行 业 及 产 业 交通运输 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 闫海 A0230519010004 yanhai@swsresearch.com 罗石 A0230524080012 luoshi@swsresearch.com 严天鹏 A0230524090004 yantp@swsresearch.com 张慧 A0230524100001 zhanghui@swsresearch.com 王晨鉴 A0230525030001 wangcj@swsresearch.com 王易 A0230525050001 wangyi@swsresearch.com 王凯婕 A0230525110001 wangkj@swsresearch.com 郑逸欢 A0230526010001 zhengyh@swsresearch.com 范晨轩 A0230525070003 fancx@swsresearch.com 联系人 范晨轩 A0230525070003 fancx@swsresearch.com 2026 年 03 月 31 日 重视海外油轮股 Q1 对 Q2TCE ...

[Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-03-31 | [Table_PicQuote] 相对市场表现 [Table_Page] 跟踪分析|机械设备 证券研究报告 [Table_Title] 造船行业跟踪报告 把握底部机遇，继续看好中国船舶的三大理由 识别风险，发现价值 请务必阅读末页的免责声明 -14% -1% 12% 24% 37% 50% 03/25 06/25 08/25 11/25 01/26 03/26 机械设备 沪深300 | [分析师： Table_Author]孙柏阳 | | --- | | SAC 执证号：S0260520080002 | | 021-38003680 | | sunboyang@gf.com.cn | | 分析师： 汪家豪 | | SAC 执证号：S0260522120004 | | SFC CE No. BWR740 | | 021-38003792 | | wangjiahao@gf.com.cn | | 分析师： 黄晓萍 | ...

摩尔线程：与某客户签订总金额6.60亿元合同，标的为摩尔线程夸娥智算集群 景旺电子：1.6T光模块PCB已开始出货 【重要事项】 奥尼电子：与沐曦股份签署AI工作站战略合作协议 杰瑞股份：签署23.59亿元燃气轮机（核心股）发电机组销售合同 招商轮船：订造总价约85.66亿元10艘VLCC油轮 中国船舶（核心股）：全资子公司联合中国船舶工业贸易有限公司与国内某知名船东签订10艘超大型油 船建造合同，金额为80至90亿元 【投资】 吉鑫科技：2025年度净利润同比增长343.81% 昭衍新药：2025年度净利润2.98亿元，同比增长302% 壁仞科技：2025年全年营收10.3亿元，比上年增长207% 东鹏饮料：2026年拟使用不超过150亿元闲置自有资金进行现金管理 TCL科技：拟收购广州华星半导体（核心股）45%股权，交易价格93.25亿元 【回购&增持】 中国东航：拟5亿-10亿元回购股份，将全部注销以减少注册资本，回购价格不超过5元/股 【业绩】 农业银行（核心股）：2025年营收、利润"双正增长"，境内人民币存款日均增长、增速位居同业第一 迈瑞医疗：2025年国际业务实现营收176.50亿元，占公司总 ...

1．世界数据组织3月30日在北京成立。新华社记者从世界数据组织筹委会获悉，组织英文名为 World Data Organization，简称WDO，是由全球数据领域相关单位及个人自愿结成的专业性、非 政府、非营利性国际团体，旨在"弥合数据鸿沟、释放数据价值、繁荣数字经济"。 2．市场监管总局发布关于进一步贯彻实施《中华人民共和国反不正当竞争法》的通知。通知提 出，综合整治"内卷式"竞争。综合运用各类反不正当竞争措施，着力防治平台经济、光伏、锂电 池、新能源汽车等重点行业和领域"内卷式"竞争。精准辨识和依法查处平台企业无正当理由，利 用搜索排名、经营评价、算法控制、限制流量、下架商品、增加费用、拖欠账期、中止交易、内 部惩戒等手段，或在补贴、优惠、红包、折扣、"满减"、"买赠"、促销等活动中，强制或者变相 强制平台内经营者以低于成本的价格销售商品，扰乱市场竞争秩序。 3．国务院新闻办举行新闻发布会，商务部有关负责人表示，将深入实施提振消费专项行动，多 措并举推动消费持续增长。商务部相关负责人介绍，今年将优化实施消费品以旧换新政策，突出 绿色智能，为新产业、新质生产力提供市场。推动汽车流通消费改革，促进二手车高效 ...

2、美油近四年来首次收于100美元上方；伊朗拟对霍尔木兹海峡征收通行费。 3、贵州茅台：53度飞天茅台销售合同价由1169元/瓶上调至1269元/瓶。 1、外交部发言人毛宁昨日主持例行记者会。记者提问称，日本驻巴西大使在最近的一次访谈中表示，日本愿意解决其与中国在台湾 问题上的外交紧张关系，并致力于稳定两国间的双边关系。毛宁表示，对话应当建立在尊重对方、恪守共识的基础上，不能一边要求 对话，一边损害对方的核心利益。日方应当反思纠错，恪守中日四个政治文件和自身所作承诺，以实际行动展现对话的诚意。 早 报 精 选 1、特朗普：若达不成协议将"彻底摧毁伊朗所有发电厂、油井及哈尔克岛"。 4、世界数据组织3月30日在北京成立。 5、深圳华强北现内存条抛售行情，有商户称部分型号一周降价近三成。 宏 观 新 闻 2、市场监管总局发布关于进一步贯彻实施《中华人民共和国反不正当竞争法》的通知。通知提到，综合整治"内卷式"竞争。综合运 用各类反不正当竞争措施，着力防治平台经济、光伏、锂电池、新能源汽车等重点行业和领域"内卷式"竞争。 3、美国总统特朗普3月30日在社交平台发帖称，如果短期内未能达成协议，且如果霍尔木兹海峡未立即 ...

Market Overview - The A-share market showed a strong rebound today, with the Shanghai Composite Index rising by 0.24%, while Japanese and Korean markets fell by nearly 3% each, indicating a competitive advantage for China [1] - The total market turnover reached 19,277.83 billion yuan, an increase of 637.87 billion yuan compared to the previous day, with over 2,800 stocks rising [21] Sector Performance - The aluminum sector led the gains, with companies like Tianshan Aluminum and Chang Aluminum hitting the daily limit. This surge is attributed to attacks on two Middle Eastern aluminum producers, which disrupted global aluminum supply chains [21][31] - The pharmaceutical sector continued to perform well, with stocks like Meinuo Pharma achieving five consecutive limits. The first quarter saw China's innovative drug licensing transactions exceed $60 billion, nearing half of last year's total [21] - The aerospace sector also saw increased activity, with companies like Shenjian Co. and Zengsheng Technology experiencing multiple limit-ups due to recent contract wins and upcoming launches [21] Company Updates - Maiwei Co. experienced a significant drop in stock price, attributed to market rumors regarding export restrictions on equipment and weak first-quarter performance expectations. However, the company has completed the first phase of equipment delivery for HJT production lines in the U.S. [16][18] - The optical fiber sector showed strong performance, with companies like Hengtong Optic-Electric and Changfei Optic-Fiber seeing stock price increases due to rising prices from operators and strong demand from data centers [19][23] - The agricultural sector also saw gains, driven by rising energy prices impacting fertilizer and logistics costs, which in turn raised expectations for agricultural product prices [23] Financial Performance - Zhaoyan New Drug reported a revenue of 1.658 billion yuan for 2025, a decrease of 17.87% year-on-year, but a net profit increase of 302.08% to 298 million yuan [27] - New Sharp Co. expects first-quarter revenue for 2026 to be between 1 billion and 1.15 billion yuan, a year-on-year increase of 89.28% to 117.68% [27] - Huazhi Precision anticipates a first-quarter net profit of 150 to 190 million yuan for 2026, reflecting a year-on-year growth of 413.28% to 550.15% [27] Industry Insights - Goldman Sachs has downgraded the target for the MSCI China Index and the CSI 300 Index by 5% and 4%, respectively, indicating a potential price return of 24% and 12% over the next 12 months [12] - The global economic backdrop is expected to lower the fair value of Chinese stocks by approximately 5%, with 2% attributed to profit deterioration and 3-4% due to a decline in the price-to-earnings ratio [11]

证券代码：600150 证券简称：中国船舶 公告编号：2026-004 中国船舶工业股份有限公司 关于公司下属子公司签订重大合同的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 合同类型及金额：船舶建造合同，80 亿元至 90 亿元人民币之间。 合同生效条件：签约生效。 合同履约期限：从签约到交船。 对上市公司当年业绩的影响：公司将根据收入准则确认收入，对 本公司当期利润不构成重大影响（以最终审计结果为准）。若本次交易 顺利实施，将对公司未来的营业收入和利润产生一定积极影响，有利于 提高公司中长期市场竞争力和盈利能力。 特别风险提示：由于合同履行期较长，合同履行可能受到航运与 船舶市场变化等因素影响，敬请广大投资者注意投资风险。 中国船舶工业股份有限公司（以下简称"公司"）全资子公司大连船 舶重工集团有限公司（以下简称"大连造船"）联合中国船舶工业贸易有 限公司与国内某知名船东于 2026 年 3 月 30 日签订了 10 艘超大型油船 （VLCC）建造合同。具体情况如下： 1.合同标的：10艘VLCC。 ...

Investment Rating - The report maintains an "Outperform" rating for the mechanical industry [1] Core Viewpoints - The cyclical recovery in the mechanical sector continues, with high oil prices expected to catalyze opportunities in the new energy sector [1][5] - In March, the CITIC mechanical sector fell by 13.54%, underperforming the CSI 300 index by 8.59 percentage points, ranking 25th among 30 CITIC primary industries [4][10] - The report suggests a defensive approach in the short term, focusing on stable recovery and high dividend yields from leading cyclical mechanical companies [5] Summary by Sections 1. Mechanical Sector Market Performance - As of March 26, 2026, the CITIC mechanical sector experienced a decline of 13.54%, with all sub-industries showing a downward trend, except for nuclear power and railway transportation equipment, which fell by less than 10% [4][10] - The report highlights that the mechanical sector's valuation is at a high level, with a price-to-earnings ratio of 39.2, placing it in the 76.5th percentile of the past decade [16][19] 2. Engineering Machinery - In January-February 2026, excavator sales increased by 13.1% year-on-year, indicating a sustained recovery in the industry [21][32] - The report emphasizes the importance of equipment renewal cycles and the increasing competitiveness of engineering machinery exports, with major companies expanding their global presence [39] 3. Robotics - The industrial robotics sector continues to recover, with production increasing by 31.1% year-on-year in January-February 2026 [40][43] - The report notes that humanoid robots are entering a phase of mass production, with significant advancements in technology and market potential [48] 4. Shipbuilding - In January-February 2026, new ship orders and prices are showing signs of recovery, with China maintaining a leading position in global shipbuilding metrics [49][51] - The report indicates that the shipbuilding industry is experiencing a resurgence, with a notable increase in new orders compared to previous years [49]

Group 1 - The central enterprise reform ETF Huaxia (512950) opened at a decline of 0.20%, priced at 1.500 yuan [1][2] - Major stocks in the ETF include Hikvision, which fell by 0.16%, China Merchants Bank down by 0.28%, and SMIC down by 0.44%. Conversely, Guodian NARI rose by 0.62% [1] - The ETF's performance benchmark is the CSI Central Enterprise Structural Adjustment Index return, managed by Huaxia Fund Management Co., Ltd. The fund manager is Rong Ying [2] Group 2 - Since its establishment on October 19, 2018, the ETF has achieved a return of 54.84%, while the return over the past month has been -4.37% [2] - A MACD golden cross signal has formed, indicating potential upward momentum for certain stocks [3]

Group 1 - The central enterprise ETF Yinhua (159959) opened with a slight increase of 0.06%, priced at 1.620 yuan [1][2] - Major holdings in the ETF include Hikvision, which fell by 0.16%, China Merchants Bank down by 0.28%, and SMIC down by 0.44%. Conversely, Guodian NARI rose by 0.62% [1][2] - The ETF's performance benchmark is the CSI Central Enterprise Structural Adjustment Index return, managed by Yinhua Fund Management Co., Ltd. The fund manager is Zhou Dapeng [1][2] Group 2 - Since its establishment on October 22, 2018, the ETF has achieved a return of 61.96%, while its return over the past month has been -4.32% [1][2]