格隆汇12月18日丨亚星锚链(601890.SH)公布，2025年12月18日，本次减持计划时间届满，公司收到股 东陶良凤、王桂琴、沈义成出具的《关于减持公司股份结果的告知函》，自2025年9月17日至2025年12 月17日期间，王桂琴通过集中竞价方式累计减持公司22万股股份，约占公司总股本的0.02%；沈义成通 过集中竞价方式累计减持公司83.62万股股份，约占公司总股本的0.08%；陶良凤未减持公司股份。 ...

证券代码：601890 证券简称：亚星锚链 公告编号：临 2025-038 江苏亚星锚链股份有限公司 董事、高管减持股份结果公告 本公司董事会、全体董事及相关股东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。 2 重要内容提示： 董事、高管持股的基本情况 本次减持计划实施前，江苏亚星锚链股份有限公司（以下简称"公司"）董 事、总经理陶良凤女士持有公司股票 4,884,800 股，占公司总股本的 0.51%；董 事、财务总监王桂琴女士持有公司股票 3,638,190 股，占公司总股本的 0.38%； 董事沈义成先生持有公司股票 4,288,000 股，占公司总股本的 0.45%。 减持计划的实施结果情况 公司于 2025 年 8 月 27 日披露了《董事、高管减持股份计划公告》（公告编 号：临 2025-033），自公告披露之日起 15 个交易日后的 3 个月内，公司董事、 总经理陶良凤女士，拟通过集中竞价方式减持所持公司股份不超过 1,221,200 股，占公司总股本的 0.13%；公司董事、财务总监王桂琴女士，拟通过集中竞价 方式减持所持公司股份 ...

格隆汇12月18日丨亚星锚链(601890.SH)公布，2025年12月18日，本次减持计划时间届满，公司收到股 东陶良凤、王桂琴、沈义成出具的《关于减持公司股份结果的告知函》，自2025年9月17日至2025年12 月17日期间，王桂琴通过集中竞价方式累计减持公司22万股股份，约占公司总股本的0.02%；沈义成通 过集中竞价方式累计减持公司83.62万股股份，约占公司总股本的0.08%；陶良凤未减持公司股份。 （原标题：亚星锚链(601890.SH)：股东王桂琴减持22万股公司股份） ...

亚星锚链公告，公司董事、财务总监王桂琴女士在2025年9月17日至2025年12月17日期间，通过集中竞 价方式累计减持公司22万股股份，约占公司总股本的0.02%；董事沈义成先生通过集中竞价方式累计减 持公司83.62万股股份，约占公司总股本的0.08%。董事、总经理陶良凤女士未减持公司股份。 ...

证券之星消息，12月15日航海装备板块较上一交易日下跌1.48%，江龙船艇领跌。当日上证指数报收于 3867.92，下跌0.55%。深证成指报收于13112.09，下跌1.1%。航海装备板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601890 | 亚星笛链 | 10.35 | -0.86% | 32.64万 | 3.37亿 | | 600150 | 中国船舶 | 33.81 | -1.17% | 43.44万 | 14.75 Z | | 300810 | 中利海讯 | 37.96 | -1.30% | 2.40万 | 9159.05万 | | 600685 | 中腊防务 | 28.75 | -1.74% | 21.23万 | 6.16亿 | | 300600 | 国瑞科技 | 15.08 | -1.95% | 6.24万 | 9473.15万 | ...

Overview - The renewable energy sector saw a 42% increase in 2025, outperforming the CSI 300 index by 24.78 percentage points, driven by strong demand for energy storage and the gradual implementation of anti-involution policies [11][14]. Solar Energy - The domestic solar market is expected to face pressure in 2026, with new installations projected to decline to 200-250 GW, down from an estimated 300 GW in 2025, which represents an 8% year-on-year growth [5][28]. - In 2025, China added 252.9 GW of new solar capacity from January to October, a year-on-year increase of 71.8 GW, with a significant portion of installations occurring in the first half of the year due to policy influences [5][18]. - Global solar installations are expected to reach 655 GW in 2025, a 10% increase year-on-year, but demand is anticipated to stabilize or slightly decline in 2026 due to various market challenges [36][37]. - The supply side is undergoing restructuring due to anti-involution policies, with significant reductions in production and inventory pressures observed in the polysilicon market [40][45]. - The BC battery technology is gaining traction, with expected rapid increases in penetration rates, potentially becoming the mainstream technology by 2030 [48][53]. Wind Energy - The domestic wind power market is projected to maintain stable growth, with onshore wind installations expected to remain flat in 2026, while offshore wind installations are forecasted to increase by over 40% to approximately 11.2 GW [5][16]. - The wind turbine market is experiencing a recovery in profitability, supported by stable pricing and expansion into overseas markets, creating new growth opportunities [16][18]. - The development of hydrogen and ammonia markets is expected to provide additional growth avenues for wind turbine manufacturers [5][16]. Investment Recommendations - The report maintains a "stronger than market" rating for the renewable energy sector, highlighting key companies to watch in wind energy, such as Goldwind Technology, Mingyang Smart Energy, and Yunda Co., and in solar energy, including LONGi Green Energy and Aiko Solar [5][7].

Group 1 - The report aims to summarize important internal deep reports, significant commentary, and marginal changes in the macro strategy group of large manufacturing [1] - Key companies highlighted include Yokogawa Precision, Zhejiang Rongtai, Shanghai Yanpu, Taotao Vehicle, Sany Heavy Industry, and XCMG Machinery among others [2][3] - The report maintains a positive outlook on the machinery sector, noting a 14% increase in excavator sales in November, which slightly exceeded expectations [4] Group 2 - The best-performing indices in the last week (December 1-5, 2025) included Nonferrous Metals (+5.35%), Communications (+3.69%), and Defense Industry (+2.82%) [5][20] - The top three indices in the large manufacturing sector were the Yangtze River Engineering Machinery Index (+5.47%), the ChiNext Index (+1.86%), and the Automotive Parts Index (+1.83%) [5][21] Group 3 - The report draws parallels between the current potential of humanoid robots and the past boom of electric vehicles, suggesting a similar macroeconomic backdrop and industry stage could lead to significant investment opportunities [8][9] - The expected market size for humanoid robots is projected to reach $700 billion by 2030, compared to an estimated $570 billion for electric vehicles in 2024 [8] - Investment opportunities are identified in core components and domestic manufacturers, with a focus on companies that meet three necessary conditions: management determination, past performance validation, and future application scenarios [9] Group 4 - The report discusses the rise of Hengli Heavy Industry as a new player in the shipbuilding sector, benefiting from an upturn in shipbuilding demand and improved profitability [10] - The global shipbuilding industry is expected to see a 34.9% increase in new orders in 2024, with specific segments like container ships and oil tankers showing significant growth [10] - Hengli Heavy Industry's competitive advantages include ample production capacity and an integrated supply chain, which are expected to support future performance [10][11] Group 5 - The report highlights the strategic moves of Meilixin, including a planned share buyback and a fundraising initiative aimed at expanding its liquid cooling and semiconductor projects [11][13] - The company is positioned to benefit from its partnerships in the server liquid cooling market, leveraging its manufacturing capabilities and established client relationships [11][13] - Future performance is anticipated to exceed market expectations due to the company's strategic focus on high-demand sectors such as telecommunications and electric vehicles [11][13]

Core Insights - The marine equipment sector experienced a slight increase of 0.42% on December 2, with Jianglong Shipbuilding leading the gains [1] - The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1] Sector Performance - Jianglong Shipbuilding (300589) saw a closing price of 23.24, with a significant increase of 7.34% and a trading volume of 1.0158 million shares, amounting to a transaction value of 234.5 million [1] - Tianhai Defense (300008) closed at 8.23, up 4.31%, with a trading volume of 3.3455 million shares and a transaction value of 272.7 million [1] - Other notable performers include Yuanrui Technology (300600) with a closing price of 16.68, up 1.65%, and China Shipbuilding (600150) with a marginal increase of 0.06% [1] Capital Flow - The marine equipment sector saw a net inflow of 464 million yuan from institutional investors, while retail investors experienced a net outflow of 331 million yuan [1] - The detailed capital flow indicates that Tianhai Defense had a net inflow of 153 million yuan from institutional investors, while it faced a net outflow of 5.647 million yuan from retail investors [2] - Jianglong Shipbuilding had a net inflow of 29.08 million yuan from institutional investors, but a net outflow of 31.0525 million yuan from retail investors [2]

Investment Rating - The report maintains a "Positive" outlook on the defense and military industry, indicating an expectation of strong performance relative to the overall market [3][23]. Core Insights - The report anticipates accelerated task deliveries in Q4, leading to improved performance compared to previous quarters. The upcoming orders during the "14th Five-Year Plan" period are expected to be a catalyst for investment [3]. - Geopolitical uncertainties are driving increased demand for consumable military equipment and military trade, presenting significant investment opportunities. The global military trade market has shown a notable expansion in potential demand for Chinese military equipment, particularly in the Middle East and Asia [3]. - The report suggests a focus on new main battle equipment, consumable weapons, military trade, and military intelligence as key investment areas [3]. - The military industry is entering a new cycle of quality improvement and growth, as outlined in the "14th Five-Year Plan" [3]. - The report highlights a significant recovery in performance expected in Q4, with military orders experiencing a pulse-like growth since Q1 of this year [3]. Market Review - Last week, the Shenwan Defense and Military Industry Index rose by 2.85%, while the CSI Military Leaders Index increased by 1.52%. In comparison, the Shanghai Composite Index rose by 1.4%, and the CSI 300 Index increased by 1.64%. The Shenwan Defense and Military Industry Index underperformed the ChiNext Index but outperformed the CSI 300 and Shanghai Composite Index [4][10]. - The average increase in the CSI Civil-Military Integration Index was 4.97%, indicating strong performance in this segment [4]. - The top five performing stocks in the defense and military sector last week were: - Saiwei Electronics (44.85%) - TeFa Information (34.07%) - Leike Defense (32.3%) - Aerospace Power (32.22%) - Zhongtian Rocket (21.6%) [10]. - Conversely, the bottom five performing stocks were: - Beihua Co. (-11.59%) - Guorui Technology (-4.84%) - Yaxing Anchor Chain (-3.56%) - Chenxi Aviation (-3.2%) - Aileda (-2.71%) [11]. Valuation Changes - The current PE-TTM for the Shenwan Military Industry Index is 77.60, placing it in the upper range historically, with a valuation percentile of 65.76% since January 2014 and 92.45% since January 2019. The aerospace and aviation equipment sectors are noted to be at relatively high valuation levels since 2020 [12][16].

Core Viewpoint - The report highlights significant growth in China's civil steel shipbuilding industry, with a projected production increase and substantial year-on-year growth rates for 2025 [1] Industry Summary - According to the National Bureau of Statistics, the production of civil steel ships in China is expected to reach 5.59 million deadweight tons in September 2025, representing a year-on-year increase of 59.3% [1] - Cumulative production from January to September 2025 is projected to be 39.05 million deadweight tons, reflecting a cumulative growth of 19% [1] - The report is based on data compiled by Zhiyan Consulting, a leading industry consulting firm in China, which specializes in in-depth industry research and market analysis [1]