中国船舶工业股份有限公司 董事、高级管理人员持股管理制度 第一条 为加强中国船舶工业股份有限公司（以下简称"公司" 或"本公司"）董事和高级管理人员所持本公司股份及其变动的管理， 根据《公司法》《证券法》《上市公司董事和高级管理人员所持本公 司股份及其变动管理规则》《上海证券交易所上市公司自律监管指引 第 15 号——股东及董事、高级管理人员减持股份》等法律法规及相 关规定，结合公司实际情况，特制定本制度。 第二条 本制度适用于公司的董事和高级管理人员。 监会立案调查或者被司法机关立案侦查，或者被行政处罚、判处刑罚 未满 6 个月的； （五）本人因涉及证券期货违法，被中国证监会行政处罚，尚未 足额缴纳罚没款的，但法律、行政法规另有规定或者减持资金用于缴 纳罚没款的除外； （六）本人因涉及与本公司有关的违法违规，被上海证券交易所 公开谴责未满 3 个月的； 第三条 公司董事和高级管理人员所持股份，是指登记在其名下 和利用他人账户持有的所有本公司股份。如公司董事和高级管理人员 从事融资融券交易的，还包括记载在其信用账户内的本公司股份。 第四条 公司董事和高级管理人员在买卖本公司股票及其衍生品 种前，应知悉《公司法 ...

中国船舶工业股份有限公司 董事会秘书工作制度 第一章 总则 第一条 为提高公司治理水平，充分发挥董事会秘书的作用，规 范董事会秘书的选任、履职、培训、评价等工作，根据《中华人民共 和国公司法》《中华人民共和国证券法》《上海证券交易所股票上市 规则》《上市公司章程指引》《上海证券交易所上市公司自律监管指 引第 1 号——规范运作》等有关法律法规、规范性文件及本公司章程 的规定，特制定本制度。 第二条 本制度是公司董事会审查、评价董事会秘书工作成绩的 主要依据。 第三条 董事会秘书是公司高级管理人员，承担法律、法规及公 司章程对董事会秘书所要求的义务，享有相应的工作职权。公司设立 证券事务部，协助董事会秘书履行职责。 第四条 董事会秘书对公司和董事会负责，是公司与上海证券交 易所等监管部门之间的指定联络人。公司指派董事会秘书、证券事务 代表或代行董事会秘书职责的人员负责与上海证券交易所联系，办理 信息披露与股票及其衍生品变动管理事务。 第二章 董事会秘书选任 第五条 董事会秘书由董事长提名，经董事会聘任或解聘。董事 兼任董事会秘书的，如某一行为需由董事、董事会秘书分别做出时， 则该兼任董事及董事会秘书的人员不得以 ...

中国船舶公告，第三季度营收为347.63亿元，同比增长4.76%；净利润为20.74亿元，同比增长97.56%。 前三季度营收为1074.03亿元，同比增长17.96%；净利润为58.52亿元，同比增长115.41%。 ...

Market Overview - The Shanghai Central Enterprise Index (000042) closed at 1852.7 points, down 0.18%, with a trading volume of 79.123 billion yuan and a turnover rate of 0.33% [1] - Among the index constituents, 16 stocks rose while 33 fell, with AVIC Shenyang Aircraft (中航沈飞) leading the gainers at 1.92% and Zhongjin Gold (中金黄金) leading the decliners at 3.49% [1] Key Constituents - The top ten constituents of the Shanghai Central Enterprise Index are as follows: - China Merchants Bank (招商银行): 10.19% weight, latest price 41.60 yuan, market cap 1,049.146 billion yuan [1] - Yangtze Power (长江电力): 6.79% weight, latest price 28.46 yuan, market cap 696.365 billion yuan [1] - CITIC Securities (中信证券): 5.95% weight, latest price 30.00 yuan, market cap 444.616 billion yuan [1] - SMIC (中芯国际): 5.68% weight, latest price 132.69 yuan, market cap 1,061.529 billion yuan [1] - Industrial and Commercial Bank of China (工商银行): 5.21% weight, latest price 7.99 yuan, market cap 28,476.86 billion yuan [1] - Agricultural Bank of China (农业银行): 4.34% weight, latest price 8.31 yuan, market cap 29,083.59 billion yuan [1] - Bank of Communications (交通银行): 3.65% weight, latest price 7.27 yuan, market cap 6,424.05 billion yuan [1] - Beijing-Shanghai High-Speed Railway (京沪高铁): 3.07% weight, latest price 5.26 yuan, market cap 257.349 billion yuan [1] - China Shipbuilding Industry (中国船舶): 2.65% weight, latest price 36.62 yuan, market cap 275.588 billion yuan [1] - China Shenhua Energy (中国神华): 2.59% weight, latest price 42.59 yuan, market cap 846.200 billion yuan [1] Capital Flow - The net outflow of main funds from the index constituents totaled 3.92 billion yuan, while retail investors saw a net inflow of 2.021 billion yuan [1] - The detailed capital flow for key stocks includes: - AVIC Shenyang Aircraft: Main funds net inflow of 284 million yuan [2] - Yangtze Power: Main funds net inflow of 231 million yuan [2] - Agricultural Bank of China: Main funds net inflow of 127 million yuan [2] - Industrial and Commercial Bank of China: Main funds net inflow of 86 million yuan [2] - China Petroleum (中国石油): Main funds net inflow of 6.5195 million yuan [2] ETF Information - The Gold Stock ETF (product code: 159562) tracks the CSI Hong Kong-Shanghai Gold Industry Index, with a recent five-day change of -0.55% and a P/E ratio of 24.55 times [4] - The latest share count is 1.26 billion, a decrease of 32 million shares, with a net inflow of main funds amounting to 7.874 million yuan [4]

Core Viewpoint - The marine equipment sector experienced a 1.1% increase on October 28, with Jianglong Shipbuilding leading the gains, while the overall market indices showed a decline [1] Market Performance - The Shanghai Composite Index closed at 3988.22, down 0.22% - The Shenzhen Component Index closed at 13430.1, down 0.44% [1] Individual Stock Performance - Jianglong Shipbuilding (300589) saw a closing price of 15.07, with a significant increase of 19.98% and a trading volume of 852,300 shares, amounting to 1.242 billion yuan - Guorui Technology (300600) closed at 16.60, up 9.57%, with a trading volume of 325,600 shares, totaling 534 million yuan - Tianhai Defense (300008) closed at 6.98, up 6.89%, with a trading volume of 2.9436 million shares, amounting to 2.051 billion yuan - Other notable stocks include Yaxing Anchor Chain (601890) with a 4.36% increase, and China Shipbuilding (600150) with a slight increase of 0.19% [1] Capital Flow Analysis - The marine equipment sector saw a net inflow of 460 million yuan from institutional investors, while retail investors experienced a net outflow of 192 million yuan [1] - Jianglong Shipbuilding had a net inflow of 321 million yuan from institutional investors, representing 25.85% of its trading volume [2] - Guorui Technology had a net inflow of 59.15 million yuan from institutional investors, accounting for 11.07% of its trading volume [2]

Core Insights - China Shipbuilding Group has shown positive economic indicators in the first three quarters of the year, enhancing technological innovation and maintaining progress in the marine engineering industry, laying a solid foundation for the successful completion of the 14th Five-Year Plan and a good start to the 15th Five-Year Plan [1] Group 1 - In the first three quarters, the company delivered several significant vessels, including the world's first self-propelled closed salmon farming vessel and China's first ocean-class intelligent scientific research vessel [1] - The company has also signed contracts for a batch of 9,000 TEU container ships using cross-border RMB settlement, showcasing its commitment to "dual high" green ship types [1] - The merger of China Shipbuilding and China Shipbuilding Industry Corporation aims to enhance scale advantages, release production capacity, and improve the resilience of the industrial and supply chains [1] Group 2 - The first complete shipboard carbon capture system has successfully completed the world's first ship-to-ship liquid carbon dioxide unloading operation, establishing a complete ecological closed loop for carbon capture, liquefaction storage, and ship-to-ship unloading and reuse [1] - The "Aida. Magic City" cruise ship has successfully operated 151 voyages since its maiden voyage on January 1, 2024, serving over 586,000 domestic and international guests [2] - The second domestically produced large cruise ship has completed floating in the dock and is expected to be delivered by the end of 2026 [2]

Core Insights - The shipping industry is undergoing a significant transformation driven by the global carbon neutrality wave, with the implementation of the IMO's "Net Zero Framework" in 2025 marking a critical phase for emission reduction [13][18] - Green ships are becoming a strategic focus for capital investment, with various clean energy technologies such as LNG, methanol, ammonia, hydrogen, and fuel cells emerging as key players in this transition [12][14] Industry Overview - The shipping industry is expected to require an investment of approximately $1-1.9 trillion to achieve net-zero emissions by 2050, highlighting the urgent need for financial support [15] - China's green ship manufacturing sector has made significant progress, with a focus on high-end, autonomous, and international development [14][22] - The industry is characterized by a high concentration of major players in the midstream segment, while the downstream market remains fragmented [38][39] Technology Landscape - Clean energy technologies are categorized into three main types: clean energy technologies, energy efficiency improvement technologies, and carbon capture technologies, each with varying levels of maturity and application potential [24][33] - LNG technology is currently the mainstream choice for the transition period, while methanol is gaining traction due to its high energy density and ease of refueling [12][28] - Hydrogen and ammonia have zero-carbon potential but face challenges related to toxicity, storage costs, and technological maturity [12][29][32] Financial Support Mechanisms - Green finance is emerging as a core engine for driving technology implementation, with leading international shipping companies raising billions through green bonds and sustainable development-linked bonds [2][15] - Innovative financing models, such as "rent and carbon emissions linkage" and "energy-saving revenue sharing," are reshaping the financing logic within the industry [2][12] - China's financial support for green shipping includes long-term loans, supply chain finance, and transformation loans, with a focus on expanding the range of financial products available [54][56] Regional Development - Key regions in China, such as Shanghai, Jiangsu, Shandong, Fujian, and Liaoning, are developing distinctive paths for green ship development, supported by favorable policies and regional characteristics [51][52] - Shanghai is positioning itself as a global leader in green and intelligent shipbuilding, while Jiangsu focuses on LNG-powered ship design and construction [51][52]

Core Insights - China Shipbuilding Group has reported strong economic performance in the first three quarters of this year, with significant advancements in technological innovation and a solid foundation for the "14th Five-Year Plan" and a good start for the "15th Five-Year Plan" [1] Group 1: Economic Performance - The company delivered several notable vessels, including the world's first self-propelled closed-type salmon farming vessel and China's first ocean-class intelligent research vessel [1] - The group signed contracts for a batch of 9,000 TEU container ships using cross-border RMB settlement, showcasing its commitment to green ship types [1] Group 2: Strategic Developments - China Shipbuilding has merged with China Shipbuilding Industry Corporation to enhance scale advantages, release production capacity, and improve supply chain resilience [2] - The first global ship-to-ship liquid carbon dioxide unloading operation was successfully completed, establishing a complete ecological closed loop for carbon capture and reuse [2] Group 3: Industry Recognition - The group has been recognized for its contributions to the navy's main combat equipment research and production, supporting the development of a world-class navy [3] - China Shipbuilding has consistently achieved an A-grade in performance assessments since 2019, reflecting continuous improvement in operational performance [3]

Core Viewpoint - The maritime equipment sector experienced a notable increase of 2.21% on October 27, with China Shipbuilding Defense leading the gains, while the overall market indices also showed positive performance [1] Market Performance - The Shanghai Composite Index closed at 3996.94, up by 1.18% - The Shenzhen Component Index closed at 13489.4, up by 1.51% [1] Individual Stock Performance - China Shipbuilding Defense (600685) closed at 27.27, with a rise of 4.20% and a trading volume of 205,900 shares, totaling a transaction value of 556 million yuan - China Shipbuilding (600150) closed at 36.55, increasing by 2.32% with a trading volume of 1,277,800 shares, amounting to 467.7 million yuan - Hailanxin (300065) closed at 20.38, up by 2.21% with a trading volume of 886,000 shares, totaling 1.791 billion yuan [1] Capital Flow Analysis - The maritime equipment sector saw a net inflow of 289 million yuan from institutional investors, while retail investors experienced a net outflow of 64.14 million yuan - The overall capital flow indicates a mixed sentiment, with institutional buying contrasting with retail selling [1] Detailed Capital Flow for Key Stocks - China Shipbuilding (600150) had a net inflow of 153 million yuan from institutional investors, while retail investors saw a net outflow of 83.85 million yuan - Hailanxin (300065) recorded a net inflow of 95.71 million yuan from institutional investors, with retail investors experiencing a net outflow of 53.16 million yuan - China Shipbuilding Defense (600685) had a net inflow of 46.44 million yuan from institutional investors, while retail investors saw a slight net inflow of 1.02 million yuan [2]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery industry shows resilient demand, with a year-on-year growth of 12.7% in September, indicating a steady expansion of the market [4][25] - The logistics sector is witnessing technological advancements, with JD Logistics planning to procure 3 million robots and 100,000 unmanned vehicles over the next five years, which may enhance supply chain efficiency [5] - The shipping market is expected to benefit from geopolitical factors and trade negotiations, potentially increasing demand for oil transportation and bulk shipping [6][10] - The aviation sector is experiencing growth, with a 10.8% increase in international flight volumes for the upcoming winter-spring season, reflecting a recovery in air travel [10][12] Summary by Sections Express Delivery - In September 2025, the express delivery business volume reached 16.88 billion pieces, a 12.7% year-on-year increase, with revenue of 127.37 billion yuan, up 7.2% [4][25] - Major players like SF Express and JD Logistics are expected to benefit from cyclical recovery and cost control, with significant growth potential [14] Shipping and Ports - The VLCC market may benefit from U.S. sanctions on Russian oil, potentially increasing long-distance shipping demand [6] - The shipping market is expected to see a recovery driven by environmental regulations and geopolitical stability, with recommendations to focus on companies like China Shipping and COSCO [14][15] Aviation - The aviation industry is projected to maintain steady growth, with a 10.3% increase in total transport turnover and a 5.2% rise in passenger transport volume in the first three quarters of 2025 [10] - Airbus has opened a new A320 assembly line in Tianjin, marking a significant milestone in Sino-European cooperation [9] Road and Rail - National logistics operations are running smoothly, with rail freight increasing by 2.33% and highway freight truck traffic rising by 24.72% [13] - Strategic partnerships in the highway sector are being formed to enhance service offerings and operational efficiency [13] Overall Market Performance - From October 20 to October 24, 2025, the transportation sector index increased by 1.12%, underperforming the Shanghai Composite Index, which rose by 2.88% [20][23]