炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 文| 《长三角资本局》十里 发自上海 2月27日，一份由南通市船舶工业行业协会出具的《关于请求政府出面维护产业人才生态稳定的请求 函》在业内流传。该函件抬头致南通市工业和信息化局，内容直指近期南通船舶行业出现的人才集中流 动现象。 协会在函中称，部分长期在南通投资发展的央企、国企，如招商工业、中远海运重工、象屿集团等企业 反馈，来自外市的企业——包括恒力重工——在南通区域内以显著高于行业常规水平的薪酬待遇，对船 舶设计等关键领域核心人才进行集中、定向招募。 协会认为，此类短期内规模化、针对性较强的人才挖角行为，虽属市场竞争范畴，但已对区域人才市场 秩序产生冲击，并可能影响本地企业在手订单交付、技术研发推进及产业链协同稳定。 该函件流出后，在业内及网络上引发讨论。 在函件后半部分，协会进一步提出五点建议，请求政府层面关注并协调： 一是恳请由南通市政府出面协调，引导相关行为回归理性竞争轨道。协会表示，单个企业难以对类似集 中挖角行为形成有效制约，希望政府代表本地企业发声，防止事态进一步恶化。 二是加强人才流动的规范与引导。建议通过行业协会、 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 航运界网消息，2月26日，广东松发陶瓷股份有限公司（证券代码：603268，证券简称：*ST松发）宣布，下属公司恒力造船（大连）有限公司3艘30.6万 吨超大型原油运输船（VLCC）建造合同于近日签约生效。 根据公告内容，本次签订的合同的交易对方为欧洲知名船东，根据船东与恒力造船的约定及《上市公司信息披露暂缓与豁免管理规定》的相关规定，豁免 披露船东的具体信息。标的合同金额合计为3至4亿美元（约合人民币20.65至27.54亿元），采用美元支付。 VLCC是恒力重工的主力船型。恒力重工自主研发的30.6万载重吨VLCC，具备"安全、绿色、舒适、环保"等显著特点，各项性能指标均达国际先进水平。 截至目前，恒力重工已交付多艘VLCC，全部配置自主研制的恒力主机，实现从船舶建造到核心配套的全链条自主可控。 建造的30.6万吨超大型原油运输船（VLCC）图源：恒力重工集团 值得一提的是，今年全球共计下单45艘VLCC，恒力重工接获38艘，展现出压倒性优势。此外，根据克拉克森数据，目前恒力重工VLCC手持订单总量达 到65艘，远超排名第二的韩国韩华海洋（30艘）。 登录 ...

截至目前，恒力重工已交付多艘VLCC，全部配置自主研制的恒力主机，实现从船舶建造到核心配套的 全链条自主可控。 连同最新订单在内，2026年至今恒力重工已经陆续承接了67+4艘新船订单，包括38艘VLCC、12艘苏伊 士型原油船、2艘LR2型成品油/原油运输船、7+2艘散货船和8+2艘6000TEU集装箱船。 2月25日晚间，广东松发陶瓷股份有限公司宣布，下属公司恒力造船（大连）有限公司3艘30.6万吨超大 型原油运输船（VLCC）建造合同于近日签约生效。 公告显示，本次签订的合同的交易对方为欧洲知名船东，根据船东与恒力造船的约定及《上市公司信息 披露暂缓与豁免管理规定》的相关规定，豁免披露船东的具体信息。标的合同金额合计为3-4亿美元 （约合人民币20.65-27.54亿元），采用美元支付。 作为参考，克拉克森的数据显示，目前一艘315000-320000载重吨传统燃料VLCC新造船价格约为1.28亿 美元（约合人民币8.84亿元），与去年同期持平。 VLCC是恒力重工的主力船型。恒力重工自主研发的30.6万载重吨VLCC，具备"安全、绿色、舒适、环 保"等显著特点，各项性能指标均达国际先进水平。根据克拉克 ...

伴随交易活跃度的提升，VLCC二手船资产价值呈现爆发式增长，而期租端的高价锁定进一步反哺资产 估值。根据船经纪公司Xclusiv2026年2月数据，15年船龄的VLCC价值约为8300万美元，较去年同期增 长57%;10年船龄的VLCC当期价格约1.05亿美元，同比涨幅达26%。 VLCC供需缺口加速放大，二手船回笼资金有望投入新造船市场 根据克拉克森，截至2025年底，当前在航VLCC中有近20%船龄超过20年，而VLCC手持订单占船队比 重仅有17.2%，老旧运力淘汰进程持续加速，供需缺口加速放大。叠加欧美监管升级，通过保险断供、 物理封锁等手段推动违规黑船加速出清，正规船队的稀缺性进一步强化。 智通财经APP获悉，方正证券发布研报称，2025年，全球累计新造船订单2036艘、5643万CGT，按CGT 计同比下降27%，主要系船厂排期较久、美国301调查等因素短暂压制船东下单欲望。25年12月、26年1 月单月全球新船订单成交量(CGT计)分别同比增长73%、34%，行业景气度拐点已显。该行认为船龄老 化主动更新、航运脱碳进程加速倒逼船队更新这两个结构性支撑将长期存在，继续推动本轮造船周期上 行，未来造 ...

Core Viewpoint - Dalian has achieved a significant milestone by surpassing a GDP of 1 trillion yuan, reflecting its role as a key player in the revitalization of Northeast China and showcasing its potential for sustainable economic transformation [3][5][34]. Economic Performance - In 2025, Dalian's GDP reached 1,000.21 billion yuan, marking a historic achievement and demonstrating a rapid growth trajectory from 700 billion to 1 trillion yuan since 2018 [3][5]. - The city's industrial output value increased by 11.7% year-on-year, with the petrochemical industry growing by 8.9% and equipment manufacturing surging by 15.4% [15][34]. Strategic Positioning - Dalian is the only planned sub-provincial city in Northeast China and serves as a crucial coastal open city, acting as a "front desk" for the region's economic engagement with the world [5][7]. - The city has established itself as a hub for global resource allocation, leveraging its port to connect with over 160 countries and regions [13][14]. Innovation and Development - Dalian has seen a significant increase in technology-driven enterprises, with over 10,000 companies and a 75% growth in high-value invention patents over five years [24]. - The number of high-tech enterprises in Dalian rose from 2,475 to 5,300 between 2020 and 2024, reflecting a 114% increase [24]. Challenges and Opportunities - Despite its achievements, Dalian faces challenges such as an aging population, with 24.71% of residents over 60 years old, and a need for high-quality job creation to retain talent [27][28]. - The city’s per capita GDP stands at approximately 132,600 yuan, which, while leading in Northeast China, lags behind more developed eastern cities like Shenzhen and Hangzhou [28]. Regional Collaboration - Dalian's growth is not isolated; it must foster collaboration with surrounding cities like Shenyang and Changchun to enhance regional economic synergy [37][40]. - The city has initiated regular sea-rail intermodal transport to facilitate trade with neighboring provinces, but there is a need for deeper integration of supply chains [38][40]. Future Directions - Dalian aims to redefine its role not just as a local leader but as a connector for Northeast China to national and global high-value economic cycles [40][41]. - The city has implemented over 540 institutional innovations in its free trade zone, but barriers remain that hinder broader regional integration [40].

Summary of Shipbuilding Industry Conference Call Industry Overview - The conference call focuses on the shipbuilding industry, specifically analyzing the changes in new and second-hand ship prices, order trends, and global order backlog [1][2]. Key Points Price Trends - New ship prices have ended a 25-year downward trend, stabilizing with a slight monthly decline of 0.2%, resulting in a new ship price index of 184.29 points for January [1] - Price changes by ship type for new ships in January: - Container ships: -0.4% - Oil tankers: +0.4% - Bulk carriers: +0.6% [1] - Second-hand ship prices have continued to rise, with a monthly increase of 2.6%, leading to a second-hand ship price index of 195.96 points [1]. Order Trends - New orders signed in January decreased by 40% month-over-month but increased by 39% year-over-year, with oil tankers being the primary contributor to new orders [2]. - The total new orders for January amounted to 178 million USD, with oil tankers accounting for 50% of the orders [2]. - The global shipbuilding order backlog has reached 450 million DWT, reflecting a 5% increase month-over-month and a 14% increase year-over-year [2]. Company-Specific Data - Specific companies mentioned include: - China Shipbuilding: 649 million DWT (up from 613 million DWT at the end of December) - China Shipbuilding Defense: 76 million DWT (down from 78 million DWT at the end of December) - Hengli Heavy Industry: 206 million DWT (up from 195 million DWT at the end of December) - Yangzijiang Shipbuilding: 201 million DWT (down from 210 million DWT at the end of December) [2]. Additional Insights - The divergence in price trends between new and second-hand ships indicates a growing disparity in ship asset values, with the back structure of ship assets becoming more pronounced [1]. - The overall accumulation of global orders suggests a robust demand for shipbuilding, particularly in the oil tanker segment, which may present investment opportunities in the sector [1][2].

（来源：法治日报） 转自：法治日报 本报讯 记者韩宇 在1月29日召开的辽宁省第十四届人民代表大会第五次会议上，辽宁省高级人民法院代 院长葛迪作法院工作报告时指出，2025年，辽宁全省法院持续优化法治化营商环境，认真贯彻民营经济 促进法，坚持依法平等保护，一体开展规范涉企执法司法专项行动和"1+2+3"专项行动，为企业解难 题、办实事。 葛迪在报告中介绍说，辽宁全省法院秉持善意审慎文明司法理念，在立审执全流程对87.5 万件涉企案件开展生产经营影响评估，依法采取活封活扣、财产置换等方式，盘活企业资产326.42亿 元，为3.05万户经营主体及时修复信用。抚顺中院在执行中推动债权人顺利承接某大型手机市场，确保 500多家商户经营"不断档"。 葛迪指出，辽宁全省法院刀刃向内解决企业急难愁盼，一案一策研究清理 一年以上未结涉企案件3837件；以强化提级、交叉执行整治执行不规范行为，对59名消极执行、选择性 执行的办案人予以处理处分。 葛迪表示，辽宁全省法院发挥司法打击服务效能，依法严惩对企业敲诈 勒索、强迫交易等犯罪，审结860件1986人；审结民营企业工作人员职务侵占、挪用资金等犯罪案件274 件442人，助力企 ...

（来源：辽宁日报） 转自：辽宁日报 把1个月压缩到1小时，这可不是在质量上打了折扣，而是把工作做在了前端。 恒力重工合作创新暨海工科技产业园项目是我省重大项目之一，建成后将为辽宁建设世界级船舶与海工 装备产业集群提供强劲引擎。因投资体量大、用地需求多，对全省经济发展引领带动力强，省林草局审 批处处长姜忠灏早就把它的名字记在了工作本上，更记在了心里。 "推动重大项目加快落地建设，对一些省内重点项目，我们都会记录在册并实时跟进。"姜忠灏告诉记 者，前期调研时发现，恒力重工合作创新暨海工科技产业园项目对林地的需求尤为迫切，审批稍有耽 搁，就会影响整个项目的先期进展，"我们组成专班，将往日'坐等来审'的被动应对变为'主动上门'的靠 前服务。" "对接过程中，省林草局帮助我们和企业提前梳理审批流程、预判潜在问题，手把手指导准备相关材 料。这不仅是一次主动服务，更是预见性、沉浸式的。"刘域进一步向记者解释这两个词的含义。拿到 项目审批所需材料的第一时间，姜忠灏便精准地指出几个问题，如，林地是否存在历史遗留问题、林地 划分范围是否合理等。凭借多年的审批经验，姜忠灏在查看材料前便对项目涉及的林地审批关键节点、 常见风险点作了 ...

企业并购常被喻为"惊险一跃"。交易尘埃落定后，真正的挑战才浮出水面： 那张关键的"资格证"，到底能不能用、怎么用、用得好吗？ 资质基础评估，如同给目标公司的核心牌照做一次深度"体检"。核心任务是摸清其"DNA"：它是什么？获取门槛多高？有效期与续期风险几何？ 无数案例证明，看似合规的资质背后，往往暗藏整合陷阱与价值鸿沟。为此，我们提出SIM模型（资质基础 Standard、资质整合 Integration、资质匹配 Match），它是一套让资质在并购中真正创造价值的系统方法论。 【免责声明】 本文由北京明德蓝鹰投资咨询有限公司撰写，仅为行业研究与商业案例以及探讨市值管理问题之目的而分享，不构成任何投资建议。我们所采用的信息均来 自公开披露资料，但我们无法保证其完整性与准确性。文中所有对公司的提及均旨在进行技术、模式或竞争格局分析，绝非股票推荐。请您知悉，所有投资 决策均伴随风险。我们强烈建议您基于个人独立判断并寻求专业顾问的意见。请务必谨慎决策，风险自担。 不止于"有"：为何传统评估失灵？ 传统并购评估，常将资质视为静态的"资产清单"条目。只看"有没有"，却忽略了三个致命问题：它本身健康吗？（基础）、能顺利变 ...

Economic Performance - Dalian's GDP reached 1000.21 billion yuan in 2025, with a year-on-year growth of 5.7%, indicating a significant milestone in the city's high-quality development [1] - The quarterly GDP growth rates were 6.2%, 6%, 6%, and 5.7%, surpassing the national average and exceeding expectations [1] Industrial Growth - The added value of key industries such as railway, shipbuilding, pharmaceuticals, and automotive manufacturing grew by 57.5%, 30.9%, and 19.5% respectively, with high-tech manufacturing increasing by 13.9% [1] - Major projects like the electric vehicle battery project and wind power, hydrogen energy industrial parks are under rapid development, contributing to the new energy sector [1] Project Development - Dalian secured 36.86 billion yuan in central project funding, a 50.1% increase, and initiated 1,369 projects worth over 100 million yuan, a growth of 14.1% [2] - Key projects such as the international airport and cross-sea bridge are accelerating construction, while major projects like the nuclear power plant are advancing [2] Technological Advancements - The city is focusing on high-end technology, achieving significant domestic production in critical components like wind turbine gearboxes and delivering large-scale vessels [3] - Dalian established 5 national-level smart factories and 74 advanced smart factories, enhancing its industrial internet capabilities [3] Green Development - The city added 23 provincial-level green factories and 9 green supply chain management enterprises, showcasing significant progress in green development [3] - Dalian aims to achieve a clean energy generation capacity ratio of 64% and a generation volume ratio of 75% [1]