机构：船舶行业供需格局持续改善

Core Viewpoint - Jiangsu Province's shipbuilding exports reached 107.84 billion yuan in the first three quarters of this year, ranking first in the country, with a year-on-year growth of 38.3%, surpassing last year's total exports three months earlier [1] Group 1: Shipbuilding Industry Trends - The shipbuilding industry is experiencing a sustained upward cycle, with both ship manufacturing and shipping sectors showing strong cyclical characteristics [1] - The current cycle in the shipbuilding industry began in 2021, characterized by structural prosperity, and continues to show positive momentum despite previous structural differentiation among sub-industries [1] Group 2: China's Position in the Global Market - China has become the world's largest shipbuilding nation, benefiting significantly from this cycle, as indicated by metrics such as order volume, ship delivery, new ship orders, and completion rates [1] - Chinese shipyards have clear advantages in cost, supply chain resilience, technological innovation, and production capacity, with an improving order structure since 2021 leading to increased profit margins for shipbuilding companies [1] Group 3: Deep-Sea Equipment Demand - Policy catalysts are accelerating the construction of deep-sea equipment, with shipbuilding companies that possess high-end construction and system integration capabilities expected to benefit significantly [2] - There is a systemic demand for deep-sea equipment in areas such as deep-sea oil and gas development, offshore wind power, marine fisheries, and scientific exploration, driven by the need for high reliability and adaptability to complex working conditions [2] - China has made key breakthroughs in high-end ship types such as LNG carriers, ultra-deepwater drilling platforms, wind power construction vessels, and aquaculture vessels, with new orders and delivery schedules for marine engineering equipment remaining at high levels [2]