Core Viewpoint - China Shipbuilding Industry Co., Ltd. plans to absorb and merge China Shipbuilding Heavy Industry Co., Ltd. through a share swap, with a swap ratio of 1:0.1339 [1] Group 1 - The share swap will take place on September 4, 2025, with the corresponding stock conversion for shareholders [1] - After the completion of the merger, China Heavy Industry's A-shares will be delisted on September 5, 2025, and shareholders will no longer see these shares in their accounts [1] - The new shares of China Shipbuilding will be reflected in the accounts of former China Heavy Industry shareholders after the completion of the listing procedures [1]

Core Viewpoint - China Shipbuilding Industry Co., Ltd. plans to absorb and merge China Shipbuilding Heavy Industry Co., Ltd. through a share exchange, with a share exchange ratio of 1:0.1339 [1] Group 1 - The share exchange registration date is set for September 4, 2025 [1] - Each share of China Shipbuilding Heavy Industry will convert into 0.1339 shares of China Shipbuilding [1] - After the termination of listing for China Shipbuilding Heavy Industry A-shares on September 5, 2025, the shares will no longer be displayed in the investors' accounts until the conversion is completed [1] Group 2 - The new shares of China Shipbuilding will be reflected in the accounts of former shareholders of China Shipbuilding Heavy Industry after the completion of the listing procedures [1] - The corresponding market value of the shares will not be reflected in the investors' total account value until the conversion is finalized [1]

中国船舶重工集团动力股份有限公司发布2025年半年度业绩说明会预告。会议将于9月11日11:00 - 12:00 在上海证券交易所上证路演中心以网络文字互动形式召开。公司董事长李勇等将参会（特殊情况人员或 调整）。 ...

上市企业：中国船舶（600150） 相关报告：智研咨询发布的《2025-2031年中国民用钢质船舶行业市场现状分析及产业需求研判报告》 根据中国海关数据显示：2025年7月中国船舶进口数量为114艘，同比下降48.9%，进口金额为0.07亿美 元，同比增长229.7%，2025年7月中国船舶出口数量为514艘，同比增长0.2%，出口金额为37.23亿美 元，同比下降1.4%。 近一年中国船舶进口情况统计图 数据来源：中国海关，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 数据来源：中国海关，智研咨询整理 近一年中国船舶出口情况统计图 ...

Core Viewpoint - China Shipbuilding Industry Corporation (China Shipbuilding) will absorb and merge with China Shipbuilding Heavy Industry Company (China Heavy Industry), leading to the termination of the latter's A-share listing by September 5, 2025, without entering a delisting transition period [1][12]. Group 1: Merger Details - The merger will involve issuing shares at a price of 37.84 yuan per share, with a swap ratio of 1 share of China Heavy Industry for 0.1339 shares of China Shipbuilding, amounting to a total transaction value of 115.15 billion yuan [4]. - The combined entity will have total assets exceeding 400 billion yuan, making it the largest publicly listed shipbuilding company globally [7]. Group 2: Financial Performance - For the first half of 2025, China Heavy Industry reported revenue of 32.62 billion yuan, a year-on-year increase of 47.56%, and a net profit of 1.75 billion yuan, up 227.07% [5]. - In the same period, China Shipbuilding achieved revenue of 40.33 billion yuan, reflecting an 11.96% year-on-year growth, with a net profit of 2.95 billion yuan, increasing by 108.59% [6]. Group 3: Timeline of Events - The merger plan was first disclosed in September 2022, with approval from the State-owned Assets Supervision and Administration Commission in January 2023 [9][10]. - The merger project received approval from the Shanghai Stock Exchange's merger and acquisition committee on July 4, 2023 [11]. - China Heavy Industry submitted its application for voluntary delisting on August 14, 2023, and received the delisting decision on August 29, 2023 [12].

9月2日，中国重工（601989）发布公告，拟通过向中国船舶全体换股股东发行A股股票的方式进行换股吸收合并。此次交易已于2025年7月18日获得中国证券监督管理委员会的批复。根据相关 2025年8月29日，上交所决定对公司A股股票予以终止上市，终止上市日期为2025年9月5日。由于属于主动终止上市情形，公司A股股票不进入退市整理期交易。 终止上市后，股东的股票账户中将不再显示公司A股股票，相关市值也将无法体现，直至转换为中国船舶A股股票并完成新增股份上市手续。换股股东持有的公司股票将按照既定的换股比例转换为 2025年中期，中国重工实现收入326.21亿元，归母净利润17.45亿元。 ...

Market Overview - The three major A-share indices experienced a collective pullback on September 2, with the Shanghai Composite Index dropping by 0.45%, while the Shenzhen Component and ChiNext Index fell over 2% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 28,750 billion [1] Sector Performance - High dividend sectors, such as banking, showed strength, with the Bank ETF (512800) rising by 1.94% and the Value ETF (510030) increasing by 0.73% [1][2] - The innovative drug sector saw a rebound, with the Hong Kong Stock Connect Innovative Drug ETF (520880) gaining 1.08% [1] - Conversely, the AI sector faced a downturn, with the ChiNext Artificial Intelligence ETF (159363) declining by 6.14%, marking its largest single-day drop since April 8 [1][3][4] - The defense and military industry continued its adjustment trend, with the Defense and Military Industry ETF (512810) closing down by 2.25% [1][3] ETF Insights - The ChiNext Artificial Intelligence ETF (159363) recorded a trading volume exceeding 21 billion, achieving a historical high, despite a price drop [4] - The Bank ETF (512800) and the Value ETF (510030) were among the top performers, reflecting investor interest in high dividend stocks [2] - The Defense and Military Industry ETF (512810) experienced a significant premium, indicating strong buying interest despite the overall market decline [17] Analyst Outlook - Analysts from China Galaxy Securities expect the market to operate at a high level in the short term, with ongoing active trading and supportive policy expectations [3] - CICC believes that long-term industrial upgrades will enhance the quality of A-share assets, making the stock market a crucial direction for asset allocation amid weak real estate conditions [3] - The AI hardware sector is anticipated to maintain high demand, with a projected CAGR of 46% over the next five years, driven by significant investments in AI infrastructure [6][7] Broker Insights - Multiple brokerages are optimistic about the A-share market's medium to long-term prospects, focusing on technology, consumption, and non-bank financial sectors [2][11] - The brokerages' strategy meetings indicate a consensus on the positive outlook for the A-share market, supported by favorable macroeconomic factors [2][11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has shown continuous profit realization, with a focus on cyclical trends. The second quarter of 2025 saw significant growth in net profit, attributed to a robust order backlog and the release of high-value orders. The company’s performance is expected to remain strong over the next three years due to these factors [7][5] - The merger with China Shipbuilding Heavy Industry Group is anticipated to enhance synergies and improve market competitiveness and profitability [7] - Despite a short-term adjustment in ship prices, the long-term upward cycle remains intact, with expectations of improved market conditions in the second half of 2025 [7] Financial Summary - Revenue projections for the company are as follows: - 2023: 74,839 million RMB - 2024: 78,584 million RMB (5.01% growth) - 2025: 82,942 million RMB (5.55% growth) - 2026: 97,651 million RMB (17.73% growth) - 2027: 120,423 million RMB (23.32% growth) [6] - Net profit forecasts are: - 2023: 2,957 million RMB - 2024: 3,614 million RMB (22.21% growth) - 2025: 7,207 million RMB (99.40% growth) - 2026: 11,595 million RMB (60.89% growth) - 2027: 16,212 million RMB (39.82% growth) [6] - The company’s earnings per share (EPS) are projected to increase from 0.81 RMB in 2024 to 3.62 RMB in 2027 [6] Market Performance - As of September 1, 2025, the closing price of the company's stock is 38.92 RMB, with a market capitalization of approximately 174,066.93 million RMB [3]

Market Overview - The marine equipment sector experienced a decline of 1.31% on September 2, with Zhongke Haixun leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Key stocks in the marine equipment sector showed the following closing prices and percentage changes: - China Shipbuilding (600150): 38.45, -1.21% - Yaxing Chain (601890): 10.08, -1.95% - China Marine Defense (600764): 34.45, -1.96% - China Ship Defense (600685): 29.24, -2.47% - Jianglong Shipbuilding (300589): 14.14, -3.02% - Tianhai Defense (300008): 7.17, -3.24% - Guorui Technology (300600): 18.45, -4.16% - Hailanxin (300065): 20.09, -4.74% - Zhonggui Haixun (300810): 52.21, -5.25% [1] Capital Flow - The marine equipment sector saw a net outflow of 605 million yuan from institutional investors, while retail investors contributed a net inflow of 508 million yuan [1] - The following table summarizes the capital flow for key stocks: - Zhongke Haixun (300810): Institutional -15.99 million, Retail +26.18 million - Jianglong Shipbuilding (300589): Institutional -20.29 million, Retail +18.36 million - China Ship Defense (600685): Institutional -28.92 million, Retail +33.69 million - Guorui Technology (300600): Institutional -30.66 million, Retail +30.70 million - China Marine Defense (600764): Institutional -41.68 million, Retail +27.36 million - Yaxing Chain (601890): Institutional -52.12 million, Retail +44.98 million - Tianhai Defense (300008): Institutional -129 million, Retail +108 million - Hailanxin (300065): Institutional -135 million, Retail +129 million - China Shipbuilding (600150): Institutional -151 million, Retail +89.23 million [2]

Core Viewpoint - China Shipbuilding Industry Company (China Shipbuilding) will terminate the listing of its A-shares on September 5, 2025, due to a voluntary delisting, and will not enter a delisting transition period [1] Group 1: Company Overview - China Shipbuilding will issue A-shares at a price of 37.84 yuan per share to China Heavy Industry shareholders, with a swap ratio of 1 share of China Heavy Industry for 0.1339 shares of China Shipbuilding, totaling a transaction value of 115.15 billion yuan [3] - China Heavy Industry, established in 2008 and listed in December 2009, focuses on marine defense equipment, marine development equipment, marine transportation equipment, deep-sea equipment, and ship repair and modification [3] - China Shipbuilding, as the core listed company of China Shipbuilding Group, engages in military and civilian shipbuilding, ship repair, marine engineering, and electromechanical equipment [4] Group 2: Financial Performance - For the first half of 2025, China Heavy Industry reported revenue of 32.62 billion yuan, a year-on-year increase of 47.56%, and a net profit of 1.75 billion yuan, up 227.07% [4] - In the same period, China Shipbuilding achieved revenue of 40.33 billion yuan, a year-on-year increase of 11.96%, and a net profit of 2.95 billion yuan, up 108.59% [4] - The total assets of China Heavy Industry reached 221.47 billion yuan, while China Shipbuilding's total assets were 181.98 billion yuan [4] Group 3: Merger and Acquisition Details - The merger will create a new company with total assets exceeding 400 billion yuan, making it the largest publicly listed shipbuilding company globally [5] - The merger process began with the initial announcement in September of the previous year, receiving approval from the State-owned Assets Supervision and Administration Commission in January [6][7] - The merger was approved by the Shanghai Stock Exchange's M&A Committee on July 4, and the delisting application was submitted on August 14, with the final decision made on August 29 [9]