Core Viewpoint - The meeting emphasizes the need for high-quality development of the marine economy through enhanced top-level design, increased policy support, and encouraging social capital participation [1] Group 1: Marine Economy Development - The focus is on strengthening the independent innovation capability of marine technology and enhancing strategic technological power in the marine sector [1] - The development of leading marine technology enterprises and specialized small and medium-sized enterprises is encouraged [1] - The meeting calls for the promotion of orderly construction of offshore wind power and the modernization of deep-sea fishing [1] Group 2: Marine Industry and Services - There is an emphasis on developing marine biomedicine and biological products, as well as creating marine cultural and tourism destinations [1] - The meeting highlights the need for high-quality development of the shipping industry [1] - Research on the development planning of bay economies and the optimization of coastal port clusters is prioritized [1] Group 3: Environmental Protection and Global Cooperation - Strengthening marine ecological environment protection and implementing comprehensive management of key sea areas is essential [1] - The meeting advocates for layered and three-dimensional utilization of marine areas and exploring marine carbon sink accounting [1] - Deep participation in global marine governance and cooperation in global marine scientific research, disaster prevention, and blue economy is encouraged [1]

Group 1: Financial Support in Ningxia - The transformation of traditional industries in Ningxia is supported by financial services, exemplified by Weili Transmission's success in producing key components for large offshore wind turbines, aided by loans from local banks [2][3] - Weili Transmission received a stock repurchase loan of 54 million yuan from Bank of China Ningxia Branch, marking a significant financial milestone for the company [2] - The Ningxia banking sector has provided comprehensive financial services to 238 high-tech enterprises and 167 specialized enterprises, promoting the development of technology-driven industries [3] Group 2: Innovations in Manufacturing - The Shared Group has pioneered the industrial application of 3D printing technology in casting, supported by a total of 488 million yuan in loans from various banks over seven years [3] - Ningxia Zhonghuan Photovoltaic Materials Co., Ltd. is producing 50GW solar-grade monocrystalline silicon rods, backed by a 7.3 billion yuan syndicated loan from eight banks [4] Group 3: Financial Initiatives in Gansu - Gansu's banking sector is focusing on supporting new productive forces, with initiatives aimed at revitalizing traditional industries and fostering new ones [5] - Defu New Materials, a producer of electrolytic copper foil, received a 300 million yuan loan from the Export-Import Bank of Gansu to expedite its project development [6] - Gansu Bank provided 700 million yuan in working capital loans to support the technological advancements of Lanzhou Lanshi Petroleum Equipment Engineering Co., Ltd. [7] Group 4: Agricultural Innovations - The "Blue Sky Potato" agricultural industry chain platform, established by China Construction Bank in Gansu, connects various stakeholders in the potato industry, enhancing operational efficiency [7][8] - Since its launch in 2022, the platform has served over 29,000 potato farmers and facilitated the purchase of 1.345 million tons of potatoes [8]

其 他 报 告 2025年07月01日 晨会纪要 | 国内市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 上证综合指数 | 3444 | 0.59 | 1.91 | | 深证成份指数 | 10465 | 0.83 | 3.73 | | 沪深300指数 | 3936 | 0.37 | 1.95 | | 创业板指数 | 2153 | 1.35 | 5.69 | | 上证国债指数 | 226 | 0.04 | 0.02 | | 上证基金指数 | 6939 | 0.11 | 0.37 | 资料来源:同花顺iFinD | 海外市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 中国香港恒生指数 | 24072 | -0.87 | 3.20 | | 中国香港国企指数 | 8678 | -0.96 | 2.76 | | 中国台湾加权指数 | 22256 | -1.44 | 2.42 | | 道琼斯指数 | 43819 | 1.00 | 3.82 | | ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the marine economy and deep-sea technology in China, highlighting the government's strong support for these sectors, which are expected to drive high-end, intelligent, and green development [1][2][3]. Core Insights and Arguments - **Government Support**: Deep-sea technology has been included in the government work report for the first time, indicating increased policy support and the establishment of multiple marine economy demonstration zones across the country [1][2]. - **Investment Opportunities**: The marine economy is projected to exceed 10 trillion yuan in 2024, contributing nearly 8% to GDP. Despite external pressures, the sector is expected to grow significantly, with deep-sea technology driving new applications and products [2][3]. - **Offshore Wind Power**: Offshore wind power is a core national strategy, with potential capacity exceeding 6,000 GW, significantly higher than the current 60-70 GW. This sector is expected to create numerous investment opportunities in equipment manufacturing, installation, and maintenance [1][4]. - **Submarine Cable Industry**: The growth of offshore wind projects is driving demand for submarine cables, with investment for a 1 GW wind project potentially increasing from 1.5 billion yuan to 2.5 billion yuan due to rising cable lengths and voltage levels [1][5][6]. - **Marine Scientific Observation**: There is a growing demand for high-quality submarine optical composite cables, with major manufacturers like Zhongtian Technology and Hengtong Optic-Electric leading the market. Hengtong is a top player in global transoceanic communication, but there remains significant growth potential in China [1][7]. - **National Defense**: Marine monitoring and protection are crucial for national security, with technologies like small target radar aiding in strategic monitoring. Companies like Zhongtian Technology and Tongguang Optoelectronics are highlighted for their growth potential in this area [1][9]. Additional Important Insights - **Deep-Sea Machinery**: The deep-sea machinery sector presents multiple investment opportunities, including submersibles and underwater robots, with companies like Weiguang and Diweier expected to achieve a compound annual growth rate of 30% in the coming years [2][10]. - **Market Growth Projections**: The deep-sea technology market is expected to reach over 920 billion yuan by 2030, with an annual growth rate of approximately 11% from 2025 to 2030. Key growth areas include deep-water oil and gas, underwater drones, and coastal wind power [2][11]. - **Offshore Data Centers**: The development of offshore data centers is in its pilot phase but shows strong growth potential, driven by increasing server power consumption and the need for cooling solutions [8]. - **Investment in Marine Equipment**: The marine equipment sector is expected to see rapid development, with significant advancements anticipated before the centenary of the military in 2027. Key investment areas include infrastructure, materials, underwater communication, and power systems [17][20]. Conclusion - The marine economy and deep-sea technology sectors in China are poised for significant growth, driven by government support, technological advancements, and increasing demand for related products and services. Investors are encouraged to focus on key companies and emerging trends within these industries to capitalize on the anticipated growth opportunities.

证券研究报告 | 2025 年 07 月 01 日 晨会集萃 制作：产品中心 重点推荐 《电新|威力传动（300904）首次覆盖：风电齿轮箱稀缺标的，看好放量 带来的业绩&估值弹性》 看点一：减速器产能落地，随着订单高增有望利润释放。2024 年公司精 密风电减速器生产建设项目已建设完成，在 25 年销量快速提升的趋势下， 单台制造及人工费用将明显下降，预计 2025 年减速器业务毛利率可修复 至 16.6%，较 24 年提升 10pcts。看点二：增速器放量在即，看好后续经 营杠杆释放利润弹性。2024 年 10 月，公司与金风科技正式签署全面合作 战略协议及联合开发合作协议，奠定后续订单基础，从价值量看，以三一 重能披露数据看，齿轮箱（增速器）占比为 23%，是减速器价值量的 9 倍， 进一步打开成长空间，看好经营杠杆释放利润弹性，预计公司未来三年增 速器业务毛利率分别为 5%/23%/23%。公司为齿轮箱稀缺标的，增速器业 绩弹性大，我们预计公司 2025-2027 年归母净利润分别为 0.52/3.05/4.24 亿元，同比增长 275.1%/490.3%/38.7%，PE 分别为 74.8、12.7 ...

Group 1 - The core viewpoint of the news highlights the recent performance and growth prospects of Jindi Co., which has shown significant revenue increases in various segments, particularly in new energy and wind power products [1] - Jindi Co. reported a revenue of 381.40 million yuan for Q1 2025, marking a year-on-year growth of 39.81%, driven by increased production of new energy electric drive rotor products and wind power bearing products [1] - The revenue from bearing cage products reached 174.08 million yuan, up 39.01% year-on-year, while wind power bearing products saw a remarkable increase of 99.57%, generating 84.32 million yuan [1] - The automotive parts business generated 165.56 million yuan in revenue, reflecting a year-on-year growth of 44.92%, and the new energy electric drive rotor products achieved a staggering growth of 340.13%, with revenues of 55.46 million yuan [1] - The company has established a competitive advantage in the electric drive system components for new energy vehicles, with multiple series of products already developed [1] - The market for wind power bearing business is expected to expand further due to national policies supporting renewable energy, with a total project scale of 220.644 GW in 2024, a 90% increase from 2023 [1] - The statistics for the first five months of 2025 indicate a total project scale of 64.458 GW, representing a 19.17% growth compared to the same period in 2024 [1]

Core Viewpoint - The successful signing of the mixed tower order reflects the client's recognition of the company's product reliability, economic efficiency, and customization capabilities, enhancing the company's market reputation in the wind power tower sector [1][2] Group 1: Contract Details - The contract signed between Changhe Company and Beijing Puhua Sunshine Investment Co., Ltd. involves the procurement of 54 sets of 160m steel-concrete towers for the Mudanjiang Linkou 300MW wind power project, with a total contract value of 177.12 million yuan (including tax) [1] - The delivery of the signed mixed tower order is expected to occur between October 2025 and December 2026, positively impacting the financial status and operational results for 2025 and 2026 [2] Group 2: Production and Supply Plans - Changhe Company will commence site construction, mold design, and production preparations immediately, with plans to complete material stocking by August 2025 and to fulfill 30 sets of production tasks by November 2025 [1][2] - The company aims to enhance its market expansion capabilities and industry competitiveness through this order, striving for better and faster development of its mixed tower business to improve revenue and profitability [2]

Overview - The company, Liaoning Hezhan Energy Group Co., Ltd., provides a guarantee for its wholly-owned subsidiary, Liaoning Changhe Wind Power Equipment Co., Ltd., to secure a loan from Shanghai Pudong Development Bank, with a maximum principal amount of RMB 50 million [1][2]. Guarantee Details - The guarantee is for a loan amount of RMB 9.0304 million, with a loan term from June 25, 2025, to June 24, 2026 [2]. - The total guarantee amount provided by the company for its subsidiaries in 2025 is capped at RMB 50 million, and this specific guarantee falls within that limit [2][4]. - After this guarantee, the company's total guarantee balance for Changhe Wind Power is RMB 9.0304 million, leaving a usable guarantee amount of RMB 40.9696 million [2]. Financial Situation of the Subsidiary - As of the end of March 2025, Changhe Wind Power's total assets were RMB 44.50832 million, with total liabilities of RMB 39.19745 million, resulting in a net asset value of RMB 5.31087 million [3]. - The asset-liability ratio for Changhe Wind Power was reported at 88.07% [3]. - The subsidiary's revenue for the first quarter of 2025 was RMB 0.8008 million, with a net loss of RMB 0.9724 million [3]. Contractual Obligations - The guarantee is a joint liability guarantee, meaning that if the subsidiary fails to meet its obligations, the company is liable for the debt without requiring other guarantees to be fulfilled first [4][5]. - The guarantee period extends three years beyond the maturity of each loan [5]. Board's Opinion - The board believes that providing this guarantee is essential for the operational needs of Changhe Wind Power and will not adversely affect the company's normal operations or the interests of shareholders, particularly minority shareholders [6]. Cumulative Guarantee Information - As of the announcement date, the total guarantee amount by the company and its subsidiaries is RMB 9.0304 million, which is 0.33% of the company's latest audited net assets [6]. - There are no overdue guarantees or guarantees involved in litigation as of the current date [6].

证 券 研 究 报 告 风电行业周报（20250623-20250629） 推荐（维持） 周内陆风中标 7.4GW，均价为 1485 元/kW 风机数据跟踪：周内陆风招/中标 0.6/7.4GW 重点公司盈利预测、估值及投资评级 | | | | EPS（元） | | | PE（倍） | | PB（倍） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 简称 | 股价（元） | 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | 2025E | 评级 | | 东方电缆 | 50.42 | 2.29 | 2.94 | 3.65 | 22.00 | 17.17 | 13.82 | 4.29 | 推荐 | | 中天科技 | 14.09 | 1.04 | 1.17 | 1.29 | 13.55 | 12.05 | 10.95 | 1.26 | 推荐 | | 明阳智能 | 11.33 | 0.71 | 0.94 | 1.16 | 15.94 | 12.07 | 9.77 | 0.99 | 强推 ...

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