r Ru > 2026年 2 F "新闻月览"栏目按月推出,整合申万宏源证券与合作 伙伴的热点动态,为您带来公司精选资讯。 科技会融 TECHNOLOGY FINANCE 1 申万宏源助力长江电力发行20亿元科技创新公司债 2月4日，由申万宏源证券担任联席主承销商的中国长江电 力股份有限公司2026年面向专业投资者公开发行科技创新公司 债券（第一期）项目成功发行，发行规模20亿元，期限3年期， 票面利率1.80%。 2 申万宏源助力中国船舶集团发行20亿元科技创新 公司债 团 申万宏源助力兴业银锡成功发行2亿美元高级无抵 押可持续发展债券 2月10日，申万宏源香港公司作为联席全球协调人，成功 助力内蒙古兴业银锡矿业股份有限公司定价发行2亿美元规模的 3年期高级无抵押可持续发展债券。本次发行创内蒙古自治区近 5年来最大规模的美元债券发行纪录,也是中国采矿类民企全国 首笔境外高级无抵押债券。 2月11日，由申万宏源证券联席主承销的"中国船舶集团 有限公司2026年面向专业投资者公开发行科技创新公司债券( 第一期)"成功发行上市,本期债券发行规模20亿元,发行期 限3年，票面利率1.71%。 3 申万宏源保荐中国领 ...

Industry Overview - The Chinese atom gray industry is transitioning from traditional "quantity increase" to modern "quality improvement" [1] - In 2024, the market size of the atom gray industry in China is expected to be approximately 1.201 billion yuan, representing a year-on-year growth of 5.81% [1][6] - The industry primarily serves sectors such as automotive, shipbuilding, furniture, construction, and high-end equipment manufacturing, with its performance closely linked to macro fixed asset investment and manufacturing activity [1][6] Market Dynamics - The growth of the atom gray industry is shifting from a broad-based increase to being driven by emerging high-end manufacturing sectors such as new energy vehicles, rail transit (e.g., high-speed rail), and new energy equipment (e.g., wind turbine blades) [1][6] - These sectors demand specialized properties from atom gray, including weather resistance, adhesion, and environmental friendliness, which are significantly higher than traditional applications [1] Industry Chain - The upstream of the atom gray industry includes raw materials such as unsaturated polyester resin, epoxy resin, polyurethane resin, and various fillers [3] - The midstream involves the production and manufacturing of atom gray, while the downstream applications span automotive, shipbuilding, furniture, construction engineering, and industrial equipment [3] Key Enterprises - The market concentration in the atom gray industry is relatively low, with companies like Hubei Huitian New Materials Co., Ltd. and Hebei Xindun Composite Materials Co., Ltd. leading in innovation and market share [7][9] - Huitian New Materials reported a revenue of 3.285 billion yuan in the first three quarters of 2025, a year-on-year increase of 8.49%, with a net profit of 216 million yuan, up 32.38% [9] Development Trends 1. Market demand is shifting from "general" to "high-end and customized," with the automotive manufacturing sector being the primary downstream market [10] 2. Environmental requirements are increasing, leading to a focus on "environmental and functional" product upgrades, with a shift towards low-VOC and water-based products [10] 3. Industry competition is evolving towards "deep service" and "industry chain integration," enhancing core competitiveness through timely technical support and broad service networks [11][12]

新春贺词 这一年，我们弘扬精神，在改革发展中绘就幸福温暖的"中船画卷"。我们扎实开展深入贯彻中央八项规 定精神学习教育，以"旗舰"先锋强化党建引领，掀起黄旭华院士先进事迹"四学四做"活动热潮，6家单 位新获评"全国文明单位"，组建"青锋行动"突击队1079支，15件"幸福中船人"好事实事项目落地见效， 干部职工的获得感、幸福感、安全感得到提升。 这一年，我们牢记使命，在以习近平同志为核心的党中央坚强领导下，深入学习贯彻习近平总书记重要 指示批示精神，勇担责任、砥砺奋进；经略海洋、向海图强，以自身发展的确定性应对外部环境的不确 定性，在创新创造中书写了一份不平凡的答卷，推进世界一流船舶集团建设迈上新台阶。 这一年，我们在服务国家战略中彰显"中船担当"。福建舰光荣入列，习近平总书记出席入列授旗仪式并 登舰视察，标志着中国航母跻身世界前列，中国海军正式迈入"三航母时代"。在纪念中国人民抗日战争 暨世界反法西斯战争胜利80周年大会上，我们研制生产的新质新域装备震撼亮相，接受党和人民的检 阅，彰显了中船集团坚定的信心与实力。 这一年，我们提质增效，在市场开拓中树立"中船品牌"。造船完工量、新接订单量、手持订单量三大指 ...

2月6日，中国船舶集团有限公司在京召开2026年春节老领导座谈会。中船集团党组书记、董事长徐鹏主持座谈会，党组副书记、董事、总经理王国强通报集 团公司2025年主要工作情况及2026年重点工作安排，党组副书记、董事贾海英参加座谈会。老领导黄平涛、李长印、董强、吴强、杨金成、于世春、李柱 石、朱振生、李国安、张必贻、邵开文、吴晓光、冯永强、姜仁锋参加会议。 中船集团总部有关部门负责人、离退休干部局负责人参加座谈会。 | 责 编：邝展婷 | 一 审：周 芒 | 二 审：项 丽 | 三 审：甘丰录 | 来 源：中船集团新闻宣传中心/中国船舶报社 徐鹏代表集团公司党组向各位老领导致以节日问候和新春祝福。徐鹏指出，2025年，中船集团持续深入学习贯彻习近平总书记重要指示批示精神，坚决贯彻 落实党中央决策部署，高质量完成2025年全年任务，实现了"十四五"规划圆满收官。同时，科学谋划"十五五"规划良好开局，锚定了2026年主要经济指标和 突出抓好的八项重点工作。"十五五"时期，中船集团将坚持以习近平新时代中国特色社会主义思想为指导，全面贯彻落实党的二十大和二十届历次全会精 神，完整、准确、全面贯彻新发展理念，坚持和加强党 ...

1月30日，中国船舶集团有限公司党组书记、董事长徐鹏在沪拜访上海交通大学党委书记杨振斌，中国科学院院士、校长丁奎岭，双方就进一步深化校企 合作、推动协同创新、强化产教融合发展等进行深入交流并达成共识。中国工程院院士林忠钦，上海交大党委常委、常务副校长奚立峰，党委副书记赵 昕，中船集团党组成员、副总经理赵同宾出席会谈。 徐鹏感谢上海交大长期以来对中船集团改革发展给予的关心支持。徐鹏表示，上海交大是我国历史悠久、享誉海内外的高等学府，长期以来与中船集团保 持紧密合作关系，在协同开展核心技术攻关、创新平台建设、人才引育培养等方面取得了积极成效。面向"十五五"，希望双方充分发挥各自优势，顶层谋 划、积极探索产学研跨专业融合发展，聚焦重点领域深化科技创新平台共建共享，进一步加强人才交流培养，共同推动更多科技成果转化，携手推动实现 高水平科技自立自强。 杨振斌、丁奎岭对徐鹏一行的到访表示欢迎，并简要介绍了上海交大的办学情况。杨振斌表示，中船集团作为我国船舶工业的主力军，近年来持续向全球 产业链和价值链高端延伸，国际竞争力不断提升。上海交大与中船集团合作源远流长、关系密切，希望双方以此次交流为契机，进一步强化全方位对接， ...

Group 1 - The core focus of the news is on the efforts of the Heilongjiang Provincial Procuratorate in enhancing legal supervision and promoting public welfare through various initiatives, including addressing highway toll evasion and protecting agricultural land [3][4][6]. - The Heilongjiang Provincial Procuratorate has implemented a three-dimensional supervision system using digital data analysis and drone technology to monitor agricultural land, leading to the identification and rectification of issues related to land protection [4]. - The procuratorate has actively engaged with local representatives and organizations to address community concerns, such as providing legal support for agricultural enterprises and enhancing the legal framework for public safety [5][10]. Group 2 - The procuratorate has strengthened its liaison work with representatives, conducting numerous visits and activities to ensure the effective implementation of representative suggestions and proposals [6]. - There is a notable emphasis on the protection of minors, with initiatives aimed at preventing juvenile delinquency and providing legal education in schools [5][10]. - The procuratorate has received positive feedback from representatives regarding its role in public interest litigation, particularly in environmental protection and cultural heritage preservation [9][12][14].

1月28日，国新办就2025年国资央企高质量发展情况举行新闻发布会。会上，国务院国资委副主任庞骁 刚介绍，截至2025年底，中央企业资产总额突破95万亿元，2025年实现利润总额2.5万亿元，完成固定 资产投资5.1万亿元，上交税费2.5万亿元。 3 中国航天科工集团有限公司 4 中国航空工业集团有限公司 科技创新方面，2025年中央企业研发投入1.1万亿元、连续四年超过万亿元。新增22位两院院士、创历 史最好水平。23个创新联合体新吸纳超过100家创新主体参与攻关，在前沿领域实现一系列突破。其 中，完成战略性新兴产业投资2.5万亿元、占总投资的41.8%。 "十四五"时期，中央企业资产总额连续跨上70万亿元、80万亿元、90万亿元三个大台阶，年均增速达到 6.9%；实现增加值51.3万亿元，比"十三五"时期增长44.6%；实现利润总额12.7万亿元，比"十三五"时期 增长56.2%。 他指出，2026年中央企业高质量发展的目标是"两个确保、两个力争"，即确保增加值持续增长，力争与 国家GDP增速相匹配；确保"一利五率"经营指标，即利润总额、营业收现率、净资产收益率、研发经费 投入强度、全员劳动生产率、资产负 ...

聚焦痛点破题：在降本增效中构筑产业化根基 在推进制造业高质量发展、构建绿色低碳循环经济体系的布局中，工业固废的资源化利用已从一道"附加题"演变为关乎产业安全与可持续性的"必答题"。 铜冶炼渣，这一长期制约行业绿色转型的"沉睡矿山"，正通过兰石中科与相关单位的技术赋能与产业实践，在年产1.5万吨铜镍合金生产线的持续运转 中，从环境包袱转变为蕴含巨大价值的战略资源，实现了"变废为金"的华丽转变。这不仅是一场深刻的技术革命，更是对产业循环模式的重塑，生动诠释 了科技型企业服务国家战略的使命与担当。 铜镍合金 兰石中科建立了基体净化与性能调控的理论体系和技术方案。特别是铜镍渣冶炼铜镍合金过程中难免存在的硫、磷、氧、铅等杂质，这些"小瑕疵"会严重 影响材料的导电、导热和力学性能，技术团队从高丰度稀土元素的差异化应用出发，其一是在冶炼过程中加入镧铈稀土元素，利用其与杂质元素亲和力强 的特性，形成稳定化合物，最终随渣排出。从根本上提升铜镍合金的纯度，材料高低温加工性能更稳定。其二是利用纳米粒子弥散强化技术原理，在铜镍 合金浇铸过程中加入微量纳米稀土材料。纳米稀土材料能有效抑制铜镍合金铸态组织中柱状晶的生长，推动其向更均匀的 ...

Core Viewpoint - China COSCO Shipping Holdings Co., Ltd. (referred to as "COSCO Shipping") announced the signing of multiple shipbuilding agreements by its wholly-owned subsidiary, COSCO Asset, with a total investment of 18.768 billion yuan for the construction of 18 container ships [1] Group 1: Shipbuilding Agreements - COSCO Asset signed contracts for 12 units of 18,000 TEU LNG dual-fuel container ships with Jiangnan Shipyard and China Shipbuilding Trading, with a unit price of 1.399 billion yuan, totaling 16.788 billion yuan [1] - The new ships are expected to be delivered in batches from 2028 to 2029 and will be deployed on major east-west trade routes [1] - Additionally, COSCO Asset signed an order for 6 units of 3,000 TEU conventional fuel container ships with Zhoushan COSCO Shipping Heavy Industry, with a unit price of 330 million yuan, totaling 1.98 billion yuan, expected to be delivered between June and December 2028 [2] Group 2: Strategic Importance - The shipbuilding agreements are part of COSCO Shipping's global development strategy for its container shipping business, aimed at enhancing fleet capacity and consolidating its industry position [1] - The new vessels will optimize cost structures on relevant routes, thereby strengthening the company's core competitiveness in the traditional trunk market [1] Group 3: Financial Performance - From 2022 to 2024, COSCO Shipping achieved revenues of 391.058 billion yuan, 175.448 billion yuan, and 233.859 billion yuan, maintaining a leading position in the industry [2] - The net profit attributable to shareholders for the same period was 109.595 billion yuan, 23.86 billion yuan, and 49.1 billion yuan, demonstrating strong resilience in profitability [2] - As of September 30, 2025, the company reported a cash and cash equivalents balance of 170.56 billion yuan and a debt-to-asset ratio of 43.46%, indicating a robust financial condition [2]

Core Insights - In 2025, China's shipbuilding industry, represented by China Shipbuilding Group's three major companies, delivered a total of 72 new ships, reinforcing its leading position in the global high-end ship market and facilitating a transition from "scale leadership" to "quality and scale co-leadership" [1][12]. Group 1: High-End Ship Delivery and Structural Optimization - The three major shipbuilding companies in Shanghai achieved batch deliveries in the high-end ship sector, optimizing their product structure towards high technology and high added value, characterized by "stable quantity, improved quality, and structural optimization" [5][16]. - Jiangnan Shipyard delivered 28 ships, including 6 large container ships, 10 very large ethane carriers (VLEC), 3 LNG carriers, and 4 PCTCs, showcasing its dominance in large container and high-end gas transport vessels [5][16]. - Hudong-Zhonghua delivered 15 ships, including 11 LNG carriers and 4 dual-fuel container ships, achieving the highest construction efficiency for NO96-type LNG carriers globally [6][17]. - Waigaoqiao Shipbuilding delivered 29 ships, exceeding its annual target by 7 vessels, with a significant portion of its deliveries being Aframax tankers, which are expected to account for 9.98% of the global fleet [6][17]. Group 2: Technological Innovation and Green Development - The three major shipbuilding companies prioritized technological innovation, aligning with global trends towards green and low-carbon development, and increased R&D investments [7][18]. - Jiangnan Shipyard developed several new ship types that received approval from major international classification societies, including a 19,200 cubic meter LNG carrier and a 19,000 TEU LNG & battery hybrid container ship [8][19]. - Hudong-Zhonghua and Waigaoqiao Shipbuilding also achieved significant certifications for their innovative vessels, enhancing their competitive edge in the market [8][19]. Group 3: Supply Chain and Localization - The companies focused on enhancing the localization of key components in their supply chains, with Jiangnan Shipyard taking on significant projects to ensure core technologies are domestically controlled [9][20]. - Hudong-Zhonghua expanded its supply chain ecosystem, increasing the number of domestic LNG supporting enterprises from over 20 to more than 130, creating a market worth hundreds of billions [9][20]. Group 4: Digital Transformation and Smart Manufacturing - Digital transformation and smart upgrades became strategic foundations for enhancing core competitiveness, with the companies integrating digital technologies across all processes [10][21]. - Jiangnan Shipyard and Hudong-Zhonghua were recognized for their advanced smart factory projects, while Waigaoqiao Shipbuilding achieved a high-level certification for its digital transformation efforts [10][21]. - The shift towards digital and intelligent manufacturing is expected to significantly improve production efficiency and product quality, marking a transition to an "intelligent shipbuilding" era [10][21]. Group 5: Overall Industry Outlook - 2025 marked a year of significant achievements for the three major shipbuilding companies, reflecting the robust strength and responsibility of China's shipbuilding industry [11][22]. - The companies are committed to continuing their focus on technological innovation and digital transformation to support China's transition from a major shipbuilding nation to a strong shipbuilding power [11][22].