Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Views - The lithium hexafluorophosphate market is experiencing unexpected prosperity, and the supply-side reform in the photovoltaic sector is continuously advancing [1] - The report highlights significant improvements in the supply-demand dynamics of the lithium hexafluorophosphate market, with prices rising sharply due to the end of the oversupply situation [8] - The photovoltaic industry is seeing a notable recovery, with the average external price of granular silicon increasing by 27.9% quarter-on-quarter, indicating a positive trend in the sector [5] Summary by Relevant Sections Photovoltaics - The photovoltaic sector is in a "de-involution" phase, with significant effects from supply-side reforms. The average external price of granular silicon reached 42.12 RMB/kg, up 27.9% from Q2, while cash costs decreased by 4.5% [5] - The price of silicon materials has stabilized around 50 RMB/kg, and there are expectations for new policies to further support the industry [5] - Companies to watch include GCL-Poly Energy, Tongwei Co., and high-efficiency battery technology firms such as BAK Power, Aiko Solar, and LONGi Green Energy [5] Wind Power - The offshore wind sector is entering a bidding peak, with significant projects being approved and orders being won by companies like Orient Cable and Zhongtian Technology [6] - The onshore wind market remains robust, with a high level of bidding activity and increasing average prices for wind turbines [7] Energy Storage - Hebei Province has released a list of independent energy storage pilot projects totaling 13.82 GW/47.03 GWh, indicating a push for diverse energy storage technologies [7] - The SNEC ES+2025 International Energy Storage Exhibition showcased advancements in large-scale energy storage systems [7] Lithium Battery - Companies in the lithium battery supply chain are advancing solid-state battery technologies, with significant deliveries of semi-solid batteries reported [7] - The price of lithium hexafluorophosphate has surged over 20% in less than a month, reflecting a substantial improvement in the supply-demand balance [8] Power Equipment - The State Grid's fixed asset investment increased by 8.1% year-on-year, with expectations for continued growth in power infrastructure [9] - The first cross-grid electricity spot trading between Southern and State Grid marks a significant step towards a unified electricity market in China [10]

Investment Rating - The industry investment rating is "Overweight" [2][45] Core Viewpoints - As of October 16, 2025, the power equipment industry has seen a decline of 2.84% over the past two weeks, underperforming the CSI 300 index by 2.36 percentage points, ranking 26th among 31 industries [4][11] - The cumulative installed capacity of new energy storage in China is expected to reach over 180GW by 2027 and 300GW by 2030, with the industry chain and supply chain output value projected to reach 2-3 trillion yuan by 2030 [34][39] - The global energy storage market is anticipated to maintain strong growth, with a cumulative installed capacity of approximately 730GW/1950GWh by the end of 2030 [34][39] Summary by Sections Market Review - The power equipment sector has increased by 39.62% year-to-date, outperforming the CSI 300 index by 22.25 percentage points, ranking 4th among 31 industries [4][11] - The wind power equipment sector increased by 0.07%, the photovoltaic equipment sector by 1.14%, and the grid equipment sector by 5.76% in the last two weeks [16][17] Valuation and Industry Data - As of October 16, 2025, the price-to-earnings (PE) ratio for the power equipment sector is 34.67 times, with sub-sectors showing varying PE ratios: electric motors at 62.87 times, photovoltaic equipment at 26.89 times, and battery sector at 35.51 times [22][23] Industry News - In the first nine months of 2025, China's new energy storage overseas orders totaled 214.7GWh, a year-on-year increase of 131.75%, with over 30GWh in September alone [34][39] - The National Energy Administration has emphasized the importance of user-side network security management to prevent power outages caused by user-side issues [34][35] Company Announcements - Several companies reported significant changes in net profit for the first three quarters of 2025, with notable increases for companies like Jinko Technology and Tongda Co., while others like Shida Shenghua reported substantial losses [36][37] Weekly Perspective on Power Equipment Sector - The report suggests focusing on leading storage companies benefiting from the booming storage industry, emphasizing technological and scale advantages [39][40]

Market Overview - The three major indices opened slightly lower, with the Shanghai Composite Index at 3912.04 points, down 0.11%, the Shenzhen Component at 13060.24 points, down 0.20%, and the ChiNext Index at 3026.40 points, down 0.36% [1] Economic and Trade Developments - The Chinese Ministry of Commerce expressed an open attitude towards equal consultations based on mutual respect regarding potential new trade talks with the U.S. [2] - The Ministry of Industry and Information Technology is promoting a nationwide "millisecond computing" network construction initiative, aiming for comprehensive coverage and efficiency by 2027 [2] - The U.S. is considering extending the suspension of tariffs on China in exchange for delaying rare earth export controls, with China reiterating its stance on these issues [2] - Chinese Commerce Minister Wang Wentao met with Apple CEO Tim Cook, discussing U.S.-China trade relations and encouraging Apple to deepen cooperation and investment in China [2] - TSMC noted strong demand for AI applications, exceeding previous expectations, and is working to enhance Cowos capacity by 2026 [2] Company Announcements - Oriental Cable announced winning contracts totaling 2.374 billion yuan for ±500kV DC sea-land cable products and construction projects [3] - Zhaofeng Co. signed a strategic cooperation framework agreement with Nuoan Robotics [3] - TBEA announced a subsidiary's plan to acquire a 74.19% stake in Shuguang Cable for 946 million yuan [3] - Zhongtian Technology reported winning multiple marine project contracts totaling approximately 1.788 billion yuan [3] - Huatian Technology plans to acquire 100% of Huayi Microelectronics [3] - ZhiGuang Electric intends to purchase all or part of ZhiGuang Energy's minority equity [3] - ChipLink Integration plans to increase capital by 1.8 billion yuan to its controlling subsidiary [3] - Shijia Photon reported a 728% year-on-year increase in net profit for the first three quarters [3] - Rongzhi Rixin expects a net profit increase of 871%-908% year-on-year for the first three quarters [3] - Guangsheng Nonferrous anticipates a net profit of 100 million to 130 million yuan for the first three quarters [3] Corporate Changes - Fuyao Glass announced that its actual controller, Cao Dewang, resigned as chairman, with his son, Cao Hui, elected as the new chairman [4] - YTO Express reported that its third-largest shareholder, Hangzhou Haoyue, plans to transfer up to 2% of the company's shares through block trading [4] - Tongfu Microelectronics' largest shareholder, Huada Group, plans to reduce its stake by no more than 1% [4] - Debang Technology's largest shareholder, the National Big Fund, reduced its holdings by 1.5173 million shares from September 29 to October 15 [4] Regulatory Issues - Hainan Huatie announced that it is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure [5] U.S. Market Performance - The U.S. Senate failed to advance a temporary funding bill, increasing recession expectations [6] - U.S. stock indices closed lower, with the Dow down 0.65%, Nasdaq down 0.47%, and S&P 500 down 0.63% [7] Technology Developments - Apple is preparing to launch a new Mac computer featuring a touch screen, with the new MacBook Pro expected to include a touch display, a lighter body, and M6 series chips [8] - Oracle disclosed that its RPO has exceeded $500 billion, projecting $225 billion in revenue by fiscal year 2030, with adjusted earnings per share expected to reach $21 [9] Commodity Market - COMEX gold futures rose by 3.4% to $4344.3 per ounce, while COMEX silver futures increased by 3.99% to $53.43 per ounce, both reaching new closing highs [9] Market Sentiment - Zhongyuan Securities noted that the A-share market experienced slight fluctuations, with banking, automotive, communication equipment, and coal sectors performing well, while precious metals and wind power sectors lagged [10] - Dongguan Securities highlighted that the A-share market faced a pullback, with concerns over U.S. government "shutdown" increasing recession expectations [11]

证券代码：603606 证券简称：东方电缆 公告编号：2025-038 宁波东方电缆股份有限公司及子公司 关于中标海陆缆产品及敷设施工项目的提示性公告 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。 近期，宁波东方电缆股份有限公司（以下简称"公司"）及全资子公司宁波海缆研究院工程有限公司（以 下简称"东方海工院"）陆续收到相关中标通知书，确认公司及东方海工院为相关项目中标人，现将重大 项目中标情况公告如下： 一、中标概况 （一）电力工程与装备线缆（绿色输电设施） 南方电网公司2025年220kV交流电力电缆新增批次框架采购； 中电建华东院山东公司唐山乐亭海上风电场一期工程35kV、220kV电缆及附件采购项目； （三）海洋装备与工程运维（深海科技） （二）海底电缆与高压电缆（电力新能源） 南方电网公司阳江三山岛海上风电柔直输电工程（海缆部分）施工；中交三航局漂浮式海上风电施工项 目。 浙江海风新能源公司浙江海风某项目±500kV直流海陆缆（二标段），中标±500kV直流海缆、直流陆 缆； 以上公司及东方海工院中标项目金额合计约 ...

东方电缆（603606）(603606.SH)发布公告，近期，公司及全资子公司宁波海缆研究院工程有限公司(以 下简称"东方海工院")陆续收到相关中标通知书，确认公司及东方海工院为相关项目中标人，以上公司 及东方海工院中标项目金额合计约23.74亿元，占公司2024年度经审计营业收入的26.11%。 ...

智通财经APP讯，东方电缆(603606.SH)发布公告，近期，公司及全资子公司宁波海缆研究院工程有限 公司(以下简称"东方海工院")陆续收到相关中标通知书，确认公司及东方海工院为相关项目中标人，以 上公司及东方海工院中标项目金额合计约23.74亿元，占公司2024年度经审计营业收入的26.11%。 ...

Core Viewpoint - Dongfang Cable (603606) has recently announced that it and its wholly-owned subsidiary, Ningbo Haicable Research Institute Engineering Co., Ltd., have received multiple bid notifications, confirming their status as winning bidders for several projects [1] Group 1: Project Wins - The company has won bids for a total of 7 projects, including the framework procurement for the 2025 220kV AC power cable from Southern Power Grid and the procurement of 35kV and 220kV cables and accessories for the Tangshan Leting offshore wind farm Phase I project from China Electric Power Construction Group East China Institute [1] - The total value of the projects won amounts to approximately 2.374 billion yuan, which represents 26.11% of the company's audited operating revenue for the fiscal year 2024 [1]

格隆汇10月16日丨东方电缆(603606.SH)公布，公司及全资子公司宁波海缆研究院工程有限公司（称"东 方海工院"）陆续收到相关中标通知书，确认公司及东方海工院为相关项目中标人： （三）海洋装备与工程运维（深海科技） 南方电网公司阳江三山岛海上风电柔直输电工程（海缆部 分）施工；中交三航局漂浮式海上风电施工项目。 以上公司及东方海工院中标项目金额合计约23.74亿元，占公司2024年度经审计营业收入的26.11%。 （二）海底电缆与高压电缆（电力新能源） 浙江海风新能源公司浙江海风某项目±500kV直流海陆缆 （二标段），中标±500kV直流海缆、直流陆缆；中能建广东院阳江三山岛五、六海上风电场集中送出 工程项目EPC总承包，500kV海缆供货及敷设工程；中能建广东院华电阳江三山岛六海上风电场项目 66kV海缆及附件；中交三航局嵊泗7#海上风电项目66kV海缆； （一）电力工程与装备线缆（绿色输电设施） 南方电网公司2025年220kV交流电力电缆新增批次框架采 购；中电建华东院山东公司唐山乐亭海上风电场一期工程35kV、220kV电缆及附件采购项目； ...

Core Viewpoint - The company, Dongfang Cable, has recently received multiple bid notifications confirming its status as the winning bidder for several projects, which will positively impact its future operating performance [1] Group 1: Project Details - The awarded projects include power engineering and equipment cables, submarine cables, high-voltage cables, and marine equipment and operational maintenance [1] - The total amount of the awarded projects is approximately 2.374 billion yuan, which accounts for 26.11% of the company's audited revenue for the fiscal year 2024 [1] Group 2: Impact on Company Performance - The successful bids are expected to have a positive effect on the company's future operating results [1] - The projects will not affect the company's operational independence [1]

Core Viewpoint - Dongfang Cable (603606.SH) and its wholly-owned subsidiary, Ningbo Haicable Research Institute Engineering Co., Ltd. (referred to as "Dongfang Haigong Institute"), have received multiple bid notifications, confirming their status as winning bidders for various projects totaling approximately 2.374 billion yuan, which accounts for 26.11% of the company's audited revenue for 2024 [1] Group 1: Project Wins - The company has secured bids for power engineering and equipment cables, including a framework procurement for 220kV AC power cables from the Southern Power Grid Company for 2025 and cable procurement for the Tangshan Letin offshore wind farm project [1] - In the subsea and high-voltage cable sector, the company won bids for ±500kV DC submarine and land cables for a project by Zhejiang Haifeng New Energy Company, as well as multiple projects related to offshore wind farms [1] - The company also won contracts in marine equipment and engineering operations, including construction for the Southern Power Grid Company's offshore wind flexible direct current transmission project [1]