与此同时，中集集团也在储能业务上持续发力，其在互动易平台表示：公司不断构建储能产业链集成能 力，产品覆盖发电侧、电网侧及工商业储能系统，并与海外大型风力发电运营商建立稳固合作。受此影 响，中集集团（000039.SZ /02039.HK）今日股价表现强劲。截至发稿，中集集团A股涨停，主力资金净 流入6.47亿元，成交额达18.66亿元，H股盘中涨幅突破10%，显示市场对其前景的乐观预期。（文穗） 瑞银（UBS）近期发布研究报告称看好深海资源开发前景，预计未来10年全球对深海资源开采的资本开 支将达到2.7万亿美元，这将直接带动浮式生产储油卸油装置（FPSO）等海工装备订单增长。 报告指出，中集集团海洋工程业务已从传统装备制造成功转型为高端海工装备供应商，预计2026—2027 年其海工业务将贡献超19亿元增量毛利，上调中集集团评级至"买入"，并给出10.50元的目标价。 ...

Core Viewpoint - UBS has upgraded the rating of China International Marine Containers (000039.SZ) from "Neutral" to "Buy," raising the target price from 8.2 yuan to 10.5 yuan, indicating a potential upside of 32% from the closing price of 7.95 yuan on November 6 [1] Group 1: Marine Engineering Business - The marine engineering segment of China International Marine Containers has transformed from producing roll-on/roll-off ships and offshore wind installation vessels to becoming a high-end marine engineering equipment manufacturer [1] - UBS expects the marine engineering-related business to contribute approximately 1.9 billion yuan in incremental gross profit for the years 2026-27, exceeding previous expectations [1] - High-quality orders in marine engineering, combined with sustained demand for containers, are expected to support profit growth [1] Group 2: Deep-Sea Resource Development - UBS is optimistic about deep-sea resource development, forecasting that global capital expenditure for deep-sea resource extraction will reach 2.7 trillion USD over the next decade, driving growth in orders for FPSO and other marine engineering manufacturing [1] - The company is anticipated to begin construction on its high-value FPSO projects in 2026, contributing over 1.4 billion yuan in incremental gross profit during 2026-27 [1] Group 3: Asset Management and Container Business - The marine asset operation management business is expected to benefit from increased rental rates due to the development of global deep-sea oil and gas projects, contributing an additional 500 million yuan in incremental gross profit during 2026-27 [1] - In the first three quarters of this year, the sales of container dry boxes exceeded expectations, and UBS has raised the earnings forecast for 2026-27 by 6-8%, which is higher than the market consensus of 6% [1] - The gross profit from the container business is expected to remain above 6 billion yuan for the years 2025-26, which is still higher than the historical average, indicating resilience in the container business despite a high base [1]

Core Viewpoint - UBS upgraded the rating of China International Marine Containers (000039.SZ) from "Neutral" to "Buy," with a target price increase from 8.2 yuan to 10.5 yuan, indicating a potential upside of 32% from the closing price of 7.95 yuan on November 6 [1] Group 1: Marine Engineering Business - The marine engineering segment of the company has transformed from roll-on/roll-off ships and offshore wind installation vessels to high-end marine engineering equipment manufacturing [1] - UBS expects the marine engineering-related business to contribute approximately 1.9 billion yuan in incremental gross profit for the years 2026-27, exceeding previous expectations [1] - High-quality orders in marine engineering, combined with sustained demand for containers, are expected to support profit growth [1] Group 2: Deep-Sea Resource Development - UBS is optimistic about deep-sea resource development, forecasting that global capital expenditure for deep-sea resource extraction will reach 2.7 trillion USD over the next decade, driving growth in FPSO and other marine engineering manufacturing orders [1] - The company is anticipated to begin construction on its high-value FPSO projects in 2026, contributing over 1.4 billion yuan in incremental gross profit during 2026-27 [1] Group 3: Asset Management and Container Business - The company's marine asset operation management business is expected to benefit from increased rental rates due to the development of global deep-sea oil and gas projects, contributing an additional 500 million yuan in incremental gross profit during 2026-27 [1] - In the first three quarters of this year, the sales of container dry boxes exceeded expectations, and UBS has raised the profit forecast for the company by 6-8% for 2026-27, which is higher than the market consensus of 6% [1] - The gross profit from the container business is expected to remain above 6 billion yuan for 2025-26, maintaining resilience despite high historical averages [1]

Summary of CIMC Group Conference Call Company Overview - **Company**: China International Marine Containers (Group) Co., Ltd. (CIMC) - **Industry**: Diversified Industrial Manufacturing - **Market Capitalization**: Rmb 42.9 billion / US$ 6.02 billion - **Stock Price (as of November 6, 2025)**: Rmb 7.95 - **12-Month Target Price**: Rmb 10.50 (up from Rmb 8.20) [4][37] Key Points Industry and Business Outlook - **Offshore Engineering Growth**: CIMC's offshore engineering segment is transitioning to high-end marine equipment manufacturing, focusing on FPSO (Floating Production Storage and Offloading) and FLNG (Floating Liquefied Natural Gas) [2][17] - **Deep Sea Resource Development**: The global capital expenditure for deep sea resource extraction is expected to reach US$ 2.7 trillion over the next decade, driving demand for FPSO and other marine engineering orders [2][17] - **Container Business Resilience**: Despite a projected decline in container sales, the demand is expected to remain above historical averages due to easing US-China trade tensions [3][27] Financial Performance and Projections - **Profit Contribution**: The offshore engineering business is projected to contribute an additional Rmb 19 billion in gross profit from 2026 to 2027, with FPSO projects starting construction in 2026 [1][2] - **Container Sales Forecast**: Container sales are expected to be 2.1 million TEU in 2025, declining to 1.4 million TEU in 2026, but still above the historical average [3][27] - **Gross Profit Expectations**: Container gross profit is expected to remain above Rmb 60 billion in 2025-26, despite a projected decline [3][27] Valuation and Rating Changes - **Earnings Forecast Adjustment**: The earnings forecast for 2026-27 has been increased by 6-8%, reflecting better-than-expected container demand and the anticipated contribution from offshore engineering [1][37] - **Target Price Adjustment**: The target price has been raised to Rmb 10.50 based on improved earnings projections and a higher valuation multiple for the offshore engineering segment [4][37] Risks and Market Sentiment - **Geopolitical Risks**: The company's stock performance has been affected by geopolitical uncertainties and trade tensions, which have led to conservative market expectations for future earnings growth [4][34] - **Market Perception**: There is a belief that the market has not fully recognized the potential for profit growth from high-value offshore engineering projects [34] Additional Insights - **Long-term Demand for FPSO**: The demand for FPSO is projected to reach US$ 300 billion over the next decade, with a significant number of potential new orders in the pipeline [19][22] - **Operational Efficiency**: The company is expected to improve its operational efficiency and profitability in the offshore engineering segment as it begins to deliver high-value projects [14][36] Conclusion CIMC Group is positioned for growth in its offshore engineering segment driven by deep sea resource development, while its container business is expected to remain resilient despite market challenges. The upward revision of earnings forecasts and target price reflects a positive outlook for the company's future performance.

格隆汇10月31日｜海锅股份在互动平台表示，公司主要为油气开采的设备制造商提供设备零部件，助力 深海资源开发，公司将持续加大研发投入，提升产品性能，推动深海装备的技术发展。公司目前生产经 营正常，核电领域订单收入占公司整体销售比重较小。 ...

Core Insights - The global competition for mineral resources, particularly rare earth elements, is intensifying as countries seek new sources to reshape their economic landscapes [1][3] - The strategic value of rare earths is highlighted, with Japan's reliance on imports from China prompting a search for alternative sources like the rare earth deposits in Minami-Torishima [3][12] Group 1: Rare Earth Resources - Minami-Torishima has gained attention due to its potential rare earth mineral reserves, which are crucial for high-tech industries, military applications, and energy development [2][3] - The rare earth resources in Minami-Torishima are estimated to meet global demand for 730 years, making it a significant focus for international stakeholders [3] Group 2: Technical and Cost Challenges - The extraction of rare earths from Minami-Torishima faces severe technical challenges due to its deep-sea location, with depths reaching 5,400 meters, exceeding the capabilities of current deep-sea exploration equipment [6] - The cost of extracting rare earths is prohibitively high, requiring extensive mining of hundreds of tons of ore to obtain just one gram of rare earth minerals [6] Group 3: Environmental and Social Impacts - Deep-sea mining poses environmental risks, including potential metal pollution that could harm marine ecosystems and fisheries, leading to significant economic losses [8] - The high-risk nature of deep-sea operations increases insurance and rescue costs, necessitating meticulous planning and substantial safety measures [8] Group 4: Logistical and Administrative Challenges - The development of Minami-Torishima involves complex logistics and administrative hurdles, including high transportation costs and project delays due to weather conditions [10] - Coordination with fishing communities is essential, as there are concerns about the impact of mining on marine life and local livelihoods [10] Group 5: International Cooperation and Market Dynamics - Japan's plans for small-scale exploratory mining depend on international collaboration, as global rare earth distribution is uneven, with significant reserves concentrated in Asia [11] - The lack of a developed deep-sea mining industry in the U.S. and Europe limits large-scale project implementation, leaving many initiatives in limbo [11] Group 6: Investment Risks and Policy Changes - The Minami-Torishima rare earth development project faces substantial investment risks, with high initial costs and uncertain returns deterring potential investors [12] - Fluctuations in international energy prices and stringent environmental regulations complicate the project's initiation and execution [12]

Group 1 - The article highlights the potential of deep-sea resources such as polymetallic nodules and polymetallic sulfides, emphasizing China's advancements in deep-sea technology and resource exploration [1] - China's deep-sea technology development is expected to enhance resource development efficiency and establish a new strategic resource reserve system [1] - The central economic meeting has underscored the importance of high-quality development in the marine economy, indicating that marine resource exploration, development, and security defense sectors will benefit [1] Group 2 - The article notes the increasing international competition for marine resources, suggesting that China may introduce more policies to promote deep-sea technology development [1] - The military's deep-sea capabilities are being enhanced, with advancements in unmanned submersibles and underwater defense systems, which may accelerate the construction of a comprehensive underwater defense network [1] - The deep-sea industry chain is expected to benefit from rising defense demands, expanding China's strategic maritime space [1] Group 3 - The military ETF (512660) tracks the CSI Military Industry Index (399967), which selects listed companies in the defense and military industry from the Shanghai and Shenzhen markets [1] - This index serves as an important indicator of the overall performance of listed companies in the military sector, reflecting significant industry characteristics and style allocation [1]

Group 1: Federal Reserve Predictions - Goldman Sachs anticipates the Federal Reserve will lower interest rates in September instead of December, citing lower-than-expected inflation impacts from tariffs [1] - Goldman Sachs predicts three rate cuts of 25 basis points each in September, October, and December, adjusting the terminal rate forecast to 3-3.25% [1] - Morgan Stanley analysts believe the likelihood of rate cuts in the upcoming meetings remains low, with most Fed officials supporting a cautious stance [2] Group 2: Corporate Profitability and Tariffs - Goldman Sachs highlights that U.S. corporate profit margins will face significant challenges in the upcoming earnings season due to the direct impact of tariffs, which have increased costs by approximately 10 percentage points since the beginning of the year [1] - The report indicates that while most of the increased costs are expected to be passed on to customers, if companies are forced to absorb higher-than-expected costs, profit margins will be under pressure [1] Group 3: Currency and Economic Data - Analysts from Deutsche Bank suggest that the outlook for the U.S. dollar depends on the underlying reasons for rate cut expectations, with potential short-term rebounds if inflation impacts from tariffs are limited [3] - Dutch International Group anticipates that upcoming U.S. economic data, particularly the non-farm payroll report, may provide support for the dollar index, limiting its decline [4] Group 4: Commodity Prices and Market Trends - CITIC Securities maintains a bullish outlook for copper prices, predicting they will rise to $10,000-$11,000 per ton in the second half of the year, supported by stable economic growth in China and the U.S. [6] - The report emphasizes that the copper market remains tight, with limited upstream production and a need for further macroeconomic policy support to sustain price increases [6] Group 5: Investment Opportunities - Baosheng Group suggests that while the U.S. stock market presents unique opportunities, diversifying investments into Europe, China, and India may yield better value and risk-adjusted returns [5] - The report highlights the attractiveness of U.S. corporate sectors, particularly selected tech stocks, defensive stocks, and high-dividend stocks [5]

Core Viewpoint - The report from GF Securities indicates that under the guidance of the marine power strategy, corresponding policies are expected to be introduced to promote the development of the deep-sea economy, focusing on areas such as deep-sea mining, deep-sea oil and gas development, and the utilization of deep-sea biological resources [1] Group 1: Deep-Sea Resource Development - Deep-sea resource development has become economically viable from an industrialization perspective [1] - The current value of deep-sea mineral extraction is led by seabed oil and natural gas, followed by coastal sand mines, including materials like sand and stone for construction, and tin sand [1] - The high economic and strategic value of deep-sea mineral resources positions deep-sea mining as a significant direction for deep-sea resource development [1]