Group 1 - The establishment of Huadian (Rudong) Offshore Wind Power Co., Ltd. has been reported, with a registered capital of 30 million yuan [1] - The company is involved in various business activities including power generation, transmission, and distribution, as well as installation, maintenance, and testing of electrical facilities [1] - The company is co-owned by Huadian New Energy, Shanghai Electric Wind Power Group Co., Ltd., and Far East Cable Co., Ltd. [1] Group 2 - The company’s business scope includes research and development in emerging energy technologies, offshore wind power systems, and energy storage technology services [1] - Additional activities include the acquisition and wholesale of aquatic products, as well as the promotion of new materials technology [1] - The company is permitted to operate only after obtaining necessary approvals for certain projects [1]

Core Viewpoint - The European offshore wind construction is accelerating due to improved strategic importance, reduced project costs, and policy-driven initiatives [3][4]. Group 1: Strategic Importance - The strategic importance of offshore wind has increased following the natural gas crisis triggered by the Russia-Ukraine conflict, leading to a consensus among European countries to transition to renewable energy [3]. - The "Ostend Declaration" established a target for North Sea countries to achieve 120GW of offshore wind capacity by 2030 and over 300GW by 2050 [3]. Group 2: Cost Reduction - Financing rates for offshore wind projects in Europe have decreased due to eight interest rate cuts by the European Central Bank since June 2024 [3]. - The development cost of offshore wind has dropped from $5,418/kW in 2010 to $3,138/kW in 2023, while the Levelized Cost of Energy (LCOE) has fallen from $0.205/kWh to $0.067/kWh during the same period [3]. Group 3: Policy Goals - Various European countries have set clear policy goals and reformed auction systems to promote offshore wind development [4]. - The UK aims for 43-50GW of offshore wind capacity by 2030, with reforms to the Contracts for Difference (CfD) auction system to facilitate project development [4]. - Germany's new policy goals aim for cumulative offshore wind capacity of 30GW by 2030, 40GW by 2035, and 70GW by 2045, leading to a resurgence in project development [4]. - The Netherlands plans to tender 11GW of offshore wind capacity over the next three years to meet its 21GW target by 2032 [5]. - Poland is emerging as a new offshore wind market, with its first project starting construction by the end of 2024 and an expected 6GW of new capacity from 2025 to 2030 [5].

Core Viewpoint - The article emphasizes the importance of advancing the construction of a unified national market and high-quality development of the marine economy in Guangdong, which is crucial for building a new development pattern and promoting high-quality growth [1][4]. Group 1: Policy and Regulation - Guangdong has implemented the "Regulations on Promoting High-Quality Development of the Marine Economy," effective from July 1, which focuses on industrial development and extending marine industries to non-coastal areas [2]. - The regulations highlight the need for government planning and guidance to cluster marine enterprises in designated economic zones and explore the establishment of marine industrial parks [2][3]. - The regulations also stress the importance of innovation, supporting the establishment of modern marine ranch innovation pilot zones [2]. Group 2: Industry Development - Guangdong aims to enhance its high-end manufacturing capabilities in the marine sector, particularly in marine engineering equipment, by promoting R&D and application of new technologies and materials [2]. - The article points out the significance of new technologies in the marine field, encouraging electronic information companies to expand into marine sectors and improve high-end marine electronic equipment [3]. - The regulations call for the promotion of large-scale offshore wind power development and the establishment of offshore wind power industrial bases [3]. Group 3: Economic Integration and Infrastructure - The article discusses the potential for further development of the port economy in Guangdong, emphasizing the need for optimizing port resource integration and promoting regional port cluster development [3]. - It highlights the support for cultivating modern shipping service institutions and developing international shipping service hubs, which are essential for the marine economy [3]. - Guangdong has invested nearly 2 billion in marine economic development projects over the past seven years, indicating strong financial backing for the marine economy [4].

Core Viewpoint - The article emphasizes the importance of advancing the construction of a unified national market and high-quality development of the marine economy in Guangdong, which is crucial for building a new development pattern and promoting high-quality growth [1][4]. Group 1: Policy and Regulation - Guangdong has implemented the "Regulations on Promoting High-Quality Development of the Marine Economy," effective from July 1, which focuses on extending marine industries to non-coastal areas and enhancing cooperation in marine capacity [2][4]. - The regulations highlight the need for government planning and guidance to cluster marine enterprises in designated economic zones and explore the establishment of marine industrial parks [2][3]. Group 2: Industry Development - The regulations call for the enhancement of high-end marine engineering equipment manufacturing capabilities and support for breakthroughs in key technologies in deep-sea fishing, marine oil and gas exploration, and marine renewable energy equipment [2][3]. - There is a strong emphasis on the application of new technologies in the marine sector, including the integration of IoT, big data, and artificial intelligence [3]. Group 3: Infrastructure and Economic Growth - The regulations aim to promote the development of offshore wind power and optimize port resources to enhance regional port cluster development [3][4]. - Guangdong's financial commitment to marine economic development is significant, with nearly 2 billion yuan invested over the past seven years to support 315 marine projects [4].

深远海海上风电开发将从示范项目开始 根据梳理，浙江和辽宁深远海海上风电推进节奏较快，目前浙江2GW深远海海上风电项目已经完成 EPC、风机、陆上换流阀等重要设备招投标工作;辽宁华电丹东东港一期1GW深远海海上风电项目已经 完成EPC和风机招标，计划2027年12月31日全容量并网。其他沿海省份也在积极推进深远海海风规划和 示范项目，例如广东2023年竞配16GW国管海域项目、广西2023年13.4GW深远海海上风电前期工作咨 询服务招标。目前国内海上风电发展处于从近海到深远海过渡阶段，深远海海上风电建设还没有成熟的 项目经验;而各省积极推进深远海海风示范项目建设，将有助于积累深远海资源开发经验，为后续大规 模开发和建设深远海海上风电奠定基础。 推动海洋经济高质量发展，海上风电担当重任 国家推动海洋经济高质量发展，顶层设计和配套政策预计将逐步落地;做强做优做大海洋产业，海上风 电排在首位，凸显了海风在海洋产业中的重要地位。近年来，海上风电快速发展，用海规模不断扩大， 我国近岸海域可开发利用资源趋于饱和，不同行业用海矛盾日益加剧背景下，强调"规范有序"建设海 风，有利于促进海上风电产业持续健康发展。 风险提示：海 ...

2)项目成本降低：一方面，自2024年6月以来欧洲央行已实施八次降息，欧洲海风融资利率不断降低； 另一方面，随着供应链与技术愈加成熟，欧洲海风开发成本已从2010年的5418美元/kW降低至2023年的 3138美元/kW，平准化度电成本(LCOE)已从2010年的0.205美元/kWh降低至2023年的0.067美元/kWh。随 着项目融资、开发成本持续降低，开发商对欧洲海风项目投资意愿得到增强。 智通财经APP获悉，光大证券发布研报称，根据WindEurope，2024年欧洲海风新增装机量为2.6GW，预 计2030年将达到11.8GW。此前俄乌冲突曾引发欧洲天然气危机，当前向可再生能源转型已成为欧洲各 国的战略共识，发展海上风电的重要性持续提高；随着项目融资、开发成本持续降低，开发商对欧洲海 风项目投资意愿得到增强；此外，欧洲多个国家通过行政手段设立政策目标、改革项目拍卖制度等，持 续推动海风加速发展。欧洲海风景气度持续提高，未来随着需求不断释放，国内积极布局欧洲市场的海 风企业有望充分受益。 光大证券主要观点如下： 受益于战略地位提高、项目成本降低、政策驱动等，欧洲海风建设迎来加速 根据WindEur ...

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]

Core Viewpoint - The Eastern Marine Economic Zone, comprising Jiangsu, Shanghai, Zhejiang, and Fujian, is a vital and promising area for marine economic development in China, with significant growth in marine industries and a notable contribution to the national marine GDP [1][5]. Group 1: Marine Economic Growth - In 2024, the marine GDP of the Eastern Marine Economic Zone is projected to reach 45,992.9 billion yuan, representing a year-on-year growth of 7.1% and accounting for 43.6% of the national marine GDP [1]. - The marine industry structure in the Eastern Marine Economic Zone is continuously optimizing, with the primary, secondary, and tertiary industries contributing 4.0%, 36.3%, and 59.7% to the marine GDP, respectively [3][4]. - The total value added of 15 marine industries in the Eastern Marine Economic Zone is expected to grow by 8.5% in 2024, with traditional industries like marine oil and gas, shipbuilding, and marine tourism experiencing double-digit growth [4]. Group 2: Jiangsu Province - Jiangsu's marine economy is set to exceed 1 trillion yuan for the first time in 2024, growing from over 550 billion yuan in 2014 [6]. - The cumulative installed capacity of offshore wind power in Jiangsu reached 11.83 million kilowatts in 2024, with a total power generation of 32.8 billion kilowatt-hours, ranking among the top in the country [8]. - The number of specialized and innovative small and medium-sized enterprises in Jiangsu's marine sector increased by 58.8% year-on-year, reaching 786 by the end of 2024 [8]. Group 3: Zhejiang Province - Zhejiang has the longest coastline in China at 6,715 kilometers and has developed a comprehensive port system centered around Ningbo-Zhoushan Port, which is a global leader in cargo throughput [9][11]. - In 2024, Ningbo-Zhoushan Port achieved a cargo throughput of 1.377 billion tons, a 4% increase, and a container throughput of 39.3 million TEUs, marking an 11% growth [9]. - Zhejiang established a Marine Economy Development Bureau to enhance its marine economic capabilities and plans to invest over 60 billion yuan in 120 strong port projects by 2025 [11]. Group 4: Fujian Province - Fujian's marine GDP is expected to exceed 1.25 trillion yuan in 2024, with a year-on-year growth of 6.1%, maintaining its position as the third-largest marine economy in China [12]. - The total aquatic product output in Fujian reached 9.246 million tons in 2024, with a 3.9% increase, and the province continues to lead in aquatic product exports [12][14]. - Fujian is also focusing on marine biomedicine, with significant developments in marine high-tech industrial parks and a strong emphasis on marine pharmaceuticals [14]. Group 5: Shanghai - Shanghai's marine GDP is projected to reach 1,138.7 billion yuan in 2024, contributing 10.8% to the national marine GDP despite having only 0.35% of the national marine area [15]. - The marine advanced manufacturing sector in Shanghai is thriving, with the shipbuilding industry showing significant growth, including a 20% increase in industrial output value [15][17]. - The marine tourism sector in Shanghai is also expanding, with a nominal growth of 17.6% in value added, making it a new growth point for the industry [18].

Core Viewpoint - The East China Sea Economic Zone, including Jiangsu, Shanghai, Zhejiang, and Fujian, is a vital area for China's marine economy, showing significant growth and structural optimization in marine industries, with a projected marine GDP of 45,992.9 billion yuan in 2024, a 7.1% increase year-on-year, accounting for 43.6% of the national marine GDP [9][10]. Group 1: Marine Economic Growth - Jiangsu's marine economy surpassed 1 trillion yuan for the first time in 2024, maintaining a steady growth trend since 2014 [11]. - Fujian's marine GDP exceeded 1.25 trillion yuan in 2024, marking a 6.1% year-on-year growth, ranking third nationally for ten consecutive years [15]. - Shanghai's marine GDP reached 1,138.7 billion yuan in 2024, contributing 10.8% to the national marine GDP, with a significant increase in advanced manufacturing [17]. Group 2: Industry Structure and Performance - In 2024, the East China Sea's marine industry structure showed a decline in the first and second industries' share, with the third industry increasing to 59.7% [10]. - Jiangsu's marine oil and gas industry led with a value-added of 7.73 billion yuan, growing by 37.5%, while other traditional industries also saw double-digit growth [10]. - Shanghai's marine shipbuilding industry achieved a value-added of 21.67 billion yuan, with significant increases in new orders and deliveries [17]. Group 3: Regional Highlights - Zhejiang's Ningbo-Zhoushan Port maintained its position as the world's busiest port, handling 1.377 billion tons of cargo in 2024, a 4% increase [13]. - Fujian is recognized as the "seafood granary," with a total aquatic product output of 9.246 million tons in 2024, leading the nation in various seafood exports [15][16]. - The establishment of the Marine Economic Development Bureau in Zhejiang aims to enhance the province's marine economic potential and support high-quality economic development [14].

Core Viewpoint - The development of the green low-carbon industry in Guangdong is crucial for achieving carbon peak and carbon neutrality goals, and it serves as a new driving force for high-quality development in the province, with significant strategic importance and market potential [2][3][4]. Group 1: Industry Scale and Achievements - The total output value of the new energy industry in Guangdong is projected to reach 1.1 trillion yuan in 2024 [14]. - Guangdong has created 400 national-level green factories and established the country's first 1 million-ton hydrogen-based vertical furnace project [10][9]. - The total area of green buildings in the province has exceeded 1 billion square meters, with over 95% of new buildings being green [11]. Group 2: Renewable Energy Development - Guangdong has developed a complete industrial chain for offshore wind power, with an installed capacity exceeding 12 million kilowatts, ranking first in the country [13]. - The province's nuclear power installed capacity is also the highest in the nation [13]. - The new energy sector includes offshore wind power, new energy storage, photovoltaics, and hydrogen energy [14]. Group 3: Electric Vehicle and Battery Industry - The automotive industry in Guangdong is expected to achieve revenue exceeding 1.28 trillion yuan in 2024 [16]. - The province is nurturing globally competitive companies in electric and intelligent vehicles, including BYD, GAC Group, and Xpeng Motors, as well as battery manufacturers like Yiwei Lithium Energy and Xinwanda [17][19]. Group 4: Energy Storage and Recycling - The revenue of the new energy storage industry in Guangdong is projected to be around 400 billion yuan in 2024, with an installed capacity of 3.5 million kilowatts, a year-on-year increase of 114% [21]. - The province's energy-saving and recycling technology and service industry accounts for about 10% of the national scale, with several companies recognized in the top 50 environmental enterprises in China [22][24]. Group 5: Future Development Strategies - Guangdong aims to leverage the opportunity to build a world-class green low-carbon industrial cluster in the Greater Bay Area, enhancing its development capabilities and promoting a comprehensive green transformation of the economy and society [29][31]. - The province plans to improve the policy framework for green low-carbon industry development and focus on high-growth and strategic industries [32][34]. - There will be an emphasis on technological innovation and demonstration applications in the green low-carbon sector [35][36].