Core Points - The 7th Grand Canal Cultural Tourism Expo will be held from August 15 to 17 at the Suzhou International Expo Center, focusing on the theme of "Integration, Innovation, and Sharing" [1] - The expo aims to create a comprehensive platform for cultural tourism integration, promotion of cultural tourism products, and sharing of a better life [1] Group 1 - A total of 76 cities from 18 provinces (municipalities and regions) in China will participate, with 542 enterprises exhibiting, of which 58.3% are from outside the province [1] - The expo will feature two main components: an opening ceremony and six exhibition activities, including five themed exhibitions [1] - The five themed exhibitions include the Grand Canal City Cultural Tourism Boutique Exhibition, Grand Canal Themed Cultural and Creative Exhibition, Grand Canal Characteristic Cultural Tourism Industry Exhibition, "Encounter of the Silk Road and the Grand Canal" theme exhibition, and Grand Canal Food Culture Exhibition [1] Group 2 - The Grand Canal Themed Cultural and Creative Exhibition is a new addition this year, showcasing over 1,000 cultural and creative products from more than 80 enterprises and institutions [1] - The Grand Canal Characteristic Cultural Tourism Industry Exhibition will focus on "multi-industry integration and multi-scenario consumption," utilizing AR and VR technologies to create immersive and interactive experiences [1] - The exhibition will feature three major areas: "Grand Canal Plush Supermarket," "Grand Canal Creation Collection," and "Grand Canal Rural Creation Zone," highlighting various cultural and creative brands from scenic spots, cultural heritage, film, and animation along the Grand Canal [1]

Investment Rating - The report gives a "Buy" rating for the offshore wind sector, particularly highlighting the potential for significant growth in European offshore wind projects and the expected increase in orders for related companies [7][6]. Core Insights - The offshore wind sector is experiencing a positive outlook with successful project milestones, such as the Jiangsu Guoxin Dafeng offshore wind project achieving its first power delivery and aiming for grid connection [7]. - The U.S. "Great American Outdoors Act" has introduced more lenient supply chain requirements, which is expected to benefit energy storage projects significantly [8]. - The lithium battery sector is seeing a resurgence in traditional orders and advancements in solid-state battery technology, with major manufacturers receiving large-scale orders [14][11]. Summary by Relevant Sections Offshore Wind - Jiangsu Guoxin Dafeng offshore wind project successfully completed its first power delivery, with expectations for initial grid connection within the month [7]. - The 2025 Offshore Wind Conference in Liaoning set a target of 13.1GW for offshore wind development, indicating strong future demand [7]. - European offshore wind demand is projected to double this year, with significant order growth anticipated [7]. Solar & Energy Storage - The U.S. Senate's version of the "Great American Outdoors Act" has relaxed certain supply chain restrictions, which is favorable for energy storage projects [8]. - After a peak in domestic installations, solar exports have rebounded, with May exports showing a month-on-month increase [8]. - The report highlights the potential for overseas markets to support solar demand in the second half of 2025 [8]. Lithium Batteries - The solid-state battery sector is moving towards industrialization, with major manufacturers receiving MWh scale orders [14]. - The report emphasizes the need for equipment upgrades in solid-state battery production, which is expected to yield higher value compared to traditional equipment [14]. - LG Energy Solution has secured an 8GWh order for cylindrical batteries from Chery, marking a significant contract in the lithium battery market [11]. New Energy Vehicles - The Chinese government has confirmed the continuation of the vehicle trade-in subsidy program, which is expected to stabilize market demand [15]. - The report notes a strong recovery in the overall vehicle market, particularly in the second half of the year, driven by new vehicle launches and subsidy support [15]. - The report anticipates a robust demand for new energy vehicles, with significant sales growth expected in the coming months [15]. Power Grid - The export of major electrical equipment has shown strong growth, with May exports reaching $6.49 billion, a year-on-year increase of 18% [18]. - The report highlights the ongoing demand for power grid equipment, particularly in overseas markets, which is expected to remain high [18]. - The report suggests that leading companies in the power grid sector are well-positioned to capture greater market share due to their comprehensive capabilities [20].