（编辑 丛可心） 证券日报网讯 12月12日，中国动力在互动平台回答投资者提问时表示，公司研发费用列示严格遵循会 计准则，主要用于自主技术研发与产品迭代。与关联方的合作均通过市场化协议开展，研发成果权属清 晰，不存在费用转嫁情形。 ...

Core Viewpoint - The company, China Power, is actively working to enhance its production capacity and output value through various strategies, including capacity structure adjustments and production line optimization [2] Group 1 - In October 2023, the company delivered low-speed diesel engines primarily fulfilling orders from the same year [2] - The current production capacity utilization rate is relatively high, indicating strong demand and operational efficiency [2] - The company plans to continue improving capacity utilization through measures such as shift adjustments and production line enhancements [2]

Core Insights - The shipbuilding industry is entering a recovery phase, with a significant increase in new orders for bulk carriers and oil tankers, indicating a demand acceleration [5][13][34] - The overall new ship orders in November showed a year-on-year growth of 3.5% in CGT, 37.6% in DWT, and 20.1% in monetary value, marking the first positive growth of the year [5][13] - The demand for Capesize bulk carriers is expected to rise due to the commencement of the Simandou iron ore project, which will significantly impact global shipping patterns [34][35] Section Summaries 1. Recent Updates: Recovery in Bulk Carrier and Oil Tanker Orders - November saw the first year-on-year increase in new ship orders, primarily driven by bulk carriers and oil tankers, with significant growth rates observed [5][13] - The total new ship orders reached 116 million DWT, with a notable acceleration in the second half of the year due to improved market conditions [5][13] 2. Bulk Carriers: Changes in Iron Ore Shipping Dynamics - The Simandou iron ore project is expected to alter the shipping landscape, with its production capacity potentially accounting for 10% of China's iron ore imports in 2024 [34][35] - The demand for Capesize vessels is projected to increase significantly, with estimates suggesting a need for an additional 22-23 Capesize ships in the near term [35] 3. Oil Tankers: Long-term Supply Shortages and Renewal Demand - The average age of the oil tanker fleet exceeds 14 years, with a significant portion of the fleet being over 20 years old, leading to a long-term supply shortage [65][71] - The current order book for oil tankers is insufficient to meet the renewal needs of aging vessels, indicating a tightening supply situation [65][71] 4. Container Ships: Changes Under Pressure, Support for Feeder Vessels - The container ship market has been influenced by geopolitical factors, with the Red Sea conflict causing rerouting and impacting effective capacity [79][82] - The demand for feeder vessels remains strong despite uncertainties surrounding the full restoration of Red Sea shipping routes [79][82] 5. LNG Ships: Natural Gas Capacity Expansion Driving New Orders - The expansion of natural gas production capacity is expected to drive an increase in new LNG ship orders, reflecting a growing demand for cleaner energy transportation [5][19]

Core Viewpoint - The company is actively developing products to meet the growing demand for diesel generator sets in data centers, leveraging its long-standing expertise in diesel engines and gas turbines used in land and offshore power generation [1] Group 1 - The company has a long history of providing diesel engines and gas turbines for land and offshore power generation applications [1] - The company is responding to the increasing demand for diesel generator sets from data centers by actively planning and developing relevant products [1]

证券日报网讯 12月9日，中国动力在互动平台回答投资者提问时表示，公司子公司中船河柴生产的中高 速柴油机产品主要应用于防务产业、陆用发电等领域，目前产能结构合理，暂无扩充产能计划。 （文章来源：证券日报） ...

Group 1 - The company is highly attentive to its stock price and capital market conditions, emphasizing the importance of improving company quality as a foundation for enhancing operational efficiency and profitability [2] - The company is committed to utilizing various methods to ensure that the investment value of the listed company is reasonably reflected in its quality [2]

Core Viewpoint - The company is actively developing products to meet the growing demand for diesel generator sets in data centers [1] Group 1 - The company's diesel engines and gas turbines have long been widely used in land and offshore power generation [1] - The company is focusing on research and development of products tailored for the data center sector [1]

Market Overview - The A-share market showed divergence on December 9, with the Shanghai Composite Index down 0.13% to 3918.83 points, while the Shenzhen Component Index rose 0.09% and the ChiNext Index increased by 1.07% [1] - The total trading volume in the A-share market reached 1.26 trillion yuan [1] Industry Developments - Nvidia is expected to re-enter the Chinese market, as the U.S. government announced it would allow Nvidia to sell its H200 AI chips to China, imposing a 25% fee per chip. This arrangement will also apply to other AI chip companies like AMD and Intel [3] - The Fujian Province's action plan for the electric ship industry (2026-2028) supports the construction and operation of electric sightseeing boats and ferries, particularly in the Xiamen-Kinmen route [3] - The Xiamen municipal measures to promote the integrated circuit industry include subsidies for companies involved in core equipment and key materials for semiconductor manufacturing [3] Sector Performance - The CPO concept stocks saw a resurgence, with companies like Shaanxi Huada and Dekeli leading the gains, while Fujian local stocks such as Anji Food and Longzhou Co. also experienced significant short-term increases [4] - The telecommunications sector led the market with an average increase of 3.82%, while coal and non-ferrous metals sectors saw declines of 1.87% and 1.72%, respectively [5] Company Insights - China Shipbuilding is recognized as the largest and most comprehensive listed shipbuilding giant globally, positioning it well to capitalize on the upturn in the global shipbuilding industry [8] - China Power's low-speed machinery products are essential for ocean-going vessels and are expected to benefit from the improving shipbuilding industry [8] - China Marine Defense, a leader in underwater defense equipment, is anticipated to expand its business in the context of rising demand for unmanned technologies [9] - China Shipbuilding Defense's products related to marine engineering platforms and wind power installation vessels are expected to benefit significantly from the national "deep-sea economy" strategy [9]

Group 1 - The core viewpoint of the news is that the China Shipbuilding sector experienced a significant rise in stock prices, with China Shipbuilding increasing by nearly 5% in early trading on December 9 [1] - Other companies in the China Shipbuilding sector, including China Power, China Shipbuilding Defense, and China Shipbuilding Han Guang, also saw their stock prices rise [1] Group 2 - The news highlights a positive market trend for the China Shipbuilding sector, indicating investor confidence and potential growth opportunities within the industry [1] - The early trading performance suggests a broader bullish sentiment in the sector, which may attract further investment [1]

Group 1 - The core viewpoint of the article is that China Power (600482.SH) has a long-standing application of its diesel engine products in land and marine power generation sectors [1] Group 2 - The company engages in the production of diesel engines that are utilized in various power generation applications [1]