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].

转自：新华财经 海洋蕴藏着推动文明发展的关键能源，中国海油以"海"为魂，将"厚重、探索、博爱"的海洋精神熔铸于 强链未来、经略海洋、全球互联三大维度，谱写蓝色史诗。 此次链博会期间，中国海油展区吸引了多家中外合作伙伴及专业观众前来参观交流，参观人次过万、组 团来访单位近百家。多家权威媒体对中国海油突出成果和专家观点进行了重点报道。 在海油展区的一侧，立体鲸鲨跃出蔚蓝，吸引观众驻足观看并打卡合影。中国海油始终牢记"保护海洋 环境，热爱蓝色国土"的初心，时刻践行在保护中开发，在开发中保护的理念。 本次链博会是中国海油连续第三年参展，也是能源经济研究院链博会工作专班在集团工程与物装部指导 下连续第三年承接参展筹备工作。经过全体工作人员精心筹划和共同努力，中国海油展区获得大会主办 方高度认可以及广大观众的一致好评，荣获最高奖项"金牌展商"荣誉称号。（李军杰） 编辑：赵鼎 中国海油作为我国最大的海上油气生产商，坚持"海陆并进、油气并举、向气倾斜"，坚定不移向"双 深"（深水深层）、"双高"（高温高压）和非常规领域进军，统筹推动传统产业与新兴产业发展，强化 关键核心技术和装备攻关。 秉承海洋的探索基因与创新禀赋，中国海油 ...

Group 1 - The company Ice Wheel Environment focuses on providing advanced system solutions and full lifecycle services in the energy and power sectors, with main products including compressors and heat exchangers operating in a temperature range of -271℃ to 200℃ [1] - The company's products are applied in various fields such as food freezing, chemical production, and rail transportation, and it provides cooling equipment and heat exchange devices for data centers, recognized in the Ministry of Industry and Information Technology's directory of advanced applicable technologies for national green data centers [1] - In the nuclear power sector, the company has developed technologies for nuclear island cooling and nuclear energy heating, serving multiple nuclear power plants and possessing extensive domestic and international case studies, making it a global service provider for nuclear island refrigeration machines [1] Group 2 - The company has also ventured into the field of controlled nuclear fusion, developing ultra-low temperature helium compressors for magnetic confinement fusion devices, filling a domestic gap and supplying the Chinese Academy of Sciences' national laboratory [1] - In the marine economy, the company is laying out smart solutions for ship and marine green energy systems, providing marine refrigeration machines and BOG re-liquefaction devices to support deep-sea fishing and seafood processing vessels [1]

■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， ...

Market Review - The recent week saw a strong performance in the Chinese stock market, with the Hang Seng Tech Index rising by 5.5% and the A-share ChiNext Index increasing by 3.17%. The US stock market also showed strength, with the Nasdaq Index up by 1.5%. Key sectors in the A-share market included AI computing power, innovative pharmaceuticals, robotics, and military industry, while the banking sector experienced a pullback from its highs, leading to a relative weakness in dividend stocks. The market's risk appetite has increased, with A-share financing balances rising for four consecutive weeks, returning to levels not seen since April of this year [1][2][3]. Market Outlook - A new round of market uptrend is anticipated, with three main investment lines suggested: 1) High-growth new technologies and growth directions such as AI computing power, military industry, marine economy, and solid-state batteries; 2) Resource sectors benefiting from price increases, including minor metals and industrial metals; 3) Stable dividend assets, which will remain an important direction for medium to long-term capital allocation in a low-interest-rate environment [2][3]. Trade Relations - Recent developments in Sino-US trade have shown a continued easing in the technology trade sector, with positive expectations for negotiations. The A-share AI computing power sector saw significant gains, partly due to Nvidia's founder announcing the lifting of sales restrictions on the H20 chip to China. Additionally, the performance forecast of leading optical module companies exceeded expectations, confirming the high prosperity of the industry chain. The postponement of the "reciprocal tariffs" deadline from July 9 to August 1 has not led to significant fluctuations in global risk appetite [3]. Economic Overview - The pressure to achieve the annual economic growth target has eased, with expectations that the upcoming Politburo meeting will focus on "structural adjustments" and strengthening policy reserves. In the first half of the year, China's GDP grew by 5.3% year-on-year in real terms, surpassing the annual target. However, the GDP deflator index has shown a widening decline, recording negative values for nine consecutive quarters. Exports and consumption have remained strong, with exports increasing by 5.9% year-on-year in dollar terms, while retail sales grew by 5.0% year-on-year, driven by the "old-for-new" policy. However, real estate continues to be a major drag on growth [3]. Sector Performance - As of July 19, 2025, 1,547 A-share companies had disclosed their mid-year performance forecasts, with a forecast rate of 28.6% and a positive forecast rate (including increases, slight increases, continued profits, and turnaround) reaching 44%. High-prosperity sectors include brokerage firms, certain resource sectors, and technology growth areas. Among resource sectors, precious metals and rare earths are expected to see high growth rates, while in the growth sector, AI hardware, military industry, gaming, and wind power are leading in net profit forecasts. Conversely, the real estate chain, coal mining, and liquor industries have lower positive forecast rates [3]. Capital Flow - With the improvement in profit-making effects, the influx of incremental capital into the stock market has shown a positive feedback effect. Private equity funds have been actively increasing their positions, with the stock private equity position index rising significantly to 77.36% as of July 4, 2025, an increase of 2.07% from the previous week. Additionally, A-share financing balances have risen for four consecutive weeks, with net purchases of financing funds exceeding 90 billion yuan from June 23 to July 17, bringing the financing balance back to the highest level since April of this year. The financing funds have been directed towards technology growth sectors, with the leading industries in financing purchases being electronics, computers, and power equipment [3].

Market Overview - The class equity market continued to strengthen from July 14-18, with the Wind All A closing at 5499.27, up 1.40% from July 11, and the China Convertible Bond Index rising 0.67%[1] - Since the beginning of 2025, the Wind All A has increased by 9.51%, while the China Convertible Bond Index has risen by 9.48%[10] - Financing balance has rebounded since the end of June, approaching the three-month high of 19402 billion yuan[13] Performance Insights - The Wind Pre-Increase Index has outperformed the Pre-Decrease Index by 15.81% compared to 3.60% and the Wind All A by 3.47% since July, indicating that performance forecasts are a key selection criterion for funds[18] - High-volatility assets have been favored, with sectors like telecommunications, military, electronics, and computers showing significant gains during this period[17] Strategy Recommendations - The strategy emphasizes maintaining positions while focusing on assets with higher safety margins and policy expectations, especially with the upcoming Politburo meeting at the end of July[37] - Two key investment themes are identified: sectors resonating with policy and performance growth, and sectors expected to rebound due to policy expectations, such as consumer goods and technology[39][48] Convertible Bond Market - Convertible bond valuations have approached historical highs, with the valuation center for 80 yuan parity at 50.11%, up 0.60 percentage points from July 11[27] - The current median price of convertible bonds is around 127.17 yuan, which is close to the historical high of 131.46 yuan from early 2022, indicating a strong demand despite high valuations[53] Risk Factors - Potential risks include accelerated rotation in equity market styles and unexpected adjustments in convertible bond market rules[5]

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].