capacity utilization rates have rapidly increased since Q2 2025, indicating a profitability turning point for related companies [2][11] - Internationally, companies are expanding their market share with significant profitability from single pile deliveries [2][11] Wind Turbines: Price Stabilization and Profitability Improvement Expected in 2026 - Wind turbine prices have stabilized, with a rebound of over 5% in bidding prices, leading to improved profitability for domestic manufacturers expected in 2026 [2][11] - Offshore orders and deliveries for wind turbine companies are significantly increasing, with offshore margins exceeding domestic margins by 5-10 percentage points [2][11] Investment Recommendations: Positive Outlook for Offshore Sector - The upcoming deep offshore projects are expected to catalyze growth, with a potential upward adjustment in mid-to-long-term installation levels [2][11] - Recommended stocks include those in the offshore wind sector such as 大金重工, 东方电缆, and others, as well as wind turbine manufacturers like 金风科技 and 明阳智能 [2][11] European Offshore Wind: Accelerated Planning Amid Energy Crisis - Following the energy crisis due to the Russia-Ukraine conflict, European countries are ramping up offshore wind planning, with auction volumes expected to increase significantly [2][21] - The average annual compound growth rate for European offshore wind installations is projected to reach 21% from 2025 to 2030 [2][37]

Core Insights - Four major companies, namely Dongfang Electric, Shanghai Electric, China XD Electric, and Zhongtian Technology, are positioning themselves in the field of controllable nuclear fusion, with varying strengths and strategies [1][12] - Dongfang Electric leads in return on equity (ROE) at 6.67%, primarily due to high financial leverage, while Zhongtian Technology follows closely with an ROE of 6.39% and the best asset turnover [3][12] - The assessment of a company's leadership in the nuclear fusion sector raises questions about whether to prioritize current profitability or future potential [4][12] Company Summaries - **Dongfang Electric**: Recognized as one of the largest power generation equipment manufacturers globally, it has a comprehensive portfolio covering various energy sources. It plays a crucial role in manufacturing key components for China's nuclear fusion experimental device and the ITER project [5][12] - **Shanghai Electric**: Dominates the traditional nuclear power sector and aims to be a comprehensive supplier for nuclear fusion systems. It has secured key orders for major projects, emphasizing its capability in producing complete systems rather than just components [7][8][9] - **China XD Electric**: A leader in electrical equipment, it focuses on power transmission and transformation. Its role in the ITER project involves providing essential equipment to ensure the safe and controllable output of energy from fusion devices [9][10] - **Zhongtian Technology**: Known for its expertise in optical fiber and cable, it contributes to nuclear fusion at the material level, specifically in developing superconducting cables essential for magnetic confinement in fusion reactors [10][12] Financial Performance - **Return on Equity**: Dongfang Electric leads with 6.67%, while Zhongtian Technology follows with 6.39% [3][12] - **Asset Turnover**: Dongfang Electric and China XD Electric both have an asset turnover rate of 0.36, while Shanghai Electric lags at 0.27 [4] - **Net Profit Margin**: China XD Electric has the highest sales net profit margin at 6.95%, followed by Dongfang Electric at 5.67% [6] Strategic Positioning - Each company approaches the nuclear fusion challenge from different angles: Dongfang Electric focuses on heavy manufacturing, Shanghai Electric on system integration, China XD Electric on power output, and Zhongtian Technology on advanced materials [12][14] - The competition among these companies is ongoing, with each holding unique advantages that contribute to their roles in the evolving energy landscape [14]

两融数据显示，该股最新融资余额为25.32亿元，近5日增加1605.23万元，增幅为0.64%。 据天眼查APP显示，江苏中天科技股份有限公司成立于1996年02月09日，注册资本341294.9652万人民 币。（数据宝） 中天科技12月12日大宗交易平台共发生5笔成交，合计成交量519.74万股，成交金额9016.90万元。以折 溢价进行统计，今日有1笔为折价交易，折价率最高达13.23%。从参与大宗交易营业部来看，机构专用 席位共出现在4笔成交的买方或卖方营业部中，合计成交金额为7853.83万元，净买入7853.83万元。 证券时报·数据宝统计显示，中天科技今日收盘价为17.69元，上涨3.75%，日换手率为6.68%，成交额为 39.95亿元，全天主力资金净流入4.80亿元，近5日该股累计上涨5.55%，近5日资金合计净流入6.21亿 元。 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | ...

Core Insights - The flexible DC transmission concept has seen a rise of 3.28%, ranking third among concept sectors, with 48 stocks increasing in value [1][2] - Notable gainers include Tongguang Cable with a 20% limit up, and companies like China West Electric, Tongfeng Electronics, and Wind范股份 also hitting the limit up [1] - The sector experienced a net inflow of 3.131 billion yuan, with 34 stocks receiving net inflows, and 7 stocks exceeding 100 million yuan in net inflows [2] Group 1: Stock Performance - China West Electric led the net inflow with 621 million yuan, followed by TBEA and Zhongtian Technology with 543 million yuan and 480 million yuan respectively [2][3] - The top performers in terms of net inflow ratio include Wind范股份 at 42.03%, Tongfeng Electronics at 28.81%, and China West Electric at 28.24% [3][4] - Other notable gainers include TBEA with a 6.58% increase and Zhongtian Technology with a 3.75% increase [3][4] Group 2: Market Trends - The flexible DC transmission sector is currently attracting significant attention, as evidenced by the substantial net inflows and stock performance [2][3] - The overall market sentiment appears positive for this sector, with multiple stocks reaching their daily limit up [1][2] - The concept's performance contrasts with other sectors such as horse racing and duty-free shops, which saw declines [2]

作为金融民工，习惯性打开豆包，发现今天豆包的回答略有些粗线条，不及昨天的细腻和全面，难道今 天给豆包服务器供电的是戈壁滩上光伏发的电，带着些粗犷？ 这是Hi-Fi发烧友的"老梗"，火电的力度大，声音偏暖，用水电的声底偏冷，但解析力很高，风力发的 电层次感很差，听感朦胧，同是风电，海风和陆风之间还有些细微差别。看来电力的来源，不仅对音响 的音色有影响，也会影响到AI智能体的情绪和风格。 都说AI算力的尽头是电力，服务器使用的一度电，就可能来自戈壁的光、草原的风，或是远方的水。 在中国传统文化中，光象征着阳气、活力和正能量，水是阴柔之美的化身，静水流深，滋养万物而不 争，风则代表灵活与多变，火代表光明与希望。光电、水电、风电、火电，甚至是核电，都应与之一一 对应，核裂变过程迸发的巨大能量，是不是很契合道教一生二二生三三生万物的思想。 有时不免遐想，决定AI算法的到底是人类的编程和训练，还是来自大自然的底层禀赋？供电来源的差 异，果真能悄悄影响AI算法结果吗？如果下次豆包回答太慢，有可能只是因为当日"远处无风"。 当澎湃不息的风、光、水，转化为清洁"血液"并大规模并网，作为输送与调配这一切的"血管"与"神经 系统" ...

CPO作为高速光模块的关键技术方向，凭借"芯片与光引擎共封装"的架构优势，成为下一代光通信设备 的核心布局领域。特发信息、联特科技、长芯博创、德科立、华工科技领涨，题材相关企业整理如下： 1. 特发信息（000070.SZ） 最新股价：14.85元 日涨幅：+10.00% 亮点：子公司具备CPO对应平台设计能力，拥有高精度封装技术可用于CPO封装 2. 联特科技（301205.SZ） 最新股价：143.60元 日涨幅：+7.24% 亮点：专注光通信收发模块，掌握光芯片到光模块设计制造能力 3. 长芯博创（300548.SZ） 最新股价：143.82元 日涨幅：+7.09% 亮点：集成电路电子器件企业，已发布CPO用外置光源模块产品，正开发光子技术相关产品 4. 德科立（688205.SH） 最新股价：172.90元 日涨幅：+4.78% 亮点：光传输企业，研发计划涵盖800G及CPO等高速率小型化光收发模块技术方案 5. 华工科技（000988.SZ） 最新股价：83.20元 日涨幅：+3.53% 亮点：光电子企业具备垂直整合能力，成立研究院布局CPO、LPO等技术 6. 光迅科技（002281.SZ） 最新 ...

Group 1 - The wind power industry maintains a high level of prosperity, with expectations for wind turbine and component sales to rebound in profitability due to rising bidding prices and increased demand for domestic and overseas installations [1][3][28] - The average bidding price for onshore wind turbines increased by 6.86% year-on-year to 1618 RMB/kW, while the average price including towers rose by 9.78% to 2096 RMB/kW, indicating a recovery in sales profitability for turbine manufacturers [1][41] - Domestic wind turbine shipments are expected to exceed expectations in 2026, with a significant increase in bidding and approval volumes for wind projects, indicating strong future demand [1][30][39] Group 2 - The domestic offshore wind projects are progressing smoothly, with significant growth potential in deep-sea wind energy, supported by favorable policies and planning in regions like Zhejiang, Shanghai, and Guangdong [2][3] - The European offshore wind market is projected to add 8.40 GW of new installations in 2026, highlighting the potential for export opportunities in multiple segments of offshore wind energy [2][3] - The report identifies two main investment themes: (1) the recovery of wind turbine profitability and the potential for increased installation demand, and (2) the synchronized growth of domestic and international offshore wind demand, suggesting investment opportunities in related sectors such as submarine cables and foundation piles [3][28][29] Group 3 - The report emphasizes the importance of focusing on wind turbine manufacturers and components, recommending companies like Goldwind Technology, Mingyang Smart Energy, and Sany Heavy Energy for investment [3][29] - The offshore wind sector is expected to see significant growth, with recommendations for companies involved in submarine cables and foundation piles, such as Dongfang Cable and Zhongtian Technology [3][29] - The overall valuation of the power equipment industry is expected to grow in 2025, with the wind power sector presenting substantial investment opportunities due to favorable market conditions and increasing demand [28][15]

扬子晚报网讯(记者吴佳笑)12月10日，南通市召开新闻发布会，通报"十四五"以来全市工业和信息化发展成果。数据显示，南通工业经济呈现稳中有进、 向新攀高的良好态势，对全市经济增长的"定盘星"和"压舱石"作用日益凸显，现代工业名城建设初显成效。 "十四五"期间，南通工业规模持续壮大。截至2025年9月底，全市规上工业企业数量增长至7465家，规上工业增加值年均增长8.7%，增速高于全省平均水 平。2024年，工业增加值占GDP比重达38.2%，对GDP增长贡献度高达46%。重大项目引领作用突出，2022年以来新开工5亿元以上工业项目994个，其中 百亿级项目17个，总投资约8100亿元，一批重大产业项目成为高质量发展的重要引擎。南通在2024年入选全国先进制造业百强市第25位。 依托江海资源禀赋，南通加快构建现代化产业体系，成功入选全国首批"产业链供应链生态体系建设试点"，船舶海工、高端纺织两大产业获评国家级先进 制造业集群。预计到2025年底，船舶海工、电子信息等六大重点产业集群产值将突破1.3万亿元，占规上工业比重超80%。累计创建国家级中小企业特色 产业集群2个、省级11个，县域产业活力持续迸发。 企业培 ...

格隆汇12月10日丨中天科技(600522.SH)在投资者互动平台表示，公司已连续多次服务中科院等离子体 所BEST项目核聚变实验装置用的高RRR值镀铬铜线。近年来，公司先后开发了200米级基于REBCO集 束缆线、TSTC堆叠缆线的CICC导体，并成功用于多个高温超导储能和核聚变磁体。 ...