Core Insights - The marine equipment sector experienced a rise of 1.81% on November 17, with Jianglong Shipbuilding leading the gains [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Stock Performance - Jianglong Shipbuilding (300589) saw a closing price of 16.31, with a significant increase of 20.01% and a trading volume of 1.0626 million shares, amounting to a transaction value of 1.701 billion [1] - Tianhai Defense (300008) closed at 7.13, up 7.38%, with a trading volume of 3.226 million shares and a transaction value of 233.3 million [1] - Other notable performers included Zhonggui Haixun (300810) with a 4.76% increase, closing at 40.90, and China Shipbuilding Defense (600685) with a 4.44% increase, closing at 27.30 [1] Capital Flow - The marine equipment sector saw a net inflow of 514 million from institutional investors, while retail investors experienced a net outflow of 233 million [1] - Jianglong Shipbuilding attracted a net inflow of 317 million from institutional investors, representing 18.66% of its total trading volume [2] - Tianhai Defense had a net outflow of 51.12 million from retail investors, indicating a negative sentiment among smaller investors [2]

证券之星消息，11月14日航海装备板块较上一交易日下跌0.65%，中国海防领跌。当日上证指数报收于 3990.49，下跌0.97%。深证成指报收于13216.03，下跌1.93%。航海装备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300065 | 海兰信 | 18.18 | 1.34% | 29.19万 | 5.28 Z | | 300600 | 国瑞科技 | 16.04 | 0.94% | 14.37万 | 2.33亿 | | 300008 | 天海防务 | 6.64 | 0.76% | 58.31万 | 3.88 Z | | 300589 | 江龙船艇 | 13.59 | 0.59% | 29.27万 ﻟ | 4.00亿 | | 601890 | 亚星锚链 | 9.90 | 0.30% | 29.26万 | 2.90亿 | | 300810 | 武夷君 | 39.04 | -0.18% | 1.92万 | 7561.50万 | | 600150 | 中国船舶 | ...

中国海防 2025 年第三次临时股东会 中国船舶重工集团海洋防务与信息对抗股份有限公司 二〇二五年十一月 1 中国海防 2025 年第三次临时股东会 目 录 | 议案一 | 年度中期利润分配预案 | 2025 | 3 | | --- | --- | --- | --- | | 议案二 | 关于聘请公司2025 | 年度财务报表及内部控制审计机构的议案 5 | | 2 中国海防 2025 年第三次临时股东会 议案一 2025 年度中期利润分配预案 2025 年第三次临时股东会会议资料 各位股东及股东代表： 根据公司 2025 年第三季度报告（未经审计），前三季度实现归属 于公司股东所有者的净利润 154,178,243.10 元，截至 2025 年 9 月 30 日 ， 公 司 合 并 资 产 负 债 表 中 归 属 于 公 司 股 东 所 有 者 权 益 8,262,306,144.90 元，未分配利润 4,330,944,109.48 元。 根据公司的利润分配原则，既符合法律、法规的相关规定，并保 持连续性和稳定性，又重视对投资者的合理投资回报，并兼顾公司长 远及可持续发展。按照证监会《上市公司监管指引第 ...

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨中国海防（600764.SH） [Table_Title] 营收短期波动，盈利能力稳定 报告要点 [Table_Summary] 2025Q1-3 实现营收 19.25 亿，yoy+2.8%；归母净利润 1.54 亿，yoy+3.43%；扣非归母净利润 1.17 亿，yoy+5.76%。2025Q3 实现营收 5.39 亿，yoy-24.49%，qoq-38.26%；归母净利润 0.6 亿，yoy-19.12%，qoq-5.81%；扣非归母净利润 0.33 亿，yoy-40.08%，qoq-39.94%。 分析师及联系人 [Table_Author] 王贺嘉 张晨晨 SAC：S0490520110004 SAC：S0490524080007 SFC：BUX462 $${\mathrm{iii}}\{8\}{\mathrm{iii}}\{8\}{\mathrm{iii}}\{8\}{\mathrm{iii}}\{8\}{\mathrm{iii}}\{8\}{\mathrm{iii}}\{8\}$$ %% %% 1 [Table_scode ...

Market Overview - The marine equipment sector increased by 0.38% on November 13, with Guorui Technology leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Stock Performance - Key stocks in the marine equipment sector showed varied performance, with Guorui Technology closing at 15.89, up 1.34%, and China Shipbuilding at 34.60, up 0.41% [1] - The trading volume and turnover for major stocks included: - Guorui Technology: 95,600 shares, turnover of 151 million yuan - Tianhai Defense: 385,200 shares, turnover of 254 million yuan - China Shipbuilding: 462,700 shares, turnover of 1.597 billion yuan [1] Capital Flow - The marine equipment sector experienced a net outflow of 181 million yuan from institutional investors, while retail investors saw a net inflow of 126 million yuan [1] - Detailed capital flow for selected stocks included: - Yaxing Anchor Chain: Institutional net inflow of 22.79 million yuan, retail net outflow of 26.73 million yuan - China Shipbuilding: Institutional net outflow of 137 million yuan, retail net inflow of 889.93 million yuan [2]

Investment Rating - The report maintains a "Positive" outlook on the defense and military industry, indicating a turning point in profitability and growth potential [6][4]. Core Insights - The military industry is expected to enter a new growth cycle driven by the initiation of the "14th Five-Year Plan" equipment construction, military trade, and commercial aerospace advancements [2][3]. - The overall revenue for the military sector increased by 3.07% year-on-year in the first three quarters of 2025, while net profit attributable to shareholders decreased by 9.89%, showing a narrowing decline compared to the previous year [6][11]. - Key segments such as components, sub-systems, and assembly levels have shown signs of recovery, with revenue growth turning positive for the first time since 2021 [18][25]. Summary by Sections 1. Performance Analysis - In Q3 2025, revenue growth rates for components, sub-systems, and assembly levels were 8.30%, 3.37%, and 1.16% respectively, marking a positive shift from negative growth in 2024 [18][19]. - The net profit for the components level increased by 6.94% year-on-year, while sub-systems and assembly levels saw declines of 28.98% and 19.48% respectively [18][23]. 2. Cash Flow Improvement - The cash flow from operations for sub-systems and assembly levels improved, while components faced temporary pressure [40][42]. - The sales collection ratio for assembly levels rose significantly by 23.23 percentage points to 92.50% in Q3 2025, indicating better cash flow management [40][41]. 3. Prepayments and Inventory - Prepayments (including contract liabilities) across all levels showed an upward trend, with assembly levels increasing by 21.85% to 63.345 billion yuan [48][49]. - Inventory levels for components, sub-systems, and assembly increased by 12.57%, 8.81%, and 19.82% respectively, suggesting a positive outlook for future performance [53][54]. 4. Segment Performance - The weaponry segment led revenue growth with a remarkable 27.52% increase, while the aerospace segment grew by 6.17% and the information technology segment by 5.37% [35][36]. - The information technology segment achieved a net profit growth rate of 136.38%, indicating strong performance and future growth potential [36][39].

Core Insights - The quantum technology sector is experiencing significant advancements, with both policy support and technological breakthroughs driving growth [2][3][4] - The global quantum computing industry is projected to grow from $4.7 billion in 2023 to over $800 billion by 2035, indicating substantial market potential [4] - A total of over 60 A-share companies are involved in quantum technology, with significant R&D investments, particularly in quantum security chips and modules [4][5] Policy Developments - Anhui Province is focusing on scaling quantum technology applications, aiming to implement nearly 300 application scenarios by the end of this year and 1,000 by 2027 [2] Technological Breakthroughs - Domestic advancements include a new architecture for atomic quantum computing that addresses challenges in high parallelism, speed, and stability [3] - Internationally, a team from the University of Chicago has theoretically extended the connection distance between quantum computers to 2,000 kilometers [3] Industry Growth and Investment - In the first three quarters of this year, A-share companies involved in quantum technology reported a total R&D expenditure of 69.47 billion yuan, accounting for 3.86% of total revenue [4] - Notable companies with high R&D expenditure include China Mobile, ZTE, and China Telecom, with 国芯科技 leading at 89.03% of revenue spent on R&D [4][5] Market Opportunities - Quantum communication, particularly quantum key distribution (QKD), is identified as the most mature and commercially viable area within quantum technology [3] - Quantum measurement is also highlighted as an early revenue-generating sector, akin to "hidden champions" in niche markets [3]

（文章来源：证券日报） 证券日报网讯中国海防11月11日在互动平台回答投资者提问时表示，公司严格按照监管要求管理和使用 募集资金，募投项目的实施建设情况请在定期报告"募集资金使用进展说明"章节中查阅。 ...

Group 1 - The company will hold its third extraordinary general meeting of shareholders on November 28, 2025 [2][4] - The meeting will be conducted using a combination of on-site and online voting methods [2][3] - The on-site meeting will take place at the China Shipbuilding Industry Corporation building in Beijing [2][8] Group 2 - Shareholders can vote through the Shanghai Stock Exchange's online voting system, with specific time slots for voting [2][3] - The registration for attending the meeting will be open from November 21, 2025, and requires specific identification documents [11][12] - The company emphasizes that all voting must be completed before submission [7][6] Group 3 - The company will also hold a quarterly performance briefing on November 20, 2025, to discuss the third quarter results [19][20] - The performance briefing will be held at Shanghai Zhongyuan Electronic Technology Engineering Co., Ltd. and will include online interaction [20][22] - Investors can submit questions in advance via email to be addressed during the briefing [21][24]

会议召开时间：2025 年 11 月 20 日 （星期四） 10:00-11:00 会议召开方式：现场结合网络互动 现场会议地点：上海中原电子技术工程有限公司（上海市闵行区 金都路 5200 号） 投资者网络互动网址：上海证券报·中国证券网路演中心 https://roadshow.cnstock.com/ 投资者可于 2025 年 11 月 17 日 （星期一）16:00 前通过邮件形 式（cecgt@cecgt.com）将需要了解与关注的问题预先提供给公司， 公司将在说明会上就投资者普遍关注的问题在信息披露允许的范 围内进行回答。 说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次业绩说明会以现场结合网络互动形式召开，现场会议设在中 国海防控股子公司上海中原电子技术工程有限公司（上海市闵行区金 都路 5200 号），投资者网络互动于 2025 年 11 月 20 日 （星期四） 10:00-11:00 在 上 海 证 券 报 · 中 国 证 券 网 路 演 中 心 https://roadshow.cnstock.com/开展。公司将针对 2025 年第三季度 的经营成果及财务指标的具体情况与投 ...