东海证券：晨会纪要-20250122

Group 1: Key Insights on Photovoltaic and Wind Power Sectors - The production of photovoltaic silicon wafers is expected to increase, with the integrated companies maintaining high operating rates due to attractive profit levels [6][7]. - The photovoltaic equipment sector saw a 5.9% increase, outperforming the CSI 300 index by 3.76 percentage points during the week of January 13-17, 2025 [6]. - The wind power sector is experiencing growth in bidding for land-based wind power projects, with a total of approximately 165.88 GW of land-based wind power and 12.05 GW of offshore wind power expected in 2024 [9][11]. Group 2: Market Performance and Economic Indicators - The overall market performance indicates a recovery, with the Shanghai Composite Index closing at 3244 points, reflecting a slight increase of 0.08% [26][31]. - The nominal GDP growth rate for Q4 2024 was reported at 7.43%, indicating a significant recovery in economic activity [16]. - The trade surplus for 2024 reached a record high of $992.155 billion, driven by robust export growth [17]. Group 3: Recommendations for Specific Companies - Focus on Fulete, a leading photovoltaic glass manufacturer, which benefits from scale advantages and improved cash flow, positioning it well for industry consolidation [8]. - Attention is drawn to Dajin Heavy Industry, a leader in marine engineering equipment, which is expanding its global market share through new investments [12]. - Orient Cable, a leading company in submarine cables, is expected to strengthen its market position with new project investments [12].