中国农业银行大连长海海洋支行行长 吴振强 2025年9月15日 9月15日，经济日报在头版头条刊发长篇调研《大连逐浪》，深入展示了大连在海洋经济领域的蓬勃发 展与创新突破，作为农行大连长海海洋支行负责人，读完文章内心倍感振奋与自豪。 大连这片位于北纬39度的宝地，拥有着无与伦比的海洋资源，从"蓝色粮仓"里丰富的海产品，到"大国 重器"的诞生，再到海洋科技的创新突破，每一项成就都彰显着大连向海图强的决心和努力。 在金融助力海洋经济发展的浪潮中，作为扎根在边境海岛的金融力量，我们始终坚守初心使命，聚焦海 洋经济产业链各环节，紧跟大连"产业强海""科技兴海"的步伐，不断创新金融产品和服务模式。通过优 化审批流程、缩短放贷周期，切实缓解企业和养殖户的资金周转压力；深入偏远海岛村落，为养殖户普 及金融知识，利用线上平台打破地域限制，提供便捷的账户管理、资金结算等服务，让金融活水流向海 岛深处。同时，积极为海洋文旅项目提供融资支持，助力打造国家级旅游度假区，带动当地人气与经济 发展，让金融服务精准滴灌到海洋经济发展的每一个关键节点。看着一笔笔贷款投入到海洋牧场建设、 海产品精深加工、渔业科技创新等领域，看着渔民们的养殖区 ...

Core Viewpoint - The merger between China Shipbuilding (600150) and China Shipbuilding Industry Corporation (601989) marks the largest absorption merger in A-share history, set to be completed on September 16, 2025, enhancing China's global shipbuilding industry position [1] Group 1: Merger Details - China Shipbuilding will issue 3.053 billion shares to all shareholders of China Shipbuilding Industry Corporation through a stock swap [1] - The merger is a response to national strategies for developing a strong maritime economy and aims to resolve industry competition issues [1][2] - The newly formed entity will leverage the strengths of both companies to create a more complete shipbuilding industry chain, enhancing production efficiency and resource utilization [2] Group 2: Financial Performance - In the first half of 2025, China Shipbuilding reported a net profit of 2.946 billion yuan, a year-on-year increase of 108.59%, while China Shipbuilding Industry Corporation achieved a net profit of 1.745 billion yuan, up 227.07% [3] - The combined total assets of the new China Shipbuilding are expected to exceed 400 billion yuan, with revenues surpassing 130 billion yuan and a global order share of nearly 20% [3] Group 3: Industry Outlook - The global shipbuilding industry is entering a long-term upward cycle, projected to last until 2032, driven by environmental regulations and trade growth, with an estimated new ship order value of $1.2 trillion [4] - China is positioned to benefit significantly from this new shipbuilding cycle, having become the world's largest shipbuilding nation [4][5]

Group 1: Research Basic Information - The research object is Runbang Co., Ltd., belonging to the special equipment industry, and the reception time was September 15, 2025. The company's reception staff included the chairman, vice - president and board secretary, and the financial controller [16] Group 2: Detailed Research Institutions - The reception objects were investors who participated in the 2025 semi - annual collective investor meeting of listed companies under Guangzhou Industry Control Group through the "Investor Relations Interactive Platform" of Panorama Network [17] Group 3: Main Content and Key Points Strategic Development - The company has been highly concerned about national policies and actively responded to the "Deep - sea Technology" and "Marine Economy" development strategies. It started business layout in the "Marine Economy" field in 2011, and the "Marine Economy" has become an important business segment. The company will increase investment to strengthen this business [22] - The company has been actively concerned about the development and application of high - tech such as robotics and intelligent equipment manufacturing. It has gradually applied intelligent and automated technologies in high - end equipment products and will explore the practice of AI technology in product application scenarios to promote industrial transformation and upgrading [22][23] Business Operations - The company is actively fulfilling signed ship contracts, with stable production, operation, market expansion, team, and sufficient orders. It is confident in the steady growth of all businesses in 2026 [24] - The company's high - end equipment products are mostly customized, and the price fluctuations of main raw materials have a relatively limited impact on operating performance. The company is actively exploring the application of AI technology to improve production efficiency and product quality [26] - The company attaches great importance to expanding the domestic market, has its own brand and technology, and aims to become a globally well - known industrial equipment manufacturing enterprise [27] - The company is actively promoting the construction of the Tongzhou Bay equipment manufacturing base, which is expected to be gradually put into use soon. It will arrange production capacity according to market expansion and carry out business layout in multiple fields [28] Financial and Market - related - The company's daily business is affected by exchange rate fluctuations, but it has rich foreign exchange business experience and takes measures such as purchasing forward foreign exchange settlement and sales and using RMB settlement to reduce the impact [28] - The company conducts external investments according to its business development needs, attaches great importance to shareholder returns, and will formulate profit distribution plans based on actual situations [28][29] - The decline in the company's ship and supporting equipment business revenue in the first half of 2025 was mainly due to the decrease in product delivery volume compared with the same period last year. The company is actively exploring the ship market, and this business will be one of the main performance growth points in the next few years [31][33] - The company's controlling shareholder, Guangzhou Industry Control, supports the company's development, and the company will strengthen high - end equipment business to improve its fundamentals [33]

Group 1 - The company has been focusing on the "marine economy" since 2011, which has become an important segment, with shipbuilding and offshore equipment expected to be major growth drivers in the future [2] - The company is integrating AI technology into high-end equipment manufacturing, aiming to enhance product transformation and upgrade through the application of AI in various scenarios [2] - The company is actively fulfilling shipbuilding contracts and has a sufficient backlog of orders, although there was a decline in revenue from shipbuilding and related equipment in the first half of 2025 due to a decrease in delivery volume [2] Group 2 - The company has a cash reserve of over 4 billion, which will be utilized for external investments and reasonable fund arrangements based on business development needs [2] - The company is advancing the construction of the Tongzhou Bay equipment manufacturing base, which is expected to be operational soon, with plans to expand into marine engineering equipment [2] - The company is committed to shareholder returns and will develop a profit distribution plan based on actual circumstances [2]

Group 1: Business Strategy and Market Focus - The company is actively responding to national policies on "Deep Sea Technology" and "Marine Economy," having started business in related fields since 2011, making "Marine Economy" a significant business segment [2] - The company plans to increase investment in marine engineering and related sectors to enhance competitiveness and support the rapid development of China's marine economy [2] - The company is focusing on high-end equipment manufacturing and is integrating AI technology into its operations to improve production efficiency and product quality [3][4] Group 2: Financial Performance and Projections - The company reported a revenue of 629.6 million in the first half of 2025, down from over 300 million in the same period last year, primarily due to a decrease in delivery volume [6] - The company has sufficient orders on hand and is optimistic about maintaining steady growth in 2026 [4][6] - The company has over 4 billion in cash reserves and is considering various strategies for shareholder returns, including potential dividends [6] Group 3: Market Conditions and Challenges - The company is monitoring the impact of raw material price fluctuations on profitability, noting that the effect is limited due to the customized nature of its products [4] - The appreciation of the RMB has a minor impact on the company's profits, as it has experience in managing foreign exchange risks [5] - The company is committed to enhancing shareholder value and is exploring measures to stabilize and improve its stock price [4][5] Group 4: Future Developments and Projects - The company is advancing the construction of the Tongzhou Bay manufacturing base, which is expected to enhance production capacity in marine engineering and related fields [5] - The company is actively pursuing new orders in the marine engineering sector and has multiple ongoing negotiations for hot project orders [6]

Group 1 - The Shenzhen Marine Industry Cluster Conference and Underwater Robot Industry Alliance 2025 Annual Meeting was held, aiming to inject new momentum into Shenzhen's goal of becoming a global marine center city [1] - From January to July this year, Shenzhen's marine economy has shown stable overall performance and a positive development trend, with key enterprises in the marine oil service industry maintaining good operational conditions [1] - The Shenzhen Underwater Robot Application Scenario Opportunity List focuses on five major areas: marine oil and gas, deep-sea mining, offshore wind power, shipbuilding, and marine transportation, including over 20 specific demands [1] Group 2 - The Nanshan District Development and Reform Bureau introduced special support policies for the marine industry, with 18 million yuan allocated this year to support underwater intelligent equipment research and application [2] - The underwater robot industry alliance has gathered numerous quality enterprises and research institutions, covering key aspects of the industry chain such as body research and development, mechanical arms, and sensors [2] - The alliance promotes collaboration between demand and technology providers through initiatives like "project bidding" and scenario matching meetings, accelerating the application of underwater robots in innovative fields such as smart water services and marine surveying [2]

Core Viewpoint - The company emphasizes its focus on improving operational quality and long-term value despite stock price fluctuations, which are influenced by various market factors [1][2][3] Group 1: Company Performance - In the first half of 2025, the company achieved a revenue of 7.453 billion yuan, representing a year-on-year increase of 6.38%, and a net profit attributable to shareholders of 312 million yuan, up 13.88% [3] - The growth in net profit was primarily driven by the material handling equipment segment, while the new energy equipment segment experienced a decline in gross margin [3][3] Group 2: Stock Price and Shareholder Concerns - The company acknowledges investor concerns regarding stock price performance, attributing fluctuations to macroeconomic conditions, industry policies, and market sentiment [1][2] - The management reassures that the stock incentive plan adheres to regulatory requirements and aims to attract and retain core talent, ultimately enhancing competitiveness and sustainable development [2][3] Group 3: Strategic Focus and Future Plans - The company is committed to a strategy centered on "internationalization, high-end, intelligence, greening, and service" to enhance innovation capabilities and optimize industry structure [1][2] - Future plans include focusing on the marine economy and leveraging existing technical capabilities to capture domestic and international markets for marine engineering equipment [3]

Core Viewpoint - The successful launch of the "Tongjun" and "Junguang" dredging vessels marks a significant advancement in China's maritime engineering capabilities, showcasing the country's self-reliance in developing large-scale dredging equipment and technology [7][19]. Industry Overview - China's marine economy has rapidly developed, with the marine production value exceeding 10 trillion yuan, driving the growth of the port and channel infrastructure dredging market [9]. - The trend in domestic port construction is towards larger and deeper projects, necessitating advanced dredging technologies [9]. Vessel Specifications - The "Tongjun" and "Junguang" vessels have a maximum dredging depth of 120 meters and a mud hold capacity of 35,000 cubic meters, capable of raising a standard soccer field by 5 meters with a single load [14]. - Both vessels are equipped with a heavy-duty dredging head and high-pressure water systems, allowing them to excavate hard soil and weakly weathered rock [14][15]. Technological Innovations - The vessels feature an intelligent dredging operation system that allows for automated control, enabling a single crew member to manage operations efficiently [18]. - The implementation of digital twin technology provides real-time visualization of underwater conditions, enhancing operational precision [18]. Construction Achievements - The simultaneous construction of these two vessels in a 300,000-ton dock is a global first, demonstrating advanced modular construction techniques and digital management [19]. - The construction process involved over 2,000 workers and utilized a digitalized dock system to ensure precision and efficiency [19]. Future Applications - The vessels are expected to play a crucial role in various complex operations, including deep-water port dredging, underwater pipeline construction, and marine resource extraction [19].

Group 1 - Dalian is positioned at a latitude that is ideal for the growth of crops and marine life, with a significant marine area and coastline, making it a key city for marine economic development in China [1] - The city has a strong foundation in traditional marine industries such as fishing, shipbuilding, and marine chemicals, but faces challenges in economic scale and innovation compared to advanced regions [2][3] - Dalian's marine economy is projected to reach a total output value of over 450 billion yuan in 2024, indicating a significant step forward in its development [2] Group 2 - Dalian has established itself as a leader in marine aquaculture, with the highest production of sea cucumbers, scallops, and kelp in the country, contributing to its reputation as a "blue granary" [4][3] - The city is focusing on sustainable practices in marine farming, utilizing artificial reefs and seaweed restoration to enhance the ecological environment for aquaculture [4][3] - Dalian's marine biological industry is expanding, with successful trials in cultivating new species such as sea urchins, indicating a diversification of its marine resources [4] Group 3 - Dalian's shipbuilding industry is undergoing transformation, with significant mergers and acquisitions aimed at enhancing competitiveness and diversifying operations [6][7] - The development of domestically produced key components, such as large marine crankshafts, is breaking the reliance on imports and positioning Dalian as a significant player in the global shipbuilding market [7] - The city is leading in the production of advanced marine engines, including methanol dual-fuel engines, which are crucial for the transition to cleaner energy in shipping [8][9] Group 4 - Dalian is actively promoting marine technology innovation, with initiatives to develop high-tech marine industries and enhance the integration of technology in traditional sectors [10][12] - The establishment of the Yinggeshi Science City is a strategic move to foster marine science and technology, supporting the development of marine biomedicine and other high-tech industries [17][36] - The city is focusing on the integration of research, industry, and education to drive innovation in marine technology, with a significant number of research institutions and universities located in Dalian [17] Group 5 - Dalian is committed to ecological protection and sustainable development, implementing measures to restore marine ecosystems and improve water quality [18][23] - The city has taken strong actions against illegal marine activities that threaten ecological balance, demonstrating a commitment to preserving its marine environment [19][20] - Dalian's efforts in ecological restoration are complemented by a growing awareness among citizens about the importance of environmental protection [20][21] Group 6 - The tourism sector in Dalian is experiencing rapid growth, with a focus on enhancing the marine tourism experience and diversifying offerings beyond traditional sightseeing [24][25] - The city is leveraging its natural beauty and cultural heritage to attract tourists, with significant increases in visitor numbers and tourism revenue [24] - Dalian is exploring new tourism models that emphasize experiential and emotional value, aiming to transform the visitor experience from passive observation to active engagement [25]

Core Viewpoint - Fujian Province is accelerating the development of various industries, including wind power, nuclear power, photovoltaics, marine economy, and prefabricated buildings, as part of its comprehensive green transformation plan outlined in the recent action plan by the provincial government [1][3]. Industry Development - The action plan aims to promote the growth of green and low-carbon industries, focusing on areas such as optoelectronic information, integrated circuits, and new energy, with the goal of cultivating national-level strategic emerging industry clusters [3]. - By 2030, the scale of the energy-saving and environmental protection industry is expected to reach approximately 300 billion yuan [3]. New Energy Sector - The plan emphasizes the development of non-fossil energy sources, including the upgrade of onshore wind power and the construction of offshore wind power projects [3]. - By 2030, the proportion of non-fossil energy consumption is targeted to exceed 30% [3]. Transportation Sector - The plan promotes low-carbon transportation tools, including the expansion of electric vehicles and the development of electric ships and aircraft [4]. - By 2030, the carbon emission intensity of operational transportation tools is expected to decrease by approximately 9.5% compared to 2020 [4]. Marine Economy - The marine economy is highlighted as a key driver of Fujian's economic development, with a projected marine GDP of 1.25 trillion yuan in 2024, reflecting a year-on-year growth of 6.1% [7]. - Fujian ranks first in several marine-related metrics, including per capita seafood consumption and seafood export value [7]. Market Mechanisms - The action plan includes the establishment of a carbon emissions trading market and the promotion of market-oriented mechanisms for natural resource asset utilization [8]. - The national marine economy has shown significant growth, with a marine GDP exceeding 10 trillion yuan, contributing to 7.8% of the national GDP [8].