9月25日，东方电缆涨6.96%，截至发稿，报65.30元/股，成交2.32亿元，换手率0.53%，总市值449.08亿 元。 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：电力工程与装备线缆49.56%，海底电缆与高压电缆44.14%，海洋装备与 工程运维6.22%，其他(补充)0.09%。 从基金十大重仓股角度 数据显示，国泰基金旗下1只基金重仓东方电缆。国泰恒生A股电网设备ETF（561380）二季度减持1.13 万股，持有股数3.4万股，占基金净值比例为2.75%，位居第八大重仓股。根据测算，今日浮盈赚取约 14.45万元。 国泰恒生A股电网设备ETF（561380）成立日期2024年12月11日，最新规模6392.2万。今年以来收益 48.89%，同类排名710/4220；成立以来收益44.3%。 截至发稿，吴中昊累计任职时间3年242天，现任基金资产总规模151.85亿元，任职期间最佳基金回报 63.01%， ...

Core Viewpoint - Dongfang Cable's stock has shown significant growth in 2023, with a year-to-date increase of 17.24% and a recent surge in trading activity, indicating strong investor interest and potential market confidence [1][2]. Financial Performance - For the first half of 2025, Dongfang Cable reported a revenue of 4.432 billion yuan, reflecting a year-on-year growth of 8.95%. However, the net profit attributable to shareholders decreased by 26.57% to 473 million yuan [2]. - Cumulatively, since its A-share listing, Dongfang Cable has distributed a total of 1.377 billion yuan in dividends, with 790 million yuan distributed over the past three years [3]. Shareholder and Market Activity - As of June 30, 2025, the number of shareholders for Dongfang Cable decreased by 31.73% to 36,100, while the average number of circulating shares per shareholder increased by 46.48% to 19,055 shares [2]. - The stock's trading activity on September 24 showed a net inflow of 18.377 million yuan from major funds, with significant buying and selling activity from large orders [1]. Company Overview - Dongfang Cable, established on October 22, 1998, and listed on October 15, 2014, specializes in the research, production, and sales of various types of wires and cables. Its main revenue sources include power engineering and equipment cables (49.56%) and submarine and high-voltage cables (44.14%) [1]. - The company operates within the electric equipment industry, specifically in cable components and related sectors, and is involved in concepts such as wind energy and offshore engineering [1].

Investment Rating - The report maintains a "Buy" rating for key companies in the industry, including Ningde Times, Shenghong Co., and DeYe Co. [5][6][7] Core Insights - The report highlights the initiation of the Cangyue DC project, which is expected to enhance the capacity of offshore wind installations during the 14th Five-Year Plan [6][26] - The lithium battery sector is anticipated to enter a supply-demand inflection point in 2025, leading to a 2-3 year upward cycle for the industry [7][11] - The energy storage sector is experiencing significant growth, with a surge in overseas contracts and supportive policies from various regions [22][23][25] Summary by Sections Lithium Battery Sector - Key companies like Ningde Times and Fulin Precision have secured substantial prepayments for high-pressure cathode material supply [13] - The first generation of semi-solid batteries from Honeycomb Energy is nearing mass production, with a planned annual capacity of 2.3GWh [14] - Full solid-state batteries from Funeng Technology are set for delivery by the end of the year, supporting humanoid robots with 8-12 hours of endurance [15] - The lithium battery industry is expected to see performance and valuation improvements over the next two years, making it a favorable mid-term investment sector [7] Energy Storage Sector - The release of the "136 Document" in Heilongjiang encourages independent energy storage, with a pricing mechanism set at 0.374 yuan/kWh for existing capacity [22] - In the first nine months of 2025, Chinese companies signed contracts for 208.09GWh of energy storage projects, with significant activity in the Middle East [23] - The Guangdong "136 Document" promotes energy storage leasing and sets a pricing range of 0.2 to 0.453 yuan/kWh for new projects [25] Power Equipment Sector - The Cangyue DC project, a major clean energy transmission initiative, has commenced construction, expected to transmit over 43 billion kWh of clean energy annually [26] - The Henan Yunan 1000kV substation expansion project has been approved, adding 3 million kVA of capacity [27] Photovoltaic Sector - The report notes a slight increase in silicon material prices, with multi-crystalline silicon averaging 51 yuan/kg [28] - The price of silicon wafers has also risen, with the average price for 210N wafers at 1.70 yuan/piece [29] - The report anticipates stable prices for photovoltaic components, driven by upstream cost pressures and a recovery in demand [31][32] Wind Power Sector - The report emphasizes the orderly progress of offshore wind projects in China, with several key projects already under construction [7] - It suggests focusing on leading companies benefiting from domestic and international offshore wind demand [7]

Investment Rating - The investment rating for the wind power industry is "Outperform the Market" (maintained rating) [1] Core Views - The offshore wind sector is expected to see significant project launches in Jiangsu and Guangdong in the first half of 2025, with a projected average annual installation of over 20GW during the 14th Five-Year Plan period, surpassing the previous plan's levels. The onshore wind sector is anticipated to reach a historical high of 100GW in installations in 2025, with component manufacturers experiencing growth in both volume and price [4][5] - The report suggests focusing on three main areas: 1) Leading companies in export layouts such as pile foundations and submarine cables; 2) Domestic manufacturers with bottoming profits and accelerating exports; 3) Component manufacturers benefiting from simultaneous volume and profit growth opportunities in 2025 [5] Summary by Sections Industry News - The wind power sector has generally risen in the past two weeks, with the top three performing segments being bearings (+14.9%), complete machines (+12.5%), and blades (+11.7%). The top three individual stocks were Jinlei Co. (+20.1%), Wuzhou Xinchun (+19.4%), and Yunda Co. (+17.6%) [3] Market Performance - As of mid-September 2025, the cumulative public bidding capacity for wind turbines in China is 68.6GW, with a 13% decrease year-on-year. The average winning bid price for onshore wind turbines (excluding towers) is 1,533 CNY/kW [7][8] - In 2024, the total public bidding capacity for wind turbines is projected to be 107.4GW, a 61% increase year-on-year, with onshore wind turbines accounting for 99.1GW of this total [7][8] Installation Data - In 2024, the total new wind power installation capacity is expected to be 79.8GW, with onshore wind contributing 75.8GW and offshore wind 4.0GW. The report forecasts new installations of 130GW from 2025 to 2027 [8][39] Investment Recommendations - The report recommends focusing on companies such as Goldwind Technology, Oriental Cable, and others that are positioned well for growth in the wind power sector [5]

Group 1 - The wind power industry has achieved preliminary results in countering internal competition, with significant stock price increases among key players such as Tongyu Heavy Industry and Chuanrun Co., Ltd. [1] - The average bidding prices for wind turbine models have rebounded in the first half of this year, alleviating pressure across the industry chain. For instance, the minimum bidding price for 5 MW units rose from 1157 RMB/kW in 2024 to approximately 1700 RMB/kW in the first half of this year [1]. - All turbine models' bidding prices in the first half of this year are now above their minimum cost prices, effectively curbing the trend of vicious low-price competition in the industry [1]. Group 2 - Major wind power stocks have seen substantial gains, with companies like China National Materials and Hangzhou Gear achieving over 100% increase in stock prices this year. China National Materials leads with a 192.84% increase [2]. - Mingyang Smart Energy reported a stabilization and recovery in bidding prices for wind turbines, with external environment improvements and better order structures contributing to a clearer path for industry and company profitability recovery [2]. - Significant net inflows of capital were observed in wind power stocks, with Tongyu Heavy Industry and Zhongtian Technology receiving 566 million RMB and 147 million RMB in net inflows, respectively [2][3].

Company Overview - Dongfang Cable Co., Ltd. is located at 1800 Zhongshan Road, Ningbo, Zhejiang Province, and was established on October 22, 1998. The company was listed on October 15, 2014. Its main business involves the research, production, sales, and services of various wires and cables [1] - The revenue composition of the company includes: 49.56% from power engineering and equipment cables, 44.14% from submarine cables and high-voltage cables, 6.22% from marine equipment and engineering operations, and 0.09% from other sources [1] Stock Performance - On September 18, Dongfang Cable's stock rose by 5.1%, reaching a price of 61.82 CNY per share, with a trading volume of 291 million CNY and a turnover rate of 0.69%. The total market capitalization is 42.515 billion CNY [1] Fund Holdings - According to data from the top ten heavy stocks of funds, Huafu Fund has one fund heavily invested in Dongfang Cable. The Huafu New Energy Stock Type Initiated A (012445) held 410,000 shares in the second quarter, accounting for 3.95% of the fund's net value, making it the second-largest heavy stock [2] - The Huafu New Energy Stock Type Initiated A (012445) was established on June 29, 2021, with a current scale of 252 million CNY. Year-to-date returns are 52.56%, ranking 357 out of 4222 in its category, while the one-year return is 72.83%, ranking 1265 out of 3804 [2]

Core Viewpoint - The submarine cable industry in China is experiencing rapid growth driven by the expansion of offshore wind power and marine energy development, supported by comprehensive government policies and technological advancements [1][6][12]. Industry Overview - Submarine cables are essential infrastructure for connecting power and communication networks across oceans, categorized into submarine communication cables and submarine power cables [2][3]. - The industry is positioned as a strategic resource for supporting the digital transformation of the marine economy and the construction of a global energy internet [6]. Policy Analysis - China's policies, including the "14th Five-Year Plan" for renewable energy, aim to promote the large-scale development of offshore wind power and marine energy, providing a robust support system for the submarine cable industry [6][10]. Industry Chain - The submarine cable industry chain in China includes upstream raw material supply, midstream cable manufacturing, and downstream installation and operation, with leading companies like Zhongtian Technology, Hengtong Optic-Electric, and Dongfang Cable dominating the market [8][12]. Market Demand - The offshore wind power market is the primary driver of submarine cable demand, with installed capacity expected to grow significantly from 9 million kW in 2020 to 41.27 million kW by 2024, reflecting a compound annual growth rate of 46.33% [10][12]. - Marine energy is also a key market, with a target of 400,000 kW installed capacity by 2030, further expanding the demand for high-end submarine cables [11][12]. Current Industry Status - The submarine cable industry in China is in a phase of technological leadership and market expansion, with a projected market size of approximately 230 billion yuan by 2024 [12]. - The industry has achieved significant technological advancements, including a complete technical system covering voltage levels from 220kV to 500kV [12]. Competitive Landscape - The industry exhibits a concentrated oligopoly structure, with the top three companies—Dongfang Cable, Zhongtian Technology, and Hengtong Optic-Electric—holding a combined market share of 87% [13][14]. - International competitors like Prysmian and Nexans dominate the high-end market, while Chinese companies are expanding into emerging markets in Southeast Asia and Africa [13][14]. Future Development Trends - The submarine cable industry is expected to undergo a transformation towards high-end, intelligent, and green technologies, with a focus on dynamic cables and AI operation systems [16]. - The market is anticipated to expand globally, with emerging scenarios such as submarine data center interconnections and marine observation networks contributing to significant growth [17]. - The industry will evolve towards a collaborative ecosystem, enhancing supply chain resilience and establishing international standards [18][19].

Core Viewpoint - The establishment of Yantai Wanhua Electric Materials Co., Ltd. marks a significant development in the new materials sector, with a focus on synthetic materials and technology promotion, backed by major stakeholders including Wanhua Chemical and Oriental Cable [1] Group 1: Company Developments - Yantai Wanhua Electric Materials Co., Ltd. has a registered capital of 110 million RMB and aims to engage in new materials technology promotion and synthetic materials manufacturing and sales [1] - Oriental Cable, a leading supplier in the submarine and land cable market, is projected to achieve a market share of 42.34% in submarine cables by 2024, with a revenue forecast of 9.093 billion RMB and a net profit of 1.008 billion RMB for the same year [1] - The company has secured orders worth approximately 19.6 billion RMB, with 11 billion RMB attributed to submarine cable business [1] Group 2: Strategic Collaborations - In April 2024, Wanhua Chemical partnered with Oriental Cable and TBEA, a leader in the power transmission and transformation industry, to innovate high-voltage cable insulation materials to meet the growing demand from the electric vehicle and offshore wind power sectors [2] - Wanhua Chemical has leveraged its integrated supply chain to produce high-voltage XLPE products, which exhibit superior cleanliness, thermal stability, and cross-linking capabilities [2] - A joint investment of around 1 billion RMB was made by Wanhua Chemical and Wanma Group to establish an integrated project for environmentally friendly cable polymer materials, targeting an annual production capacity of 600,000 tons [2] Group 3: Market Insights - The wire and cable industry is a significant sector in China's economy, with a market size of approximately 1.30176 trillion RMB in 2023, reflecting a year-on-year growth of 7%, and is expected to reach 1.35123 trillion RMB in 2024 [2] - The demand for cable materials is expected to rise significantly, driven by the increasing use of electric vehicles and offshore cables, prompting companies like Daon Co. to acquire firms like Anhui Bost New Materials to deepen their involvement in the cable materials sector [3] Group 4: Material Composition and Trends - The structure of power cables includes various components such as conductors, insulation layers, fillers, armor layers, and outer protective layers, with materials like XLPE, PVC, and rubber being critical for insulation [4] - XLPE has become the preferred choice for insulation in cables rated at 3kV and above due to its performance advantages, particularly in high-voltage applications [4] - Despite the growth in domestic production, high-end materials for high-voltage cables still rely heavily on imports, with over 80% of specialized LDPE cable materials for high-voltage applications sourced from abroad [5]

Investment Rating - The report maintains a "Buy" rating for the wind power industry, indicating a high level of optimism regarding its continued growth and profitability improvement [2]. Core Insights - The wind power industry is experiencing sustained high demand, with significant increases in installed capacity and profitability. In the first half of 2025, new wind power installations reached 51.4 GW, a year-on-year increase of 98.9% [9][22]. - The average bidding prices for onshore wind projects have started to recover, while offshore wind prices have stabilized. The average bidding price for onshore wind in Q1 and Q2 of 2025 was 1459 and 1543 CNY/kW, respectively, showing a quarter-on-quarter increase [15][22]. - The wind power sector's revenue and net profit have shown continuous growth, with total revenue of 2298.1 billion CNY in the first half of 2025, up 24.27% year-on-year, and a net profit of 126.9 billion CNY, up 15.01% year-on-year [24][30]. - Inventory and contract liabilities in the sector have reached their highest levels in five years, indicating a positive outlook for continued industry growth [30][38]. Summary by Sections Industry Overview - The wind power industry is witnessing a robust increase in installed capacity, with both onshore and offshore installations contributing significantly to growth [9][22]. - The bidding volume for wind turbines has increased, with a total of 71.9 GW of bids in the first half of 2025, reflecting strong market demand [9][22]. Financial Performance - The wind power sector's core companies achieved a revenue of 1364.4 billion CNY in Q2 2025, a 26.84% increase year-on-year and a 46.11% increase quarter-on-quarter [24][30]. - The net profit for the sector in Q2 2025 was 77.8 billion CNY, representing a year-on-year increase of 17.1% and a quarter-on-quarter increase of 57.99% [24][30]. Company Analysis - Key companies in the wind power sector, such as Dongfang Cable and Zhongtian Technology, are projected to see significant earnings growth, with EPS estimates for 2025 at 2.29 CNY and 1.04 CNY, respectively [3][22]. - The report highlights specific investment opportunities in companies benefiting from the offshore wind demand and improving profitability in the component supply chain [30][38].

Core Viewpoint - Dongfang Cable's stock price has shown a positive trend with a year-to-date increase of 12.73%, reflecting strong market interest and performance in the cable industry [1][2]. Financial Performance - For the first half of 2025, Dongfang Cable reported a revenue of 4.432 billion yuan, representing a year-on-year growth of 8.95%. However, the net profit attributable to shareholders decreased by 26.57% to 473 million yuan [2]. - Cumulative cash dividends since the company's A-share listing amount to 1.377 billion yuan, with 790 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Dongfang Cable decreased by 31.73% to 36,100, while the average number of circulating shares per person increased by 46.48% to 19,055 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 8.3221 million shares to 41.8889 million shares [3]. Market Activity - On September 17, Dongfang Cable's stock rose by 2.05%, reaching 58.73 yuan per share, with a trading volume of 314 million yuan and a turnover rate of 0.79% [1]. - The stock's market capitalization stands at 40.39 billion yuan, with significant trading activity noted in both large and special orders [1].