油散需求有望共振，长期看好造船市场景气度上行 中长期看全球船队船龄老化(多种船型船龄创历史新高)及全球航运脱碳转型(截至8月，当前在役及在建 船舶中双燃料船舶占比仅为3.7%)的结构性变革支撑将长期存在。短期看油散有望共振，运价抬升带来 的赚钱效应或将继续向上游造船业传导。 方正证券主要观点如下： 两大央企完成创纪录订单签约，或将引领新一轮船队升级 2025年12月8日中船集团与中国远洋海运集团在上海完成了新造船项目的合作签约，涉及各型船舶87 艘，金额超500亿元人民币。本次合作超越了短期订单意义，双方通过"制造+运营"闭环合作，不仅保障 了国内航运网络的运力升级与能源安全，也将形成可对外输出的绿色智能船舶解决方案，有助于中国船 舶（600150）工业在高端船型领域提升定价权与品牌影响力，从规模优势向技术生态优势跃迁。这不仅 是我国船企签订的国内单次合作签约最高金额的订单，也是在全球航运和造船业加速迈向绿色化、智能 化的大背景下，全球顶尖造船企业与航运企业之间战略协同进入新阶段的里程碑事件，或将引领新一轮 船队升级和产业协同。 十一月订单强势反弹，中国船企仍为船东首选 今年船厂订单排期饱满压制了船东下单欲望 ...

Group 1 - The core objective of the Port of Rotterdam is to achieve net-zero carbon emissions by 2050, positioning itself as the most sustainable port globally [1][2] - The port is undergoing a significant transformation to address global changes, focusing on green transition initiatives, including investments in green hydrogen supply chains, offshore wind farms, electrolysis facilities, and carbon capture and storage [1] - The Port of Rotterdam is also advancing green and smart shipping, with plans to develop sustainable fuel bunkering facilities and prepare for the electrification of inland barges [1] Group 2 - Despite positive progress in transformation, challenges remain, particularly regarding legal frameworks, regulations, and competitive environments, which are crucial for advancing the transition [2] - International cooperation is essential to tackle complex challenges, with a strong emphasis on collaboration with Chinese partners in port logistics and energy sectors to enhance sustainable development [2]