Investment Rating - The report maintains a positive outlook on the shipping industry, particularly recommending stocks such as China Shipbuilding, China Power, and Sumec [4]. Core Insights - The report highlights the launch of the first shipping industry index fund on December 19, 2025, and notes a continued increase in second-hand ship prices, with a 5-year-old VLCC price rising by $2 million to $120 million [4]. - Seasonal fluctuations are observed in freight rates, with oil and bulk carrier second-hand prices increasing. The report recommends stocks like COSCO Shipping and China Merchants Energy [4]. - The report anticipates a significant improvement in airline profitability due to supply constraints and increasing passenger demand, recommending stocks such as China Eastern Airlines and Spring Airlines [4]. Summary by Sections Shipping Industry - The second-hand ship price index increased by 0.38% to 194.32 points, with a recommendation for COSCO Shipping and China Merchants Energy [4]. - VLCC freight rates decreased by 11% to $101,623 per day, while Suezmax rates increased by 9% to $78,107 per day [4]. Airline Sector - The report indicates that the global aircraft manufacturing chain is facing unprecedented challenges, with an aging fleet and supply constraints expected to continue [4]. - Airlines are projected to experience significant profitability improvements, with recommendations for stocks such as China Eastern Airlines and China Southern Airlines [4]. Logistics and Express Delivery - The express delivery sector is entering a new phase of competition, with three potential scenarios outlined for industry performance [4]. - Recommended stocks include Shentong Express and Yunda Holdings, with a focus on companies benefiting from Southeast Asian e-commerce growth [4]. Rail and Road Transport - Rail freight volume and highway truck traffic are expected to maintain steady growth, with data showing a slight decrease in freight volume [4]. - The report suggests that traditional high-dividend investment themes and potential value management catalysts will be key investment lines through 2025 [4].

Investment Rating - The report maintains a positive outlook on the shipping industry, particularly recommending stocks such as China Shipbuilding, China Power, and Sumec [4]. Core Insights - The launch of the first shipping industry index fund on December 19, 2025, indicates a growing interest in the sector. The prices of second-hand ships continue to rise, with a notable increase in the price of 5-year-old VLCC ships by $2 million to $120 million [4]. - The report highlights a seasonal decline in freight rates as the Christmas holiday approaches, while the prices of oil and bulk second-hand ships are on the rise. The second-hand bulk carrier price index increased by 0.38% to 194.32 points [4]. - The report emphasizes the resilience of the air transport sector, predicting significant improvements in airline profitability due to supply constraints and increasing passenger demand, recommending stocks like China Eastern Airlines and Spring Airlines [4]. Summary by Sections Shipping Industry - The report notes that the second-hand ship market is experiencing a positive trend, with specific recommendations for stocks such as China Shipbuilding and China Power [4]. - VLCC freight rates have decreased by 11% week-on-week, averaging $101,623 per day, while the Middle East to Far East route recorded $109,772 per day [4]. - The report anticipates that shipping rates may face downward pressure but highlights shipowners' reluctance to significantly lower prices [4]. Air Transport - The report indicates that the global aircraft manufacturing chain is facing unprecedented challenges, with an aging fleet expected to continue. The report suggests that airlines are poised for a golden era of profitability due to improved operational metrics and demand recovery [4]. - Recommended stocks in the airline sector include China Eastern Airlines, China Southern Airlines, and Cathay Pacific [4]. Logistics and Express Delivery - The express delivery sector is entering a new phase of competition, with three potential scenarios outlined for industry performance. Recommendations include Shentong Express and Yunda Express, with a focus on companies benefiting from Southeast Asian e-commerce growth [4]. - The report notes that the logistics demand remains robust, with rail freight and highway truck traffic showing steady growth [4]. Market Performance - The transportation index rose by 2.04%, outperforming the Shanghai Composite Index by 2.31 percentage points. The air transport sector saw the highest increase at 6.84% [5][12]. - The report provides insights into the performance of various sub-sectors within transportation, highlighting the resilience of air transport and the challenges faced by the express delivery sector [5][12].

Core Insights - The "Yuanhai Green Oasis," a 174,000 cubic meter LNG carrier built by Hudong-Zhonghua Shipbuilding, was delivered in Shanghai 3.5 months ahead of schedule, achieving the fastest construction time for its class at 16 months [1][3] - This delivery marks a record for Hudong-Zhonghua, completing 13 large LNG carriers and delivering 11 in 2023, fulfilling the "14th Five-Year Plan" for LNG transport capacity expansion [1][3] Group 1 - The "Yuanhai Green Oasis" is one of the LNG carriers utilizing domestically produced YW steel, achieving the highest level of domestic production [3] - The delivery signifies a new height for "national ships built by national companies," showcasing China's advancements in high-level technological self-reliance in shipbuilding [3] - The vessel's operation will enhance China's clean energy transportation capacity and improve bargaining power for LNG imports [3] Group 2 - The construction cycle of the "Yuanhai Green Oasis" was only 16 months, breaking the previous record of 17 months and 8 days set by the company in 2023, redefining the construction efficiency for the global NO 96 type LNG carriers [3] - The ship is designed for the COSCO Shipping Energy project, measuring 295 meters in length, 45 meters in width, and 26.25 meters in depth, with a speed of 19.5 knots [3] - Equipped with advanced cargo containment systems and a dual-fuel slow-speed engine propulsion system, the vessel can operate on both long and short routes, covering over 90% of global LNG trade routes, and is classified by both the American Bureau of Shipping (ABS) and China Classification Society (CCS) [3]

Core Insights - The article discusses the development status and investment strategies of China's deep-sea technology industry, highlighting the competitive landscape and key players in the sector [1][6]. Company Overview - Major listed companies in the deep-sea technology sector include China Shipbuilding (600150.SH), China National Offshore Oil Corporation (601808.SH), and Zhenhua Heavy Industries (600320.SH), among others [1][2]. - These companies cover a wide range of areas including high-end equipment manufacturing, oil and gas exploration services, and underwater communication and detection [1][6]. Financial Performance - In the first three quarters of 2025, China Shipbuilding led the sector with over 100 billion RMB in revenue, although it faced low overall gross margins of 12.6% [5][13]. - Companies like China Haifang and ShenKai Co. demonstrated high gross margins exceeding 35%, indicating strong technical barriers in their niche markets [5][13]. - The financial metrics reveal that many companies have ROE (Return on Equity) concentrated around 3%-4%, while some, like Juyi Rigging and China Haifang, reported ROE below 2% [10][13]. Business Strategies - Companies are focusing on integrating advanced technologies such as AI, big data, and smart manufacturing into their operations [15][17]. - Leading firms are accelerating the intelligent upgrade and green transformation of deep-sea equipment, while smaller companies are innovating in underwater robotics and new marine materials [15][17]. Regional and Global Expansion - Most companies are strategically positioned along China's coast and are expanding their reach globally, particularly in Southeast Asia, Europe, and the Americas [6][7]. - This regional layout aligns with national strategies for marine power and international industrial development [6][7]. Future Development Plans - Companies are planning to invest in new technologies and expand their product lines, focusing on sustainable practices and international market penetration [16][17]. - For instance, China Shipbuilding aims to enhance its market share through mergers and acquisitions, while Zhongtian Technology is expanding its global footprint in submarine cable and marine communication systems [16][17].

| 二 审：项 丽 | 三 审：甘丰录 | 来 源：中船集团新闻宣传中心/中国船舶报社 本期内容提要：中国船舶集团有限公司旗下江南造船为达飞海运集团建造的15000TEU甲醇双燃料动力集装箱船"达飞 欧仁妮"号顺利交付；北海造船绿色 修船升级改造项目正式开工；中船澄西2025年积极履行社会责任；七〇五所"国防知识进校园"活动持续开展。 | 责 编：王 琦 | 一 审：宁湘舒 ...

12月19日，国务院国有资产监督管理委员会党委委员、副主任李镇到中国船舶集团有限公司调研。国务院国资委企业改革局副局长张博、科技创新局副局长 孙少斌，中船集团党组书记、董事长徐鹏，党组成员、副总经理胡贤甫、赵同宾参加调研。 李镇对中船集团近期改革发展成绩表示肯定。李镇指出，中船集团及相关成员单位要把学习贯彻党的二十届四中全会精神同深化落实习近平总书记重要指示 精神结合起来，勇挑重担、敢打头阵，紧紧围绕增强核心功能、提升核心竞争力，在推动高质量发展、做强做优做大国有企业和国有资本上取得更大进展。 要进一步提高政治站位，扛起央企创新使命责任，立足自身加快突破关键核心技术和前沿技术，加强科技创新顶层设计与战略谋划，强化产学研深度融合， 努力提升原始创新能力；要进一步加大专业化整合力度，持续优化产业布局，提高资源配置效率；要加快推进治理体系和治理能力现代化，不断完善中国特 色现代企业制度，健全有利于履行功能使命的制度机制，更好服务中国式现代化建设全局；要集中力量抓好采购供应链管理体系建设，持续推动供应链管理 体系变革，全面提升供应链管理水平，为我国经济社会持续健康发展贡献更大力量。 中船集团有关部门负责人参加调研。 ...

Core Viewpoint - The company, China Shipbuilding Industry Group Power Co., Ltd., plans to sign a financial service agreement with China Shipbuilding Finance Co., Ltd. for the year 2026, which includes various financial services such as deposits, loans, and foreign exchange services, with specific transaction limits set for each service type [1][2][14]. Group 1: Financial Service Agreement Details - The financial service agreement will allow the company to utilize up to 55 billion RMB in daily deposits, 8 billion RMB in daily loans, and a total annual credit limit of 15.3 billion RMB [1][2]. - The agreement aims to enhance the efficiency of fund utilization and reduce financing costs by leveraging the professional services of the company's indirect controlling shareholder, China Shipbuilding Group [2][14]. - The agreement is subject to approval by the shareholders' meeting, with related shareholders required to abstain from voting [2][16]. Group 2: Transaction Limits and Types - The daily maximum deposit balance is set at 55 billion RMB, while the daily maximum loan balance is capped at 8 billion RMB, and other financial services are limited to 7.2 billion RMB [1][2][12]. - The types of services provided under the agreement include deposit services, settlement services, loan services, credit services, and foreign exchange services [6][10][12]. - The pricing for these services will adhere to the regulations set by the People's Bank of China and will not exceed the rates offered by major domestic commercial banks [12][13]. Group 3: Impact and Purpose of the Agreement - The agreement is expected to provide comprehensive financial support to the company, ensuring stable funding and smooth financing channels, which can help save on financial transaction costs and lower financing risks [14][37]. - The flexibility of borrowing from China Shipbuilding Finance can alleviate the company's funding gaps and meet its financial needs [14][37]. - The transaction is structured to be voluntary, equitable, and in good faith, ensuring that it does not harm the interests of the company or its shareholders [14][37]. Group 4: Approval Process - The agreement was approved by the company's board of directors and independent directors, with the independent directors affirming that the financial company possesses the qualifications to provide financial services [15][19]. - The board's decision to proceed with the agreement will be presented to the shareholders' meeting for final approval [16][19].

Core Viewpoint - The launch of the first shipbuilding-themed ETF in China marks a significant innovation in financial products, aiming to connect capital markets with the shipbuilding industry and support the construction of a modern industrial system [1][5]. Group 1: Launch Event - The product launch event for the China Securities Index Selected Shipbuilding Industry Index Fund was held in Shanghai, themed "Set Sail on a New Journey, Together We Paint the Ocean Dream" [1][4]. - Representatives from various organizations, including China Shipbuilding Group and several financial institutions, attended the event to witness the launch of the ETF [1][4]. Group 2: Industry Insights - The shipbuilding industry is recognized as a strategic and foundational sector for building a strong manufacturing, transportation, marine, and technological nation, currently facing historic development opportunities [5][6]. - The ETF is designed to provide a clear path for capital to participate in key national projects, enhancing the connection between the shipbuilding industry's value and capital market investors [5][6]. Group 3: Financial Product Features - The ETF aims to capture industry development trends and market investment needs, offering investors a quality tool to share in the growth of the shipbuilding industry [2][5]. - The index tracked by the ETF transforms the growth value of the shipbuilding industry into an investable financial product, facilitating the conversion of "industry advantages" into "investment opportunities" [2][5]. Group 4: Strategic Importance - The ETF aligns with national strategies for marine economic development and aims to build a competitive blue financial service system, directing social capital towards sustainable marine sectors [3][7]. - The innovative "central enterprise-fund" linkage model integrates the business advantages of state-owned enterprises with the professional investment capabilities of public funds, filling a gap in standardized investment tools for this niche market [7]. Group 5: Future Prospects - Future collaboration between the fund and China Shipbuilding Group will focus on long-term development opportunities in the marine economy and high-end equipment manufacturing, exploring innovative paths for industry-finance integration [3][7].

Group 1 - The launch of the first domestic index fund focused on the shipbuilding industry, in collaboration with leading companies like China Shipbuilding Group and China Securities Index Company, represents an innovation in financial products and aims to provide a clear path for capital to participate in key national development areas [1][4] - The shipbuilding industry is identified as a strategic and foundational sector for building a strong manufacturing, transportation, marine, and technological nation, currently experiencing historic development opportunities [1][3] - The shipbuilding ETF is designed to connect the value of the shipbuilding industry with capital market investors through standardized and transparent financial products, marking a significant step in integrating the industry with capital markets [1][2] Group 2 - The shipbuilding ETF, as the first of its kind in the market, aligns with national strategies for marine economic development and aims to build a competitive blue financial service system, guiding social capital towards sustainable marine sectors [2][3] - The ETF employs a "central enterprise - fund" cooperation model, merging the resource advantages of industrial capital with the professional investment capabilities of public funds, thereby filling the gap for standardized investment tools in this niche market [3] - Future plans include deepening strategic collaboration between the fund and China Shipbuilding Group, focusing on long-term development opportunities in the marine economy and high-end equipment manufacturing, while exploring innovative paths for industry-finance integration [5]

Group 1 - The core viewpoint of the article is the launch of the first China Securities Index-selected shipbuilding industry index fund, which is set to track the China Securities Index-selected shipbuilding industry index [1] - The fund, referred to as the "Shipbuilding ETF," will be officially issued on January 12, 2026 [1] - The product launch event was co-hosted by Wells Fargo Fund and China Shipbuilding Group, indicating a collaboration between a foreign financial institution and a domestic industry leader [1]