转自：前瞻产业研究院 行业主要上市公司：金杯电工(002533.SZ);宝胜股份(600973.SH);远东股份(600869.SH);金龙羽(002882.SZ);汉 缆股份(002498.SZ);尚纬股份(603333.SH);起帆电缆(605222.SH)等 本文核心数据：电线电缆行业投融资规模;代表性企业融资事件;兼并重组 1、近期国内电线电缆行业投融资规模近年迅速增长 电线电缆行业作为传统制造产业，据IT桔子统计，2020年及之前国内融资事件较少;2021年，随着新能源的 火热和智能电网等兴起，以及产业升级背景下对高端制造装备的需求，都进一步刺激了特种电线电缆的发 展，具有核心研发技术优势的企业获得资本融资，投资数量从2020年的2起增长至2024年的9起;融资金额也 从2020年的2亿元升至2024年的19.8亿元。2025年截至3月31日，我国电线电缆行业融资数量已有3起，金额 累计已达3.4亿元。 2、电线电缆领域单笔融资规模呈增加趋势，投资轮次开始集中在晚期战略投资阶段 从单笔融资金额来看，2011-2017年平均规模基本在5000万元以下，近年来整体呈升高趋势，2024年平均单 笔融资金额 ...

Core Viewpoint - The article highlights a significant market shift with the rise of nuclear fusion stocks amidst a broader decline in the ChiNext index, indicating a potential investment opportunity in the nuclear fusion sector driven by recent technological advancements and policy support [1][3]. Group 1: Market Dynamics - The nuclear fusion sector saw a surge with stocks like Haheng Huaton and Xue Ren Co. hitting the daily limit, with over 1.8 billion yuan in net inflow into the sector [3]. - The ChiNext index experienced a drop of 1.28%, primarily influenced by a 2.8% decline in Ningde Times, which negatively impacted the index by 0.6 percentage points [5]. - Foreign capital sold off 720 million yuan, indicating a potential shift in investment focus towards AI sectors [5]. Group 2: Key Drivers for Nuclear Fusion - A significant technological breakthrough was announced with the International Thermonuclear Experimental Reactor (ITER) set to achieve its first plasma discharge in 2026, with key performance indicators expected to exceed a Q value of 10, accelerating commercialization by five years [3][4]. - The market for nuclear fusion is projected to reach 7.8 trillion yuan if the cost of fusion power generation drops to 0.3 yuan per kilowatt-hour, with companies like Antai Technology and Western Superconducting seeing increased demand and profitability [4]. - The release of the "Nuclear Energy Technology Innovation Action Plan" by four ministries is expected to drive annual growth rates of 70% in the sector, supported by fiscal subsidies, tax incentives, and special bonds [4]. Group 3: Investment Strategies - Investors are advised to monitor the trading volume of key stocks like Xue Ren Co. and the overall sector's trading volume, which needs to exceed 15 billion yuan for sustained momentum [5]. - Signals for potential bottom-fishing in the ChiNext index include technical indicators for Ningde Times and support levels for the index [5]. - Caution is advised regarding sectors under pressure, such as innovative pharmaceuticals, and the ongoing outflow of foreign capital [5].

Core Viewpoint - The Chinese wire and cable industry is undergoing significant policy support and transformation, focusing on enhancing infrastructure, promoting renewable energy, and ensuring product quality standards to drive high-quality development [2][5][15]. Policy Evolution - The policy trajectory for the wire and cable industry has evolved from strengthening rural power construction to enhancing urban power grid construction and accelerating smart grid transformation [2][5]. - The "14th Five-Year Plan" emphasizes increasing the scale of wind and solar power generation and improving the utilization rate of ultra-high voltage transmission channels [2][15]. National Policy Summary and Interpretation - A series of government policies have been introduced to promote the healthy and rapid development of the wire and cable industry, including the "14th Five-Year Development Guidance for the Wire and Cable Industry," which focuses on high-end equipment development and quality supervision [5][15]. - The "Quality Strong Nation Construction Outline" aims to strengthen quality supervision of key building materials, including wire and cable products [5][15]. Provincial Policy Summary - Various provinces have developed local policies aligned with the national "14th Five-Year Plan," focusing on enhancing the quality and standards of wire and cable products [15][19]. - For instance, Beijing's policy emphasizes quality supervision of key building materials, while Shanghai plans significant upgrades to its distribution network [17][19]. Industry Standards and Regulations - The implementation of the "Mandatory Product Certification Implementation Rules" for wire and cable products aims to ensure compliance with safety and quality standards [11][13]. - The "Production License Implementation Rules for Wire and Cable Products" mandates that specific products must obtain production licenses to ensure quality control [13][14]. Future Development Goals - The wire and cable industry is expected to focus on digital transformation and high-end development, with provinces like Anhui promoting the use of advanced technologies [19][22]. - The industry is also set to enhance its capabilities in quality management and product certification to meet new market demands [19][22].

证券代码：600973 证券简称：宝胜股份 公告编号：2025-025 宝胜科技创新股份有限公司 作为公司 2018 年度向特定对象发行 A 股股票项目的保荐机构，国泰海通原 指定袁业辰先生和杨可意女士为公司持续督导保荐代表人，因募集资金尚未使用 完毕，国泰海通需要继续履行持续督导义务。现因杨可意女士工作变动，不再担 任公司非公开发行股票持续督导期间的保荐代表人，为保证持续督导工作有序进 行，国泰海通委派王靓先生（王靓先生的简历详见附件）接替杨可意女士担任持 续督导期间的保荐代表人。 本次保荐代表人变更后，公司向特定对象发行股票的持续督导保荐代表人为 袁业辰先生和王靓先生，持续督导期限至中国证券监督管理委员会和上海证券交 易所规定的持续督导义务结束为止。 公司董事会对保荐代表人杨可意女士在公司持续督导期间所做出的杰出贡 献表示衷心感谢！ 特此公告。 宝胜科技创新股份有限公司董事会 2025 年 5 月 15 日 附件：王靓先生简历 王靓先生，保荐代表人，硕士研究生。从事投资银行业务多年，曾参与或负 责多个投资银行项目，包括：内蒙华电 41.56 亿元定向增发、国电电力 40 亿元 定向增发、湘电股份 25 亿 ...

Group 1 - The article provides a comprehensive overview of the wire and cable industry, highlighting key listed companies and their business layouts [1][2][3] - Major listed companies in the wire and cable sector include Baosheng Co., Far East Co., Qifan Cable, and others, with a focus on their business operations and financial performance [2][3][6] - The industry is characterized by a significant presence in Jiangsu and Zhejiang provinces, with Baosheng Co. being a representative enterprise [3] Group 2 - Baosheng Co. leads the industry with a revenue of 354.44 billion yuan in the first three quarters of 2024, reflecting a year-on-year growth of 5.36% [6][9] - Other companies like Far East Co. and Qifan Cable reported revenues ranging from 106 billion to 185 billion yuan, with Jingda Co. showing a notable growth rate of 22.38% [6][9] - The profitability of these companies varies, with Baosheng Co. having a relatively low net profit of 0.25 billion yuan despite its large revenue [6][9] Group 3 - The article discusses the business performance of various companies, indicating that Baosheng Co. has a dominant market position with 96.22% of its revenue coming from wire and cable operations [9][10] - Companies like Jingda Co. and Dongfang Cable have shown strong revenue growth rates of 27.35% and 24.27%, respectively, indicating robust development [9][10] - The article also notes that some companies, such as Qifan Cable and Sun Cable, experienced revenue declines of -3.55% and -14.38%, respectively, suggesting operational challenges [10] Group 4 - The article outlines the business plans of major companies in the wire and cable industry for 2024, emphasizing innovation and market expansion [14][16] - Baosheng Co. focuses on technological and business model innovation to enhance competitiveness, while Far East Co. is investing in smart manufacturing and digital production systems [14][16] - Other companies like Qifan Cable and Jingda Co. are also adapting their strategies to address market changes and explore new opportunities in clean energy and other sectors [14][16]

Group 1 - The core point of the article highlights the cost structure of the wire and cable industry, emphasizing that raw materials constitute the largest cost component in production [1][6] - The upstream sector provides essential raw materials such as copper, aluminum, rubber, and various chemicals, while the midstream focuses on manufacturing different types of cables [1][6] - The downstream sector includes industries that demand wire and cable products, such as construction, telecommunications, and power [1] Group 2 - In the power cable sector, raw material costs account for over 95% of the total production costs for companies like Dongfang Cable, Yuancheng Co., and Baosheng Co., with manufacturing costs ranging from 1% to 3% [2] - For electronic equipment cables, raw material costs are around 90%, which is lower than that of power cables, but still represents the primary cost source [5] - The overall raw material cost in the wire and cable industry is approximately 71%, with labor costs at about 14% and facility costs around 10% [6] Group 3 - The pricing in the wire and cable industry is influenced by supply-side costs, manufacturing costs, and consumer demand elasticity, creating a multi-tiered price transmission mechanism [10] - The value chain in the wire and cable industry is shifting towards higher value-added services, driven by digital transformation and innovation [12]

Group 1 - The A-share copper cable sector is experiencing active trading, with notable stocks such as Wolong Nuclear Materials hitting the daily limit up, while Changfei Optical Fiber and Shenyu Co. have increased by over 6% [1] - Other companies in the sector, including Baosheng Co., Xinke Materials, Dingtong Technology, Ruikeda, and Jingda Co., are also seeing upward movement in their stock prices [1]

Industry Overview - The domestic wire and cable industry chain is mature, with a wide range of downstream applications including engineering machinery, telecommunications, power, and construction [1] - The upstream materials for wire and cable production include copper, aluminum, and their alloys, as well as rubber and chemical industries for insulation materials [1][2] Key Companies - Major upstream suppliers include Tongling Nonferrous Metals Group, Chuanjiang New Materials, and Hailiang Co., Ltd. [2] - Key midstream manufacturers of power cables include TBEA and Qingdao Hancable, while major manufacturers of communication cables include Zhongtian Technology and Hengtong Group [2] Regional Distribution - The wire and cable companies are primarily located in economically developed eastern coastal regions, with Hebei, Guangdong, Zhejiang, and Shandong being the main provinces [5] - As of March 31, 2025, Hebei has 3,944 related wire and cable companies, while Guangdong and Zhejiang have 3,507 and 2,464 respectively [5] Market Dynamics - The industry has formed a coastal wire and cable equipment industrial circle, particularly in Jiangsu and Zhejiang, reflecting strong manufacturing capabilities and developed capital markets in these regions [8] - A total of 38 publicly listed companies in the wire and cable sector are distributed across 14 provinces, with Jiangsu having the highest number at 9 [7]

证券代码：600973 证券简称：宝胜股份 公告编号：2025-023 一、会议以 5 票同意、0 票反对、0 票弃权，审议并通过了《关于审议<公司 2025 年第一季度报告>的议案》。 公司监事会对董事会编制的公司 2025 年第一季度报告进行了认真审核，并 提出如下的审核意见： 1、公司 2025 年第一季度报告的编制和审议程序符合法律、法规和《公司章 程》以及公司内部管理制度的相关规定； 2、公司 2025 年第一季度报告的内容和格式符合中国证监会和上海证券交易 所的各项规定，所包含的信息能从各方面真实地反映出公司当年度的经营管理和 财务状况等事项； 3、监事会在提出本意见前，未发现参与 2025 年第一季度报告编制和审议的 人员有违反保密规定的行为。 宝胜科技创新股份有限公司 第八届监事会第十四次会议决议公告 本公司监事会及全体监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个别及连带责任。 宝胜科技创新股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日以传 真、电子邮件及专人送达等方式向公司全体监事发出了召开第八届监事会第十四 次 ...

证券代码：600973 证券简称：宝胜股份 公告编号：2025-022 宝胜科技创新股份有限公司 第八届董事会第十九次会议决议公告 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个别及连带责任。 宝胜科技创新股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日以传 真、电子邮件及专人送达等方式向公司全体董事、监事及高级管理人员发出了召 开第八届董事会第十九次会议的通知。2025 年 4 月 29 日上午 9:00，第八届董事 会第十九次会议在宝胜会议中心 1 号接待室召开。会议应到董事 11 名，实到董 事 11 名，董事马永胜先生、张航先生、卢之翔先生，独立董事王跃堂先生、路 国平先生、王益民先生和裴力先生以通讯方式参加表决。公司监事及部分高级管 理人员列席了会议。会议由公司董事长生长山先生主持。会议的召集和召开符合 《公司法》等有关法律、法规和《公司章程》的规定。 会议就以下事项进行审议： 一、会议以 11 票同意，0 票反对、0 票弃权，审议通过了《关于审议<公司 2025 年第一季度报告>的议案》。 本议案已由董事 ...