Core Insights - The meeting emphasized the importance of accelerating economic recovery and achieving growth targets for the second half of the year, aligning with national and provincial directives [2][3][5] Economic Performance and Strategy - The city has focused on stabilizing employment, businesses, markets, and expectations while promoting high-quality development [2][3] - Key sectors identified for recovery include automotive, pharmaceuticals, wholesale, and real estate [3] - Initiatives to boost effective demand include special actions to stimulate consumption and policies for trade-in programs [3] Project and Investment Focus - There is a strong emphasis on accelerating project construction and utilizing various policy funds to support high-quality projects [3][5] - The city aims to enhance its industrial technology innovation and attract investments to upgrade traditional industries and develop emerging sectors [3][5] Urban Development and Reform - The strategy includes promoting high-quality urban development and implementing significant urban renewal projects [3] - The city plans to deepen reforms and improve the business environment to support enterprise development [3][4] Leadership and Coordination - Strong organizational leadership and accountability are highlighted as essential for achieving economic goals [4][5] - Collaboration among city leaders and departments is crucial for addressing challenges faced by businesses [5]

Core Viewpoint - The article highlights the rapid development of marine tourism in China, driven by unique events like the "Night Tour of Fushan Bay and the Olympic Sailing Beer Festival," and supported by favorable policies aimed at enhancing the marine economy and tourism sector [1][2]. Group 1: Marine Tourism Development - China's extensive coastline and numerous islands provide a strong foundation for marine tourism, with over 18,000 kilometers of coastline and more than 11,000 islands [3]. - The marine economy is projected to exceed 10 trillion yuan in 2024, reaching 10,543.8 billion yuan, marking a 5.9% increase from the previous year, contributing 0.4 percentage points to national economic growth [3]. - The marine tourism sector has shown significant growth, with an annual value added of 1,613.5 billion yuan, reflecting a 9.2% increase year-on-year [3]. Group 2: Policy Support - The Central Financial Committee's sixth meeting emphasized strengthening and expanding the marine industry, providing a clear direction for marine tourism development [4]. - Various local governments have introduced targeted policies to support marine tourism, such as Zhejiang's initiatives to enhance market entities and develop new tourism formats [4]. Group 3: Diverse Offerings in Marine Tourism - The introduction of long cruise routes, such as the "Epic Voyage of the Seven Seas," showcases the diversification of marine tourism products, attracting international tourists [6]. - The domestic cruise market is recovering strongly, with traditional routes gaining popularity and new luxury cruise options emerging, such as the domestically produced "Ida Magic City" [7]. - Various marine tourism formats, including themed cruises, niche island tours, and marine sports, are expanding the product offerings available to consumers [7][8]. Group 4: Unlocking "Blue Economy" Potential - The summer tourism peak is driving a surge in "blue economy" consumption, with expectations of over 110% average occupancy rates on cruises, particularly among family groups [10]. - The key to unlocking the potential of the "blue economy" lies in integrating marine tourism with other sectors, such as culture and sports, to create unique experiences [10].

机构简介： 相携行远，聚惠未来。相聚资本成立于2015年1月，是中国基金业协会颁布的"中国私募基金年鉴"入选 会员。公司核心团队深耕投资二十余载，善于以时间为友，擅长用GARP组合策略把握市场先机，与具 备长期增长潜力的优秀企业相伴而行、共同成长。多年来，相聚资本行稳致远的风格获得各大金融机构 认同，已经成为四大国有银行、股份制银行、大型保险公司、头部券商等金融机构的重点合作伙伴。企 业使命：跨越 与有潜力的优秀企业共同成长xa0企业文化：穿越 在周期的惊涛骇浪中保持定力企业愿 景：卓越 值得信赖一生的资产管理公司 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 根据市场公开信息及7月18日披露的机构调研信息，知名私募相聚资本近期对1家上市公司进行了调研， 相关名单如下： 1）冰轮环境 （相聚资本参与公司路演活动） 调研纪要：公司致力于在能源和动力领域提供先进的系统解决方案和全生命周期服务，主要产品形式为 压缩机和换热装置，覆盖-271℃-200℃温度区间。公司产品应用于食品冷冻、化工生产、轨道交通等多 个领域。数据中心方面，公司为数 ...

■郝飞 中央财经委员会第六次会议（以下简称"会议"）为海洋经济高质量发展勾勒出清晰路径。 海洋经济高质量发展离不开金融活水的灌溉。银行可以更主动的姿态、更创新的思维，赋能海洋经济做 大做强。 激活海洋经济，首在为科技"供氧输血"。会议提出"提高海洋科技自主创新能力"。为此，银行宜跳出传 统信贷框架，构建"科技金融+海洋科创"生态。面向战略科技力量，银行需创新知识产权质押、科创债 券等工具，打通成果转化的资金堵点；面向专精特新中小企业，银行可推出"技术评估+信用授信"专属 模式，把科技价值转化为融资信用，让金融活水从实验室流向深海生产线。 做强海洋产业，需要锻造全链条金融服务能力。会议提出"做强做优做大海洋产业"。覆盖海上风电、远 洋渔业、海洋生物医药等多元赛道，银行可推行"一业一策"定制方案，贯穿捕捞、加工、文旅、贸易全 链条，实现"每个环节都有资本托举"。 守护海洋生态，金融必须"绿色优先"。会议强调"加强海洋生态环境保护"。银行要以绿色金融为笔，绘 制人海和谐蓝图：加大重点海域综合治理信贷投放；创新海洋碳汇金融工具，探索碳汇核算与质押融资 衔接；建立"绿色信贷＋环境风险评估"机制，把生态指标嵌入授信模型， ...

证券研究报告|投资策略周报 [Table_Date] 2025 年 07 月 20 日 [Table_Title] 新一轮上涨行情在路上，续推三条主线 [Table_Title2] 投资策略周报 [Table_Summary] ·市场回顾： 本周中美科技贸易领域迎来利好，中国股市强劲上涨，恒生科技指数大涨 5.5%，A 股创业板指上涨 3.17%；美股 AI 软硬件走强，纳斯达克指数本周上涨 1.5%。A 股热门概念中，AI 算力、创新药、机器人、军工等科技成长板块表 现亮眼；银行板块自高位回调，带动红利板块相对走弱。市场风险偏好抬升，A 股融资余额已连续四周上行，回到 今年 4 月以来高点。大宗商品方面，国内黑色系、国际铜铝价格上涨，国际原油下跌。外汇方面，本周美元指数 上行，离岸人民币兑美元汇率在 7.18 附近震荡。 ·市场展望：新一轮上涨行情在路上，续推三条主线。本周沪指站稳 3500 点后，市场多头思维进一步巩固：中美 贸易方面，近期中美科技贸易领域延续缓和，市场对中美谈判预期向好；资金层面，随着赚钱效应的提升，股票 市场增量资金入市的正反馈效应逐渐显现，我们观察到本轮行情中私募资金和融资资金的持续 ...

[Table_Summary] ► 行情回顾：牛市氛围下，资金愈发勇敢 [Table_Title] 稳扎稳打 [Table_Title2] 类权益周报 7 月 14-18 日，类权益市场继续走强。截至 2025 年 7 月 18 日，万得全 A 收盘价为 5499.27，较 7 月 11 日上涨 1.40%；中 证转债同期上涨 0.67%，各价位估值均走扩。 资金参与情绪积极，融资余额自 6 月底以来回升，逐步接近 3 月内高点。随着市场风险偏好的提高，高波资产受到青睐。 不过，资金对此也有筛选，业绩预增是主要线索。7 月以来， 万得预增指数显著跑赢业绩预亏指数和万得全 A。 ► 海外线索："解雇鲍威尔"担忧升温 美国零售数据超预期，对美股形成支撑。同时，"解雇鲍威 尔"担忧一度升温，市场担忧继任美联储主席听命于美国总 统，导致美元明显调整。整体来看，"乱纪元"的叙事并未 改变，在关税的基础上，近期加入了"解雇鲍威尔"，美联储 独立性受质疑，发达经济体债务可持续的担忧再度显现。继 续关注关税谈判进展，尤其是日本、欧洲的谈判进展。 ► 策略：政策预期为矛，安全边际为盾 指数高位&隐含波动率回落至低位，指向我们维 ...

Core Viewpoint - The marine economy in China is emerging as a significant driver of economic growth, with a GDP exceeding 2.5 trillion yuan in the first quarter of this year, marking a year-on-year growth of 5.7% [1] Group 1: Marine Economy Development - The marine economy is becoming a "blue engine" for China's economic growth, as highlighted in the government work report and the recent Central Financial Committee meeting [1] - China's marine economy has surpassed 10 trillion yuan, growing by 75.9% over the past decade, indicating a shift from quantitative to qualitative changes in economic development [28] Group 2: Deep Sea Energy Resources - The "Deep Sea No. 1" gas field is producing over 4.5 billion cubic meters of natural gas annually, reaching its maximum design capacity, and is crucial for energy supply in the Guangdong-Hong Kong-Macao Greater Bay Area [3] - Deep water and ultra-deep water regions contribute 70% to 80% of major global oil and gas discoveries in the past decade, establishing deep sea as a core battlefield for oil and gas reserves [7] Group 3: Offshore Wind Power - The construction of the ±500 kV offshore converter station in Yangjiang is part of China's first offshore integrated flexible direct current project, expected to deliver 6 billion kilowatt-hours of offshore wind power annually by 2026 [9] - China's offshore wind power is transitioning from a follower to a leader, with advancements in core technologies such as large megawatt units and floating wind power [11] Group 4: Marine Aquaculture - The "Suhai No. 1," the world's first self-propelled closed salmon farming vessel, is set to produce 8,000 tons of salmon annually, with an investment of 600 million yuan [14] - Plans to promote five such vessels could lead to an annual production capacity of 40,000 tons, generating a market scale of 28 billion yuan [16] Group 5: Undersea Data Centers - The first commercial underwater intelligent computing center cluster in China has been launched, significantly reducing cooling energy consumption compared to land-based data centers [18] - Each underwater data module can save approximately 120 million kilowatt-hours of electricity annually compared to similar-sized land data centers [20] Group 6: Technological Innovations - The "Nanjiao No. 1" underwater cable-laying robot has achieved a speed of 1,000 meters per hour, doubling the efficiency of traditional operations [22] - This technology supports the establishment of underwater data centers and transoceanic communication systems, extending marine development capabilities [24] Group 7: Integrated Marine Development - The integration of offshore wind power, oil and gas development, marine aquaculture, and digital infrastructure is forming a comprehensive marine development strategy [26] - The marine economy's unique characteristics enable deep integration across primary, secondary, and tertiary industries, enhancing the utilization of marine resources [28]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [6] Core Viewpoints - The report emphasizes the acceleration of marine defense equipment construction and the potential for marine resource exploration and development, driven by national policies aimed at high-quality marine economic development [2] - Deep-sea operations are becoming a global focus, with underwater equipment driving the construction of the industrial chain, as countries enhance their military presence in deep-sea areas [3] - The report anticipates that China's underwater defense system construction will accelerate, with ongoing advancements in underwater communication networks and unmanned submersibles, benefiting from defense system development demands [4] - The urgency of deep-sea resource development is highlighted, with various metal minerals and oil and gas resources at the ocean floor, necessitating enhanced capabilities for marine resource acquisition [5] Summary by Sections Marine Defense Equipment - The central government is pushing for high-quality development of the marine economy, which includes strengthening marine technology innovation and enhancing marine strategic capabilities [2] - The U.S. military is significantly investing in deep-sea capabilities, developing systematic and unmanned intelligent deep-sea combat equipment [3] Deep-Sea Resource Development - The report notes that China faces a severe situation regarding key mineral resource security, with high dependence on imports for nickel, cobalt, and lithium [5] - The report suggests that through policy support and technological advancements, China is poised to enhance its deep-sea resource exploration and development capabilities [5] Investment Recommendations - The report recommends focusing on the entire deep-sea technology industrial chain, particularly in marine security and resource sectors, with specific attention to defense equipment, deep-sea oil and gas, offshore wind power, and deep-sea mining [6] - Suggested companies for investment include China Marine Defense, Western Materials, and China National Offshore Oil Corporation, among others [6]

Core Viewpoint - The merger between China Shipbuilding Industry Co., Ltd. and China Shipbuilding Heavy Industry Co., Ltd. is a strategic move to enhance competitiveness and consolidate resources in the shipbuilding industry, coinciding with a global market recovery [6][8]. Group 1: Merger Announcement and Context - On July 18, China Shipbuilding and China Heavy Industry announced the approval from the China Securities Regulatory Commission for the merger, allowing China Shipbuilding to absorb China Heavy Industry with an issuance of 3.053 billion new shares [1]. - This merger marks the first restructuring announcement in the A-share market following the introduction of the new "National Nine Articles" policy aimed at enhancing regulatory oversight and promoting high-quality development in the capital market [4]. Group 2: Industry Position and Strategic Importance - Both companies are key players in the shipbuilding sector, with a combined asset total of over 1 trillion yuan and a workforce of 205,000, making them significant contributors to marine transportation and defense equipment [7][8]. - The merger addresses the issue of internal competition that arose from the previous "South-North Ship" restructuring in 2019, allowing for better alignment with global shipbuilding cycles and capital market opportunities [8]. Group 3: Market Dynamics and Future Prospects - The global shipbuilding industry is currently experiencing a cyclical upturn, driven by the aging fleet and increasing demand for new vessels, particularly in the context of green and low-carbon initiatives [10]. - The merger is seen as a response to the urgent need for consolidation in the industry, aiming to enhance high-end manufacturing capabilities and streamline operations across various shipyards [11]. Group 4: Financial Implications and Growth Potential - Post-merger, China Shipbuilding is projected to exceed 400 billion yuan in total assets and 130 billion yuan in revenue by 2024, positioning it as a leader in the global shipbuilding market [11]. - The merger is expected to improve the order structure, increasing the proportion of high-value ship orders, which will support future profitability and market valuation [12]. Group 5: Policy Support and Regulatory Environment - This merger exemplifies the regulatory support for mergers and acquisitions in the capital market, reflecting the efficiency of the revised asset restructuring management measures implemented by the China Securities Regulatory Commission [15][14].

Core Viewpoint - The merger between China Shipbuilding and China Shipbuilding Industry Corporation has received approval from the China Securities Regulatory Commission, marking a significant milestone in the shipbuilding industry and creating the world's largest publicly listed shipbuilding company by asset size, revenue, and order backlog [2][4][7]. Summary by Sections Merger Approval and Details - On July 18, China Shipbuilding announced that it has received approval for the absorption merger with China Shipbuilding Industry Corporation from the China Securities Regulatory Commission, allowing for the issuance of 3.053 billion new shares [4]. - The merger will involve China Shipbuilding issuing A-shares to all shareholders of China Shipbuilding Industry Corporation, leading to the latter's delisting and the transfer of all assets, liabilities, and rights to China Shipbuilding [5]. Financial Impact and Performance Forecast - Post-merger, the total asset scale of the surviving company will exceed 400 billion yuan, positioning it as the global leader in the shipbuilding sector [3][7]. - China Shipbuilding expects a net profit increase of 98.25% to 119.49% for the first half of 2025, while China Shipbuilding Industry Corporation anticipates a net profit growth of 181.73% to 238.08% during the same period [3][10]. - The combined net profit for both companies is projected to reach between 4.3 billion to 4.9 billion yuan, reflecting a year-on-year growth of approximately 121% to 152% [11]. Market Reaction and Future Outlook - Following the announcement, the stock prices of both companies saw slight increases, with total market capitalization reaching 259.3 billion yuan [8]. - Analysts suggest that the merger will enhance operational efficiency and profitability through synergies, with a focus on high-value ship orders and improved cost management [7][12]. - The shipbuilding industry in China is expected to maintain its leading position globally, benefiting from cost advantages, technological innovation, and a favorable order structure [12].