银河证券表示，掘金"十五五"，聚焦军贸&新质领域。装备采购方面，"十五五"预期积极，订单端牵引 有望于25Q4启动。同时聚焦27年建军百年重要节点，新型主战装备批产交付与新质战斗力领域需求爆 发，拉动行业高景气延续。 消息面上，申万宏源近期指出，首予中船防务"买入"评级。公司受益于全球造船周期上行与自身产能释 放，预计2025-2027年归母净利润分别为11、17、28亿元，对应PE分别为18、11、7倍，当前市值/手持 订单金额(PO)为0.42倍，显著低于近10年均值(0.53倍)，处于历史低位。结合高价订单交付提速、老船 替换需求充足及同业竞争解决预期，公司业绩弹性与估值修复空间充足。 中船防务（600685）(00317)涨超5%，截至发稿，涨5.63%，报15.58港元，成交额8591.43万港元。 ...

Core Viewpoint - The successful launch and recovery training of carrier-based aircraft on the Fujian aircraft carrier marks a significant milestone in China's naval development, indicating the carrier's readiness for operational integration with various aircraft types [1][2]. Group 1: Aircraft Carrier Development - The Fujian aircraft carrier has successfully conducted electromagnetic catapult launches and recoveries with the J-15T, J-35, and KJ-600 aircraft, demonstrating its advanced capabilities [1]. - This achievement is the first of its kind in China, showcasing the compatibility of domestically developed electromagnetic launch and recovery systems with multiple aircraft types [2]. - The training signifies a foundational step for integrating various carrier-based aircraft into the naval fleet, enhancing operational readiness [2]. Group 2: Naval Aviation Progress - The Chinese Navy has made significant advancements in carrier-based aviation, transitioning from single aircraft operations to a comprehensive system, and from land-based to carrier-based operations [2]. - The Navy is progressing towards becoming a world-class naval force, with a focus on enhancing its capabilities from basic flight to combat readiness [2]. - Since the first sea trial in May 2024, the Fujian carrier has been systematically conducting various sea tests and equipment adjustments, ensuring operational stability [2].

Group 1 - The company, Jianglong Shipbuilding, has established a ship repair division in recent years to expand its market in ship maintenance and repair [2] - The company has already provided repair and maintenance services for multiple units [2]

Group 1 - The company, Jianglong Shipbuilding, is actively adjusting its order structure in response to the new market environment [2] - The company is focusing on expanding its overseas market and special operation vessel market [2] - The company is enhancing its efforts in collecting accounts receivable to improve operating cash flow [2] Group 2 - Internally, the company is optimizing its operational processes to increase production efficiency [2]

Core Viewpoint - Jianglong Shipbuilding is a leading supplier of aluminum alloy, metal, and composite boats in China, focusing on the design, research and development, production, and sales of various types of vessels, including law enforcement boats, leisure boats, and special operation boats [2] Company Overview - The company provides comprehensive personalized service solutions, including application design, product manufacturing, and maintenance [2] - Jianglong Shipbuilding specializes in multiple types of boats, indicating a diversified product portfolio [2]

Core Insights - The 2025 Global Coastal Forum on Marine Drugs and Bioproducts was held in Yancheng, focusing on the theme of "Exploring Marine Active Substances Empowering the Pharmaceutical and Health Industry" [1][2] - Jiangsu Province aims to enhance the high-quality development of the marine economy, with a target of exceeding 1 trillion yuan in marine industry value by 2024, although the added value of marine drugs and bioproducts remains below 10 billion yuan [1] - Yancheng is positioned as a pioneer in high-quality coastal development, with a solid industrial foundation and active capital markets, particularly in the offshore wind power sector [2] Industry Developments - Jiangsu Development and Reform Commission plans to build a diversified high-value industry system encompassing deep processing of marine medicine, innovative research and development in marine health industries, and upgrades in marine health foods [1] - The conference featured discussions on the current research status and future directions of marine biological drugs, highlighting the collaborative efforts among various academic institutions [2] - The establishment of innovation centers and talent recruitment initiatives in collaboration with local government aims to strengthen the marine biomedicine sector [1][2]

Group 1 - The company Tianhai Defense (300008) reported that as of September 19, 2025, the number of shareholders is 128,742 [1]

Investment Rating - The mechanical industry is rated as "Outperform" relative to the market, maintaining a strong performance compared to the CSI 300 index [2]. Core Insights - The mechanical sector has shown a positive trend, with a 5.23% increase in the CITIC mechanical sector in September, outperforming the CSI 300 index by 3.08 percentage points [4][11]. - Key sub-sectors such as lithium battery equipment, semiconductor equipment, and forklifts have experienced significant growth, with increases of 49.22%, 24.73%, and 17.72% respectively [4][11]. - The report emphasizes the importance of focusing on domestic demand-driven sectors with stable fundamentals, high dividends, and solid earnings, particularly in engineering machinery and high-speed rail equipment [5]. Summary by Sections 1. Mechanical Sector Performance - As of September 25, 2025, the CITIC mechanical sector rose by 5.23%, ranking 4th among 30 CITIC primary industries [11]. - All three sub-sectors recorded positive growth, with notable increases in lithium battery and semiconductor equipment [4][11]. 2. Engineering Machinery - In August, excavator sales reached 16,523 units, a year-on-year increase of 12.8%, with domestic sales growing by 14.8% [21][32]. - Loader sales also increased by 13.3% year-on-year, with total sales of 9,440 units in August [33]. - The report suggests that the engineering machinery sector is in a recovery phase, driven by equipment upgrades and favorable policies [39]. 3. Robotics - Industrial robot production in August was 63,747 units, reflecting a 14.4% year-on-year growth, while metal cutting machine tool production increased by 16.4% [40]. - The report highlights the upward cycle in the robotics industry, with significant growth expected in humanoid robots and automation technologies [46][51]. - Key players in the robotics sector, such as Estun and core component suppliers, are recommended for investment [51].

Core Viewpoint - The "Shenghang" system represents a technological breakthrough in shipbuilding, addressing ecological protection and flood safety challenges while supporting the development of the "Electrified Yangtze" initiative in Yichang [1][2]. Group 1: Technological Innovation - The "Shenghang" system is the first integrated ship launching system in China, successfully completing its real ship test in Yidu's green intelligent shipbuilding industrial park [2]. - The system integrates four key components: special lifting equipment, heavy-duty transport equipment, launching systems, and intelligent control systems [4]. - It employs a three-stage operational system and a two-segment sliding track design, allowing ships to be safely lifted over levees and smoothly launched into the river [4]. Group 2: Industry Impact - Yichang, located at a crucial junction of the Yangtze River, is one of the busiest waterways and a key shipbuilding base in Hubei, with a 232-kilometer stretch of the Yangtze [2]. - The industrial park is expected to launch over 60 ships annually once fully operational, enhancing launch efficiency and optimizing the use of public resources [6]. - The "Shenghang" system will facilitate the establishment of a comprehensive green intelligent shipbuilding industrial chain in the central Yangtze region [6].

Core Viewpoint - Jianglong Shipbuilding (300589.SZ) currently has no orders for icebreakers but is engaged in other specialized vessels suitable for high-latitude cold environments, such as a fish farming workboat designed for Norway's MoenMarinAS, which features low-temperature resistance design for operation in extreme cold conditions [1] Group 1 - The company has no current orders for icebreakers [1] - The company is constructing specialized vessels for cold environments [1] - The fish farming workboat for MoenMarinAS is specifically designed to operate in extreme cold [1]