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]

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。 ...