Core Viewpoint - The restructuring of China Shipbuilding Industry Corporation (CSIC) and China State Shipbuilding Corporation (CSSC) is entering a practical phase, with expectations for unified management systems, resource synergy, and industrial chain integration to accelerate progress [1][2]. Group 1: Restructuring Progress - The merger between CSIC and CSSC has received approval from the China Securities Regulatory Commission, marking a significant step towards the consolidation of the two companies [2]. - The merger aims to eliminate competition between the two entities, enhance scale effects, and strengthen the overall competitiveness and profitability of Chinese shipbuilding in the global market [2][3]. Group 2: Industry Conditions - The global shipbuilding order intake in July was 6.12 million DWT, reflecting a year-on-year decline of 39.94%, while new orders in China were 5.05 million DWT, down 18.16%, indicating a narrowing decline and stabilization of new ship orders [3]. - The global new ship price index for July 2025 was 186.65, showing a slight month-on-month decrease of 0.25%, with signs of price resilience emerging [3]. - The Baltic Dry Index (BDI) reached 1921 points on August 5, representing a year-on-year increase of 14.55%, suggesting a recovery in freight rates [3].

业 跟 踪 [姓名table_Authors] 电话 邮箱 登记编号 肖群稀(分析师) 0755-23976830 xiaoqunxi@gtht.com S0880522120001 丁嘉一(研究助理) 021-23187266 dingjiayi@gtht.com S0880125042233 本报告导读： 南北船重组进入落地阶段，管理体系统一、资源协同及产业链整合有望加速推进。 随着订单降幅收窄、船价韧性显现及运价回升，行业盈利条件边际改善，重组协同 有望放大公司在高景气周期下的盈利弹性。 南北船重组加速推进，行业景气改善支撑 成长 [Table_Invest] 评级： 增持 票 研 究 行 投资要点： [Table_Report] 相关报告 机械行业《Skild AI 推出通用机器人 AI 模型；巨 星传奇、涛涛车业与宇树科技展开合作》 2025.08.03 机械行业《SkildAI 发布通用机器人大脑，人形机 器人泛化能力持续突破》2025.08.03 机械行业《Figure02 展示洗衣片段，家庭场景落 地进展加速》2025.08.02 机械行业《液氧周均价同环比提升；广钢气体 Super-N 30 ...

Group 1: New Stock Issuances - China Heavy Industry (601989) has a cash option declaration period from August 13, 2025[1] - China Shipbuilding (600150) has a buyback request period from August 13 to August 15, 2025[1] - Shenkai Co. (002633) has a tender offer period from July 29 to August 27, 2025[1] Group 2: Tender Offers and Mergers - ST Kelly (300326) has a tender offer period from July 17 to August 15, 2025[1] - Fushun Special Steel (600399) has a tender offer period from August 12 to September 10, 2025[1] - China Heavy Industry (601989) is involved in an absorption merger[1] Group 3: Abnormal Fluctuations - Tianlu Convertible Bond (110060) reported severe abnormal fluctuations on July 30, 2025[2] - Henghe Precision (300539) reported abnormal fluctuations on July 29, 2025[2] - ST Suwu (600200) reported abnormal fluctuations on August 6, 2025[2]

《 人民日报 》（ 2025年08月07日 11 版） (责编：白宇、卫嘉) 本报上海8月6日电 （记者沈文敏）第二艘国产大型邮轮H1509船5日实现首台主发电机动车，标志着邮 轮设备系统调试工作进入攻坚期，邮轮建造全面进入设备调试与系统功能验证阶段。与首制船相比， H1509船提前4个月达到该节点。 主发电机是邮轮的关键设备，是船舶配电系统和推进系统的主电源。邮轮主发电机动车意味着邮轮 的"心脏"开始跳动，开始为全船相关的设备系统输送动力，与之相关的18个流体系统及300多台辅助设 备达到完工状态，机械处所的安装工作接近尾声。 由中国船舶集团旗下上海外高桥造船有限公司建造的H1509船共配置了5台大功率发电机，分别独立布 置于艏艉两个机舱。目前，H1509船项目总体进度超80%；下阶段将重点围绕内装工程和设备系统调试 开展工作，预计2026年3月出坞，2026年底前完工交付。 关注公众号：人民网财经 ...

● 本报记者 刘丽靓 在国有经济布局优化和结构调整的棋盘上，央企与地方国资近期同步落下关键棋子。中国神华、中国船 舶、中化系等央企密集发布重组整合方案；宁夏、河南、天津等地方国资同步发力，通过战略性重组重 塑国有经济格局。业内人士认为，随着下半年国企改革深化提升行动冲刺收官，科技创新、国有经济布 局优化等政策举措加速落地，国资央企正以重组整合为支点，撬动发展新动能全面释放。 央企加速布局战新产业 8月4日晚，中国船舶发布关于公司换股吸收合并中国重工暨关联交易事项异议股东收购请求权实施公告 称，本次交易已获得中国证监会批复，公司将尽快办理本次交易的相关事宜。中国船舶、中国重工股票 将于8月13日停牌，中国重工将停牌直至终止上市。这标志着历时多年的"南北船"整合将正式收官。 能源领域重组整合大动作不断。8月1日晚间，中国神华公告称，拟收购控股股东国家能源投资集团持有 的13家能源资产股权，标的范围全面覆盖煤炭开采、坑口煤电、煤制油煤制气煤化工及相关物流运输体 系等产业链核心环节。此举将显著提升中国神华煤炭资源战略储备和一体化运营能力。 8月5日，内蒙华电公告称，拟57.17亿元并购新能源资产申请获上交所受理。交易 ...

Summary of Conference Call Records Industry Overview - The conference call discusses the shipbuilding industry, particularly focusing on the Chinese shipbuilding sector and its major players, including China Shipbuilding and China Power [1][3][4]. Key Points and Arguments 1. **Market Sentiment and Order Recovery** - Since June 2025, shipbuilding prices have stabilized after a decline from October 2024 to May 2025, with new order shares for Chinese shipbuilders recovering to approximately 83% by July 2025 [1][3][8]. 2. **Valuation and Investment Potential** - Major Chinese shipbuilding companies are currently valued at around 20 times earnings, significantly lower than the nearly 40 times during the merger of the two major shipbuilding groups last year, indicating a high investment value [1][4][5]. 3. **Future Price Trends** - It is anticipated that shipbuilding prices will continue to rise, supported by replacement demand for aging vessels, with over 30% of the global fleet being over 15 years old, necessitating the replacement of approximately 750 million tons of capacity [6][7]. 4. **Impact of the U.S. 301 Tariff** - The U.S. 301 tariff initially caused a significant drop in China's order share, which fell to over 30% in March 2025 but has since rebounded to 83% by July 2025, suggesting a recovery in market confidence [1][9][10]. 5. **Merger of Major Shipbuilders** - The rapid progress of the merger between the two major Chinese shipbuilders is expected to enhance competitiveness in the global market, with combined market shares significantly exceeding that of competitors like Hyundai Heavy Industries [11][12][13]. 6. **Performance Metrics** - In Q1 2025, China Shipbuilding reported a net profit of 1.127 billion yuan, a year-on-year increase of 181%, while China Power's net profit reached 396 million yuan, up 349% year-on-year, indicating strong growth momentum [16]. 7. **Global Economic Environment** - The easing of U.S.-China trade tensions and the merger's competitive advantages are expected to bolster China's position in the global shipbuilding market, with an anticipated improvement in global order volumes in the latter half of 2025 [12]. 8. **Market Concentration and Competitive Landscape** - The merger is expected to increase market concentration, reducing price wars and enhancing profitability through economies of scale [13][15]. Other Important Insights - The shipbuilding industry is currently in a long-term upward cycle, with a replacement cycle expected to last for about seven more years, indicating sustained growth potential [17]. - The historical analysis suggests that even during upward cycles, temporary price corrections can occur, but the overall trend remains positive [6][8].

Core Viewpoint - The merger between China Shipbuilding and China Heavy Industry has received approval from the China Securities Regulatory Commission, entering the implementation phase, which is expected to boost the military industry sector [1][4]. Group 1: Merger Details - The merger involves a share swap and will lead to the suspension of trading for both companies' stocks starting August 13, with China Heavy Industry's stock being delisted [4]. - The merger is seen as a significant move in the military industry, potentially reducing domestic competition and enhancing military trade exports [4][5]. Group 2: Industry Outlook - The military industry is expected to maintain a high level of prosperity due to ongoing mergers and acquisitions, with state-owned enterprises possessing numerous advantageous assets [5]. - Recent geopolitical events and increased military spending globally are likely to drive demand for military trade, enhancing the competitiveness of China's military products [6][7]. Group 3: Market Trends - The completion of the BeiDou-3 global satellite navigation system has shown significant growth, with the industry scale projected to increase from 403.3 billion yuan in 2020 to 570 billion yuan by 2024, and expected to exceed 600 billion yuan by the end of this year [7]. - The military industry is entering a fundamental upward cycle, driven by domestic demand for modernization and the transition towards intelligent and unmanned systems [7]. Group 4: Upcoming Events - The upcoming military parade commemorating the 80th anniversary of the victory in the War of Resistance against Japan is expected to positively impact the military sector, as historical trends indicate a surge in military stock performance leading up to such events [8][10]. - The current period marks a transition between the 14th and 15th Five-Year Plans, with significant growth in military contracts and orders anticipated [10]. Group 5: Investment Tools - The military ETF (512660) is highlighted as a key investment tool, covering the entire military industry chain and currently leading in scale among similar products [10].

Core Viewpoint - The article discusses the current bullish market in China, highlighting the significant increase in margin trading balances and the structural bull market driven by liquidity and market confidence [4][6]. Group 1: Market Overview - As of August 5, 2023, the margin trading balance in the Shanghai and Shenzhen markets reached 1.994 trillion yuan, with expectations to surpass 2 trillion yuan soon, marking a significant recovery since April [4]. - The article emphasizes a "structural bull market," where growth stocks are outperforming value stocks due to a shift in market dynamics and investor sentiment [6]. Group 2: Investment Strategies - Investors are encouraged to either follow market trends or wait for opportunities in undervalued stocks with cleared chip structures, rather than passively holding index funds [6]. - The article identifies sectors with potential for growth, such as new consumption represented by Pop Mart and the AI computing industry, particularly in optical modules and PCBs, as well as innovative pharmaceuticals [6]. Group 3: Fund Management Insights - Ping An Fund's recent announcement regarding redemption fee discounts for specific bond funds has sparked controversy, as it primarily benefits institutional investors while excluding most retail investors [7][9]. - The fund's A-share holdings are heavily concentrated, with 99.63% held by institutional investors, raising concerns about liquidity risks in case of large redemptions [9][10]. Group 4: Sector Performance - The article notes that the A-share market saw collective gains across major indices, with significant trading volumes and numerous stocks hitting their daily limits [12]. - The robotics sector is highlighted as a strong performer, driven by multiple catalysts and favorable news, including product launches and government initiatives [12][13]. Group 5: Industry Trends - The global platinum market is experiencing a price surge due to rapid inventory depletion, with prices rising 45% year-to-date [17]. - The express delivery industry is undergoing a price increase, with new minimum pricing regulations implemented in Guangdong province [18].

Market Overview - On August 6, a total of 77 stocks in the A-share market hit the daily limit, with 63 stocks remaining after excluding 14 ST stocks, resulting in an overall limit-up rate of 75.49% [1] - The highest limit-up order volume was recorded by Tongling Nonferrous Metals, with 833,800 hands, followed by China Shipbuilding Industry, Zhong An Keji, and Beiwai Technology, with limit-up orders of 646,600 hands, 288,300 hands, and 230,000 hands respectively [1] Limit-Up Stocks Summary - The top three stocks by limit-up order funds were Beijiajie (5.06 billion), Changcheng Jincheng (3.46 billion), and Tongling Nonferrous Metals (3.36 billion) [1] - Beijiajie closed at 44.97 yuan with a turnover rate of 3.99%, driven by probiotics, the three-child policy concept, oral care, and exports [2] - Changcheng Jincheng closed at 46.98 yuan with a turnover rate of 5.88%, influenced by military equipment restructuring, ammunition and weaponry, and a narrowed mid-term loss [2] - Tongling Nonferrous Metals closed at 4.03 yuan with a turnover rate of 7.75%, supported by share buybacks, copper foil expansion, and state-owned enterprise reform [2] - China Heavy Industry closed at 5.15 yuan with a turnover rate of 4.24%, boosted by absorption and merger, shipbuilding, and state-owned enterprise reform [2]

↑点击上面图片 加雪球核心交流群 ↑ A股三大指数集体收涨，截至收盘，沪指涨0.45%，深成指涨0.64%，创业板指涨0.66%。 全市场成交额17591亿元，较上日放量1433亿元。两市超3300只个股上涨。 盘面上，机器人，peek材料全线走强，中欣氟材两连板，凯盛新材、华密新材30CM封板。军工装备持续走强，北方长龙长城军工五天四板，中国 重工、中国船舶等涨停封板。 01 机器人板块再度活跃 peek材料概念股又大涨 今日受消息面刺激，机器人板块再度领涨，机器人轻量化重要材料PEEK材料概念也迎来大涨，其中中欣氟材两连板；华密新材30cm涨停；新瀚新 材，凯盛新材20cm涨停； 02 高位股上纬新材跌停 今天机器人板块虽然领涨，但高人气机器人概念股上纬新材20cm跌停，并发公告：如未来进一步上涨，可能再次申请停牌 | 上纬新材 | | | | | | | --- | --- | --- | --- | --- | --- | | 688585 已收盘 08-06 15:30:00 北京 | | | | | | | 88.38 -22.10 -20.00% | | 2.38万人加自选 COC > | | ...