Core Insights - The report emphasizes a high growth period for the wind power industry, driven by structural inflation and dual coastal dynamics, leading to a profit reversal [1] - The investment strategy is rated as "Buy" for the wind power sector, reflecting confidence in future growth [2] Group 1: Global Demand and Market Dynamics - The "136 Document" promotes the full market entry of renewable energy, with a significant shift in capital expenditure from solar to wind power among major state-owned enterprises [15][16] - Domestic wind power installations are expected to grow, with onshore wind capacity projected to increase from 100 GW to 105 GW and offshore wind from 9 GW to 15 GW between 2025 and 2027, reflecting a compound annual growth rate (CAGR) of approximately 29.1% for offshore wind [17][18] Group 2: Profitability and Market Trends - The report indicates that the domestic wind power sector is entering a profitability upturn due to the effectiveness of anti-involution policies, with high-price orders securing profits for the next two years [19] - The transition from large-scale competition to a diversified value chain is highlighted, with a focus on cost reduction and risk mitigation as large-scale projects slow down [36] Group 3: Investment Recommendations - The report suggests focusing on companies with high overseas customer ratios and active offshore deployment, such as Goldwind Technology, Mingyang Smart Energy, and SANY Heavy Energy [5] - For foundational components, companies like Dajin Heavy Industry and Hailey Wind Power are recommended, while for subsea cables, firms with strong port capabilities like Dongfang Cable and Zhongtian Technology are highlighted [5] Group 4: Regional and International Developments - The report notes that European offshore wind capacity is expected to grow significantly, with a projected CAGR of 54.3% from 2025 to 2027, driven by strong policy support and market demand [36] - In Asia, countries like Vietnam and the Philippines are setting ambitious offshore wind targets, with Vietnam aiming for 6 GW by 2030 and the Philippines targeting 40 GW by 2050 [44]

从基金十大重仓股角度 数据显示，华富基金旗下1只基金重仓东方电缆。华富新能源股票型发起式A（012445）三季度增持51 万股，持有股数92万股，占基金净值比例为4.3%，位居第四大重仓股。根据测算，今日浮亏损失约 58.88万元。 12月31日，东方电缆跌1.04%，截至发稿，报60.83元/股，成交2772.50万元，换手率0.07%，总市值 418.34亿元。 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%。 截至发稿，沈成累计任职时间4年4天，现任基金资产总规模51.95亿元，任职期间最佳基金回报 63.09%， 任职期间最差基金回报7.72%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只 ...

12月30日，东方电缆跌1.06%，截至发稿，报61.39元/股，成交295.74万元，换手率0.01%，总市值 422.19亿元。 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%。 责任编辑：小浪快报 兴银碳中和主题混合A（014838）成立日期2022年2月23日，最新规模1837.6万。今年以来收益 46.88%，同类排名1392/8087；近一年收益45.14%，同类排名1321/8085；成立以来收益29.78%。 兴银碳中和主题混合A（014838）基金经理为罗怡达。 截至发稿，罗怡达累计任职时间1年327天，现任基金资产总规模20.86亿元，任职期间最佳基金回报 66.82%， 任职期间最差基金回报0.43%。 从基金十大重仓股角度 数据显示，兴银基金旗下1只基金重仓东方电缆。兴银碳中和主题混 ...

Core Viewpoint - Dongfang Cable has won significant contracts for the Asian energy interconnection submarine cable project, which is expected to enhance its performance in Southeast Asia [1] Group 1: Contract Wins - The company secured a total of 9.55 billion yuan in green transmission facility orders from State Grid and Southern Grid [1] - It also won 1.35 billion yuan for high-voltage land cables, 270 million yuan for offshore wind supporting cables, and a total of 1.9 billion yuan for the Asian regional marine energy interconnection project, which includes ultra-high voltage submarine cables and EPCI construction [1] Group 2: Profit Contribution - The Asian marine energy interconnection project is anticipated to contribute over 500 million yuan in profit, based on conservative estimates of a 45% gross margin and a 30% net margin [1] Group 3: Industry Trends - The demand for electricity interconnection among Southeast Asian countries is gradually increasing, highlighted by the memorandum of understanding signed between Indonesia and Singapore in 2025 to develop a solar manufacturing supply chain and transmit electricity via submarine cables [1] - It is expected that leading submarine cable companies will experience stronger performance elasticity during the 14th Five-Year Plan period [1]

Core Viewpoint - Dongwu Securities has given a "buy" rating to Dongfang Cable (603606.SH) based on recent project wins and expected profit contributions from upcoming projects [1]. Group 1: Company Developments - Dongfang Cable announced winning bids for green transmission facility orders totaling 955 million yuan from State Grid and Southern Power Grid [1]. - The company secured additional orders for high-voltage land cables worth 135 million yuan, offshore wind supporting cables worth 27 million yuan, and a total package of 1.9 billion yuan for ultra-high voltage submarine cables and construction in the Asia region [1]. Group 2: Industry Outlook - The Asian power interconnection orders are starting to ramp up, with expectations of performance elasticity for leading submarine cable companies [1]. - The upcoming Asian marine energy interconnection project is anticipated to contribute over 500 million yuan in profit, based on conservative estimates of a 45% gross margin and a 30% net margin [1]. - Southeast Asian countries are gradually increasing their demand for power interconnection, with Indonesia and Singapore planning to develop a solar manufacturing supply chain and implement submarine cable transmission by 2025 [1].

Overview - The report maintains a "stronger than market" rating for the renewable energy sector, highlighting that the demand for offshore wind power in China and Europe is increasing, leading to a rise in foundation demand and profit recovery for wind turbines. The "anti-involution" policy is expected to continue driving the photovoltaic sector, particularly with the expansion of perovskite technology. Overall, while short-term installation demand for renewable energy globally may be weak, there are structural opportunities in the market [1]. Key Points Supporting the Rating - The "anti-involution" trend is stabilizing wind turbine prices, enhancing profitability for manufacturers. China's offshore wind projects are becoming economically viable, contributing significantly to installed capacity. The demand for offshore wind in Europe and emerging markets is also on the rise [3]. - In the photovoltaic sector, the "anti-involution" policy remains the main theme, with a focus on the potential for capacity exits in battery and module production, as well as the industrialization potential of perovskite technology. Investment should prioritize growth-oriented new technology directions and the main industry chain benefiting from the "anti-involution" trend [3]. Investment Recommendations - For wind power, the report suggests prioritizing investments in the turbine segment, which is expected to recover profitability, and in the foundation segment that is progressing quickly in Europe. The offshore wind market is projected to grow significantly, with a focus on deep-sea projects [3]. - In the photovoltaic sector, the report emphasizes the importance of monitoring the "anti-involution" policy's impact on the industry, particularly regarding the exit of inefficient capacity and the enhancement of efficiency in battery and module production [3]. Long-term Outlook for Renewable Energy Demand - The report indicates that China's renewable energy demand is expected to remain robust in the long term, with an average annual installation capacity of over 400GW projected from 2025 to 2035. This is driven by the country's energy security needs and the ongoing transition to a low-carbon economy [13][16]. - The "136 Document" is noted for guiding the development of renewable energy projects towards market-oriented pricing, which is expected to stabilize project returns and promote high-quality development in the sector [31]. Photovoltaic Sector Insights - The report anticipates a moderate decline in photovoltaic installations in 2026 due to a phase of pre-installation in 2025, with projected installations of 290GW in 2025 and 180GW in 2026, reflecting a year-on-year decrease of 38% [33]. - The report highlights that the European photovoltaic market is facing growth challenges, with a forecasted installation of 64.2GW in 2025, indicating a slight decline. The U.S. market is also expected to experience pressure on growth due to policy adjustments [34][37]. Perovskite Technology Potential - Perovskite technology is identified as a key area for enhancing competitiveness in the photovoltaic manufacturing sector, with expectations for significant breakthroughs in industrialization by leading manufacturers in 2026 [33][44].

Core Insights - A-share listed companies are increasingly securing large orders both domestically and internationally, indicating a shift from "product output" to "technology and standard output" in various industries [1][4] - The recognition of "Chinese solutions" by overseas clients is growing, reflecting the competitive strength of related industries in green infrastructure and high-end manufacturing [1] Group 1: Major Contracts and Orders - Baosheng Technology recently won a significant contract worth approximately 1.2 billion yuan (around 12 billion) for a power cable project from Singapore Power, marking its largest overseas order to date [2] - Nanjing Wandesi Environmental Technology announced a contract for the Wuhu Tianmenshan Wastewater Treatment Plant expansion project, valued at about 380 million yuan, which is expected to positively impact the company's business and revenue growth [1] - Ningbo Oriental Cable reported a total of 3.125 billion yuan in contracts related to green transmission and deep-sea technology, accounting for 34.37% of its audited revenue for 2024 [2] Group 2: Industry Trends and Insights - Multiple A-share companies are securing large orders across various sectors, indicating strong capabilities in technology research, product quality, and service levels [3] - The competitive advantage of Chinese infrastructure in undertaking overseas projects is attributed to the development of internationally competitive construction teams and mature supply chains [3] - The dual strategy of "stabilizing the domestic base and expanding overseas" is enhancing long-term development advantages for companies and contributing to the high-end and globalized nature of national industrial chains [4]

证券日报网讯12月25日，东方电缆（603606）在互动平台回答投资者提问时表示，2025年第三季度报告 披露的公司普通股股东总数为28793户。 ...

（文章来源：证券日报） 证券日报网讯 12月25日，东方电缆在互动平台回答投资者提问时表示，公司于2025年12月20日披露了 《关于近期中标相关项目的提示性公告》，公告编号：2025-047，该项目为亚洲区域海洋能源互联超高 压海缆及施工敷设EPCI总包项目，金额约19亿元，后续信息请关注相关公告及定期报告。 ...

Group 1 - The core viewpoint of the news is that Dongfang Cable has shown a positive stock performance with a year-to-date increase of 20.92% and a recent uptick of 5.74% over the last five trading days [1] - As of November 10, 2025, Dongfang Cable reported a revenue of 7.498 billion yuan for the first nine months, reflecting a year-on-year growth of 11.93%, while the net profit attributable to shareholders decreased by 1.95% to 914 million yuan [2] - The company has distributed a total of 1.377 billion yuan in dividends since its A-share listing, with 790 million yuan distributed over the past three years [3] Group 2 - Dongfang Cable's main business segments include power engineering and equipment cables (49.56%), submarine cables and high-voltage cables (44.14%), and marine equipment and engineering operations (6.22%) [1] - The company is classified under the Shenwan industry category of power equipment, specifically in cable components and other related areas, and is involved in various concept sectors such as marine engineering, offshore wind power, and financing [1] - As of September 30, 2025, the number of shareholders for Dongfang Cable was 28,800, with an average of 23,884 circulating shares per person, indicating no change from the previous period [2]