Investment Rating - The report maintains a "Recommended" investment rating for the wind power industry, indicating an expectation of growth exceeding the benchmark index by more than 5% in the next 3-6 months [3][45]. Core Insights - The report highlights significant developments in the wind power sector, including the commencement of major projects such as the Yangjiang Qingzhou Seven (1000MW) and the opening of bidding for the Yangjiang Sanshan Island flexible direct current project [2][28]. - It emphasizes the robust pipeline of offshore wind projects, with a total of 68GW in various stages of development, including competitive allocation, approval, and construction [28]. - The report identifies three key investment themes: high reserve of domestic offshore wind projects, increased bidding activity for onshore wind in 2024, and regional growth in overseas installations [29][31]. Summary by Sections Wind Turbine Data - During the week, 1.1GW of onshore wind turbines were bid, with a total of 22.5GW bid so far in 2025, split between 2.6GW offshore and 20GW onshore [10][13]. Submarine Cable Data - The report notes that Zhongtian and Dongcable are expected to win the bidding for the Yangjiang Sanshan Island flexible direct current submarine cable project, with a total capacity of 2GW [16][22]. Offshore Wind Progress - The Yangjiang Qingzhou Seven project has commenced construction, with significant ongoing projects across various provinces, particularly in Guangdong, Shandong, and Fujian [28][30]. Investment Recommendations - The report suggests focusing on companies involved in offshore wind projects, cable manufacturing, and components, including Mingyang Smart Energy, Oriental Cable, and Zhongtian Technology [29][31].

Investment Rating - The industry rating is "Recommended" [5] Core Insights - The new energy vehicle industry is experiencing rapid growth, with significant increases in delivery and sales figures for various brands in March, including notable growth rates exceeding 20% for companies like BYD, NIO, and Li Auto. The overall market is expected to continue expanding due to factors such as improved supply, vehicle replacement policies, and the transition to smart electric vehicles [1][13][14] - The solar energy sector is poised for growth, driven by inventory and capacity reductions, with a focus on the structural opportunities in key materials and components. The report highlights the potential for price stabilization and recovery in the solar supply chain, particularly for silicon materials and innovative technologies like perovskite solar cells [26][27][28] - The offshore wind power sector is expected to see increased activity, with several key projects progressing in Guangdong and Shandong provinces. The report suggests that the domestic offshore wind market will benefit from ongoing project developments and rising demand for components like submarine cables and foundation piles [3][24][48] Summary by Sections 1. New Energy Vehicles - March saw strong performance in new energy vehicle deliveries, with brands like Xpeng and Li Auto showing significant year-on-year growth. The overall market is expected to benefit from favorable policies and technological advancements [1][13][14] - The lithium battery supply chain is anticipated to expand due to rising demand from energy storage and consumer electronics, with a focus on price stabilization and potential recovery in profitability for key players [14][17][19] 2. New Energy - The report notes short-term disruptions in silicon wafer production due to natural disasters, which may lead to price increases. However, long-term prospects remain positive for leading companies with strong technological and supply chain capabilities [2][22] - The solar energy market is expected to benefit from inventory and capacity adjustments, with a focus on the growth of perovskite technology and the potential for price recovery in silicon materials [26][27][28] 3. Wind Power - The offshore wind sector is highlighted as a key area for growth, with significant projects underway in Guangdong and Shandong. The report emphasizes the importance of domestic and international demand for components and the potential for increased profitability in the supply chain [3][24][48] - The report also discusses the expected recovery in onshore wind power pricing and the potential for domestic manufacturers to expand into international markets, driven by competitive advantages in technology and cost [52][54]

Core Viewpoint - The article highlights the upcoming 13th Energy Storage International Summit and Exhibition (ESIE 2025) scheduled for April 10-12, 2025, at the Capital International Exhibition Center, showcasing advancements in energy storage technology and solutions [2]. Group 1: Company Overview - BYD has been involved in energy storage since 2008, focusing on the research, development, and application of energy storage systems and equipment, forming a complete industrial chain that includes product development, manufacturing, sales, service, and recycling [3]. - BYD's energy storage products cater to various applications, including power-side storage, grid-side storage, commercial and industrial storage, and residential storage, with solutions provided to hundreds of energy storage projects globally [3]. - The company emphasizes providing safe, stable, convenient, and cost-effective energy storage products and green energy solutions, contributing to the global low-carbon energy transition [3]. Group 2: Product Offerings - BYD offers a comprehensive range of energy storage solutions, including the MC Cube-T Pro ESS, MC Cube-T ESS, Chess Plus, MC-I, and BatteryBox series, designed to meet diverse energy storage needs from power generation to end-user applications [4][6][8][10][12]. - The MC Cube-T Pro ESS utilizes advanced cell stacking technology and an intelligent liquid cooling system to enhance overall performance and economic efficiency throughout the lifecycle of energy storage stations [4]. - The MC Cube-T ESS features a new generation of high-capacity, safe energy storage batteries, achieving an 11% increase in single cell energy and a 36% reduction in component count, improving space utilization by 98% [6]. - The Chess Plus product is designed for commercial storage, offering multiple safety features and quick return on investment, establishing a benchmark for cost-effectiveness in commercial energy storage [8]. - The MC-I product is highly integrated and designed for smaller space requirements, allowing for modular design and easy installation, enhancing revenue generation and return on investment [10]. - The BatteryBox series has been installed in over 110 countries, with more than 1.1 million units, becoming a trusted choice for residential users [12]. Group 3: Key Projects - BYD is involved in several significant energy storage projects, including the world's largest single-unit energy storage project in Saudi Arabia with a capacity of 500MW/2600MWh [14]. - The company is also part of China's largest integrated wind-solar-fire-hydrogen energy storage project with a capacity of 300MW/1200MWh [16]. - Other notable projects include a high-altitude independent energy storage station in China with a capacity of 100MW/400MWh and a project in a harsh desert environment with a capacity of 200MW/400MWh [16][18]. - BYD has signed contracts for major energy storage projects, including a 12.5GWh project with Saudi Electricity Company and a 1.6GWh project with Greenvolt Power [26].

文 | 中关村储能产业技术联盟 ESIE 2 0 2 5 第十三届储能国际峰会暨展览会（ESIE 2025） 时间：2025年4月10-12日 地点：首都国际会展中心 主办： 中关村储能产业技术联盟、中国能源研究会、中国科学院工程热物理研究所 展馆冠名： 阳光电源、中天科技、宁德时代、新源智储、海博思创、中车株洲所 深圳市欣旺达能源科技有限公司 将亮相第13届储能国际峰会暨展览会，展位位于B1馆（中国中车馆） B112展位 。 深圳市欣旺达能源科技有限公司 欣旺达储能：全产业链一体化储能解决方案服务商 深圳市欣旺达能源科技有限公司是欣旺达集团旗下国家级高新技术企业。公司以锂电池储能集成及应用技术为核心，以满足不同行业 细分市场及客户多元化用能需求为宗旨，专注于电力储能、工商业储能、家庭储能、网络能源、智慧能源五大业务领域。从电芯、 Pa c k、BMS、EMS到系统集成，全链条自研自产，致力为客户提供全产业链一体化储能解决方案。 截至2 02 5年2月底，欣旺达储能系统累计出货量达20GWh + ，是国内储能应用场景丰富、案例广泛的企业之一。公司通过深度整合研 发、生产和集成能力，在全球能源转型中占据领先地位 ...

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The deep-sea industry is recognized for its vast resource potential and strategic importance, with significant government support anticipated for deep-sea technology development [3][16] - Deep-sea resources, particularly energy and mineral resources, are abundant, with deep-sea areas becoming major contributors to global oil and gas reserves [18][22] - The development of underwater technology and equipment has made significant progress, laying the foundation for deep-sea resource exploitation [35][50] Summary by Sections Section 1: Deep Sea as a Resource and Strategic Area - The deep sea, defined as waters below 200 meters, constitutes about two-thirds of the ocean floor and is rich in biological and mineral diversity [3][10] - China's total marine area is approximately 4.73 million square kilometers, with significant deep-sea regions in the South China Sea and East China Sea [12][16] - The government has prioritized deep-sea technology in its 2025 work report, indicating future policy support for this sector [16][18] Section 2: Civilian Sector - Breakthroughs in Underwater Technology and Resource Development - Underwater technology encompasses exploration, construction, oil and gas extraction, and mineral development, with recent advancements in various equipment [35][50] - The core sensor for deep-sea exploration is sonar, which is essential for environmental monitoring and resource assessment [37][39] - The development of underwater mining technology is progressing, with successful trials and increasing industrialization potential for oil, gas, and mineral resources [59][70] Section 3: Deep-Sea Warfare - Underwater Defense Capabilities - The deep sea offers a large, concealed operational space, making it strategically significant for military operations [74] - The underwater defense system includes both infrastructure and equipment, with a focus on unmanned systems for various military tasks [74][75] - There is an urgent need for China to enhance its underwater defense capabilities, with new technologies and equipment being introduced [74][75]

Core Viewpoint - The 13th Energy Storage International Conference and Expo (ESIE 2025) will be held from April 10-12, 2025, in Beijing, focusing on the theme "Digital Intelligence Leads Industry Revolution, Energy Storage Reshapes Energy Landscape" [6][23]. Event Overview - The conference will feature a grand opening ceremony, an academic forum, high-end dialogues, thematic salons, and numerous product launches, aiming to provide a comprehensive platform for industry insights and technological advancements [6]. - The exhibition area will exceed 160,000 square meters, hosting over 800 leading energy storage companies and expecting more than 200,000 attendees from various sectors [6][23]. Thematic Focus - A special forum on Building-Integrated Photovoltaics (BIPV) and energy storage will be held, discussing the integration of these technologies to enhance renewable energy utilization and support energy transition [10][11]. - The event will cover over 40 thematic sub-forums addressing policies, technologies, market trends, and international developments in the energy storage sector [31][38]. Exhibition Highlights - Six major exhibition halls will showcase the entire energy storage industry chain, including upstream materials, midstream technologies, and downstream applications [25][42]. - The event will feature innovative technologies such as sodium batteries, flow batteries, and hydrogen storage, among others, highlighting the latest advancements in energy storage solutions [29][42]. Industry Collaboration - The conference aims to foster collaboration among government agencies, research institutions, and industry players to drive innovation and address challenges in the energy storage market [6][23]. - It will also serve as a platform for discussing the integration of energy storage with renewable energy sources, particularly in the context of achieving carbon neutrality [10][11].

Investment Rating - The report maintains a "Recommended" rating for the wind power industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [4][53]. Core Insights - The wind power sector has seen a significant increase in bidding and winning volumes, with a total of 21.5GW of wind turbine bids in the first three months of 2025, representing a year-on-year increase of 14.7% [2][10]. - The report highlights three main investment themes in the wind power sector: 1. High domestic offshore wind project reserves and supportive policies for future development, with a focus on the concentration of offshore wind projects starting in 2025 [7][37]. 2. High bidding activity for onshore wind projects in 2024, indicating a phase of volume and profit growth for manufacturers and components [7][37]. 3. Regional growth in overseas offshore and onshore installations, presenting opportunities for domestic cable, main engine, and component manufacturers to expand internationally [7][37]. Summary by Sections Bidding Volume - In the first three months of 2025, wind turbine bidding reached 21.5GW, with offshore wind accounting for 2.6GW and onshore wind 18.9GW, showing increases of 262.2% and 5% year-on-year respectively [10][20]. - March saw a total of 9.2GW in wind power bids, with offshore wind at 1.8GW and onshore wind at 7.4GW, reflecting a month-on-month increase of 190.3% for onshore projects [10][20]. Winning Volume - The total winning volume for wind power in the first three months of 2025 was 20.3GW, a year-on-year increase of 101.4% [20][21]. - In March, the winning volume for offshore and onshore wind was 0.5GW and 6.8GW respectively, with year-on-year increases of 55.7% and 102.4% [20][21]. Winning Prices - The average winning price for offshore wind in March was 2818 yuan/kW, while for onshore wind it was 1408 yuan/kW, with a month-on-month decrease of 10.2% for onshore projects [36][37]. Investment Recommendations - The report suggests focusing on key companies such as Mingyang Smart Energy, Oriental Cable, Zhongtian Technology, and others, which are well-positioned to benefit from the anticipated growth in the wind power sector [7][39].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company has shown significant results in its diversified layout, particularly in the commercialization of hollow-core fibers, which is expected to drive future growth [7] - The company reported a revenue of 12.197 billion yuan in 2024, a year-on-year decrease of 8.65%, with a net profit of 676 million yuan, down 47.91% year-on-year [7] - The company has made substantial progress in various sectors, including optical interconnection components and high-purity synthetic quartz materials, with a notable increase in sales driven by AI demand [7] Financial Data and Forecast - Revenue projections for the company are as follows: 2025 at 13.900 billion yuan, 2026 at 15.874 billion yuan, and 2027 at 17.717 billion yuan, with respective year-on-year growth rates of 14.0%, 14.2%, and 11.6% [6][8] - The net profit forecast for the same years is 1.099 billion yuan, 1.459 billion yuan, and 1.813 billion yuan, with year-on-year growth rates of 62.6%, 32.8%, and 24.3% respectively [6][8] - The company’s gross margin is expected to improve from 27.3% in 2024 to 28.6% in 2027 [6][8] Business Segment Performance - The optical transmission products segment is projected to generate revenue of 78.67 billion yuan in 2024, with a year-on-year decline of 12.79% [8] - The optical interconnection components segment is expected to see revenue growth to 32.90 billion yuan in 2025, reflecting a year-on-year increase of 55.48% [8] - Other products and services are forecasted to generate 19.92 billion yuan in 2025, with a modest growth rate of 3.00% [8] Valuation - The company is assigned a dynamic PE range of 25-30X for 2025, corresponding to a reasonable value range of 36.24 to 43.49 yuan [7]

文 | 中关村储能产业技术联盟 由中关村储能产业技术联盟、中国能源研究会、中国科学院工程热物理研究所主办的 第十三届 储能国际峰会暨展览会（ESIE 2025） 将于 2025年4月10- 12日 在 北京首都国际会展中心 盛 大启幕！ 本届峰会以 "数智赋能产业变革，储能重塑能源格局" 为主题，将举办1场开幕式、1场院士论 坛 、 5 场 高 端 对 话 、 8 场 主 题 沙 龙 、 40+ 主 题 论 坛 、 50+ 场 商 务 交 流 对 接 活 动 、 500+ 场 新 品 发 布，秉持"政策性、市场化、技术性、国际化、创新性"的理念，为行业奉上一场兼具高度、广 度与深度的思想与技术盛宴！ ESIE 202 5同期储能品牌展览规模创新高，设立六大主题展馆，展览面积超160,00 0平米，汇聚 800+储能领军企业，预计将迎来预计将有2 0万+来自政府机构、监管单位、科研院所、电网公 司、发电集团、系统集成商、储能技术提供商、储能配套设备提供商、能源运营商等行业同仁 齐聚， 共同聆听产业前沿之声，共探产业发展之势，是每一年业内不能错过的储能产业盛宴。 | 800+ | 160.000+ | 4.000 ...

"这一轮制造业格局重组会持续 10 - 15 年。" 文 丨 郑可书 曾兴 编辑 丨 管艺雯 制造业是流浪的产业，逐低成本而居。上个世纪，工厂们从美国迁移到日本，再转向以韩国为代表的 "亚洲四小龙"，在 1980 年代后涌向成本低廉、市场广阔的中国。刚改革开放的中国以 "三来一 补"（来料加工、来样加工、来件装配）式的政策热情迎接，又在本世纪初加入世贸组织，严丝合缝地 嵌入全球供应链的各个节点。 此后 20 年，数以亿计的农村劳动力涌向城镇，用流水线上的劳作托举中国成为 "世界工厂"。各节点 上的制造企业们为国际巨头代工、与国际同行竞争，以留在本地的姿态融入全球贸易格局，共同构成 其他国家远不可及的完备供应链。机器的轰鸣声中，零部件和制成品源源不断地走下产线，变成外 汇。 也是在这 20 年里，中国成本上升、地缘政治风险加剧。2010 年代，欧美开始 "中国加一"（China Plus One）战略，避免只在中国投资，印度、东南亚成为新的目的地；2018 年，美国总统特朗普开启 贸易战，多次对华加征关税；2025 年，特朗普再次上台，在 3 月初将对华加征关税提高至 20%，而 且这次上任后，他的动作更快、变 ...