TF Securities(SH:601162) Mei Ri Jing Ji Xin Wen·2025-05-14 01:15Group 1 - The national electricity market is accelerating, with significant benefits expected for equipment manufacturers in the ultra-high voltage sector [1] - It is anticipated that 5-6 ultra-high voltage direct current lines, 3-4 ultra-high voltage alternating current lines, and 5-6 back-to-back projects will be approved within the year [1] - During the 14th Five-Year Plan period, an average of 6-7 ultra-high voltage projects is expected to commence annually, leading to a substantial increase in orders for core equipment manufacturers [1] Group 2 - The report emphasizes the importance of focusing on investment opportunities in "AI + overseas expansion + satellites" in the medium to long term [2] - Key areas of interest include AI core directions such as optical modules and devices, as well as liquid cooling technologies [2] - The domestic recovery of the marine cable industry and favorable overseas expansion opportunities are highlighted, with a recommendation to actively monitor leading marine cable manufacturers [2] Group 3 - The white liquor industry is expected to show signs of improvement in performance starting from the third quarter of 2025, following a narrowing decline in sales during the recent Spring Festival [3] - Major white liquor companies are enhancing shareholder returns through increased dividends, buybacks, and shareholdings, which adds to investment safety margins [3] - Anticipated consumer stimulus policies and macroeconomic recovery are expected to support continued investment in leading liquor brands [3]