张海鹏 总主编 学术研究的突破，往往始于研究范式的革新。该书最鲜明的学术贡献，便是确立了"以海为脉"的整体研究范式。传统史学研究多以陆地政区为 界，将海域视为陆地的附属延伸，往往聚焦陆地对海域的管控维度，忽视了海域自身的航线流动、贸易网络与文明共生属性，而本书将东海作 为独立的历史空间单元，打破地域割裂的研究困境。从地理基底开篇，即厘清其海域范围、岛屿分布与港湾资源，将台湾岛、钓鱼岛及其附属 岛屿、舟山群岛等纳入整体地理叙事，明确其战略地位；继而纵向贯通从早期文明到民国时期的历史脉络，横向勾连政治、经济、社会、文化 等多重维度，呈现出"山海互动、海陆共生"的历史图景。从河姆渡、昙石山文化中积淀的海洋基因遗存，到吴越先民劈波斩浪的航海开拓壮 举，再到宋元泉州港"涨海声中万国商"的繁盛景象，乃至明代中琉封贡体制下的文明互通，这些跨越千年的史事，皆被纳入东海海域的流动网 络中系统解读，深刻昭示出海域绝非单纯的地理空间与交通要冲，更是多元文化碰撞互鉴、各民族共生共荣的核心场域，承载着中华文明与东 亚文明交流互融的深厚记忆。 史料的扎实考据与创新运用，彰显了著作厚重的学术底蕴。作为深耕琉球学与海洋史数十年的学者，谢必震 ...

Investment Rating - The report maintains a "Buy" rating for the company's A-shares and initiates coverage with a "Buy" rating for its H-shares [6]. Core Insights - The company is positioned as a leader in marine energy development, contributing significantly to the construction of a maritime power. It has established a comprehensive marine energy development system, including conventional oil and gas, deepwater oil and gas, LNG, and offshore wind power [1][25]. - The company's financial performance has shown resilience during oil price downturns, with significant improvements in free cash flow and a commitment to high dividend payouts, enhancing its investment value [2][4]. - The company has achieved rapid growth in oil and gas production, with a cost advantage that remains solid. Future production growth is expected to stabilize, with a focus on both oil and gas [3][66]. Summary by Sections Marine Energy Development - The company is recognized as a national team in marine energy, actively participating in the construction of a maritime power as part of national strategy [1][16]. - The company aims to enhance energy self-sufficiency and has implemented a "seven-year action plan" for domestic oil and gas production [27]. Financial Performance - The company has demonstrated strong cash flow performance, with free cash flow exceeding 100 billion yuan from 2022 to 2023 and a significant reduction in interest-bearing debt ratio from 17% in 2021 to 6% in the first half of 2025 [2][42]. - The projected net profits for 2025-2027 are 1354 billion, 1398 billion, and 1443 billion yuan, respectively, with corresponding EPS of 2.85, 2.94, and 3.04 yuan per share [4][5]. Production and Cost Efficiency - The company has achieved a compound annual growth rate (CAGR) of 8.0% for crude oil production and 10.5% for natural gas from 2021 to 2024, with future production targets indicating stable growth [3][66]. - The company's main cost per barrel is projected to be 27.35 USD, showcasing a competitive edge compared to domestic and international peers [3][66]. ESG and Green Energy Initiatives - The company is actively pursuing green energy projects, including offshore wind power and carbon capture and storage (CCUS), while maintaining a strong ESG governance framework [3][30]. - The company has committed to a high dividend payout ratio of no less than 45% from 2025 to 2027, reflecting its focus on returning value to shareholders [4][49].

Core Viewpoint - The meeting in Yancheng emphasizes the importance of developing a high-quality marine economy, aligning with national strategies and local initiatives to leverage marine resources for economic growth [1][2]. Group 1: Development Strategy - Yancheng aims to transform its marine economy from "scale growth" to "quality and efficiency improvement" by recognizing the ocean as a significant potential space for productivity and new growth points [1]. - The city plans to establish a national marine economy development demonstration zone and an international wetland modern marine city, focusing on enhancing the quality and efficiency of marine economic development [2]. Group 2: Industry Focus - The meeting outlines a "3+3+X" marine industry system cultivation project, which includes upgrading traditional industries, strengthening emerging industries, and planning for future industries [2]. - Emphasis is placed on fostering marine innovation, improving platforms, and enhancing ecological quality to cultivate new productive forces in the marine sector [2]. Group 3: Collaborative Efforts - The meeting calls for effective organizational leadership to unify efforts in marine strategy, promoting a comprehensive approach to coastal development and optimizing policy support [2]. - Key stakeholders, including experts from various universities and research institutions, participated in the meeting to provide guidance and feedback on the proposed marine economic development plans [3].

Group 1 - The core viewpoint emphasizes the importance of promoting high-quality development of the marine economy as a strategic priority for building a maritime power in China [1][2][3] - The marine economy's gross production value is projected to reach 10.5 trillion yuan by 2024, doubling from 5 trillion yuan in 2012, indicating significant growth in marine economic strength [2] - The marine industry has shown continuous improvement in competitiveness, with strong international advantages in shipbuilding and offshore engineering equipment, and a leading position in marine shipping [2] Group 2 - The development of marine cities and marine economic demonstration zones is expected to lead regional economic growth, supported by enhanced marine technology innovation capabilities [2][3] - Key initiatives include strengthening top-level design for marine economic development, increasing policy support, and encouraging social capital participation [3][4] - The focus on marine resource utilization and ecological protection includes implementing comprehensive marine surveys and improving monitoring capabilities [4] Group 3 - The strategy includes enhancing deep-sea and polar exploration capabilities, establishing a comprehensive support system for polar scientific research, and improving domestic support bases [4] - There is a commitment to safeguarding marine rights and security, enhancing maritime law enforcement capabilities, and participating in global marine governance [4]

Core Viewpoint - The development of a high-quality marine economy is essential for China to strengthen its maritime power and achieve comprehensive economic growth [1][2][3] Group 1: Economic Growth and Development - China's marine economy is projected to reach a gross production value of 10.5 trillion yuan by 2024, doubling from 5 trillion yuan in 2012 [2] - The competitiveness of marine industries has improved, with strong international advantages in shipbuilding and offshore engineering equipment [2] - The scale of marine shipping remains among the world's largest, and capabilities in marine fisheries and energy resource development have significantly increased [2] Group 2: Technological Innovation and Infrastructure - Continuous enhancement of marine technology innovation capabilities, with strategic scientific forces in marine fields being strengthened [2] - Major national projects like the "Deep Sea No. 1" deep-water oil and gas platform and the "Dream" ocean drilling vessel have been put into operation [2] - The establishment of public technology service platforms for marine technology to facilitate the transformation of scientific achievements [3] Group 3: Environmental Protection and Resource Management - Overall improvement in marine ecological environment, with strict control over marine ecological protection and significant increases in water quality [2] - Implementation of comprehensive marine surveys and enhancement of ecological monitoring capabilities [3] - Promotion of marine resource utilization while ensuring ecological protection, including the development of offshore wind power and oil exploration [3] Group 4: Strategic Planning and Policy Support - Emphasis on top-level design for marine economic development, with increased policy support and encouragement for social capital participation [3] - Optimization of coastal port clusters and the development of modern marine cities are prioritized [3] - Strengthening of maritime rights and security through enhanced law enforcement and judicial capabilities [3]

Core Viewpoint - The development of a high-quality marine economy is essential for China to strengthen its maritime power and achieve comprehensive economic growth [1][2][3] Group 1: Economic Growth and Development - China's marine economy has shown significant growth, with the marine production value expected to reach 10.5 trillion yuan in 2024, doubling from 5 trillion yuan in 2012 [2] - The competitiveness of marine industries has improved, with strong international advantages in shipbuilding and offshore engineering equipment, and marine shipping maintaining a leading global position [2] - The construction of modern marine cities and marine economic development demonstration zones is driving regional economic growth [2] Group 2: Technological Innovation and Infrastructure - There is a continuous enhancement of marine technological innovation capabilities, with strategic scientific forces like national laboratories being strengthened [2] - Major projects such as the "Deep Sea No. 1" deep-water oil and gas platform and the "Dream" ocean drilling vessel have been put into operation [2] - The need for a top-level design in marine economic development is emphasized, including policy support and the integration of coastal port clusters [3] Group 3: Environmental Protection and Resource Management - The overall marine ecological environment has improved, with strict controls on marine ecological protection and significant enhancements in water quality [2] - The implementation of comprehensive marine surveys and ecological monitoring capabilities is crucial for sustainable resource utilization [3] - There is a focus on the coordinated promotion of pollution control, ecological restoration, and climate change response in key marine areas [3] Group 4: International Cooperation and Maritime Rights - China is actively participating in global marine governance and promoting the sustainable use of marine biodiversity [2] - Strengthening maritime rights and law enforcement capabilities is essential for maintaining national maritime interests [3] - The establishment of a comprehensive support system for deep-sea and polar exploration is highlighted as a strategic priority [3]

Core Viewpoint - The development of a high-quality marine economy is essential for China to strengthen its maritime power and achieve comprehensive economic growth [1][2][3] Group 1: Economic Growth and Development - China's marine economy is projected to reach a gross production value of 10.5 trillion yuan by 2024, doubling from 5 trillion yuan in 2012 [2] - The competitiveness of marine industries has improved, with strong international advantages in shipbuilding and offshore engineering equipment [2] - The scale of marine shipping remains among the world's largest, and capabilities in marine fisheries and energy resource development have significantly increased [2] Group 2: Technological Innovation and Infrastructure - Continuous enhancement of marine technology innovation capabilities, with strategic technological forces strengthened, including national laboratories in marine fields [2] - Major projects like the "Deep Sea No. 1" deep-water oil and gas platform and the "Dream" ocean drilling vessel have been put into operation [2] - Emphasis on the need for top-level design in marine economic development, including policy support and social capital involvement [3] Group 3: Environmental Protection and Resource Management - Overall improvement in marine ecological environment, with strict control over marine ecological protection and significant increases in water quality [2] - Implementation of comprehensive marine surveys and enhancement of ecological monitoring capabilities are prioritized [3] - Focus on sustainable utilization of marine resources while ensuring ecological protection and addressing climate change [3] Group 4: International Cooperation and Maritime Rights - Active participation in global marine governance and promotion of marine biodiversity conservation and sustainable use [2] - Strengthening maritime rights and law enforcement capabilities to enhance maritime security [3] - Development of a comprehensive support system for deep-sea and polar exploration, including a network of scientific research stations [3]

Core Viewpoint - The development of a high-quality marine economy is essential for building a strong maritime nation, emphasizing the importance of integrating land and sea strategies to enhance marine capabilities and economic growth [1][2]. Group 1: Marine Economic Development - China's marine production value is projected to reach 10.5 trillion yuan by 2024, doubling from 5 trillion yuan in 2012 [2]. - The competitiveness of marine industries has improved, with strong international advantages in shipbuilding and offshore engineering equipment, and marine shipping maintaining a leading global position [2]. - The construction of modern marine cities and marine economic development demonstration zones is driving regional economic growth [2]. Group 2: Technological Innovation and Environmental Protection - Continuous enhancement of marine scientific and technological innovation capabilities, with strategic national laboratories and major projects like the "Deep Sea No. 1" oil and gas platform being put into operation [2]. - Improvement in marine ecological environment, with strict control over marine ecological protection and significant increases in water quality [2]. - Implementation of comprehensive marine surveys and ecological monitoring to enhance marine resource utilization and environmental protection [3]. Group 3: Strategic Planning and Policy Support - Emphasis on top-level design for marine economic development, encouraging social capital participation and optimizing coastal port integration [3]. - Strengthening marine technology innovation and fostering leading marine technology enterprises [3]. - Development of new marine industries such as marine biomedicine and modern shipping services, alongside the promotion of sustainable marine resource utilization [3].

Core Viewpoint - Shantou is leveraging the dual opportunities of the national "dual carbon" strategy and marine power construction during the "14th Five-Year Plan" to develop its offshore wind power industry, aiming to become a national base for offshore wind power and a source of international technological innovation [1] Group 1: Economic and Social Development - Shantou has established three offshore wind farms with a total installed capacity of approximately 1.2 million kilowatts and a total investment exceeding 18 billion yuan [2] - The city has created a full industrial chain development model combining resource development, equipment manufacturing, and service support, achieving breakthroughs in the offshore wind power sector [2] Group 2: Technological Innovation and Infrastructure - The world's first integrated equipment manufacturing industrial park has been established in Shantou, featuring leading companies and filling gaps in the production of large gearboxes and heavy-duty bearings [2] - A 40-megawatt six-degree-of-freedom experimental platform is under construction, which will address technical gaps in large wind power testing in China [2] Group 3: Industry Collaboration and Global Engagement - Shantou has initiated the "wind-fish integration" project, which combines offshore wind power with marine ranching, achieving significant synergies in energy production and aquaculture [3] - The city has hosted international wind power technology innovation conferences, attracting global energy decision-makers and experts, and has established a permanent mechanism for global wind energy cooperation [3]

Core Viewpoint - The event focused on marine technology innovation and the transformation of scientific achievements, highlighting the importance of collaboration among experts, scholars, and enterprises in advancing marine technology for national development [3][6]. Group 1: Event Overview - The marine technology innovation exchange event and the launch of the Hainan Free Trade Port International Science and Technology Market took place in Haikou, emphasizing new pathways for marine technology innovation and achievement transformation [3]. - The event was organized by multiple institutions, including the Marine Publishing House and the China Pacific Society, bringing together experts and representatives from the marine field [3]. Group 2: Key Contributions and Insights - Liu Xu, Deputy General Manager of China General Technology Group, emphasized the company's global presence and commitment to marine technology international cooperation and innovation resource integration [5][6]. - Lin Mingsen, an academician of the International Academy of Astronautics, highlighted the need for enhanced collaboration between industry, academia, and research to accelerate the implementation of technological achievements [6]. - Cui Xiaojian, Deputy Director of the Hainan Provincial Oceanic Administration, discussed the opportunities and policy support for marine economic development and ecological protection in Hainan [6]. Group 3: Technological Innovations Presented - The event featured presentations of eight marine technology projects from various research institutions and universities, showcasing advancements in areas such as ocean energy development, underwater imaging technology, and intelligent marine systems [10]. - Each project demonstrated significant research efforts and potential applications, attracting positive feedback and discussions among attendees [10][12]. Group 4: Impact on Marine Technology Sector - The promotion meeting served as a bridge connecting marine technology achievements with industrial needs, injecting new vitality into the high-quality transformation of marine technology and supporting the construction of a marine power [12].