证券日报网讯 12月25日，振华重工发布公告称，公司第九届董事会第十八次会议于2025年12月25日召 开，审议通过《关于审议修订的议案》等多项议案。 （文章来源：证券日报） ...

Company Overview - Zhenhua Heavy Industries (SH 600320) announced its ninth board meeting on December 25, 2025, to review the revised "Investor Relations Management Measures" [1] - As of the report, Zhenhua Heavy Industries has a market capitalization of 25.7 billion yuan [1] Revenue Composition - For the first half of 2025, the revenue composition of Zhenhua Heavy Industries is as follows: - Port machinery: 61.7% - Offshore heavy equipment: 21.05% - Steel structures: 9.37% - Ship transportation: 5.93% - Leasing income: 1.14% [1]

| 第一章 | 总 则 1 | | --- | --- | | 第二章 | 内容和方式 2 | | 第三章 | 投资者说明会 4 | | 第四章 | 接受调研 6 | | 第五章 | 上证 e 互动平台 7 | | 第六章 | 管理机构及其工作职责 8 | | 第七章 | 附则 11 | （二）证券分析师； （三）证券公司、证券经纪人等企业融资顾问； （四）财经媒体与公关顾问； （五）其他相关机构与个人。 第一章 总则 第一条 为进一步规范和加强上海振华重工（集团）股 份有限公司（以下简称公司）与投资者及潜在投资者（以下 合称投资者）之间的信息沟通，增进投资者对公司的了解和 认同，切实保护投资者特别是广大社会公众投资者的合法权 益，促进公司与投资者之间建立长期、稳定的良性互动关系， 根据《上市公司投资者关系管理工作指引》（证监会公告 〔2025〕5号）《上海证券交易所股票上市规则》（上证发〔2025〕 59号）《上海证券交易所上市公司自律监管指引第1号——规 范运作》（上证发〔2025〕68号）等法律、法规、规章、规 范性文件及公司章程等有关规定，结合公司实际情况，制定 本办法。 第二条 本办法所称投资者关系 ...

证券代码：600320 900947 证券简称：振华重工 振华 B 股 公告编号：临 2025-057 上海振华重工（集团）股份有限公司 第九届董事会第十八次会议决议公告 （一）《关于审议修订<公司投资者关系管理办法>的议案》 具体内容详见公司于同日在指定信息披露媒体上披露的《投资者关系管理办 法》。 表决结果：10 票赞成，0 票反对，0 票弃权。 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。 一、董事会会议召开情况 上海振华重工（集团）股份有限公司（以下简称公司）第九届董事会第十八 次会议通知于 2025 年 12 月 19 日以电子邮件方式发出。本次会议于 2025 年 12 月 25 日以现场和通讯相结合的方式召开，应参加表决董事 10 人，实际参加表决 董事 10 人，会议由董事长由瑞凯先生主持，部分高级管理人员及董事会秘书列 席了会议。本次会议的召开及程序符合《公司法》《公司章程》等相关规定。 二、董事会会议审议情况 本次会议审议并通过如下议案： 表决结果：10 票赞成，0 票反对，0 票弃权。 （三）《关于审议 ...

Core Viewpoint - The Zhejiang Provincial People's Congress has passed the "Regulations on Promoting High-Quality Development of Marine Economy," which emphasizes the expansion of offshore wind power into deep waters and the development of various clean energy sources, including nuclear and tidal energy [1] Group 1: Offshore Wind Power Development - The current global offshore wind power costs are now economically viable alternatives to traditional fossil fuels, with a favorable carbon emission profile throughout its lifecycle [1] - Offshore wind power projects are advantageous due to their distance from residential areas, minimizing noise and visual pollution, and the absence of road construction limitations [1] - The ability to select optimal wind conditions and higher capacity factor sites enhances the reliability and efficiency of offshore wind power [1] Group 2: Industry Recommendations - The transition from nearshore to deep offshore wind power is underway, with provinces actively promoting demonstration projects to build experience for future large-scale developments [2] - Companies in the submarine cable segment, such as Dongfang Cable, Zhongtian Technology, and Hengtong Optic-Electric, are recommended for investment [2] - In the offshore wind foundation and marine engineering sector, companies like Dajin Heavy Industry, Haili Wind Power, and Tian Shun Wind Energy are highlighted as potential beneficiaries [2] - For turbine manufacturers with sufficient orders, companies like Goldwind Technology, Yunda Co., and Sany Renewable Energy are suggested for attention [2]

Core Insights - The article discusses the development status and investment strategies of China's deep-sea technology industry, highlighting the competitive landscape and key players in the sector [1][6]. Company Overview - Major listed companies in the deep-sea technology sector include China Shipbuilding (600150.SH), China National Offshore Oil Corporation (601808.SH), and Zhenhua Heavy Industries (600320.SH), among others [1][2]. - These companies cover a wide range of areas including high-end equipment manufacturing, oil and gas exploration services, and underwater communication and detection [1][6]. Financial Performance - In the first three quarters of 2025, China Shipbuilding led the sector with over 100 billion RMB in revenue, although it faced low overall gross margins of 12.6% [5][13]. - Companies like China Haifang and ShenKai Co. demonstrated high gross margins exceeding 35%, indicating strong technical barriers in their niche markets [5][13]. - The financial metrics reveal that many companies have ROE (Return on Equity) concentrated around 3%-4%, while some, like Juyi Rigging and China Haifang, reported ROE below 2% [10][13]. Business Strategies - Companies are focusing on integrating advanced technologies such as AI, big data, and smart manufacturing into their operations [15][17]. - Leading firms are accelerating the intelligent upgrade and green transformation of deep-sea equipment, while smaller companies are innovating in underwater robotics and new marine materials [15][17]. Regional and Global Expansion - Most companies are strategically positioned along China's coast and are expanding their reach globally, particularly in Southeast Asia, Europe, and the Americas [6][7]. - This regional layout aligns with national strategies for marine power and international industrial development [6][7]. Future Development Plans - Companies are planning to invest in new technologies and expand their product lines, focusing on sustainable practices and international market penetration [16][17]. - For instance, China Shipbuilding aims to enhance its market share through mergers and acquisitions, while Zhongtian Technology is expanding its global footprint in submarine cable and marine communication systems [16][17].

澳大利亚西门隧道项目位于澳大利亚南部滨海城市墨尔本，包括高速公路拓宽、隧道系统建设、跨河桥 梁建造以及立体交通网建设等多项工程。振华重工负责其中7座主桥、4座人行桥、4套支墩结构共计约 41500吨钢结构的生产制造和发运任务。 该项目采用澳大利亚标准制造并满足维多利亚州公路局Vicroads630和Vicroads631技术规范，项目全部 钢结构采用澳标最高等级，包括焊缝表面准备、清洁度、冲砂及涂装制造等。其主桥钢结构为三维双曲 异形结构，梁段采用螺栓连接方式，设计和制造难度高。 本次通车的西门隧道项目，是振华重工进入澳洲钢桥市场的"开山之作"。依托该项目，振华重工成为首 批进入澳洲钢桥市场的中国企业。多年来，振华重工参与全球多座知名桥梁建设，包括美国旧金山-奥 克兰海湾大桥、英国昆斯费里大桥、挪威哈当厄尔大桥、克罗地亚佩列沙茨桥、莫桑比克马普托大桥、 科特迪瓦科科迪桥等，均为当地地标性建筑。西门隧道项目的顺利通车，为振华重工钢结构业务国际化 发展打开新局面。 来源：环球网 当地时间12月14日，上海振华重工集团参建的澳大利亚西门隧道顺利通车。该工程为当地重点民生工 程，预计可创造6000个工作岗位。项目通车 ...

Group 1 - The core point of the news is that Zhenhua Heavy Industries experienced a stock price increase of 5.22%, reaching 4.84 CNY per share, with a trading volume of 117 million CNY and a turnover rate of 0.74%, resulting in a total market capitalization of 25.499 billion CNY [1] - Zhenhua Heavy Industries, established on February 14, 1992, and listed on December 21, 2000, specializes in the design, construction, installation, and contracting of large port loading and unloading systems and equipment, offshore heavy equipment, engineering machinery, engineering vessels, and large metal structures and components [1] - The main business revenue composition of Zhenhua Heavy Industries includes: port machinery 61.70%, heavy equipment 21.05%, steel structures and related income 9.37%, ship transportation and hoisting services 5.93%, leasing income 1.14%, "build-transfer" projects and engineering construction 0.42%, and sales of materials and others 0.40% [1] Group 2 - From the perspective of Zhenhua Heavy Industries' top ten circulating shareholders, Southern Fund's Southern CSI 1000 ETF (512100) reduced its holdings by 205,300 shares in the third quarter, holding a total of 18.225 million shares, which accounts for 0.35% of the circulating shares [2] - The Southern CSI 1000 ETF (512100) has a current scale of 76.63 billion CNY and has achieved a year-to-date return of 23.72%, ranking 1988 out of 4197 in its category; over the past year, it has returned 18.96%, ranking 2400 out of 4147 [2]

Core Insights - The installation and core debugging of the world's largest and most advanced ship lift, built by Shanghai Zhenhua Heavy Industries Group's subsidiary Qidong Zhenhua Offshore, marks a historic moment for the King Abdullah Port "Super Shipyard" project in Saudi Arabia [1] Group 1: Project Overview - The King Abdullah Port project is a flagship initiative of Saudi Arabia's "Vision 2030" national reform plan, founded and named by King Salman [1] - Upon completion, the project will become the largest shipbuilding and marine engineering equipment manufacturing and maintenance base globally, capable of constructing, repairing, and upgrading various vessels, including super tankers [1] Group 2: Technical Specifications - The installed ship lift measures 245 meters in length and 45.4 meters in width, covering an area of approximately 11,000 square meters, equivalent to 26 standard basketball courts [1] - It has a maximum lifting capacity of 36,400 tons, comparable to the weight of a light aircraft carrier, with both specifications setting world records [1] Group 3: Construction Challenges - The construction team overcame multiple challenges posed by the high temperatures, strong winds, and unique geological conditions of the Middle East during the project implementation [1] - Technical difficulties related to the transportation of oversized and overweight components, as well as high-precision assembly and debugging, were successfully resolved [1]

Core Viewpoint - Five stocks received buy ratings from institutions today, with Aerospace Electronics, Far East Holdings, and Zhenhua Heavy Industries being newly covered by institutions [1] Group 1: Institutional Ratings - Today's institutional reports included five buy ratings, with Zhenhua Heavy Industries and Far East Holdings receiving the highest attention, each having one buy rating record [1] - Among the buy ratings, three were first-time coverage by institutions, involving Aerospace Electronics and Far East Holdings [1] Group 2: Market Performance - Stocks with buy ratings from institutions averaged a 0.20% increase today, outperforming the Shanghai Composite Index [1] - The stocks with the largest declines included Zhenhua Heavy Industries, Far East Holdings, and Luoyang Molybdenum, with declines of 4.53%, 3.08%, and 2.40% respectively [1] Group 3: Institutional Buy Rating Records - The following stocks received buy ratings today: - Jack Technology: Buy rating from Huatai Securities, target price of 55.44 yuan, latest closing price of 39.18 yuan [2] - Zhenhua Heavy Industries: Upgrade to Accumulate by Guojin Securities, latest closing price of 4.64 yuan [2] - Far East Holdings: Buy rating from Zheshang Securities, latest closing price of 7.55 yuan [2] - Aerospace Electronics: Upgrade to Accumulate by Xiangcai Securities, latest closing price of 17.40 yuan [2] - Luoyang Molybdenum: Buy rating from Western Securities, latest closing price of 17.50 yuan [2]