Zhi Tong Cai Jing·2025-11-19 03:10Core Viewpoint - China Shipbuilding Defense (中船防务) shares rose over 7%, currently up 6.69% at HKD 14.83, with a trading volume of HKD 102 million [1] Group 1: Market Performance - In October, global new ship orders totaled 2.91 million compensated gross tons (CGT), a 38% decrease from 4.71 million CGT in the same month last year [1] - Chinese shipbuilders secured 98 new ship orders amounting to 2.13 million CGT, capturing a 73% share of the global market, leading the rankings [1] Group 2: Price Trends - According to Shenwan Hongyuan's report, the new ship price index and the second-hand ship price index are diverging, with second-hand ship prices surpassing new ship prices [1] - A potential super cycle in the shipping and shipbuilding sector is anticipated, with second-hand ship prices expected to stabilize and exceed pre-2024 peak levels by September 2025 [1] - Historical data since 2000 shows that the second-hand ship price index has surpassed the new ship price index four times, with three instances leading to super cycle conditions [1]