Core Viewpoint - China Shipbuilding Defense announced that neither the company nor its subsidiaries have provided guarantees to the controlling shareholder, actual controller, or their affiliates, and there are no overdue guarantee matters [2] Summary by Relevant Sections - Company Guarantees - The company confirmed that it does not have any guarantees provided to the controlling shareholder and actual controller [2] - There are no overdue guarantee matters reported [2]

证券代码：600685 证券简称：中船防务 公告编号：2025-043 中船海洋与防务装备股份有限公司 关于子公司提供担保的进展公告 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： 担保对象及基本情况 | | 被担保人名称 | 广州文船重工有限公司 （以下简称"文船重工"） | | | | --- | --- | --- | --- | --- | | | 本次担保金额 | 2,231.75 万元 | | | | 担保 对象 | 实际为其提供的担保余额 | 283,509.18 万元 | | | | | 是否在前期预计额度内 | 是 | □否 | □不适用 | | | 本次担保是否有反担保 | □是 | 否 | □不适用 | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | | --- | --- | --- | | 截至本公告日上市公司及其控股 | 人民币 万元（其中：担保余额人 民币 | 534,877.43 | | 子公司对外担保总额（万元） | 万元，可用担保额度人民币 | 283, ...

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【中船防務關于子公司提供擔保的進展公告】。 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 廣州，2025年9月29日 本公告公佈之日，董事會的八位成員分別為：執行董事羅兵先生；非執行董事顧遠先 生、任開江先生及尹路先生；以及獨立非執行董事林斌先生、聶煒先生、李志堅先生 及謝昕女士。 证券代码：600685 证券简称：中船防务 公告编号：2025-043 本公司董事会及全体董事保证本公告内容不存在 ...

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery industry is experiencing resilient demand, with a shift towards "quality over quantity" leading to price increases, which will enhance corporate profitability. Companies like SF Express and JD Logistics are expected to benefit from cyclical recovery and cost reduction [4][13] - The shipping sector is anticipated to benefit from the OPEC+ production cycle and the Federal Reserve's interest rate cuts, with a notable improvement in the oil transportation market expected in Q4 2025 [13] - The aviation industry is projected to see long-term demand growth due to macroeconomic recovery, with short-term ticket booking data indicating a rebound [13] Summary by Sections Express Delivery - The express delivery sector is witnessing a significant price increase, with over 90% of regions in China experiencing price hikes, which is expected to improve profitability for companies [4] - Key companies to watch include YTO Express, Shentong Express, Zhongtong Express, and SF Express, all of which are positioned to benefit from the industry's positive trends [13] Shipping and Shipbuilding - The shipping sector is expected to see a cyclical recovery, particularly in oil transportation due to OPEC+ production increases and geopolitical uncertainties enhancing VLCC rate elasticity [13] - The shipbuilding market is in a green transition phase, with new orders expected to improve as market conditions stabilize [13] Aviation - The aviation sector is experiencing low supply growth with increasing demand, leading to a favorable long-term outlook. Companies like China Southern Airlines and Air China are highlighted for their potential [13][14] Logistics and Ports - The logistics sector is seeing a positive trend with companies like Shenzhen International and Debon Logistics expected to benefit from improved competition and operational efficiencies [13] - Port operations are stable, with a focus on cash flow and growth potential in hub ports like China Merchants Port and Qingdao Port [13]

Group 1 - The core point of the article is the announcement of a bidding project by Guangzhou Shipyard International Co., Ltd., a subsidiary of China Shipbuilding Industry Corporation, for the construction of a welding site with a budget of 9.9923 million yuan [1] - The project is titled "Dragon Nine Road West Section Component Welding Site Hardening Project" and was published on September 28, 2025 [1] - The ownership structure of Guangzhou Shipyard International shows that China Shipbuilding Industry Corporation holds 56.58% and China Shipbuilding Defense holds 41.02% of the shares [1]

Group 1: Core Events and Investment Opportunities - Three significant events in technology sectors indicate a clear investment theme: the IPO progress of Moore Threads, the mass production timeline for Tesla's humanoid robot, and the successful key test of the Fujian aircraft carrier [2][5][8] - The successful IPO of Moore Threads marks a milestone for the domestic GPU industry, suggesting a more open capital market for hard tech companies [3][4] - The completion of the key test for the Fujian aircraft carrier signifies a leap in China's carrier technology, creating opportunities in the related industrial chain [8][9] Group 2: Key Companies in GPU Sector - Jingjia Micro (300474) is the only listed company in the domestic GPU market, with its JM9 series nearing the performance level of NVIDIA's RTX 4060, filling gaps in AI training and graphics processing [5] - Haiguang Information (688041) has developed chips compatible with the CUDA ecosystem, catering to the migration needs of NVIDIA users [5] - Cambrian (688256) is expected to see a 4230% year-on-year revenue increase in Q1 2025, benefiting from the acceleration of domestic substitution [5] Group 3: Key Companies in Humanoid Robot Sector - Top Group (601689) is a core supplier for Tesla, investing 5 billion yuan to establish a robot electric drive system base [6] - Greentec Harmonic (688017) leads the domestic market share for harmonic reducers, achieving international product precision [6] - InnoVision (688322) has received an additional 180 million yuan order from Tesla, showcasing its technical strength [6] Group 4: Key Companies in Aircraft Carrier Sector - China Shipbuilding (600150) is a major player in the design and construction of aircraft carriers, providing core technologies for electromagnetic catapults [9] - China Shipbuilding Industry Corporation (601989) has advantages in aircraft carrier deck steel technology and a comprehensive layout in marine defense equipment [9] - North Special Technology (603009) is investing 1.85 billion yuan to develop products for the aircraft carrier's electromagnetic catapult system [10] Group 5: Investment Strategy for Q4 - Investment strategies for Q4 should balance policy catalysts and performance verification, focusing on companies with strong order fulfillment [11] - The robotics sector is sensitive to event catalysts, with key component companies like Top Group and Greentec Harmonic warranting close monitoring [11] - The aircraft carrier sector's performance is linked to overall military sentiment, with the Fujian carrier's service date being a critical catalyst [11]

Investment Rating - The report maintains a positive outlook on the shipping and shipbuilding sectors, recommending specific companies such as China Merchants Energy Shipping and China Shipbuilding Industry Corporation [4][5]. Core Insights - The report highlights a stabilization in second-hand ship prices, with VLCC (Very Large Crude Carrier) prices increasing by $1 million to $88 million and bulk carrier prices rising by $3.5 million to $50 million. The shipping sector is expected to recover, with a focus on companies like China Merchants Energy Shipping and China Shipbuilding Industry Corporation [4]. - The report emphasizes the resilience of VLCC freight rates, which have shown a 9% decline week-on-week but remain strong at around $81,884 per day. The demand for crude oil is expected to remain robust, supported by China's refinery operations and OPEC's production adjustments [4]. - The report notes that the logistics sector is entering a new phase of competition, with a focus on price stability and potential mergers and acquisitions in the express delivery industry. Companies like Shentong Express and YTO Express are highlighted for their competitive advantages [4][5]. Summary by Sections Shipping Sector - Second-hand ship prices have stabilized, with VLCC prices up by $1 million to $88 million and bulk carrier prices up by $3.5 million to $50 million. The shipping sector is expected to recover, with recommendations for China Merchants Energy Shipping and China Shipbuilding Industry Corporation [4]. - VLCC freight rates have shown resilience, currently at $81,884 per day, despite a 9% week-on-week decline. The demand for crude oil is expected to remain strong due to refinery operations in China and OPEC's production adjustments [4]. Logistics Sector - The express delivery industry is entering a new phase of competition, focusing on price stability and potential mergers and acquisitions. Companies like Shentong Express and YTO Express are highlighted for their competitive advantages [4][5]. Transportation Sector - The transportation index has decreased by 2.03%, underperforming the Shanghai Composite Index by 3.10 percentage points. The cross-border logistics sector showed the highest increase of 0.21%, while the road freight sector experienced the largest decline of 6.94% [5].

邮政编码：511464； 总机号码：86-20-36660701； 传真号码：86-20-36666925； 除上述变更内容外，公司注册地址、电子邮箱、公司网址等联系方式均保持不变。以上变更信息自2025 年9月26日起正式启用。 格隆汇9月26日丨中船防务(00317.HK)宣布，公司自2025年9月26日起迁至新址办公，办公地址及投资者 联系电话等发生变更，具体变更情况如下： 办公地址：中华人民共和国广东省广州市南沙区鸡抱沙北路10号； 投资者联系电话：86-20-36666912。 ...

Core Points - China Shipbuilding Defense (00317.HK) announced a relocation of its office effective September 26, 2025 [1] Summary by Category Company Information - The new office address will be: No. 10, Jibaosha North Road, Nansha District, Guangzhou, Guangdong Province, People's Republic of China [1] - The postal code for the new office will be 511464 [1] - The main phone number will change to +86-20-36660701 [1] - The fax number will change to +86-20-36666925 [1] - The investor contact number will change to +86-20-36666912 [1] Contact Information - The company's registered address, email, and website will remain unchanged despite the office relocation [1]

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分內容 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。 H 00317 關於變更辦公地址及投資者聯繫電話的公告 李志東 除上述變更內容外，本公司註冊地址、電子郵箱、公司網址等聯繫方式均保持不變。以 上變更信息自2025年9月26日起正式啟用，敬請廣大投資者注意。 承董事會命 中船海洋與防務裝備股份有限公司 公司秘書 中船海洋與防務裝備股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司自 2025年9月26日起遷至新址辦公，辦公地址及投資者聯繫電話等發生變更，具體變更情況 如下： 辦公地址：中華人民共和國廣東省廣州市南沙區雞抱沙北路10號； 傳真號碼：86-20-36666925； 郵政編碼：511464； 投資者聯繫電話：86-20-36666912。 總機號碼：86-20-36660701； 廣州，2025年9月26日 本公告公佈之日，董事會的八位成員分別為：執行董事羅兵先生；非執行董事顧遠先 生、任開江先生及尹路先生；以及獨立非執行董事林斌先 ...