Core Viewpoint - Tianhai Defense (300008) announced that its transportation ship orders primarily come from overseas European market shipowners, with some orders from domestic shipowners [1] Group 1: Order Sources - The company’s transportation ship orders are mainly sourced from overseas European market shipowners [1] - A portion of the orders comes from domestic shipowners, but large state-owned domestic shipowners typically have their own shipbuilding bases [1] Group 2: Current Orders and Focus - The current orders for the company mainly consist of medium-sized multi-purpose transportation ships and flexible bulk carriers suitable for European routes [1] - The company is focusing on developing offshore engineering and special ships for the domestic market [1]

证券日报网讯天海防务（300008）11月17日发布公告，在公司回答调研者提问时表示，目前在船市较为 景气及国家积极推动海洋经济的大背景下，公司致力于把握当前行业发展的有利态势，实现经营业绩持 续稳健增长。公司原发布的战略规划将在2025年到期，目前，公司正在制定新一轮的战略规划，但总体 方向仍然将聚焦主业，围绕船舶与海洋开展业务，持续深耕，实现高质量的发展。 ...

Core Viewpoint - Tianhai Defense focuses on the application and system integration of underwater robots rather than direct research and production of ROV products [1] Group 1: Company Focus - The company emphasizes the integration and application of underwater robots in existing marine engineering and special unmanned vessel businesses [1] - Underwater robots are defined variably based on operational depth and functional use, indicating a broad scope of application [1] Group 2: Business Model - The current business model is centered on system integration and equipment application, with no direct involvement in the ROV product development and manufacturing [1] - The company has practical foundations and application scenarios for ROV, utilizing ROV equipment in designed ship platforms, saturation diving vessels, and special unmanned vessels [1]

证券日报网讯天海防务11月17日在互动平台回答投资者提问时表示，截至2025年11月10日公司股东数为 124524户。 （文章来源：证券日报） ...

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]

Core Viewpoint - The defense and military industry is expected to experience another upward trend due to multiple influencing factors, including geopolitical risks, technological advancements, and policy support [1]. Group 1: Market Performance - The military sector has continued its strong performance, with notable stocks such as Aerospace Development (000547) and Great Wall Military (601606) showing significant gains, including a net inflow of 1.828 billion yuan [1]. - The average stock price increase for military concept stocks this year is 30.94%, with North China Long Dragon leading with a 342.24% increase [2]. - Six military concept stocks have received institutional research attention in November, indicating strong interest from investors [2]. Group 2: Company Performance - Major companies in the military sector, including China Shipbuilding (600150) and AVIC Chengfei (302132), reported net profits exceeding 1 billion yuan in the first three quarters [3]. - Several companies, such as Zhenray Technology and North China Long Dragon, have turned losses into profits, with some achieving over 100% year-on-year profit growth [3]. - Institutions predict that nine military stocks will see significant profit increases by 2025, with expected growth rates exceeding 100% [3]. Group 3: Future Outlook - The military industry is poised to benefit from rising geopolitical risks, modernization goals, and expanding military trade markets, with high-end weapon exports expected to increase [1]. - Technological innovations, such as 3D printing and recyclable rockets, are anticipated to drive growth in the sector [1].

Group 1 - Jianglong Shipbuilding reached a 20% limit-up in stock price [1] - Great Wall Military Industry also hit the limit-up [1] - Northern Long Dragon increased by over 14% [1] Group 2 - Tianhai Defense, Guoke Military Industry, and Inner Mongolia First Machinery Group all saw stock price increases of over 5% [1]

Core Viewpoint - Tianhai Defense has approximately 14 billion yuan in hand orders, with a significant portion coming from offshore engineering vessels and transportation ships [1] Group 1: Order Composition - The company’s current orders are about 14 billion yuan, with offshore engineering vessel orders accounting for approximately 25% [1] - The offshore engineering orders include large floating wind power projects, crane vessels, and piling vessels, which are traditional strengths of the company [1] - Transportation ship orders make up about 75% of the total, primarily consisting of 40,000-ton handy bulk carriers and 5,900-ton/5,200-ton multipurpose vessels [1] Group 2: Market Demand - Although the individual value of multipurpose vessels is relatively low, there is a significant demand due to the large existing fleet in the Baltic Sea region, which is currently undergoing a replacement cycle [1] - The expected order demand for these vessels is anticipated to continue for some time [1]

Core Viewpoint - The A-share market has experienced a surge in military stocks, with several companies reaching their daily limit up [1] Group 1: Stock Performance - Hongxiang Co., Zhongfutong, and Jianglong Shipbuilding all hit the 20% daily limit up [1] - Morningstar Aviation and Beifang Changlong increased by over 15% [1] - Guoan Da and Tianhe Defense rose by over 13% [1] - Pinggao Group saw an increase of over 12% [1] - Qifeng Precision gained over 11% [1] - Jieqiang Equipment and Tianhai Defense both increased by over 10% [1] - Furui Co., Longzhou Co., Huasheng Tiancai, Great Wall Military Industry, Tongyi Co., and Aerospace Development all reached the 10% daily limit up [1]

Core Insights - Tianhai Defense (300008) focuses on the application and system integration of underwater robots (ROV) rather than direct ROV product development and manufacturing [1] Group 1: Company Focus - The company emphasizes the integration and application of ROV technology within existing marine engineering and special unmanned vessel businesses [1] - ROV is defined broadly, with specific definitions varying based on operational depth and functional use [1] Group 2: Application Scenarios - The company has practical experience and application scenarios for ROV technology, utilizing it in designed ship platforms, saturation diving vessels, and special unmanned boats [1] - ROV equipment is recommended for use in various underwater operations to assist shipowners [1]