智通财经APP获悉，方正证券发布研报称，随着近海资源开发趋于成熟，我国海上风电产业正加速向深 远海领域迈进。2025年国务院政府工作报告首提"深海科技"，政策驱动下预计25年将成为深远海开发元 年，2025-2027年装机量复合增长率达56%。建议重点关注电力输送、基础建设、发电机组及国产替代 四大核心环节的投资机会。 方正证券主要观点如下： 近海资源开发成熟，深远海需求逐步启动 建议关注 1)受益深远海需求的电力输送环节：东方电缆、中天科技、亨通光电、光格科技、起帆电缆、长飞光 纤、汉缆股份、太阳电缆、许继电气、万马股份等; 十四五期间，国内海上风电主要集中在近海领域开发，22-25年累计装机海上风电约为27GW，预计十五 五期间仍要开发的近海项目约为52GW;即26-29年国内海上风电近海仍能支持约13GW左右年均装机。在 近海资源基本开发成熟，且资源量整体有限的情况下;远海资源开发十分重要。深远海区域拥有丰富的 风能资源，全球可用的海上风能资源超过710亿千瓦，其中深远海占比超过70%;我国深远海风能资源技 术可开发量超过12亿千瓦。 政策配套加码，25年迎深远海开发元年 25年国务院政府工作报告首提" ...

Group 1 - In the first half of 2023, Guangdong Province completed investments of 570.4 billion yuan in key projects, achieving 57% of the annual investment plan [1] - The 2025 key construction project plan includes 1,489 key projects and 1,001 preparatory projects, with 50% of the projects being industrial [1] - Major ongoing projects include the construction of highways, railways, and energy facilities, contributing to regional economic development [2][3] Group 2 - The Guangdong-Hong Kong-Macao Greater Bay Area's intercity rail network is being rapidly developed, with the Shenzhen Airport to Qianhai section expected to enhance connectivity [2] - The expansion of Guangzhou Baiyun International Airport is nearing completion, which will increase its annual passenger capacity to 120 million, making it the largest single terminal airport globally [3] Group 3 - Energy projects in Guangdong are increasingly focused on green development, with 26 offshore wind power projects included in the 2025 key construction plan [4] - By the end of 2025, Guangdong's offshore wind power capacity is expected to reach 15 million kilowatts, positioning it as a leader in the sector [4][5] - The offshore wind power capacity in the first half of 2023 reached 12.51 million kilowatts, significantly reducing carbon emissions compared to traditional coal-fired power plants [5]

Core Viewpoint - The Hainan Provincial Government has released a three-year action plan (2025-2027) to accelerate the construction of a modern industrial system with distinctive advantages, focusing on the development of seed industry, deep-sea industry, and aerospace innovation [1][2][3] Group 1: Seed Industry - Hainan aims to establish a "Southern Breeding Silicon Valley" to enhance the seed industry, focusing on "seed source, seed industry, and seed market" [1] - The plan includes the establishment of major research facilities centered on biotechnology, artificial intelligence, and big data, and the introduction of national-level seed industry innovation platforms [1] - The goal is to implement seed industry revitalization actions and cultivate a number of leading seed enterprises [1] Group 2: Deep-Sea Industry - The action plan emphasizes the development of emerging marine industries, including the enhancement of oil and gas reserves and production [2] - Key initiatives include evaluating the potential for "multi-gas co-production and multi-energy utilization" and advancing deep-sea oil and gas field development technologies [2] - Hainan plans to grow the marine renewable energy sector and develop a "smart ocean" technology innovation hub [2] Group 3: Aerospace Industry - The plan focuses on cultivating the Wenchang International Aerospace City and building a significant aerospace innovation base [2] - It aims to enhance the core capabilities of commercial aerospace launch sites and accelerate the construction of supporting facilities [2] - The establishment of satellite manufacturing centers and the integration of satellite, rocket, and launch site development are also key objectives [2] Group 4: Tropical High-Efficiency Agriculture - Hainan will strengthen its tropical agriculture by enhancing the supply chains of key products such as mangoes, pineapples, and coffee [2] - The plan includes the introduction and promotion of "new, unique, and superior" varieties and the cultivation of Hainan agricultural product brands [2] Group 5: Overall Economic Impact - Since the establishment of the Hainan Free Trade Port, the industrial system has been optimized, with the four leading industries (tourism, modern services, high-tech, and tropical agriculture) accounting for 67% of the province's GDP in 2024 [3] - The action plan targets an increase in this share to around 70% by 2027 [3] - Hainan aims to enhance the "new, green, and gold" content of industrial clusters, supporting sectors like offshore wind power, energy conservation, and artificial intelligence [3]

Core Viewpoint - Hainan Province has released a significant policy document titled "Three-Year Action Plan for Accelerating the Construction of a Modern Industrial System with Characteristics and Advantages in Hainan (2025-2027)", outlining 20 specific measures to enhance its industrial system [1][2]. Summary by Sections Overall Goals - By 2027, the value added of the four leading industries is expected to account for approximately 70% of GDP, with a strong emphasis on high-quality economic development. The construction of an international tourism consumption center will be advanced, and the potential for tourism consumption will be continuously released. The modern service industry's value added is projected to approach 30% of GDP, with R&D expenditure intensity reaching 1.8% and high-tech industries contributing over 17% to GDP [8]. Characteristic Industry Cultivation Actions - The plan emphasizes the development of three future industries: seed industry, deep-sea industry, and aerospace industry, alongside the growth of tropical efficient agriculture [9][10][11]. - The seed industry aims to establish a "Southern Breeding Silicon Valley" and achieve an annual revenue of over 20 billion yuan by 2027 [9]. - The deep-sea industry will focus on enhancing oil and gas reserves and production, with a target revenue of over 6 billion yuan for the deep-sea technology industry cluster by 2027 [10]. - The aerospace industry aims to develop a comprehensive industrial chain, with a revenue target of 10 billion yuan for the Wenchang International Aerospace City by 2027 [11]. Advantage Industry Enhancement Actions - The tourism sector will optimize product supply and develop new consumption formats, aiming for a revenue of over 50 billion yuan for the Sanya Haitang Bay leisure tourism industry cluster by 2027 [13]. - The plan supports the development of the Yangpu Port as a regional international container hub, targeting a revenue of 80 billion yuan for the Yangpu Port shipping industry cluster by 2027 [14]. - Financial reforms will enhance cross-border capital flow, with an asset management target of nearly 600 billion yuan for the Sanya Central Business District by 2027 [14][15]. Key Park High-Quality Development Actions - The plan aims to cultivate industrial clusters in various sectors, including offshore wind power, modern logistics, and artificial intelligence, with a goal of nurturing 30 industrial clusters with over 10 billion yuan in revenue by 2027 [18]. - Innovative financing mechanisms for industrial parks will be explored, including the establishment of provincial investment companies [18]. Guarantee Measures - The plan emphasizes the need for strong organizational leadership and the establishment of a project library for key projects to ensure timely implementation and effectiveness [20][21].

Group 1 - The core viewpoint is that China's marine economy is showing steady growth, with a marine production value of 5.1 trillion yuan, representing a year-on-year increase of 5.8% [1] Group 2 - The development of emerging marine industries is positive, with marine engineering equipment deliveries and hand-held order amounts increasing by 39.3% and 9.7% respectively [3] Group 3 - Traditional marine industries continue to play a stabilizing role, with the marine shipbuilding industry's international market share remaining strong. The marine tourism industry's added value reached 771.8 billion yuan, growing by 8% year-on-year. The resilience of the marine transportation industry is evident, with marine freight volume and cargo turnover increasing by 5.2% and 6.9% respectively [4] Group 4 - The supply capacity of marine resource factors is steadily improving, with a newly approved area for marine and island use of 167,000 hectares, a year-on-year increase of 25.2%. The capacity for marine clean energy is also on the rise, with new offshore wind power grid-connected capacity and power generation increasing by 199.4% and 2.2% respectively. The construction of the "blue granary" is progressing steadily, with domestic marine aquaculture production increasing by 4.8% year-on-year [6]

Core Insights - The Hainan Provincial Government has issued a three-year action plan (2025-2027) aimed at building a modern industrial system with distinctive advantages, focusing on high-quality development in key sectors such as deep-sea industries, aerospace, and tropical agriculture [4][5][6]. Group 1: Industrial Development Goals - By 2027, the four leading industries are expected to account for approximately 70% of GDP, with modern service industries reaching nearly 30% of GDP [5]. - The plan aims for R&D expenditure to reach 1.8% of GDP and for high-tech industries to exceed 17% of GDP by 2027 [5]. - The tropical agriculture sector is projected to achieve an annual growth rate of over 5% in the value-added of its main industries [5]. Group 2: Key Industry Initiatives - The deep-sea industry will focus on enhancing oil and gas reserves, developing key technologies for deep-sea exploration, and promoting the production of natural gas hydrates, with a revenue target of over 6 billion yuan for the Sanya Yazhou Bay technology city by 2027 [7]. - The aerospace sector aims to develop a comprehensive industrial cluster in Wenchang, with a revenue target of 10 billion yuan by 2027, including the construction of satellite and rocket manufacturing facilities [8]. - The plan emphasizes the growth of tropical agriculture, targeting specific products like mangoes and coffee, and aims to enhance the value chain of these industries [9]. Group 3: Supportive Measures - The government will enhance financial support for the modern industrial system, including the establishment of a project library for key initiatives and the promotion of innovative financing mechanisms [17][18]. - There will be a focus on improving the business environment and attracting high-quality projects to support the development of the industrial system [17]. - The plan includes measures to strengthen statistical monitoring of key industries and ensure the stability of supply chains post-closure [18].

Core Insights - The marine economy in China has shown resilience and positive growth in the first half of the year, with a marine GDP of 5.1 trillion yuan, representing a year-on-year increase of 5.8% [1] Group 1: Marine Economic Performance - The supply capacity of marine resources has steadily increased, with a newly approved area for marine and island use of 167,000 hectares, up 25.2% year-on-year, involving investments exceeding 500 billion yuan [1] - Marine crude oil and natural gas production increased by 2.3% and 16.9% respectively [1] - The capacity and generation of offshore wind power saw significant growth, with new grid-connected capacity increasing by 199.4% and generation up by 2.2% [1] - The domestic marine aquaculture production increased by 4.8% [1] Group 2: Traditional Marine Industries - Traditional marine industries continue to play a stabilizing role in the marine economy, with the shipbuilding industry maintaining a leading position in the international market, accounting for 64.0% of new orders, 47.2% of completed orders, and 57.6% of hand-held orders globally [1] - The marine tourism sector's value added grew by 8.0%, with cruise ports receiving 40.1% more passengers year-on-year [1] - The marine transportation sector demonstrated resilience, with marine freight volume and cargo turnover increasing by 5.2% and 6.9% respectively [1] Group 3: Emerging Marine Industries - Emerging marine industries are also showing positive development, with marine engineering equipment deliveries and hand-held order amounts increasing by 39.3% and 9.7% respectively [2] - The "Sea Star Model" for marine drug research was launched in Qingdao [2] - The megawatt-level generator "Fengjin" has been continuously operating on the grid for over three years [2]

资料来源：企查查 经营范围含许可项目：发电业务、输电业务、供（配）电业务；输电、供电、受电电力设施的安装、维 修和试验；渔业捕捞、新兴能源技术研发；海上风电相关系统研发；风力发电技术服务；太阳能发电技 术服务；工程和技术研究和试验发展；储能技术服务；海洋工程关键配套系统开发；水产品收购；水产 品批发；新材料技术推广服务；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广。 7月29日，华电（如东）海上风电有限公司成立。法定代表人为裴昌兵，注册资本3000万人民币。华电 新能源集团股份有限公司、远东海缆有限公司、江苏东电新能源科技工程有限公司、上海电气风电集团 股份有限公司持股。 图片来源：企查查其中华电新能源持股比例最高，达到80%；远东海缆占比10%；江苏东电新能源占比 8%；电气风电占比2%。 ...

Group 1 - The core concept of the article is the innovative integration of offshore wind power, solar energy, and aquaculture through the semi-submersible marine ranch "Guoneng Huanghai No. 1" [1][2] - "Guoneng Huanghai No. 1" is designed with a total length of 53 meters, a width of 24 meters, and a height of 21 meters, featuring a modular design that allows for two independent aquaculture units [1] - The platform is equipped with a 50 kW solar power system and an energy storage system, enabling self-sufficient green energy [1] Group 2 - The integrated model of "wind power + solar energy + aquaculture" allows for simultaneous harvesting of energy and fishery products, significantly enhancing marine economic output efficiency [2] - The offshore wind turbine foundations provide habitats for various marine species, contributing to a stable marine ecological food chain and achieving both economic and ecological benefits [2] - This model represents a new pathway for the offshore wind power industry to enhance quality and efficiency, while also promoting the modernization and scaling of traditional aquaculture [2]

Macro Research - The manufacturing PMI index fell unexpectedly to 49.3% in July, indicating a slowdown in production activities and a contraction in demand index, highlighting supply-demand imbalances [1] - In the second quarter of 2025, the U.S. economy showed signs of weakness despite a rebound in consumer spending, with a consumer confidence index remaining low and private investment declining at an annualized rate of -15.6% [2] Bond Market - As of the end of Q2 2025, active bond funds saw an increase in performance, with leverage and duration rising compared to the previous quarter, indicating a comprehensive increase in various types of bonds [3] - The divergence between bond and bill market interest rates is attributed to both funding and credit attributes, with bill rates declining in response to increased bank credit [4] Industry Research - The European offshore wind sector is experiencing a positive trend due to improved policies, reduced project costs, and strategic positioning, with new installations expected to reach 2.6GW in 2024 and 11.8GW by 2030 [5] - The phosphate chemical industry is facing low operating rates for ammonium phosphate, with leading companies benefiting from upstream resource acquisitions, while those lacking such integration may face profitability pressures [8] Company Research - Jilin Chemical Fiber is expected to see a decline in profitability in its carbon fiber segment, leading to a downward adjustment in profit forecasts for 2025-2026, while maintaining a positive outlook for its transition to carbon fiber products [10] - Su Shi Testing reported a revenue increase of 8.09% year-on-year in H1 2025, with a strong performance in Q2, and is expected to benefit from recovering downstream demand and new growth from emerging industries [11] - Baidu Group is facing pressure on its advertising business due to competitive dynamics and AI transformation impacts, leading to a downward revision of profit forecasts for 2025-2027 [12] - Qualcomm's FY25Q3 results met expectations, with continued growth in automotive and IoT business segments, maintaining profit forecasts for 2025-2027 [13]