航运船舶行业系列（八）：美对华船舶敌意渐起，中国造船业大而不倒

Investment Rating - The industry investment rating is optimistic (maintained) [1] Core Viewpoints - The report highlights the increasing hostility from the U.S. towards China's maritime and shipbuilding industries, yet asserts that China's shipbuilding industry remains robust and resilient [5][6] - The U.S. maritime trade heavily relies on non-Chinese existing capacities, which are sufficient to meet American shipping demands in the short term [42][44] - The report suggests that the green shipbuilding cycle presents significant investment opportunities within the Chinese shipbuilding industry, recommending attention to companies such as China Shipbuilding Industry Corporation, China Power, China Shipbuilding Defense, and Songfa Co. [6][38] Summary by Sections U.S. Investigation into China's Maritime and Shipbuilding Industries - The U.S. initiated a 301 investigation into China's maritime, logistics, and shipbuilding sectors, accusing China of attempting to dominate these industries, which allegedly suppresses U.S. business interests [6][13] - The U.S. has proposed additional port fees for Chinese-built ships and introduced the "Ships for America Act" to increase the share of U.S.-built ships in maritime trade [6][21] U.S. Maritime Trade vs. Chinese Shipbuilding Industry - The report indicates that the U.S. is a major region for resource exports and consumer goods imports, with a significant portion of maritime trade involving medium to large vessels [6][29] - The existing non-Chinese shipping capacity is adequate to meet U.S. maritime trade needs, even if extreme measures are taken against Chinese shipbuilding [44] Resilience of China's Shipbuilding Industry - Since the early 21st century, China's shipbuilding industry has flourished, surpassing South Korea to become the largest shipbuilding nation [48] - The report notes that China's shipbuilding capacity has significantly increased, with a projected delivery capacity of 53.4% by 2024, up from 6.9% in 2001 [38][41]