Core Viewpoint - The China Shipbuilding sector experienced a significant increase, with the sector index rising over 4% as of the report's publication [1]. Group 1: Stock Performance - China Shipbuilding Defense saw a peak increase of over 9%, currently up over 7% [3]. - Other stocks in the sector, including China Shipbuilding Han Guang and Jiu Zhi Yang, also reported gains exceeding 6% [3]. - All stocks within the sector showed positive performance, indicating a strong market sentiment [3]. Group 2: Individual Stock Details - China Shipbuilding Defense: Current price at 28.36, up 7.83% [4]. - China Shipbuilding Han Guang: Current price at 18.66, up 6.69% [4]. - Jiu Zhi Yang: Current price at 43.10, up 6.71% [4]. - Kunshan Intelligent: Current price at 20.00, up 3.95% [4]. - ST Emergency: Current price at 8.89, up 4.10% [4]. - China Marine Defense: Current price at 30.54, up 3.49% [4]. - China Shipbuilding Technology: Current price at 12.30, up 2.16% [4]. - China Shipbuilding: Current price at 34.73, up 2.09% [4]. - China Euro Marine Control: Current price at 15.25, up 1.87% [4]. - China Power: Current price at 20.67, up 1.37% [4].

Core Viewpoint - The China Shipbuilding sector experienced a significant increase, with the index rising over 4% on November 19, indicating strong market performance and investor interest in the sector [1][2]. Group 1: Market Performance - The China Shipbuilding Index reached 1340.37, up 52.53 points or 4.08% from the previous close of 1287.84 [2]. - The trading volume was 2.01 billion, with a total transaction value of 4.334 billion [2]. - The highest price during the trading session was 1342.41, while the lowest was 1285.16 [2]. Group 2: Individual Stock Performance - China Shipbuilding Defense surged over 9% at one point and is currently up over 7% [3]. - Other notable stocks include China Shipbuilding Han Guang and Jiu Zhi Yang, both rising over 6% [3]. - All stocks within the sector showed positive performance, contributing to the overall index increase [3]. Group 3: Stock Prices and Changes - China Shipbuilding Defense: Current price 28.36, up 7.83% [4]. - China Shipbuilding Han Guang: Current price 18.66, up 6.69% [4]. - Jiu Zhi Yang: Current price 43.10, up 6.71% [4]. - Other stocks like Kunshan Intelligent and ST Emergency also showed positive changes, with respective increases of 3.95% and 4.10% [4].

Core Viewpoint - China Marine Defense's stock price increased by 2.10% on November 19, reaching 30.13 CNY per share, with a total market capitalization of 21.41 billion CNY [1] Group 1: Financial Performance - For the period from January to September 2025, China Marine Defense reported revenue of 1.93 billion CNY, a year-on-year increase of 2.80%, and a net profit attributable to shareholders of 154 million CNY, up 3.43% year-on-year [2] - The company has distributed a total of 1.20 billion CNY in dividends since its A-share listing, with 360 million CNY distributed over the past three years [3] Group 2: Stock Market Activity - As of November 19, the stock had a trading volume of 110 million CNY and a turnover rate of 0.52%, with a net inflow of 201,940 CNY from main funds [1] - The stock price has increased by 6.61% year-to-date, but has seen a decline of 0.03% over the last five trading days, 0.95% over the last twenty days, and 15.60% over the last sixty days [1] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders increased by 21.20% to 37,400, while the average circulating shares per person decreased by 17.49% to 18,996 shares [2] - Among the top ten circulating shareholders, new entrants include Southern Military Reform Flexible Allocation Mixed A (004224) and Fortune CSI Military Industry Leader ETF (512710) [3]

证券代码：600764 股票简称：中国海防 编号：临 2025-048 中国船舶重工集团海洋防务与信息对抗股份有限公司 关于为所属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: 被担保人：中船辽海装备有限责任公司（以下简称"辽海装备"）、 中船辽海输油气设备（沈阳）有限责任公司（以下简称"辽海输 油"）为中国船舶重工集团海洋防务与信息对抗股份有限公司（以 下简称"中国海防"或"公司"）并表范围内的全资子公司。 担保金额： 1.公司本次为辽海装备提供担保额为人民币 2,500 万元；截至本 公告披露日，公司为辽海装备提供担保金额共计人民币 15,500 万元。 2.公司本次为辽海输油提供担保额为人民币 500 万元；截至本公 告披露日，公司为辽海输油提供担保金额共计人民币2,950万元。 一、 担保情况概述 本次担保不存在反担保。 公司不存在逾期对外担保情况。 （一）辽海装备 近日，公司与中船财务有限责任公司（以下简称财务公司）北京分 公司签署《保证合同》（25-BZ-01-014）， ...

中国海防公告称，公司近日分别与财务公司北京分公司、财务公司签署《保证合同》，为全资子公司辽 海装备、辽海输油融资提供担保，金额分别为2500万元、500万元。截至公告披露日，公司为辽海装 备、辽海输油累计担保金额分别达1.55亿元、2950万元。公司对外担保均为对下属控股子公司担保，总 额2.44亿元，占2024年末经审计归母净资产的2.99%，无逾期担保情形。 ...

Core Insights - The report highlights a significant turning point for the defense and military industry in 2025, with a strong recovery in both fundamentals and market performance, indicating a shift from policy expectations to actual performance realization [4][9][11] - The industry is entering a new phase characterized by rigid demand, structural upgrades, and improved financial health, with five core judgments outlined for 2026 [4][6][24] Industry Trends - The defense and military sector saw a cumulative increase of 16.39% in the Shenwan Defense Index by October 31, 2025, closely aligning with the performance of the CSI 300 index but lagging behind the growth-driven ChiNext index [9] - The market experienced a "Q1 bottoming, Q2 recovery, Q3 acceleration, and Q4 consolidation" rhythm, with the driving force shifting from policy expectations to performance realization [9][10] Financial Performance - The industry ended the "increasing revenue without increasing profit" dilemma, with significant improvements in operating cash flow and profitability quality, marking a transition to a new phase of high-quality development [4][24][26] - By November 10, 2025, the PE-TTM (excluding negative values) for the defense sector was approximately 70 times, indicating a structural revaluation rather than a systemic bubble [20][24] Revenue and Profitability - The report indicates a recovery in revenue and profit growth in 2025, with a notable increase in operating cash flow, signaling a turnaround from previous years of negative cash flow [24][31] - The industry experienced a significant rebound in profitability, with a 17.29% year-on-year increase in net profit attributable to shareholders in Q3 2025, reflecting effective cost control and improved operational efficiency [26][31] Investment Focus - The investment strategy focuses on four main lines: the main battle equipment supply chain from a military trade perspective, advanced combat capabilities, military-civilian integration sectors, and reform and asset securitization [4][6][26] - Key companies to watch include AVIC Shenyang Aircraft Corporation, China Aerospace Science and Technology Corporation, and others involved in military trade and advanced combat technologies [4][6][26]

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 ...