Investment Rating - Industry rating: Outperform the market (maintained) [1] Core Viewpoints - The development of offshore wind power is crucial for promoting high-quality development of the marine economy, with offshore wind power taking the lead in the marine industry [2][5] - The deep-sea offshore wind power development will start with demonstration projects, with significant progress in Zhejiang and Liaoning provinces [2][4] - Investment suggestions focus on the mid-to-long-term beneficiaries of deep-sea offshore wind power development and deep-sea technology [2][49] Summary by Sections Promoting High-Quality Development of Marine Economy - The national strategy emphasizes the importance of offshore wind power in the marine industry, highlighting the need for orderly construction amid increasing competition for marine resources [5][10] Progress of Deep-Sea Offshore Wind Power - Zhejiang has planned six deep-sea offshore wind power zones, with a total capacity of 28GW, and is actively developing demonstration projects [14][37] - Liaoning's first phase of the 1GW deep-sea offshore wind power project is scheduled for full capacity grid connection by December 31, 2027 [34] Investment Recommendations - Focus on the supply chain benefiting from deep-sea offshore wind power development: 1. Submarine cable segment: Recommended companies include Dongfang Cable, Zhongtian Technology, and Hengtong Optic-Electric [49] 2. Offshore wind foundation and marine engineering: Recommended companies include Dajin Heavy Industry, Haili Wind Power, and Tian Shun Wind Power [49] 3. Turbine manufacturers with sufficient orders: Recommended companies include Goldwind Technology, Yunda Co., Sany Heavy Energy, and Mingyang Smart Energy [49]

Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Viewpoints - The report emphasizes the importance of high-quality development of the marine economy, with a focus on promoting orderly construction of offshore wind power projects. The recent meeting chaired by General Secretary Xi Jinping highlights the need for top-level design and increased policy support to accelerate the development of deep-sea offshore wind projects [2][4][17] Summary by Relevant Sections Zhejiang - Zhejiang plans six deep-sea offshore wind farm areas with an expected capacity of 28GW, receiving approval for 8GW of national management offshore wind project resource indicators in 2024. The Wenzhou Pingyang No. 1 offshore wind project is currently in the EPC general contracting bidding phase, aiming for completion and grid connection by 2026 [4][20][21] Fujian - Fujian has planned a demonstration development of 4.8GW deep-sea offshore wind projects in 2022 and initiated applications for a price demonstration project of no less than 1GW in 2023. Currently, approximately 5.3GW of projects are underway, including 400MW already connected to the grid and 700MW under construction [5][24][25] Shandong - Shandong has previously planned 20GW of deep-sea offshore wind project sites, with about 9GW currently in progress. This includes various stages of development, such as preliminary work, signed contracts, and ongoing construction [5][28] Liaoning - Liaoning's approved 6.1GW national management offshore wind project is progressing, with the first phase of the Huadian Dandong deep-sea offshore wind project (1GW) set to start construction in 2025 and be completed by 2027 [5][29][30] Hainan - Hainan has launched the "Haiyou Guanlan" floating offshore wind project, with a 1GW floating wind project planned in three phases, aiming for completion of the first phase by 2025 [5][31] Shanghai - Shanghai has planned 29.3GW of deep-sea offshore wind projects, with the first phase of 4.3GW set to start competitive bidding in 2024 [5][33] Guangdong - Guangdong has initiated a selection process for 16GW of national management offshore wind projects, with the "Mingyang Tiancheng" floating wind test platform expected to be operational by the end of 2024 [5][34] Hebei - Hebei has initiated planning for deep-sea offshore wind projects, with a total capacity of approximately 15.5GW, and aims to connect 1GW of national management offshore wind projects to the grid by 2025 [5][35] Guangxi - Guangxi has started preliminary work on 13.4GW of deep-sea offshore wind sites in 2023 and will conduct competitive consultations for 6.5GW in 2024 [5][38] Jiangsu - Jiangsu's deep-sea offshore wind projects are in the preliminary work phase, with a total of 7.3GW of projects currently undergoing preliminary work bidding [5][39] Overall Industry Outlook - The report concludes that the launch of deep-sea offshore wind projects across various provinces is expected to release installed capacity and further open up growth space for the industry [9][41]