Investment Rating - The report maintains a "Positive" investment rating for the industry [5] Core Viewpoints - The report emphasizes the ongoing "anti-involution" trend in the photovoltaic industry, which is expected to drive price increases and improve profitability across the supply chain [16][36] - The energy storage sector is experiencing sustained demand growth, with significant project developments and favorable policy support [39][44] - The lithium battery segment shows stable demand, with advancements in solid-state technology and materials innovation [39][44] - The wind power sector is benefiting from increased offshore project activity and recovery in profitability [39][44] - The power equipment sector is seeing positive developments from high-voltage projects and international demand [39][44] - New directions in AI and robotics are highlighted as emerging investment opportunities, particularly in the context of increased capital expenditure from major manufacturers [39][44] Summary by Sections Photovoltaic - The photovoltaic industry is witnessing a price increase in key materials, with polysilicon prices rising to 49-55 CNY/kg and silicon wafer prices increasing by approximately 0.1 CNY per piece [22][25] - The government is pushing for the elimination of low-price competition and the orderly exit of outdated production capacity, with mergers and acquisitions in the polysilicon sector expected to progress in Q3 [16][36] - Recommended stocks include Tongwei Co., GCL-Poly, LONGi Green Energy, and Aiko Solar [16][36] Energy Storage - In H1 2025, major energy storage projects across 21 regions reached a total capacity of 124 GWh, with significant contributions from Inner Mongolia, Shandong, and Guangdong [41][42] - The report highlights the increasing stability of the energy storage market, with a positive outlook for domestic demand and pricing [39][44] - Recommended stocks include Sungrow Power Supply and Deye Technology [39][44] Lithium Batteries - The lithium battery sector is characterized by stable demand and a focus on solid-state battery technology, with companies like CATL and other second-tier players expected to benefit [39][44] - The report notes the importance of material innovations such as lithium metal anodes and nickel-iron current collectors [39][44] - Recommended stocks include CATL, Xiamen Tungsten, and Putailai [39][44] Wind Power - The offshore wind sector is accelerating project construction, with expectations for increased profitability in the second half of the year [39][44] - Recommended stocks include Mingyang Smart Energy and Zhongji Lingnan [39][44] Power Equipment - The report indicates that high-voltage projects have been approved, with overseas demand expected to rise [39][44] - Recommended stocks include Pinggao Electric and XJ Electric [39][44] New Directions - The report highlights advancements in humanoid robotics and AI applications, with significant capital expenditure from major companies [39][44] - Recommended stocks include Sanhua Intelligent Controls and Zhejiang Rongtai [39][44]

Core Viewpoint - The low-voltage cable industry in China is experiencing robust growth, driven by increasing demand for electricity due to urbanization and technological advancements, with market size projected to reach 223.21 billion yuan by 2025, growing at a compound annual growth rate (CAGR) of 9.18% from 2020 to 2024 [1][19][20]. Industry Overview - Low-voltage cables are essential for power transmission in various sectors, including residential, commercial, and industrial applications, characterized by their moderate voltage levels and high transmission efficiency [1][19]. - The market size of China's low-voltage cable industry grew from 146.75 billion yuan in 2020 to an estimated 208.56 billion yuan in 2024 [1][19]. Industry Development History - The low-voltage cable industry in China has evolved through four key stages: the embryonic stage before 1949, the foundational stage from 1949 to 1978, the transformation stage from 1978 to 2000, and the rapid growth stage from 2000 to the present [9]. Industry Chain - The upstream of the low-voltage cable industry includes raw materials such as copper, aluminum, rubber, and plastics, while the midstream involves the manufacturing of low-voltage cables, and the downstream encompasses applications in power, transportation, construction, and communication sectors [12]. Market Demand and Investment - Investment in power engineering in China is projected to grow from 270 billion yuan in 2017 to 608.3 billion yuan in 2024, with a CAGR of 12.3%, while investment in grid engineering is expected to rise from 531.5 billion yuan to 1,168.7 billion yuan in the same period [16]. - The demand for low-voltage cables is supported by the continuous expansion of power supply infrastructure and smart grid initiatives [16]. Competitive Landscape - The low-voltage cable industry in China is characterized by a large number of small-scale enterprises, with major players including Hengtong Optic-Electric, Baosheng Technology, and Zhongtian Technology, among others [22][24]. - The industry faces challenges such as product homogeneity and intense competition, but leading companies are achieving advanced technological capabilities and international competitiveness [22]. Future Trends - The low-voltage cable industry is moving towards smart technology integration, with the development of intelligent cables that can monitor operational data and predict failures [29]. - Environmental regulations are driving the industry towards greener practices, including the use of halogen-free and biodegradable materials [30]. - There is a focus on high-end special cables for demanding applications in aerospace and marine engineering, with advancements in materials enhancing performance [31].

Group 1 - A total of 174 stocks in the Shanghai and Shenzhen markets have received net buying from main funds for 5 consecutive days or more as of July 31 [1] - The stock with the highest number of consecutive net buying days is Juhe Materials, which has seen net buying for 13 trading days [1] - Other notable stocks with significant consecutive net buying days include Dongfang Cable, Hetai Electromechanical, Zhongzhi Co., Xiangyi Rongtong, Weili, Zongyi Co., Yindu Co., and Changyuan Electric, with 11, 11, 10, 10, 10, 10, 10, and 9 trading days of net buying respectively [1]

Core Viewpoint - The company is experiencing a decline in stock price despite having a substantial order backlog, raising concerns among investors about its financial health and management practices [4][5][6]. Group 1: Financial Performance - As of July 31, 2025, the company's stock closed at 47.41 yuan, down 0.8%, with a trading volume of 81,300 shares and a turnover of 387 million yuan [1]. - The company reported a significant increase in accounts receivable, reaching 3.317 billion yuan, while cash flow per share decreased [3]. - The company has an order backlog of approximately 18.9 billion yuan, with 11.5 billion yuan in subsea and high-voltage cables, 4.4 billion yuan in power engineering and equipment cables, and 3 billion yuan in marine equipment and engineering operations [3][6]. Group 2: Strategic Initiatives - The company aims for overseas revenue to account for over 10% of total revenue by the end of the 14th Five-Year Plan, with ongoing projects in the Netherlands and South Scotland [2]. - The company has established a "3+1" industrial system, with the "+1" focusing on overseas market expansion [2]. Group 3: Corporate Governance - The company is preparing for the election of its seventh board of directors, which will consist of nine members, including three independent directors [12]. - The election process will utilize a cumulative voting system, with a deadline for candidate nominations set for August 8, 2025 [12]. Group 4: Market Sentiment - Investor sentiment is negative, with concerns about the company's management and stock performance compared to industry peers [4][5][6]. - The company has implemented a share buyback program, committing to repurchase shares worth between 100 million and 200 million yuan, with a total of 2,249,766 shares repurchased at prices ranging from 42.88 to 55.83 yuan per share [5][6]. Group 5: Quality Assurance - The company adheres to ISO 9001 international quality management standards, emphasizing quality management throughout its operations [10]. - Continuous improvement initiatives are in place to enhance product quality and service levels [10].

Core Viewpoint - Ningbo Orient Cable Co., Ltd. is preparing for the election of its seventh board of directors, with the current board's term nearing completion. The election will follow the regulations set forth in the Company Law and the company's articles of association, ensuring a structured and transparent process for nominating candidates and conducting the election [1][2]. Group 1: Board Composition - The seventh board of directors will consist of 9 members, including 3 independent directors and 1 employee director, with a term of three years starting from the date of election approval by the shareholders [1]. - The election will utilize a cumulative voting system, allowing shareholders to concentrate or distribute their voting rights among candidates [2]. Group 2: Candidate Nomination - Current board members, supervisory board members, or shareholders holding more than 1% of the voting shares can nominate candidates for non-independent directors, with a limit of 5 candidates [3]. - Similar provisions apply for the nomination of independent director candidates, with a maximum of 3 candidates allowed [4]. Group 3: Election Procedure - Nominations must be submitted by August 8, 2025, with the board's nomination committee responsible for reviewing the qualifications of candidates [5]. - The board will convene to finalize the list of candidates after the nomination period, and candidates must provide written commitments to accept their nominations and fulfill their duties if elected [5][6]. Group 4: Candidate Qualifications - Non-independent director candidates must be natural persons with relevant experience and must not fall under specific disqualifying conditions outlined in the Company Law [7]. - Independent director candidates must meet additional independence criteria and possess relevant professional knowledge and experience, including a minimum of five years in legal, economic, accounting, or management fields [8][9]. Group 5: Contact Information - The company has provided contact details for inquiries related to the nomination process, including a phone number and email address for the securities department [14].

证券代码：603606 证券简称：东方电缆 公告编号：2025-024 宁波东方电缆股份有限公司 关于董事会换届选举等相关事项的提示性公告 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。 宁波东方电缆股份有限公司（以下简称"公司"或"本公司"或"东 方电缆" ）第六届董事会任期即将届满。为了顺利完成董事会的换届选举工 作（以下简称"本次换届选举"） ，根据《公司法》 《宁波东方电缆股份有限 公司章程》（以下简称"《公司章程》"）等相关规定，现将与本次换届选举 相关的事项公告如下： 一、第七届董事会的组成 按照本公司现行《公司章程》的规定，公司第七届董事会将由 9 名董 事组成，其中独立董事 3 名，职工董事 1 名，董事任期三年，自公司相关 股东会选举通过之日起计算，至该届董事会任期届满时为止。 二、本次换届选举方式 根据《公司法》及《公司章程》的规定，本次换届选举采用累积投票 制，即股东会选举非独立董事或独立董事时，每一股份拥有与拟选非独立 董事或独立董事人数相同的表决权，股东拥有的表决权可以集中使用，也 可以分开使用（非独 ...

Core Viewpoint - The company emphasizes that its stock performance is influenced by various factors including macroeconomic environment, industry conditions, and investor preferences, while asserting that its operations and financial status remain stable [2]. Company Operations - The company reports that its production, operation, and financial activities are normal, with no significant changes in its operational situation or external business environment [2]. - The company adheres to legal and regulatory requirements for information disclosure, ensuring that all information is truthful, accurate, complete, timely, and fair [2]. Information Disclosure - The company actively manages insider information registration and internal reporting of significant information, ensuring confidentiality prior to public disclosures [2]. - The company commits to providing equal access to information for all shareholders [2].

（文章来源：证券日报） 证券日报网讯东方电缆7月31日在互动平台回答投资者提问时表示，公司目前分为电力工程与装备线缆 （绿色输电设施）、海底电缆与高压电缆（电力新能源）、海洋装备与工程运维（深海科技）三大板 块；公司主要的客户为国家电网、南方电网、石化工程企业、轨道交通、重大基建工程企业等。 ...

证券代码：603606 证券简称：东方电缆 公告编号：2025-024 宁波东方电缆股份有限公司 关于董事会换届选举等相关事项的提示性公告 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。 宁波东方电缆股份有限公司（以下简称"公司"或"本公司"或"东 方电缆"）第六届董事会任期即将届满。为了顺利完成董事会的换届选举工 作（以下简称"本次换届选举"），根据《公司法》《宁波东方电缆股份有限 公司章程》（以下简称"《公司章程》"）等相关规定，现将与本次换届选举 相关的事项公告如下： 一、第七届董事会的组成 按照本公司现行《公司章程》的规定，公司第七届董事会将由 9 名董 事组成，其中独立董事 3 名，职工董事 1 名，董事任期三年，自公司相关 股东会选举通过之日起计算，至该届董事会任期届满时为止。 二、本次换届选举方式 根据《公司法》及《公司章程》的规定，本次换届选举采用累积投票 制，即股东会选举非独立董事或独立董事时，每一股份拥有与拟选非独立 董事或独立董事人数相同的表决权，股东拥有的表决权可以集中使用，也 可以分开使用（非独立董事 ...

Core Viewpoint - The company, Dongfang Cable, has a substantial order backlog amounting to approximately 18.9 billion yuan, indicating strong demand and capacity utilization [1] Summary by Categories Order Backlog - As of April 21, 2025, the company has an order backlog of about 18.9 billion yuan [1] - The backlog includes approximately 11.5 billion yuan in subsea cables and high-voltage cables [1] - The order backlog also consists of around 4.4 billion yuan in power engineering and equipment cables [1] - Additionally, there are about 3 billion yuan in marine equipment and engineering operation and maintenance orders [1] Capacity Utilization - The company reports that it has sufficient orders and is operating at full capacity [1]