船舶月度跟踪：2月全球造船市场整体维持景气，新船价格指数小幅回调、二手船价格持续走强。

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The global shipbuilding market remains buoyant in February, with a slight correction in new ship price index and a continued increase in second-hand ship prices [3][4] - The new ship price index for February stands at 182.14 points, reflecting a year-on-year decrease of 3.30% and a month-on-month decrease of 1.17%. In contrast, the second-hand ship price index is at 200.87 points, showing a year-on-year increase of 15.12% and a month-on-month increase of 2.51% [4] - The demand side shows that the global new orders signed from January to February amount to $36,535.94 million, a year-on-year increase of 29.74%, with new orders and deliveries increasing by 28.75% and 12.23% respectively [4] - China's shipbuilding industry continues to dominate the global market, with new orders accounting for 63% of the world by CGT, maintaining its historical high [4] Summary by Sections Global Market Performance - In 2025, the global new ship market is expected to see a transaction volume of 60.14 million CGT, a year-on-year decrease of 9.3%, while the DWT-based transaction volume is projected at 156.34 million, down 8.7% [4] - The market is transitioning from "high-speed growth" to "steady development," with a significant increase in orders in the last two months of the year [4] Chinese Shipbuilding Sector - Major shipbuilding companies in China are expected to report significantly improved earnings, with net profits projected between 7 billion to 8.4 billion yuan, marking a substantial increase [4] - Yangzijiang Shipbuilding is expected to achieve record revenue and net profit of 8.6 billion yuan, leading the industry with high-quality performance [4] - After a major asset restructuring, Hengli Heavy Industry is expected to turn a profit with net profits estimated between 2.4 billion to 2.7 billion yuan [4] Cost and Demand Dynamics - The comprehensive price index for steel in China is at 90.58 points, showing a year-on-year decrease of 0.67% and a month-on-month decrease of 0.11% [4] - The demand for new ships remains strong, with significant increases in both new orders and deliveries, particularly in the Chinese market [4]