Interconnect Malta (ICM) has launched a Preliminary Market Consultation (PMC) to assess the feasibility of importing 0.8 TWh of renewable energy annually from North Africa. The proposed project involves a subsea power link designed to supply approximately 25% of Malta’s total electricity demand based on 2025 figures. The government is seeking market interest and non-binding price estimates under a 25-year fixed-price Contract for Difference (CfD) mechanism, aiming to leverage North Africa’s solar and wind potential to bolster national energy resilience and carbon reduction goals.

Amidst a backdrop of consistently low gross profit margins hovering around 2%, Xiamen Xiangyu (600057.SH)'s shipbuilding segment has garnered significant investor attention due to its relatively high profitability. At the performance briefing held today, Liao Jie, the board secretary of Xiamen Xiangyu, stated that as of the end of May 2025, the company had 88 orders on hand, including 46 63,500 DWT bulk carriers and 25 stainless steel chemical tankers, with production schedules extending to 2029. The company has recently secured new orders for two 210,000 DWT Newcastlemax bulk carriers, marking a breakthrough in large bulk carrier orders. Regarding deep-sea equipment, Liao Jie mentioned that this year, the company has signed a construction contract with Zhongtian Technology Group's Shanghai Yuanwei Construction Engineering Co., Ltd. for a 16,000-ton submarine cable-laying vessel, which is currently the largest self-propelled, purely electric-driven cable-laying vessel in China. Xiamen Xiangyu is a major commodity supply chain service provider. Due to the nature of the industry, its overall gross profit margin is relatively low. According to Choice data, the company's gross profit margins for commodity trading and logistics services from 2022 to 2024 were 1.90%, 1.53%, and 1.88%, respectively. The company's shipbuilding business has experienced rapid growth in recent years. The company began disclosing detailed data in its annual financial reports from 2023. In 2023 and 2024, it achieved revenues of 4.737 billion yuan and 5.9 billion yuan, with YoY growth rates of 42.62% and 24.76%, respectively, and gross profit margins of 22.56% and 18.13%, respectively. The company stated in the investor relations activity record released on April 22 that it had previously acquired the core assets of Jiangsu Hongqiang Shipbuilding Heavy Industry Co., Ltd. through asset auctions and expected to resume production by mid-2025. Combining this with the company's 2024 financial report information, it is anticipated that upon commencement of production, the company's overall shipbuilding capacity will increase by 40%-50%. It is worth mentioning that when Chairman Wu Jie discussed industry development trends, he noted that in recent years, global commodity price fluctuations have intensified. Top-tier enterprises, relying on their advantages in resources, services, and risk control, have actively expanded their channel networks, seized more market share, and demonstrated significant counter-cyclical expansion capabilities. According to cargo volume calculations, the market share of China's top five major commodity supply chain enterprises (CR5) increased from 4.81% in 2021 to 5.26% in 2024 (estimated). In terms of performance, Xiamen Xiangyu achieved revenues of 366.671 billion yuan and 97.135 billion yuan in 2024 and Q1 2025, respectively, with YoY changes of -20.12% and -7.11%. Net profits for the same periods were 1.419 billion yuan and 509 million yuan, respectively, with YoY changes of -9.86% and 24.88%.

The document points out that efforts should be made to vigorously develop offshore wind power and hydrogen energy equipment. Taking the Fujian Three Gorges Offshore Wind Power Industrial Park as the main cluster area, efforts will be made to fill in the gaps in the upstream industry chain, such as reinforcing fibers, resins, castings and forgings, and bearings, as well as in the midstream, such as submarine cables, to create a complete industry chain for wind power equipment. Large-power offshore wind power equipment will be developed, and Fuzhou will be built into a national-level offshore wind power detection center and a manufacturing base for wind power equipment along the southeast coast. Relying on the hydrogen energy demonstration circle in the Fuqing Port-Industrial Zone, efforts will be made to promote the integrated development of hydrogen production, storage, refueling, and hydrogen energy equipment, and to advance the large-scale and high-end manufacturing of hydrogen energy equipment across the "entire chain." Actively develop clean energy sources such as hydrogen energy, offshore wind power, and PV power generation. Encourage enterprises and industrial parks to utilize clean energy sources nearby, explore direct supply of green electricity, and support qualified enterprises in constructing captive power plants and power supplies, such as those integrating "PV + ESS." Build a zero-carbon energy supply system, develop the "direct green electricity supply model," establish a multi-energy complementary energy supply system integrating "electricity, heat, cold, gas, and hydrogen," encourage the configuration of new-type energy storage on the user side, enhance the capacity for local grid connection and consumption of new energy, and promote the cascading utilization of energy, the recovery of waste heat and pressure, and green cooling and heating. Encourage qualified enterprises to use renewable energy sources to produce hydrogen and optimize the hydrogen production structure from raw materials for synthetic ammonia. Encourage the lawful and regulated import of recycled raw materials to enhance the supply capacity of recycled resources. Guide and support innovative entities such as local universities, scientific research institutes, and high-tech enterprises to strengthen the R&D of key technologies for low-carbon, zero-carbon, and negative-carbon technologies. Deploy a number of scientific and technological projects in key areas such as large-capacity wind power, high-efficiency PV, high-efficiency ESS, hydrogen production from renewable energy sources, carbon capture, utilization, and storage (CCUS) technologies, and the resourceful utilization of carbon dioxide under mild conditions. Relying on R&D institutions such as the Dongfang Electric Innovation Research Institute, the National Engineering Research Center for Fertilizer Catalysts at Fuzhou University, and the Hydrogen Power Equipment Engineering Research Center of Fujian Province at Snowman Co., Ltd., accelerate the R&D of core equipment components such as proton exchange membrane fuel cells, fuel cell engines, hydrogen circulation pumps, diaphragm compressors for hydrogen refueling stations, high-pressure hydrogen storage pressure vessels, and heat exchangers. Strengthen the construction of platforms for low-carbon technological innovation carriers. Promote the establishment of a low-carbon, zero-carbon, and negative-carbon technological innovation system with enterprises as the mainstay, featuring collaboration among industry, academia, and research, as well as coordination between upstream and downstream sectors. Deepen innovation-driven development, construct multi-level and diversified innovation platforms, accelerate the aggregation of innovative elements such as talents, technologies, and funds, support the construction of a hydrogen energy industry technology and product analysis and detection service platform, and cultivate and establish a number of leading national and provincial key laboratories, engineering research centers, manufacturing innovation centers, and enterprise technology centers in fields such as next-generation information technology, new materials, new energy, NEVs, biomedicine, and marine high-tech, to enhance low-carbon technological innovation capabilities. Green and low-carbon products support the low-carbon development of the transportation sector. We will vigorously promote energy-efficient and new energy vehicles (NEVs), strengthen technological innovation in vehicle integration, and enhance the concentration of the NEV industry. We will encourage enterprises to update and use NEVs, promote the electrification of freight, urban public service, and industrial and mining enterprise internal vehicles, drive enterprises to use electric transport vehicles, carry out the R&D and application of electric heavy-duty trucks and hydrogen fuel cell vehicles, encourage individuals to consume NEVs, and increase the proportion of NEVs. We will accelerate the construction of charging piles and innovation in battery swapping models, and build a convenient, efficient, and moderately advanced charging network system. We will vigorously develop green and intelligent ships, strengthen the R&D of low-carbon and clean energy equipment such as marine hybrid power, LNG power, battery power, ammonia fuel, and hydrogen fuel, promote the renewal and transformation of old inland and coastal ships, and accelerate the development and application of a new generation of green and intelligent ships.

The first demonstration project of an ecological governance-oriented tidal flat PV project in China, the Guohua Rudong PV-Hydrogen-ESS Integrated Project, has achieved full-capacity grid connection and power generation. Located in Rudong County, Nantong City, Jiangsu Province, the project utilizes approximately 4,387.5 mu of tidal flats. With a total installed capacity of 400 MW, it includes the construction of booster stations, energy storage facilities, and hydrogen production and refueling stations. The project's average annual on-grid electricity generation is 4,629.34 million kWh. Upon completion and operation, it will reduce carbon dioxide emissions by approximately 309,400 mt annually, equivalent to adding the carbon sequestration capacity of 1.5 West Lake scenic areas. It will effectively contribute to local ecological environmental protection and green, low-carbon development. The project was designed by PowerChina East China Engineering Corporation Limited, a subsidiary of PowerChina, and was constructed under the general contract of PowerChina Zhongnan Engineering Corporation Limited. As the first PV project for ecological governance of tidal flats in China, it innovates an ecological restoration model of "offshore PV + weed control," pioneering efforts in the ecological governance of Spartina alterniflora and creating a demonstration project for the integration of green PV and ecological weed control along the coast of Jiangsu Province and across the country. During the construction process, the construction of the onshore booster station and the PV field area were greatly affected by multiple factors such as the original tidal flat terrain and on-site tidal changes, making the construction process extremely challenging. The project team overcame difficulties and creatively solved the construction challenges of the onshore booster station by using steel sheet pile cofferdams combined with well-point dewatering. They designed a new-type elevated vehicle to solve the installation challenges in the PV area. To protect the local marine ecology and clam farming areas, they adapted to local conditions, using approximately 1,800 platform 4-wheel trolleys, and pioneered a "river, sea, land, and river" intermodal transportation solution to address the challenges of submarine cable transportation. On the vast tidal flats of the Yellow Sea, nearly 700,000 solar panels gently "breathe" with the ebb and flow of the tides. Their annual power generation capacity reaches as high as 468 million kWh, enough to illuminate the brilliant lights of 200,000 households. Meanwhile, the project will also drive the large-scale development of multiple industries, including offshore PV, energy storage, and hydrogen energy, improving and strengthening the local new energy industry chain.

This week (May 2-8), the operating rate of SMM copper wire and cable enterprises was 83.49%, down 5.96 percentage points WoW, up 0.65 percentage points YoY, and down 3.97 percentage points from the expected operating rate. According to SMM, the new orders of enterprises this week weakened significantly WoW. The rise in copper prices after the holiday was the main factor inhibiting downstream enterprises from placing orders, and wait-and-see sentiment among end-users resurfaced. In particular, some customers had stockpiled in advance before the holiday, so downstream customers focused on digesting inventories this week, and the volume of orders placed decreased significantly WoW. Currently, enterprises' production mainly relies on previous orders on hand, and production can still be maintained at a relatively high level in the short term. By industry, the performance of various types of orders was relatively stable this week, with only PV orders weakening significantly compared to before. Orders from the two power grids, engineering construction orders, and submarine cable orders all remained stable. In terms of inventory, enterprises' raw material inventory was recorded at 18,330 mt this week, down 3.88% WoW, as stockpiling before the holiday was consumed. Finished product inventory was recorded at 18,690 mt, up 5.47% WoW, mainly due to the slowdown in cargo pick-up by downstream enterprises. Next week, as downstream customers' inventories are gradually digested, if copper prices do not rise unexpectedly, SMM believes that the operating rate of copper wire and cable enterprises will increase by 2.76 percentage points WoW next week (May 9-15), up 6.43 percentage points YoY.

[SMM Analysis: Copper Wire and Cable Enterprises' Operating Rates Exceed Expectations in April, with Different Paths for Large and Small Enterprises amid Market Surge] According to SMM, the operating rate of copper wire and cable enterprises in April 2025 was 81.31%, up 7.71 percentage points MoM and 7.89 percentage points YoY, 2.51 percentage points higher than the projected operating rate. Specifically, in April, large copper wire and cable enterprises...

In the long river of history, wires and cables, as the "blood vessels" of modern industry, have played a pivotal role in driving social progress. Since the dawn of electrification pierced the night of industrial civilization, these strands of wire have been like the pulse of the times, delivering vitality and energy to the global economy. We are in the grand context of the Fourth Industrial Revolution, where emerging fields such as smart cities, NEVs, and 5G communications are rapidly evolving. As an indispensable infrastructure, the technological innovation and ecosystem construction of wires and cables are particularly urgent. To strengthen the exchange and cooperation among peers in the wire and cable industry and to respond to future industrial changes, it is essential to enhance the collaborative exchange within the industry chain, foster mutual understanding, and gain a more comprehensive understanding of relevant policy directions and market developments. Shanghai Metals Market (SMM) has partnered with Jiangsu Zhongli Group Co., Ltd. to hold the "2025 SMM (3rd) Wire and Cable Industry Development Conference and Wire and Cable Industry Exhibition" on May 22-23, 2025 at the DoubleTree by Hilton Suzhou Wuzhong . The event will delve into the current status and future development trends of the wire and cable industry, promoting cooperation and exchange among related enterprises. We hope that this conference will fully leverage the complementary advantages within the industry, jointly promoting the healthy and sustainable development of the wire and cable industry. The conference will feature a series of high-quality forums and exhibitions, not only fostering deep cooperation across the industry chain but also aiming to drive continuous progress in the entire industry through technological innovation. We look forward to working together with our peers to map out the future development of the industry. Click the registration form to sign up immediately. We look forward to meeting you at the conference. Booth Number: B4 Zhongli Smart Cables: Making Green More Efficient Zhongli Group , headquartered in Changshu, Jiangsu, was established in 1988. Through over 30 years of continuous technological innovation, it has grown into a national key high-tech group enterprise, ranking among China's Top 500 Enterprises, China's Top 10 Independent Innovation Enterprises, China's Top 100 Most Competitive Private Enterprise Brands, and the World's Top 20 Most Competitive Cable Companies. Zhongli has developed multiple national high-tech enterprises in provinces and cities such as Jiangsu, Ningxia, Liaoning, and Qinghai. Its business covers cables and new materials, fiber preforms and optical cables, PV new energy, high-end manufacturing of military electronics, ESS, environmental protection, and real estate. Zhongli Group's products are mainly sold to over 30 countries and regions, providing high-quality products and services to the global communication, equipment manufacturing, rail transportation, power, mining, shipbuilding and marine engineering, and new energy industries, and establishing good and stable strategic partnerships with global customers. The group's main products include: flame-retardant flexible cable series for communication rooms, fire-resistant low-smoke halogen-free flexible cable series, communication cable series, UL electronic cable series, railway signal cable series, railway composite optical cable series, marine cable series, power control cable series, data cable series, high and low voltage cross-linked cable series, power cable series, communication optical cable series, PVC compound series, PE compound series, special wires, NEV cables, electronic connector series, and cable connector series products. Zhongli Group continues to increase investment in high-tech fields, currently owning a national laboratory, a national polymer material R&D base, a postdoctoral workstation, an optical cable R&D center, and a new energy PV R&D center. It has developed over 20 high-tech products that "fill domestic gaps" and has independently or jointly drafted more than 10 national and ministerial industry standards, including "YD/T 1173-2001 Flame-Retardant and Fire-Resistant Flexible Cables for Communication Power Supplies," "GB/T 33594-2017 Cables for EV Charging," and "T/CAS 356-2019 High-Voltage Cables for NEVs." Zhongli Group will further accelerate its transformation and upgrading, strengthen and expand the enterprise, and continue to uphold the corporate spirit of "integrity, dedication, unity, and innovation" to provide the global market with safe, reliable products, and efficient and high-quality services to meet customer needs and expectations. The goal is to develop Zhongli Group into an internationally leading technology enterprise. Contact Information Jingyi Gu 139 6252 7594 Click here to join immediately 2025 SMM (3rd) Wire and Cable Industry Development Conference SMM Conference Contact Bo Chen 18370891981 chenbo@smm.cn

On the night of April 28, Dawn Polymer released an announcement stating that the board of directors approved the acquisition of Shandong Dawn Titanium Industry Co., Ltd. (hereinafter referred to as "Dawn Titanium"). Earlier, on April 24, Dawn Polymer also announced the acquisition of Anhui Bost New Material Co., Ltd. (hereinafter referred to as "Anhui Bost"). The acquisition of 100% equity in these two companies marks a new step in Dawn Polymer's capital operations, accelerating its layout in the new titanium industry track and deepening its focus on the polymer materials segment for cables. As a domestic A-share publicly listed firm specializing in thermoplastic elastomers, Dawn Polymer is recognized as a national high-tech enterprise and a national single champion product enterprise. It is committed to providing solutions for elastomers, modified plastics, masterbatches, and polyester materials. Its products are mainly applied in automotive transportation, home appliances, communication, medical and health, aerospace, mass consumption, and new energy sectors. Several core products lead industry standards and compete on the global stage. According to reports, Dawn Polymer currently has an annual capacity of 7 million mt, with thermoplastic elastomers (TPV) holding approximately 50% of the domestic market share. Its market share for imported substitute products has ranked first nationwide for 15 consecutive years. On April 24, Dawn Polymer's financial report revealed that the company achieved a 16.65% YoY increase in operating revenue in 2024, reaching a record high. In Q1 2025, the company's operating revenue grew 6.58% YoY, while net profit attributable to shareholders rose 25.44% YoY, demonstrating strong momentum for high-quality development. Dawn Titanium is a top performer in China's titanium dioxide industry. Industry experts pointed out that Dawn Titanium's core products, such as titanium dioxide and ferrous sulphate, are new inorganic chemical materials that complement Dawn Polymer's existing polymer new materials business. After the acquisition, resource integration and enhanced synergy will drive Dawn Polymer's progress in technological innovation and product optimization, improve its risk resistance, reserve more momentum for future performance growth, and accelerate the realization of its strategic vision. According to data from the China Electrical Equipment Industry Association, China's wire and cable market has a trillion-level market size, with steadily growing demand driving continuous growth in downstream demand for polymer materials used in cables. With the construction of new-type power systems, the performance requirements for cable materials, such as voltage resistance, high-temperature resistance, wear resistance, oil resistance, weather resistance, flame retardancy, environmental protection, ultra-thinness, flexibility, and resistance to rodents and termites, are continuously increasing. The material system has gradually evolved to include special PVC, PE, XLPE, halogen-free low-smoke polyolefins, PP materials, special rubber, thermoplastic elastomers, and other polymer materials. Anhui Bost, headquartered in Xuancheng, Anhui province, is a company specializing in the production of cable insulation materials. Through this acquisition, Dawn Polymer will deepen its focus on the cable new materials segment, particularly in markets such as power cables, control cables, airport runway cables, marine cables, heating cables, nuclear power insulation, and PV insulation. This will create synergy with the company's existing R&D in high-filled PP materials. "The wire and cable industry is a 'material-heavy, labor-light' industry, with raw materials accounting for over 80% of costs. We are optimistic about the future cable market, where demand will be substantial," said a relevant representative from Dawn Polymer. Currently, Dawn Polymer is also expanding into the recycled materials industry and developing nylon materials, alloy materials for robotic arms, and human-like elastomer materials. Following the acquisition of Anhui Bost, the company will intensify R&D efforts in silane cross-linked materials with electrical tracking resistance, thin-wall silane cross-linked polyethylene, medium- and high-voltage flexible cable materials, halogen-free flame-retardant TPU cable materials, such as low-smoke halogen-free sheath materials meeting Bl-level combustion characteristics, ultra-clean insulation materials and ultra-smooth shielding materials for 110kV, 220kV, and 500kV AC/DC applications, next-generation environmentally friendly medium- and high-voltage polypropylene (PP) materials, and high-performance elastomer materials (TPE, TPU) for high-frequency motion in robotics and industrial automation equipment, continuously enhancing product competitiveness and corporate profitability. (Produced by | Dawn Media Studio)

On April 16, a representative from Viettel, the military telecommunications industry group of Vietnam, revealed that in early April 2025, Viettel Networks would put the Asia Direct Cable (ADC) into operation. With a maximum capacity of 50 Tbps, this cable is currently the largest-capacity submarine optical cable line in Vietnam, equivalent to 125% of the total international connection capacity of all five active submarine cables (IA, AAE-1, APG, AGG, SMW-3). The ADC is also faster than previous systems.

This week (4.11-4.17), the operating rate of SMM copper wire and cable enterprises was 87.71%, up 3.04 percentage points WoW and 10.44 percentage points YoY, but 2.27 percentage points lower than the expected rate. As copper prices fell last week, most enterprises saw a surge in orders, which can support their production in the near term. Although new orders this week decreased significantly WoW, many enterprises reported growth compared to earlier periods. By industry, recent orders from the two grids were concentrated, and April tenders are ongoing; PV orders remain sufficient but are showing signs of slowing, with policy support nearing its end; submarine cable and high-voltage orders are both sufficient; civil real estate orders remain weak; rail transit orders have recovered WoW but are still lower than the same period in previous years. As current orders on hand for copper wire and cable enterprises are sufficient, and end-use demand continues to recover and grow, especially with recent orders from the two grids becoming the main source of new orders, SMM expects the operating rate of copper wire and cable enterprises to increase by 4.3 percentage points WoW to 92% next week (4.18-4.24).