2025-09-03 14:46Summary of Key Points from Conference Call Industry Overview - The conference call focuses on the offshore wind power industry, particularly the developments in submarine cable projects and related infrastructure in China [1][2][3]. Core Insights and Arguments - Significant Increase in Offshore Wind Power Deliveries: In Q3, there was a notable increase in offshore wind power delivery volumes, with companies like Oriental Cable reporting substantial inventory and contract liabilities, indicating a trend towards large-scale deliveries [1][3]. - Optimistic Delivery Expectations: Major manufacturers expect that the delivery volume in the second half of the year will significantly exceed that of the first half, suggesting a recovery in industry sentiment [1][3]. - Upcoming Tender Activities: The second half of the year is expected to see an increase in submarine cable tender activities, with the initiation of the 500 kV DC submarine cable pre-qualification tender at the Z15 site in Zhejiang [1][2][4]. - Policy Support: There is a strong expectation of policy support from the government, which is anticipated to stimulate market growth and development in the offshore wind sector [1][5][17]. - Year-on-Year Capacity Growth: The newly installed grid-connected capacity in the first half of the year reached 2.49 GW, a 200% increase year-on-year, primarily due to a low base from the previous year and delays in projects [1][6]. - Projected Wind Power Installation: The total wind power installation for the year is expected to exceed 8 GW, potentially reaching 10 GW, with a conservative market expectation of 6-8 GW, representing a 50%-100% increase compared to last year [1][9]. Additional Important Insights - Project Pipeline: Currently, there are 2.55 GW of projects confirmed for grid connection, with an additional 8.3 GW of projects under construction, indicating a robust project pipeline [1][7]. - Market Dynamics: The market for 500 kV AC submarine cable orders is expected to increase significantly, with major orders anticipated in Guangdong province [1][11]. - Future Market Expectations: Despite a bullish market, investor sentiment is cautious due to previous speculative activities. Strong performance in company earnings and long-term planning are necessary to regain investor confidence [1][15]. - Deep Sea Wind Power Projects: The total capacity of deep sea wind power projects has reached 42.62 GW, with significant progress in demonstration projects, particularly at the Z15 site [1][16]. - Long-term Industry Outlook: The industry is expected to enter a long-term layout phase supported by policy initiatives, with a potential positive impact on performance and planning expectations [1][18]. This summary encapsulates the key points discussed in the conference call, highlighting the current state and future outlook of the offshore wind power industry in China.