Group 1: Report Overview - Reported company: Huashi Technology [17] - Industry: Software Development [2] - Research date: September 23, 2025 [1] Group 2: Research Participants - Participating institution: Guojin Securities Co., Ltd. [20] Group 3: Company Information - Company's self - developed product 3D laser sentinel is mainly used in perimeter security alarm, and is gradually being promoted to industries such as highways, railways, museums, etc. [22] - The new energy ship three - electric system independently developed by the subsidiary Huashi Hangyu Ship Technology has been applied in multiple projects inside and outside the province [22] - The company has established an AI department, deployed industry application tests based on DeepSeek [22] - The 2024 equity acquisition was terminated, but the company will consider integrating suitable target companies in the industrial chain [22][23] - The company is involved in the new holographic intelligent fishing port management in the marine economy, with a self - developed "intelligent gateway security supervision system" [23]

Group 1: Company Overview - The company is Zhejiang Huashi Technology Co., Ltd., with stock code 301218 and abbreviation Huashi Technology [1]. - The investor relations activity took place on September 23, 2025, with a site visit [2]. Group 2: Product Applications - The self-developed 3D Laser Sentinel is primarily used in perimeter security and alarm systems, applied in airports, nuclear power plants, detention centers, state guesthouses, and special police agencies [2]. - The company's subsidiary, Huashi Hangyu Ship Technology, has developed a new energy ship's three-electric system, successfully applied in various projects, including tourist boats in West Lake, a 64 TEU multi-purpose cargo ship in Huzhou, and a 75-passenger electric tourist boat project in Xiaogan [2]. Group 3: AI and Industry Integration - The company has established an AI department equipped with dedicated training servers and is conducting industry application tests based on DeepSeek [2]. - A planned acquisition in 2024 was terminated due to the actual circumstances of both parties and the current market environment, but future integration opportunities will be considered based on suitable targets in the industry chain [3]. Group 4: Marine Economy Opportunities - The company is involved in the marine economy, focusing on new holographic smart fishing port management, with a self-developed "Intelligent Gate Safety Supervision System" designed for efficient management of fishing vessels' safe navigation [3].

Core Insights - The successful issuance of a project loan by the Industrial and Commercial Bank of China (ICBC) to a seaweed farming enterprise marks the first financing specifically aimed at supporting large-scale and modern seaweed cultivation in Shandong Province [1][3] - This initiative aligns with Shandong's "14th Five-Year Plan" to deepen marine development and build a strong marine province, showcasing ICBC's proactive approach to tapping into new opportunities in the marine economy [1][2] Group 1 - The loan was efficiently disbursed in early July, addressing the financing challenges faced by the enterprise during a critical project construction phase, thereby injecting strong financial momentum into the high-quality development of the marine economy in Rongcheng City [1][3] - ICBC Rongcheng Branch established a specialized service team to ensure seamless coordination and efficient communication throughout the project evaluation and approval process, significantly enhancing decision-making efficiency and accuracy [2][3] Group 2 - The project financing reflects ICBC's commitment to implementing the national marine power strategy and supporting local real economy, effectively meeting the financing needs of enterprises and providing robust support for the modernization and scaling of Rongcheng's marine industry [3] - The successful loan issuance has opened new pathways for ICBC's Weihai Branch to deepen its engagement in the marine economy sector, accumulating valuable experience in servicing new marine business models [3]

Core Viewpoint - The "Maritime Fuzhou" strategy proposed by Xi Jinping emphasizes the importance of ocean development as a core engine for urban growth, aiming to balance development and protection while connecting globally [1][2][3]. Group 1: Strategic Importance - The "Maritime Fuzhou" strategy is a significant move to promote economic development in Fuzhou, highlighting the city's reliance on its maritime resources [2]. - Xi Jinping's vision for a maritime power is framed as a crucial task for the rejuvenation of the Chinese nation, showcasing the strategic foresight of the "Maritime Fuzhou" initiative [2][3]. Group 2: Development Goals - The strategy aims for Fuzhou's marine industry output to exceed 10 billion yuan by 2000, with specific plans for fleet formation and infrastructure development [3]. - The initiative promotes coordinated development across various sectors, including agriculture, aquaculture, and marine high-tech industries [3]. Group 3: Environmental Considerations - The strategy integrates ecological protection with resource development, aiming to restore and maintain a healthy coastal environment [4]. - Xi Jinping's approach emphasizes the importance of ecological civilization in marine development, ensuring that environmental quality improves alongside economic growth [4]. Group 4: Systematic Thinking - The strategy advocates for a comprehensive approach to marine development, considering both land and sea resources, and promoting cultural heritage [5]. - Xi Jinping's emphasis on integrated resource management aims to enhance the clarity of Fuzhou's marine economic functions and broaden development opportunities [5]. Group 5: Legal Framework - The strategy underscores the importance of legal measures in ensuring marine governance and security, with a focus on proactive legislation [6][7]. - The establishment of a legal framework for marine environmental protection has strengthened China's capacity for sustainable ocean development [7].

Core Viewpoint - Zhongke Haixun (300810) signed a strategic cooperation agreement with Guangxi Beibu Gulf International Port Group at the 22nd China-ASEAN Expo, focusing on marine technology, AI, and digital economy initiatives [1][2]. Group 1: Agreement Details - The agreement emphasizes strategic collaboration around national initiatives such as the Western Land-Sea New Corridor and the Belt and Road Initiative, exploring pathways for marine economy and port intelligence development [2]. - It aims to enhance innovation cooperation by jointly pursuing national and provincial research project support in areas like smart ports and marine big data, creating a closed-loop innovation system [2]. - The agreement includes provisions for talent exchange, facilitating technical personnel participation in key projects and establishing a shared incentive mechanism for innovation achievements [2]. Group 2: Impact and Future Considerations - The cooperation is not expected to have a significant impact on the company's current year operating performance, but future performance implications remain uncertain [2]. - The agreement is a framework agreement, and its implementation and subsequent developments are subject to uncertainty, with specific matters to be signed later if cooperation is achieved [2]. - The company has disclosed that there have been no changes in shareholding or restrictions on shares for related personnel in the past three months, and no notifications of intended share reductions have been received [2].

Group 1 - The third China Listed Companies Industry Development Forum was held in Shanghai, gathering nearly 300 listed companies and over 250 state-owned institutions, making it the largest industry summit in China [1] - Zhangzidao Group and its parent company, Dalian Zhangzidao Marine Development Group, received awards for "2025 Future Industry Star Listed Company" and "2025 Best State-Owned Capital Market Institution," highlighting the capital market's recognition of their transformation achievements [1] - Since the Dalian State-owned Assets Supervision and Administration Commission took over in 2022, Zhangzidao has initiated comprehensive reforms, including resource integration and management optimization, to address historical issues and drive the company towards healthy development [1] Group 2 - In May 2025, Zhangzidao announced a private placement plan to raise no more than 522 million yuan, which will enhance liquidity and repay bank loans, leading to a shareholding structure where the parent company holds 31.69% of the shares, establishing it as the controlling shareholder [2] - The company's financial performance has significantly improved, with a reported revenue of 772 million yuan and a net profit of 10.15 million yuan in the first half of 2025, marking a successful turnaround [2] - Zhangzidao is enhancing its resource advantages in a 940 square kilometer national marine ranch demonstration area and is expanding its market presence, achieving record sales in certain products and entering high-end retail channels [2] Group 3 - As a core marine industry platform under the parent group, Zhangzidao aims to leverage state-owned capital's strategic support and modern governance to strengthen its full industry chain advantages from breeding to brand sales [3] - The company is committed to seizing opportunities in the marine economy, focusing on resource integration, channel expansion, and brand upgrading to become a leading marine industry group in China [3]

Company Overview - Dewel, established on August 19, 2009, is located in Jiangbei New District, Nanjing, Jiangsu Province, and was listed on July 8, 2020. The company specializes in the research, production, and sales of oil and gas equipment components [2]. Stock Performance - Dewel's stock price has increased by 69.54% year-to-date, with a 2.37% rise over the last five trading days, a 3.51% increase over the last 20 days, and a 35.94% increase over the last 60 days [2]. - As of September 22, the stock price reached 32.45 CNY per share, with a market capitalization of 6.317 billion CNY [1]. Financial Performance - For the first half of 2025, Dewel reported a revenue of 563 million CNY, a slight decrease of 0.04% year-on-year, and a net profit attributable to shareholders of 51.526 million CNY, down 7.17% year-on-year [2]. - The company has distributed a total of 134 million CNY in dividends since its A-share listing, with 103 million CNY distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, Dewel had 4,500 shareholders, a decrease of 20.98% from the previous period, with an average of 43,259 circulating shares per shareholder, an increase of 26.56% [2]. - Notable institutional shareholders include Noan Pioneer Mixed A (320003) as the third-largest shareholder with 8.7888 million shares, and Noan Preferred Return Mixed A (001743) as the seventh-largest with 3.8760 million shares, both maintaining their holdings [3].

Group 1 - The publication of "Xi Jinping's Excerpts on Civil Affairs Work" emphasizes the importance of strengthening the awareness of the Chinese national community and promoting exchanges among various ethnic groups [1][9][10] - Since the 18th National Congress, Xinjiang has integrated the strengthening of national community awareness into the entire process of economic and social development, showcasing a new chapter of ethnic unity and common prosperity [10] Group 2 - During the "14th Five-Year Plan" period, Anhui and Fujian are promoting the deep integration of technological innovation and industrial innovation to accelerate the construction of a modern industrial system [4][15] - Anhui has established, is constructing, and is researching 13 major scientific devices, with a total of 23 national key laboratories [14] - Fujian has focused on becoming a strong province for the private economy, with the number of high-tech enterprises increasing from over 6,400 five years ago to more than 15,000 today, with 95% being private enterprises [15] Group 3 - A package of policies aimed at boosting consumption has been continuously implemented, leading to stable growth in the consumption market and an optimization of the sales structure [5][16] - The Ministry of Commerce and nine other departments have jointly introduced measures to promote the expansion and upgrading of the "15-minute convenient living circle" in cities [6][17] Group 4 - The 22nd China-ASEAN Expo concluded with over 500 economic and trade projects signed, including 44 projects empowered by "AI+" [21] - The Hengqin Guangdong-Macao Deep Cooperation Zone achieved a total import and export value of over 128 billion yuan, with a year-on-year growth rate of 9.7% [22] - The China-Laos Railway has operated over 60,000 freight trains since its opening, with a total freight volume exceeding 67.6 million tons [23]

Group 1 - The core viewpoint is that China's coastal regions are enhancing their marine industry, focusing on innovation and efficient collaboration to promote high-quality development of the marine economy [1] Group 2 - China's maritime trade routes are expanding, with Qingdao Port adding over 40 new general cargo routes to North Africa, Central and North America, and Southeast Asia. Beibu Gulf Port has launched a new RCEP route to Vietnam and Singapore, with over 90 container routes now operational. The port's customs efficiency has improved by 10%-20% this year [3] - In the first eight months of this year, Guangxi's imports and exports to ASEAN reached 275.09 billion yuan, marking a year-on-year increase of 12.9% [3] Group 3 - Innovation is driving high-quality development in the marine economy, with Zhejiang focusing on "artificial intelligence + marine" applications and Shanghai accelerating the development of marine industry clusters. The marine production value in China reached 5.1 trillion yuan in the first half of the year, reflecting a year-on-year growth of 5.8% [5]

Investment Rating - The industry investment rating is "Positive" (maintained) [7] Core Viewpoints - The offshore wind sector is expected to reach its peak in Q3, driven by optimistic domestic and international market conditions. Global offshore wind auction capacity is projected to reach 56.3GW in 2024, with an additional 100GW expected in the next two years. In China, the acceleration of offshore wind project construction since Q2 is anticipated to lead to a short-term performance realization in Q3 [1][2] - The profitability of components is expected to be strong due to the trend of larger wind turbines and expansion into overseas markets. The domestic wind turbine market is experiencing a shift towards larger models, leading to a temporary shortage of large components and increased bargaining power, resulting in excess profits in the component sector [2] - The turbine manufacturers are focusing on profit recovery and international expansion. Many turbine companies are entering a profit recovery phase, with improved cost structures and increased market demand. The price of wind turbines is expected to rise further, driven by a focus on quality and lifecycle economics [3][4] Summary by Sections Offshore Wind Market - The global offshore wind auction capacity is projected to reach 56.3GW in 2024, with an additional 100GW expected in the next two years. European countries are accelerating offshore wind projects, with significant increases in the number of grid-connected projects starting from 2026 [1] - In China, the acceleration of offshore wind project construction since Q2 is expected to lead to a performance realization in Q3, supported by policies promoting the "marine economy" and the advancement of deep-sea demonstration projects [1] Components Sector - The trend towards larger wind turbines is creating a temporary shortage of large components, enhancing the bargaining power of component manufacturers and leading to excess profits [2] - Domestic leading companies in the component sector are actively expanding into overseas markets, with significant increases in overseas orders expected to contribute to performance growth [2] Turbine Manufacturers - Turbine manufacturers are focusing on profit recovery through improved cost structures and increased market demand. The price of wind turbines is expected to rise further, driven by a focus on quality and lifecycle economics [3] - In 2024, domestic wind turbine exports are projected to reach 5.19GW, with cumulative exports expected to reach 20.79GW by the end of 2024. Companies like Goldwind and Mingyang Smart Energy are achieving breakthroughs in overseas markets [4] Investment Recommendations - Recommended companies for investment include: - Offshore wind infrastructure and towers: Dajin Heavy Industry, Haili Wind Power, and Tiensun Wind Energy - Submarine cables: Dongfang Cable, Zhongtian Technology, and Hengtong Optic-Electric - Castings and forgings: Jinlei Co., Riyue Co., and Guangda Special Materials - Turbine manufacturers: Goldwind, Yunda Co., Mingyang Smart Energy, and Sany Heavy Energy [5]