加快深海探测与作业技术攻关及海洋技术装备研发步伐，让更多原本隐匿于深海或无法进行规模化开发 利用的能源资源走进生活，能为海洋经济发展注入新活力。 新在产业革新。从免疫抗肿瘤海洋1类新药进入二期临床试验，到国产大型邮轮首航一年运输出入境旅 客60万人次，再到我国首个海上风电与海洋牧场融合发展研究试验项目累计发电超20亿千瓦时、实现养 殖年收入近亿元，海洋特色产业发展亮点持续涌现、业态日益多元。 广东珠海以南海域，我国自主研发的全球首台兆瓦级漂浮式波浪能发电装置"南鲲号"随波起伏，日均发 电量可达1万千瓦时，能满足约1500户家庭一天的用电需求。海南陵水黎族自治县，一座商用海底数据 中心稳定运行超两年，利用海水作为自然冷源，有效减少能耗、大幅提升效率。随着开发利用水平持续 提升，海洋这座蓝色宝库的潜能得到进一步释放，生动诠释着："耕海牧渔，发展海洋经济大有可为、 大有前途。" 历史上较长一段时间，人类与海洋的互动多围绕"兴渔盐之利""行舟楫之便"展开。传统意义上的"耕海 牧渔"，常常与碧波之上的渔船、星罗棋布的养殖网箱或是随波摇曳的海带田联系起来。而今，海洋经 济高质量发展持续推进，赋予"耕海牧渔"新的丰富内涵。 ...

Core Insights - The development of marine economy in China is gaining momentum, with innovative technologies and projects enhancing the utilization of ocean resources [1][2][3] Group 1: Technological Innovations - The first megawatt-level floating wave energy generator, "Nankun," has been developed, capable of generating an average daily output of 10,000 kWh, sufficient for approximately 1,500 households [1] - The integration of IoT, big data, and AI into modern marine ranching is transforming traditional fishing practices into data-driven operations, enhancing efficiency and sustainability [2] - The establishment of the "Cold Spring Ecosystem Research Facility" in Guangzhou aims to explore the potential of cold spring methane and biological resources [2] Group 2: Industry Developments - The launch of the "Guoxin 1" smart fishery vessel, designed for high-quality fish production, and the "Suhai 1" salmon farming ship equipped with advanced monitoring systems, exemplifies the modernization of marine aquaculture [1][2] - The first marine wind power and marine ranch integration project has generated over 2 billion kWh and achieved nearly 100 million yuan in annual income from aquaculture [2] - The development of marine pharmaceuticals, including a new anti-tumor drug entering clinical trials, highlights the diversification of marine-related industries [2] Group 3: Strategic Goals - The Chinese government emphasizes the importance of high-quality development in the marine economy, aiming to create industrial hubs in oceanic regions [3] - There is a call for innovation and self-reliance in marine technology to explore uncharted territories and ensure sustainable development [3] - The focus is on balancing development and environmental protection, promoting a harmonious relationship between humans and the ocean [3]

亨通光电 20250926 摘要 亨通光电聚焦数据中心、高速互联和国家干线网络需求，搭建新一代超 低损耗光纤制备平台并扩能提产，同时开发 OM4/OM5 多模光纤和高密 度 MPO 光缆，并在空心光纤技术上取得突破。 亨通光电在能源网络领域持续中标国内外海洋能源项目，截至 2025 年 上半年，能源互联领域订单金额约 200 亿元，形成从产品到工程运维的 全产业链格局，具备完善的海上风电和海洋油气系统解决方案及服务能 力。 亨通光电通过并购华为海洋和 PT BOX 等举措，大力推进全球化布局， 业务覆盖 150 多个国家和地区，拥有 12 座海外产业基地及 40 多家海 外技术服务公司。 2025 年上半年，亨通光电实现营收 320.49 亿元，同比增长 20.42%；归母净利润 19.03 亿元，同比增长 0.24%。二季度营收 187.8 亿元，同比增长 26.64%，环比增长 41.55%；归母净利润 10.56 亿元，同比减少 3.63%，但环比增长 89.74%。 Q&A 亨通光电在通信网络领域有哪些重要布局和技术突破？ 亨通光电在通信网络领域的布局和技术突破主要集中在高端产品研发和新一代 光纤通信 ...

Summary of Zhongtian Technology Conference Call Company Overview - Zhongtian Technology reported a revenue of 23.6 billion RMB for the first half of 2025, representing a year-on-year growth of 10.19% [2] - The net profit attributable to shareholders was 1.568 billion RMB, with a year-on-year increase of 7.38% [2] - The company has a strong order backlog in the energy network sector, amounting to approximately 30.6 billion RMB as of July 31, 2025 [2][5] Financial Performance - In Q2 2025, revenue reached 13.84 billion RMB, showing a year-on-year increase of 5.08% and a quarter-on-quarter growth of 41.90% [9] - The net profit for Q2 was 940 million RMB, with a year-on-year increase of 14.09% and a quarter-on-quarter increase of 19.79% [9] - The sales gross margin decreased by 1.6 percentage points to 15.07%, while the net profit margin decreased by 0.12 percentage points to 6.70% [9] Industry and Market Dynamics - The company is positioned to benefit from the global demand for submarine cables driven by offshore wind power projects, with China expected to add 160 GW of offshore wind capacity in the next decade [4][17] - The high-speed copper cable market is projected to expand to 3 billion USD by 2025, with AI data centers and 5G communication as key growth drivers [8] Key Business Segments Energy Network - The energy network segment has a backlog of orders worth approximately 30.6 billion RMB, with marine series orders around 13.3 billion RMB and grid construction orders around 15.5 billion RMB [5] - The marine segment achieved a revenue of 2.896 billion RMB, growing by 37.19% year-on-year, while the grid business generated 9.975 billion RMB, up 11.97% year-on-year [5] Information Communication - Zhongtian Technology has achieved mass production of a full range of 400G optical modules and is actively developing next-generation 1.6T/3.2T optical interconnect technology [2][3] - The company has made significant advancements in hollow fiber technology, establishing a complete R&D system and achieving breakthroughs in multi-layer design for efficient light signal transmission [12] International Expansion - The company is expanding internationally with manufacturing bases in Jiangsu, Guangdong, Shandong, and Zhejiang, and operational centers in Germany and the Middle East [4][18] - Zhongtian Technology has successfully secured several international projects, including high-voltage submarine cable projects in Vietnam and the Middle East [21] Technological Innovations - The company has developed a complete system for underwater optical transmission, integrating core components such as umbilical cables and connectors [22] - Innovations in high-speed copper cables and liquid cooling technology are being pursued to meet the increasing demands of data centers [14] Conclusion - Zhongtian Technology is a leading player in the energy network and communication sectors, with a diversified portfolio in optical communication, marine economy, smart grid, and new energy [27] - The company is well-positioned to capitalize on market growth opportunities, supported by its strong financial performance and technological advancements [27]

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) has successfully achieved a significant milestone in carbon capture and storage (CCS) with its Enping 15-1 oilfield project, marking the maturity of offshore CO2 storage technology in China [1] Group 1: Project Achievements - The Enping 15-1 oilfield carbon storage project has cumulatively stored over 100 million cubic meters of CO2, equivalent to the carbon offset of planting 2.2 million trees [1] - Since its operation began in May, the project has safely operated for over 15,000 hours, with a peak daily injection rate of 210,000 cubic meters [1] Group 2: Future Projections - The project is expected to inject over 1 million tons of CO2 in the next decade, driving an increase in crude oil production by 200,000 tons [1] Group 3: Technological Impact - The steady development of CCS technology will support China's dual carbon goals and promote the energy sector's transition towards a green, low-carbon, and sustainable model [1] - The project exemplifies a new model of marine energy recycling, termed "carbon-driven oil, oil solidifying carbon" [1]

编者按：能源是工业的粮食、国民经济的命脉。党的十八大以来，习近平总书记提出"四个革命、一个合作"能源安全新战略，为我国新时代能源高质量发展 指明了方向道路。2025年，广东能源喜讯频传：新能源产业成为广东第九个"万亿级"产业集群，氢能、海上风电、新型储能等产业齐头并进，创下多个"全 国第一"……这些成绩，无一不是广东能源科技创新实践结出的丰硕果实。当前，广东省正以科技创新为核心动力，加速推进能源领域转型变革。趁此东 风，广东省能源局联合南方网、粤学习客户端继续深耕"能源风向标"系列报道，聚焦广东能源产业科技互促双强，解码广东能源科技创新成果，瞭望广东能 源发展新方向，助力广东能源高质量发展。 在"双碳"目标深入推进与全球能源转型加速的背景下，广东正以科技创新为引擎，探索海洋能源开发的新范式。 8月31日，在广东海洋能源产业科技创新高质量发展研讨会上，中国大唐集团有限公司广东分公司（以下简称"大唐广东"）副总经理赵维森分享了"海洋环境 下的电—氢—储—碳—醇一体化技术示范试验项目"（以下简称"大唐一体化项目"）近期取得的关键突破：电化学海洋二氧化碳直捕（eDOC）系统试验样机 海试成功，标志着该项目在深远海风电 ...

Core Viewpoint - The National Ocean Technology Center has successfully conducted tests on floating multi-energy complementary devices, focusing on single unit and array performance, highlighting the potential of combined offshore wind and wave energy generation as a promising direction for marine renewable energy development [1] Group 1: Testing Achievements - The center completed tests on the conversion efficiency and operational response of single units, as well as energy conversion performance of various array combinations [1] - The testing addressed key industry challenges related to optimizing single unit performance and collaborative operation of arrays [1] - A breakthrough in non-contact six-degree-of-freedom testing technology was achieved, allowing precise measurement of 13 target bodies across three generating devices [1] Group 2: Future Directions - The test results provide a scientific basis for optimizing and upgrading the devices, laying a solid foundation for the engineering application of multi-energy complementary technology [1] - The center plans to continue innovating marine energy testing technologies to support the high-quality development of the clean energy industry [1]

Group 1 - The Guangdong Marine Energy Industry Technology Innovation High-Quality Development Seminar was held in Shenzhen, showcasing Guangdong's achievements in marine energy development and exploring new technologies, models, and business formats [1] - China General Nuclear Power Group (CGN) has built the first offshore wind power project in eastern Guangdong with a capacity exceeding one million kilowatts, and the first million-kilowatt offshore wind power project in the Guangdong-Hong Kong-Macao Greater Bay Area [1] - CGN has established the "Fuxi No. 1" wind-fishing integration platform and collaborated with Shanwei City to build the Honghaiwan Laboratory, translating research achievements into practical productivity [1] Group 2 - Strategic cooperation projects were signed between China General Nuclear New Energy Holdings and Shenzhen Port Group, as well as between State Power Investment Corporation Guangdong Electric Power and Academician Xie Heping's team for key technology research on offshore wind power-driven seawater hydrogen production [2] - A demonstration project for typhoon-resistant megawatt-level floating photovoltaic systems was signed between China Resources Power Holdings and CIMC Raffles Offshore Technology [2] - The Guangdong-Hong Kong-Macao Greater Bay Area Green Ship Fuel Industry Innovation Consortium was launched during the seminar [2]

Core Insights - The Guangdong Marine Energy Industry Technology Innovation High-Quality Development Seminar was held with a focus on leveraging marine advantages for economic growth [1] - Guangdong aims to achieve a marine production value exceeding 2 trillion yuan by 2024, with offshore wind power capacity reaching 12.51 million kilowatts, leading the nation [1] - Significant technological advancements in offshore wind power and deep-sea oil and gas development have been made in Guangdong, positioning the region at the forefront of global marine technology [1][2] Group 1: Offshore Wind Power Development - Guangdong has established a complete offshore wind power industry chain, including research, manufacturing, installation, operation, and testing [1] - Key projects include the world's largest anti-typhoon wind-fish integration platform "Fuxi No. 1" and the first semi-submersible wave energy breeding platform "Penghu No. 1" [2] - The region is also developing a green energy industry chain that integrates wind power, hydrogen production, methanol, and shipping [2] Group 2: Collaborative Efforts and Strategic Initiatives - China General Nuclear Power Group (CGN) has launched major offshore wind projects in Guangdong, supported by provincial government initiatives [1] - CGN is exploring three marine energy integration models: wind-fish integration, nuclear-wind-solar integration, and comprehensive energy islands [2] - A strategic cooperation project for green ship fuel supply and sales was signed between CGN and Shenzhen Port Group, marking a step towards innovation in the Guangdong-Hong Kong-Macao Greater Bay Area [3] Group 3: Policy and Future Directions - The National Energy Administration emphasizes the importance of developing marine energy for energy security and transition during the 14th Five-Year Plan period [3] - The seminar included discussions on innovative projects and the establishment of a collaborative platform for new energy systems in Guangdong [3]

Summary of Hengtong Optic-Electric Conference Call Company Overview - **Company**: Hengtong Optic-Electric - **Date**: August 30, 2025 Key Industry and Company Insights Industry: Optical Fiber and Energy 1. **Product Structure Optimization**: Hengtong has made significant breakthroughs in high-end and specialty optical fibers, including ultra-low loss, marine, multimode, and hollow fibers, achieving international advanced levels in hollow anti-resonant fiber loss values [1][3] 2. **Investment in AI**: The company is investing in an advanced optical fiber materials R&D and manufacturing center to enhance the delivery capacity of specialty fibers [1] 3. **Energy Sector Progress**: Hengtong has made notable advancements in marine energy and smart grid sectors, with over 20GW of projects approved or competitively bid since Q4 2024, and nearly 3 billion yuan in marine energy projects won in 2025 [1][5] Financial Performance 1. **Revenue Growth**: In H1 2025, Hengtong achieved a revenue increase of 20% year-on-year, with a net profit of 1.613 billion yuan, marking a historical high [2] 2. **Business Segment Contributions**: By H1 2025, the smart grid and industrial new energy segments accounted for approximately 50% of total business, while marine energy and communication segments made up 10%, and traditional optical communication accounted for 20% [7][30] Optical Communication Developments 1. **High-End Product Revenue**: The revenue share of high-quality specialty products, such as ultra-low loss and marine fibers, increased from about 10% to nearly 20% in H1 2025, with plans to reach 30% or higher in the future [3][13] 2. **Profit Margins**: The gross margin for optical communication business is approximately 25%, with improvements driven by product structure optimization [8][30] 3. **Response to Cost Pressures**: Despite rising prices of silicone, Hengtong successfully increased its gross margin by enhancing the proportion of high-end products [9] Marine Communication Sector 1. **Cable Delivery Milestones**: As of the reporting period, Hengtong's global submarine cable delivery exceeded 108,000 kilometers, with an order backlog of about 7.5 billion yuan [6][19] 2. **PEACE Project Expansion**: The company plans to construct the Gulf extension of the PEACE project, expected to reach the UAE and Oman by Q3 2026 [6] Energy Sector Highlights 1. **Marine Energy Orders**: In the marine energy sector, over 30% of the 20 billion yuan in energy orders are related to submarine cables, with minimal contributions from engineering projects [24] 2. **Smart Grid Growth**: The smart grid segment's gross margin improved to over 14%, while the industrial new energy segment's gross margin rose to over 15% [30] Market Outlook 1. **Future Growth Potential**: Hengtong's various business sectors, including optical communication, marine energy, and smart grids, are expected to benefit from increasing demand driven by AI, cloud computing, and data center developments [31] 2. **International Market Expansion**: The company has seen strong performance in overseas fiber optic cable exports, with significant demand from regions such as South Africa, Brazil, Germany, and India [18] Additional Insights 1. **Order Confirmation Method**: Hengtong uses the percentage of completion method for revenue recognition, allowing for a clearer understanding of future revenue growth based on order progress [21] 2. **Optimistic Market Sentiment**: The company maintains a cautiously optimistic outlook for the second half of 2025 and 2026, despite slight declines in bidding volumes from major clients like China Mobile [15][16] This summary encapsulates the key points from the conference call, highlighting Hengtong Optic-Electric's strategic advancements, financial performance, and market outlook across its various business segments.