位于大连长兴岛的恒力重工船坞造船现场。 孙鹏伟摄（中经视觉） 日前，辽宁省大连市政府新闻办公室举行新闻发布会，发布了2025年全市经济运行情况。根据辽宁省地区生 产总值统一核算结果：2025年，大连全市地区生产总值10002.1亿元，按不变价格计算，同比增长5.7%。由 此，大连成为东北首座GDP破万亿元城市。分产业看，第一产业增加值665.4亿元，增长3.6%；第二产业增加 值3532.5亿元，增长7.7%；第三产业增加值5804.2亿元，增长4.8%。船舶制造等传统产业转型升级，半导体 等新兴产业突破重围，文体旅商融合带动，成为大连地区生产总值突破万亿元的核心驱动力。同时，大连依 然存在着发展中的瓶颈和不足，亟待进一步突破，更好地推动经济高质量发展。 提供转型样本 1月6日，在大连长兴岛，由恒力重工3号船坞建造的6艘8.2万载重吨散货船同日出坞，该吨级散货船同坞建 造、同日出坞。2025年12月22日，位于大连市西岗区的中船大连造船为招商轮船建造的全球首制甲醇双燃料 动力智能VLCC"凯拓"轮提前合同期4个月成功交付。该船具有适航性强、适港性佳、低排放和智慧运营等优 异的综合性能。 船舶制造是大连的优势传 ...

三是重大项目建设提速增效、预期向好。牢固树立"抓实项目才能抓实工作"理念，大连市2025年积极争 取中央项目类政策支持资金368.6亿元，增长50.1%；全年开工复工亿元以上项目1369个、增长14.1%。 其中，恒力重工二期、中粮油脂等项目建成投产，金州湾国际机场、长海跨海大桥、恒力重工合作创新 产业园等项目加快建设，辽东半岛水资源配置工程、庄河核电一期、大石化易地升级改造、中铝北方沿 海绿色新材料、千万千瓦级海上风电大基地等一批百亿级重大项目前期工作加速突破。 大连市发展改革委副主任于洋指出，2025年，大连市经济运行顶压前行，高质量发展扎实推进，主要呈 现出三方面特点： 一是经济运行总体平稳、稳中有进，高质量发展基础进一步夯实。2025年，全市地区生产总值季度累计 增速分别为6.2%、6%、6%和5.7%，高于全国平均水平，好于预期。从产业结构看，规上工业增加值实 现两位数增长，生产性服务业占服务业比重达到56%，发展质效持续提升；从投资结构看，房地产开发 投资占比降至18.8%，制造业投资、工业技改投资分别增长2.8%、14.5%，产业投资贡献明显；从财政 收入结构看，税收收入增长3.4%，占财政收入 ...

新船订单激增，下单逻辑显而易见。从供给侧来看，市场存在大量的老旧运力，约20%的VLCC船龄已 超20年，而因地缘政治变化带来不确定性，这些运力恐将作为浮式储油装置使用。另外，主流VLCC的 期租费率在过去一年出现大幅上涨，二手市场的适航船舶变得稀缺。船舶经纪公司Banchero Costa提供 的数据显示，二手船价已为历史新高，5年船龄的VLCC现价接近1.2亿美元，仅比韩国船厂的新造船价 格（约1.28亿美元）低6%左右。因此在当前时点，若想投资VLCC，选择新造船确实具有合理性。 随着东太平洋航运（EPS）宣布在恒力造船（大连）有限公司订造2艘超大型油船（VLCC）。今年1月 迄今，全球已签约13艘VLCC。其中恒力重工旗下船厂获大部分订单，包括来自Dynacom Tankers的4艘 和Seatankers的2艘。 需提及的是，今年本月VLCC签约量未破历史纪录，但已是"史上单月最高水平之一"。2025年，全球生 效VLCC订单约60艘，其中在当年9月，共有13艘订单。与此同时，船厂手持VLCC订单量已达可观规 模，2026-2028年，预计交付至少142艘VLCC。 ...

1月23日，大连公布2025年全市地区生产总值为10002.1亿，按不变价格计算，同比增长5.7%，工业和港 口经济功不可没。搜狐城市注意到，目前全国万亿GDP之城增至29座，大连"踩线"跻身万亿俱乐部，也 填补了东北地区万亿之城的空白。 金州湾国际机场施工现场 2026年1月23日，大连召开经济运行新闻发布会，对于去年取得的成绩，总结出"三个突出优势"。 一是，传统工业产业持续发力，虽然房地产开发投资占比降至18.8%，但制造业投资、工业技改投资分 别增长2.8%、14.5%，产业投资贡献明显。二是，新质生产力加快培育，全市规模以上铁路船舶、医 药、汽车制造业增加值分别增长57.5%、30.9%和19.5%，规上高技术制造业增加值增长13.9%，新能源 产业快速发展，泰星能源纯电汽车电池项目开工，风电、氢能产业园加快建设，低空经济基本完成网络 布局，海岛物流运输等32个应用场景实现落地。三是，重大项目建设提速增效。全年开复工亿元以上项 目1369个、增长14.1%，恒力重工二期、中粮油脂等项目建成投产，金州湾国际机场、长海跨海大桥、 恒力重工合作创新产业园等项目加快建设，辽东半岛水资源配置工程、庄河核电一期 ...

1月23日上午，辽宁省大连市政府新闻办公室举行新闻发布会。会上，发布了2025年全市经济运行情 况。2025年，大连全市地区生产总值10002.1亿元，按不变价格计算，同比增长5.7%。 由此，大连成为东北首座GDP破万亿元城市。 填补东北地区万亿元GDP城市空白 辽宁大学校长余淼杰在接受经济日报记者采访时表示，这向外界传递出重要信息——东北经济的全面振 兴是非常有希望的，东北经济的明天会更好；大连已经成为带动东北经济高质量发展的龙头和对外开放 的窗口，彰显出示范作用和模范力量。 "实现GDP突破万亿元，标志着大连经济发展迈上新台阶、进入新阶段。"在东北财经大学东北全面振兴 研究院院长周学仁看来，这填补了东北地区万亿元GDP城市的空白，重塑区域发展信心，为东北全面振 兴注入强劲动力、提振发展信心。GDP突破万亿元大关为大连进一步发挥带动示范效应增添了底气，使 其在东北全面振兴进程中"跳高队"的角色定位更清晰、作用更凸显。 虽然GDP突破万亿元了，但这在全国来说并不鲜见。大连还有哪些瓶颈需要突破，如何走好经济高质量 发展之路？ 大连海事大学航运经济与管理学院教授李焱坦言，大连还面临着产业转型升级动能不足、高级要 ...

Investment Rating - The report indicates a positive outlook for the shipbuilding industry, with a focus on the recovery of new orders in the second half of 2025, driven by the stabilization of second-hand ship prices ahead of new ship prices [2][3]. Core Insights - The second-hand ship prices have stabilized before new ship prices, with a notable increase in new orders in the latter half of 2025 [2]. - As of the end of 2025, the newbuilding price index stands at 184.65 points, reflecting a year-on-year decline of 2.4%, while the second-hand price index is at 191.07 points, showing an increase of 8.6% year-on-year [2][53]. - The global shipbuilding orderbook has reached 395 million DWT, marking a 37% year-on-year increase, with significant contributions from various ship types [2][60]. - The report highlights that the demand side is gradually strengthening, indicating a long-term upward trend in the shipbuilding cycle [50]. Summary by Sections Ship Price Trends - The new ship price index decreased by 2.4% year-on-year, while the second-hand ship price index increased by 8.6% year-on-year [53][57]. - Specific new ship price indices for container ships, oil tankers, bulk carriers, and LNG ships have shown declines ranging from 3% to 5% [57]. Order Backlog - The global shipbuilding orderbook has increased to 395 million DWT, with container ships, LNG ships, bulk carriers, oil tankers, and other vessels contributing to this growth [60]. - The orderbook's capacity ratio remains low, with only 17.1% of the total capacity accounted for by the orderbook, indicating potential for future growth [60]. New Orders Analysis - In 2025, the total new orders amounted to 56.43 million CGT, a decrease of 27% year-on-year, with container ships making up the largest share at 41% [61]. - The total value of new orders was $18.13 billion, reflecting a 21% year-on-year decline, with container ships again leading in terms of order value [64]. Country-Specific Insights - China remains the dominant player in new orders, accounting for 69% of the total deadweight tonnage and 50% of the total order value in 2025 [68]. - South Korea has seen an increase in its share of new orders, indicating a shift in competitive dynamics within the industry [68]. Market Dynamics - The report notes that the recovery in new orders is expected to accelerate due to rising charter rates and increased optimism among shipowners regarding future market conditions [22][24]. - The container shipping segment is projected to continue its growth trajectory, with sustained demand for new vessels [25][28].

广东松发陶瓷股份有限公司（*ST松发）1月15日发布公告，公司下属公司恒力造船（大连）有限公司 （"恒力造船"）近日与挪威船王John Fredriksen的私人投资公司Seatankers Management旗下单船公司签 订了2艘30.6万吨VLCC超大型原油运输船的建造合同，合同金额合计约2-3亿美元，预计将于2028年下 半年相继交付。 近日，恒力重工收获2026年"开门红"，获得首笔订单。 随着此次两艘船订单的签署，据信Seatankers自去年9月以来已在恒力重工累计订购了10艘超大型原油 轮。 近日，恒力重工收获2026年"开门红"，获得首笔订单。 广东松发陶瓷股份有限公司（*ST松发）1月15日发布公告，公司下属公司恒力造船（大连）有限公司 （"恒力造船"）近日与挪威船王John Fredriksen的私人投资公司Seatankers Management旗下单船公司签 订了2艘30.6万吨VLCC超大型原油运输船的建造合同，合同金额合计约2-3亿美元，预计将于2028年下 半年相继交付。 据公告，交易对方Seatankers Management拥有多元化的船队，活跃于全球原油和成品油运输 ...

Group 1: Global Shipbuilding Market Overview - In 2025, the global new shipbuilding market cooled significantly after a record year in 2024, with a total of 2,036 new ship orders amounting to 56.43 million CGT, a 27% decrease in CGT compared to 2024 [1] - The global shipbuilding companies held an order backlog of 173.91 million CGT by the end of 2025 [1] Group 2: South Korean Shipbuilding Industry - South Korean shipbuilders ranked second globally, securing 247 orders totaling 11.6 million CGT, an 8% increase from 2024 [3] - The market share of South Korean shipbuilders rose to 21%, with a backlog of 35.12 million CGT, although this represented a decrease of 2.45 million CGT year-on-year [3] - South Korea maintained its position as the world's leading builder of LNG carriers, with 34 new LNG ship orders in the previous year [3] - The shipbuilding export value from South Korea reached $32.03 billion, a 25% increase year-on-year, marking the highest level since 2018 [3] Group 3: Chinese Shipbuilding Industry - Chinese shipbuilders received 1,421 orders totaling 35.37 million CGT, a 35% decline year-on-year, resulting in a market share of 63% [5] - This marked the first decline in market share for Chinese shipbuilders in five years, despite holding a backlog of 107.48 million CGT, which increased by 10.01 million CGT year-on-year [5] - China dominated the construction of bulk carriers, container ships, and oil tankers, with a significant increase in the order share for bulk carriers exceeding 80% [5] Group 4: Private Shipbuilding Companies - Hengli Shipbuilding emerged as a significant player, signing contracts for 7 new ships, including 2 VLCCs and 4 Capesize bulk carriers, with a total order of 115 ships and a contract value exceeding 100 billion yuan [7] - Hengli Shipbuilding set a global record by launching 4 VLCCs simultaneously from the same dock [7] Group 5: China Shipbuilding Group - China Shipbuilding Group, the largest shipbuilding company globally, signed a record contract for 87 new ships with China COSCO Shipping Group, totaling approximately 50 billion yuan [9] - The company is focusing on upgrading its product structure towards high-tech and high-value-added vessels, with significant contracts for LNG dual-fuel container ships and other advanced ship types [9]

Group 1: Market Overview - In 2026, the A-share M&A market is expected to focus on three main industrial lines: hard technology, cyclical industries, and state-owned enterprise restructuring[2] - The macroeconomic environment will emphasize the synergy between capital markets and the real economy, supported by a moderately loose monetary policy to lower financing costs[9] - In 2025, the A-share M&A market saw 1,632 asset acquisition announcements, a 14% increase year-on-year, with significant asset restructuring transactions rising by 80%[10] Group 2: Industrial Lines - The hard technology sector will be a key focus, with mergers in AI applications, commercial aerospace, and humanoid robotics expected to accelerate[17] - Cyclical industries will see consolidation through supply-side reforms, particularly in solar energy, automotive, and brokerage sectors, with a focus on optimizing supply-demand structures[22] - State-owned enterprises are anticipated to engage in significant asset restructuring and mergers, with a focus on strategic and commercial asset injections[25] Group 3: Transaction Lines - Control transactions in listed companies are expected to show structural differentiation, with a shift towards "industrial logic" rather than "arbitrage logic" due to regulatory changes[27] - The role of state-owned capital in M&A funds is expected to grow, with 29 new funds established in 2025, targeting over 100 billion yuan in total[32] - Innovative cross-border M&A transactions are likely to continue, with a focus on integrating global high-quality technology assets and enhancing A+H market synergy[37] Group 4: Risks and Challenges - M&A transactions involving equity stakes face higher uncertainties compared to cash transactions, with financial capacity of listed companies significantly impacting deal success[41] - The tightening of regulatory policies may increase the difficulty of mergers, particularly for cross-border transactions and those involving shell companies[41] - The restructuring of ST companies presents both opportunities and high risks, dependent on the successful execution of restructuring plans[43]

Group 1 - The core achievement of Hengli Heavy Industry is the simultaneous launch of six 82,000 deadweight ton bulk carriers, setting a new global record in shipbuilding [1] - The construction took place at the No. 3 dock, which is the largest in the world, measuring 860 meters in length and 80 meters in width, equipped with two 2,000-ton gantry cranes and one 600-ton gantry crane [1] - The high-level construction capabilities and modern, high-end, large-scale facilities of Hengli Heavy Industry contributed to this achievement, ensuring leading efficiency and quality in shipbuilding [1]