Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - The company is positioned as a core component supplier in "Deep Sea Technology," benefiting from the upturn in the shipbuilding and offshore oil and gas sectors, while floating wind power presents significant growth opportunities [1][2] - The floating wind power market is expected to enter a commercialization phase by 2030, with a projected compound annual growth rate (CAGR) of 70% from 2024 to 2030, and an estimated market space of approximately 14.3 billion in 2034 [2][3] - The offshore oil service sector has seen a significant increase in new orders, with approximately 39,500 tons of new orders in the first half of 2025, indicating a high order volume and favorable market conditions [3] - The shipbuilding industry is entering a mid-cycle upturn, driven by a combination of replacement cycles and environmental regulations, leading to increased demand for ship anchor chains [3] Summary by Sections Market Expectations - The floating wind power market's commercialization timeline remains uncertain, while the price elasticity of ship anchor chains is relatively low compared to new ship prices [2] Project Insights - Currently, there are five operational floating offshore wind projects, with three more in progress in China, indicating a growing interest in this sector [2] - The global floating wind power market is projected to add 1.03 GW of new installed capacity by 2030, with significant growth expected through 2034 [2] Financial Projections - The company is expected to achieve net profits of approximately 317 million, 399 million, and 485 million from 2025 to 2027, reflecting year-on-year growth rates of 13%, 26%, and 22% respectively, with a CAGR of 20% [6][13] - The price-to-earnings (P/E) ratio is projected to be 30, 23, and 19 times for the years 2025, 2026, and 2027 respectively [6][13] Unique Insights - The report highlights a shift in market perception regarding the company's revenue sources, now recognizing the potential of floating wind power alongside traditional ship and offshore oil service chains [5] - The company is positioned as a key player in the shipbuilding sector and a strong candidate in the wind power components market, suggesting a robust investment opportunity [5]

Core Viewpoint - The maritime equipment sector experienced a decline of 0.43% on September 19, with Guorui Technology leading the losses. The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1]. Sector Performance - The following table summarizes the performance of key stocks in the maritime equipment sector: - Zhongla Defense (600685) closed at 26.50, up 0.84% with a trading volume of 87,600 shares and a transaction value of 232 million yuan - China Shipbuilding (600150) closed at 35.21, down 0.11% with a trading volume of 675,700 shares and a transaction value of 2.383 billion yuan - Tianhai Defense (300008) closed at 6.30, down 0.94% with a trading volume of 525,500 shares and a transaction value of 334 million yuan - China Marine Defense (600764) closed at 30.28, down 1.66% with a trading volume of 85,800 shares and a transaction value of 263 million yuan - Hailanxin (300065) closed at 18.12, down 2.00% with a trading volume of 325,800 shares and a transaction value of 598 million yuan - Asia Anchor Chain (601890) closed at 9.77, down 2.01% with a trading volume of 401,000 shares and a transaction value of 394 million yuan - Jianglong Shipbuilding (300589) closed at 12.69, down 3.13% with a trading volume of 115,300 shares and a transaction value of 148 million yuan - Wuyijun (300810) closed at 46.85, down 3.60% with a trading volume of 65,300 shares and a transaction value of 311 million yuan - Yuanrui Technology (300600) closed at 15.49, down 4.15% with a trading volume of 136,300 shares and a transaction value of 216 million yuan [1]. Capital Flow - The maritime equipment sector saw a net outflow of 501 million yuan from main funds, while retail investors contributed a net inflow of 477 million yuan. Speculative funds recorded a net inflow of 24.11 million yuan [1].

Market Overview - On September 18, the marine equipment sector declined by 1.74%, with China Shipbuilding Defense leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Stock Performance - Notable stock performances included: - Yaxing Zhaolian (601890) increased by 5.28% to close at 9.97 [1] - Zhongke Haixun (300810) rose by 1.38% to 48.60 [1] - Jianglong Shipbuilding (300589) gained 0.85% to 13.10 [1] - China Marine Defense (600764) increased by 0.79% to 30.79 [1] - Hailanxin (300065) decreased by 0.59% to 18.49 [1] - Tianhai Defense (300008) fell by 1.55% to 6.36 [1] - Guorui Technology (300600) dropped by 1.64% to 16.16 [1] - China Shipbuilding (600150) declined by 2.27% to 35.25 [1] - China Shipbuilding Defense (600685) fell by 2.38% to 26.28 [1] Capital Flow - The marine equipment sector experienced a net outflow of 1.15 billion yuan from institutional investors, while retail investors saw a net inflow of 954 million yuan [1] - Detailed capital flow for selected stocks included: - Yaxing Zhaolian had a net inflow of 126 million yuan from institutional investors [2] - China Marine Defense saw a net inflow of 32 million yuan from institutional investors [2] - Zhongke Haixun had a net inflow of 18 million yuan from institutional investors [2] - Jianglong Shipbuilding recorded a net inflow of 15 million yuan from institutional investors [2] - Hailanxin had a net inflow of 9 million yuan from institutional investors [2] - Tianhai Defense experienced a net outflow of 19 million yuan from institutional investors [2] - China Shipbuilding Defense had a net outflow of 33 million yuan from institutional investors [2] - China Shipbuilding recorded a significant net outflow of 1.3 billion yuan from institutional investors [2]

Market Overview - The Shanghai Composite Index closed at 3893.95 points, above the six-month moving average, with an increase of 0.45% [1] - The total trading volume of A-shares reached 17203.25 billion yuan [1] Stocks Breaking Six-Month Moving Average - A total of 67 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Suzhou Longjie: 6.72% - China Automotive Research: 5.94% - Yaxing Anchor Chain: 5.84% [1] Stock Performance Details - The following stocks showed notable performance: - Suzhou Longjie: Increased by 7.59% with a turnover rate of 9.42% [1] - China Automotive Research: Increased by 8.73% with a turnover rate of 2.87% [1] - Yaxing Anchor Chain: Increased by 6.44% with a turnover rate of 6.55% [1] Additional Stocks with Positive Movement - Other stocks with positive movement include: - New Nuo Wei: Increased by 7.50% [1] - Fulede: Increased by 6.07% [1] - Sanlisi: Increased by 3.74% [1] Summary of Deviation Rates - Stocks with smaller deviation rates that just crossed the six-month line include: - Baosteel: Just above the six-month line [1] - Sichuan Jiuzhou: Just above the six-month line [1] - Changan Automobile: Just above the six-month line [1]

Core Insights - Deep-sea resource development focuses on areas deeper than 200 meters, encompassing strategic resources such as minerals, energy, and biological resources, which are crucial for overcoming land resource limitations and ensuring national security [1][2] - The Chinese government has integrated deep-sea development into its national security strategy, designating it as a strategic emerging industry in the 2025 government work report, supported by a special fund of 50 billion yuan for marine economy [1][5] - The industry is projected to reach a scale of 3.25 trillion yuan by 2025 and exceed 5 trillion yuan by 2030, driven by significant growth in oil and gas development, mining, and biopharmaceutical sectors [1][9] Industry Overview - Deep-sea resource development involves exploration, extraction, and utilization of resources in deep-sea areas, aiming to acquire strategic resources through advanced technologies [2][3] - The sector is categorized into five main types: deep-sea mineral resources, oil and gas resources, biological resources, energy resources, and spatial resources [3] Development Drivers - National strategy and policy support are key drivers, with deep-sea development included in China's national security framework and significant funding allocated to support technological advancements [5][6] - The high dependency on foreign oil and gas, with over 70% reliance, necessitates deep-sea oil and gas development as a strategic solution to energy security [5][6] - Technological breakthroughs and domestic equipment manufacturing have positioned China to lead in deep-sea resource development, enhancing its global competitiveness [6][7] Current Industry Status - The deep-sea economy is rapidly growing, with the marine economy reaching 10.54 trillion yuan in 2024, driven by significant demand in deep-sea oil and gas and biological resource development [8][9] - The deep-sea oil and gas sector has seen substantial advancements, with the first ultra-deepwater gas field "Deep Sea No. 1" entering production, marking China's entry into the global first tier of deep-sea oil and gas development [10][11] Corporate Landscape - Major companies in the deep-sea resource development sector include China National Offshore Oil Corporation, China Shipbuilding Industry Corporation, and others, forming a comprehensive ecosystem from resource development to equipment manufacturing [13][14] - The industry is characterized by a full-chain ecosystem that integrates resource development, equipment manufacturing, technological innovation, and regional collaboration [13][14] Future Trends - The industry is expected to evolve towards technological integration and intelligence, with AI and quantum sensing driving automation and efficiency in exploration and extraction processes [15][16] - Environmental sustainability will become a core focus, with the adoption of eco-friendly technologies and the establishment of monitoring systems to minimize ecological impact [16][17] - Expansion into ultra-deepwater and polar regions will reshape the competitive landscape, necessitating international cooperation and standard-setting to address high costs and technical challenges [17][18]

Market Performance - The marine equipment sector experienced a significant increase of 40.79% on September 16, with Zhongke Haixun leading the gains [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Individual Stock Performance - Zhongke Haixun (300810) closed at 47.27, with a rise of 6.34% and a trading volume of 87,900 shares, amounting to a transaction value of 404 million yuan [1] - Hailanxin (300065) closed at 68.81, up 1.23%, with a trading volume of 374,300 shares and a transaction value of 694 million yuan [1] - Tianhai Defense (300008) closed at 6.53, with a slight increase of 0.62% [1] - Jianglong Shipbuilding (300589) closed at 13.13, up 0.54% [1] - Yaxing Anchor Chain (601890) closed at 9.52, up 0.42% [1] - Guorui Technology (300600) closed at 16.22, down 0.31% [1] - China Marine Defense (600764) closed at 30.21, down 0.56% [1] - Zhongchuan Defense (600685) closed at 26.74, down 2.05% [1] - China Shipbuilding (600150) closed at 37.04, down 3.82% with a significant trading volume of 1,449,700 shares and a transaction value of 5.41 billion yuan [1] Fund Flow Analysis - The marine equipment sector saw a net outflow of 1.063 billion yuan from institutional investors, while retail investors contributed a net inflow of 932 million yuan [1] - The detailed fund flow for individual stocks indicates varying levels of net inflow and outflow among different companies, with Zhongke Haixun experiencing a net inflow of 31.29 million yuan from institutional investors [2] - Other stocks like Tianhai Defense and Guorui Technology faced net outflows from institutional investors, while retail investors showed positive net inflows for several stocks [2]

Core Viewpoint - The shipbuilding sector is experiencing pressure on stock prices in the first half of 2025, primarily due to a decline in market volume and prices, despite strong earnings performance from shipbuilding companies [1][2]. Group 1: Stock Performance and Fund Holdings - In the first half of 2025, the shipbuilding sector's stock prices underperformed compared to the CSI 300 index, with a notable year-on-year decline in fund holdings for major shipbuilding companies [2]. - Specifically, the fund holding ratio for China Shipbuilding decreased by 3.8 percentage points and 4.9 percentage points year-on-year in Q1 and Q2 of 2025, respectively, although there was a significant increase in Q2 compared to Q1, indicating renewed institutional interest [2]. Group 2: Earnings Performance - Shipbuilding companies reported impressive earnings growth, with profits increasing significantly more than revenues, driven by high-priced orders from around 2022 entering a delivery phase and a decrease in steel costs compared to 2021 [3]. - Key subsidiaries of China Shipbuilding, such as Waigaoqiao and China Shipbuilding Industry Corporation, have shown continuous growth in net profit margins and return on equity (ROE) over multiple reporting periods [3]. Group 3: Market Conditions - The shipbuilding market is facing a downturn, with new orders and new ship prices under significant downward pressure, as the shipping market has experienced a notable decline in freight rates, with major ship types seeing average price drops exceeding 20% year-on-year [4]. - Global new ship orders fell to 1.67 million CGT in May 2025, marking the lowest monthly level in nearly four years, and the Clarkson Global Newbuilding Price Index decreased from 189.96 in September 2024 to 186.69 in May 2025 [4]. - The decline in the domestic shipbuilding market is attributed to the impact of the U.S. Section 301 sanctions and a lower willingness of leading domestic shipyards to accept new orders [4]. Group 4: Future Outlook - The order capacity ratios for bulk carriers and oil tankers are currently low at 10.4% and 15%, respectively, indicating that the shipbuilding cycle has not yet reached its peak [5]. - BIMCO estimates that the potential number of ship demolitions over the next decade will reach 16,000 vessels, totaling 700 million deadweight tons (DWT), which is significantly higher than previous estimates [5]. - Despite short-term order pressures, the low order capacity ratios for mainstream ship types, particularly bulk carriers and medium to large oil tankers, suggest potential for future market recovery, especially with the anticipated impact of U.S. interest rate cuts on supply-demand dynamics [6]. Group 5: Recommendations - The shipbuilding sector is recommended for continued investment, with strong endorsements for companies such as China Shipbuilding (600150.SH) and China Power (600482.SH), along with suggestions to monitor China Shipbuilding Defense (600685.SH), CIMC (000039.SZ), Yaxing Anchor Chain (601890.SH), and Runbang Co., Ltd. (002483.SZ) [6].

Group 1 - The company will hold a performance briefing on September 19, 2025, from 10:00 to 11:00 AM [2][4] - The briefing will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [2][3] - Investors can submit questions from September 12 to September 18, 2025, and the company will address common concerns during the briefing [2][5] Group 2 - The briefing aims to provide a comprehensive understanding of the company's operating results and financial status for the first half of 2025 [2][3] - The company encourages investor participation through the Roadshow Center website and via email for pre-submitted questions [4][5] - After the briefing, investors can access the main content and details of the event on the Roadshow Center website [5]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300810 | 中积海讯 | 44.25 | 2.95% | 4.82万 | 2.11亿 | | 300600 | 国瑞科技 | 16.88 | 2.18% | 12.87万 | 2.14亿 | | 300065 | 海兰信 | 19.04 | 2.04% | 40.56万 | 7.64亿 | | 300589 | 江龙船艇 | 13.28 | 1.68% | 7.93万 ﻞ | 1.05亿 | | 600685 | 中船防务 | 26.85 | 1.63% | 9.57万 | 2.54亿 | | 300008 | 天海防务 | 6.50 | 1.56% | 61.61万 | 3.97 亿 | | 601890 | 亚星锚链 | 9.76 | 1.04% | 18.32万 | 1.77亿 | | 600764 | 中国海防 | 30.36 | 0.63% | 8.39万 | 2.54亿 | | 600150 | 中国船舶 | 37.93 | -0 ...

证券代码：601890 证券简称：亚星锚链 公告编号：临 2025-035 江苏亚星锚链股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 09 月 12 日 （星期五） 至 09 月 18 日 （星期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 xll@asac.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 江苏亚星锚链股份有限公司（以下简称"公司"）已于 2025 年 08 月 26 日发 布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半 年度经营成果、财务状况，公司计划于 2025 年 09 月 19 日（星期五）10:00-11:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网 ...