航海装备Ⅱ行业：船舶业维持高景气度，绿色船舶为新发展方向

Industry Investment Rating - The industry rating for the shipbuilding sector is "Overweight" (maintained) [2] Core Views - The global shipbuilding market remains robust, with new ship prices maintaining stability [1] - The shipbuilding industry continues to experience high growth, with a significant increase in new orders in August 2024 [1] - The shipbuilding sector's upward trend in prosperity continued in the first half of 2024 [1] - China Shipbuilding Group secured multiple orders at the Greek exhibition, indicating sustained industry prosperity [1] - The shipbuilding industry maintains high prosperity, with green ships emerging as a new development direction [2] - From January to October, alternative fuel ship orders accounted for over 50% of total orders, surpassing the previous year's 39.6% [2] - The global cruise industry is steadily recovering, with the Asia-Pacific region expected to be the main driver of global cruise industry growth [2] Industry Performance - Over the past 12 months, the industry's relative return compared to the CSI 300 was 3.59%, with an absolute return of 16.93% [1] - Over the past 3 months, the industry's relative return was -18.05%, with an absolute return of 0.8% [1] - Over the past 1 month, the industry's relative return was -2.26%, with an absolute return of -0.78% [1] Market Dynamics - From November 25 to December 1, 2024, global shipyards received 44+2 new ship orders, with Chinese shipyards securing 30+2 orders [2] - South Korean shipyards led in alternative fuel ship orders in October, accounting for 55.5% of global orders by CGT [2] - Chinese shipyards secured 14 alternative fuel ship orders in October, with a market share of 25.9% [2] - The global new shipbuilding investment reached $168.4 billion, with alternative fuel ship orders valued at$89.6 billion, a 69% year-on-year increase [2] Future Outlook - The Asia-Pacific region is expected to drive global cruise industry growth, with a projected CAGR of 19.6% [2] - The US cruise market revenue is expected to reach $15.1 billion in 2024 and exceed$17 billion by 2028 [2] - Europe's cruise industry revenue is expected to grow at a CAGR of nearly 1% over the next five years [2] Investment Recommendations - Long-term prospects for China's shipbuilding industry remain strong, with companies benefiting from decarbonization and demand growth [2] - Key companies to watch include China Shipbuilding, China Heavy Industry, Songfa Co, China Power, CSSC Defense, Yaxing Anchor Chain, and Nanjing Steel [2]