香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，幷明確表示，概不對因本公告全部或任何部份內容而産生或因倚賴該等內 容而引致的任何損失承擔任何責任。 （在中華人民共和國註冊成立之股份有限公司） （H 股股票代碼：00317） 海外監管公告 本公司董事會及全體董事保證本公告內容不存在任何虛假記載、誤導性陳 述或者重大遺漏，並對其內容的真實性、準確性和完整性承擔法律責任。 此海外監管公告是根據香港聯合交易所有限公司證券上市規則第 13.10B 條發出。以下為中船海洋與防務裝備股份有限公司於上海證券交易所網站 (www.sse.com.cn）所刊發之【中船防務 2025 年半年度權益分派實施公 告】。 承董事會命 中船海洋與防務裝備股份有限公司 公司秘書 李志東 证券代码：600685 证券简称：中船防务 公告编号：2025-044 中船海洋与防务装备股份有限公司 2025 年半年度权益分派实施公告 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： 每股分配比 ...

Core Viewpoint - The maritime equipment sector experienced a decline of 0.39% on October 16, with Guorui Technology leading the losses, while the Shanghai Composite Index rose by 0.1% and the Shenzhen Component Index fell by 0.25% [1] Group 1: Market Performance - The closing price of Zhongke Haixun was 50.10, with an increase of 4.94%, while China Shipbuilding closed at 35.29, down by 0.11% [1] - The total trading volume for Zhongke Haixun was 131,000 shares, with a transaction value of 646 million yuan [1] - The maritime equipment sector saw a net outflow of 172 million yuan from main funds, while retail investors contributed a net inflow of 149 million yuan [1] Group 2: Fund Flow Analysis - Zhongke Haixun had a net inflow of 25.09 million yuan from main funds, while Jianglong Shipbuilding experienced a net outflow of 3.23 million yuan [2] - Guorui Technology faced a net outflow of 10.46 million yuan from main funds, but saw a net inflow of 11.54 million yuan from retail investors [2] - China Shipbuilding had a net outflow of 49.15 million yuan from main funds, with retail investors contributing a net inflow of 57.55 million yuan [2]

Core Points - The New Zealand government has awarded a contract to China Shipbuilding Group's Guangzhou Shipyard International for the construction of two large roll-on/roll-off ferries [1][2] - Each ferry will be 200 meters long, capable of carrying approximately 1,500 passengers and 40 train carriages, with an expected delivery date in 2029 [1] - The project was initially planned to be constructed by South Korea's Hyundai Heavy Industries but was canceled due to significant cost overruns in port infrastructure [2] Company and Industry Summary - The contract for the ferries marks a significant collaboration between New Zealand and a Chinese shipbuilding company, indicating a shift in procurement strategies following the cancellation of the previous project [1][2] - The specific cost of the new ferries is still under negotiation, highlighting ongoing discussions regarding project financing and budget management [2]

Core Points - New Zealand government has awarded a contract to China Shipbuilding Group's Guangzhou Shipyard International for the construction of two large ferries, replacing the previously canceled iReX project with South Korea's Hyundai Heavy Industries [1][5] - The new ferries are expected to save taxpayers "billions of New Zealand dollars" and are projected to be delivered by 2029 [1][6] Group 1: Project Background - The iReX project was initiated in 2020 to replace aging inter-island ferries, but was canceled in December 2023 due to a significant cost overrun, with total costs ballooning from an initial budget of NZD 1.45 billion to NZD 4 billion [5][6] - The average age of the current ferry fleet in New Zealand is 28 years, leading to frequent breakdowns and operational disruptions [2][4] Group 2: New Ferry Specifications - The new ferries will each be 200 meters long, accommodating 1,500 passengers and providing 2.4 kilometers of lane space for trucks, cars, and 40 railway carriages [4] - Infrastructure upgrades will accompany the new ferries, including new docks and ferry connection bridges at Picton and Wellington ports [4] Group 3: Financial Implications - The cancellation of the iReX project resulted in a total expenditure of NZD 671 million without any ferries being produced, including NZD 449 million for land-side infrastructure and project management costs [6] - The current government aims to control project costs within the original 2020 budget, emphasizing the potential for significant savings for taxpayers [6][8] Group 4: Industry Context - China is currently the world's largest shipbuilding nation, with a shipbuilding volume exceeding that of all other countries combined [7] - The global shipbuilding industry is experiencing volatility due to U.S. policies, but trade with Chinese shipbuilders remains unaffected [7][8]

Group 1 - The core viewpoint of the news is that the China Shipbuilding sector has shown a positive performance with a 0.83% increase, ranking 7th among concept sectors, driven by several stocks like Kunshan Intelligent and China Shipbuilding [1][2] - Within the China Shipbuilding sector, eight stocks experienced gains, with Kunshan Intelligent leading at a 6.40% increase, followed by China Shipbuilding and China Ship Defense with increases of 1.73% and 1.25% respectively [1][3] - The sector saw a net inflow of 303 million yuan from main funds, with China Shipbuilding receiving the highest net inflow of 264 million yuan [2][3] Group 2 - The main fund inflow ratios for leading stocks in the China Shipbuilding sector were 10.47% for China Ship Defense, 8.07% for Kunshan Intelligent, and 6.36% for China Shipbuilding [3][4] - The trading volume and turnover rates for key stocks in the sector were notable, with Kunshan Intelligent having a turnover rate of 14.18% and China Shipbuilding at 1.56% [3][4] - Stocks that faced declines included China Ship Special Gas and ST Emergency, with decreases of 4.93% and 1.20% respectively [1][4]

Core Insights - The marine equipment sector experienced a rise of 1.48% on October 14, with Jianglong Shipbuilding leading the gains [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Sector Performance - Jianglong Shipbuilding (300589) closed at 13.40, up 3.16% with a trading volume of 221,800 shares and a transaction value of 295 million [1] - China Shipbuilding (600150) closed at 35.29, up 1.73% with a trading volume of 1,172,800 shares and a transaction value of 4.145 billion [1] - Tianhai Defense (300008) closed at 6.54, up 1.71% with a trading volume of 1,085,800 shares and a transaction value of 710 million [1] - Other notable performers include China Marine Defense (600685) and China Haifang (600764), with respective increases of 1.25% and 1.18% [1] Capital Flow - The marine equipment sector saw a net inflow of 434 million from institutional investors, while retail investors experienced a net outflow of 223 million and 212 million respectively [1] - Detailed capital flow for key stocks indicates that China Shipbuilding had a net inflow of 30 million from institutional investors, while Tianhai Defense saw a net inflow of 70.72 million [2] - Conversely, Guorui Technology (300600) experienced a significant net outflow of 24.69 million from institutional investors [2]

Core Viewpoint - China Shipbuilding Industry is experiencing a significant stock price increase, with China Shipbuilding Defense (中船防务) rising nearly 6% amid investigations related to U.S. 301 tariffs and potential impacts on the shipping and shipbuilding sectors [1] Group 1: Market Reaction - China Shipbuilding Defense's stock price rose by 4.72% to HKD 15.75, with a trading volume of HKD 80.2174 million [1] Group 2: Government Actions - The Ministry of Transport, in collaboration with the Ministry of Industry and Information Technology, is investigating the impact of U.S. 301 investigations on China's shipping and shipbuilding industries, focusing on potential discriminatory measures against Chinese entities [1] Group 3: Future Outlook - According to Shenwan Hongyuan, China's countermeasures against the U.S. could present historical opportunities for the shipping industry; if U.S. investments in Chinese shipbuilding are exempted, there could be a surge in Chinese shipbuilding orders [1] - The potential for U.S.-China negotiations to lead to the cancellation of the 301 investigation would be beneficial for the shipbuilding sector; additionally, if China begins purchasing U.S. oil, it may extend shipping distances [1]

Core Viewpoint - China Shipbuilding Industry is experiencing a positive market reaction, with China Shipbuilding Defense (00317) seeing a nearly 6% increase in stock price, attributed to government investigations into the impact of U.S. 301 investigations on the shipping and shipbuilding industries [1] Group 1: Market Reaction - China Shipbuilding Defense's stock rose by 4.72% to HKD 15.75, with a trading volume of HKD 80.2174 million [1] Group 2: Government Actions - The Ministry of Transport, in collaboration with the Ministry of Industry and Information Technology, is investigating the potential impacts of U.S. 301 investigations on China's shipping and shipbuilding industries, focusing on discriminatory measures against Chinese entities [1] - Starting from October 14, the Ministry of Transport announced a special port fee for U.S. vessels, indicating a retaliatory measure against U.S. actions [1] Group 3: Future Outlook - Shenwan Hongyuan suggests that China's countermeasures could present historical opportunities for the shipping industry, particularly if U.S. investments in Chinese shipbuilding are exempted, potentially leading to a surge in shipbuilding orders [1] - The potential for U.S.-China negotiations to lead to the cancellation of the 301 investigation could be beneficial for the shipbuilding sector, alongside the possibility of China purchasing U.S. oil, which would increase shipping distances [1]

Core Viewpoint - 中船防务 has shown a positive stock performance with a year-to-date increase of 17.48% and a recent trading volume indicating active investor interest [1][2] Financial Performance - For the first half of 2025, 中船防务 reported a revenue of 10.173 billion yuan, representing a year-on-year growth of 16.54% [2] - The net profit attributable to shareholders reached 526 million yuan, marking a significant increase of 258.46% compared to the previous period [2] Stock Market Activity - As of October 14, 中船防务's stock price was 27.76 yuan per share, with a market capitalization of 39.239 billion yuan [1] - The stock experienced a net inflow of 3.6948 million yuan from main funds, with large orders contributing significantly to the buying activity [1] Shareholder Information - As of June 30, 中船防务 had 78,400 shareholders, a decrease of 6.62% from the previous period [2] - The top ten circulating shareholders include several ETFs, with 富国中证军工龙头 ETF being the third largest shareholder, holding 7.8859 million shares [3]

Investment Rating - The industry investment rating is maintained at "Overweight" [5] Core Viewpoints - The military industry is entering a medium to long-term layout turning point, with significant investment opportunities emerging due to international political turbulence and domestic military modernization efforts [4][5] - The recent unveiling of the J-35 aircraft production line indicates a continuous enhancement of national military strength, which is expected to lead to a rapid development phase in military trade [7] - The acceleration of satellite launches suggests that the commercial aerospace industry is poised for a new phase of rapid growth, benefiting related enterprises in the supply chain [7] Summary by Relevant Sections Recent Industry Performance - Over the past 12 months, the absolute return of the industry is 21.1%, while the relative return compared to the CSI 300 is 4.39% [3] Key Events - The "Peace and Friendship - 2025" joint military exercise between China and Malaysia is set to take place from October 15 to 23, involving over 1,000 personnel and more than 500 pieces of equipment [5] Investment Highlights - The military industry is expected to see a rebound after previous adjustments, with increasing investment value highlighted by the upcoming "14th Five-Year Plan" conclusion and ongoing geopolitical tensions [8] - The report suggests focusing on specific stocks such as AVIC Xi'an Aircraft Industry Group, AVIC Shenyang Aircraft Corporation, and others within the military sector [8]