从临港绿色石化到海上风电、从海洋牧场到海工装备，揭阳现代海洋产业聚合成势，大步向新向绿 向强而行。 炼化明珠 碧海蓝天间，罐塔林立、管道纵横。深入广东省面积最大的石化工业园区——揭阳大南海石化工业 区，置身于一眼望不到边的钢铁丛林，却闻不到传统化工园区常有的异味。 经济日报记者 郑杨 来到南海之滨的广东揭阳，绵延的海岸线旁，从各地运来的劣质重油、废塑料变废为宝，转化为电 子、家电等粤港澳大湾区主导产业所需的优质化工原料；海上壮阔的风电母港、海下深藏的蓝色粮仓、 滨海火热的生态旅游，各类海洋资源在这里被立体化开发……当前，广东正聚力建设世界级沿海经济 带，而揭阳成为这条舞动的蓝色经济带上的一颗"绿色明珠"。前不久举行的揭阳市海洋经济产业高质量 发展大会提出，要三产并举、陆海统筹打造"海上新揭阳"。 煤238万吨、减碳619万吨，相当于新增123亿平方米森林碳汇面积，有效降低了区域对化石能源的依 赖。 然后是依托揭阳优质的海洋水体，探索风电与海水养殖一体化开发。今年9月，总投资1.28亿元的 深海重器"龙宫号"海洋牧场正式下水投运。"'龙宫号'上层依托海上风电提供绿能，下层则是7万立方米 的智能养殖水体，用于养殖 ...

Core Viewpoint - Guangdong is focusing on building a world-class coastal economic belt, with Jieyang emerging as a "green pearl" in this blue economic zone, emphasizing the integration of various marine resources for high-quality development [1] Group 1: Marine Economy Development - Jieyang is promoting a modern marine industry that includes green petrochemicals, offshore wind power, marine ranching, and marine engineering equipment [1][3] - The city aims to achieve a total marine economy scale of 100 billion yuan, focusing on marine ranching, marine new energy, marine engineering equipment, and coastal tourism [8] Group 2: Petrochemical Industry - The Dannan Sea Petrochemical Industrial Zone is home to the largest integrated refining and chemical project by China National Petroleum Corporation, with an investment exceeding 70.2 billion yuan, processing over 50 million tons of crude oil since its launch in 2023 [2][3] - This project is the only refining base in China capable of processing low-quality heavy oil, enhancing the flexibility of crude oil imports and ensuring energy security [3] Group 3: Innovative Recycling Technologies - East Guangdong Chemical Technology Co., Ltd. has successfully trialed the world's first high-value utilization project for waste plastics, using a unique "one-step" recycling process that does not require sorting [4] - The project aims to establish a global first waste plastic green recycling industrial base, promoting the transformation of waste plastics into resources [4] Group 4: Offshore Wind Power - The offshore wind power base in Jieyang has installed a cumulative capacity exceeding 900,000 kilowatts, contributing to a significant reduction in reliance on fossil fuels [5][6] - The "Dragon Palace" marine ranch project integrates wind power generation with aquaculture, utilizing intelligent breeding systems to enhance productivity [6] Group 5: Tourism and Agriculture Integration - The town of Qianzhan is developing a tourism route that combines scenic views, cultural experiences, and local seafood, attracting over one million visitors this year [8][9] - The local abalone farming industry is leveraging new aquaculture technologies to improve resilience against environmental risks, with a focus on high-quality seed production [9]

Core Insights - Shell has officially exited the Atlantic Shores offshore wind project in the U.S., marking its withdrawal from the U.S. offshore wind sector [1][3] Group 1: Project Details - Shell transferred its 50% stake in the Atlantic Shores project to its joint partner EDF, effective immediately [3] - The Atlantic Shores offshore wind project, located in federal waters near New Jersey, includes the 1510MW Atlantic Shores 1 and the 1327MW Atlantic Shores 2, totaling 2800MW with plans for up to 197 offshore turbines [3] - The project received federal approval in October 2024, but the EPA revoked its permits in March 2025 due to a review prompted by the Trump administration's offshore wind ban [3] Group 2: Strategic Shift - Shell stated that this decision aligns with its electricity strategy, focusing on optimizing platform value and enhancing asset quality by gradually exiting capital-intensive generation projects [4] - Since 2024, Shell has exited multiple offshore wind projects, including the 1.3GW MunmuBaram project in South Korea, the 2.4GW SouthCoast Wind project in the U.S., and several projects in the Philippines, while considering selling stakes in a 5GW floating offshore wind project in Scotland [4]

Investment Rating - The report maintains an "Outperform" rating for the industry [7] Core Views - The report highlights a moderate recovery in the automotive market during September, with a 9% month-on-month increase in sales among eight major car manufacturers [9] - A breakthrough in solid-state battery interface issues using iodine ions is noted, which may enhance battery performance and longevity [10] - The launch of a significant renewable energy project in Inner Mongolia, with an investment of 98.8 billion yuan, is expected to facilitate a green energy transition in North China [15][16] - The Zhejiang deep-sea demonstration project is progressing, with substantial wind turbine tenders announced in Zhejiang and Guangdong [24][25] - The report emphasizes the strong performance of the energy storage sector, particularly with the listing application of Sungrow Power Supply and the publication of technical standards for megawatt-level energy storage systems [30][32] Summary by Sections New Energy Vehicles and Lithium Battery Sector - The automotive market showed a 9% month-on-month increase in sales for major manufacturers, with a total delivery of 673,500 vehicles in September, marking an 11% year-on-year increase [9] - The introduction of iodine ions in solid-state batteries may resolve interface contact issues, enhancing battery efficiency [10] Photovoltaic Sector - The Inner Mongolia renewable energy base, with a total investment of 98.8 billion yuan, is set to begin construction, aiming for a capacity of 8 million kilowatts of solar and 4 million kilowatts of wind energy [15][16] - The project is expected to significantly contribute to the green energy transition and improve the allocation of high-quality electricity resources across regions [17] Wind Power Sector - The Zhejiang deep-sea demonstration project is on track, with significant tenders for wind turbines announced, indicating robust growth in offshore wind projects [24][25] - The report notes that domestic offshore wind turbine tenders have exceeded 2GW in September, reflecting strong market demand [26] Energy Storage Sector - Sungrow Power Supply has submitted a listing application, and the company reported impressive performance in its energy storage system integration business [30][31] - New technical standards for megawatt-level energy storage systems have been published, emphasizing rapid response times and operational efficiency [32] Power Equipment Sector - Southern Power Grid is planning to expand into Chile, with a potential transaction value exceeding 4 billion USD, indicating a strategic move into international markets [37][38] - A new 1000kV ultra-high voltage nuclear power transmission project in Shandong is set to be operational by 2028, enhancing energy distribution capabilities [39] Industrial Control and Robotics Sector - The manufacturing PMI rose to 49.8% in September, indicating a slight recovery in the manufacturing sector, which is expected to boost demand for industrial control components [42] - The collaborative robot market in China is expanding steadily, with significant contracts awarded to leading companies [44][45] Hydrogen Energy Sector - Longi Hydrogen and two other companies won bids for Sinopec's electrolyzer projects, with alkaline electrolyzers dominating the market with a 97.55% share [48][49] - A three-year action plan for the hydrogen energy industry was released in Wuhan, aiming to establish a significant hydrogen equipment hub by 2027 [49][50]

Market Strategy - The market trading activity is decreasing ahead of the holiday, suggesting a shift towards defensive strategies [5][9] - The overall A-share market saw a decline of 1.20%, with the Shanghai Composite Index down 0.65% and the ChiNext Index down 2.60% [7][8] - The market is expected to remain volatile as investors seek to avoid uncertainties before the holiday, with potential for capital to flow back into the market post-holiday if no major risks arise [9] Economic Insights - The People's Bank of China conducted a 7-day reverse repurchase operation of 181.7 billion yuan, indicating liquidity management efforts [15][16] - From January to August, profits of large-scale industrial enterprises increased by 0.9% year-on-year, with significant growth in August at 20.4% [17][18] Industry Dynamics - In October, China's battery production is projected to reach 186 GWh, marking a month-on-month increase of 22.4% and a year-on-year increase of 45.3% [28][29] - The offshore wind power project in Hainan is set to procure 600 MW of wind turbine equipment, highlighting ongoing investments in renewable energy [32][33] - The completion of submarine cable laying for the Qingzhou offshore wind farm marks a significant advancement in offshore wind energy infrastructure [34] Company Updates - Meikang Bio (300439.SZ) received a medical device registration certificate for its anti-Xa testing kit, indicating progress in its product offerings [36] - Aibo Medical (688050.SH) has received approval for its extended focus artificial lens, enhancing its product portfolio in the medical device sector [38] - Mingyang Smart Energy (601615.SH) successfully tested over 1,300 offshore wind turbines against Typhoon "Haikasa," demonstrating the resilience of its technology [39]

Core Insights - Fujian Province is rapidly developing offshore wind power, leveraging its favorable geographical conditions and aiming to become a national leader in this sector [1][2]. Group 1: Offshore Wind Power Development - The offshore wind farm in Fujian has 59 turbines that have been operational since 2017, generating an annual output of 1.2 billion kilowatt-hours [1]. - By 2025, Fujian's offshore wind power installed capacity is expected to reach 3.818 million kilowatts, accounting for 4.25% of the total installed capacity in the province [2]. - The Fujian offshore wind power industry park has attracted numerous upstream and downstream enterprises, forming a complete industrial chain with an output value of approximately 6 billion yuan [1]. Group 2: Technological and Infrastructure Challenges - The main challenge for offshore wind power development is the technical bottleneck related to the increasing distance from shore, which affects the efficiency and stability of power transmission [3]. - Existing transmission corridors are scarce, and the construction of dense grid frameworks has led to significant short-circuit current issues, limiting large-scale energy delivery and consumption [3]. - The equipment must withstand extreme environmental conditions, such as frequent typhoons and high corrosion levels in marine environments, which poses a significant challenge for durability [3]. Group 3: Future Plans and Innovations - The State Grid Fujian Electric Power Company is actively collaborating with various parties to advance the construction of a gigawatt-level offshore wind power output base [2]. - Plans include the development of a "four-way interconnected" power hub and a new generation of dispatch technology support systems to enhance the smart grid [2]. - An innovative "offshore wind power + marine ranching" model is being explored, which utilizes the space around wind turbine foundations for aquaculture, thereby increasing the economic viability of the project [1].

Core Viewpoint - Morgan Stanley upgrades the rating of China's wind power industry, anticipating a recovery in the sector following efforts to combat internal competition [1] Group 1: Industry Recovery - The Chinese wind power value chain has successfully achieved a turnaround through industry self-discipline after nearly three years of decline, with a projected shift in pricing and overall profitability by early 2025 [1] - The domestic wind power installation demand is expected to remain resilient, with investment opportunities seen in key component suppliers and submarine cable companies [1] Group 2: Demand and Pricing Trends - Strong demand growth is evident, with annual new installations increasing from 48 GW in 2021 and 38 GW in 2022 to 76 GW, 79 GW, and 54 GW in 2023, 2024, and the first seven months of 2025, respectively [2] - The average bidding price for onshore wind turbines increased by 8% and for offshore wind turbines by 12% in the first eight months before 2025 compared to 2024 [2] Group 3: Future Outlook - During the 14th Five-Year Plan period, annual new installations are expected to exceed 110 GW, potentially reaching around 120 GW between 2028 and 2030 [3] - The introduction of favorable policies, such as Document No. 136, is expected to enhance the investment attractiveness of wind power compared to solar energy [3] - Offshore wind power installations are anticipated to accelerate, with key regions like Guangdong, Shandong, and Jiangsu expected to expedite project bidding and construction [3]

Investment Rating - The report maintains an "Overweight" rating for the electric equipment sector [4] Core Insights - The photovoltaic industry chain shows a strong upward trend, with silicon material prices rising and companies showing a willingness to increase production despite low inventory levels [6][29] - The lithium battery sector is expected to enter a 2-3 year upward cycle, with potential for performance and valuation improvements [6] - The new energy storage sector is becoming a significant growth point for energy investment, with China's new energy storage capacity reaching approximately 95 million kilowatts, growing nearly 30 times over five years [20][19] Summary by Sections Lithium Battery Sector - The battery industry index rose by 6.47%, outperforming the Shanghai and Shenzhen 300 index by 3.76 percentage points [10] - Key companies such as Ningde Times and Yiwei Lithium Energy are recommended for investment [6] Energy Storage Sector - The National Energy Administration announced that new energy storage capacity has become the world's largest, with significant investments planned for 2024 [20][19] - Hebei province has released new policies to accelerate independent energy storage project construction [21] Electric Equipment Sector - In July 2025, the National Energy Administration issued 236 million green certificates related to renewable energy projects, with 70.63% being tradable [23] - The report suggests focusing on ultra-high voltage companies and export-oriented electric equipment firms [6] Photovoltaic Sector - Silicon material prices have increased, with multi-crystalline silicon prices averaging 46 yuan per kilogram, up 2 yuan from the previous week [29] - The report highlights the potential for price increases in photovoltaic glass due to low inventory levels and production cuts [34] Wind Power Sector - The report notes ongoing progress in offshore wind projects across various regions, with significant projects in Jiangsu and Guangdong already under construction [36]

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The report highlights the cancellation of Mingyang Smart's offshore wind order in Germany, indicating challenges for Chinese wind turbine manufacturers in entering the German market, while still suggesting potential opportunities in other European countries like the UK [5][10][35] - The profitability of leading solar module companies in overseas markets has significantly declined, with JinkoSolar's overseas gross margin dropping from 13.46% to -2.42%, Trina Solar from 17.65% to 3.32%, and LONGi Green Energy from 14.43% to 4.77% [5][38] - The report discusses the competitive landscape in the energy storage sector, noting a recent tender for a large-scale storage system in Inner Mongolia with a bid price range of 0.393 to 0.399 RMB/Wh, indicating a downward trend in pricing [6] Summary by Sections Wind Power - Mingyang Smart has canceled its participation in the Waterkant offshore wind project in Germany, which reflects the difficulties faced by Chinese companies in the German offshore wind market [5][10] - The wind power index increased by 2.06% during the week, underperforming the CSI 300 index by 0.65 percentage points, with a current overall PE ratio of 22.28 [12][18] - The report notes that domestic demand for wind power remains strong, which is expected to improve the overall supply-demand situation and restore profitability for companies in the sector [5][6] Solar Power - Leading solar module companies have reported a significant decline in overseas business profitability, primarily due to trade barriers imposed by the U.S. on Southeast Asian countries [5][38] - The report suggests that the profitability of these companies may have reached a bottom, with potential for recovery as excess capacity is gradually eliminated [5] Energy Storage & Hydrogen - A recent tender for a 5.2GWh energy storage system in Inner Mongolia saw competitive bidding, with prices further declining, indicating a shift towards market-driven pricing in the energy storage sector [6] - The report emphasizes the importance of integrated system solutions for energy storage projects, highlighting the need for a focus on lifecycle costs rather than just initial purchase prices [6] Investment Recommendations - For wind power, the report recommends focusing on domestic demand growth, profitability recovery, and opportunities in offshore wind exports, suggesting companies like Mingyang Smart and Goldwind [5][6] - In solar power, it advises monitoring structural opportunities within the industry, with recommended stocks including Dier Laser and LONGi Green Energy [5] - In energy storage, it highlights opportunities in non-U.S. markets and suggests companies like Sungrow Power and Deye Technology [6]

Market Strategy - The market is undergoing a significant adjustment, with the Shanghai Composite Index precariously holding above 3800 points [5][9] - The overall performance of the A-share market shows a decline, with the Shanghai Composite Index down 1.76% and the Shenzhen Component Index down 1.43% [9][10] - The hard technology sector is performing relatively well, while the innovative small and medium enterprises are lagging behind [10] Economic Insights - The People's Bank of China conducted a 7-day reverse repurchase operation amounting to 379.9 billion yuan, with a fixed interest rate of 1.40% [16][17] - From January to July 2025, profits of large-scale industrial enterprises decreased by 1.7% year-on-year, totaling 40,203.5 billion yuan [18][19] - The mining industry saw a significant profit decline of 31.6%, while the manufacturing sector experienced a profit increase of 4.8% [20] Industry Dynamics - Mixue Group (2097.HK) reported a 39.32% increase in revenue to 14.875 billion yuan and a 44.10% increase in profit to 2.718 billion yuan for the first half of 2025 [28][29] - Siemens Gamesa secured a major offshore wind power contract, marking a significant development in the renewable energy sector [30][31] - Zhongji Xuchuang (300308.SZ) achieved a revenue of 14.789 billion yuan, a 36.95% increase, and a net profit of 3.995 billion yuan, a 69.40% increase for the first half of 2025 [32][33] Company Tracking - Daikin Heavy Industries (002487.SZ) reported a net profit of 547 million yuan for the first half of 2025, a remarkable 214.32% increase [34] - Chongde Technology (301548.SZ) achieved a revenue of 283 million yuan, reflecting an 8.59% year-on-year growth [35] - Qianwei Yangchu (001215.SZ) experienced a revenue decline of 0.72% and a net profit drop of 39.67% in the first half of 2025 [37][38] - New Dairy (002946.SZ) reported a revenue growth of 3.01% and a net profit increase of 33.76% for the first half of 2025 [40][41] - Youyou Food (603697.SH) achieved a revenue of 771 million yuan, a 45.59% increase, and a net profit of 108 million yuan, a 42.47% increase [43][44] - Fuling Mustard (002507.SZ) reported a slight revenue increase of 0.51% but a net profit decline of 1.66% for the first half of 2025 [45][46] Regional Economic Dynamics - Yongda Co., Ltd. (001239.SZ) reported a net profit of 37 million yuan, a 32.42% increase, driven by significant growth in the wind power sector [48][49] - Hunan Province has initiated the renovation of 1,561 old urban communities this year, with a focus on improving living conditions [50][51]