Core Insights - Deep-sea resource development focuses on areas deeper than 200 meters, encompassing strategic resources such as minerals, energy, and biological resources, which are crucial for overcoming land resource limitations and ensuring national security [1][2] - The Chinese government has integrated deep-sea development into its national security strategy, designating it as a strategic emerging industry in the 2025 government work report, supported by a special fund of 50 billion yuan for marine economy [1][5] - The industry is projected to reach a scale of 3.25 trillion yuan by 2025 and exceed 5 trillion yuan by 2030, driven by significant growth in oil and gas development, mining, and biopharmaceutical sectors [1][9] Industry Overview - Deep-sea resource development involves exploration, extraction, and utilization of resources in deep-sea areas, aiming to acquire strategic resources through advanced technologies [2][3] - The sector is categorized into five main types: deep-sea mineral resources, oil and gas resources, biological resources, energy resources, and spatial resources [3] Development Drivers - National strategy and policy support are key drivers, with deep-sea development included in China's national security framework and significant funding allocated to support technological advancements [5][6] - The high dependency on foreign oil and gas, with over 70% reliance, necessitates deep-sea oil and gas development as a strategic solution to energy security [5][6] - Technological breakthroughs and domestic equipment manufacturing have positioned China to lead in deep-sea resource development, enhancing its global competitiveness [6][7] Current Industry Status - The deep-sea economy is rapidly growing, with the marine economy reaching 10.54 trillion yuan in 2024, driven by significant demand in deep-sea oil and gas and biological resource development [8][9] - The deep-sea oil and gas sector has seen substantial advancements, with the first ultra-deepwater gas field "Deep Sea No. 1" entering production, marking China's entry into the global first tier of deep-sea oil and gas development [10][11] Corporate Landscape - Major companies in the deep-sea resource development sector include China National Offshore Oil Corporation, China Shipbuilding Industry Corporation, and others, forming a comprehensive ecosystem from resource development to equipment manufacturing [13][14] - The industry is characterized by a full-chain ecosystem that integrates resource development, equipment manufacturing, technological innovation, and regional collaboration [13][14] Future Trends - The industry is expected to evolve towards technological integration and intelligence, with AI and quantum sensing driving automation and efficiency in exploration and extraction processes [15][16] - Environmental sustainability will become a core focus, with the adoption of eco-friendly technologies and the establishment of monitoring systems to minimize ecological impact [16][17] - Expansion into ultra-deepwater and polar regions will reshape the competitive landscape, necessitating international cooperation and standard-setting to address high costs and technical challenges [17][18]

Investment Rating - The report maintains a "Strong Buy" rating for the wind power sector, indicating a positive outlook for the industry [5]. Core Insights - The Ministry of Industry and Information Technology, the State Administration for Market Regulation, and the National Energy Administration jointly issued a plan to stabilize growth in the power equipment industry for 2025-2026, aiming for a 6% annual revenue growth for traditional power equipment and steady growth for new energy equipment [3][12]. - The report highlights significant growth in wind power installations, with a 79.50% year-on-year increase in new installations from January to July 2025, totaling 53.67 GW [3][27]. - The average bidding price for offshore wind turbines has shown a downward trend, with an average of 3266.17 RMB/kW in 2023 [44]. Summary by Sections 1. Industry Dynamics - The report outlines the government's focus on high-quality development in the wind power sector, emphasizing the need for innovation and international collaboration [3][12]. - Key projects include the announcement of a 3GW offshore wind power project in Qingdao [3]. 2. Market Performance - The wind power equipment sector experienced a decline of 2.04% in the week of September 8-12, 2025, underperforming compared to the broader market indices [15][18]. - The TTM price-to-earnings ratio for the wind power equipment index is reported at 35.19, with a market-to-book ratio of 1.93 [7][15]. 3. Installation Data - As of July 2025, the cumulative installed capacity of wind power reached approximately 574.87 million kW, reflecting a year-on-year growth of 22.10% [27][28]. - The report notes that land-based wind power installations accounted for 48.90 GW in the first half of 2025, a 95.52% increase year-on-year [4][27]. 4. Investment Recommendations - The report recommends companies such as Goldwind Technology and Yunda Co., which are expected to benefit from the acceleration of domestic wind power construction and overseas market expansion [8]. - It highlights the importance of large megawatt products and new technologies in enhancing profitability and competitive advantage within the industry [8].

Investment Rating - The report maintains a "Positive" investment rating for the utility industry [1] Core Insights - The first mechanism electricity price bidding results for renewable energy in Shandong have been released, indicating a significant market-oriented shift in policy [3][17] - Wind power mechanism electricity price is set at 319 CNY/MWh, which is a 20% premium over the 2024 average spot trading price, while solar power is at 225 CNY/MWh, a 33% premium [3][24] - The report emphasizes the importance of management and operational capabilities for renewable energy operators in a market-driven environment [4][30] Summary by Sections Electricity Sector - The Shandong province has become the first to implement a market-oriented mechanism for renewable energy pricing, with significant participation from over 3000 projects [18][21] - The mechanism electricity volume for wind power is 59.67 billion kWh, while for solar power it is only 12.48 billion kWh, reflecting a stronger policy support for wind energy [3][23] - The report suggests that the future of solar power installations in Shandong may see reduced investment enthusiasm due to current pricing pressures and non-technical cost reductions [4][29] Grid Sector - New pricing mechanisms for nearby consumption of green electricity have been established, which will protect grid interests and promote cost reductions for users [6][35] - The system operation costs will be charged based on the electricity delivered, allowing for potential savings in electricity costs for high-load enterprises [7][37] - The report highlights that the new pricing structure will benefit wind power and energy storage development, making them key components in the green electricity landscape [8][42] Renewable Energy Assets - The report discusses the acceleration of Real World Assets (RWA) in the distributed solar sector, with significant investments from companies like JinkoSolar and GCL-Poly [10][44] - The RWA framework is expected to enhance liquidity and value reassessment of quality distributed solar assets, benefiting original equity holders [11][47] - The collaboration between LinYuan Energy and Ant Group aims to digitize energy assets, further supporting the RWA initiative [12][48] Green Methanol - A major project for green methanol production has been announced by Goldwind, with a total investment of approximately 18.92 billion CNY, aiming to produce 600,000 tons of green methanol annually [13][49] - The report anticipates a surge in demand for green methanol as multiple projects are set to commence production in the coming years [13][49] - Key suppliers and equipment manufacturers in the green methanol sector are expected to see performance improvements as the market expands [13][49]

Investment Rating - The report maintains a "Buy" rating for companies such as Goldwind Technology, Yunda Co., and Daikin Heavy Industries, while recommending "Hold" for companies like Taisheng Wind Energy and Jinlei Co. [1][4] Core Insights - The wind power sector is experiencing accelerated construction, with significant growth in offshore wind power connections in the first half of 2025. The reform of the bidding system is expected to drive wind turbine prices upward. [4][55] - The report highlights the increasing demand for large-scale wind turbines and the application of new technologies, which are expected to enhance the development space for the entire industry. [4][55] Industry Dynamics - Zhejiang and Beijing have released proposals for market-oriented pricing reforms for renewable energy, with specific pricing set at 0.4153 CNY/kWh for existing projects. [2][12] - The wind power sector saw a significant increase in installed capacity, with 53.67 GW added in the first seven months of 2025, representing a 79.50% year-on-year growth. [27][28] - The average price for offshore wind turbines has shown a downward trend, currently at 3266.17 CNY/kW. [3][47] Stock Performance - The wind power equipment sector index increased by 3.28% in the week of September 1-5, 2025, outperforming the broader market indices. [21][22] - Key stocks such as Goldwind Technology and Yunda Co. led the gains with increases of 18.46% and 18.22%, respectively. [21][25] Macro Data and Wind Power Industry Tracking - The GDP for the first half of 2025 was reported at 66.05 trillion CNY, with a growth rate of 5.3%. [23][26] - The total electricity consumption in the first seven months of 2025 was 58633 billion kWh, reflecting a 4.5% increase year-on-year. [23][26] Investment Recommendations - The report suggests focusing on companies that are well-positioned to benefit from the accelerating offshore wind power construction and the expansion of overseas markets. [55][56] - Specific recommendations include Goldwind Technology and Yunda Co. for the main turbine segment, Daikin Heavy Industries and Taisheng Wind Energy for tower and pile segments, and Jinlei Co. and Riyue Co. for casting and forging segments. [55][56]

Company Overview - Dongfang Cable Co., Ltd. is located at 49-50F Guohua Financial Center, 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 Dongfang Cable 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] Financial Performance - As of June 30, 2025, Dongfang Cable achieved an operating income 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] - 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] Stock Performance - On September 12, Dongfang Cable's stock price increased by 2.04%, reaching 59.57 yuan per share, with a trading volume of 349 million yuan and a turnover rate of 0.87%. The total market capitalization is 40.967 billion yuan [1] - Year-to-date, Dongfang Cable's stock price has risen by 14.34%, with a 2.90% increase over the last five trading days, an 8.37% increase over the last 20 days, and a 22.57% increase over the last 60 days [1] Shareholder Information - As of June 30, 2025, the number of shareholders of Dongfang Cable is 36,100, a decrease of 31.73% from the previous period. The average number of circulating shares per person increased by 46.48% to 19,055 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third-largest, holding 41.889 million shares, an increase of 8.3221 million shares from the previous period [3]

Group 1: Solid-State Battery Industry - The solid-state battery industrialization is progressing with support from policies, material advancements, and application developments. Key companies to watch include Xiamen Tungsten, Tianqi Lithium, and others in the supply chain [2][3] - Major developments include the mass production of semi-solid batteries by Zhuhai Guanyu and the upcoming solid-state battery projects by Yiyuan Lithium Energy and others [2] Group 2: Domestic Energy Storage Systems - The domestic energy storage system bidding capacity reached 47.2 GWh in August 2025, reflecting a year-on-year increase of 2158% and a month-on-month increase of 1142%. Cumulative bidding for the year reached 144.1 GWh, up approximately 216% year-on-year [3] - The high demand for energy storage systems indicates a strong need for new power systems in China, laying a foundation for stable market development in 2026-2027. Key companies include Sungrow Power, Yiyuan Lithium Energy, and others [3] Group 3: AIDC Power Equipment Sector - AIDC power equipment companies are expected to benefit from increased capital expenditures, with Alibaba reporting a capital expenditure of 38.7 billion yuan in Q2 2025, up 220% year-on-year [3][32] - The demand for data center construction remains strong, and companies like Jinpan Technology and New Special Electric are positioned to gain from this trend [3][32] Group 4: Power Grid Equipment Sector - Power grid equipment companies are experiencing steady growth, with major firms maintaining robust performance in the first half of 2025. A surge in high-voltage bidding is anticipated in the second half of the year [4][42] - Key companies to focus on include Guodian NARI, Siyi Electric, and others, as they expand their product offerings and international presence [4][42] Group 5: Wind Power Sector - Wind power companies are seeing simultaneous increases in volume and profit, with significant growth in both onshore and offshore projects expected in the latter half of 2025 [4][59] - Companies like Goldwind Technology and Dongfang Cable are recommended for investment as they are well-positioned to benefit from this growth [4][59] Group 6: Investment Recommendations - The report suggests monitoring the recovery of the power grid equipment sector, the progress of offshore wind projects, the advancement of solid-state battery industrialization, and the global demand for energy storage installations [4]

Investment Rating - The report maintains a "Buy" rating for key companies in the electric and new energy sectors, including Ningde Times, Keda Li, and others, indicating strong growth potential and favorable market conditions [7][8]. Core Insights - The overall performance of the electric and new energy sector is under pressure, but there was a sequential improvement in profitability in Q2 2025. The sector achieved a total revenue of 16,755.54 billion yuan in H1 2025, a year-on-year increase of 3.49%, with a net profit of 861.47 billion yuan, up 16.04% year-on-year [3][12]. - The new energy vehicle sector shows a positive trend, with H1 2025 revenue reaching 6,747.57 billion yuan, a 10.67% increase year-on-year, although net profit decreased by 41.93% [4][16]. - The renewable energy generation sector faced challenges, with H1 2025 revenue of 9,646.02 billion yuan, down 1.96% year-on-year, and a net profit of 360.66 billion yuan, down 4.60% [66]. Summary by Sections Electric and New Energy Sector Overview - The sector's overall revenue in H1 2025 was 16,755.54 billion yuan, with a net profit of 861.47 billion yuan, reflecting a year-on-year increase of 3.49% and 16.04% respectively. Q2 2025 saw a revenue of 9,206.13 billion yuan, a 5.22% increase year-on-year and a 21.95% increase quarter-on-quarter [3][12][14]. New Energy Vehicle Sector - The new energy vehicle sector reported a revenue of 6,747.57 billion yuan in H1 2025, a 10.67% increase year-on-year, with a net profit of 580.45 billion yuan, down 41.93%. In Q2 2025, revenue was 3,578.87 billion yuan, up 10.20% year-on-year, and net profit was 313.93 billion yuan, up 31.44% [4][16][23]. Renewable Energy Generation Sector - The renewable energy generation sector's revenue in H1 2025 was 9,646.02 billion yuan, a decrease of 1.96% year-on-year, with a net profit of 360.66 billion yuan, down 4.60%. The average gross margin for the sector was 14.74% [66][69]. Key Companies and Financial Projections - Key companies such as Ningde Times and Keda Li are projected to have strong earnings growth, with EPS estimates for 2025E at 14.96 yuan and 6.77 yuan respectively, indicating a favorable PE ratio [7][8].

Investment Rating - The report upgrades the investment rating of Dongfang Cable to "Strong Buy" [2][8]. Core Views - The company has a backlog of nearly 20 billion yuan in orders, with accelerated progress in offshore wind projects [2][8]. - For the first half of 2025, the company reported total revenue of 4.432 billion yuan, a year-on-year increase of 8.95%, while net profit attributable to shareholders decreased by 26.57% to 473 million yuan [2][8]. - The decline in net profit is attributed to changes in product delivery structure and a significant asset disposal gain in the previous year [8]. Financial Summary - **Revenue Forecast**: Projected revenues for 2025, 2026, and 2027 are 11.091 billion yuan, 13.210 billion yuan, and 15.527 billion yuan, respectively, with year-on-year growth rates of 22.0%, 19.1%, and 17.5% [4][9]. - **Net Profit Forecast**: Expected net profits for the same years are 1.576 billion yuan, 2.019 billion yuan, and 2.509 billion yuan, with growth rates of 56.3%, 28.1%, and 24.3% [4][9]. - **Earnings Per Share (EPS)**: Forecasted EPS for 2025, 2026, and 2027 are 2.29 yuan, 2.94 yuan, and 3.65 yuan, respectively [4][9]. - **Valuation Metrics**: The company is expected to trade at price-to-earnings (P/E) ratios of 25, 20, and 16 for the years 2025, 2026, and 2027 [4][9]. Business Performance - The company achieved significant revenue growth in its power engineering and equipment cables segment, with a 24.85% year-on-year increase, contributing 49.60% to total revenue [8]. - The underwater cables and high-voltage cables segment also saw an 8.32% increase, accounting for 44.18% of total revenue [8]. - The marine equipment and engineering operations segment experienced a decline of 44.61%, primarily due to reduced high-value marine equipment revenue [8]. Order Backlog and Market Outlook - As of August 12, 2025, the company has an order backlog of approximately 19.6 billion yuan, with significant contributions from various projects, including power engineering and offshore wind projects [8]. - The report anticipates that the delivery of offshore wind projects will significantly increase starting in 2025, supported by the company's strategic partnerships and market expansion efforts [8].

Group 1 - The stock price of Dongfang Cable has increased for four consecutive days, with a total gain of 7.31% during this period, currently trading at 58.00 CNY per share and a market capitalization of 39.887 billion CNY [1] - Dongfang Cable, established on October 22, 1998, specializes in the research, production, and sales of various types of cables, with its main revenue sources being power engineering and equipment cables (49.56%), submarine and high-voltage cables (44.14%), and marine equipment and engineering operations (6.22%) [1] Group 2 - Xinhua Fund has a significant holding in Dongfang Cable, with its Xinhua Xin Dongli Flexible Allocation Mixed A Fund reducing its stake by 732,300 shares in the second quarter, now holding 610,500 shares, which represents 3.9% of the fund's net value [2] - The Xinhua Xin Dongli Flexible Allocation Mixed A Fund has achieved a year-to-date return of 17.79% and a one-year return of 38.15%, ranking 4177 out of 8248 and 3721 out of 8051 respectively [2] Group 3 - The fund manager of Xinhua Xin Dongli Flexible Allocation Mixed A includes Cai Chunhong, Yu Jiaying, and Cui Guxin, with Cai having a tenure of over 10 years and the best fund return of 56.05% during his management [3] - The total asset size of Xinhua Xin Dongli Flexible Allocation Mixed A Fund is currently 11.77 billion CNY, with a total fund size of 4.94 billion CNY [3]

证券代码：603606 证券简称：东方电缆 公告编号：2025-036 宁波东方电缆股份有限公司 第七届董事会第1次会议决议公告 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。 一、董事会会议召开情况 宁波东方电缆股份有限公司（以下简称"公司"）第七届董事会 第1次会议于2025年9月5日在公司会议室以现场会议的方式召开，会 议由夏崇耀先生主持。本次董事会应参加表决的董事9人，实际参与 表决董事9人。本次董事会会议的召开符合《公司法》与《公司章程》 的规定。公司高级管理人员列席了会议，本次会议审议通过五项议案。 二、董事会会议审议情况 （一）审议通过了公司《关于选举公司第七届董事会董事长、副 董事长的议案》 表决结果：同意9票，反对0票，弃权0票。 选举夏崇耀先生为公司第七届董事会董事长，选举夏峰先生为公 司第七届董事会副董事长，任期三年。 （二）审议通过了公司《关于选举公司第七届董事会专门委员会 成员的议案》 （4）薪酬与考核委员会 主任委员：徐立华 表决结果：同意9票，反对0票，弃权0票。 公司第七届董事会专门委员会组成 ...