Core Insights - The Shanghai Composite Index closed at 3931.07 points, above the six-month moving average, with a gain of 1.24% [1] - The total trading volume of A-shares reached 172.69 billion yuan, with 138 A-shares breaking through the six-month moving average [1] Summary of Key Stocks - The stocks with the largest deviation rates above the six-month moving average include: - Zhongya Co., Ltd. (300512) with a deviation rate of 14.85% and a daily increase of 19.97% [1] - Zhongzhou Special Materials (300963) with a deviation rate of 14.75% and a daily increase of 19.99% [1] - Guoguang Electric (688776) with a deviation rate of 7.63% and a daily increase of 20.00% [1] - Other notable stocks with smaller deviation rates include: - CNOOC Services (small deviation rate, just above the six-month line) [1] - Fengfan Co., Ltd. (small deviation rate, just above the six-month line) [1] - Haixiang Pharmaceutical (small deviation rate, just above the six-month line) [1] Trading Activity - The trading turnover rates for the top stocks with significant price movements were as follows: - Zhongya Co., Ltd. (7.56%) [1] - Zhongzhou Special Materials (25.39%) [1] - Guoguang Electric (6.51%) [1]

Market Overview - The Shanghai Composite Index is at 3917.89 points, above the six-month moving average, with an increase of 0.90% [1] - The total trading volume of A-shares is 12814.86 billion yuan [1] Stocks Breaking Six-Month Moving Average - A total of 109 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Zhongzhou Special Materials: 14.75% - Guoguang Electric: 7.63% - Jiusheng Electric: 7.14% [1] Stock Performance Details - Top performers today include: - Zhongzhou Special Materials: +19.99% with a turnover rate of 24.91% [1] - Guoguang Electric: +20.00% with a turnover rate of 5.56% [1] - Jiusheng Electric: +12.38% with a turnover rate of 12.07% [1] - Other notable stocks with smaller deviation rates include: - Hangzhou Gear: just above the six-month line - CNOOC Services: just above the six-month line - Baobian Electric: just above the six-month line [1]

Group 1 - The core viewpoint of the news is that China Power's stock has shown a recent upward trend, with a 2.16% increase on October 9, reaching 22.70 yuan per share, and a total market capitalization of 51.14 billion yuan [1] - As of June 30, the number of shareholders for China Power was 59,300, a decrease of 13.87% from the previous period, while the average circulating shares per person increased by 16.11% to 37,967 shares [2] - The company reported a revenue of 27.65 billion yuan for the first half of 2025, representing a year-on-year growth of 11.22%, and a net profit attributable to shareholders of 919 million yuan, which is a significant increase of 93.35% year-on-year [2] Group 2 - China Power's main business segments include diesel power (49.92%), chemical power (14.33%), marine platform and ship machinery (12.53%), and precious metals (7.59%), among others [1] - The company has distributed a total of 2.115 billion yuan in dividends since its A-share listing, with 825 million yuan distributed over the past three years [3] - The company operates in various sectors including military-civilian integration, central enterprise reform, and aerospace military industry [2]

Core Viewpoint - The 2025 China Power Surfboard Open (Xiangdao Bay Station) successfully concluded, marking a significant event in promoting water sports in Xiangdao Bay, attracting 32 competitors from 10 provinces and cities across the country [1][2]. Group 1: Event Overview - The event was themed "Passion on the Waves, Competing in Xiangdao" and featured two main categories: power surfboards and electric surfboards, divided into eight groups, spanning two days [2]. - The competition adhered to the certified rules of the General Administration of Sport of China and the China Waterski and Wakeboard Association, with a course set along the golden coastline of Xiangdao Bay, including various technical challenges such as buoy turns, acceleration, and sharp turns [2]. Group 2: Competitor Achievements - Zhang Maozhu and Ye Chenyu from Qingdao Aviation School won the men's power surfboard open and restricted categories, respectively [2]. - Gao Jiayin from Jinhua Mango Team secured championships in both women's electric surfboard open and women's power surfboard open categories, while Shen Qing won in both women's power surfboard restricted and women's electric surfboard restricted categories [2]. - Feng Zhanghao claimed the men's electric surfboard restricted championship, and Jiang Zitao from Jinhua Sports Bureau won the men's electric surfboard open championship [2]. Group 3: Future Prospects - The successful hosting of the event is seen as an important practice in the integration of "sports + cultural tourism" in Xiangdao Bay, with plans to upgrade event specifications and introduce more domestic and international water sports projects [5]. - The goal is to create a nationally influential water sports IP and inject new momentum into the development of the sports and cultural tourism industry in Laiyang [5].

Core Viewpoint - The demand for dynamic positioning systems (DPS) in China is significantly increasing due to the booming marine economy, particularly in offshore oil and gas development and offshore wind power construction, with the market size projected to reach 3.38 billion yuan in 2024, representing a year-on-year growth of 11.92% [1][6]. Industry Overview - Dynamic Positioning Systems (DPS) are closed-loop control systems that maintain the position or heading of vessels or offshore platforms without anchoring or mooring by counteracting environmental forces using thrusters [2]. - The classification of DPS includes different redundancy levels defined by the China Classification Society: DP1, DP2, and DP3 [2]. Industry Development History - The DPS industry in China has evolved from initial theoretical research in the late 1970s to industrialization and internationalization by the 2020s, with significant milestones including the first domestic DP-3 system certification and the development of high-end equipment for deep-sea oil and gas exploration [4]. - Key advancements include the establishment of the Beidou-3 system in 2020, which enhances positioning accuracy for DPS applications [4]. Industry Supply Chain - The upstream supply chain for DPS includes raw materials and components such as steel, chips, control modules, and various types of thrusters, as well as critical technologies like thrust distribution algorithms and control theories [5]. - The downstream applications of DPS are primarily in marine engineering, special vessels, deep-sea mining platforms, and underwater robots [5]. Market Size - The DPS market in China is expected to grow to 3.38 billion yuan in 2024, driven by increasing demand in offshore oil and gas and wind power sectors [6]. Key Companies' Performance - The global DPS market is predominantly controlled by European and American companies, but domestic brands like China Shipbuilding Group and Zhenhua Heavy Industries are gaining market share due to improved performance and competitive pricing [6][8]. - Zhenhua Heavy Industries has developed the Z-DP system, achieving positioning accuracy of 0.5 meters and has begun exporting its products [8]. Industry Development Trends 1. **Technological Innovation**: Future DPS will integrate the Beidou-3 satellite navigation system and AI algorithms, enhancing precision and efficiency while reducing equipment wear [11]. 2. **Expanding Market Demand**: The demand for DPS is expected to grow with the development of offshore resources and the push for carbon neutrality, with significant increases in offshore wind power installations anticipated by 2030 [11]. 3. **Sustainability Focus**: The DPS industry is shifting towards greener and more sustainable practices, aiming to reduce energy consumption and environmental impact through advanced technologies and materials [12].

Group 1 - The China-Nordic Economic and Trade Cooperation Forum is set to take place from October 14 to 16 in Wuhan, Hubei, with the theme "Hubei as a Pivot, Smart Chain for the World" [1] - In 2024, trade between China and the Nordic countries reached $53.17 billion, an increase of 8.5% [1] - From January to August this year, trade between China and the Nordic countries amounted to $37.96 billion, showing a year-on-year growth of 7.1%, which is more than double the growth rate of trade between China and Europe during the same period [1] Group 2 - Nordic companies are optimistic about China's economic prospects and view it as a major market for production, sales, and R&D [2] - The electric vehicle and battery industries have emerged as new hotspots for cooperation, with Chinese companies like BYD and NIO successfully entering Nordic markets [2] - Nordic countries have become important markets for Chinese electric vehicle and battery companies, facilitating supply chain cooperation in Europe [2] Group 3 - The China-Nordic Economic and Trade Cooperation Forum is the first and only long-term mechanism specifically for cooperation with Nordic countries, having successfully held six sessions since 2018 [3] - The forum aims to enhance high-level dialogue, promote high-quality cooperation, and ensure that the benefits of cooperation reach enterprises and the public [3]

Core Points - The China-Nordic Economic and Trade Cooperation Forum will be held from October 14 to 16 in Wuhan, Hubei Province, marking the first dedicated platform for economic cooperation between China and Nordic countries [1] - Denmark has been invited as the guest country for this year's forum, highlighting the importance of bilateral relations [1] - The forum aims to enhance economic exchanges between Hubei Province and Nordic countries, promoting trade and investment opportunities [1] Trade and Investment - Bilateral trade between China and the five Nordic countries is projected to reach $53.17 billion in 2024, reflecting an 8.5% increase [2] - From January to August this year, trade volume reached $37.96 billion, a year-on-year growth of 7.1%, more than double the growth rate of trade between China and Europe [2] - Nordic countries have invested over $15 billion in China, with Sweden and Denmark each contributing more than $5 billion, positioning them among the top European investors [3] Emerging Sectors - The electric vehicle and battery industries are emerging as new hotspots for cooperation, with Chinese companies like BYD and NIO successfully entering Nordic markets [3] - Nordic countries are recognized as leaders in green transformation, and there is a growing interest from Chinese battery manufacturers in establishing a presence in the region [3] Key Themes in Cooperation - **Green**: The cooperation emphasizes green development, with both sides committed to sustainable practices and climate change initiatives [4] - **Innovation**: The forum will facilitate collaboration in high-tech sectors such as digital economy, AI, and biomedicine, leveraging Nordic countries' strengths in innovation [4] - **Quality**: There is a shift in Chinese consumer demand towards high-quality and diverse products, which aligns with the offerings from Nordic countries [4] Future Engagement - The forum aims to enhance understanding of Nordic products in China, promoting items like Swedish blueberries and Norwegian salmon [5] - Continued participation of Nordic enterprises in major trade exhibitions in China is encouraged to meet the growing demand for quality goods [5]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery industry is experiencing resilient demand, with a shift towards "quality over quantity" leading to price increases, which will enhance corporate profitability. Companies like SF Express and JD Logistics are expected to benefit from cyclical recovery and cost reduction [4][13] - The shipping sector is anticipated to benefit from the OPEC+ production cycle and the Federal Reserve's interest rate cuts, with a notable improvement in the oil transportation market expected in Q4 2025 [13] - The aviation industry is projected to see long-term demand growth due to macroeconomic recovery, with short-term ticket booking data indicating a rebound [13] Summary by Sections Express Delivery - The express delivery sector is witnessing a significant price increase, with over 90% of regions in China experiencing price hikes, which is expected to improve profitability for companies [4] - Key companies to watch include YTO Express, Shentong Express, Zhongtong Express, and SF Express, all of which are positioned to benefit from the industry's positive trends [13] Shipping and Shipbuilding - The shipping sector is expected to see a cyclical recovery, particularly in oil transportation due to OPEC+ production increases and geopolitical uncertainties enhancing VLCC rate elasticity [13] - The shipbuilding market is in a green transition phase, with new orders expected to improve as market conditions stabilize [13] Aviation - The aviation sector is experiencing low supply growth with increasing demand, leading to a favorable long-term outlook. Companies like China Southern Airlines and Air China are highlighted for their potential [13][14] Logistics and Ports - The logistics sector is seeing a positive trend with companies like Shenzhen International and Debon Logistics expected to benefit from improved competition and operational efficiencies [13] - Port operations are stable, with a focus on cash flow and growth potential in hub ports like China Merchants Port and Qingdao Port [13]

致:中国船舶重工集团动力股份有限公司 北京市嘉源律师事务所 关于中国船舶重工集团动力股份有限公司 发行可转换公司债券及支付现金购买资产 并募集配套资金暨关联交易 北京市嘉源律师事务所 关于中国船舶重工集团动力股份有限公司 发行可转换公司债券及支付现金购买资产 并募集配套资金暨关联交易 相关主体买卖股票情况的 专项核查意见 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 二〇二五年九月 n 事务所 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 本所律师对公司及本次交易相关人员所提供的与出具本核查意见有关的所 有文件资料进行审查判断,并据此出具核查意见。本所已严格履行法定职责,遵 循了勤勉尽责和诚实信用原则,进行了充分的核查验证,保证本核查意见不存在 虚假记载、误导性陈述及重大遗漏。 本核查意见仅供本次交易之目的使用,不得用于任何其他目的。本所同意将 本核查意见作为本次交易的必备文件,随同其他材料一同上报,并依法对所发表 的法律意见承担相应的法律责任。 基于上述内容,本所对本次交易内幕信息知情人在核查期间 ...

中信建投证券股份有限公司 关于中国船舶重工集团动力股份有限公司终止发行 可转换公司债券及支付现金购买资产并募集配套资 金暨关联交易事项相关主体买卖股票情况的自查报 告的核查意见 中国船舶重工集团动力股份有限公司（以下简称"中国动力"、"上市公司" 或"公司"）原拟通过发行可转换公司债券及支付现金的方式向中国船舶工业集 团有限公司购买其持有的中船柴油机有限公司 16.5136%股权，并向不超过 35 名 特定投资者发行可转换公司债券募集配套资金（以下简称"本次重组"或"本次 交易"）。 2025 年 9 月 12 日，公司召开第八届董事会第十七次会议，审议通过了《关 于终止发行可转换公司债券及支付现金购买资产并募集配套资金暨关联交易事 项并撤回申请文件的议案》《关于公司与交易对方签署相关终止协议的议案》， 同意公司终止发行可转换公司债券及支付现金购买资产并募集配套资金暨关联 交易事项（以下简称"本次终止"）。具体内容详见公司于 2025 年 9 月 13 日刊 登在上海证券交易所网站（www.sse.com.cn）的《中国动力关于终止发行可转换 公司债券及支付现金购买资产并募集配套资金暨关联交易事项并撤回申请文 ...