Group 1: Marine Economic Performance - The marine GDP for the first quarter reached 2.5 trillion yuan, showing a year-on-year growth of 5.7% [1] - The traditional marine industries are performing steadily, with key shipbuilding indicators such as new ship orders and completed ship orders remaining within a reasonable range, maintaining a leading global market share [1] - The marine tourism sector has seen rapid growth, achieving an added value of 384.2 billion yuan, which is a year-on-year increase of 7.5% [1] Group 2: Emerging Marine Industries - The marine engineering equipment manufacturing sector is experiencing positive growth, with new orders, delivered orders, and hand-held orders increasing by 57.1%, 114.3%, and 24.2% respectively [2] - Significant breakthroughs have been made in marine pharmaceuticals, including the initiation of phase II clinical trials for a new anti-tumor drug and the assembly of a reference chromosome map for the three-spot seahorse [2] - The marine food and water resource supply foundations are being strengthened, with marine product output increasing by 4.5% year-on-year, and the development of desalination projects in the Antarctic showing positive progress [2] Group 3: Marine Trade Resilience - Despite global economic challenges, marine foreign trade has demonstrated resilience, with exports of high-end, intelligent, and green marine products showing good growth [3] - The export of wind turbine generators has increased by 43.2% year-on-year, indicating strong international competitiveness and trade resilience in the marine sector [3]

背倚大陆、雄踞东海，尽得山海之利；陆域面积只有10多万平方公里，海域面积却超26万平方公里……独特的地理区位，丰富的海洋资源，是浙江建 设海洋强省的优势所在。 "十四五"期间，浙江牢牢把握海洋这一高质量发展战略要地，因地制宜发展海洋新质生产力。从"质"上来看，浙江坚持陆海统筹，发挥山海资源优 势，推动海洋管理制度集成创新，节约集约利用海洋资源，强化重大项目用海保障，促进海洋科技创新，构建现代海洋产业体系；从"量"上来看，2021年 至2024年，浙江保障项目用海50.53万亩，有效支撑10余个国家重大项目落地建设。 "质"的有效提升与"量"的合理增长，推动浙江海洋强省建设行稳致远。 推动管理制度集成创新 近年来，浙江深化用海管海实践，加强海洋管理制度集成创新，提升海域资源高效利用水平，提高用海审批效率，推动陆海统筹机制不断完善。 2024年6月，浙江省自然资源厅出台《加强自然资源要素保障促进海洋经济高质量发展若干政策措施》，从强化规划引领、统筹指标计划、优化审批 服务、促进节约集约和加强监管保护等5方面提出12条支持举措，积极促进海洋经济高质量发展。 一方面，聚焦企业需求，压缩用海审查报批时限，提高行政审批效 ...

Core Insights - The Guangdong Marine Development Planning Research Center's report on promoting high-quality development of the wave energy industry has been recognized as an excellent research report by the Ministry of Natural Resources for 2024 [1] - The report aims to support the comprehensive advancement of marine province construction and achieve breakthroughs in building a new maritime Guangdong [1] Group 1: Marine Policy Research - Marine policy research focuses on the overall, strategic, forward-looking, and long-term development of marine affairs, addressing both hot and difficult issues [2] - The team closely tracks the latest developments in marine technology, industry, and comprehensive management, providing timely and reliable references for marine management consulting [2] - The team has drafted important documents to promote the high-quality development of modern marine ranches, ensuring that policy formulation is targeted and based on firsthand information [2] Group 2: Collaborative Mechanisms - The team has established close cooperation with various organizations, including the National Ocean Information Center and the Guangdong Provincial Government Research Center, to enhance the breadth and depth of policy research [3] - The team has hosted the Guangdong-Hong Kong-Macao Marine Cooperation Development Forum for three consecutive years, focusing on building a strong marine province and gathering insights from various sectors [3] - The team has provided professional technical support for top-level design in marine province construction and has participated in drafting key policy documents [3] Group 3: Specialized Research Reports - The team has conducted a series of specialized studies on marine hot topics, producing reports that support the comprehensive advancement of marine province construction [3] - Notable reports include studies on the modern marine service industry in the Guangdong-Hong Kong-Macao Greater Bay Area and strategies for advancing into deep blue waters [3]

国家海洋综合试验场（珠海）首批海洋试验启动仪式。珠海市海洋发展局供图 中国自主研发的第一台兆瓦级漂浮式波浪能装置"南鲲号"。珠海市海洋发展局供图 4月24日，大湾区海洋能源创新联合体（以下简称海洋能源联合体）揭牌仪式在2025珠海国际海洋智能科技展览会主会场举行，海洋能源联合体16家成 员单位共同见证。《大湾区海洋能源创新联合体珠海宣言》同期发布。 4月25日，北京理工大学（珠海）等单位围绕"智慧海洋、创新驱动——共筑粤港澳大湾区海上新能源未来"这一议题举办了粤港澳大湾区海洋新能源专 题论坛。中国科学院广州能源研究所海上能源研究中心主任盛松伟作《规模化开发海洋能路径思考》主旨演讲。 明确使命 共绘海洋能源发展蓝图 海洋能源联合体由珠海市海洋发展局牵头，珠海市发展和改革局等相关单位指导，整合高校院所、知名能源企业等专业资源，凝聚大湾区海洋能源力 量，采用"1+N"协同模式（即1个组长单位，N家单位协同），围绕国家海洋发展战略，以国家海洋综合试验场（珠海）为载体，对标欧洲海洋能源中心，谋 划打造国家级标志性海洋新能源产业创新平台，打造海洋能源科技创新高地。 蓝海禀赋 筑牢海洋能源根基 海洋新能源作为推动能源绿色转 ...

■本报记者 田耿文 通讯员 郇长亮 近年来，山东省委省政府围绕打造现代海洋经济发展高地，以做大做强现代海洋经济为目标，打造世界 级海洋创新平台，努力在建设海洋强国中"走在前、挑大梁"。 伴随山东加快海洋强省建设步伐，农行山东省分行持续改进和提升金融服务能力，明确支持重点，统筹 配置资源，助力经济大省在海洋建设中"挑大梁"。截至今年3月末，农行山东省分行海洋及相关产业贷 款余额83.9亿元，较年初增加4.8亿元。 为助力海洋种业发新芽，该分行聚焦水产种业"育繁推"一体化，联合育种平台和良种繁育龙头企业，围 绕优势水产品区域开展金融服务，支持北海渤海水产种苗繁育中心项目、明波水产现代渔业种业基地等 省级以上重点项目，累计投放海洋种业贷款1.7亿元。此外，农行山东省分行还积极助力渔业加工、冷 链流通等海产下游龙头企业发展，聚焦威海好当家、日照荣信等国家农业产业化重点龙头企业，助力企 业扩大产能。 农行山东省分行以"金融服务乡村振兴齐鲁样板烟台示范区"创建为契机，加力服务蓝色经济探索与布 局，赋能海洋牧场、远洋捕捞及加工、海洋生物制药、海洋化工、海洋能源、海洋旅游、港航物流、海 洋种苗、近海养殖、海工装备等"十大领域 ...

Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, with significant growth in revenue and net profit, indicating robust business development across various sectors [1][2]. Financial Performance - In 2024, the company achieved a revenue of 59.984 billion yuan, a year-on-year increase of 26.0%, and a net profit attributable to shareholders of 2.769 billion yuan, up 28.6% [1]. - For Q1 2025, the company reported a revenue of 13.268 billion yuan, a year-on-year increase of 12.6%, but a quarter-on-quarter decline of 24.5%. The net profit attributable to shareholders was 557 million yuan, up 8.5% year-on-year and 22.6% quarter-on-quarter [1]. Business Segment Performance - The company's business segments showed varied performance in 2024: - Optical Communication: Revenue of 6.562 billion yuan, down 11.0%, with a gross margin of 25.59%, down 3.77 percentage points [2]. - Smart Grid: Revenue of 22.184 billion yuan, up 14.7%, with a gross margin of 12.58%, down 0.99 percentage points [2]. - Marine Energy and Communication: Revenue of 5.738 billion yuan, up 69.6%, with a gross margin of 33.53%, up 1.91 percentage points [2]. - Industrial and New Energy Intelligence: Revenue of 6.766 billion yuan, up 18.1%, with a gross margin of 13.27%, down 1.86 percentage points [2]. - Copper Conductor: Revenue of 15.007 billion yuan, up 50.9%, with a gross margin of 1.15%, down 1.16 percentage points [2]. - In Q1 2025, the company maintained steady growth in its ultra-high voltage, smart grid, industrial and new energy intelligence, and marine energy and communication sectors, contributing to a significant increase in net profit [2]. Order Backlog and Market Outlook - As of the end of Q1 2025, the company had a substantial order backlog, including approximately 18 billion yuan in orders for subsea cables, marine engineering, and land cable products, and around 8 billion yuan for marine communication projects [3]. - The offshore wind sector is expected to see a recovery in demand, with several projects ready to commence construction in 2025, which may lead to further growth for the company [3]. - The company has recently won multiple contracts in the offshore wind and marine oil and gas sectors, totaling 1.133 billion yuan [3]. Investment Outlook - The company is expected to benefit from the recovery in the offshore wind sector and the steady development of its various business lines. Projected net profits for 2025-2027 are 3.467 billion yuan, 4.246 billion yuan, and 4.772 billion yuan, respectively, with corresponding PE multiples of 11x, 9x, and 8x [4].

Group 1 - The company has recently won multiple marine energy project bids, with a total bid amount of approximately 24.99 billion RMB [1][3][4] - Domestic projects include contracts for underwater cables and related equipment for various wind power and energy projects, totaling around 19.19 billion RMB [1][4] - International projects include contracts for underwater cables in the Middle East, Vietnam, and Brazil, totaling approximately 5.80 billion RMB [2][4] Group 2 - The successful bids demonstrate the company's advanced technical capabilities and project management skills in the high-voltage submarine cable sector, contributing positively to its market competitiveness [4] - The total bid amount represents 5.55% of the company's audited revenue for 2023, indicating a significant impact on future operational performance [4] - The company plans to increase R&D investment and focus on the marine renewable energy sector, aiming to provide innovative solutions for global marine energy development [4]