独立董事候选人声明与承诺 本人王军，已充分了解并同意由提名人江苏中天科技科技股份有限公司董事 会提名为江苏中天科技股份有限公司（以下简称"公司"）第九届董事会独立董 事候选人。本人公开声明，本人具备独立董事任职资格，保证不存在任何影响本 人担任公司独立董事独立性的关系，具体声明并承诺如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、行政法规、部门规 章及其他规范性文件，具有 5 年以上法律、经济、会计、财务、管理或者其他履 行独立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训证明材料。 二、本人任职资格符合下列法律、行政法规和部门规章以及公司规章的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的规定（如适用）； （三）中国证监会《上市公司独立董事管理办法》、上海证券交易所自律监 管规则以及公司章程有关独立董事任职资格和条件的相关规定； （四）中共中央纪委、中共中央组织部《关于规范中管干部辞去公职或者退 （离）休后担任上市公司、基金管理公司独立董事、独立监事的通知》的规定（如 适用）； （五）中共中央组织 ...

证券代码：600522 证券简称：中天科技 公告编号：临 2025-036 江苏中天科技股份有限公司 关于召开2024年年度股东大会的通知 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。 重要内容提示： 一、召开会议的基本情况 （一）股东大会类型和届次 2024年年度股东大会 （二）股东大会召集人：董事会 （三）投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相 结合的方式 （四）现场会议召开的日期、时间和地点 召开的日期时间：2025 年 6 月 11 日 14 点 30 分 召开地点：江苏省南通经济技术开发区中天路三号中天黄海宾馆会议室 （五）网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 11 日 至2025 年 6 月 11 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东 ...

证券代码：600522 证券简称：中天科技 公告编号：临 2025-033 江苏中天科技股份有限公司 第八届董事会第三十三次会议决议公告 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。 一、董事会会议召开情况 江苏中天科技股份有限公司（以下简称"中天科技股份"或"公司"）于 2025 年 5 月 16 日以电子邮件等方式发出了关于召开第八届董事会第三十三次会议的 通知。本次会议于 2025 年 5 月 21 日以通讯方式召开，应参会董事 9 名，实际参 会董事 9 名。本次会议由董事长薛济萍先生主持，会议的召集、召开符合有关法 律、行政法规、部门规章、规范性文件和《公司章程》的规定，表决形成的决议 合法、有效。 二、董事会会议审议情况 会议以记名投票的方式审议通过了以下议案，并形成了如下决议： 1、审议通过了《关于修订<公司章程>及修订、制定公司部分治理制度的议 案》。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 详见 2025 年 5 月 22 日公司刊登在《中国证券报》《上海证券报》《证券时报》 及上海证券交易所 ...

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company is expected to experience performance release in the marine sector due to a full order backlog, with a projected revenue of 48.055 billion yuan in 2024, representing a year-on-year growth of 6.63% [1][5] - The company has a strong order book in the energy network sector, with total orders amounting to approximately 31.2 billion yuan, including 13.4 billion yuan from the marine series [2] - The company has made significant advancements in the marine sector, successfully delivering key projects and enhancing its industry-leading position [2] - In the renewable energy sector, the company has maintained its competitive edge in the domestic market and is expanding its international presence [3] - The company is actively developing new products in the communication network sector, which are expected to benefit from the growing demand for AI computing power [4] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 48.055 billion yuan, with a net profit attributable to shareholders of 2.838 billion yuan, reflecting a decrease of 8.94% year-on-year [1][11] - For Q1 2025, the company reported a revenue of 9.756 billion yuan, a year-on-year increase of 18.37%, and a net profit of 628 million yuan, a decrease of 1.33% [1] Order Backlog and Market Position - As of April 23, 2025, the company has a robust order backlog of approximately 31.2 billion yuan, with significant contributions from the marine and power grid construction sectors [2] - The marine sector has seen breakthroughs in technology and project delivery capabilities, reinforcing the company's leading position in the industry [2] Renewable Energy and Communication Networks - The company has successfully secured major photovoltaic projects and is expanding its footprint in the energy storage market, ranking eighth globally in terms of shipment volume [3] - In the communication network sector, the company is focusing on the development of hollow-core fibers and high-speed copper cables to meet the rising demand for AI computing [4] Profit Forecast and Valuation - The company is projected to achieve net profits of 3.519 billion yuan, 4.132 billion yuan, and 4.641 billion yuan for 2025, 2026, and 2027 respectively, with a corresponding PE ratio of 13x for 2025 [5][11]

Core Viewpoint - The China Telecom Theme Index has shown mixed performance, with a slight decline on the latest trading day, reflecting broader market trends in the telecom sector [1]. Group 1: Index Performance - The China Telecom Theme Index decreased by 0.03% to 1792.12 points, with a trading volume of 26.344 billion yuan [1]. - Over the past month, the index has increased by 2.63%, but it has declined by 7.91% over the last three months and by 3.23% year-to-date [2]. Group 2: Index Composition - The index comprises 50 listed companies involved in telecom operations, value-added services, communication equipment, technology services, and data centers [2]. - The top ten weighted companies in the index are: China Telecom (17.66%), China Mobile (16.11%), China Unicom (15.28%), Yinzhijie (6.14%), China Satellite Communications (5.25%), ZTE Corporation (4.86%), Zhongji Xuchuang (4.12%), Xinyi Sheng (3.95%), Unisplendour (2.63%), and Zhongtian Technology (1.75%) [2]. Group 3: Market Segmentation - The index's holdings are primarily listed on the Shanghai Stock Exchange (64.03%) and the Shenzhen Stock Exchange (35.97%) [2]. - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [3].

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report emphasizes the importance of developing deep-sea technology as a new engine for economic growth, with the deep-sea technology-related industries expected to exceed 3.25 trillion yuan by 2025, accounting for over 25% of the marine economy [5][14] - The report highlights the strategic shift of China from a "maritime power" to a "maritime strong power," with deep-sea technology becoming a key focus of national strategy [12][14] - The report identifies four major directions for deep-sea technology: marine resource development, marine technology, marine environmental protection, and marine rights protection [19][57] Summary by Sections What is Deep-Sea Technology? - Deep-sea technology refers to advanced technologies and related disciplines used for exploring, developing, and utilizing deep-sea resources and studying the deep-sea environment [4] Why Develop Deep-Sea Technology? - It is crucial for economic structural transformation and national security, with deep-sea technology expected to play a significant role in safeguarding national interests and resource rights [5] Directions of Deep-Sea Technology - Key areas include marine resource development (renewable energy, deep-sea mining, fisheries, oil and gas), marine technology (carriers, sensors, special materials), environmental protection (green ships, island engineering), and rights protection (polar engineering, integrated information networks) [6][19] Investment Recommendations - Focus on sectors with production material or new infrastructure attributes, specifically deep-sea equipment, deep-sea information technology, deep-sea exploration, and deep-sea special materials [7][59] - Recommended companies include: - Deep-sea equipment: Yaxing Anchor Chain, Zhenhua Heavy Industries, China Shipbuilding, China Power, China Shipbuilding Defense [7][59] - Deep-sea information technology: Zhongtian Technology, Oriental Cable [9][59] - Deep-sea exploration: China Marine Defense, Weiguang Co., Ltd. [9][59] - Deep-sea materials: BaoTi Co., Ltd., Western Materials, Western Superconducting [9][59]

Investment Rating - The report maintains a "Recommendation" rating for the power transmission and transformation equipment industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [28][29]. Core Insights - The total winning bid amount for the 2025 National Grid's 23rd batch procurement of power transmission and transformation equipment is 17.636 billion yuan, representing a year-on-year increase of 12.7% compared to the same batch in 2024 [5][6]. - Key equipment categories show varied performance: - Switchgear: 1.704 billion yuan, up 24.2% year-on-year - Power transformers: 4.129 billion yuan, down 2.19% year-on-year - Power cables: 1.647 billion yuan, up 2.26% year-on-year - Relay protection and substation computer monitoring systems: 1.520 billion yuan, up 45.97% year-on-year [6][7]. Summary by Category Winning Bid Overview - The total winning bid amount for the 2025 procurement is 17.636 billion yuan, with a breakdown as follows: - Combination electrical devices: 4.133 billion yuan, up 33.6% year-on-year - Transformers: 4.129 billion yuan, down 2.19% year-on-year - Switchgear: 1.704 billion yuan, up 24.2% year-on-year - Power cables: 1.647 billion yuan, up 2.26% year-on-year - Relay protection and monitoring systems: 1.520 billion yuan, up 45.97% year-on-year [6][7][8]. Key Equipment Winning Shares - Combination electrical devices: - Total winning amount: 4.133 billion yuan - Leading companies: Pinggao Electric (32.7%), Siyi Electric (18.6%), China West Electric (15.7%) [8][9]. - Transformers: - Total winning amount: 4.129 billion yuan - Leading companies: TBEA (23.8%), Shandong Electric (18.1%), Baobian Electric (9.8%) [8][9]. - Power cables: - Total winning amount: 1.647 billion yuan - Leading companies: Hengtong Optic-Electric (13.3%), TBEA (8.8%), Zhongtian Technology (7.6%) [9][10]. - Switchgear: - Total winning amount: 1.704 billion yuan - Leading companies: Pinggao Electric (8.8%), Shandong Taikai (7.9%), Teradyne (5.7%) [9][10]. - Relay protection and monitoring systems: - Total winning amount: 1.520 billion yuan - Leading companies: Guodian NARI (34.8%), Sifang Co. (15.4%), Changyuan Group (12.7%) [10][11].

Investment Rating - The industry rating is maintained as "Outperform the Market" [9] Core Insights - The communication equipment industry has shown a recovery in revenue growth, with Q4 2024 and Q1 2025 revenues increasing by 2.9% and 12.9% year-on-year, respectively, indicating a successful transition to new growth drivers, particularly AI computing power [2][3] - The net profit for the communication equipment sector saw a decline of 141% in Q4 2024, followed by a 24% increase in Q1 2025, reflecting a positive trend in profitability as the industry adapts to new growth dynamics [2][3] - Key segments such as optical devices and IoT are experiencing significant growth, with optical devices showing revenue growth of 52.6% and 67.5% in Q4 2024 and Q1 2025, respectively, driven by global AI demand [2][3][4] Financial Analysis Communication Equipment - The overall revenue for the communication equipment sector in Q4 2024 was 61.94 billion, with a year-on-year decline of 9.5%, while Q1 2025 saw a recovery with a 9.1% increase [41] - The net profit for the main equipment sector dropped by 66% in Q4 2024 but showed a smaller decline of 11.9% in Q1 2025, indicating ongoing challenges but potential for recovery [41][39] Optical Devices - The optical device segment has shown remarkable growth, with revenues increasing by 52.6% and 67.5% in Q4 2024 and Q1 2025, respectively, and net profits growing by 124.4% and 114.3% [2][3] IoT Sector - The IoT sector continues to validate its recovery, with good revenue and profit growth in Q1 2025, benefiting from the ongoing trend of interconnected devices [2][3] IDC & CDN - The traditional IDC sector faces challenges, but the AIDC market is expected to grow significantly due to the increasing demand for computing power driven by AI applications [3][4] Investment Recommendations - The report suggests focusing on "AI + Overseas Expansion + Satellite" as core investment opportunities, particularly in areas like optical modules, liquid cooling, and domestic computing power lines [5][6] - Specific stocks recommended include Zhongji Xuchuang, Tianfu Communication, and China Mobile, among others, with a focus on companies that are well-positioned to benefit from the AI and digital economy trends [6][13]

Investment Rating - The report maintains an "Overweight" rating for the communication industry and its sub-sectors, including communication operators [9]. Core Insights - China Mobile has initiated a centralized procurement project for ordinary optical cable products for 2025-2026, with a notable decrease in both procurement scale and price limits, indicating a downward trend in capital expenditure for traditional connections [2][3]. - The optical fiber and cable manufacturers are expected to seek new growth points in saturated markets, such as undersea cables and data center interconnect (DCI) [2][3]. - The report highlights the need to monitor the bidding progress of optical fiber and cable manufacturers and their breakthroughs in new directions [2][3]. Summary by Sections Market Overview - The communication index rose by 4.96% last week, outperforming the Shanghai Composite Index and Shenzhen Component Index, which increased by 1.92% and 2.29%, respectively [2][13]. - The procurement scale for China Mobile's current round is 0.99 billion core kilometers, down 30.98% from 2021 and 8.65% from 2023 [14]. Procurement Details - The maximum price limit for this round is set at 5.675 billion yuan, a decrease of 42.44% from 2021 and 25.57% from 2023 [14]. - The average procurement price is 57.42 yuan per core kilometer, down 16.6% from 2021 and 18.72% from 2023 [14]. Company Recommendations - The report recommends several companies for investment, including China Mobile, China Telecom, and China Unicom, with target prices and ratings indicating a bullish outlook [10]. - Specific companies highlighted for their potential include Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, all rated as "Buy" [10]. Industry Trends - The report notes a significant shift in focus towards AI computing chains and core asset value reassessment within the communication industry [4]. - The demand for optical cables in data centers is projected to account for approximately 5% of global demand by 2025, increasing to over 11% by 2030 [18]. Competitive Landscape - The competitive environment among optical cable manufacturers is expected to intensify due to the reduced procurement scale and price limits, with a maximum share of 19.36% for winning bidders [15][18]. - Major players are expanding into international undersea communication projects, with companies like Hengtong Optic-Electric actively participating in global markets [19].

Investment Rating - The report maintains a "Recommended" investment rating for the wind power industry, indicating an expectation of growth exceeding the benchmark index by more than 5% in the next 3-6 months [2][55]. Core Insights - The report highlights a significant increase in wind turbine bidding, with a total of 33.6 GW bid from January to April 2025, representing a year-on-year growth of 23.2% [11][20]. - The average bidding price for land-based wind power is 1554 RMB/kW, while for offshore wind power, it is 2589 RMB/kW, showing a month-on-month increase of 5.8% for land-based projects [36][40]. - The report identifies three main investment themes in the wind power sector: high domestic offshore wind project reserves, robust land-based wind bidding, and increasing overseas installation growth [40]. Summary by Sections Bidding Volume - From January to April 2025, wind turbine bidding reached 33.6 GW, with offshore and onshore projects accounting for 3.1 GW and 30.5 GW respectively, marking increases of 19.4% and 23.6% year-on-year [11][31]. - In April alone, 12.2 GW was bid, with offshore projects at 0.5 GW and onshore projects at 11.7 GW, reflecting a month-on-month increase of 60.3% for onshore projects [11][20]. Winning Volume - The total winning volume for wind power from January to April 2025 was 32.1 GW, a year-on-year increase of 46%, with offshore and onshore projects contributing 3.8 GW and 28.3 GW respectively [20][21]. - In April, the winning volume was 13.7 GW, with offshore projects at 3.1 GW, showing a significant month-on-month increase of 577.8% [20][21]. Average Winning Price - The average winning price for land-based wind power in April was 1554 RMB/kW, while for offshore wind power, it was 2589 RMB/kW, indicating a competitive pricing environment [36][40]. Investment Recommendations - The report suggests focusing on key companies such as Mingyang Smart Energy, Oriental Cable, and Zhongtian Technology, which are well-positioned to benefit from the anticipated growth in the wind power sector [40].