10月22日，东方电缆涨1.02%，成交额5.25亿元。两融数据显示，当日东方电缆获融资买入额4836.01万 元，融资偿还2066.67万元，融资净买入2769.34万元。截至10月22日，东方电缆融资融券余额合计3.59 亿元。 分红方面，东方电缆A股上市后累计派现13.77亿元。近三年，累计派现7.90亿元。 机构持仓方面，截止2025年6月30日，东方电缆十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股4188.89万股，相比上期增加832.21万股。广发高端制造股票A（004997）位居第六大流通 股东，持股788.52万股，相比上期增加166.93万股。南方中证500ETF（510500）位居第七大流通股东， 持股615.63万股，相比上期增加80.42万股。博时信用债券A/B（050011）退出十大流通股东之列。 责任编辑：小浪快报 资料显示，宁波东方电缆股份有限公司位于浙江省宁波中山东路1800号国华金融中心49-50F，成立日期 1998年10月22日，上市日期2014年10月15日，公司主营业务涉及各种电线电缆的研发、生产、销售及其 服务。主营业务收入构成为：电力工程与装备线 ...

October 21, 2025 05:39 AM GMT China – Power, Renewables and Power Grid | Asia Pacific 3Q25 Earnings Preview We stay selectively positive for 3Q25 results. We expect a continued margin recovery for wind component and submarine cable players, upside risks in polysilicon earnings, and see losses to be flat or show mild decline QoQ for solar module producers, along with a softer unit profit for China IPPs. Key Takeaways M Idea Morgan Stanley Asia Limited+ Eva Hou Equity Analyst Eva.Hou@morganstanley.com +852 28 ...

截至6月30日，东方电缆股东户数3.61万，较上期减少31.73%；人均流通股19055股，较上期增加 46.48%。2025年1月-6月，东方电缆实现营业收入44.32亿元，同比增长8.95%；归母净利润4.73亿元，同 比减少26.57%。 分红方面，东方电缆A股上市后累计派现13.77亿元。近三年，累计派现7.90亿元。 机构持仓方面，截止2025年6月30日，东方电缆十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股4188.89万股，相比上期增加832.21万股。广发高端制造股票A（004997）位居第六大流通 股东，持股788.52万股，相比上期增加166.93万股。南方中证500ETF（510500）位居第七大流通股东， 持股615.63万股，相比上期增加80.42万股。博时信用债券A/B（050011）退出十大流通股东之列。 责任编辑：小浪快报 10月20日，东方电缆涨0.41%，成交额4.99亿元。两融数据显示，当日东方电缆获融资买入额2435.68万 元，融资偿还4511.45万元，融资净买入-2075.76万元。截至10月20日，东方电缆融资融券余额合计3.51 亿元。 融资 ...

Investment Rating - Industry Investment Rating: Overweight [1] Core Views - The price of large storage battery cells continues to rise, indicating strong demand in the energy storage sector. The domestic independent energy storage market is expected to grow due to supportive policies [5][30]. - The domestic offshore wind power sector remains in a high-growth phase, with significant projects such as the 500MW offshore wind project in Hainan officially starting construction [4][21]. - The photovoltaic industry shows stable pricing across the supply chain, with strong overseas demand supporting battery prices [3][14]. Summary by Sections Photovoltaics - The price of silicon wafers and battery cells continues to rise, while module prices remain stable. Strong overseas market demand is a key driver for the price trends [3][14]. - The Qinghai 136 document has initiated bidding for renewable energy projects, with a total mechanism electricity scale of 22.41 billion kWh [14][15]. - GCL-Poly's third-quarter profit reached 960 million yuan, showcasing resilience in a competitive environment [16]. Wind Power - The domestic offshore wind power sector is experiencing high growth, with significant projects like the 500MW offshore wind project in Yangjiang receiving preliminary approval [4][20]. - The Zhejiang offshore wind project has awarded contracts for ±500kV DC submarine and land cables, indicating ongoing investment in infrastructure [20]. Energy Storage - The average price of large storage battery cells has risen to 0.308 yuan/Wh, reflecting strong demand and supply dynamics [25][30]. - In September, the domestic energy storage market saw a significant increase in new installations, with a total of 3.08GW/9.17GWh added, marking a year-on-year growth of 205% in power and 171% in capacity [26]. - The PJM region in the U.S. faces urgent energy storage needs, requiring the deployment of 16-23GW of storage systems over the next 7 to 15 years to meet increasing load demands [27][29]. Hydrogen Energy - The green methanol project is set to receive national subsidies, with companies like Fuan Energy investing in significant production capacity [31][39]. - The hydrogen energy sector is experiencing favorable development trends, with national support for new technologies and financing becoming more accessible [39]. Electric Grid Equipment - NVIDIA's release of the 800V DC white paper highlights the need for high-voltage direct current solutions in data centers, driven by increased power density and load variability [40]. - Investment opportunities in the electric grid sector include companies involved in high-voltage direct current technology and related equipment [41]. Electric Vehicles - The government has launched a three-year plan to double charging facilities, aiming for 28 million nationwide by the end of 2027 [42][45]. - The heavy-duty truck market has seen a nearly 80% year-on-year increase in sales, indicating strong demand and market recovery [45]. Humanoid Robots - A strategic partnership between Zhaofeng and German company Neura has been established, focusing on humanoid robot technology and significant order potential [47][49]. - The humanoid robot sector is entering a phase of small-batch production, with investment opportunities in companies with new technologies and strong order visibility [50].

内容概况：光伏接线盒是光伏组件核心配件之一，主要承担电池板的功率输出和线路保护功能，系光伏 组件电流"调控中枢"。据统计，2024年我国光伏组件产能、产量分别达1156.5GW、627.5GW,同比分别 增长25.7%、21.1%。近年来，随着光伏产业的快速发展，光伏组件产量持续增长，进而带动光伏接线 盒市场需求增长。数据显示，中国光伏接线盒行业市场规模从2019年的17.58亿元增长至2024年的38.62 亿元，年复合增长率为17.05%。随着光伏产业的快速发展，预计2025年中国光伏接线盒行业市场规模 将增长至43.89亿元。当前，中国市场的光伏接线盒需求主要集中在大型太阳能电站建设领域，随着分 布式光伏的发展，家庭用户和小型商业用户的需求也将迎来爆发式增长。未来，我国将继续推动光伏产 业链的升级和创新，并加强对本土企业的支持，推动中国光伏接线盒市场实现高质量发展。 相关上市企业：通灵股份（301168）、快可电子（301278）、泽润新能（301636）、长电科技 （600584）、通富微电（002156）、硅宝科技（300019）、合盛硅业（603260）、东岳硅材 （300821）、东方电缆（60 ...

ANCHOR REPORT Global Markets Research 14 October 2025 Eyes on margin recovery and offshore wind We believe China's wind power sector has turned a corner after years of price competition, as evidenced by the YTD recovery of wind turbine prices. We expect the demand for wind power to stay resilient over 2026-27F, as we believe the returns for wind power projects are likely to be relatively less impacted by the new power tariff policy due to better utilization rates. We believe the key supply-chain players are ...

J P M O R G A N Asia Pacific Equity Research 15 October 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. China Utilities, Renewables & Power Grid Expert insights: 15-FYP preview; a catalyst-rich environment We hosted an expert call on the 15-FYP outlook ...

Ningbo Orient Wires & Cables 603606.SS 603606 CH EQUITY: ALTERNATIVE ENERGY Beneficiary of offshore wind acceleration Initiate coverage at Buy with TP of CNY83 Action: initiate coverage at Buy with TP of CNY83, implying 19% upside We initiate coverage of Ningbo Orient Wires & Cables (NBO) at Buy with a target price of CNY83. We believe NBO is a key beneficiary of China's resumed offshore wind installation in 2025, after a two-year halt in 2023-24. We believe the approval and installation of offshore wind pr ...

Investment Rating - The report maintains a "Positive" investment rating for the wind power industry [15]. Core Insights - The offshore wind installation is expected to experience explosive growth by 2026, coupled with tight local supply, creating opportunities for domestic wind power companies to expand internationally. Domestic companies have already begun to realize overseas performance, which is anticipated to continue to release growth potential [7][25]. - Recent financial disclosures from overseas companies indicate a strong investment willingness from power operators, with capital expenditures continuing to expand and offshore wind projects at historical highs in terms of construction and Final Investment Decision (FID) scale [4][11]. Summary by Sections Introduction - The report emphasizes the anticipated explosive growth in offshore wind installations and the tight supply situation, which provides a broad space for domestic companies to venture abroad. It also highlights the recent performance of overseas wind power companies [7][25]. Wind Turbines: Mixed Performance with Abundant Orders - In Q2 2025, major turbine manufacturers showed varied performance. Vestas reported a revenue increase of 14% year-on-year, while Nordex and Siemens Energy saw declines in revenue but improvements in profitability. The order backlog for these companies is robust, with Vestas and Nordex having orders equivalent to 2.3 and 1.4 times their 2024 revenue, respectively [8][26][37]. Submarine Cables: Revenue and Profit Growth with Historical High Orders - Submarine cable companies reported revenue growth in Q2 2025, with Prysmian, Nexans, and NKT achieving year-on-year increases of 15.8%, 5.2%, and 19.5%, respectively. Their order backlogs are at historical highs, with Prysmian's backlog being 6.4 times its 2024 revenue [9][44][55]. Piles: Temporary Profit Pressure with Record Order Scale - Sif, a major player in the pile segment, reported a 2% increase in revenue for Q2 2025, despite a decline in production volume. The company’s order backlog reached approximately 625,000 tons, indicating strong future delivery potential [10][63][75]. Operators: Expanding Capital Expenditures with High Construction and FID Scale - Key operators Ørsted, RWE, and Vattenfall reported significant revenue growth in their offshore wind segments, with Ørsted's capital expenditures at historical highs. Their projects under construction and FID are also at record levels, indicating a strong commitment to offshore wind development [11][78][97]. Contractors: Accelerating Business Growth with Record High Orders - Cadeler, a contractor in the offshore wind sector, reported a remarkable 269% increase in revenue for Q2 2025, driven by growth in vessel leasing and installation services. The company’s order backlog reached approximately €2.492 billion, marking a historical high [12][106][110].

Investment Rating - Maintain "Buy" rating for the industry [6] Core Insights - The power equipment industry is transitioning from "ultra-low price competition" to "structural correction," with significant price increases expected due to changes in export tax policies and supply-side reforms [16][17] - The report highlights three key areas of focus: supply-side reform leading to price increases, long-term growth opportunities from new technologies, and industrialization opportunities from perovskite solar cells [17] Summary by Sections 1. New Energy Generation 1.1 Photovoltaics - The photovoltaic industry is experiencing a critical shift, with expected global component price increases of approximately 9% starting Q4 2025 due to the cancellation of VAT rebates on solar cell exports [16][17] - Domestic component prices have entered an upward trend since July 2025, with N-type component average prices rising by about 3.6% from July to September 2025 [16][17] 1.2 Wind Power & Grid - A new VAT policy for offshore wind power will be implemented from November 2025, allowing a 50% VAT rebate on self-produced electricity, which is expected to accelerate offshore wind development [18][19] - The first project under Jiangsu's 14th Five-Year Plan for offshore wind has been approved, indicating a boost in offshore wind capacity [18][19] 1.3 Hydrogen & Energy Storage - Sinopec's first green hydrogen ammonia synthesis project has been initiated, with a planned hydrogen production capacity of 20,000 tons/year and ammonia production of at least 100,000 tons/year [23] - Energy storage project bidding prices for October 2025 range from 0.4118 to 0.6 CNY/Wh, indicating a competitive market [24][30] 2. New Energy Vehicles - The National Development and Reform Commission has issued a plan to double the charging infrastructure by 2027, aiming to build 28 million charging facilities to support over 80 million new energy vehicles [35][36] - The plan includes enhancing urban rapid charging networks and expanding charging facilities in rural areas [35][36]