Investment Rating - The industry investment rating is "Positive (Maintained)" [5] Core Viewpoints - The new ship price index at the end of February 2025 was reported at 188.36 points, reflecting a year-on-year increase of approximately 3% [1] - The shipbuilding industry is experiencing high prosperity, with multiple ship types ramping up production, leading to improved profitability for shipyards and potential for continuous price increases due to supply-demand tightness [3] - The total order book for ships globally reached approximately 367 million deadweight tons by the end of February 2025, representing a year-on-year growth of 26% [11] Summary by Sections Monthly Ship Price Data - The new ship price index increased by 2.84% year-on-year but decreased by 0.54% month-on-month, with a significant increase of 48.19% since 2021, currently at a historical peak of 98.36% [1] - Breakdown by ship type shows container ships at 118.31 points (up 5.26% YoY), oil tankers at 220.98 points (up 4.54% YoY), bulk carriers at 172.69 points (up 3.96% YoY), and LNG carriers at 204.17 points (up 2.05% YoY) [2] Order and Delivery Data - New orders in February 2025 saw a significant decline of 76.9% year-on-year, primarily due to the Spring Festival holiday, with total new orders around 3.7 million deadweight tons [6] - The global completion and delivery of ships in February 2025 was approximately 4.05 million deadweight tons, down 27.6% year-on-year [6] Industry Opportunities - The shipbuilding industry is expected to benefit from the government's focus on "deep-sea technology," with major players like China Shipbuilding Group positioned to gain from policy support [3] - The competitive landscape is improving due to ongoing asset consolidation in the shipbuilding sector, enhancing operational efficiency and scale [3] Key Recommendations - Key companies recommended for investment include China Shipbuilding, China Heavy Industry, China Power, China Marine Defense, and Yaxing Anchor Chain, with a focus on their strong market positions and growth potential [4]

证券代码：601989 证券简称：中国重工 公告编号：临 2025-018 中国船舶重工股份有限公司 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： 本次担保人为公司全资子公司大连船舶重工集团有限公司（以下简称"大 连造船"），被担保人为大连造船的全资子公司大连船舶重工集团装备制造有限公司 （以下简称"大船装备"），不涉及公司关联人。 2025 年 2 月，大连造船因大船装备开具银行承兑汇票、保函等非融资性事 项为其提供担保 2 亿元，大船装备提供了反担保。 截至 2025 年 2 月 28 日，公司对所属子公司（全部为全资子公司，下同） 提供的担保余额合计为 18.80 亿元，占公司最近一期经审计净资产的 2.26%。 公司无逾期对外担保情况。 中国船舶重工股份有限公司（以下简称"公司"）分别于 2025 年 1 月 24 日、2025 年 2 月 18 日召开第六届董事会第八次会议和 2025 年第一次临时股东大会，审议通过 了《关于 2025 年度为所属子公司提供新增担 ...

Summary of the Conference Call on Machinery and Military Industry Outlook Industry Overview - The conference focuses on the machinery and military industries, providing a 25-year outlook on these sectors, emphasizing a cyclical recovery and the importance of technological innovation and investment opportunities [1][2][26]. Key Points on Machinery Industry Economic Recovery and Demand - The machinery industry is expected to see a recovery in demand in 2025, supported by domestic monetary and fiscal policies aimed at boosting internal demand [2][3]. - The effective demand issue that plagued 2024 is anticipated to ease in 2025, leading to improved investment in machinery [2][3]. Investment Opportunities - Two main investment themes are highlighted: 1. Policy-driven cyclical recovery leading to investment opportunities. 2. Technological advancements and domestic substitution creating growth stock opportunities [3][4]. - Specific sectors to watch include: - Construction and transportation equipment, with expectations of increased demand due to fiscal policy support [3][4]. - General equipment and services, particularly in the context of cyclical recovery [4][12]. Export Chain Dynamics - The export chain is expected to show differentiation in 2025, with resilient demand from overseas markets, particularly for domestic companies with competitive advantages [3][5]. - The machinery sector is characterized by a diverse range of sub-sectors, with construction machinery showing signs of recovery despite some segments facing challenges [5][6]. Specific Machinery Segments - Engineering machinery, particularly earth-moving equipment, is projected to continue its growth trend into 2025, while demand for cranes and concrete equipment remains stable despite potential risks [6][7]. - The railway and maritime sectors are also expected to maintain high demand levels, driven by ongoing infrastructure projects [10][11]. Key Points on Military Industry Recovery and Demand - The military industry is experiencing a recovery phase, with demand expected to increase as personnel adjustments within the military conclude [26][27]. - The year 2025 is seen as a pivotal year for military planning, with a focus on executing the 14th Five-Year Plan, which is expected to show a "front low, back high" characteristic in demand [26][27]. Investment Themes - Three main investment themes for the military sector are proposed: 1. Focus on core sectors such as aviation and missile technology, which are expected to see compensatory growth in 2025 [27][28]. 2. Investment in emerging directions like information technology, unmanned systems, and intelligent equipment [28][30]. 3. Opportunities in dual-use technologies, including commercial aerospace and low-altitude economy initiatives [28][29]. Market Dynamics - The military sector is characterized by a strong demand for modernization and technological upgrades, particularly in information systems and unmanned technologies [30][33]. - The global defense spending is accelerating, driven by geopolitical tensions, which is expected to further boost demand for military equipment [30][31]. Additional Insights - The machinery sector is undergoing a transformation with a focus on domestic substitution and technological advancements, particularly in high-end machinery and robotics [4][17]. - The military sector is also seeing a shift towards modernization, with increased emphasis on information technology and unmanned systems, reflecting global trends in defense procurement [30][33]. This summary encapsulates the key insights and projections for the machinery and military industries as discussed in the conference call, highlighting the anticipated recovery and investment opportunities in both sectors.

Investment Rating - The report maintains a rating of "Outperform the Market" for the defense and military industry [4] Core Insights - The renaming of AVIC Electromechanical to AVIC Chengfei marks another major aircraft manufacturing company under AVIC completing its capitalized listing, indicating potential opportunities in state-owned enterprise reforms and mergers this year [11][12] - The military industry is expected to see a recovery in performance by 2025, with positive signals emerging since late 2024, including contract announcements from core companies [12][13] - The military sector is transitioning from a phase of performance expectations to actual performance realization, with a significant increase in stock prices reflecting new growth expectations [13] Summary by Sections 1. Core Insights - The stock code change from AVIC Electromechanical to AVIC Chengfei signifies the completion of its capitalized listing, with the transaction value of AVIC Chengfei's 100% equity at approximately 1,743.91 million yuan [11][12] - The total share capital of the listed company increased from 590,760,499 shares to 2,676,782,376 shares [11][12] - The report anticipates numerous opportunities in state-owned enterprise mergers and asset injections this year [11][12] 2. Investment Strategy - The report suggests focusing on three investment lines: 1. Traditional military sectors with expected order recovery and performance support, including aerospace, shipbuilding, and aviation industries [13][15] 2. New domains characterized by low cost, intelligence, and systematization, such as low-cost precision-guided munitions and unmanned systems [13][15] 3. Reform and overseas expansion, targeting companies with asset integration expectations and competitive military trade markets [15] 3. Recommended Stocks - Traditional military direction: AVIC Power, AVIC Control, AVIC Materials, and others [15] - New domain and new quality direction: companies like Gaode Infrared, Beifang Navigation, and others [15] - Reform and overseas direction: Guorui Technology and Construction Industry [15] 4. Market Performance - The military industry index has shown a significant increase, outperforming the general market index, indicating a positive trend in the sector [24][26] - The military sector's overall valuation is at 75.39 times, positioned at the historical median, suggesting potential for growth [30]

证券代码：601989 证券简称：中国重工 公告编号：临 2025-017 中国船舶重工股份有限公司 关于换股吸收合并事项通知债权人的公告 本公司董事会及全体董事保证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。 一、本次换股吸收合并的具体情况 中国船舶工业股份有限公司（以下简称"中国船舶"）拟以通过向中国船舶 重工股份有限公司（以下简称"公司"或"中国重工"）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"）。本次交易后，中 国重工终止上市并注销法人资格，中国船舶将承继及承接中国重工的全部资产、 负债、业务、人员、合同及其他一切权利与义务。 公司于2025年2月18日召开了2025年第一次临时股东大会，审议通过了《关 于<中国船舶换股吸收合并中国重工暨关联交易报告书（草案）>及其摘要的议案》 等与本次交易相关的议案，具体内容详见公司刊登在上海证券交易所网站 （www.sse.com.cn）的相关公告。 本次交易已经公司2025年第一次临时股东大会、中国船舶2025年第一次临时 股东大会审议通过，此外，国务院国资委等主管部门出具 ...

证券代码：601989 证券简称：中国重工 公告编号：临 2025-016 中国船舶重工股份有限公司 2025 年第一次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 9,451 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 15,342,772,255 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 67.2868 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 (一) 股东大会召开的时间：2025 年 2 月 18 日 (二) 股东大会召开的地点：北京市海淀区昆明湖南路 72 号 118 会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 本次股东大会以现场投票与网络投票相结合的方式进行表决，表决方式符合 《公司法》及《公司章程》的规定，本次股东 ...

北京市嘉源律师事务所(以下简称"本所")接受中国船舶重工股份有限公 司(以下简称"公司")的委托,根据《中华人民共和国公司法》(以下简称"《公 司法》"）《上市公司股东大会规则》（以下简称"《股东大会规则》"）等现 行有效的法律、行政法规、部门规章、规范性文件(以下简称"法律法规")以 及《中国船舶重工股份有限公司章程》(以下简称"《公司章程》")的有关规 定,指派本所律师对公司 2025 年第一次临时股东大会（以下简称"本次股东大 会"）进行见证,并依法出具本法律意见书。 北京市嘉源律师事务所 关于中国船舶重工股份有限公司 2025 年第一次临时股东大会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 北京 BEI JING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI'AN 致:中国船舶重工股份有限公司 北京市嘉源律师事务所 关于中国船舶重工股份有限公司 2025 年第一次临时股东大会的 法律意见书 嘉源(2025)-04-091 为出具本法律意见书,本所指派律师现场见证了本次股东大会,查阅 ...

北京市嘉源律师事务所 关于中国船舶工业股份有限公司换股吸收合并 中国船舶重工股份有限公司暨关联交易 相关主体买卖股票情况的 专项核查意见 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 二〇二五年二月 t 律师事务所 YUAN LAW OFFICES 敬启者: 中国船舶工业股份有限公司(以下简称"中国船舶")拟向中国船舶重工股 份有限公司(以下简称"中国重工"或"公司")全体换股股东以发行 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")。北京市嘉源律师事 务所(以下简称"本所")接受中国重工的委托,担任本次交易之中国重工的专 项法律顾问,就本次交易,本所已于 2025年1月24日出具了嘉源(2025)-02-009 号《北京市嘉源律师事务所关于中国船舶工业股份有限公司换股吸收合并中国船 舶重工股份有限公司暨关联交易之法律意见书》(以下简称"《法律意见书》")。 本所律师根据《中华人民共和国证券法》《上市公司重大资产重组管理办法》 《公开发行证券的公司信息披露内容与格式准则第 26 号 -- 上市公司重大资产 重组》《监管规则适用指引 -- 上市类第1 号》等有关法律、法规及规范 ...

中信建投证券股份有限公司 根据《中华人民共和国证券法》《上市公司重大资产重组管理办法》《公开发 行证券的公司信息披露内容与格式准则第 26 号——上市公司重大资产重组》及 《监管规则适用指引——上市类第 1 号》等法律法规和规范性文件的规定，中信 建投证券股份有限公司（以下简称"中信建投证券"）作为中国船舶工业股份有 限公司（以下简称"中国船舶"）换股吸收合并中国船舶重工股份有限公司（以 下简称"中国重工"）暨关联交易（以下简称"本次交易"）的中国重工独立财务 顾问，对本次交易相关主体买卖中国船舶和中国重工股票的情况进行了核查，具 体如下： 一、本次交易的内幕信息知情人自查期间 本次交易的内幕信息知情人买卖股票情况的自查期间为合并双方首次披露 本次交易事项或就本次交易申请股票停牌（孰早）前六个月至《中国船舶工业股 份有限公司换股吸收合并中国船舶重工股份有限公司暨关联交易报告书（草案）》 首次披露之前一日止，即自 2024 年 3 月 2 日起至 2025 年 1 月 24 日期间（以下 简称"自查期间"）。 二、本次交易的内幕信息知情人核查范围 本次交易的内幕信息知情人核查范围包括： （一）合并双方及其董事、 ...

证券代码：601989 证券简称：中国重工 公告编号：临 2025-015 中国船舶重工股份有限公司 关于本次交易相关主体买卖股票情况的 自查报告的公告 本公司董事会及全体董事保证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： ● 根据中国证券登记结算有限责任公司出具的查询结果，经公司自查、相关 中介机构核查，相关主体在自查期间买卖上市公司股票的行为不构成内幕交易行 为，不会对本次交易构成实质性法律障碍。 中国船舶工业股份有限公司（以下简称"中国船舶"）拟向中国船舶重工股份 有限公司（以下简称"中国重工"或"公司"）全体换股股东以发行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"）。 根据《中华人民共和国证券法》《上市公司重大资产重组管理办法》《公开发 行证券的公司信息披露内容与格式准则第26号——上市公司重大资产重组》及《监 管规则适用指引——上市类第1号》等法律法规和规范性文件的规定，公司对本次 交易相关主体买卖中国船舶和中国重工股票的情况进行了核查，具体如下： 一、本次交易的内幕信息知情人自查期间 本次交易的内幕信息知情 ...