Core Insights - China Shipbuilding's stock price increased by 2.03% on November 19, reaching 34.71 CNY per share, with a total market capitalization of 261.21 billion CNY [1] - The company reported a significant year-on-year revenue growth of 91.21% for the first nine months of 2025, amounting to 107.40 billion CNY, and a net profit increase of 157.71%, totaling 5.85 billion CNY [2] - The company has distributed a total of 5.31 billion CNY in dividends since its A-share listing, with 2.10 billion CNY in the last three years [3] Financial Performance - As of September 30, 2025, the number of shareholders increased by 228.92% to 916,900, while the average number of tradable shares per shareholder decreased by 58.73% to 6,621 shares [2] - The main revenue sources for China Shipbuilding include shipbuilding and marine engineering, accounting for 95.89% of total revenue, with minor contributions from electromechanical equipment and other sectors [1] Shareholder Structure - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 153 million shares, a decrease of 7.23 million shares from the previous period [3] - Other significant shareholders include Huaxia SSE 50 ETF and Huatai-PineBridge CSI 300 ETF, which increased their holdings by 42.37 million shares and 32.25 million shares, respectively [3]

智通财经APP获悉，申万宏源发布研报称，2024年末，二手船价与新造船价先后见顶回落，2025年二手 船价率先企稳并超过2024年回撤前高点。2025年9月，二手船价指数从下向上穿越新造船价指数，复盘 历史，2000年以来，二手船价格指数超越新造船价格指数共四次，其中三次均出现超级周期行情。未来 油轮即将迎来老船退出潮，有望激发造船市场景气度回暖，船企跟涨机会值得重视。此外，不同于之前 的汇率影响，本周指数回升主因油轮新造船价格环比上涨0.15%，油运景气度逐步向上游造船传导。 申万宏源主要观点如下： 复盘历史：航运子板块景气度改善逐步向上游造船传导 2021年集运景气度抬升，造船股价滞后集运4个月启动上行。2021年集运市场景气度抬升，集运板块股 价跟随运价上行，景气度传导至上游造船，中国船舶股价在集运板块启动后约4个月后显著上行。 2022年油运景气度抬升，造船股价滞后油运4个月启动上行。2022年俄乌冲突引发油运运价上行，油运 板块股价跟随运价上行，中国船舶股价在油运板块启动后约4个月开始出现上行。 油轮期租租金跳涨，油运景气度进一步抬升，油运景气度向上传导有望加速 2025年8月油运运价逐步上行、牛市 ...

证券代码：600150 证券简称：中国船舶 公告编号：2025-077 中国船舶工业股份有限公司 2025年第三季度业绩说明会召开情况的公告 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。 中国船舶工业股份有限公司（以下简称"公司"）于 2025 年 11 月 12 日在上海证券交易所网站（www.sse.com.cn）披露了《中国船舶工业股份 有限公司 2025 年第三季度业绩说明会预告公告》（公告编号：2025-076）。 本次业绩说明会已于 2025 年 11 月 17 日按期召开。现将相关召开情况公告 如下： 一、本次业绩说明会召开情况 2025 年 11 月 17 日，公司董事、总经理施卫东先生，独立董事王瑛女 士，总会计师王洁女士，董事会秘书管红女士出席了本次业绩说明会，针 对公司 2025 年第三季度的经营成果、发展战略及财务指标等情况与投资者 进行了交流和沟通，并就投资者普遍关注的问题在信息披露允许的范围内 进行了回复。 回复：您好，关于问题 1：近半年全球新造船市场虽然受多重因素影响， 但根据中国船舶工业行业 ...

Core Insights - The marine equipment sector experienced a rise of 1.81% on November 17, with Jianglong Shipbuilding leading the gains [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Stock Performance - Jianglong Shipbuilding (300589) saw a closing price of 16.31, with a significant increase of 20.01% and a trading volume of 1.0626 million shares, amounting to a transaction value of 1.701 billion [1] - Tianhai Defense (300008) closed at 7.13, up 7.38%, with a trading volume of 3.226 million shares and a transaction value of 233.3 million [1] - Other notable performers included Zhonggui Haixun (300810) with a 4.76% increase, closing at 40.90, and China Shipbuilding Defense (600685) with a 4.44% increase, closing at 27.30 [1] Capital Flow - The marine equipment sector saw a net inflow of 514 million from institutional investors, while retail investors experienced a net outflow of 233 million [1] - Jianglong Shipbuilding attracted a net inflow of 317 million from institutional investors, representing 18.66% of its total trading volume [2] - Tianhai Defense had a net outflow of 51.12 million from retail investors, indicating a negative sentiment among smaller investors [2]

长江证券研报指出，中国船舶前三季度实现归母净利润58.52亿元，同比增长115.41%；Q3实现归母净 利润20.74亿元，同比增长97.56%。25年初以来船舶行业景气度持续，对于后续，旧船更新替换、双燃 料等绿色船舶需求持续增长，随着政策层面对造船业的压制因素消除，全年来看新造船市场景气度有望 继续上行。并表中国重工后，公司造船效率持续提升，有望进一步提升公司盈利能力，同时深海科技政 策持续推进，也有望助力开拓公司新增长点。全年来看，考虑并表中国重工的影响，预计2025-2026年 公司分别实现归母净利润103.15亿元、181.71亿元，对应PE分别为25倍及14倍，维持"买入"评级。 ...

Core Viewpoint - The defense and military industry is expected to experience another upward trend due to multiple influencing factors, including geopolitical risks, technological advancements, and policy support [1]. Group 1: Market Performance - The military sector has continued its strong performance, with notable stocks such as Aerospace Development (000547) and Great Wall Military (601606) showing significant gains, including a net inflow of 1.828 billion yuan [1]. - The average stock price increase for military concept stocks this year is 30.94%, with North China Long Dragon leading with a 342.24% increase [2]. - Six military concept stocks have received institutional research attention in November, indicating strong interest from investors [2]. Group 2: Company Performance - Major companies in the military sector, including China Shipbuilding (600150) and AVIC Chengfei (302132), reported net profits exceeding 1 billion yuan in the first three quarters [3]. - Several companies, such as Zhenray Technology and North China Long Dragon, have turned losses into profits, with some achieving over 100% year-on-year profit growth [3]. - Institutions predict that nine military stocks will see significant profit increases by 2025, with expected growth rates exceeding 100% [3]. Group 3: Future Outlook - The military industry is poised to benefit from rising geopolitical risks, modernization goals, and expanding military trade markets, with high-end weapon exports expected to increase [1]. - Technological innovations, such as 3D printing and recyclable rockets, are anticipated to drive growth in the sector [1].

Group 1: Macroeconomic Outlook - The report anticipates a non-typical economic recovery in 2026, driven by confidence rebuilding and policy support, with a potential for profit improvement in the latter half of the year [9][10] - Key factors contributing to export resilience include fiscal expansion in developed economies, easing of US-China tariff conflicts, and improvements in China's industrial competitiveness [9] - The report emphasizes the importance of reform in driving economic benefits, suggesting that 2026 will mark a significant acceleration in reform efforts [9][10] Group 2: A-Share Market Strategy - The report outlines a two-phase bull market strategy, with 2025 characterized as "Bull Market 1.0" focused on technology, and 2026 potentially entering "Bull Market 2.0" with broader market participation [10][11] - It predicts that 2026 will see a rebound in profitability across the A-share market, with expected growth rates of 7% in 2025 and 14% in 2026 for net profits [10][11] - The transition from "Bull Market 1.0" to "Bull Market 2.0" is expected to be marked by a shift towards cyclical stocks and a resurgence in technology-driven sectors [10][11] Group 3: Bond Market Strategy - The bond market outlook for 2026 suggests a low-interest environment with ongoing asset allocation adjustments, although the attractiveness of bond assets may be limited [11][12] - The report highlights the importance of timing in duration strategies, with a focus on credit certainty as a key investment theme [12][13] - Potential risks include a shift towards a more bearish market due to inflationary pressures and fiscal policy changes [12][13] Group 4: Shipping and Shipbuilding Sector - The report indicates a positive outlook for the shipbuilding sector, driven by rising second-hand ship prices surpassing new build prices, signaling a potential supercycle [20][21] - Historical trends show that improvements in shipping market conditions typically lead to delayed increases in shipbuilding stock prices, suggesting a similar pattern may occur [20] - The report emphasizes the importance of monitoring oil tanker rental rates and their impact on shipbuilding market dynamics [20][21] Group 5: Environmental Sector - The environmental sector is expected to benefit from stable municipal environmental profits, improved cash flows, and adjustments in water pricing, highlighting opportunities in environmental assets [19][21] - The report suggests that the dual carbon goals and AI integration will drive growth in the environmental sector, with specific recommendations for companies involved in waste management and renewable energy [19][21] - The focus on municipal environmental projects is expected to enhance the attractiveness of certain stocks within the sector [19][21]

Core Viewpoint - China's shipbuilding industry is making significant advancements in marine equipment technology, breaking foreign monopolies and achieving notable milestones in patent innovation and application [1][2][5]. Group 1: Patent Innovations and Achievements - China's shipbuilding industry has developed high-precision marine measurement instruments, marking a breakthrough in high-end ship types and breaking the long-standing foreign supplier monopoly [1]. - The effective patent count in the global marine equipment industry has reached 306,400, with China holding approximately 166,600 patents, accounting for 54.4% of the global total [1]. - Since 2015, global marine equipment patent applications have exceeded 490,000, with China's annual patent application growth rate at 12.6%, significantly higher than the global average of 5.8% [2]. Group 2: Technological Focus Areas - Key technological directions in marine equipment innovation include green technology, intelligent vessels, polar equipment, and deep-sea resource development [4]. - Green power technology has seen a shift since 2021, with related patents surpassing traditional marine power patents, focusing on multiple fuel technologies such as LNG, ammonia, methanol, and hydrogen [4]. - The deep-sea resource development sector has experienced explosive patent growth since 2020, with China, the U.S., Japan, and Australia being the main innovators [4]. Group 3: Industry Development and Trends - The marine equipment sector is witnessing a transformation towards high-end, intelligent, and green projects, with significant developments in large cruise ships, LNG vessels, and deep-sea exploration [5]. - Emerging marine industries are accelerating, with new vessels like the 150,000-ton large aquaculture vessel "Guoxin 1" entering operation [6]. - The marine tourism market in China has seen a value increase to 771.8 billion yuan, driven by favorable policies and rising consumer interest [6]. Group 4: Strategic Insights - As China advances its marine power strategy, the industry is at a critical juncture, emphasizing the need for a robust patent ecosystem to support innovation and competitiveness [7].

Core Viewpoint - The company reported strong financial performance for the first three quarters of 2025, with significant revenue and profit growth driven by an improved order structure and effective cost control [1][2]. Financial Performance - The company achieved a revenue of 107.403 billion, representing a year-on-year increase of 17.96%, and a net profit attributable to shareholders of 5.852 billion, up 115.41% year-on-year for the first three quarters [1]. - In Q3 alone, the company recorded a revenue of 34.763 billion, a 4.76% increase year-on-year, and a net profit of 2.074 billion, reflecting a 97.56% year-on-year growth [1]. Order and Profitability - The company’s order structure has been optimized, with a focus on high-value and green ship types, leading to an increase in profitability [2][3]. - The gross margin for the main business reached 12.56% for the first three quarters of 2025, an increase of 1.94 percentage points year-on-year, attributed to the delivery of higher-value ship orders [3]. Cost Control - The company has demonstrated effective cost management, with reductions in sales, management, and R&D expense ratios, contributing to enhanced profitability [3]. - The sales expense ratio was 0.21%, management expense ratio was 4.07%, R&D expense ratio was 3.45%, and financial expense ratio was -1.53%, showing a decrease in most areas compared to the previous year [3]. Strategic Developments - The completion of the merger with China Shipbuilding Industry Corporation (CSIC) has optimized the company’s shipbuilding resources and enhanced its competitive position in the global market [4]. - The company is expected to benefit from the elimination of previous policy constraints, with new orders anticipated to be released as the shipbuilding industry continues to recover [4]. Market Outlook - The shipbuilding industry has shown sustained improvement since early 2025, with increasing demand for new ships and green technologies [4]. - The company is projected to achieve net profits of 10.315 billion and 18.171 billion for 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 25 and 14 [5].

丨证券研究报告丨 [Table_scodeMsg1] 联合研究丨公司点评丨中国船舶（600150.SH） [Table_Title] 中国船舶：订单交付结构持续优化，并表中国重 工助力业绩加速释放 报告要点 [Table_Summary] 中国船舶三季度交付船舶数量、价格同比提升，带动公司营收保持稳健增长，业绩加速释放。 随着公司订单确收结构优化，高价值、新能源船型交付稳增，公司前三季度毛利率达 12.56%， 同比提升 1.94pct，同时公司加强控费，成本管控效果显现，带动公司盈利能力持续提升。目前 公司手持订单饱满，订单排期已至 2029 年，后续业绩释放具备支撑。展望后续，合并中国重 工后，公司造船接单效率进一步提升，盈利能力有望继续释放，随着美国暂停 301 政策一年， 全球新造船订单有望回流中国，造船业景气度有望继续上行。 分析师及联系人 [Table_Author] 赵智勇 韩轶超 王贺嘉 臧雄 屈奇 SAC：S0490517110001 SAC：S0490512020001 SAC：S0490520110004 SAC：S0490518070005 SAC：S0490524070003 SFC ...