证券代码：603606 证券简称：东方电缆 公告编号：2025-046 宁波东方电缆股份有限公司 关于投资设立全资子公司的公告 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。 重要内容提示： 特别风险提示：本次拟投资设立的全资子公司尚需取得当地主管机构 的批准及登记注册，在实际运营过程中面临宏观经济、行业市场、经营管理 及市场不达预期等风险，投资收益存在一定的不确定性。 一、对外投资概述 （一）对外投资概况 1、对外投资基本情况 为深入贯彻习近平总书记关于建设海洋强国的重要论述精神，推动浙江省高 水平建设海洋强省和国家经略海洋实践先行区，共同推进舟山嵊泗"海岛共富" 建设，更好地承接和推进国家级海洋综合试验场建设，宁波东方电缆股份有限公 司（以下简称"公司"或"东方电缆"）拟以 1000 万元自有资金在浙江省舟山 市嵊泗县投资设立全资子公司，东方电缆持有其 100%的股权。 2、对外投资的要素 投资标的名称：浙江深远海输电创新研发有限公司 投资金额：人民币 1000 万元 二、拟设立子公司的基本情况 1、名称：浙江深远海输电创 ...

关于设立北京分公司的公告 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。 宁波东方电缆股份有限公司（以下简称"公司"）于 2025 年 12 月 19 日召 开第七届董事会第 3 次会议，审议通过了公司《关于设立北京分公司的议案》。 根据《宁波东方电缆股份有限公司章程》等相关规定，本议案无需提交股东会审 议，现将相关事项公告如下： 一、分公司情况 证券代码：603606 证券简称：东方电缆 公告编号：2025-045 宁波东方电缆股份有限公司 以上信息均以市场监督管理部门核准登记为准。 二、设立分公司的目的、对公司的影响及存在的风险 1、本次设立分公司的目的及影响 根据公司经营发展需要设立分公司，北京分公司将作为公司从产业基地支撑 向国家战略协同的重要支点，聚焦能源安全、深海科技、一带一路等国家重大项 目，推动"海陆并进"发展战略在更高能级上落地。依托首都的战略高地优势， 北京公司将构建科技与市场深度融合的创新平台，以引领性技术带动产业升级， 积极呼应国家发展新质生产力的战略导向，为"十五五"高质量发展注入持续动 能。 分公司 ...

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3次会议于2025年12月19日在公司会议室以现场结合通讯的方式召 开，会议由董事长夏崇耀先生主持。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》 证券代码：603606 证券简称：东方电缆 公告编号：2025-043 宁波东方电缆股份有限公司 第七届董事会第3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。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 具体详见上海证券交易所网站 www.sse.com.cn《关于投资设 立全资子公司的公告》，公告编号：2025-046。 《公司章程》的规定。公司部分高级管理人员列席了会议，本次会议 审议通过三项议案。 二、 董事会会议审议情况 （一）审议通过了公司《关于拟购买房产暨关联交易的议案》； 表决结果：同意5票，反对0票，弃权0票。关联董事夏崇耀先生、 夏峰先生、乐君杰先生、陈虹女士回避表决。 具体详见上海证券交易所网站 www.s ...

Group 1 - The company Oriental Cable (SH 603606) announced that its seventh board meeting will be held on December 19, 2025, to discuss the establishment of a Beijing branch [1] - For the year 2024, the revenue composition of Oriental Cable is 99.89% from electrical machinery and equipment manufacturing, with other businesses contributing 0.11% [1] - As of the report, the market capitalization of Oriental Cable is 40.7 billion yuan [1]

Core Viewpoint - The company plans to enter into a related party transaction to purchase residential units from a connected entity, which does not constitute a major asset restructuring [1] Group 1 - The company intends to sign a property purchase agreement with Ningbo Dongfang Nanyuan Real Estate Co., Ltd. [1] - The transaction involves acquiring 32 residential units located in the "Yunxie Puting" development, with a total construction area of 4,200.35 square meters [1] - The total transaction amount is RMB 73.299 million, including tax [1]

Core Viewpoint - The wind power industry in China is experiencing rapid cost reduction and installation growth, particularly in onshore wind, while offshore wind is expected to recover significantly by 2025 due to major project initiations [1][2]. Onshore Wind Power - Since 2021, China's onshore wind power has entered a parity era, achieving rapid cost reductions through large-scale and technological advancements, leading to installations exceeding expectations [2]. - Intense competition in the main equipment segment has compressed profit margins, resulting in a situation where industry growth does not translate into increased profits [2]. - Price recovery in the onshore wind supply chain is expected in the second half of 2024, with improved profitability anticipated in 2025 as shipment volumes increase [2]. - The overseas market for onshore wind is witnessing explosive growth in orders, driven by competitive pricing, service, and localization advantages of Chinese manufacturers [2][3]. Offshore Wind Power - The offshore wind sector has faced installation challenges from 2022 to 2024 due to slow approval processes, but significant project initiations in regions like Jiangsu and Guangdong are expected to enhance industry conditions in 2025 [2][4]. - For 2026, domestic offshore wind installations are projected to rise to a range of 11-15 GW, representing a year-on-year increase of over 40% [4]. - The upcoming "15th Five-Year Plan" period is expected to see a total of 70-100 GW of new offshore wind installations nationwide, with record-high bidding anticipated [4]. Investment Recommendations - The global wind power industry is entering a new growth phase, with high certainty of performance increases in the sector [5]. - Key companies to watch in the main equipment segment include Goldwind Technology, Yunda Co., and SANY Renewable Energy, while component manufacturers like Delijia and Jinlei Co. are also highlighted [5]. - In the offshore wind sector, companies such as Dajin Heavy Industry, Haili Wind Power, and Oriental Cable are recommended for investment focus [5].

Core Insights - The wind power industry is expected to experience a synchronous recovery in both domestic and international markets, driven by changes in demand and industry dynamics, creating new investment opportunities [1] - The report maintains an "outperform" rating for the wind power sector, indicating a positive outlook for investment [1] Group 1: Industry Review - Since 2021, China's onshore wind power has entered a parity era, with rapid cost reductions achieved through large-scale and technological advancements, leading to continuous installation exceeding expectations [3] - The competition within the main engine segment has significantly compressed the profitability of the industry chain, resulting in a situation where growth in volume does not equate to growth in profit [3] - The price of the onshore wind industry chain has been recovering since the second half of 2024, with profitability expected to improve in 2025 as shipment volumes increase [3][4] Group 2: Onshore Wind Power Outlook - For 2026, it is anticipated that new onshore installations in China will reach 120 GW, a year-on-year increase of 10%, setting a new historical high [4] - The industry chain prices are expected to have solid support, leading to significant recovery in main engine profits, with component segments showing notable operational leverage [4] - The CAGR for new onshore installations in emerging markets is projected to be 17% from 2024 to 2030, with domestic manufacturers expected to see substantial growth in export profits [4] Group 3: Offshore Wind Power Outlook - The report forecasts that new offshore installations in China will rise to a range of 11-15 GW in 2026, representing a year-on-year increase of over 40% [5] - The national offshore wind project development is expected to commence in 2026, with a total of 70-100 GW of new offshore installations projected during the 14th Five-Year Plan period [5] - The global offshore wind market is anticipated to see steady growth in orders and construction demand, particularly in Europe, where supply constraints for cables and piles are expected [5] Group 4: Investment Recommendations - The report suggests focusing on key players in the main engine segment such as Goldwind Technology, Yunda Co., and Sany Renewable Energy, while component manufacturers like Delijia and Jinlei Co. are also highlighted [6] - In the offshore wind sector, companies such as Dajin Heavy Industry, Haili Wind Power, and Oriental Cable are recommended for investment consideration [6]

Market Overview - The Shanghai Composite Index rose by 0.16%, while the CSI 300 fell by 0.59%, the STAR 50 decreased by 1.46%, the CSI 1000 dropped by 0.22%, and the ChiNext Index declined by 2.17%. The Hang Seng Index increased by 0.12% [2][3] - The best-performing sectors on Thursday were banking (+1.97%), coal (+1.89%), oil and petrochemicals (+1.25%), national defense and military industry (+0.9%), and light industry manufacturing (+0.86%). The worst-performing sectors included electric power equipment (-2.22%), telecommunications (-1.58%), electronics (-1.51%), comprehensive (-1.13%), and automobiles (-0.64%) [2][3] Key Recommendations - The report titled "Wind Power Industry Special Report" emphasizes the upward trend in both volume and price, highlighting the importance of offshore wind and international expansion [4] - The core viewpoint indicates that global wind power demand is expected to maintain steady growth, with a forecast of 186.2 GW of new installations in 2026, representing a 14.0% year-on-year increase. Onshore wind installations are projected to reach 161.5 GW (+7.7%), while offshore wind installations are expected to hit 24.7 GW (+85.6%). The compound annual growth rate for global wind power installations from 2024 to 2030 is estimated at 10.9% [4][5] - In Europe, offshore wind power is entering a peak installation period, with significant growth in onshore wind. WindEurope forecasts new offshore wind installations in Europe from 2025 to 2030 to total 43.04 GW, with a compound annual growth rate of 32% [5] - In China, the report notes that domestic onshore wind bidding prices are recovering, with a significant increase in bidding volume. The average winning bid for onshore wind turbines (including towers) rose to 2248 RMB/kW in October 2025, while the cumulative bidding volume for wind turbines reached 127.3 GW in the first three quarters of 2025, a 16% year-on-year increase [6] - The report suggests focusing on companies involved in wind turbine manufacturing, offshore wind infrastructure, and components, including Goldwind Technology, Yunda Co., Mingyang Smart Energy, and SANY Heavy Energy [6][7]

Investment Rating - The report maintains a positive investment outlook for the renewable energy sector, particularly focusing on solar and wind energy, indicating a recovery in supply and demand dynamics [2][3]. Core Insights - The report highlights a significant government initiative to optimize market pricing for centralized renewable energy generation, which is expected to enhance industry stability and competitiveness [3][20]. - The solar industry is positioned at the bottom of its cycle, with upcoming policy support likely to be a critical variable influencing future trends. The focus is on capacity consolidation in the silicon material segment and price regulation across the supply chain [3]. - The wind energy sector shows a balanced supply-demand structure, with strong profitability among companies. The report anticipates continued growth in offshore wind projects and an improving export situation [4]. - The electric vehicle (EV) sector is experiencing rapid growth, with a focus on cost benefits from low upstream raw material prices. The report suggests prioritizing companies that are likely to benefit from industry recovery [4]. Weekly Market Review - From December 8 to December 13, 2025, the Shanghai Composite Index fell by 0.34%, while the Shenzhen Component Index rose by 0.84%, and the ChiNext Index increased by 2.74%. The Shenwan Electric Equipment Index rose by 1.19%, outperforming the CSI 300 by 1.27 percentage points [10]. - Within sub-sectors, solar equipment, wind equipment, batteries, and grid equipment experienced varied performance, with notable increases in wind equipment (1.94%) and grid equipment (3.65%) [10][12]. Key Sector Tracking - The report emphasizes the importance of monitoring key players in the solar and wind sectors, recommending companies such as Aiko Solar, Flat Glass, GCL-Poly Energy, and JunDa Technology for solar, and Goldwind Technology and Yunda Co. for wind [3][4]. - The report also notes significant developments in the EV battery sector, highlighting companies like CATL and EVE Energy as key beneficiaries of the current market dynamics [4]. Industry News Highlights - A new 20GWh battery project by De Yi Energy was launched, focusing on high-performance battery production [18]. - Beijing Weilan New Energy has initiated IPO guidance, expanding its production capabilities across multiple regions [18]. - Samsung SDI secured a significant contract for lithium iron phosphate batteries, valued at over 96 billion RMB, indicating strong demand in the energy storage market [19]. - LG Energy Solution signed a battery supply agreement with Mercedes-Benz worth approximately 98.86 billion RMB, further solidifying its market position [20].

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the development of deep-sea technology in China, highlighting its strategic importance for national security and economic benefits. The industry is part of the "14th Five-Year Plan" and faces challenges such as insufficient funding and technological gaps compared to the U.S. [1][3][4] Core Insights and Arguments - **Strategic Importance**: Deep-sea technology is crucial for military security, as evidenced by recent incidents involving underwater drones. China needs to enhance its capabilities in this area to safeguard national interests [3][4]. - **Economic Potential**: Development in deep-sea resources like oil, gas, and rare earth minerals can yield significant economic returns. The industry also supports related sectors such as exploration, communication, and equipment manufacturing [1][3][5]. - **Funding Challenges**: There is a pressing need for increased investment in deep-sea projects that promise economic returns, such as oil and gas extraction. Policy support is also necessary to prioritize these initiatives [4][10]. - **Technological Gaps**: China lags behind the U.S. in establishing a global underwater monitoring network and detailed deep-sea navigation maps, which are essential for national security [3][4]. Regional Developments - **Shanghai Initiatives**: Shanghai is focusing on deep-sea oil and gas development and offshore wind energy, utilizing floating wind turbine technology and exploring hydrogen production to address energy storage and transportation issues [7][10]. - **Hainan Projects**: Hainan is advancing the exploration and development of deep-sea oil and gas, as well as combustible ice, while also working on hydrogen and methanol production technologies to enhance energy efficiency [9][10]. Technological Advancements - **Equipment Manufacturing**: China has made significant progress in deep-sea equipment manufacturing, with manned submersibles like "Jiaolong" and "Fendouzhe" achieving international standards. The rapid development of unmanned submersibles has also reduced operational costs [1][24]. - **New Technologies**: Advanced technologies are being applied in deep-sea oil and gas exploration, including autonomous mining vehicles and flexible pipeline systems for resource extraction [25][26]. Economic Impact - **Market Size**: The marine economy in China is projected to reach 10 trillion RMB by 2024, with fishing and coastal agriculture being the largest contributors, accounting for 36% and 18% respectively [2][13]. - **Investment Opportunities**: The development of deep-sea technology is expected to enhance national security and economic resilience, making it a critical area for investment [34][40]. Risks and Challenges - **Technical Risks**: There are concerns about equipment corrosion and high depreciation costs, although no major issues have been reported so far. Geopolitical risks also pose challenges, particularly in resource-rich areas [39]. - **Funding Limitations**: While national policies support deep-sea economic development, actual funding remains limited, necessitating local governments to identify profitable projects to attract investment [38]. Future Directions - **Hydrogen Energy**: The hydrogen energy sector is highlighted as a promising area for future growth, which could drive the development of related companies and technologies [40]. - **Comprehensive Development**: The future of deep-sea technology encompasses military applications, ecological protection, scientific research, and commercial exploitation of marine resources [5][6][28]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future prospects of deep-sea technology and its implications for China's economy and security.