| 证券代码：600482 | 证券简称：中国动力 | 公告编号：2025-052 | | --- | --- | --- | | 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 关于召开2025年第一次临时股东大会的通知 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、 召开会议的基本情况 (一) 股东大会类型和届次 2025年第一次临时股东大会 召开的日期时间：2025 年 7 月 31 日 9 点 00 分 召开地点：北京市海淀区昆明湖南路 72 号 股东大会召开日期：2025年7月31日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 7 月 31 日 ...

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The report highlights the need for the express delivery industry to shift towards high-quality development, as the State Post Bureau opposes "involution" competition and aims to improve service quality [4] - The express delivery sector is currently experiencing a decline in per-package revenue, with major companies like Zhongtong, Yuantong, Yunda, and Shentong showing year-on-year decreases in revenue per package [4] - Jitu's Southeast Asian market has seen significant growth, with a total package volume of 7.392 billion pieces in Q2 2025, a year-on-year increase of 23.5% [5] - The airline industry is expected to benefit from macroeconomic recovery, with long-term supply-demand trends indicating potential for growth [12] - The shipping sector is anticipated to improve due to OPEC+ production increases and the Federal Reserve's interest rate cuts, with specific recommendations for companies like China Merchants Energy and COSCO Shipping [12] Summary by Sections Express Delivery - The express delivery market is facing intense competition, with major players experiencing a decline in revenue per package [4] - The report suggests that regulatory changes could help improve the situation by reducing low-cost competition and enhancing the performance of leading companies [4][12] Airline Industry - The airline sector is characterized by long-term low supply growth, but demand is expected to benefit from macroeconomic recovery [12] - Key companies to watch include China National Aviation Holding, Southern Airlines, and HNA Group [12] Shipping and Ports - The report indicates a positive outlook for oil transportation due to OPEC+ production increases and potential interest rate cuts [12] - Recommendations include focusing on companies like China Merchants Energy and COSCO Shipping for their growth potential in the shipping market [12] Road and Rail - The report notes that the Daqin Railway experienced a year-on-year decrease in freight volume in June 2025, while overall logistics operations remain stable [11][12] - Companies like Zhongyuan Expressway and Sichuan Chengyu are highlighted for their growth potential due to infrastructure developments [12]

Investment Rating - The report maintains a "Positive" investment rating for the defense and military industry [5] Core Viewpoints - The report highlights a significant recovery in the performance of upstream electronic components, with a positive outlook for sustained equipment orders [11][12] - The shipbuilding sector is experiencing notable recovery, with deep-sea technology expected to further drive future demand [12][14] - The current market conditions continue to favor the military industry, with military trade anticipated to become a second growth driver [15] Summary by Sections Investment Recommendations and Targets - The report suggests focusing on the following segments: - **Military Electronics**: Recommended stocks include Zhenhua Technology (000733, Overweight), Aerospace Electronics (002025, Buy), and Torch Electronics (603678, Not Rated) [16] - **Key Materials and Parts**: Recommended stocks include Western Superconducting (688122, Buy) and Chujian New Materials (002171, Buy) [16] - **Aero Engine Chain**: Recommended stocks include Aero Engine Power (600893, Not Rated) and Western Superconducting (688122, Buy) [16] - **Military Trade**: Suggested stocks include AVIC Shenyang Aircraft (600760, Not Rated) and Guorui Technology (600562, Not Rated) [16] Performance Insights - Torch Electronics expects a net profit of 247 million to 280 million yuan for the first half of 2025, representing a year-on-year growth of approximately 50.36% to 70.45% [11][31] - Major shipbuilding companies, including China Shipbuilding and China Heavy Industry, reported over 60% growth in net profit for the first half of 2025, with China Heavy Industry potentially doubling its profit [12][13] Market Trends - The defense and military industry index increased by 0.88%, outperforming the Shanghai Composite Index, which rose by 1.09% [17][18] - The report notes that the military industry is ranked 25th out of 31 in terms of performance among the primary industry indices [20] Weekly News Highlights - The report includes significant domestic and international news related to the military industry, emphasizing ongoing developments and strategic activities [25][26]

中船系公司 Q2 业绩预告超预期，6 月新船订单环比增长 船舶行业系列十一 中游制造/机械 1）25H1 业绩预告归母净利润 15–18 亿元，同比增长 182%–238% 事件： 近期，中船系公司发布 2025H1 业绩预告： 中国船舶： 1）25H1 业绩预告归母净利润 28–31 亿元，同比增长 98%–119%。 2）单 Q2，公司预计实现归母净利润 16.73-19.73 亿元，同比增长 66%到 95%。 中国重工： 2）单 Q2，公司预计实现归母净利润 9.8-12.8 亿元，同比增长 147%到 222%。 中国动力： 1）25H1 业绩预告归母净利润 8-11.5 亿元，同比增长 68%–142% 2）单 Q2，公司预计实现归母净利润 4-7.5 亿元，同比增长 3%到 94%。 评论： 1、中国船舶等公司业绩显著超预期 高价订单的密集交付+原材料成本剪刀差的逻辑，均为中船系的造船股贡献了显 著的利润弹性。考虑到当前中国船舶的在手订单依然饱和，高价订单正处于交 付前段，后续利润弹性有望逐步放大。 此外，替代燃料的逻辑已得到彻底夯实：2025 年 1-6 月全球替代燃料船舶订 单为 151 艘 ...

| 证券代码：600482 | 证券简称：中国动力 | 公告编号：2025-049 | | --- | --- | --- | | 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 关于监事会主席辞职的公告 徐万旭先生的辞职未导致公司监事会成员人数低于法定最低人数，不影响公司监 事会的正常运作。根据《中华人民共和国公司法》以及《中国船舶重工集团动力股份 有限公司章程》的相关规定，徐万旭先生的辞职报告自送达公司监事会之日起生效。 徐万旭先生在公司任职期间勤勉尽责，为公司规范运作、健康发展发挥了积极作 用，公司监事会对徐万旭先生任职期间为公司发展做出的贡献表示衷心感谢！ 特此公告。 中国船舶重工集团动力股份有限公司监事会 2025 年 7 月 12 日 1 本公司监事会及全体监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。 中国船舶重工集团动力股份有限公司（以下简称"公司"）监事会于近日收到公 司监事会主席徐万旭先生的书面辞职报告。因工作调动原因，徐万旭先生向监事会提 出辞去公司第八届监事会主席及监事职务。 ...

Group 1 - The China Shipbuilding sector saw an increase of 2.84%, ranking third among concept sectors, with ten stocks rising, including China Shipbuilding, Kunshan Intelligent, and China Heavy Industry, which rose by 7.38%, 7.37%, and 3.52% respectively [1][2] - The main capital inflow into the China Shipbuilding sector was 161 million yuan, with six stocks receiving net inflows, and five stocks seeing inflows exceeding 10 million yuan. China Shipbuilding led with a net inflow of 161 million yuan, followed by Kunshan Intelligent, China Ship Defense, and China Marine Defense with net inflows of 51.58 million yuan, 43.28 million yuan, and 14.72 million yuan respectively [2][3] - In terms of capital inflow ratios, Kunshan Intelligent, Jiuzhiyang, and China Ship Defense had the highest net inflow ratios at 7.93%, 5.65%, and 5.08% respectively [3] Group 2 - The trading performance of individual stocks within the China Shipbuilding sector showed varying results, with China Shipbuilding at 7.38% increase and a turnover rate of 3.98%, while Kunshan Intelligent had a 7.37% increase with a turnover rate of 33.19% [3] - Other stocks in the sector, such as China Heavy Industry and China Marine Defense, also showed positive performance with increases of 3.52% and 2.09% respectively, while some stocks like China Power and China Ship Technology experienced declines [4]

对此，中国动力解释，上半年，公司柴油机板块销售规模持续快速增长，合同结算大幅增加，主要产品 船用低速发动机的价格增长。公司深入贯彻"成本工程"，产品盈利能力提升。 长江商报记者发现，近几年，中国动力的毛利率、净利率持续双升。2025年一季度，公司毛利率 16.18%，同比上升5.53个百分点。 长江商报消息 船舶行业继续保持高景气，国内舰船动力及传动装备龙头企业中国动力（600482.SH）经 营业绩继续快速增长。 根据业绩预告，2025年上半年，中国动力预计实现归母净利润8亿元到11.5亿元，同比增长 68.28%到 141.90%。预计实现扣非净利润7亿元到10.5亿元，同比增长66.99%到150.49%。 中国动力市场底蕴深厚，市场地位领先。公司依托中国船舶集团及对应业务的科研院所，拥有强大的科 技创新能力和较为完备的科技创新体系。公司也积极投身研发，过去三年，年度研发投入均超过20亿 元。 中国动力的核心竞争力还表现在流动性充足。截至2025年一季度末，公司货币资金接近400亿元。 营收净利连续两年半双增 对于上半年预计业绩快速增长，中国动力解释，主要原因有两个，一个是船舶行业继续保持增长势头， 公 ...

Market Review - The A-share market rose by 1.22% during the week of June 30 to July 4, with strong performance in the glass and innovative drug sectors [2] - The average daily trading volume for the A-share market was 1.4384 trillion yuan, a decrease of 45 billion yuan from the previous week, indicating high market activity [2] - The average number of rising stocks decreased to 2,610, down by 1,012 from the previous week, reflecting a weakening profit effect [2] High Prosperity Sectors Outlook for Q2 2025 - High-growth potential sectors identified for Q2 2025 include optical modules, diesel generators, innovative drugs, and deep-sea technology [2] - The optical module sector is expected to maintain high growth due to increased data transmission rate requirements [29] - The diesel generator market is anticipated to see a rise in both volume and price as AIDC construction accelerates [37] - The innovative drug sector is benefiting from BD transactions and supportive policies, which are expected to enhance growth opportunities [39] - Deep-sea technology is showing high prosperity trends supported by policy initiatives [43] Key Themes - The "anti-involution" policy aims to promote the orderly exit of backward production capacity, facilitating high-quality industry development [3][47] - Deep-sea technology is positioned as a critical pillar of the marine economy, driving economic acceleration [3][54] - The global regulatory framework for stablecoins is rapidly taking shape, providing new opportunities for the internationalization of the renminbi [3][50] Policy Dynamics - The central bank is enhancing financial support for the real economy, with a focus on emerging industries and technology standards [4] - Recent policies emphasize the importance of high-quality development in the marine economy and the establishment of a unified national market [4][59] Industry Trends - The artificial intelligence sector is advancing with initiatives like the global multi-center plan for AI pathology models [5] - The TMT sector is seeing the introduction of the first national 6G industry policy in Beijing [5] - The biopharmaceutical sector is experiencing growth with increased clinical trials and innovations in brain-machine interfaces [5] - The deep-sea economy is being reinforced by the establishment of leadership groups to enhance industry coordination [5] - The high-end manufacturing sector is benefiting from the lifting of EDA export restrictions to China [5]

Group 1 - The core index of the China Securities Intelligent Selection Shipbuilding Industry Index decreased by 1.11%, closing at 1364.1 points with a trading volume of 15.999 billion [1] - Over the past month, the index has increased by 8.15%, 17.14% over the past three months, and 7.60% year-to-date [1] - The index includes 40 representative listed companies involved in ship materials, ship supporting, ship manufacturing, and shipping, reflecting the overall performance of the shipbuilding industry [1] Group 2 - The top ten weighted companies in the index are China Shipbuilding (14.81%), China Power (14.66%), China Heavy Industry (14.4%), China Ship Technology (6.66%), China Ship Defense (6.3%), Tianhai Defense (5.5%), China Marine Defense (5.42%), Zhenhua Heavy Industry (5.21%), Yaxing Anchor Chain (3.85%), and Weichai Heavy Machinery (3.39%) [1] - The index's holdings are primarily listed on the Shanghai Stock Exchange (81.63%) and the Shenzhen Stock Exchange (18.37%) [1] - The industry composition of the index holdings shows that industrial companies account for 93.98%, raw materials for 3.78%, and information technology for 2.24% [1] Group 3 - The index sample is adjusted every six months, with adjustments occurring on the next trading day after the second Friday of June and December [2] - The number of samples adjusted at each time generally does not exceed 20% [2] - Weight factors are adjusted along with sample changes, and special circumstances may lead to temporary adjustments [2]

截至7月9日收盘，中船系概念下跌2.12%，位居概念板块跌幅榜前列，板块内，中船汉光、昆船智能、 久之洋等跌幅居前。 中船系概念资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 600150 | 中国船舶 | -1.36 | 0.94 | -12699.88 | | 601989 | 中国重工 | -1.30 | 0.71 | -9831.75 | | 300527 | 中船应急 | -2.15 | 9.55 | -6571.73 | | 300847 | 中船汉光 | -5.51 | 16.70 | -5766.39 | | 600764 | 中国海防 | -1.74 | 2.19 | -4143.00 | | 600072 | 中船科技 | -1.68 | 1.95 | -4107.68 | | 600482 | 中国动力 | -1.17 | 0.66 | -2789.35 | | 300516 | 久之洋 | -2.39 | 4.18 | -1739.51 | | 301311 | ...