证券研究报告 | 2025年12月21日 东方电缆（603606.SH） 突破亚洲国际海底电缆大单，构筑全球产业竞争力 公司研究·公司快评 电力设备·电网设备 投资评级：优于大市（维持） 证券分析师： 王蔚祺 010-88005313 wangweiqi2@guosen.com.cn 执证编码：S0980520080003 证券分析师： 王晓声 010-88005231 wangxiaosheng@guosen.com.cn 执证编码：S0980523050002 事项： 公司公告：公司及全资子公司东方海工院近期中标多个项目，包括亚洲区域海洋能源互联超高压海缆及施 工敷设 EPCI 总包项目 19 亿元，海上风电项目的工程施工、运维抢修以及脐带缆等项目 1.08 亿元等，中 标金额合计约 31.25 亿元，占公司 2024 年营业收入的 34.37%。 国信电新观点：1）公司坚持"海陆并进"，统筹推进国际、国内两大市场，重大项目的中标将为公司"十 五五"业绩增长提供夯实的基础。2）项目带来的技术沉淀与市场拓展效应，将进一步助力构建国内外市 场协同发展的良好格局，进一步提升公司的核心竞争力、市场影响力和品牌影响 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights significant developments in the power equipment sector, particularly in renewable energy, including solar, wind, hydrogen, and energy storage technologies. It emphasizes the importance of price stability and supply chain dynamics in the solar industry, as well as the growth potential in offshore wind and hydrogen projects. The report also discusses the strategic initiatives of companies like Ningde Times in the electric vehicle sector, showcasing their innovative solutions for electric shipping [1][2][3][4]. Summary by Sections 1. New Energy Generation - **Solar Energy**: The price of polysilicon has been adjusted upwards, with the average transaction price for n-type polysilicon at 53,200 RMB per ton, remaining stable week-on-week. Most polysilicon companies have raised new order prices to above 65,000 RMB per ton, driven by expectations of improved demand by Q1 2026 [15][16]. - **Wind Power & Grid**: Oriental Cable has secured a 1.9 billion RMB order for underwater cables, enhancing its overseas market presence. The company’s total orders now exceed 20 billion RMB, with a significant portion attributed to underwater cables and high-voltage cables [2][17][20]. 2. Hydrogen & Energy Storage - **Hydrogen**: The world's largest green hydrogen and ammonia project has commenced operations, setting multiple records in hydrogen production capacity and technology. This project is expected to drive the commercialization of hydrogen energy in China [3][21]. - **Energy Storage**: The report notes a range of bidding prices for energy storage systems, with the average bid for W2 storage systems ranging from 0.4363 to 0.5331 RMB per Wh. The report suggests focusing on companies with high growth certainty in the large-scale storage sector [22][27][30]. 3. New Energy Vehicles - **Ningde Times**: The company has launched an integrated solution for electric shipping, addressing challenges such as high initial costs and complex operations. This includes partnerships with various companies to enhance the electric shipping ecosystem [4][31][32]. The cumulative delivery of electric ships by Ningde Times has reached nearly 900 units, covering various transport scenarios [32][33].

证券之星消息，12月19日电网设备板块较上一交易日上涨1.16%，百利电气领涨。当日上证指数报收于 3890.45，上涨0.36%。深证成指报收于13140.22，上涨0.66%。电网设备板块个股涨跌见下表： 从资金流向上来看，当日电网设备板块主力资金净流入1.91亿元，游资资金净流出9180.6万元，散户资 金净流出9928.62万元。电网设备板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...

Group 1 - The A-share market saw a collective rebound on December 19, with the only electric grid equipment ETF (159326) rising by 1.47% and achieving a trading volume of 240 million yuan, driven by stocks like Baili Electric and Baosheng Co. [1] - The electric grid equipment ETF has experienced net inflows for 16 consecutive trading days, with a peak single-day net inflow of 151 million yuan, totaling 1.13 billion yuan in net inflows [1]. - As of December 18, 2025, the latest share count for the electric grid equipment ETF reached 2.109 billion, marking a new high since its listing [1]. Group 2 - The electric grid equipment ETF (159326) is the only ETF tracking the CSI Electric Grid Equipment Theme Index, with a strong representation in sectors such as transmission and transformation equipment, grid automation equipment, and cables [2]. - The smart grid sector holds a significant weight of 88% in the index, while the ultra-high voltage sector accounts for 65%, both being the highest in the market [2]. Group 3 - CITIC Securities highlighted the importance of a new energy system in the "14th Five-Year Plan," emphasizing long-term development focuses on power system construction, including aspects like consumption, resilience, and electrification [1]. - The policy guidance is expected to solidify medium to long-term opportunities in ultra-high voltage, flexible DC transmission, and smart grid sectors, while short-term demand for transmission and transformation equipment is showing structural growth [1].

Group 1 - The A-share market saw a collective rebound on December 19, with the only electric grid equipment ETF (159326) rising by 1.47% and achieving a trading volume of 1.02 billion yuan, driven by stocks like Baili Electric and Ping An Electric [1] - The electric grid equipment ETF has experienced net inflows for 16 consecutive trading days, with a peak single-day net inflow of 151 million yuan, totaling 1.13 billion yuan in net inflows [1] - As of December 18, 2025, the latest share count of the electric grid equipment ETF reached 2.109 billion, marking a new high since its listing [1] Group 2 - The electric grid equipment ETF (159326) is the only ETF tracking the CSI Electric Grid Equipment Theme Index, with a strong representation in sectors such as power transmission and transformation equipment, grid automation equipment, and distribution equipment [2] - The smart grid sector holds a weight of 88%, while the ultra-high voltage sector accounts for 65%, both being the highest in the market [2] Group 3 - The acceleration of the national unified electricity market construction is expected to lead to over 4 trillion yuan in grid investment during the 14th Five-Year Plan period, a significant increase from the 2.8 trillion yuan during the 13th Five-Year Plan [1] - The construction of the main grid is crucial for achieving interconnection of the national grid framework and is a key focus area for the establishment of a unified national electricity market [1]

从资金流向上来看，当日电网设备板块主力资金净流出18.77亿元，游资资金净流入5.15亿元，散户资金 净流入13.62亿元。电网设备板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 证券之星消息，12月18日电网设备板块较上一交易日下跌2.15%，太阳电缆领跌。当日上证指数报收于 3876.37，上涨0.16%。深证成指报收于13053.98，下跌1.29%。电网设备板块个股涨跌见下表： ...

Market Overview - The Shanghai Composite Index closed at 3876.37 points, up 0.16%, with a trading volume of 704.90 billion yuan [1] - The Shenzhen Component Index closed at 13053.98 points, down 1.29%, with a trading volume of 950.59 billion yuan [1] - The ChiNext Index closed at 3107.07 points, down 2.17%, with a trading volume of 444.40 billion yuan [1] Sector Performance Gaining Sectors - The pharmaceutical and commercial sector increased by 5.92%, with a trading volume of 137.65 million hands and a net inflow of 10.67 billion yuan [2] - The banking sector rose by 1.81%, with a trading volume of 336.72 million hands and a net inflow of 75.68 billion yuan [2] - The chemical fiber sector saw a gain of 1.73%, with a trading volume of 69.47 million hands and a net inflow of -0.50 billion yuan [2] Declining Sectors - The components sector decreased by 2.30%, with a trading volume of 97.23 million hands and a net outflow of 7.57 billion yuan [2] - The battery sector fell by 1.95%, with a trading volume of 150.41 million hands and a net outflow of 5.94 billion yuan [2] - The electronic chemicals sector declined by 1.35%, with a trading volume of 70.26 million hands and a net outflow of 2.04 billion yuan [2]

Group 1 - The A-share market showed mixed performance on December 18, with the electric grid equipment sector declining, as evidenced by the only electric grid equipment ETF (159326) falling by 1.44% and achieving a trading volume of 228 million yuan [1] - The electric grid equipment ETF has seen continuous net inflows for 15 consecutive trading days, accumulating over 1.1 billion yuan, with its latest scale reaching 3.075 billion yuan, marking a new high since its inception [1] - China International Capital Corporation (CICC) indicates that the electric grid industry is expected to perform steadily upward by 2025, highlighting structural investment opportunities, particularly in the context of ongoing domestic grid investment and accelerated approval and bidding for ultra-high voltage projects [1] Group 2 - The electric grid equipment ETF (159326) is the only ETF tracking the CSI Electric Grid Equipment Theme Index, with a strong representation in sectors such as transmission and transformation equipment, grid automation equipment, cable components, communication cables, and distribution equipment [1] - The smart grid accounts for a high weight of 88%, while ultra-high voltage has a weight of 65%, both being the highest in the market [1]

12月18日，汇金通盘中下跌2.06%，截至13:50，报9.97元/股，成交3815.42万元，换手率1.12%，总市值 33.81亿元。 资金流向方面，主力资金净流出473.40万元，大单买入111.35万元，占比2.92%，卖出584.75万元，占比 15.33%。 截至12月10日，汇金通股东户数1.84万，较上期减少3.39%；人均流通股18417股，较上期增加3.51%。 2025年1月-9月，汇金通实现营业收入29.02亿元，同比减少10.31%；归母净利润8227.55万元，同比减少 21.55%。 分红方面，汇金通A股上市后累计派现1.72亿元。近三年，累计派现5860.32万元。 责任编辑：小浪快报 今年以来汇金通已经6次登上龙虎榜，最近一次登上龙虎榜为6月6日，当日龙虎榜净买入140.11万元； 买入总计2678.52万元 ，占总成交额比6.14%；卖出总计2538.40万元 ，占总成交额比5.82%。 资料显示，青岛汇金通电力设备股份有限公司位于山东省青岛胶州市铺集镇东部工业区，成立日期2004 年4月6日，上市日期2016年12月22日，公司主营业务涉及主要从事输电线路角钢塔、钢管塔 ...

Core Viewpoint - The electric grid equipment sector experienced a slight increase, with a notable performance from Jinpan Technology, while the overall market indices also showed positive movement on the trading day [1][2]. Group 1: Market Performance - The electric grid equipment sector rose by 0.71% compared to the previous trading day [1]. - The Shanghai Composite Index closed at 3870.28, up by 1.19% [1]. - The Shenzhen Component Index closed at 13224.51, increasing by 2.4% [1]. Group 2: Capital Flow - On the same day, the electric grid equipment sector saw a net outflow of 15.8 billion yuan from institutional investors [2]. - Retail investors contributed a net inflow of 18.28 billion yuan into the sector [2]. - Speculative funds experienced a net outflow of 2.48 billion yuan [2].