Core Viewpoint - The report from Jianyin International sets a target price of HKD 23.7 for China Shipbuilding Defense (00317), reflecting improved earnings visibility and easing trade tensions [1] Group 1: Earnings Forecast - The forecast for net profit from 2025 to 2027 has been raised by 24% to 32% due to seasonal factors in the shipbuilding industry and more optimistic gross margin assumptions [1] - The company’s subsidiary, Huangpu Wenchong, currently holds approximately RMB 54 billion in new ship orders, which is expected to support an annual compound growth rate of 70% in earnings from 2025 to 2027 [1] Group 2: Valuation and Rating - The strong earnings growth outlook makes the company's valuation attractive, leading to a reaffirmation of the "outperform" rating [1]

证券代码：600685 证券简称：中船防务 公告编号：2025-033 中船海洋与防务装备股份有限公司 关于召开2025年第三次临时股东会的通知 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： 股东会召开日期：2025年8月21日 本次股东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 一、 召开会议的基本情况 (一) 股东会类型和届次 2025年第三次临时股东会 (二) 股东会召集人：董事会 (三) 投票方式：本次股东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 召开的日期时间：2025 年 8 月 21 日 10 点 00 分 召开地点：广州市海珠区革新路 137 号船舶大厦 15 楼本公司会议室 (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 8 月 21 日 至2025 年 8 月 21 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会 ...

Group 1 - The core viewpoint of the report is that China Shipbuilding Defense (00317) has an increased target price of HKD 23.7, reflecting improved earnings visibility and a de-escalation of trade tensions [1] - The report maintains an "outperform" rating for the company, citing strong earnings growth prospects and attractive valuation [1] - The forecast for net profit from 2025 to 2027 has been raised by 24% to 32%, based on seasonal factors in the shipbuilding industry and more optimistic gross margin assumptions [1] Group 2 - The subsidiary, Huangpu Wenchong, currently holds approximately RMB 54 billion in new ship orders, which is expected to support an average annual compound growth rate of 70% in earnings from 2025 to 2027 [1]

Core Viewpoint - The report from Jianyin International indicates an upward revision of China Shipbuilding Defense's net profit forecast for 2025 to 2027 by 24% to 32% due to seasonal factors in shipbuilding profits and more optimistic gross margin assumptions [1] Group 1: Profit Forecast - The expected compound annual growth rate (CAGR) for earnings from 2025 to 2027 is projected to be 70%, supported by approximately 54 billion yuan in new ship orders held by subsidiary Huangpu Wenchong [1] Group 2: Target Price and Valuation - The target price for China Shipbuilding Defense is set at 23.7 HKD, reflecting improved earnings visibility and a de-escalation of trade tensions [1] - The strong earnings growth outlook leads to the conclusion that the company's valuation is attractive, reaffirming the "outperform" rating [1]

H 00317 授權委託書 適用於2025年8月21日（星期四）舉行的2025年第三次臨時股東會 與本授權委託書有關 之股份數目 (1) H股 | 纍積投票議案 | | | | --- | --- | --- | | 4.00 | 關於選舉董事的議案 | 投票數 | | 4.01 | 例：陳XX | | | 4.02 | 例：趙XX | | | 4.03 | 例：蔣XX | | | …… | …… | | | 4.06 | 例：宋XX | | | 5.00 | 關於選舉獨立非執行董事的議案 | 投票數 | | 5.01 | 例：張XX | | | 5.02 | 例：王XX | | | 5.03 | 例：楊XX | | 某投資者在股權登記日收盤時持有該公司100股股票，採用累積投票制，他（她）在議案4.00「關於選舉董事的 議案」就有500票的表決權，在議案5.00「關於選舉獨立非執行董事的議案」有200票的表決權。該投資者可以以 500票為限，對議案4.00按自己的意願表決。他（她）既可以把500票集中投給某一位候選人，也可以按照任意 組合分散投給任意候選人。 如表所示： | 序號 | 議案名稱 | | | ...

H 00317 關於召開2025年第三次臨時股東會及暫停辦理股東登記的通告 茲通告中船海洋與防務裝備股份有限公司（「本公司」）謹定於2025年8月21日（星期四）上午 十時正在中華人民共和國（「中國」）廣州市海珠區革新路137號船舶大廈15樓本公司會議室 舉行2025年第三次臨時股東會（「臨時股東會」），屆時將提呈下列事項以供審議： 特別決議案 採用累積投票制投票的普通決議案 5. 審議及批准關於選舉羅兵先生為本公司執行董事的議案。 為釐定有權出席臨時股東會的境外上市外資股（「H股」）股東，本公司將於2025年8月18日 起至2025年8月21日（包括首尾兩日）暫停辦理股份過戶登記手續。凡於2025年8月15日下 午四時三十分前向本公司H股股份過戶登記處香港中央證券登記有限公司（地址為香港灣 仔皇后大道東183號合和中心17樓1712-16號舖）提交正式填妥的過戶文件連同有關的股權 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，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 聯繫人：李志東╱歐陽 ...

此乃要件 請即處理 閣下如對本通函的任何方面或應採取之行動有任何疑問，應諮詢 閣下之持牌證券交易商或註 冊證券機構、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已將名下之中船海洋與防務裝備股份有限公司股份全部售出或轉讓，應立即將本通函及 授權委託書送交買主或受讓人，或送交經手買賣或轉讓之銀行經理、持牌證券交易商或其他註 冊證券機構或其他代理商，以便轉交買主或受讓人。 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通函之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本通函全部或部份內容而產生或因依賴該等 內容而引致之任何損失承擔任何責任。 建議修訂《公司章程》 建議修訂公司《股東會議事規則》 建議修訂公司《董事會議事規則》 建議取消監事會 選舉董事 及 2025年第三次臨時股東會通告 除文義另有規定外，本通函所使用詞彙與本通函「釋義」一節所界定者具有相同涵義。 | 釋義 | | 1 | | --- | --- | --- | | 董事會函件 | | 3 | | 附錄一 － | 建議修訂《公司章程》之詳情 | I-1 | | 附錄二 － | 建議修訂公司《股東會議事規則》之詳情 ...

证券之星消息，7月30日航海装备板块较上一交易日上涨0.12%，国瑞科技领涨。当日上证指数报收于 3615.72，上涨0.17%。深证成指报收于11203.03，下跌0.77%。航海装备板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300600 | 国瑞科技 | 1.471Z | 10.88% | -1.02 Z | -7.50% | -4572.14万 | -3.38% | | 300065 | 海兰信 | 8534.43万 | 5.17% | 340.67万 | 0.21% | -8875.10万 | -5.37% | | 601890 | 亚星锚链 | 4643.07万 | 4.10% | -2326.95万 | -2.05% | -2316.12万 | -2.04% | | 300810 中科海讯 | | 2914.67万 | 7.22% | 3254.35万 | 8.06% | -61 ...

Group 1 - The marine equipment sector increased by 0.62% on July 29, with Guorui Technology leading the gains [1] - The Shanghai Composite Index closed at 3609.71, up 0.33%, while the Shenzhen Component Index closed at 11289.41, up 0.64% [1] - Guorui Technology's stock price rose by 5.94% to 15.70, with a trading volume of 328,300 shares and a transaction value of 512 million yuan [1] Group 2 - The marine equipment sector saw a net inflow of 110 million yuan from main funds, while retail investors experienced a net outflow of 134 million yuan [2] - The table of individual stocks in the marine equipment sector shows varying performance, with notable increases in stocks like Yaxing Anchor Chain and Jianglong Shipbuilding [1][2]

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the military industry and new materials sector, particularly highlighting the shipbuilding and low-cost ammunition segments [1][2]. Core Insights and Arguments - **Shipbuilding Sector Performance**: Companies like China Shipbuilding, China Power, China Ship Defense, and China Heavy Industry reported significant profit increases in the first half of the year, with China Shipbuilding's net profit reaching between 2.8 billion to 3.1 billion yuan, a year-on-year growth of 98% to 119% [3]. - **Low-Cost Ammunition Sector**: The low-cost ammunition segment is experiencing high demand, with upstream, midstream, and downstream companies showing substantial profit growth. For instance, Beihua Co. reported a net profit of 98 million to 110 million yuan, a year-on-year increase of 182% to 220% [6]. - **Future Growth Drivers**: The military industry is expected to grow due to domestic smart battlefield needs, military trade demand, and broader military-related requirements, including low-altitude economy and commercial aerospace [7]. Additional Important Content - **Commercial Aerospace Developments**: The National Space Administration has initiated measures to enhance quality supervision of commercial aerospace projects, indicating a shift towards proactive governance in the industry [10][12]. - **Low Altitude Economy Initiatives**: Chengdu has established a future industry fund exceeding 100 billion yuan to support low-altitude economic development, including flying cars [13]. - **Additive Manufacturing Innovations**: Recent advancements in additive manufacturing technologies are expanding applications from metals to composites, with significant investments in core technology development [14]. - **Commercial Launch Services**: A recent tender for launch services worth 1.336 billion yuan indicates a growing role for private commercial rockets in the aerospace sector [9]. Conclusion - The military and aerospace industries are poised for growth driven by technological advancements and increasing domestic and international demand. The focus on quality management and innovation will be crucial for sustaining this growth trajectory.