行情回顾 本周板块表现：上周（2025/06/30-2025/07/04）5 个交易日，SW 机械设备指数上涨 0.26%，在申万 31 个一级行 业分类中排名第 24；同期沪深 300 指数上涨 1.54%。2025 年至今表现：SW 机械设备指数上涨 8.29%，在申万 31 个一级行业分类中排名第 7；同期沪深 300 指数上涨 1.20%。 核心观点 投资建议 见"股票组合"。 风险提示 宏观经济变化风险；原材料价格波动风险；政策变化的风险。 敬请参阅最后一页特别声明 1 工程机械开工景气度短期波动，不改内需复苏长逻辑。6 月工程机械主要产品月开工率为 56.9%，同比下降 7.55 pct，环比下降 8.56pct。6 月工程机械主要产品月平均工作时长为 77.2 小时，同比下降 9.11pct，环比下降 8. 56pct。根据挖掘机更新周期为 8 年左右测算，25、26、27 年国内挖掘机更新需求为 14.3、19.5、24.9 万台。 更新周期带动的内销复苏长逻辑有望维持，带动主机厂业绩持续增长。建议关注三一重工、徐工机械、中联重 科、柳工、恒立液压。 两机业务增长加速+低空业务即将进入批量交付 ...

近日，记者从前海管理局获悉，前海正加快打造深圳全球海洋中心城市重要承载地，全面实施海洋经济 发展的"14126"行动计划，在船舶产业智能化、自主化、集群化取得新突破，港口航运智慧化绿色化转 型取得新成效，助力构建生产、生活与生态交融型活力海岸带。(深圳特区报) ...

Group 1 - The global first pure ammonia fuel internal combustion engine demonstration vessel "Ammonia Hui" successfully completed its maiden voyage, marking a significant breakthrough in the industrial application of ammonia fuel in shipping by China Shipbuilding Group Henan Diesel Engine Heavy Industry Co., Ltd. [1] - The vessel is equipped with a CHG234V8MPI gas generator set developed independently by the company, featuring a 200kW gas generator and two 100kW propulsion motors, with a full load displacement of 50 tons and a rated speed of 10 knots [1][2] - Ammonia is recognized as a potential candidate for decarbonizing shipping due to its high energy density and carbon-free combustion, producing only water and nitrogen when burned [1] Group 2 - The successful maiden voyage achieved stable and complete combustion of pure ammonia fuel, near-zero carbon dioxide emissions, and effective control of nitrogen oxides, validating the feasibility of ammonia-hydrogen blended fuels in various sectors [2] - The company plans to accelerate the development of new power models using pure methanol and ammonia-hydrogen fuels, focusing on breakthroughs in low-carbon fuel megawatt-class models and their engineering applications [2]

Economic Development - Hong Kong's economy is showing steady improvement, with new advantages and strengths emerging, leading to significant global ranking advancements [1][2] - As of 2024, Hong Kong manages nearly $4 trillion in assets, with around 3,000 family offices operating in the region, over half of which have assets exceeding $50 million [2] - The Hang Seng Index has led global markets, with IPO fundraising exceeding HKD 90 billion, ranking first worldwide [2] Trade and Investment - The trade volume between mainland China and Hong Kong has increased from CNY 420.87 billion in 1997 to CNY 2.2 trillion in 2024, representing a 4.2-fold growth with an average annual increase of 6.3% [3] - Hong Kong's air cargo volume remains the highest globally, and its ship registration tonnage ranks fourth worldwide [2] Social and Infrastructure Development - The Hong Kong government has accelerated housing and land supply, introducing "simple public housing" while reducing the waiting time for public housing from a peak of 6.1 years to 5.3 years [2] - Public welfare programs have expanded, including the extension of elderly medical vouchers to more healthcare institutions in the Greater Bay Area [2] Youth Employment and Talent Attraction - The Hong Kong government has relaxed eligibility for youth employment programs to enhance job capabilities among young people [2] - Over 80 cutting-edge technology companies have established operations in Hong Kong, reflecting the region's renewed competitiveness in attracting talent [2]

Group 1: Export Growth and Market Expansion - The largest land port for automobile exports in China, Horgos, is experiencing a surge in vehicle exports, with daily long queues for customs checks [1] - Jiangsu Doremi Automotive Technology Co., Ltd. reported sales of 98 million yuan last year, with expectations to exceed 120 million yuan this year, highlighting Central Asia as a new growth point [1] - In the first five months of this year, the total import and export value of Zhenjiang reached 43.62 billion yuan, a historical high for the same period, with a year-on-year growth of 5.5% [1] Group 2: Innovation and Product Development - Jiangsu Wode Agricultural Machinery Co., Ltd. achieved overseas sales of 1.25 billion yuan from January to May, a 34% increase year-on-year, driven by product innovation [2] - The company has developed products tailored for international markets, including palm harvesting machines for Southeast Asia [2] - Zhenjiang Shipyard Group signed contracts for eight deep-water anchor handling vessels and one of the largest sulfur transport vessels, with delivery dates extending to 2028 [2] Group 3: Cross-Border E-commerce and New Business Models - Zhenjiang has established a cross-border e-commerce platform to enhance trade capabilities, with over 850 cross-border e-commerce companies formed in the region [5] - The city is focusing on developing nine cross-border e-commerce industrial belts, including hardware tools and automotive parts [5] - Zhenjiang Jinzhitai Textile Co., Ltd. has expanded its market reach beyond the U.S. to Japan, Australia, and Europe, achieving over 20% growth in non-U.S. markets [4] Group 4: Policy Support and Trade Facilitation - The RCEP agreement has provided tariff reductions, enhancing the competitiveness of Zhenjiang's products in markets like Japan and Southeast Asia, with a 20% increase in orders for certain products [6] - Zhenjiang Customs is actively guiding companies to utilize policy benefits, improving export clearance efficiency through tailored services [6] - The city is promoting online sales of foreign trade products, facilitating connections between local exporters and e-commerce platforms [6]

Group 1 - Hanwha Ocean has been selected as the preferred bidder for the new generation polar research icebreaker project, with a budget of approximately 250 billion KRW (about 1.316 billion RMB) and expected delivery by December 2029 [2] - The new icebreaker, named "ARAON 2," will have a total tonnage of 16,560 tons, more than double that of the existing "ARAON" icebreaker, and will feature an LNG dual-fuel power propulsion system for enhanced environmental performance [2][3] - The project is part of South Korea's first statutory basic plan for polar activities, which aims to establish a future blueprint for polar research and activities, including international cooperation and human resource development [3] Group 2 - The construction of the first icebreaker "ARAON" was initiated in 2004 with an investment of 100.4 billion KRW (approximately 100 million USD), and it has been operational since 2009, successfully conducting multiple polar exploration missions [6][7] - Hanwha Ocean has a proven track record in the icebreaker sector, having built 21 ice-capable LNG carriers since 2008, and is recognized for its world-class technology in this field [7][8] - The company aims to leverage its extensive experience in icebreaker construction to fully mobilize its technical capabilities for the design and construction of the new icebreaker [8]

来源：央视军事综合人民海军、中国日报等 这两天 海军山东舰航母编队 在香港开展舰艇开放活动 众多名场面 七班长一次打包送上 7月3日 中国人民解放军海军 山东舰航母编队抵达香港 这是山东舰首次到访香港 备受瞩目的国产新型舰载机 歼15-T 首次在航母甲板对公众开放 当时 提前探访参观路线的记者就说： 超一万人次登舰参观 有网友用 第一视角 记录登上山东舰甲板的瞬间 "我们可以想象一下 当起降平台来到甲板上方时 数架战斗机映入眼帘的 那种扑面而来的视觉震撼" 7月4日 那一刻真的来了！ 山东舰航母编队迎来访港首个开放日 现场听取"哇~"声一片 参观者之中 有许多都是 香港的青少年学生 他们激动地表示： "能感觉到我们国家的实力" "我们国家有自己的航母 非常的自豪" " 国家安全了 家才会安全，人才会安全" 一位香港的老先生 在参观山东舰时 谈到国家取得如此令人骄傲的成就 领取徽章等纪念品 还能参与互动打卡 和"舰载熊猫"合影留念↓↓ 最后送上一段视频 忍不住数度哽咽 "国家发展不易 所以我们都要好好爱我们的国家" 对了 参观者登上山东舰之后 不仅可以参观轻武器、舰载机 一起看看夜幕下的山东舰 它静静停泊在维多 ...

据微信公众号"中国船舶报"消息，2025年7月4日，中国船舶工业股份有限公司（600150.SH，以下简称"中国船舶"）公告称，公司发行股份吸收合并中国 船舶重工股份有限公司（601989.SH，以下简称"中国重工"）的重大资产重组事项，获上海证券交易所并购重组审核委员会审议通过。这标志着中船集团 旗下两大船舶总装核心上市平台整合迎来重大进展。 关于换股比例与定价，中国船舶换股价格为37.84元/股，中国重工换股价格为5.05元/股，换股比例为1:0.1335。2024年度利润分配实施后，中国船舶换股 价格调整为37.59元/股，中国重工换股价格调整为5.032元/股，换股比例调整为1:0.1339。 1999年，原中国船舶工业总公司分拆，成立了中船集团和中船重工，在业内分别被称为"南船"和"北船"，此后二十年，"南船""北船"通过市场良性竞争提 升影响力，不断推进中国造船行业一步步走到世界第一的位置。 上交所公告截图 本次交易是我国船舶工业领域的国家队、主力军之间的整合升级，也被业内认为是积极响应国家发展战略性新兴产业"深海科技"号召，落实中央财经委 员会关于推动"海洋经济"高质量发展的战略部署，将军工、海 ...

"两船"合并，迎来重大进展！ 7月4日晚间，中国船舶公告称，当天，公司吸收合并中国重工事项获上交所审核通过。此次交易尚需中 国证监会予以注册以及其他可能涉及的必要批准、核准、备案或许可（如需）后方可正式实施。 此次重组完成后，存续公司中国船舶将成为全球最大造船上市公司，资产规模、营业收入规模、手持订 单数均领跑全球。 此次交易中，中国船舶为吸收合并方，中国重工为被吸收合并方。交易完成后，中国船舶实际控制人仍 为中国船舶集团有限公司、最终控制人仍为国务院国资委，未发生变更。 交易方案显示，中国船舶的换股价格按照定价基准日前120个交易日的股票交易均价确定为37.84元/ 股，中国重工的股票交易均价确定为5.05元/股，并由此确定中国重工与中国船舶的换股比例为 1:0.1335，即每1股中国重工股票可以换得0.1335股中国船舶股票。 审核通过 中国船舶（600150）7月4日晚公告，公司吸收合并中国重工事项获上交所审核通过。 中国船舶公告称，公司拟向中国重工全体换股股东发行A股股票的方式换股吸收合并中国重工。上交所 并购重组审核委员会于7月4日召开2025年第8次并购重组审核委员会审议会议，对公司本次交易的申请 ...

A股近十年最大规模的吸收合并交易完成证监会注册前全部程序！ 7月4日晚间，中国船舶公告称，当天，公司吸收合并中国重工事项获上交所审核通过。此次交易尚需中国证监会予以注册以及其他可能涉及的 必要批准、核准、备案或许可（如需）后方可正式实施。 此次重组完成后，存续公司中国船舶将成为全球最大造船上市公司 ，资产规模、营业收入规模、手持订单数均领跑全球。 截至7月4日收盘，中国船舶市值达到1467亿元，中国重工市值为1056亿元。 2025年5月8日晚，中国船舶公告称，对于公司拟向中国重工全体换股股东发行A股股票的方式换股吸收合并中国重工，上交所决定予以受理并 依法进行审核。本次交易的具体方式为：中国船舶以向中国重工全体换股股东发行A股股票的方式换股吸收合并中国重工。 中国船舶为吸收合 并方，中国重工为被吸收合并方，即中国船舶向中国重工的全体换股股东发行A股股票，交换该等股东所持有的中国重工股票 。 "两船"合并的影响有多大？ 据悉，重组完成后，新的中国船舶将成为手持船舶订单规模领跑全球的世界第一大旗舰型造船上市公司。 根据克拉克森数据统计，截至2024年9月14日，中国船舶和中国重工的总手持订单规模达6263万载重 ...