Group 1: Macroeconomic Insights - In July 2025, China's export growth rate was 7.2% year-on-year, while import growth was 4.1% [5] - Exports to ASEAN and Latin America saw significant increases of 16.6% and 7.7% respectively, while exports to the US decreased by 21.7% [7] - The overall export performance in July was slightly stronger than expected, with potential risks from new tariffs and regulatory changes [8] Group 2: Semiconductor Industry - The semiconductor industry is experiencing a recovery, with increased demand from industrial and automotive sectors leading to higher capacity utilization rates [28] - In Q2 2025, SMIC reported revenue of $2.209 billion, a year-on-year increase of 16.2%, and a gross margin of 20.4%, exceeding previous guidance [29] - Huahong Semiconductor also reported strong performance in Q2 2025, with revenue of $566 million, up 18.3% year-on-year, and a gross margin of 10.9% [30] Group 3: Construction Industry - The construction industry is under pressure, with indicators such as cement production and prices at low levels, indicating weak demand [18] - The price of rebar and the number of operating hours for excavators are also at near historical lows, reflecting ongoing challenges in the construction sector [20] - Leading construction companies are expected to see valuation improvements due to state-owned enterprise reforms and market management policies [19] Group 4: Consumer Goods Industry - LEGO's revenue for 2024 is projected to be 74.3 billion Danish Krone, approximately 83.8 billion RMB, with a year-on-year growth of 13% [24] - The Chinese toy brand Blokus is experiencing rapid growth, with 2024 revenue expected to reach 2.241 billion RMB, a year-on-year increase of 156% [26] - The IP derivative market in China reached a scale of 174.2 billion RMB in 2024, with a compound annual growth rate of 15% from 2020 to 2024 [26] Group 5: Banking Sector - Shanghai Pudong Development Bank reported a significant increase in net profit for H1 2025, with a year-on-year growth of 10.2% [47] - The bank's non-performing loan ratio decreased to 1.31%, marking a continuous decline over seven quarters [48] - The bank's strategic focus on digital transformation and risk management is expected to enhance its long-term investment value [49] Group 6: Food and Beverage Industry - Unified Enterprises China reported a revenue of 17.087 billion RMB for H1 2025, a year-on-year increase of 10.6% [51] - The beverage segment achieved a revenue of 10.788 billion RMB, with a gross margin improvement of 1.4 percentage points [54] - The company's strategy of expanding its product offerings and partnerships is expected to drive further growth [54] Group 7: Pet Food Industry - Zhongchong Co. achieved a revenue of 2.43 billion RMB in H1 2025, reflecting a year-on-year growth of 24.3% [56] - The company's domestic revenue increased by 38.9%, driven by strong performance in its core brand [57] - The overseas revenue also showed resilience, with a 17.6% increase, supported by new production lines in Canada and Mexico [57]

Core Viewpoint - The restructuring of China Shipbuilding Industry Corporation (CSIC) and China State Shipbuilding Corporation (CSSC) is entering a practical phase, with expectations for unified management systems, resource synergy, and industrial chain integration to accelerate progress [1][2]. Group 1: Restructuring Progress - The merger between CSIC and CSSC has received approval from the China Securities Regulatory Commission, marking a significant step towards the consolidation of the two companies [2]. - The merger aims to eliminate competition between the two entities, enhance scale effects, and strengthen the overall competitiveness and profitability of Chinese shipbuilding in the global market [2][3]. Group 2: Industry Conditions - The global shipbuilding order intake in July was 6.12 million DWT, reflecting a year-on-year decline of 39.94%, while new orders in China were 5.05 million DWT, down 18.16%, indicating a narrowing decline and stabilization of new ship orders [3]. - The global new ship price index for July 2025 was 186.65, showing a slight month-on-month decrease of 0.25%, with signs of price resilience emerging [3]. - The Baltic Dry Index (BDI) reached 1921 points on August 5, representing a year-on-year increase of 14.55%, suggesting a recovery in freight rates [3].

业 跟 踪 [姓名table_Authors] 电话 邮箱 登记编号 肖群稀(分析师) 0755-23976830 xiaoqunxi@gtht.com S0880522120001 丁嘉一(研究助理) 021-23187266 dingjiayi@gtht.com S0880125042233 本报告导读： 南北船重组进入落地阶段，管理体系统一、资源协同及产业链整合有望加速推进。 随着订单降幅收窄、船价韧性显现及运价回升，行业盈利条件边际改善，重组协同 有望放大公司在高景气周期下的盈利弹性。 南北船重组加速推进，行业景气改善支撑 成长 [Table_Invest] 评级： 增持 票 研 究 行 投资要点： [Table_Report] 相关报告 机械行业《Skild AI 推出通用机器人 AI 模型；巨 星传奇、涛涛车业与宇树科技展开合作》 2025.08.03 机械行业《SkildAI 发布通用机器人大脑，人形机 器人泛化能力持续突破》2025.08.03 机械行业《Figure02 展示洗衣片段，家庭场景落 地进展加速》2025.08.02 机械行业《液氧周均价同环比提升；广钢气体 Super-N 30 ...

Core Viewpoint - The major asset restructuring in China's shipbuilding industry, involving the merger of China Shipbuilding (600150.SH) and China Shipbuilding Industry Corporation (601989.SH), is nearing completion, marking a significant step towards the establishment of a "Chinese Ship" era in global shipbuilding [1][3][8] Company Overview - The merger involves a transaction amount of 115.15 billion yuan and total assets exceeding 400 billion yuan, positioning the new entity as a dominant player in the global shipbuilding market [1][4] - The restructuring is seen as a continuation of the "South-North Ship" merger initiated in 2017, aimed at resolving internal competition issues within the industry [1][5] Financial Performance - As of the end of Q1 2024, both companies reported robust financial performance, with a combined contract liability exceeding 130 billion yuan [2][8] - China Shipbuilding's net profit for 2024 was 3.614 billion yuan, reflecting a year-on-year increase of 22.21%, while China Shipbuilding Industry Corporation reported a net profit of 1.311 billion yuan, up 266.60% [8] Market Position - The merger is expected to enhance operational efficiency and reduce costs, with potential improvements in capacity utilization from 72% and 53% to over 85%, and an estimated annual savings of over 2 billion yuan in operational expenses [7][8] - The combined entity will integrate key assets from both companies, creating a comprehensive shipbuilding industry chain across major regions in China [7] Strategic Implications - The restructuring is viewed as a systematic reshaping of the industry, leveraging national strategy and market mechanisms to enhance competitiveness and break international monopolies [8] - The merger is anticipated to facilitate technological collaboration, particularly in high-value civilian vessels and defense technology, accelerating the commercialization of advanced technologies [7][8]