Policy and Macro Analysis - The report highlights the increasing internationalization of Chinese enterprises, emphasizing their importance to domestic economic development as stated by Premier Li Qiang during a meeting with Chinese companies in Brazil [11] - The U.S. has initiated a new round of tariff pressures, threatening high tariffs on 25 countries if they do not comply with U.S. demands by August 1 [19][24] - The report notes that the U.S. tariffs vary significantly by country, with Brazil facing a 50% tariff, while other countries like Japan and South Korea face tariffs of 25% [23] Equity Market Analysis - A-shares have shown a positive trend, with major indices like the CSI 500 and Shenzhen Composite Index rising nearly 2% in the past week, influenced by the U.S.-China discussions [4][27] - The net inflow of southbound funds reached 24.119 billion yuan during the second week of July, indicating strong investor interest [27] - The MSCI China A-share Index increased by 1.06% during the same period, reflecting overall market optimism [27] Fixed Income Market Analysis - The People's Bank of China has signaled a commitment to increasing monetary easing, with a net withdrawal of 226.5 billion yuan in open market operations last week [47] - The DR007 rate remained low, dropping to 1.46% on July 8, indicating a relaxed liquidity environment [47] Commodity Market Analysis - The report notes a decline in non-ferrous metals prices, while crude oil has seen a slight recovery, and precious metals have rebounded [5] - The IEA has reported that global oil supply is expected to exceed demand this year, impacting commodity pricing strategies [5] Foreign Exchange Market Analysis - The U.S. dollar index has shown slight strengthening, closing at 97.87, while the Chinese yuan depreciated to 7.17 against the dollar [5] - The report indicates that the continuous increase in foreign exchange reserves and the expansion of gold reserves by the central bank reflect a stable financial strategy [5] Major Asset Rotation Outlook - The report suggests a cautious approach to asset rotation in July, emphasizing the need to prevent overheating in the market [5] - It anticipates further fiscal expansion and moderate monetary easing to address potential uncertainties from U.S. trade policies and geopolitical risks [5]

Core Viewpoint - The photovoltaic industry is experiencing widespread losses among major companies, although some, like Longi Green Energy and Aiko Technology, are significantly reducing their losses due to the penetration of BC batteries into the market [1]. Group 1: Longi Green Energy - Longi Green Energy expects a net loss of 2.4 billion to 2.8 billion yuan for the first half of 2025, a reduction of 2.443 billion to 2.843 billion yuan year-on-year [2]. - The company is still facing losses due to the main products' market prices falling below cost, but improved internal management and the introduction of HPBC 2.0 components have led to increased orders and shipments, resulting in a significant reduction in losses [2]. Group 2: Tongwei Co., Ltd. - Tongwei Co., Ltd. anticipates a net loss of approximately 4.9 billion to 5.2 billion yuan for the first half of 2025, compared to a net loss of 3.129 billion yuan in the same period last year [3]. - Despite the growth in photovoltaic installation scale, the company is facing losses due to an imbalance in supply and demand leading to depressed product prices [3]. Group 3: JA Solar Technology - JA Solar Technology expects a net loss of 2.5 billion to 3 billion yuan, compared to a loss of 874.6 million yuan in the same period last year [4]. - The company is experiencing intensified competition and price pressure across the photovoltaic supply chain, exacerbated by international trade protection policies, leading to a decline in sales prices and profitability [4]. Group 4: Junda Co., Ltd. - Junda Co., Ltd. projects a net loss of 200 million to 300 million yuan, compared to a loss of 166.34 million yuan in the same period last year [7]. - The company has significantly increased its overseas sales proportion from 23.85% in 2024 to 51.90% in the first half of 2025 by expanding into new markets [7]. - Junda successfully listed on the Hong Kong Stock Exchange, raising a net amount of 1.29 billion HKD [7]. Group 5: Aiko Technology - Aiko Technology expects a net loss of 170 million to 280 million yuan for the first half of 2025, with a projected net loss of 410 million to 520 million yuan after excluding non-recurring gains and losses [9]. - The company has optimized its product structure and significantly increased its overseas sales proportion, leading to improved overall gross margins and operational efficiency [9].

Investment Rating - The report maintains a "Recommendation" rating for the wind power industry, indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [1][37]. Core Insights - The report highlights significant developments in the wind power sector, including a total of 1.4GW of wind turbine bids this week, with 0.6GW for offshore wind and an average winning bid price of 1793 yuan/kW for onshore wind [1][10][16]. - As of July 11, 2025, the total bidding for wind power projects this year reached 46.5GW, with offshore and onshore projects accounting for 4.2GW and 42.3GW, respectively [10][18]. - The report emphasizes three main investment themes: high reserve projects for offshore wind, robust bidding for onshore wind in 2024, and significant growth in overseas installations [20][23]. Summary by Sections Wind Turbine Data - This week saw 0.6GW of offshore wind bidding initiated in Shandong, with a total of 1.4GW of wind turbines bid, including 0.8GW for onshore projects [10][16]. - The average winning bid price for onshore wind turbines was reported at 1793 yuan/kW, with major manufacturers exceeding 1300 yuan/kW [16][18]. Offshore Wind Progress - As of July 11, 2025, there are 71GW of offshore wind projects in various stages, with significant reserves in provinces like Guangdong and Shandong [18][22]. - Recent developments include the completion of foundation piling for a 504MW project in Shandong and a 900MW project in Guangxi with a bid amount of 820 million yuan [18][22]. Investment Recommendations - The report suggests focusing on three investment lines: high reserve offshore wind projects, increased bidding for onshore wind, and growth in overseas installations [20][23]. - Recommended companies include Mingyang Smart Energy, Oriental Cable, Zhongtian Technology, and others involved in the wind power supply chain [20][23].

Investment Rating - The report maintains a "Recommended" investment rating for the energy and new energy sectors [7] Core Insights - The new energy sector is significantly driven by policies, with price increase signals being transmitted throughout the industry [2] - The photovoltaic industry is at the bottom of the cycle, with future policy strength being a key variable affecting industry trends [4] - The wind power sector is expected to see robust growth in 2025, particularly in offshore wind projects, supported by ongoing policy backing [4] Weekly Market Review - From July 5 to July 11, 2025, the Shanghai Composite Index rose by 1.09%, the Shenzhen Component Index by 1.78%, and the ChiNext Index by 2.36%. The Shenwan Power Equipment Index increased by 2.50%, outperforming the CSI 300 by 1.68 percentage points [13] - Within sub-sectors, the Shenwan photovoltaic equipment saw a significant increase of 7.25%, while wind power equipment rose by 0.72% [13][17] Key Sector Tracking - EVE Energy has submitted an IPO application to the Hong Kong Stock Exchange, with funds primarily allocated for projects in Hungary and Malaysia, aiming for a production capacity of 30GWh by 2027 [3] - The photovoltaic industry is focusing on capacity consolidation in the silicon material segment and strengthening price regulation across the supply chain [4] Investment Recommendations - For the photovoltaic sector, it is advised to focus on silicon materials, glass, and battery segments that have undergone sufficient corrections, as well as leading manufacturers with new technologies [4] - In the wind power sector, attention should be given to companies like Goldwind Technology and Mingyang Smart Energy, particularly in offshore wind projects [4] New Energy Vehicles - The new energy vehicle supply chain in China continues to grow rapidly, with a recommendation to focus on battery and structural components benefiting from low upstream raw material prices [5] - Companies such as CATL and EVE Energy are highlighted as key players to watch as the industry recovers from excess capacity [5]

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2025 年 07 月 14 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 117 期 观点精粹: 最新报告摘要 2025H1 业绩预期高增，充足在手订单叠加下游石化项目进展保障业绩弹性--博隆技术/专用设备 (603325/216402) 中小市值点评报告 工业富联(601138.SH)公司报告：乘上 AI 算力东风，服务器与网络双轮驱动--工业富联/消费电子 (601138/212705) 公司 PPT 报告 陶氏计划退出其欧洲有机硅产能，关注有机硅行业修复机会--行业动态研究 硅料报价提至综合成本线上，欧洲分布式储能需求高景气--行业周报 智元入主上纬新材，xAI 发布大模型 Grok4--行业周报 两部门印发《计量支撑产业新质生产力发展行动方案（2025-2030 年）》--行业周报 铝行业周报：海外关税扰动再起，铝需求淡季深入--行业 PPT 报告 极氪发布浩瀚-S 架构，尚界启动预热--行业周报 本周北证 50 小幅上涨，北矿检测上会--北交所行业普通报告 焦煤期货持续上涨的原 ...

Summary of Wind Power Industry Conference Call Industry Overview - The wind power industry is expected to see significant growth in 2024, with a notable increase in bidding volumes for wind projects. Although there may be a slight slowdown in onshore wind power at the beginning of 2025, acceleration is anticipated in the second half of the year. [1][3] - Offshore wind power is projected to double its installed capacity by 2025, driven by expedited project approvals. Future focus will be on deep-sea development. [1][4] Key Insights - **Onshore Wind Power**: - Installed capacity is expected to exceed 100GW in 2025, with a year-on-year growth of 25%-30%. This growth is primarily due to a 70%-80% increase in bidding volumes in 2024. [3] - The impact of policy document 136 is expected to cause a temporary decline in bidding in early 2025, but project initiation is expected to accelerate later in the year. [3][10] - **Offshore Wind Power**: - Expected installed capacity for 2025 is between 8-10GW, representing over 100% year-on-year growth. [4] - The approval of offshore wind projects is progressing well, particularly in Jiangsu and Guangdong provinces. [12] - **European Market Opportunities**: - The European offshore wind market presents significant opportunities for Chinese companies, with a 46% year-on-year increase in auction volumes for 2024. [5] - New emerging markets for onshore wind power are also opening up due to declining prices, providing further opportunities for Chinese enterprises. [5] Industry Segments - **Submarine Cables and Towers**: - The submarine cable sector is performing well, with high profit margins maintained. Chinese companies are actively expanding into the European market and securing orders. [1][6] - Tower manufacturing companies, such as Daikin Heavy Industries, are achieving significant profit increases by entering the European market. [2][6][17] - **Wind Turbine Manufacturing**: - Profitability in wind turbine manufacturing is improving due to stabilized domestic prices and high margins in overseas and deep-sea projects. [7] - The overall outlook for profitability in this sector is positive for the coming years. [7] - **Components Sector**: - The components sector is closely tied to onshore projects, with strong performance this year but potential pressure on growth next year due to price increases and market dynamics. [8][22] Challenges and Opportunities - Wind turbine companies face pressure on revenue from the implementation of policy document 136, which may lead to lower electricity prices affecting wind farm revenues. [9][20] - Despite these challenges, companies are increasing their market share overseas, which presents a promising growth avenue. [9][20] Market Trends - The submarine cable market is expected to maintain a compound annual growth rate of 20% from 2025 to 2030, with leading companies strengthening their market positions. [15] - The tower and monopile sectors are seeing significant growth, with overseas unit profitability significantly higher than domestic levels. [17][18] Recommendations - The focus should be on deep-sea and European offshore wind trends, with strong recommendations for companies like Dongfang Cable and Zhongtian Technology due to their expected benefits from high and low voltage cable penetration and overseas orders. [23] - In the onshore wind segment, companies such as Goldwind, Sany, Mingyang, and Yunda are recommended based on domestic and international market dynamics. [23]

Summary of Offshore Wind Power Industry Conference Call Industry Overview - The global offshore wind power construction is accelerating, with a record auction volume of 56 GW in 2024 and an ongoing construction volume of 48 GW, leading to a total scale of 83 GW, which is five times the new construction scale of 8 GW in previous years [1][6] - Governments are reforming pricing and sales mechanisms to reduce investment risks and promote structural recovery and rapid growth in the industry [1][8] Key Insights - Floating offshore wind technology is in the pre-commercialization stage, with a new bidding volume of 1.9 GW in 2024, representing 90% of existing capacity, providing additional space for fixed offshore wind development in the next 30 years [1][9] - The offshore wind market in Europe, Asia-Pacific (Japan and South Korea), and China is expected to grow at an annual rate of approximately 28%-31% from 2025 to 2030, with China leading the market in 2025-2026, followed by Europe in 2026 and Asia-Pacific in 2028 [1][12] - European offshore wind project financing reached a new high in 2023, indicating a large-scale construction start in 2025-2026, with the UK providing £1.1 billion in subsidies for offshore wind in 2024, a historical high [2][20] Investment Opportunities - Significant investment opportunities are anticipated in the global offshore wind equipment market from the second half of 2025, with domestic market growth expected to exceed 200% compared to the past three years [3] - The domestic offshore wind market is projected to approve approximately 2.9 GW of new capacity in 2025, with subsequent years seeing increases to over 10 GW and 16 GW to fill previous construction gaps [3][16] Market Dynamics - The demand for core components such as wind turbine foundations and submarine cables is expected to rise significantly due to deep-sea and large-scale development [9][10] - The domestic offshore wind power equipment industry chain's most valuable segments for long-term attention are wind turbine foundations and submarine cables, with the latter showing a long-term inflation trend in unit value due to increased offshore distances and technological advancements [29] Regional Developments - In the Asia-Pacific region, China dominates the offshore wind market, with Japan and South Korea starting to ramp up their efforts, aiming for 10 GW and 14.3 GW of installed capacity by 2030, respectively [22] - European countries like Germany and the Netherlands are leading in offshore wind project contributions, with a combined release of 12 GW of projects in 2024 [15] Future Projections - By 2030, the EU aims for 111 GW of offshore wind capacity, with annual construction exceeding 15 GW needed to meet this target [18] - The floating offshore wind market is expected to grow significantly, with annual market growth rates projected to reach 8-10 times by 2031 [25] Financial Aspects - The cost structure of offshore wind equipment includes main machine value (35%-40%), outgoing cables (10%-15%), infrastructure (10%), and towers (10%), with overall costs optimized by over 30% since 2019 [26] - The investment return rates for offshore wind projects have decreased to 4%-6% due to competitive bidding, but financing costs have also dropped, maintaining investment attractiveness [28] Conclusion - The offshore wind power industry is poised for significant growth, driven by technological advancements, government support, and increasing demand for clean energy solutions. The next few years will see a shift in market dynamics, with various regions contributing to the global offshore wind capacity expansion.

Investment Rating - Industry Rating: Outperforming the market (maintained rating) [6] Core Viewpoints - The overseas computing power industry chain remains highly prosperous and has not been impacted by DeepSeek and trade frictions, with stronger fundamental resonance in the related industry chain. The AI industry is viewed as a key investment theme for the year, with expectations for continued high prosperity in the AI sector and the AIDC industry chain [2][19] - The report suggests that 2025 may become a pivotal year for domestic AI infrastructure competition and application development, with ongoing advancements in AI in both China and the US [2][19] - The government work report has included "deep-sea technology" for the first time, indicating a positive trend for the offshore wind and submarine cable industry starting in 2025 [2] Summary by Sections Artificial Intelligence and Digital Economy - Key recommendations for optical modules and optical devices include: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Yuanjie Technology. Suggested stocks include: Guangxun Technology, Suosi, Dingtong Technology, and others [4][22] - For switch server PCBs, key recommendations are: Hudian Co., ZTE, and Unisplendour. Suggested stocks include: Shengke Communication, Ruijie Networks, and others [4][22] - Low valuation and high dividend stocks in cloud and computing IDC resources include: China Mobile, China Telecom, and China Unicom [4][22] - For AIDC and cooling solutions, key recommendations are: Yingweike, Runze Technology, and others. Suggested stocks include: Shenling Environment and others [4][22] - For AIGC applications and edge computing power, key recommendations are: Guanghe Communication, Meige Intelligent, and Yiyuan Communication. Suggested stocks include: Cai Xun Co., Mengwang Technology, and others [4][23] Offshore Wind and Submarine Cable - Key recommendations for offshore wind and submarine cable include: Hengtong Optic-Electric, Zhongtian Technology, and Dongfang Cable [5][24] - The report emphasizes the recovery of overseas markets and recommends focusing on leading companies in the submarine cable industry [3][20] Satellite Internet and Low-altitude Economy - The acceleration of national defense informatization and low-orbit satellite development is highlighted, with key recommendations including: Huace Navigation and Haige Communication. Suggested stocks include: Chengchang Technology, Zhenlei Technology, and others [6][25] Market Performance Review - The communication sector rose by 2.19% during the week of July 7-11, outperforming the CSI 300 index by 1.37 percentage points [26] - Notable individual stock performances include: Hengbao Co. and Changxin Bochuang, which saw significant increases [27][29]

Core Viewpoint - The ocean is a strategic area for high-quality development, and the marine economy is a crucial support for building a maritime power. The "14th Five-Year Plan" period is a key time for China to transition from a maritime nation to a maritime power, presenting both opportunities and challenges for marine economic development [1]. Group 1: Key Aspects of Marine Economic Development - The report titled "14th Five-Year Plan" Marine Economic Outlook will focus on enhancing top-level design and improving marine economic development policies and mechanisms [2]. - It will discuss the development of new productive forces in the marine sector and the construction of a modern marine industry system [2]. - The report emphasizes the importance of high-level technological self-reliance and strengthening marine strategic scientific and technological capabilities [2]. - It will address the need to establish a sound marine development and protection system, enhancing marine ecological environment protection [2]. - The report will also highlight the importance of deep participation in global marine governance and building a marine community with a shared future [2]. Group 2: Forum Details - The 2025 (5th) Marine Clean Energy Technology and Equipment Summit Forum will be held from July 23-25 in Nantong, focusing on topics such as the innovative technologies needed for integrated development and how to quickly scale successful demonstration projects [19]. - The forum will include various activities such as a youth scientist forum, an industry development and innovation technology conference, and exhibitions of innovative products and technologies [19]. - The organizing institutions include the Yangtze River Delta Shipbuilding and Marine Engineering Equipment Technology Innovation Center and Jiangsu University of Science and Technology [5][19].