Group 1 - The People's Bank of China is soliciting public opinions on the draft rules for the Renminbi Cross-Border Payment System, which includes six chapters and thirty-one articles to regulate participants and operational institutions [1] - The new trading management rules for programmatic trading will take effect from July 7, detailing regulations on reporting, trading behavior, information systems, and high-frequency trading [2] - The Ministry of Finance has announced measures regarding government procurement of medical devices imported from the EU, requiring that non-EU companies' products cannot exceed 50% of the total contract amount for certain purchases [3][4] Group 2 - The Ministry of Commerce has proposed anti-dumping duties on brandy imported from the EU, effective from July 5, 2025, for a duration of five years [5] - National electricity load reached a historical high of 1.465 billion kilowatts on July 4, driven by high temperatures, marking an increase of approximately 200 million kilowatts from late June and nearly 150 million kilowatts year-on-year [6] - OPEC and eight major oil-producing countries have decided to increase production by 548,000 barrels per day in August, adjusting output based on market conditions [10] Group 3 - China Shipbuilding Industry Company has received approval from the Shanghai Stock Exchange for its merger with China State Shipbuilding Corporation, pending further regulatory approvals [11] - Meituan and Alibaba have launched significant promotional campaigns for the summer consumption season, offering substantial discounts to stimulate market activity [12] Group 4 - Citic Securities has noted that the current market environment resembles late 2014, with a focus on sectors like AI and innovative pharmaceuticals, and suggests a rotation in investment themes during the mid-year reporting season [16] - Huatai Securities indicates that the robotics industry is entering a phase of elimination, emphasizing the need for companies to demonstrate practical applications and customer orders [17]

Core Viewpoint - The Shanghai Stock Exchange's M&A Review Committee approved China Shipbuilding Industry Co., Ltd.'s asset acquisition through a share swap, meeting restructuring conditions and information disclosure requirements [1] Group 1: Restructuring Details - The restructuring involves a share swap merger where China Shipbuilding will absorb China Shipbuilding Heavy Industry Co., Ltd. by issuing A-shares to all shareholders of China Heavy Industry [3][4] - After the merger, China Heavy Industry will cease to be listed and its legal entity will be deregistered, with all assets, liabilities, and rights transferred to China Shipbuilding [3][9] - The independent financial advisors for the transaction are CITIC Securities for China Shipbuilding and CITIC JianTong Securities for China Heavy Industry [3] Group 2: Share Swap Pricing - The share swap pricing is based on the average stock prices over the 120 trading days prior to the pricing benchmark date, set at 37.84 CNY per share for China Shipbuilding and 5.05 CNY per share for China Heavy Industry [5] - The swap ratio is determined to be 1:0.1335, meaning one share of China Heavy Industry can be exchanged for 0.1335 shares of China Shipbuilding [5][7] - Adjustments to the swap ratio will not occur unless there are specific corporate actions such as dividend distributions or regulatory requirements [5] Group 3: Financial Implications - The total transaction amount for the asset acquisition is approximately 11.52 billion CNY, constituting a significant asset restructuring for both companies [8] - Following the profit distribution plans, China Shipbuilding will distribute 2.50 CNY per 10 shares, while China Heavy Industry will distribute 0.18 CNY per 10 shares [6][7]

Investment Rating - The report recommends the shipping sector and highlights investment opportunities in leasing companies listed in Hong Kong [1][20]. Core Views - The new ship price index has stabilized, and the merger of China Shipbuilding and China State Shipbuilding Corporation has been approved, with a focus on verifying the synergistic advantages post-merger [20]. - The shipping sector's market capitalization to order ratio is at a historical low, indicating sufficient safety margins [20]. - The report continues to recommend high-dividend stocks in the transportation sector, including COSCO Shipping International, Shenzhen International, and MTR Corporation [20]. Summary by Sections Shipping and Shipbuilding - New ship prices have stabilized, with the index recorded at 187.11 points, a slight increase of 0.12% [25]. - VLCC rates fell by 18% to $24,444 per day, influenced by increased capacity in the Pacific market [20]. - Suez crude oil tanker rates decreased by 12% to $35,557 per day, while Aframax rates dropped by 11% to $32,167 per day [20]. Oil Transportation - The Pacific market's high freight rates attracted more capacity, leading to continued pressure on rates [20]. - OPEC+ is expected to discuss production increases in August, with actual production and export conditions being closely monitored [20]. Dry Bulk and Container Shipping - The Baltic Dry Index (BDI) fell by 5.6% to 1,436 points, with Capesize rates under pressure due to seasonal factors [22]. - The Shanghai Containerized Freight Index (SCFI) dropped by 5.3% to 1,763.49 points, with the US West Coast route seeing a significant decline of 19% [24]. Air Transportation - The aviation sector is entering a peak season, with limited supply growth and natural increases in passenger volume expected to support airline revenues [38]. - Recommended stocks include Spring Airlines, China Eastern Airlines, and China Southern Airlines [38]. Express Delivery - The express delivery industry maintains high growth rates, with May's business volume reaching 17.32 billion items, a year-on-year increase of 17.2% [41]. - Recommended companies include SF Holding, YTO Express, and ZTO Express [42].

据微信公众号"中国船舶报"消息，2025年7月4日，中国船舶工业股份有限公司（600150.SH，以下简称"中国船舶"）公告称，公司发行股份吸收合并中国 船舶重工股份有限公司（601989.SH，以下简称"中国重工"）的重大资产重组事项，获上海证券交易所并购重组审核委员会审议通过。这标志着中船集团 旗下两大船舶总装核心上市平台整合迎来重大进展。 关于换股比例与定价，中国船舶换股价格为37.84元/股，中国重工换股价格为5.05元/股，换股比例为1:0.1335。2024年度利润分配实施后，中国船舶换股 价格调整为37.59元/股，中国重工换股价格调整为5.032元/股，换股比例调整为1:0.1339。 1999年，原中国船舶工业总公司分拆，成立了中船集团和中船重工，在业内分别被称为"南船"和"北船"，此后二十年，"南船""北船"通过市场良性竞争提 升影响力，不断推进中国造船行业一步步走到世界第一的位置。 上交所公告截图 本次交易是我国船舶工业领域的国家队、主力军之间的整合升级，也被业内认为是积极响应国家发展战略性新兴产业"深海科技"号召，落实中央财经委 员会关于推动"海洋经济"高质量发展的战略部署，将军工、海 ...

Core Viewpoint - The merger between China Shipbuilding and China Shipbuilding Industry Corporation has received approval from the Shanghai Stock Exchange, marking a significant step towards creating the world's largest publicly listed shipbuilding company [1][3]. Group 1: Merger Details - The merger involves China Shipbuilding absorbing China Shipbuilding Industry Corporation through a share exchange, with the exchange ratio set at 1 share of China Shipbuilding Industry Corporation for 0.1335 shares of China Shipbuilding [4]. - The merger is expected to consolidate operations and eliminate overlapping business areas, thereby reducing competition between the two entities [6]. - Following the merger, China Shipbuilding's total assets are projected to exceed 400 billion yuan, with annual revenue surpassing 130 billion yuan [6]. Group 2: Market Position and Performance - As of July 4, China Shipbuilding's market capitalization reached 146.7 billion yuan, while China Shipbuilding Industry Corporation's market cap was 105.6 billion yuan, highlighting the significance of this merger in the market [6]. - The combined company will lead globally in terms of order backlog, with a total of 62.63 million deadweight tons of orders, significantly outpacing competitors [7]. - The shipbuilding industry is experiencing a resurgence, with increasing demand and supportive government policies aimed at upgrading the sector [7]. Group 3: Financial Performance - In 2024, China Shipbuilding reported a revenue of 78.58 billion yuan, a year-on-year increase of 5.01%, while net profit rose by 22.21% to 3.61 billion yuan [8]. - China Shipbuilding Industry Corporation achieved a total revenue of 55.44 billion yuan in 2024, marking an 18.70% increase, and turned a profit with a net income of 1.31 billion yuan [8]. - Analysts predict that the merger will enhance operational efficiency and profitability, with expectations of continued high growth in the coming years [9][8].

Group 1 - The U.S. Congress passed the "Big and Beautiful" tax and spending bill, which is controversial due to cuts in federal aid, increased long-term debt, and tax reductions for the wealthy and large corporations [2] - The new tariffs on goods entering the U.S. will range from 10% to 70%, effective August 1 [2] - India plans to impose retaliatory tariffs on the U.S. due to the impact of increased tariffs on automotive exports [2] Group 2 - The U.S. stock market was closed on July 4, with early closures for futures contracts on various commodities [3] - International oil prices saw a slight decline, with WTI crude oil futures at $66.49 per barrel, down 0.76%, and Brent crude at $68.51 per barrel, down 0.42% [3] - The cryptocurrency market weakened, with Bitcoin down over 1%, Ethereum nearly 3%, and Dogecoin over 5% [3] Group 3 - The Ministry of Commerce of China confirmed that the U.S. has taken actions to lift certain trade restrictions on China, including the export of EDA software and ethane [5] - The Ministry of Commerce announced a final ruling on anti-dumping investigations into brandy imports from the EU, with dumping margins identified between 27.7% and 34.9% [6] - China Shipbuilding Industry Corporation's merger with China State Shipbuilding Corporation has been approved, creating the largest publicly listed shipbuilding company globally [8] Group 4 - CATL and Geely have signed a comprehensive strategic cooperation agreement focusing on battery technology and supply chain collaboration [9] - The Ministry of Housing and Urban-Rural Development emphasized the importance of stabilizing the real estate market and implementing targeted policies [21] - The Civil Aviation Administration of China established a leadership group for general aviation and low-altitude economy development [22]

Company Movements - Douyin has launched a new regulation prohibiting minors under 16 years old from live streaming, and those aged 16 to 18 must obtain written consent from parents or guardians to broadcast [5] - The Shanghai Stock Exchange's M&A Review Committee approved China Shipbuilding's share swap merger with China Shipbuilding Industry Corporation, marking the completion of the largest absorption merger in A-shares in nearly a decade before the registration with the CSRC [5] - Ping An Life announced it continues to increase its stake in Postal Savings Bank's H-shares, surpassing 13% ownership [6] - Saily Medical reported significant uncertainty regarding the success of its therapeutic hypertension vaccine project trial [6] - Jilin Jin Kong and its concerted actions plan to acquire all issued shares of Jilin's first rural commercial bank, which intends to delist from the Hong Kong Stock Exchange [6] Industry News - The second batch of new floating rate funds has been officially submitted, with multiple fund companies including E Fund, Huatai-PB, and others applying for both market-wide and industry-specific products [4] - The Shanghai and Shenzhen Stock Exchanges revised the ETF risk management guidelines, requiring fund managers to enhance the management of ETF subscription and redemption lists [4] - New regulations for algorithmic trading will take effect on July 7, with recent rumors about high-frequency trading frequency changes being denied by several quantitative private equity firms [4] - The Civil Aviation Administration of China has established a leadership group for general aviation and low-altitude economy, focusing on development planning, market regulation, and safety supervision [2] - The Ministry of Industry and Information Technology held a meeting on the photovoltaic industry to address low-price competition and guide capacity optimization, with industry leaders supporting policy directions [2]

Core Viewpoint - The merger between China Shipbuilding and China Shipbuilding Industry Corporation is progressing significantly, with the Shanghai Stock Exchange approving the absorption merger, which will create the world's largest publicly listed shipbuilding company in terms of asset scale, revenue, and order backlog [2][3][10]. Summary by Sections Merger Approval and Process - On July 4, China Shipbuilding announced that the absorption merger with China Shipbuilding Industry Corporation received approval from the Shanghai Stock Exchange, pending further registration from the China Securities Regulatory Commission [2][4][5]. - The merger aims to consolidate operations and eliminate competition between the two companies, enhancing operational efficiency and shareholder value [10]. Financial Impact and Market Position - Post-merger, China Shipbuilding's total assets are expected to exceed 400 billion yuan, with projected revenues surpassing 130 billion yuan [10]. - As of July 4, the market capitalization of China Shipbuilding was 146.7 billion yuan, while China Shipbuilding Industry Corporation was 105.6 billion yuan, indicating significant market interest in the merger [10]. Order Backlog and Industry Position - After the merger, China Shipbuilding will lead globally in terms of order backlog, with a total of 62.63 million deadweight tons, significantly surpassing competitors [11]. - The merger is expected to capitalize on the growing demand in the shipbuilding industry, supported by favorable government policies aimed at upgrading the sector [10]. Performance Metrics - In 2024, China Shipbuilding reported a revenue of 78.58 billion yuan, a year-on-year increase of 5.01%, while net profit rose by 22.21% to 3.61 billion yuan [11]. - China Shipbuilding Industry Corporation achieved a revenue of 55.44 billion yuan in 2024, with a net profit turnaround to 1.31 billion yuan [11]. Future Outlook - Analysts predict that the merger will enhance operational synergies, improve order efficiency, and accelerate delivery times, leading to sustained high growth in performance [12][13].

上海证券交易所（以下简称"上交所"）并购重组审核委员会于 2025 年 7 月 4 日召开 2025 年第 8 次并购重组审核委员会审议会议，对本次交易的申请进 行了审议。根据上交所并购重组审核委员会发布的《上海证券交易所并购重组 审核委员会 2025 年第 8 次审议会议结果公告》，本次会议的审议结果为：本次 交易符合重组条件和信息披露要求。 中国船舶重工股份有限公司 关于中国船舶工业股份有限公司吸收合并中国船舶重工 股份有限公司暨关联交易事项获得上海证券交易所 并购重组审核委员会审核通过的公告 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、准确性和完整性依法承担法律责任。 中国船舶工业股份有限公司（以下简称"中国船舶"）拟以向中国船舶重工 股份有限公司（以下简称"中国重工"或"公司"）全体换股股东发行 A 股股 票的方式换股吸收合并中国重工（以下简称"本次交易"）。 证券代码：601989 证券简称：中国重工 公告编号：临 2025-039 本次交易尚需中国证券监督管理委员会予以注册以及相关法律法规所要求 的其他可能涉及的必要批准、核准、备案或许可（ ...

中国船舶（600150）公告，公司拟向中国重工（601989）全体换股股东发行A股股票的方式换股吸收合 并中国重工。本次交易已获得上海证券交易所并购重组审核委员会审核通过，符合重组条件和信息披露 要求。交易尚需中国证券监督管理委员会予以注册以及相关法律法规所要求的其他可能涉及的必要批 准、核准、备案或许可(如需)后方可正式实施。 ...