（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（ ...

| 证券代码：600482 | 证券简称：中国动力 | 公告编号：2025-082 | | --- | --- | --- | | 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 关于与中船财务有限责任公司签订 2026 年 度《金融服务协议》暨关联交易的公告 本公司董事会、全体董事及相关股东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： 本次交易简要内容：中国船舶重工集团动力股份有限公司（以下简称"公 司"，含下属全资及控股子公司，下同）拟与中船财务有限责任公司（以下简称 "中船财务"）签订《金融服务协议》。中船财务将为公司办理相关金融业务，主 要包括存款、结算、贷款、授信、外汇服务以及经国家金融监督管理总局批准的 其他金融服务。在协议有效期内，公司在中船财务的日最高存款余额不超过 550 亿元人民币，日最高贷款余额不超过 80 亿元人民币，年度授信总额不超过 153 亿元人民币，其他金融业务（含保函、信用证和金融衍生业务等）不超过 72 亿 元人民币，有效期至股东会审议通过下年度金融 ...

中国船舶重工集团动力股份有限公司 关于开展外汇衍生品交易业务 的可行性分析报告 一、业务背景 中国船舶重工集团动力股份有限公司（以下简称"公司"，含所 属全资及控股子公司，下同）部分产品销售、进口零部件采购和专利引进 以外币计价，产品建造周期较长、并分别按照相应建造节点收款，为有效规 避汇率风险，降低风险敞口，减少汇率波动对公司进出口合同预期收付汇 及手持外币资金产生的不利影响，公司在遵守国家政策法规的前提下，坚持 汇率中性原则，不以投机为目的，严守套期保值原则，开展外汇衍生品交 易。 二、基本情况 1.交易工具 结合公司目前外汇衍生品交易存量余额，预计 2026 年度任一交易 日持有的最高合约价值不超过 70 亿元（含等值外币）。 公司拟开展的外汇衍生品交易选用远期结售汇。远期结售汇业务 的规模、期限与进出口合同相关的资金头寸及收付款节点一一对应，不 超过需要保值金额的 100%。 2.交易目的 公司采用远期结售汇合约，对冲进出口合同预期收付汇的汇率波动 风险，其中远期结售汇合约是套期工具,进出口合同预期收付汇是被套期 项目。套期工具与被套期项目在经济关系、套期比率、时间都满足套期 有效性、且不被信用风险主 ...

| | 证券简称：中国动力 债券简称：动力定 02 | 公告编号：2025-079 | | --- | --- | --- | | 证券代码：600482 债券代码：110808 | | | 中国船舶重工集团动力股份有限公司 2025年第三次临时股东会决议公告 (四) 表决方式是否符合《公司法》《公司章程》的规定，股东会主持情况等。 (一) 股东会召开的时间：2025 年 12 月 19 日 (二) 股东会召开的地点：北京市海淀区昆明湖南路 72 号 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 本次股东会由公司董事会召集，公司董事长李勇先生主持。本次股东会 采取现场和网络投票相结合的方式，符合《公司法》及《公司章程》的规定。 (五) 公司董事和董事会秘书的出席情况 1、公司在任董事9人，出席2人，董事张鑫先生、桂文彬先生、付向昭先 生、贾露瑶女士、独立董事张学兵先生、邵志刚先生、林赫先生因工作原因 未能出席本次会议； 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： 本次会议是否有否决 ...

法律意见 北京德恒律师事务所 关于 中国船舶重工集团动力股份有限公司 2025 年第三次临时股东会的 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话:010-52682888 传真:010-52682999 邮编:100033 北京德恒律师事务所 关于中国船舶重工集团动力股份有限公司 2025 年第三次临时股东会的法律意见 北京德恒律师事务所 关于中国船舶重工集团动力股份有限公司 2025 年第三次临时股东会的 法律意见 德恒 01G20250942 号 致：中国船舶重工集团动力股份有限公司 中国船舶重工集团动力股份有限公司（以下简称"公司"）2025 年第三次 临时股东会（以下简称"本次会议"）于 2025 年 12 月 19 日（星期五）召开。 北京德恒律师事务所（以下简称"本所"）受公司委托，根据《中华人民共和国 公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称 "《证券法》"）、中国证券监督管理委员会《上市公司股东会规则》（以下简 称"《股东会规则》"）、《中国船舶重工集团动力股份有限公司章程》（以下 简称"《公司章程》"）的相关规定，指派律师对本次会议的召集、召开 ...

| 证券代码：600482 | 证券简称：中国动力 | 公告编号：2025-080 | | --- | --- | --- | | 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 第八届董事会第十九次会议决议公告 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。 中国船舶重工集团动力股份有限公司（以下简称"公司"）第八届董事会第 十九次会议于 2025 年 12 月 19 日上午 10:30 以现场结合通讯方式召开，会议通知 于 2025 年 12 月 12 日以专人送达或电子邮件方式发出。公司应出席董事 9 名，实 际出席董事 9 名，其中以通讯表决方式出席本次会议的董事 7 名。会议由公司董 事长李勇先生主持召开，公司高级管理人员列席了会议。 本次会议的召开符合《中华人民共和国公司法》等法律、行政法规及规范性 文件和《中国船舶重工集团动力股份有限公司章程》的有关规定。 经与会董事审议，一致通过如下决议： 一、审议通过《关于公司 2025 年度日常关联交易执行情况及 2026 年度日 ...

每经头条（nbdtoutiao）——海南封关首日直击：为中国探路，全球最大自贸港如何重塑开放边界？ （记者 曾健辉） 截至发稿，中国动力市值为457亿元。 每经AI快讯，中国动力（SH 600482，收盘价：20.3元）12月19日晚间发布公告称，截至公告披露日， 公司及控股子公司对外担保总额为5.55亿元，占公司最近一期经审计净资产的1.09%，均为公司向控股 子公司或公司控股子公司之间提供的担保。 2024年1至12月份，中国动力的营业收入构成为：工业占比99.15%，其他业务占比0.85%。 ...

Summary of China Power's Conference Call Company Overview - **Company**: China Power, a subsidiary of China Shipbuilding Industry Corporation (CSIC), focuses on marine power equipment, including gas, steam, and diesel engines, as well as integrated power and chemical power systems [4][12]. Industry Insights - **Global Shipping Cycle**: The current shipping cycle, which began in 2021, is characterized by a demand for replacement rather than new orders, with newbuilding prices rising significantly from an index of 120 in 2021 to nearly 190 in 2024 [14]. - **Market Dynamics**: The shipbuilding industry has shifted from oversupply to undersupply, with the China Shipbuilding Industry Association Index (CCI) surpassing 700 points in 2022, indicating a robust market environment [16]. Key Financial Metrics - **Market Valuation**: China Power's market capitalization is approximately 40 billion yuan, with a price-to-book (PB) ratio of about 1.1 and an expected price-to-earnings (PE) ratio in the teens by 2026, indicating a low valuation [2][6]. - **Revenue and Profit Growth**: In the first three quarters of 2025, revenue grew by 12% and profit increased by 63%, driven by rising prices and declining raw material costs [4][12]. Competitive Position - **Market Share**: China Power holds a 40%-50% market share in the marine diesel engine manufacturing sector, with a production capacity nearing 10 million horsepower [7][10]. - **Core Competitiveness**: The company benefits from its integration of multiple subsidiaries, enhancing its competitive edge in the marine diesel engine market [4][12]. Supply and Demand Dynamics - **Supply Constraints**: Limited expansion capacity in coastal workshops and high costs of dual-fuel engines restrict supply, while aging bulk carriers and tankers create new demand [8][10]. - **Future Demand**: The demand for new ships is expected to grow, supported by the operational commencement of the Simandou iron ore project and the Federal Reserve's interest rate cuts [2][5]. Pricing Trends - **Price Increases**: Since 2021, the price per horsepower has increased annually, with a projected average increase of about 6% in 2024. The gross margin has improved from 12.9% in 2021 to 21% in 2024 due to declining steel costs [9][11]. Strategic Outlook - **Future Capital Operations**: With substantial cash reserves, China Power may pursue acquisitions, including the remaining stake in China Shipbuilding Diesel Engine and WGD, to enhance profit elasticity and capitalize on the shipping cycle [13][15]. - **Long-term Growth Potential**: The company is expected to benefit from the ongoing shipbuilding cycle and the demand for dual-fuel engines driven by new environmental regulations [22]. Regulatory Impact - **IMO Environmental Regulations**: New regulations from the International Maritime Organization (IMO) are expected to drive demand for more environmentally friendly engines, further stimulating new orders [19][20]. Conclusion - **Investment Recommendation**: Given the favorable market conditions, strong financial performance, and significant growth potential, China Power is recommended as a strong investment opportunity, with a projected market value increase to 65-70 billion yuan or higher [22].

Group 1 - The core viewpoint of the news is that the China Shipbuilding sector experienced a slight increase of 0.15%, ranking 8th among concept sectors, with two stocks rising and several others declining significantly [1] - The stock "Jiu Zhi Yang" saw a notable increase of 20%, reaching the daily limit, while "China Shipbuilding Defense," "China Power," and "China Shipbuilding" faced declines of 4.66%, 3.06%, and 2.96% respectively [1][4] - The main funds in the China Shipbuilding sector experienced a net outflow of 424 million yuan, with "Jiu Zhi Yang" being the only stock to attract significant net inflow of 101 million yuan [3] Group 2 - Among the stocks in the China Shipbuilding sector, "Jiu Zhi Yang" had a trading volume of 10,099.51 million yuan and a net inflow ratio of 6.21%, while "China Special Gas" had a net inflow ratio of 8.57% [3] - The stocks that faced the largest net outflows included "China Shipbuilding Defense" with a net outflow of 15,548.51 million yuan and "China Ship" with a net outflow of 28,875.41 million yuan [4]

Core Insights - The report from CMB International highlights a robust growth in China's power battery industry in November, driven by strong demand and favorable policies, indicating a clear trend of "anti-involution" in the industry [1][2] Group 1: Industry Performance - In November, the installed capacity of power batteries in mainland China reached 93.5 GWh, reflecting a year-on-year increase of 39.2% and a month-on-month increase of 11.2% [2] - The export of batteries remained strong, with a total export of 32.2 GWh in November, marking a year-on-year increase of 46.5% and a month-on-month increase of 14.1% [2] - Lithium iron phosphate batteries accounted for 80.5% of the total installed capacity, with a significant year-on-year increase of 40.7% [2] Group 2: Price Trends - The trend of "anti-involution" continues in the lithium battery industry, with prices across the supply chain generally rising due to government initiatives aimed at curbing irrational price competition [3] - The price of lithium hexafluorophosphate has reached 180,000 CNY per ton, while battery-grade lithium carbonate has surpassed 95,500 CNY per ton [3] - Companies like Suzhou Dejia Energy Technology have announced price increases of 15% for their battery products starting December 16, due to rising raw material costs [3] Group 3: Production Plans - December production plans indicate a continued increase in battery production, with domestic companies planning to produce 148.8 GWh, a month-on-month increase of 2.3% [4] - The production of separator materials is expected to rise by 2.6%, while the production of electrolyte is projected to increase by 1.4%, reflecting strong downstream demand [4] - The lithium battery sector has experienced a correction, with the Wande Lithium Battery Index down approximately 12% from its peak, presenting a potential investment opportunity [4] Group 4: Investment Recommendations - The report suggests focusing on leading companies with cost and technological advantages, particularly CATL (宁德时代), as the industry fundamentals remain strong and production continues to rise [1][4]