北京市嘉源律师事务所 关于中国船舶工业股份有限公司换股吸收合并 中国船舶重工股份有限公司暨关联交易 之补充法律意见书（四） 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 二〇二五年七月 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 致：中国船舶重工股份有限公司 之补充法律意见书（四） 嘉源(2025)-02-069 敬启者： 中国船舶重工股份有限公司暨关联交易 北京市嘉源律师事务所 关于中国船舶工业股份有限公司换股吸收合并 北京市嘉源律师事务所接受中国船舶重工股份有限公司的委托，担任中国船 舶工业股份有限公司换股吸收合并中国船舶重工股份有限公司暨关联交易之中 国船舶重工股份有限公司的专项法律顾问，并获授权为中国船舶重工股份有限公 司本次换股吸收合并出具法律意见书。本所已于2025年1月24日就本次重组出具 了嘉源(2025)-02-009《北京市嘉源律师事务关于中国船舶工业股份有限公司换股 吸收合并中国船舶重工股份有限公司暨关联交易之法律意见书》、于2025年2月18 日出具嘉源(2025)-02-01 ...

| 证券代码：600150 | 证券简称：中国船舶 | 上市地：上海证券交易所 | | --- | --- | --- | | 证券代码：601989 | 证券简称：中国重工 | 上市地：上海证券交易所 | 中国船舶工业股份有限公司 换股吸收合并中国船舶重工股份有限公司 暨关联交易报告书（草案）摘要 （注册稿） 中国（上海）自由贸易试验区浦东大道 1 号 北京市海淀区昆明湖南路 72 号 吸并方 被吸并方 吸并方独立财务顾问 被吸并方独立财务顾问 二〇二五年七月 1 公司声明 一、吸收合并双方及其全体董事、高级管理人员保证重组报告书及其摘要内 容的真实、准确、完整，并对其虚假记载、误导性陈述或重大遗漏负相应的法律 责任。 二、吸收合并双方控股股东及全体董事、高级管理人员承诺，如就本次交易 所提供或披露的信息因涉嫌虚假记载、误导性陈述或者重大遗漏，被司法机关立 案侦查或者被中国证监会立案调查的，在案件调查结论明确之前，将暂停转让各 自在吸收合并双方拥有权益的股份，并于收到立案稽查通知的两个交易日内将暂 停转让的书面申请和股票账户提交吸收合并双方董事会，由董事会代承诺人向证 券交易所和登记结算公司申请锁定；未在两 ...

证券代码：601989 证券简称：中国重工 公告编号：临 2025-040 中国船舶重工股份有限公司关于 上海证券交易所（以下简称"上交所"）并购重组审核委员会于2025年7月4 日召开2025年第8次并购重组审核委员会审议会议，对中国船舶本次交易的申请 进行了审议。根据上交所并购重组审核委员会发布的《上海证券交易所并购重组 审核委员会2025年第8次审议会议结果公告》，本次会议的审议结果为：本次交 易符合重组条件和信息披露要求。 结合上交所并购重组审核委员会审核通过本次交易等实际情况，公司对《中 国船舶工业股份有限公司换股吸收合并中国船舶重工股份有限公司暨关联交易 报告书（草案）（上会稿）》（以下简称"重组报告书草案上会稿"）的部分内 容进行了补充和修订，形成了《中国船舶工业股份有限公司换股吸收合并中国船 舶重工股份有限公司暨关联交易报告书（草案）（注册稿）》。相较于重组报告 书草案上会稿，本次修订的主要情况如下： 1 | 重组报告书章节 | | 主要修订内容 | | --- | --- | --- | | 公司声明 | | 根据中国船舶取消监事会情况更新相关表述； | | | | 更新本次交易尚需获得的批 ...

| 证券代码：600150 | 证券简称：中国船舶 | 上市地：上海证券交易所 | | --- | --- | --- | | 证券代码：601989 | 证券简称：中国重工 | 上市地：上海证券交易所 | 中国船舶工业股份有限公司 换股吸收合并中国船舶重工股份有限公司 暨关联交易报告书（草案） （注册稿） 中国（上海）自由贸易试验区浦东大道 1 号 北京市海淀区昆明湖南路 72 号 吸并方 被吸并方 中国船舶工业股份有限公司 中国船舶重工股份有限公司 吸并方独立财务顾问 被吸并方独立财务顾问 二〇二五年七月 1 中国船舶工业股份有限公司换股吸收合并中国船舶重工股份有限公司暨关联交易报告书 公司声明 本次交易的证券服务机构已同意在本报告书及其摘要中援引其提供的文件相关材 料及内容，相关证券服务机构已对本报告书及其摘要中援引的相关内容进行了审阅，确 认本报告书及其摘要不致因引用上述内容而出现虚假记载、误导性陈述或重大遗漏，并 对其真实性、准确性和完整性承担相应的法律责任。 3 一、吸收合并双方及其全体董事、高级管理人员保证本报告书及其摘要内容的真实、 准确、完整，并对其虚假记载、误导性陈述或重大遗漏负相应的法律 ...

Group 1 - The new shipbuilding market is experiencing a slowdown in 2025 after several years of strong performance, exacerbated by geopolitical uncertainties [1][2] - According to Clarkson Research, global new ship orders have decreased by 54% year-on-year, with new ship prices dropping by 1% [2] - Chinese shipyards still hold a significant share of the global new ship orders, although their market share has declined from 70% in 2024 to 52% [2][3] Group 2 - In 2024, the global new ship order volume reached its highest level in 17 years, with 2,390 new ships ordered totaling 170 million deadweight tons [3] - The shipping market is facing cautious sentiment due to geopolitical uncertainties and tightening shipyard capacities, leading to postponed fleet replacement plans by shipowners [3][4] - Domestic shipyards maintain a positive outlook, with significant backlogs ensuring stable performance in the near term [4] Group 3 - There is a clear demand for fleet renewal and the development of new ship types driven by low-carbon policies and the need for cleaner energy vessels [4][5] - The emphasis on deep-sea development and resource utilization is expected to create demand for new ship types, including traditional marine engineering vessels [5]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The report highlights the strong growth in Southeast Asia's e-commerce logistics, particularly benefiting from TikTok Shop's significant GMV growth in Q2 2025, with increases of 93% in Thailand, 145% in Indonesia, 191% in Vietnam, 245% in the Philippines, 211% in Malaysia, and 30% in Singapore [4] - The report notes that the civil aviation sector is entering a peak travel season, with over 21.01 million domestic flight tickets booked in the first month of the summer travel period, indicating a 5.2% increase in flight numbers compared to the previous year [6][7] - The report emphasizes the ongoing demand resilience in the express delivery sector, with major players like SF Express and JD Logistics expected to benefit from cyclical recovery and cost reduction efforts [15] Summary by Sections Express Logistics - TikTok Shop's Q2 2025 GMV growth indicates a robust demand for Southeast Asian express delivery services, with Jitu's market share reaching 28.6% [4] - Shentong plans to deploy 2,000 unmanned vehicles in 2025 to enhance delivery capabilities [5] - JD Logistics has launched a self-developed VAN unmanned light truck, which can save approximately 60% in costs compared to traditional transport [5] Civil Aviation - The civil aviation sector is experiencing a peak in passenger flow, with a significant increase in ticket bookings and expected price hikes for popular routes [6] - The Civil Aviation Administration has established a leadership group to promote the development of general aviation and low-altitude economy [7] - The resumption of aircraft engine exports from the US to China signals a thaw in trade tensions [7] Shipping and Ports - OPEC+ plans to increase oil production by 548,000 barrels per day in August, aiming to regain market share [8] - China Shipbuilding's merger with China Shipbuilding Heavy Industry has been approved, indicating consolidation in the industry [9] - The Shanghai export container freight index has decreased by 5.3%, while oil tanker freight rates have also declined [10][11] Road and Rail - The report notes a slight decrease in toll revenue for Shenzhen Expressway in May, while the overall logistics operations remain stable [14] - National railway freight transport has shown a slight increase, indicating steady logistics performance [14] Overall Market Performance - The A-share transportation index decreased by 0.33% during the week, underperforming the Shanghai Composite Index, which increased by 1.40% [20] - The report provides a detailed breakdown of various sub-sectors, highlighting the performance of express delivery, aviation, shipping, and logistics [22][25][49][55]

Group 1 - The core point of the news is that China Shipbuilding Industry Co., Ltd. has successfully obtained approval from the Shanghai Stock Exchange for the merger and acquisition of China Shipbuilding Industry Corporation, which will lead to the termination of the latter's listing and the transfer of all assets, liabilities, and rights to the former [1] - Following the merger, China Shipbuilding is expected to become the largest publicly listed shipbuilding company globally, with a projected market value exceeding 250 billion yuan and total assets surpassing 400 billion yuan [1] - As of July 4, the market capitalization of China Shipbuilding was 146.7 billion yuan, while that of China Shipbuilding Industry Corporation was 105.6 billion yuan [1] Group 2 - The merger process began with China Shipbuilding Industry Corporation announcing a major asset restructuring on September 2, 2024, which involved a share swap to absorb China Shipbuilding Industry Corporation [2] - The confirmed share swap ratio was 1:0.1339, with the adjusted share prices being 37.59 yuan per share for China Shipbuilding and 5.032 yuan per share for China Shipbuilding Industry Corporation, resulting in a total transaction value of 115.15 billion yuan [2]

Core Viewpoint - The article discusses the recent market trends driven by the competition between Alibaba and Meituan in the food delivery sector, as well as the strong performance of tea beverage stocks and football-related stocks, highlighting potential investment opportunities in these areas [5][8]. Group 1: Market Trends - The "takeaway war" between Alibaba and Meituan has sparked significant market interest, with both companies offering substantial discounts and incentives to consumers [5]. - The tea beverage sector has seen a surge in stock prices, with companies like Gu Ming and Nai Xue's Tea experiencing notable gains [5]. - The overall consumer sector has rebounded, with strong performances in real estate and financial sectors, while the TMT sector has faced a pullback [5][10]. Group 2: Company Performance - Hengxin Life (301501), known as the "takeaway shovel stock," saw its shares rise over 13%, benefiting from the increased demand for disposable food packaging [5][8]. - Hengxin Life specializes in biodegradable plastic dining utensils and has established partnerships with major brands like Heytea and Starbucks [7]. - In 2024, Hengxin Life reported a revenue of 1.594 billion yuan, a year-on-year increase of 11.86%, and a net profit of 220 million yuan, up 2.82% [8]. Group 3: Financial Sector Activity - The financial sector, particularly in multi-financial and cross-border payment services, has shown strong performance, with significant gains in stocks like Huafeng Super Fiber and Xinya Data [10][12]. - The People's Bank of China has released a draft for the rules governing the Cross-border Interbank Payment System (CIPS), which aims to enhance the operational framework for cross-border payments [12][13].

Core Viewpoint - The stock of China Shipbuilding Industry Corporation (CSIC) has experienced significant upward movement, with China Shipbuilding Han Guang hitting a 20% limit up, indicating strong market interest following a major merger approval [1] Group 1: Stock Performance - China Shipbuilding Han Guang reached a 20% limit up, indicating a strong bullish sentiment in the market [1] - Kunshan Intelligent rose over 5%, while other stocks such as China Shipbuilding Emergency, Jiu Zhi Yang, China Shipbuilding Defense, China Shipbuilding, and China Shipbuilding Technology also saw gains [1] Group 2: Merger and Acquisition - The Shanghai Stock Exchange's merger and acquisition review committee approved the share swap and absorption merger of China Shipbuilding and China Heavy Industry on July 4 [1] - Following the completion of the restructuring, China Shipbuilding will become the largest publicly listed shipbuilding company globally, holding over 18% of the global order volume [1] - The production schedule for China Shipbuilding is extended until 2029, indicating strong future demand [1]

A股中船系板块快速拉升，中船汉光直线20cm涨停，昆船智能涨超7%，中船应急、久之洋、中船防务 跟涨；消息面上，中国船舶吸并中国重工获上交所审核通过。 ...