Core Viewpoint - Zhongtian Technology (600522) has announced multiple successful bids and pre-bids for marine projects, indicating strong performance in the marine energy and deep-sea technology sectors, with a total project value of approximately 1.788 billion yuan [1] Group 1: Marine Energy Projects - Zhongtian Technology's subsidiary, Zhongtian Technology Submarine Cable Co., Ltd., has won the bid for the ±500kV DC submarine cable project for a wind farm in Zhejiang [1] - The company has also received a pre-bid notice for the 500kV submarine cable supply and laying project for the Yangjiang Sanshan Island offshore wind farm [1] - Additionally, Zhongtian Technology secured a bid for the Bohai Zhong 26-6 oilfield development (Phase II) project [1] Group 2: Deep-Sea Technology Projects - The company has won the bid for the deep-sea drilling rig research equipment project at Hunan University of Science and Technology [1]

Group 1 - Company Zhongtian Technology (SH 600522) announced on October 16 that its subsidiaries received multiple project awards in the marine series, with a total value of approximately 1.788 billion yuan [1] - The projects include a ±500kV DC submarine cable project for Zhejiang Haifeng, a 500kV submarine cable supply and laying project for Yangjiang Sanshan Island offshore wind farm, and a 35kV submarine cable project for Bohai Zhong 26-6 oilfield development [1] - In the deep-sea technology sector, the company secured contracts for electric-driven marine winches and associated cables for Hunan University and for extended submarine cables and deep-sea injection molded connectors for a South China Sea project [1] Group 2 - As of the report, Zhongtian Technology has a market capitalization of 60.8 billion yuan [2] - The company's revenue composition for 2024 is projected to be 98.39% from manufacturing, 1.0% from other businesses, and 0.62% from photovoltaic power generation [1]

Core Viewpoint - Zhongtian Technology (600522.SH) has announced that its subsidiaries have received multiple project awards in the marine series, with a total value of approximately 1.788 billion yuan [1] Group 1: Project Awards - Zhongtian Technology's subsidiaries, Zhongtian Technology Submarine Cable Co., Ltd. and Zhongtian Ocean System Co., Ltd., have confirmed multiple project awards in the marine sector [1] - The total amount for the awarded and pre-awarded marine series projects is approximately 1.788 billion yuan [1] Group 2: Marine Energy Projects - In the marine energy sector, the company has won the bid for the ±500kV DC submarine cable project for Zhejiang Haifeng, which includes design, supply, testing, commissioning, and on-site technical services [1] - The company is also pre-awarded the 500kV submarine cable supply and laying project for the Yangjiang Sanshan Island offshore wind farm [1] - Additionally, the company has secured the bid for the 35kV submarine cable and associated accessories for the Bohai Zhong 26-6 oilfield development (Phase II) project [1] Group 3: Deep Sea Technology Projects - In the deep-sea technology sector, the company has won the bid for the electric-driven marine winch and its tether cable for the Hunan University deep-sea drilling rig research equipment project [1] - The company has also secured a project in the South China Sea for the expansion of submarine cables and deep-sea injection molded joint devices [1]

Core Viewpoint - Zhongtian Technology (600522) announced multiple successful bids and pre-bids for marine series projects, indicating strong performance in the marine energy and deep-sea technology sectors, with a total project value of approximately 1.788 billion yuan [1] Marine Energy Sector - The company secured the ±500kV DC submarine and land cable project for Zhejiang Haifeng, which includes design, supply, testing, commissioning, and on-site technical services [1] - The company is also pre-bid for the 500kV submarine cable supply and laying project for the Yangjiang Sanshan Island offshore wind farm [1] - Additionally, the company won the bid for the 35kV submarine cable and associated accessories for the Bohai Zhong 26-6 oilfield development (Phase II) project [1] Deep-Sea Technology Sector - The company won the bid for the electric-driven marine winch and its tether cable for the Hunan University deep-sea drilling equipment project [1] - For the South China Sea project, the company secured the bid for extended submarine cables and deep-sea injection molding joint devices [1]

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。 近日，江苏中天科技股份有限公司（以下简称"公司"）下属子公司中天科 技海缆股份有限公司和中天海洋系统有限公司陆续收到项目中标通知书或预中 标公示，确认中标/预中标多个海洋系列项目，现将具体情况公告如下： 一、中标项目概况 证券代码：600522 证券简称：中天科技 公告编号：临 2025-065 江苏中天科技股份有限公司 关于中标海洋系列项目的公告 今年以来，公司已连续中标阳江三山岛±500kV 直流海缆、阳江帆石二 500kV 交流海缆等多个重大项目，持续积累在复杂海洋环境下的系统性工程经验。此次 在广东、浙江再次中标超高压交直流海缆项目，充分彰显了公司在该领域的技术 领先优势与行业引领地位。公司自主研发的±500kV 直流海缆将服务于浙江省首 个柔性直流海上风电项目，将在区域内树立超高压柔直海缆应用的标杆，有力推 1 动海上风电向大规模、远距离输送方向发展。 在深海科技领域，公司提供的深海绞车系统及其脐带海缆支持 4500 米级水 深的重载海底钻机收放作业，实现深海资源勘探关 ...

Core Viewpoint - Zhongtian Technology (600522.SH) has announced multiple successful bids and pre-bids for marine series projects, confirming a total project value of approximately 1.788 billion yuan [1] Group 1: Marine Energy Projects - The company won the bid for the ±500kV DC submarine and land cable project (Section 1) for a certain project in Zhejiang Haifeng, which includes design, supply, testing, commissioning, and on-site technical services [1] - The company is pre-bid for the 500kV submarine cable supply and laying project (Section II) for the Yangjiang Sanshan Island offshore wind farm [1] - The company secured the bid for the 35kV submarine cable and associated accessories for the Bohai Zhong 26-6 oilfield development (Phase II) project [1] Group 2: Deep Sea Technology Projects - The company won the bid for the electric-driven marine winch and its tether cable for the Hunan University deep-sea drilling rig research equipment project [1] - The company secured the bid for the expansion submarine cable and deep-sea injection molded joint devices for the South China Sea project [1]

Core Viewpoint - The company has announced that its subsidiaries, Zhongtian Technology Submarine Cable and Zhongtian Ocean Systems, have received project bidding notifications or pre-bidding announcements, confirming multiple wins in marine series projects totaling approximately 1.788 billion RMB, which accounts for 3.72% of the company's audited revenue for 2024 [1] Summary by Category - **Project Wins** - The company confirmed multiple wins in marine series projects, including the Zhejiang Offshore Wind Project, Yangjiang Sanshan Island Offshore Wind Farm Project, Bohai Zhong 26-6 Oilfield Development Project, Hunan University of Science and Technology Deep Sea Drilling Rig Research Equipment Project, and South China Sea Project [1] - **Financial Impact** - The total amount of the won/pre-won marine series projects is approximately 1.788 billion RMB, representing 3.72% of the company's audited revenue for the year 2024 [1]

Core Viewpoint - In H1 2025, the wind power grid connection pace is accelerating, leading to a recovery in the overall wind power industry chain, with steady growth in revenue and profit scale year-on-year. The total operating revenue of the wind power industry chain reached 179.402 billion yuan, a year-on-year increase of 29.35%, while the net profit attributable to the parent company was 9.824 billion yuan, up 16.19% year-on-year [2][3] Revenue and Profit Summary - In Q2 2025, the total operating revenue of the wind power industry chain was approximately 108.973 billion yuan, representing a year-on-year growth of 32.66% and a quarter-on-quarter increase of 54.73%. The gross profit margin was 14.70%, down 2.02 percentage points year-on-year and 1.64 percentage points quarter-on-quarter. The net profit attributable to the parent company was 6.166 billion yuan, up 19.03% year-on-year and 68.57% quarter-on-quarter [2][3] Segment Performance Complete Machine Segment - The complete machine segment saw revenue growth, with H1 2025 operating revenue of 67.832 billion yuan, a year-on-year increase of 43.94%. The net profit attributable to the parent company was 2.172 billion yuan, a slight year-on-year decline of 3.10%. In Q2 2025, revenue reached 43.688 billion yuan, up 50.02% year-on-year and 80.95% quarter-on-quarter, with net profit of 1.622 billion yuan, a year-on-year increase of 9.55% and a quarter-on-quarter increase of 194.59% [3] Tower Segment - The tower segment experienced significant growth, with H1 2025 revenue of 10.817 billion yuan, a year-on-year increase of 59.13%. The net profit attributable to the parent company was 994 million yuan, up 43.60% year-on-year. In Q2 2025, revenue was 6.954 billion yuan, a year-on-year increase of 74.76% and a quarter-on-quarter increase of 80.03%, with net profit of 573 million yuan, up 79.42% year-on-year and 35.90% quarter-on-quarter [3] Submarine Cable Segment - The submarine cable segment maintained revenue growth, with H1 2025 revenue of 64.670 billion yuan, a year-on-year increase of 14.60%. However, net profit attributable to the parent company was 3.942 billion yuan, down 3.74% year-on-year. In Q2 2025, revenue was 37.668 billion yuan, up 13.09% year-on-year and 39.50% quarter-on-quarter, with net profit of 2.334 billion yuan, down 5.96% year-on-year but up 45.11% quarter-on-quarter [4][5] Other Segments - The bearing segment reported revenue of 2.181 billion yuan in Q2 2025, a year-on-year increase of 38.95% and a quarter-on-quarter increase of 17.02%, with net profit of 238 million yuan, up 2031.10% year-on-year. The forging segment had revenue of 4.116 billion yuan, a year-on-year increase of 62.24%, with net profit of 405 million yuan, down 2.96% year-on-year. The blade segment achieved revenue of 13.255 billion yuan, a year-on-year increase of 22.76%, with net profit of 858 million yuan, up 131.33% year-on-year [6] Investment Recommendations - The wind power industry chain is expected to continue its upward trend, driven by the acceleration of offshore wind project deliveries. The complete machine and tower segments are benefiting from increased installations, while the submarine cable segment continues to grow despite profit pressures. Other segments like blades, bearings, and forgings are also showing steady growth and improving profitability. Overall, the industry is poised for a recovery, presenting investment opportunities in leading companies as their performance improves and valuations rise [7]

Investment Rating - The report maintains a positive outlook on the communication industry, emphasizing three main lines of investment: AI computing network differentiation, strengthening of the satellite industry, and optimization of the economic cycle [5][6]. Core Insights - The AI industry is evolving towards inference-driven models, with a diversified computing power solution landscape. The domestic supply chain for chips and modules is beginning to integrate, and the data center supply-demand inflection point has emerged [5][6]. - The satellite communication sector is experiencing significant catalysts, with a complete industry chain forming. Direct satellite connections are expected to drive growth in antennas, RF chips, and inter-satellite communication [5][6]. - The report identifies several high-quality cyclical stocks with confirmed growth and low valuations, particularly in sectors like Beidou navigation and controllers, suggesting a potential return of the investment "pendulum" [5][6]. Summary by Sections AI Computing Network - The AI computing network is highlighted as a key investment line, with operators actively building computing power and expected stable growth. High dividend yields continue to attract investors [5][6]. - The network equipment sector benefits from AI demand, with capital expenditures from operators and CSPs providing structural boosts [5][6]. - The optical device and chip industry is seeing continuous performance releases, driven by both domestic and international demand [5][6]. Satellite Communication - The satellite internet industry is undergoing intense catalysis, with multiple segments expected to maintain high value and high barrier attributes. The focus is on regular launch progress and commercialization [5][6]. Economic Cycle Optimization - The report emphasizes the recovery of demand in various sectors, including high-precision positioning and connectors, with significant growth expected in industrial automation and IoT driven by AI and robotics [5][6]. - The IDC sector is experiencing a structural supply-demand reversal, with core demand remaining in short supply, indicating a sustained high economic cycle [5][6]. Company Performance Predictions - The report forecasts significant profit growth for key companies in the communication sector for Q3 2025, with expected net profit growth rates exceeding 50% for several firms, including NewEase (220%), and 5.5G Canqin Technology (120%) [5][6]. - Companies like China Mobile and China Telecom are expected to maintain stable capital expenditures and improve return on equity through optimized revenue-cost dynamics [7][8]. Key Companies and Their Prospects - **China Mobile**: Focused on AI computing networks, with stable capital expenditure and improved ROE [7]. - **Zhongji Xuchuang**: Leading in optical modules, benefiting from AI computing demand [7]. - **NewEase**: Strong brand presence in optical communication, expected to benefit from AI computing network demand [7]. - **Tianfu Communication**: Anticipated to maintain high growth due to increasing demand for optical devices [7]. - **Zhongxing Communication**: Positioned well for growth through digital transformation and internal profit margin improvements [8]. This comprehensive analysis highlights the positive outlook for the communication industry, driven by advancements in AI, satellite technology, and cyclical recovery across various sectors.

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **new energy sector**, specifically **energy storage**, **wind power**, and **photovoltaics (solar energy)** [1][2][3][4][5][6][7][9][19][20][21][22][23][24][25][26][27]. Energy Storage - The global energy storage market is expected to grow by approximately **70% in 2025** and **40% in 2026**, maintaining a growth rate of **20%-30%** in the following years [1][3][19]. - The U.S. market is performing better than expected due to the **Inflation Reduction Act**, with projections of over **50 GWh** in 2025 [3][19]. - Current supply of energy storage cells is insufficient, with shortages expected to last until at least mid-2026 [4][19]. - The bidding prices for energy storage systems have seen a rebound due to tight supply and improved profitability in large cell integration [2][5][22]. Wind Power - Domestic wind power bidding has shown single-digit growth in both onshore and offshore sectors from January to September 2025, with onshore wind slightly exceeding expectations [6][25]. - The deep-sea planning may increase the long-term capacity for offshore wind, and there is a clear demand for floating offshore wind in Europe [6][25]. - The overall outlook for wind power remains positive, with expectations of growth in both volume and profitability [6][25][26]. Photovoltaics - The demand for photovoltaics is currently weak, with a **50% year-on-year decline** in installations from July to September 2025 [1][7][8][17]. - Cumulative installations for the year are projected at **230 GW**, a **65% increase** year-on-year, primarily driven by early-year installations [7][8]. - The supply side is experiencing significant oversupply, necessitating reforms to curb excessive competition within the industry [1][7][9]. - New energy pricing mechanisms are being implemented, with price ranges around **0.2-0.3 CNY/kWh** [8][9][10]. - The revised energy consumption standards for polysilicon are expected to phase out **30% of the least efficient production capacity**, enhancing overall industry efficiency [11]. Policy and Market Dynamics - Recent policies from the Ministry of Industry and Information Technology aim to eliminate cutthroat competition in the photovoltaic sector and promote orderly capacity expansion in lithium battery production [9][11]. - Capacity price compensation policies are being rolled out across various provinces, significantly impacting the development of independent energy storage projects [20][21]. - The domestic energy storage system prices have shown a downward trend but are expected to rebound due to supply constraints and improved bidding outcomes [22]. International Market Trends - The overseas energy storage market is recovering, with significant growth in component exports, particularly in battery form due to trade restrictions [12][13][19]. - In Europe, large-scale energy storage installations are projected to increase from **8 GWh** last year to **18 GWh** this year, with Chinese companies actively participating [23]. - The Australian residential energy storage market has seen a boost from new subsidy policies, leading to a rapid increase in installations [24]. Conclusion - The new energy sector, particularly energy storage, wind power, and photovoltaics, is undergoing significant changes driven by policy reforms, market dynamics, and technological advancements. Continuous monitoring of these developments is essential for identifying investment opportunities and risks [27].