Core Viewpoint - The Zhejiang Provincial People's Congress has passed the "Regulations on Promoting High-Quality Development of Marine Economy," which emphasizes the expansion of offshore wind power into deep waters and the development of various clean energy sources, including nuclear and tidal energy [1] Group 1: Offshore Wind Power Development - The current global offshore wind power costs are now economically viable alternatives to traditional fossil fuels, with a favorable carbon emission profile throughout its lifecycle [1] - Offshore wind power projects are advantageous due to their distance from residential areas, minimizing noise and visual pollution, and the absence of road construction limitations [1] - The ability to select optimal wind conditions and higher capacity factor sites enhances the reliability and efficiency of offshore wind power [1] Group 2: Industry Recommendations - The transition from nearshore to deep offshore wind power is underway, with provinces actively promoting demonstration projects to build experience for future large-scale developments [2] - Companies in the submarine cable segment, such as Dongfang Cable, Zhongtian Technology, and Hengtong Optic-Electric, are recommended for investment [2] - In the offshore wind foundation and marine engineering sector, companies like Dajin Heavy Industry, Haili Wind Power, and Tian Shun Wind Energy are highlighted as potential beneficiaries [2] - For turbine manufacturers with sufficient orders, companies like Goldwind Technology, Yunda Co., and Sany Renewable Energy are suggested for attention [2]

Core Viewpoint - Dongfang Cable's stock price has shown fluctuations, with a recent decline of 2.01%, while the company has experienced an overall increase of 18.85% in stock price this year [1] Group 1: Stock Performance - As of December 24, Dongfang Cable's stock price is reported at 61.92 CNY per share, with a market capitalization of 42.583 billion CNY [1] - The stock has increased by 1.89% over the last five trading days, 8.71% over the last twenty days, and 3.48% over the last sixty days [1] Group 2: Financial Performance - For the period from January to September 2025, Dongfang Cable achieved a revenue of 7.498 billion CNY, reflecting a year-on-year growth of 11.93%, while the net profit attributable to shareholders decreased by 1.95% to 914 million CNY [2] - The company has distributed a total of 1.377 billion CNY in dividends since its A-share listing, with 790 million CNY distributed over the last three years [3] Group 3: Shareholder Information - As of November 10, the number of shareholders for Dongfang Cable stands at 28,800, with an average of 23,884 circulating shares per person [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 22.4202 million shares, a decrease of 19.4687 million shares from the previous period [3]

机构持仓方面，截止2025年9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2242.02万股，相比上期减少1946.87万股。广发高端制造股票A（004997）位居第六大流 通股东，持股769.95万股，相比上期减少18.57万股。南方中证500ETF（510500）位居第七大流通股 东，持股604.45万股，相比上期减少11.18万股。 东方电缆今年以来股价涨22.36%，近5个交易日涨5.32%，近20日涨10.49%，近60日涨5.55%。 责任编辑：小浪快报 12月23日，东方电缆盘中上涨2.00%，截至13:30，报63.75元/股，成交3.81亿元，换手率0.89%，总市值 438.42亿元。 截至11月10日，东方电缆股东户数2.88万，较上期增加0.00%；人均流通股23884股，较上期增加 0.00%。2025年1月-9月，东方电缆实现营业收入74.98亿元，同比增长11.93%；归母净利润9.14亿元，同 比减少1.95%。 资金流向方面，主力资金净流入2031.43万元，特大单买入1235.48万元，占比3.25%，卖出3055.59万 元，占比8.0 ...

Group 1 - The core viewpoint emphasizes the need for non-electric utilization to address the consumption issues of renewable energy, with recent policies highlighting this approach [1][27] - The National Energy Administration has proposed expanding the utilization pathways for renewable energy, including incorporating green methanol into the renewable energy non-electric consumption assessment system [1][27] - The investment in power generation has significantly outpaced that in the grid during the early stages of the 14th Five-Year Plan, but grid investment is expected to accelerate in the later stages to improve renewable energy consumption [1][26] Group 2 - Wind turbine manufacturers are transitioning their business models from asset turnover to full-chain operations, with companies like Goldwind and Envision investing in wind-to-hydrogen and methanol projects [2] - The long-term trend of carbon reduction is confirmed despite delays in the implementation of the IMO net-zero framework, with rising carbon prices expected to enhance the comparative advantage of wind-to-green methanol production [2][36] - The demand for offshore wind energy in Europe is anticipated to increase, with supply constraints in cables and infrastructure favoring Chinese manufacturers [3] Group 3 - The wind power industry is experiencing significant growth, with cumulative installed capacity reaching 590 million kW by October 2025, a year-on-year increase of 21.4% [5] - The average single-unit capacity of newly installed wind turbines has increased to 6046 kW, reflecting a slowdown in the pursuit of larger turbine sizes [13] - The financial performance of wind power equipment companies has generally improved, with 37 out of 42 selected companies reporting revenue growth year-on-year [16] Group 4 - The investment in non-electric utilization is expected to drive value reconstruction for manufacturers, with a focus on green hydrogen and methanol production [4][29] - Major projects in green hydrogen and methanol production are being developed, such as Goldwind's 500,000-ton green methanol project in Inner Mongolia [29] - The overall cash flow from operating activities for wind power equipment has shown significant improvement, indicating a positive trend in financial health [20]

近期，东方电缆披露公告称，公司拟与关联方宁波东方南苑置业有限公司签订《浙江省商品房买卖合 同》，购买其拥有32套住宅，建筑面积共4200.35平方米，交易金额为7329.905万元（含税价）。 北京商报讯（记者 马换换 王蔓蕾）12月22日晚间，上交所官网显示，向东方电缆（603606）下发了监 管工作函，处理事由系关于公司拟购买房产暨关联交易事项，涉及对象为上市公司。 东方电缆表示，本次拟购买的标的房产将作为公司的人才公寓自用，保障公司员工的居住需求。 ...

Group 1 - The core point of the article is that Ningbo Dongfang Cable Co., Ltd. received a regulatory work letter regarding its proposed real estate purchase and related party transactions on December 22, 2025 [1][2]. Group 2 - The regulatory work letter is classified as a "regulatory work letter" and pertains specifically to the listed company itself [1]. - The date of processing and the date of receipt of the regulatory work letter are both December 22, 2025 [1]. - The company has not disclosed further details regarding the content of the regulatory work letter or subsequent response measures as of the announcement date [2].

Core Viewpoint - Dongfang Cable has secured new contracts totaling approximately 3.125 billion yuan, significantly enhancing its order backlog and ensuring stable operations for the company [1][2]. Group 1: New Contracts and Order Backlog - Dongfang Cable and its subsidiary, Ningbo Haicable Research Institute, have received multiple bid notifications, with a total contract value of about 3.125 billion yuan [1][2]. - As of October 23, 2025, the company's order backlog stands at approximately 19.551 billion yuan, which, when combined with the new contracts, totals nearly 22.676 billion yuan, more than double the projected revenue for 2024 [1][5]. - The new contracts represent 34.37% of the company's audited revenue for 2024 [4]. Group 2: Business Segments and Market Position - The new contracts are categorized into three main areas: green transmission facilities, power renewable energy, and deep-sea technology [3][4]. - In green transmission facilities, Dongfang Cable won contracts totaling approximately 0.955 billion yuan [3]. - In the renewable energy sector, the company secured contracts worth about 2.062 billion yuan, including a significant project valued at 1.9 billion yuan for high-voltage submarine cables [3][4]. Group 3: Financial Performance and Stability - Dongfang Cable's profitability has remained stable, with net profits around 1 billion yuan annually from 2021 to 2024 [1][9]. - The company reported a revenue of 9.093 billion yuan in 2024, reflecting a year-on-year growth of 24.38%, and a net profit of 1.008 billion yuan, a slight increase of 0.81% [8]. - As of September 2025, the company's debt-to-asset ratio was 45.13%, and it achieved a net operating cash flow of 0.323 billion yuan, marking a continuous increase [9]. Group 4: Research and Development - Dongfang Cable has transitioned from a single product manufacturer to a comprehensive solution provider, enhancing its competitiveness [6]. - The company has consistently invested in R&D, with expenditures exceeding 200 million yuan annually from 2021 to 2023, and reaching 308 million yuan in 2024 [9].

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the developments in the **China AI industry**, particularly in the context of mobile applications and AI video generation technologies. Key Themes and Developments 1. **Advancements in AI Models**: - Significant breakthroughs in frontier AI models and agentic capabilities have been noted, with performance gaps between US and Chinese AI models narrowing to 3-6 months. Notable releases include OpenAI's GPT-5.2 and Xiaomi's MiMo-V2-Flash model, which ranks among the top open-source models globally [1][8][10]. 2. **Emergence of AI Mobile Assistants**: - The launch of Bytedance's Doubao Phone Assistant marks a potential new era for AI mobile assistants, which could significantly impact app user traffic in the long term. Other companies like Xiaomi and Z.ai are also developing similar technologies [1][7][10]. 3. **Surge in AI Inference Demand**: - AI inference demand is experiencing hypergrowth, with Bytedance's Doubao Large Model exceeding 50 trillion daily tokens in December 2025, up from 30 trillion in October. This growth is driven by both consumer (To-C) and business (To-B) demands [1][10][11]. 4. **Global Market Penetration of Chinese Multi-Modal Models**: - Chinese multi-modal AI models are making inroads into global markets, with companies like Alibaba and Tencent launching new models that emphasize cost-effectiveness, open-source capabilities, and speed [1][10][11]. 5. **Chip Supply Dynamics**: - The evolving dynamics of domestic and foreign chip supply are highlighted, particularly regarding Nvidia's H200 chips. Chinese hyperscalers are expected to ramp up domestic chip supply, reducing reliance on foreign sources [1][10][11]. Company-Specific Insights - **Alibaba**: - Continues to offer unique full-stack AI solutions across various layers, with expected EPS recovery next year. The company is positioned as a key beneficiary in the AI sector, particularly in cloud and data centers [1][10][11]. - **Tencent**: - Exhibits steady EPS growth and is identified as a significant player in AI applications. The company is also expected to benefit from the ongoing AI advancements [1][10][11]. - **Bytedance**: - Dominates the AI To-C chatbot market and is noted for its high daily token consumption. The company is also expanding its AI functionalities across various verticals [1][10][11]. Market Projections - The global AI video generation model Total Addressable Market (TAM) is projected to grow from **US$1 billion in 2025** to **US$39 billion by 2033**, reflecting a **56% CAGR** over eight years. The professional segment is expected to account for **64% of the total TAM** in 2025 [2][6][23]. Additional Observations - **Engagement Trends**: - The overall time spent on the top 400 mobile apps increased by **5% year-over-year** in November 2025, with notable growth in AI engagement and eCommerce sectors [1][11][16]. - **Regulatory Challenges**: - Cross-border eCommerce faces increasing regulatory pressures, particularly with the EU's new customs duties on low-value parcels set to take effect in July 2026 [1][15]. - **Investment Recommendations**: - The report recommends focusing on cloud/data centers as the top preferred sub-sector, with key investment ideas including Alibaba, GDS, and VNET, followed by Tencent and NetEase in gaming, and Kuaishou in eCommerce [1][10][11]. This summary encapsulates the critical insights and projections discussed during the conference call, providing a comprehensive overview of the current landscape and future outlook for the China AI industry.

Summary of Ningbo Orient Wires & Cables Conference Call Company Overview - **Company**: Ningbo Orient Wires & Cables (603606.SS) - **Recent Development**: Secured new cable orders worth Rmb3.125 billion Key Points New Orders Secured - Total new cable orders amount to Rmb3,125 million, representing 34.4% of NBO's projected 2024 revenue and adding 16.0% to its order backlog of Rmb19,551 million as of October 23, 2025 [2][1] - Breakdown of new orders: - Rmb1.9 billion from extra-high voltage subsea cable contracts for power interconnection projects in Asia - Rmb108 million from marine engineering, offshore O&M, and umbilical cable contracts - Rmb162 million from high-voltage land cables - Rmb955 million from low-to-mid-voltage land cable orders from State Grid, China Southern Power Grid, and railway projects [2][1] Earnings Growth Expectations - Anticipated earnings growth for NBO to accelerate in Q4 2025 and 2026, with a projected net profit of Rmb914 million for the first nine months of 2025, a decline of 1.9% year-over-year [1] - Growth driven by the delivery of subsea cable orders secured since Q4 2024, including significant projects like the 500kV AC cables for Fanshi 1 and ±500kV HVDC cables for Qingzhou 5 & 7 [1] Market Opportunities - The European offshore wind market presents new opportunities, particularly following Poland's recent offshore wind auction, which awarded contracts for projects totaling 3.4GW capacity [3][7] - NBO has previously secured subsea cable orders from the 1.5GW Baltica 2 offshore wind farm in Poland, indicating a strong position in the European market [7] Valuation and Investment Recommendation - Target price for NBO shares set at Rmb81.00, indicating a potential upside of 36.8% from the current price of Rmb59.22 [5][8] - Expected total return of 37.9%, including a dividend yield of 1.1% [5] Risks - Key risks include: - Lower-than-expected demand for submarine cables due to reduced offshore wind installations in China - Margin pressures from increased competition among cable manufacturers - Potential international trade restrictions affecting export sales [9] Financial Projections - Earnings summary for NBO: - 2023A: Net Profit Rmb1,000 million, EPS Rmb1.454, P/E 40.7 - 2024A: Net Profit Rmb1,008 million, EPS Rmb1.466, P/E 40.4 - 2025E: Net Profit Rmb1,422 million, EPS Rmb2.068, P/E 28.6 - 2026E: Net Profit Rmb1,883 million, EPS Rmb2.738, P/E 21.6 - 2027E: Net Profit Rmb2,265 million, EPS Rmb3.293, P/E 18.0 [3] Conclusion - NBO is positioned for growth with a strong order backlog and favorable market conditions, particularly in offshore wind projects. However, investors should remain cautious of potential risks that could impact demand and margins. The investment recommendation remains a Buy based on the company's growth prospects and valuation metrics.

证券研究报告 | 2025年12月21日 东方电缆（603606.SH） 突破亚洲国际海底电缆大单，构筑全球产业竞争力 公司研究·公司快评 电力设备·电网设备 投资评级：优于大市（维持） 证券分析师： 王蔚祺 010-88005313 wangweiqi2@guosen.com.cn 执证编码：S0980520080003 证券分析师： 王晓声 010-88005231 wangxiaosheng@guosen.com.cn 执证编码：S0980523050002 事项： 公司公告：公司及全资子公司东方海工院近期中标多个项目，包括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 19 亿元，海上风电项目的工程施工、运维抢修以及脐带缆等项目 1.08 亿元等，中 标金额合计约 31.25 亿元，占公司 2024 年营业收入的 34.37%。 国信电新观点：1）公司坚持"海陆并进"，统筹推进国际、国内两大市场，重大项目的中标将为公司"十 五五"业绩增长提供夯实的基础。2）项目带来的技术沉淀与市场拓展效应，将进一步助力构建国内外市 场协同发展的良好格局，进一步提升公司的核心竞争力、市场影响力和品牌影响 ...