Market Overview - The other power equipment sector experienced a decline of 0.57% compared to the previous trading day, with Haibosi leading the drop [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] Stock Performance - Notable gainers in the other power equipment sector included: - Xinfeng Energy (300593) with a closing price of 31.15, up 3.83%, and a trading volume of 622,600 shares, totaling 1.893 billion yuan [1] - ST Yishite (300376) closed at 6.45, up 3.20%, with a trading volume of 346,900 shares, totaling 224 million yuan [1] - Oulu Tong (300870) closed at 232.90, up 2.68%, with a trading volume of 166,400 shares, totaling 1.540 billion yuan [1] - Decliners included: - Haidao Feitan (688411) closed at 259.79, down 5.03%, with a trading volume of 31,500 shares, totaling 818 million yuan [2] - Xizi Clean Energy (002534) closed at 17.23, down 3.20%, with a trading volume of 140,600 shares, totaling 245 million yuan [2] - ST Huaxi (002630) closed at 2.58, down 3.01%, with a trading volume of 251,200 shares, totaling 65.3 million yuan [2] Capital Flow - The other power equipment sector saw a net outflow of 800.3 million yuan from institutional investors, while retail investors experienced a net inflow of 490 million yuan [2] - The capital flow for specific stocks showed: - Oulu Tong (300870) had a net inflow of 13.5 million yuan from institutional investors, but a net outflow of 139 million yuan from retail investors [3] - Xinfeng Energy (300593) had a net inflow of 54.67 million yuan from institutional investors, with a net outflow of 112 million yuan from retail investors [3] - Keda (002518) had a net inflow of 23.04 million yuan from institutional investors, but a net outflow of 26.74 million yuan from retail investors [3]

Investment Rating - The report maintains a "Strong Buy" investment rating for China Power [1][3]. Core Views - China Power is currently undervalued due to the pressure on ship market volume and prices this year. However, there are signs of recovery in the short term, and long-term growth is expected from bulk carriers and oil tankers, along with the trend towards alternative fuels [1][7]. - The company is positioned as a leading player in the domestic ship engine market, with a significant increase in revenue and profit expected in the coming years [7][9]. Summary by Relevant Sections Financial Performance - For the first three quarters of 2025, China Power achieved revenue of 40.97 billion yuan, a year-on-year increase of 12%, and a net profit attributable to shareholders of 1.21 billion yuan, up 63% year-on-year [7][9]. - The company’s revenue growth rates are projected at 17% for 2025, 15% for 2026, and 12% for 2027, with net profits expected to reach 2.2 billion yuan, 3.1 billion yuan, and 4.25 billion yuan respectively [8][70]. Market Outlook - The ship market is showing signs of recovery, with expectations for increased demand for bulk carriers and oil tankers. The aging fleet and low order-to-capacity ratios for these vessels indicate a tightening supply in the future [2][30][35]. - The report highlights that the global shipbuilding market is currently in an upward cycle driven by the need for fleet renewal and compliance with environmental regulations [23][24]. Valuation - China Power's current price-to-book (PB) ratio is below 1.2, and the projected price-to-earnings (PE) ratio for 2026 is only 15 times, both indicating a significant undervaluation compared to historical averages [7][72]. - The company has over 40 billion yuan in cash, which is close to its market capitalization, providing a strong safety margin for investors [15][72]. Business Segments - The diesel engine segment is becoming the core profit driver for China Power, with its revenue share increasing significantly. By 2027, it is expected to contribute approximately 30 billion yuan to net profits [11][70]. - The report emphasizes the structural opportunities in the ship engine market due to the rising penetration of alternative fuels and the expected increase in orders and prices for ship engines [7][57].

Core Viewpoint - The announcement from Kexuan Power Holdings (00476) indicates a legal decision from the Chongqing Arbitration Commission regarding the sale of Chongqing Zhongtong New Energy Vehicle Technology Co., Ltd. and the associated financial obligations [1] Group 1: Legal Proceedings - The company and its wholly-owned subsidiary, China Power (600482) New Energy Technology Co., Ltd., received a statutory demand letter dated December 24, 2025, from legal advisors representing creditors [1] - The statutory demand requires the company (as guarantor) and China Power (as the primary debtor) to repay a total of RMB 38.9672 million within three weeks of receiving the demand [1] - The amount includes the price paid by the buyer under the sale agreement dated June 2, 2023, along with penalties and compensation [1] Group 2: Financial Implications - If the repayment is not made, creditors may file for liquidation against both the company and China Power [1]

Core Viewpoint - The announcement from Kexuan Power Holdings (00476) indicates a legal ruling from the Chongqing Arbitration Commission regarding the sale of Chongqing Zhongtong New Energy Vehicle Technology Co., Ltd. and highlights potential financial liabilities for the company and its subsidiary [1] Group 1: Legal and Financial Implications - The company and its wholly-owned subsidiary, China Power New Energy Technology Co., Ltd., received a statutory demand letter on December 24, 2025, from legal representatives acting on behalf of creditors [1] - The statutory demand requires the company and China Power to repay a total of RMB 38.9672 million within three weeks of receiving the demand, which includes the price paid by the buyer under the sale agreement dated June 2, 2023, along with penalties and compensation [1] - Failure to repay the amount may result in creditors filing for liquidation against both the company and China Power [1]

Core Viewpoint - The other power equipment sector experienced a significant increase of 3.7% on December 24, with Xinle Energy leading the gains, reflecting positive market sentiment in this industry [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3940.95, up by 0.53%, while the Shenzhen Component Index closed at 13486.42, up by 0.88% [1]. - Notable stocks in the other power equipment sector included: - Xinfu Energy (300593) with a closing price of 30.24, up by 20.00% and a trading volume of 632,300 shares, totaling a transaction value of 1.83 billion [1]. - Zhongheng Electric (002364) closed at 27.67, up by 10.02% with a trading volume of 547,300 shares [1]. - Jinshi Technology (002951) closed at 15.29, up by 10.00% with a transaction value of 209 million [1]. Group 2: Capital Flow - The other power equipment sector saw a net inflow of 1.933 billion in main funds, while retail investors experienced a net outflow of 762 million [2]. - The capital flow for key stocks included: - Maigemit (002851) had a main fund net inflow of 460 million, but retail funds saw a net outflow of 189 million [3]. - Zhongheng Electric (002364) had a main fund net inflow of 401 million, with retail funds experiencing a net outflow of 210 million [3]. - Shanghai Electric (601727) recorded a main fund net inflow of 83.28 million, while retail funds had a net outflow of 21.53 million [3].

Investment Rating - The report maintains a positive outlook on the shipping industry, particularly recommending stocks such as China Shipbuilding, China Power, and Sumec [4]. Core Insights - The report highlights the launch of the first shipping industry index fund on December 19, 2025, and notes a continued increase in second-hand ship prices, with a 5-year-old VLCC price rising by $2 million to $120 million [4]. - Seasonal fluctuations are observed in freight rates, with oil and bulk carrier second-hand prices increasing. The report recommends stocks like COSCO Shipping and China Merchants Energy [4]. - The report anticipates a significant improvement in airline profitability due to supply constraints and increasing passenger demand, recommending stocks such as China Eastern Airlines and Spring Airlines [4]. Summary by Sections Shipping Industry - The second-hand ship price index increased by 0.38% to 194.32 points, with a recommendation for COSCO Shipping and China Merchants Energy [4]. - VLCC freight rates decreased by 11% to $101,623 per day, while Suezmax rates increased by 9% to $78,107 per day [4]. Airline Sector - The report indicates that the global aircraft manufacturing chain is facing unprecedented challenges, with an aging fleet and supply constraints expected to continue [4]. - Airlines are projected to experience significant profitability improvements, with recommendations for stocks such as China Eastern Airlines and China Southern Airlines [4]. Logistics and Express Delivery - The express delivery sector is entering a new phase of competition, with three potential scenarios outlined for industry performance [4]. - Recommended stocks include Shentong Express and Yunda Holdings, with a focus on companies benefiting from Southeast Asian e-commerce growth [4]. Rail and Road Transport - Rail freight volume and highway truck traffic are expected to maintain steady growth, with data showing a slight decrease in freight volume [4]. - The report suggests that traditional high-dividend investment themes and potential value management catalysts will be key investment lines through 2025 [4].

Investment Rating - The report maintains a positive outlook on the shipping industry, particularly recommending stocks such as China Shipbuilding, China Power, and Sumec [4]. Core Insights - The launch of the first shipping industry index fund on December 19, 2025, indicates a growing interest in the sector. The prices of second-hand ships continue to rise, with a notable increase in the price of 5-year-old VLCC ships by $2 million to $120 million [4]. - The report highlights a seasonal decline in freight rates as the Christmas holiday approaches, while the prices of oil and bulk second-hand ships are on the rise. The second-hand bulk carrier price index increased by 0.38% to 194.32 points [4]. - The report emphasizes the resilience of the air transport sector, predicting significant improvements in airline profitability due to supply constraints and increasing passenger demand, recommending stocks like China Eastern Airlines and Spring Airlines [4]. Summary by Sections Shipping Industry - The report notes that the second-hand ship market is experiencing a positive trend, with specific recommendations for stocks such as China Shipbuilding and China Power [4]. - VLCC freight rates have decreased by 11% week-on-week, averaging $101,623 per day, while the Middle East to Far East route recorded $109,772 per day [4]. - The report anticipates that shipping rates may face downward pressure but highlights shipowners' reluctance to significantly lower prices [4]. Air Transport - The report indicates that the global aircraft manufacturing chain is facing unprecedented challenges, with an aging fleet expected to continue. The report suggests that airlines are poised for a golden era of profitability due to improved operational metrics and demand recovery [4]. - Recommended stocks in the airline sector include China Eastern Airlines, China Southern Airlines, and Cathay Pacific [4]. Logistics and Express Delivery - The express delivery sector is entering a new phase of competition, with three potential scenarios outlined for industry performance. Recommendations include Shentong Express and Yunda Express, with a focus on companies benefiting from Southeast Asian e-commerce growth [4]. - The report notes that the logistics demand remains robust, with rail freight and highway truck traffic showing steady growth [4]. Market Performance - The transportation index rose by 2.04%, outperforming the Shanghai Composite Index by 2.31 percentage points. The air transport sector saw the highest increase at 6.84% [5][12]. - The report provides insights into the performance of various sub-sectors within transportation, highlighting the resilience of air transport and the challenges faced by the express delivery sector [5][12].

Core Viewpoint - The company, China Shipbuilding Industry Group Power Co., Ltd., plans to sign a financial service agreement with China Shipbuilding Finance Co., Ltd. for the year 2026, which includes various financial services such as deposits, loans, and foreign exchange services, with specific transaction limits set for each service type [1][2][14]. Group 1: Financial Service Agreement Details - The financial service agreement will allow the company to utilize up to 55 billion RMB in daily deposits, 8 billion RMB in daily loans, and a total annual credit limit of 15.3 billion RMB [1][2]. - The agreement aims to enhance the efficiency of fund utilization and reduce financing costs by leveraging the professional services of the company's indirect controlling shareholder, China Shipbuilding Group [2][14]. - The agreement is subject to approval by the shareholders' meeting, with related shareholders required to abstain from voting [2][16]. Group 2: Transaction Limits and Types - The daily maximum deposit balance is set at 55 billion RMB, while the daily maximum loan balance is capped at 8 billion RMB, and other financial services are limited to 7.2 billion RMB [1][2][12]. - The types of services provided under the agreement include deposit services, settlement services, loan services, credit services, and foreign exchange services [6][10][12]. - The pricing for these services will adhere to the regulations set by the People's Bank of China and will not exceed the rates offered by major domestic commercial banks [12][13]. Group 3: Impact and Purpose of the Agreement - The agreement is expected to provide comprehensive financial support to the company, ensuring stable funding and smooth financing channels, which can help save on financial transaction costs and lower financing risks [14][37]. - The flexibility of borrowing from China Shipbuilding Finance can alleviate the company's funding gaps and meet its financial needs [14][37]. - The transaction is structured to be voluntary, equitable, and in good faith, ensuring that it does not harm the interests of the company or its shareholders [14][37]. Group 4: Approval Process - The agreement was approved by the company's board of directors and independent directors, with the independent directors affirming that the financial company possesses the qualifications to provide financial services [15][19]. - The board's decision to proceed with the agreement will be presented to the shareholders' meeting for final approval [16][19].

●本次日常关联交易事项有利于中国船舶重工集团动力股份有限公司（以下简称 "公司"，含公司下属全资及控股子公司，下同）业务的开展，是公司生产经营的客 观需要，不会对公司的财务状况、经营成果产生不利影响，不影响公司的独立性，符 合公司和全体股东的利益。 ●本次关联交易事项尚需提交公司股东会审议，关联股东将在股东会上对相关议 案回避表决。 一、日常关联交易基本情况 | 证券代码：600482 证券简称：中国动力 | 公告编号：2025-081 | | --- | --- | | 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 2025 年度日常关联交易执行情况及 2026 年度日常关联交易预计情况的公告 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）日常关联交易履行的审议程序 2025年12月19日，公司第八届董事会第十九次会议审议通过了《关于公司2025年 度日常关联交易执行情况及2026年度日常关联交易预计情况的议案》，4位关联董事回 避表决，非关联董事以5 ...

（一）交易目的 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： | 交易目的 | □获取投资收益 套期保值（合约类别：商品；外汇；其他：专利引进） | | | --- | --- | --- | | | □其他：________ | | | 交易品种 | 远期结售汇 | | | 交易金额 | 预计动用的交易保证金和权利金 上限（单位：万元） | 150,000 | | | 预计任一交易日持有的最高合约 价值（单位：万元） | 700,000 | | 资金来源 | 自有资金 □借贷资金 □其他：___ | | | 交易期限 | 至股东会审议通过下年度金融衍生业务之日止 | | | 证券代码：600482 | 证券简称：中国动力 | 公告编号：2025-084 | | --- | --- | --- | | 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 2026 年度开展外汇衍生品交易的公告 交易主要情况： 本事项已经中国船舶重工集团动力股份有限公司（ ...