中国船舶重工集团动力股份有限公司关于 归还临时补充流动资金的募集资金的公告 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。 重要内容提示： 截至 2026 年 3 月 30 日，中国船舶重工集团动力股份有限公司（以下 简称"公司"）已累计归还临时补充流动资金的闲置募集资金人民币 7,939.54 万元。 一、募集资金临时补充流动资金情况 2025年4月3日，公司第八届董事会第十一次会议审议通过《关于使用闲置募 集资金临时补充公司及下属子公司流动资金的议案》。根据公司及下属子公司实 际经营情况及募集资金投资建设项目进展情况，为进一步提高募集资金使用效率， 降低财务成本，在不影响投资项目建设资金需要的前提下，董事会同意使用部分 闲置募集资金临时补充公司及下属子公司流动资金，补充流动资金限额总计不超 过人民币398,554.25万元。具体内容详见公司于2025年4月4日在上海证券交易所 网站披露的《中国船舶重工集团动力股份有限公司关于使用闲置募集资金临时补 充公司及下属子公司流动资金的公告》（公告编号：2025-016）。 | 发行 ...

行 业 及 产 业 交通运输 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 闫海 A0230519010004 yanhai@swsresearch.com 罗石 A0230524080012 luoshi@swsresearch.com 严天鹏 A0230524090004 yantp@swsresearch.com 张慧 A0230524100001 zhanghui@swsresearch.com 王晨鉴 A0230525030001 wangcj@swsresearch.com 王易 A0230525050001 wangyi@swsresearch.com 王凯婕 A0230525110001 wangkj@swsresearch.com 郑逸欢 A0230526010001 zhengyh@swsresearch.com 范晨轩 A0230525070003 fancx@swsresearch.com 联系人 范晨轩 A0230525070003 fancx@swsresearch.com 2026 年 03 月 31 日 重视海外油轮股 Q1 对 Q2TCE ...

Core Insights - The report highlights the significant growth potential in the defense and aerospace sector, particularly with the recent developments in China's commercial aviation market and the increasing demand for gas turbines [5][15][16]. Group 1: Industry Overview - The China Commercial Aircraft Corporation (COMAC) supplier conference indicates a new phase of large aircraft entering mass production, with the C919 aircraft expanding its operational routes significantly [5][15]. - The gas turbine market has seen a dramatic price increase, with unit costs rising from approximately $2,000 to $3,000 per kilowatt, reflecting a nearly 50% increase driven by supply chain pressures [5][16]. Group 2: Investment Opportunities - The report identifies several key investment themes based on the "S-curve" cycle evolution, focusing on supply chain reforms, military exports, and emerging industries such as commercial aerospace and AI [5][17]. - Specific companies to watch include: - Aviation Power and Control, which are positioned to benefit from high-end aviation equipment production and maintenance needs [5][24][25]. - Zhonghang Xifei and Zhonghang Heavy Machinery, which are major players in military and civil aircraft manufacturing [5][26][27]. - Guangwei Composite Materials, recognized as a core supplier in the aerospace carbon fiber market, with multiple growth avenues in new materials and applications [5][28]. Group 3: Financial Analysis - The report provides a detailed financial analysis of key companies, including projected earnings per share (EPS) and price-to-earnings (PE) ratios for 2025 and 2026, indicating a generally positive outlook for the sector [7]. - For instance, Aviation Power is expected to have a dynamic PE of approximately 24X in 2025, reflecting strong growth potential in the aviation supply chain [5][27]. Group 4: Market Trends - The defense sector is experiencing a shift towards modernization and increased demand for advanced technologies, with a focus on integrating AI and quantum computing into military applications [5][17][20]. - The report emphasizes the importance of domestic production capabilities and the ongoing trend of localization in the semiconductor industry, which is expected to drive growth in the coming years [5][20].

Investment Rating - The industry investment rating is maintained as "Positive" [6] Core Viewpoints - The deep-sea industry is a crucial pillar for energy security, with significant potential for investment in marine information technology and equipment [2][9] - The development and utilization of deep-sea resources are essential, particularly in the context of national deep-sea strategies and defense manufacturing [3][9] - The urgency for deep-sea information infrastructure is increasing, with a focus on enhancing sensor demand and accelerating domestic replacements [9] Summary by Relevant Sections Investment Recommendations and Targets - Key investment opportunities in deep-sea information technology include companies such as China Marine Defense (600764), Zhongke Haixun (300810), and Changying Tong (688143) [3] - In deep-sea equipment manufacturing, notable companies include China Shipbuilding (600150), China Power (600482), and Zhongchuan Defense (600685) [3] Industry Overview - The deep-sea sector is expected to accelerate the development of marine resources, particularly oil and gas, with China's total marine oil reserves estimated at approximately 392 billion tons and natural gas at about 53 billion cubic meters [9] - The deep-sea industry is positioned to mitigate reliance on foreign resources and enhance energy security through the development of critical metals [9] - The demand for underwater robots and unmanned submersibles is increasing, driven by the need for efficient and safe deep-sea operations [9]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The current demand in the e-commerce express delivery industry remains resilient, with a top-down "anti-involution" policy driving up express prices, thereby releasing profit elasticity for companies. The long-term outlook for e-commerce express delivery is favorable due to healthy competition opportunities [16] - The oil transportation sector is expected to benefit from sustained crude oil production and tight capacity, with the "Changjin factor" reshaping pricing logic. Geopolitical changes may continue to catalyze sentiment or fundamentals, leading to a significant improvement in the oil transportation market in 2026 [16] - The bulk shipping market is anticipated to recover, driven by environmental regulations limiting the operation of aging fleets and increased production of iron ore from Australia, Brazil, and West Africa. The market is expected to enter a "new cycle" [16] - The shipping industry is experiencing a green renewal cycle, with demand driven by shipping market recovery and progress in green updates. The new shipbuilding market is expected to improve as constraints ease [16] Summary by Sections Shipping and Ports - Iran may establish a "safe passage" in the Strait of Hormuz, with multiple countries negotiating with Tehran for ship passage. However, security experts warn of potential delays or seizures by Iranian forces [4] - MSC Group has acquired a 50% stake in Changjin Shipping, supporting aggressive expansion of its VLCC fleet, which is estimated to control 150 VLCCs, significantly impacting market concentration and pricing [5] - The SCFI composite freight index decreased by 0.2% to 1707 points, with varying changes in freight rates across different routes [6] - The BDTI index for VLCC freight rates increased by 0.26% to 2821 points, while TCE rates for VLCCs decreased by 5.9% [7] - The BDI index for bulk carriers increased by 3.2% to 2046 points, indicating a rise in bulk shipping rates [8] - China's port cargo throughput increased by 9.52% to 25.617 million tons, with container throughput rising by 9.27% to 6.6 million TEU [10] Express Logistics - In January-February 2026, the express delivery industry volume grew by 7.1% year-on-year, with significant differentiation in market share among major players [9] - Zhongtong Express reported a stable net profit per ticket and committed to a shareholder return rate of no less than 50% [10] - Shentong plans to issue 3 billion yuan in convertible bonds for logistics network upgrades, with a commitment to distribute at least 30% of profits in cash over the next three years [11] - Price adjustments have been made in Yunnan and Jiangxi provinces, reflecting rising operational costs [12] Aviation and Airports - China and Thailand have suspended aviation fuel exports, potentially leading to fuel shortages for airlines [14] - The Ministry of Commerce has announced measures to promote travel service exports and expand inbound consumption [14] Road and Rail - From March 9 to March 15, 2026, national freight logistics operated smoothly, with rail freight increasing by 6.7% and highway truck traffic rising by 14.75% [15]

Summary of Key Points from Conference Call Industry Overview - The gas turbine sector remains a core area of focus due to ongoing electricity shortages, with a strong outlook for the future [1] - Recent declines in the gas turbine sector are attributed to market fluctuations caused by geopolitical conflicts and perceptions of rising European natural gas prices negatively impacting the sector [1] - However, North American natural gas prices remain stable and independent, and demand for gas turbines driven by rapid AIDC (Artificial Intelligence Data Center) construction has not diminished [1] Core Insights and Arguments - The narrative of gas turbine shortages has not changed; it continues to be a central theme in addressing electricity shortages [1] - Despite short-term fluctuations in global natural gas prices, these do not affect the long-term energy transition and related downstream demand in certain regions [1] - With the rapid growth of AI demand in North America and stable demand increases in other regions, it is projected that the global gas turbine shortfall will reach 30 GW by 2028 [1] - The tightening of the supply chain is expected to lead to price increases and a growing trend in demand for gas engines [1] Investment Recommendations - Strong recommendations for the following areas: 1. **Complete Units**: Focus on small gas turbines and medium-speed engines, with a particular emphasis on China Power, which is considered to have the lowest valuation in the sector and stable core business [2] 2. **Component Sector**: Key blade components with ongoing integration into overseas core downstream markets, including companies like Yingliu and Wanzhou, and low-valuation HRSG (Heat Recovery Steam Generator) segments with strong potential for price increases [2] 3. **Structural Components**: Companies such as Linde and Haomai Technology are highlighted for their potential [2] Additional Important Insights - The overall sentiment in the market indicates a strong belief in the resilience of the gas turbine sector despite external pressures [1] - The anticipated growth in AI-related infrastructure is expected to significantly drive demand for gas turbines in the coming years [1]

Group 1: AIDC Power Demand Surge - AIDC electricity demand is expected to grow explosively, with U.S. AIDC electricity consumption projected to increase from 180 TWh in 2024 to 420 TWh by 2030, accounting for half of the total electricity growth in the U.S. during this period [2][7][11] - The U.S. power grid is experiencing slow growth in installed capacity, with aging thermal power plants being retired at an accelerated pace, leading to instability in the grid [7][20] - There is a regional imbalance in data center construction, primarily concentrated in PJM, Texas, and California, resulting in severe local power shortages [7][29] Group 2: Supply Side Challenges - The average waiting time for power project interconnection approvals in the U.S. is currently about 18-30 months, contributing to the electricity shortage [7][24] - By 2025, AIDC electricity demand is expected to drive an average increase of 6.9% in U.S. electricity prices, with the PJM region accounting for half of the states with the highest price increases [7][38] Group 3: Emerging Power Sources - The trend towards off-grid power solutions is gaining momentum, with gas turbines, gas internal combustion engines, and SOFCs (Solid Oxide Fuel Cells) emerging as key power sources [3][4] - A global gas turbine supply-demand gap is projected to reach 10-20 GW by 2025, with major manufacturers facing significant order backlogs [3][49] - Gas internal combustion engines are becoming widely adopted for AIDC power supply, with major manufacturers signing contracts for substantial capacity [3][4][62] Group 4: Investment Recommendations - In the context of North America's electricity shortage, gas turbines are in short supply, and gas generators and SOFCs are expected to see rapid growth [4][5] - Recommended companies for gas generators include Weichai Power and Yinlun Holdings, while SOFC recommendations focus on Weichai Power and other leading firms [4][5]

Group 1 - The report emphasizes the high-quality development of the marine economy and the rising demand in commercial aerospace and gas turbines, driven by strategic initiatives and technological advancements [5][13][14] - The report highlights the importance of the "S-curve" cycle evolution, focusing on supply chain reforms and the trends of automation and intelligence in the defense industry, with specific companies recommended for investment [15][16] - The report discusses the impact of geopolitical tensions, particularly the military actions involving the U.S. and Israel against Iran, which have led to significant disruptions in global energy and supply chains [5][13] Group 2 - The report identifies key companies in the defense and aerospace sectors, such as AVIC, which is expected to benefit from the modernization of military equipment and the growing demand for high-end aviation engines [23][24][26] - The report provides financial forecasts for various companies, indicating expected net profits and corresponding PE ratios, such as AVIC's projected net profit of 11.90 billion CNY in 2025 with a dynamic PE of approximately 59X [26][27] - The report highlights the potential of companies like Feiliwa and Guorui Technology in the semiconductor and aerospace materials sectors, emphasizing their competitive advantages and growth prospects in domestic and international markets [21][22][18]

Core Insights - The report emphasizes the acceleration of unmanned and intelligent combat capabilities, improving military system efficiency, and promoting the standardization of military-civilian integration as outlined in the 14th Five-Year Plan [5][13] - The new quality forces are expected to accelerate during the 14th Five-Year Plan, with significant developments anticipated in large aircraft, low-altitude economy, satellite internet, and nuclear fusion [5][14] - The report identifies investment opportunities across various sectors, including supply chain reforms, military trade, and emerging industries such as commercial aerospace and AI [5][15] Section Summaries 1. Weekly Insights - The 14th Five-Year Plan highlights the need for modernization in defense and military, focusing on the development of new combat forces and improving resource efficiency [13] - It stresses the importance of integrating new quality production forces with combat capabilities to enhance national strategic systems [13] 2. Industry Trends - The report notes that the defense industry is poised for growth, particularly in areas like large aircraft production and low-altitude economic development [14] - It mentions the importance of commercial aerospace and the need for advancements in satellite internet and quantum technology as future growth points [14] 3. Investment Recommendations - The report suggests focusing on companies that are positioned well within the "S-curve" of industry evolution, particularly those involved in supply chain reforms and intelligent automation [15] - It highlights specific companies to watch, including those in military trade, large aircraft, and emerging technologies like AI and quantum computing [15] 4. Company Valuations and Financial Analysis - The report provides detailed financial metrics for key companies in the defense sector, including expected earnings per share (EPS) and price-to-earnings (PE) ratios for 2025 and 2026 [6] - Companies such as航材股份, 铂力特, and 紫光国微 are highlighted for their growth potential and strategic positioning within the industry [6] 5. Market Dynamics - The report discusses the competitive landscape, noting the importance of technological advancements and market positioning for companies like 航发动力 and 中航重机 [23][27] - It emphasizes the need for companies to adapt to changing market demands and leverage their technological capabilities to maintain competitive advantages [25][26]

| 证券代码：600482 | 证券简称：中国动力 | 公告编号：2026-012 | | --- | --- | --- | | 债券代码：110808 | 债券简称：动力定 02 | | 中国船舶重工集团动力股份有限公司 关于"动力定 02"转股完成暨摘牌的公告 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。 重要内容提示： 一、"动力定 02"发行上市概况 （一）证监会核准 2019 年 12 月 30 日，中国证券监督管理委员会出具《关于核准中国船舶重工集团 动力股份有限公司向中国华融资产管理股份有限公司等发行股份、可转换公司债券购 买资产并募集配套资金的批复》（证监许可[2019]2994 号），核准公司非公开发行可 转换公司债券募集配套资金不超过 15 亿元。 （二）发行登记 2020 年 9 月 9 日，公司在中国证券登记结算有限责任公司上海分公司完成可转债 的登记工作，债券代码为"110808"，债券简称为"动力定 02"，发行数量为 1,500 1 截至本公告披露日，中国船舶重工集团动力股份有限公司（以下简称 ...