Core Viewpoint - The book "Legendary Secretary" showcases the vibrant experiences, capital stories, and professional spirit of listed company secretaries, aiming to provide replicable experiences for the new generation in corporate governance amidst market reforms [1][3]. Group 1: Book Overview - "Legendary Secretary" is the first book detailing the experiences of listed company secretaries, featuring 38 benchmark figures and their real-life cases [3]. - The book emphasizes the "original spirit" and "compliance bottom line" of the secretary profession, proving it to be a lifelong career full of possibilities [3][4]. Group 2: Contributions of Secretaries - Notable secretaries have made significant contributions to the development of China's capital market, including pioneering B-share listings and innovative fundraising models [4]. - The book highlights the role of secretaries in navigating corporate challenges and shaping the capital ecosystem in strategic industries such as new energy, high-end manufacturing, and semiconductors [4]. Group 3: Event Highlights - The book launch event featured 17 representatives from various companies, including China Shipbuilding and Huaxin Co., who participated in the unveiling [1]. - A discussion panel was held, focusing on key growth points in the secretary profession, new thinking in mergers and acquisitions, and future planning for young professionals [5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The recent announcement of the stock swap merger with China Shipbuilding Industry Corporation has been approved by the Shanghai Stock Exchange, marking a significant step towards the merger's completion. Post-merger, the company will become the largest publicly listed shipbuilding company globally, enhancing its influence while reducing competition within the shipbuilding sector [2][4] - The merger is expected to create synergies that will improve order efficiency and shipbuilding capacity, thereby enhancing profitability. Following the merger, the integration of other quality assets within the group is anticipated to commence [2][11] - The company is projected to see a continuous increase in the proportion of high-value ship orders delivered by 2025, leading to sustained performance growth. The advancement in deep-sea technology positions the company as a leader in marine engineering, which is expected to yield significant benefits [2][11] Summary by Sections Event Description - On July 4, the company announced that its application for a stock swap merger with China Shipbuilding Industry Corporation has been approved by the M&A Review Committee of the Shanghai Stock Exchange, meeting the restructuring conditions and information disclosure requirements [4] Financial Performance and Forecast - The company is expected to maintain a leading position in global shipbuilding, with a projected net profit attributable to shareholders of 73.5 billion, 100.8 billion, and 128.0 billion for the years 2025, 2026, and 2027 respectively, corresponding to P/E ratios of 20X, 15X, and 11X [11][15] - The company’s revenue is forecasted to grow from 78.584 billion in 2024 to 109.957 billion in 2027, with gross profit margins increasing from 10% to 19% over the same period [15]

Core Viewpoint - The Shanghai Stock Exchange's M&A Review Committee approved China Shipbuilding Industry Co., Ltd.'s asset acquisition through a share swap, meeting restructuring conditions and information disclosure requirements [1] Group 1: Restructuring Details - The restructuring involves a share swap merger where China Shipbuilding will absorb China Shipbuilding Heavy Industry Co., Ltd. by issuing A-shares to all shareholders of China Heavy Industry [3][4] - After the merger, China Heavy Industry will cease to be listed and its legal entity will be deregistered, with all assets, liabilities, and rights transferred to China Shipbuilding [3][9] - The independent financial advisors for the transaction are CITIC Securities for China Shipbuilding and CITIC JianTong Securities for China Heavy Industry [3] Group 2: Share Swap Pricing - The share swap pricing is based on the average stock prices over the 120 trading days prior to the pricing benchmark date, set at 37.84 CNY per share for China Shipbuilding and 5.05 CNY per share for China Heavy Industry [5] - The swap ratio is determined to be 1:0.1335, meaning one share of China Heavy Industry can be exchanged for 0.1335 shares of China Shipbuilding [5][7] - Adjustments to the swap ratio will not occur unless there are specific corporate actions such as dividend distributions or regulatory requirements [5] Group 3: Financial Implications - The total transaction amount for the asset acquisition is approximately 11.52 billion CNY, constituting a significant asset restructuring for both companies [8] - Following the profit distribution plans, China Shipbuilding will distribute 2.50 CNY per 10 shares, while China Heavy Industry will distribute 0.18 CNY per 10 shares [6][7]

Investment Rating - The report suggests a positive outlook for the machinery sector, particularly highlighting specific companies for investment opportunities [13]. Core Insights - The engineering machinery sector shows short-term fluctuations in operating rates but maintains a long-term recovery logic driven by domestic demand [7][25]. - The new shipbuilding prices have stabilized and are showing signs of recovery, indicating an upward trend in industry sentiment [7][46]. - The gas turbine sector is experiencing robust growth, with significant increases in orders and production expected [7][55]. Market Review - The SW Machinery Equipment Index increased by 0.26% over the past week, ranking 24th among 31 primary industry categories [3][16]. - Year-to-date, the SW Machinery Equipment Index has risen by 8.29%, ranking 7th among the same categories [3][18]. Key Data Tracking General Machinery - The general machinery sector continues to face pressure, with the manufacturing PMI at 49.7%, indicating contraction [24]. Engineering Machinery - The operating rate for major engineering machinery products was 56.9% in June, down 7.55% year-on-year [7][25]. - The average working hours for these products were 77.2 hours, reflecting a decline of 9.11% year-on-year [7][25]. Shipbuilding - The global new ship price index reached 187.11 in June, marking a 0.22% increase, the first rise since February [7][46]. Oilfield Equipment - The global rig count has stabilized at over 1,600 units, indicating a bottoming out of demand in the oilfield equipment sector [48]. Gas Turbines - The gas turbine sector is on a steady upward trajectory, with GEV's new orders increasing by 44.9% in Q1 2025 [55][56]. Industry Dynamics - The report emphasizes the importance of monitoring the recovery trends in various segments, including engineering machinery, shipbuilding, and gas turbines, as they present potential investment opportunities [7][55].

Core Insights - The event "Entering the Legendary Secretary of the Board and the Launch of the Book 'Legendary Secretary of the Board'" was successfully held in Suzhou, attended by prominent figures from the Chinese listed companies and the publishing industry [1] - The book 'Legendary Secretary of the Board' features real cases from 38 exemplary individuals, showcasing the innovative spirit and compliance standards of the secretary profession, emphasizing its potential as a lifelong career [2] - Legendary secretaries have played a crucial role in the evolution of corporate governance in China, contributing to significant reforms and innovations in the capital market [3] Group 1 - The event was co-hosted by Guotai Junan Securities, Board Magazine, and Value Online, with over 20 executives from listed companies in attendance [1] - The book aims to provide a foundational logic for the new generation involved in corporate governance, promoting a spirit of innovation within regulatory frameworks [2] - The contributions of legendary secretaries have been pivotal in navigating challenges in the capital market, including the promotion of governance systems and the resolution of early governance crises [2][3] Group 2 - Notable figures such as Hu Zhi Kui and Luo Shou Sheng are highlighted for their innovative practices that have significantly impacted the capital market [3] - The event included discussions on key career milestones for secretaries, new thinking in mergers and acquisitions, and future planning for young professionals [3] - The book serves as a historical narrative of the evolution of Chinese listed companies, illustrating the transition from exploration to leading reforms [3]

Investment Rating - The report recommends the shipping sector and highlights investment opportunities in leasing companies listed in Hong Kong [1][20]. Core Views - The new ship price index has stabilized, and the merger of China Shipbuilding and China State Shipbuilding Corporation has been approved, with a focus on verifying the synergistic advantages post-merger [20]. - The shipping sector's market capitalization to order ratio is at a historical low, indicating sufficient safety margins [20]. - The report continues to recommend high-dividend stocks in the transportation sector, including COSCO Shipping International, Shenzhen International, and MTR Corporation [20]. Summary by Sections Shipping and Shipbuilding - New ship prices have stabilized, with the index recorded at 187.11 points, a slight increase of 0.12% [25]. - VLCC rates fell by 18% to $24,444 per day, influenced by increased capacity in the Pacific market [20]. - Suez crude oil tanker rates decreased by 12% to $35,557 per day, while Aframax rates dropped by 11% to $32,167 per day [20]. Oil Transportation - The Pacific market's high freight rates attracted more capacity, leading to continued pressure on rates [20]. - OPEC+ is expected to discuss production increases in August, with actual production and export conditions being closely monitored [20]. Dry Bulk and Container Shipping - The Baltic Dry Index (BDI) fell by 5.6% to 1,436 points, with Capesize rates under pressure due to seasonal factors [22]. - The Shanghai Containerized Freight Index (SCFI) dropped by 5.3% to 1,763.49 points, with the US West Coast route seeing a significant decline of 19% [24]. Air Transportation - The aviation sector is entering a peak season, with limited supply growth and natural increases in passenger volume expected to support airline revenues [38]. - Recommended stocks include Spring Airlines, China Eastern Airlines, and China Southern Airlines [38]. Express Delivery - The express delivery industry maintains high growth rates, with May's business volume reaching 17.32 billion items, a year-on-year increase of 17.2% [41]. - Recommended companies include SF Holding, YTO Express, and ZTO Express [42].

Group 1 - The core concept of "Deep Sea Technology" is the intersection of policy certainty under "bottom line thinking," focusing on domestic demand expansion, technological innovation, and international trade as key response strategies to external shocks [4][13][14] - The introduction of "Deep Sea Technology" solidifies the policy status of the marine economy, marking a shift from supplementary industries to a core component of national strategic emerging industries, indicating a new phase in the top-level design of China's marine economy [5][18] - The "Deep Sea Technology" industry chain is complex and interdisciplinary, with core technologies categorized as "three deep" technologies: deep diving, deep drilling, and deep networking [6][26] Group 2 - The upstream of the deep sea technology industry chain includes raw materials and components, requiring high-pressure resistance and corrosion resistance, while the midstream focuses on industrialization capabilities in deep sea detection, equipment manufacturing, and system integration [6][26] - The downstream includes mature sectors like deep sea oil and gas development, while emerging areas such as natural gas hydrate commercialization and marine renewable energy are in early stages, indicating future growth potential [32] - The policy framework for deep sea technology has established a dual-driven development model at both national and local levels, with significant initiatives from various provinces to enhance marine industry capabilities [22][25]

据微信公众号"中国船舶报"消息，2025年7月4日，中国船舶工业股份有限公司（600150.SH，以下简称"中国船舶"）公告称，公司发行股份吸收合并中国 船舶重工股份有限公司（601989.SH，以下简称"中国重工"）的重大资产重组事项，获上海证券交易所并购重组审核委员会审议通过。这标志着中船集团 旗下两大船舶总装核心上市平台整合迎来重大进展。 关于换股比例与定价，中国船舶换股价格为37.84元/股，中国重工换股价格为5.05元/股，换股比例为1:0.1335。2024年度利润分配实施后，中国船舶换股 价格调整为37.59元/股，中国重工换股价格调整为5.032元/股，换股比例调整为1:0.1339。 1999年，原中国船舶工业总公司分拆，成立了中船集团和中船重工，在业内分别被称为"南船"和"北船"，此后二十年，"南船""北船"通过市场良性竞争提 升影响力，不断推进中国造船行业一步步走到世界第一的位置。 上交所公告截图 本次交易是我国船舶工业领域的国家队、主力军之间的整合升级，也被业内认为是积极响应国家发展战略性新兴产业"深海科技"号召，落实中央财经委 员会关于推动"海洋经济"高质量发展的战略部署，将军工、海 ...

Core Viewpoint - The merger between China Shipbuilding and China Shipbuilding Industry Corporation has received approval from the Shanghai Stock Exchange, marking a significant step towards creating the world's largest publicly listed shipbuilding company [1][3]. Group 1: Merger Details - The merger involves China Shipbuilding absorbing China Shipbuilding Industry Corporation through a share exchange, with the exchange ratio set at 1 share of China Shipbuilding Industry Corporation for 0.1335 shares of China Shipbuilding [4]. - The merger is expected to consolidate operations and eliminate overlapping business areas, thereby reducing competition between the two entities [6]. - Following the merger, China Shipbuilding's total assets are projected to exceed 400 billion yuan, with annual revenue surpassing 130 billion yuan [6]. Group 2: Market Position and Performance - As of July 4, China Shipbuilding's market capitalization reached 146.7 billion yuan, while China Shipbuilding Industry Corporation's market cap was 105.6 billion yuan, highlighting the significance of this merger in the market [6]. - The combined company will lead globally in terms of order backlog, with a total of 62.63 million deadweight tons of orders, significantly outpacing competitors [7]. - The shipbuilding industry is experiencing a resurgence, with increasing demand and supportive government policies aimed at upgrading the sector [7]. Group 3: Financial Performance - In 2024, China Shipbuilding reported a revenue of 78.58 billion yuan, a year-on-year increase of 5.01%, while net profit rose by 22.21% to 3.61 billion yuan [8]. - China Shipbuilding Industry Corporation achieved a total revenue of 55.44 billion yuan in 2024, marking an 18.70% increase, and turned a profit with a net income of 1.31 billion yuan [8]. - Analysts predict that the merger will enhance operational efficiency and profitability, with expectations of continued high growth in the coming years [9][8].

Group 1 - The U.S. Congress passed the "Big and Beautiful" tax and spending bill, which is controversial due to cuts in federal aid, increased long-term debt, and tax reductions for the wealthy and large corporations [2] - The new tariffs on goods entering the U.S. will range from 10% to 70%, effective August 1 [2] - India plans to impose retaliatory tariffs on the U.S. due to the impact of increased tariffs on automotive exports [2] Group 2 - The U.S. stock market was closed on July 4, with early closures for futures contracts on various commodities [3] - International oil prices saw a slight decline, with WTI crude oil futures at $66.49 per barrel, down 0.76%, and Brent crude at $68.51 per barrel, down 0.42% [3] - The cryptocurrency market weakened, with Bitcoin down over 1%, Ethereum nearly 3%, and Dogecoin over 5% [3] Group 3 - The Ministry of Commerce of China confirmed that the U.S. has taken actions to lift certain trade restrictions on China, including the export of EDA software and ethane [5] - The Ministry of Commerce announced a final ruling on anti-dumping investigations into brandy imports from the EU, with dumping margins identified between 27.7% and 34.9% [6] - China Shipbuilding Industry Corporation's merger with China State Shipbuilding Corporation has been approved, creating the largest publicly listed shipbuilding company globally [8] Group 4 - CATL and Geely have signed a comprehensive strategic cooperation agreement focusing on battery technology and supply chain collaboration [9] - The Ministry of Housing and Urban-Rural Development emphasized the importance of stabilizing the real estate market and implementing targeted policies [21] - The Civil Aviation Administration of China established a leadership group for general aviation and low-altitude economy development [22]