Core Viewpoint - China Shipbuilding Defense Company is revising its articles of association, shareholder meeting rules, and board meeting rules, while also abolishing the supervisory board in compliance with the new Company Law effective from July 1, 2024 [1][2]. Group 1: Amendments Overview - The main amendments include the removal of the supervisory board and related provisions, transferring its powers to the audit committee [2]. - The board structure will be adjusted to include employee directors [2]. - Certain powers of the shareholder meeting and board will be modified [2]. - Other content will be supplemented or improved based on the latest laws and regulations [2]. Group 2: Approval Process - The proposed amendments have been approved by the board of directors and will be submitted for approval at the third extraordinary general meeting of shareholders in 2025 [2]. Group 3: Attachments - The announcement includes comparative tables for the amendments to the articles of association, shareholder meeting rules, and board meeting rules as attachments [2].

股东会议事规则 （尚需经公司股东会决议修改） 第一章 总 则 第一条 为规范公司行为，保证公司股东会依法行使职权，根据《中华人民共和国 公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证 券法》"）、《上市公司股东会规则》《上市公司治理准则》、上海证券交易所和香港 联交所的上市规则及本公司《公司章程》等有关规定，制定本规则。 第二条 公司股东会的召集、提案、通知、召开等事项适用本规则。 第三条 公司应当严格按照法律、行政法规、本规则及《公司章程》的相关规定召 开股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责、认真、按时组织股东会。公司全体董事应当勤勉尽 责，确保股东会正常召开和依法行使职权。 第四条 股东会应当在《公司法》和《公司章程》规定的范围内行使职权。 第五条 股东会分为年度股东会和临时股东会。年度股东会每年召开一次,应当于 上一会计年度结束后的六个月内举行。 临时股东会不定期召开，出现《公司章程》第五十九条情形之一时，临时股东会 应当在两个月内召开。 公司在上述期限内不能召开股东会的，应当报告公司所在地中国证券监督管理委员 会（以下简称中国证监会）派出机构和公 ...

Core Points - The company is established as a joint-stock limited company under the laws of the People's Republic of China, with its legal rights protected by relevant laws and regulations [2][3] - The company's mission is to innovate and create high-quality marine and defense equipment, aiming to become a world-class listed company with strong international competitiveness [5] - The company has a registered capital of RMB 1,413,506,378, with a total of 1,413,506,378 ordinary shares issued [7][20] Company Structure - The company is headquartered in Guangzhou, Guangdong Province, China, and is a permanent entity [3] - The company has a board of directors, with the chairman serving as the legal representative [4] - The company can invest in other limited liability companies and joint-stock companies, bearing responsibility limited to the amount of investment [4] Share Capital and Stock - The company issues ordinary shares, with a par value of RMB 1 per share, and has both domestic (A shares) and overseas (H shares) listings [6][7] - The shareholding structure consists of 58.11% domestic shares and 41.89% overseas shares [7] - The company has regulations in place regarding the transfer and trading of shares, including restrictions on major shareholders and management [8][22] Business Operations - The company’s business scope includes manufacturing metal ships, ship equipment, containers, and providing various engineering and leasing services [5] - The company is allowed to establish subsidiaries and branches both domestically and internationally to support its business development [6] Governance and Rights - Shareholders have rights to dividends, voting, and participation in company decisions, with specific procedures for calling shareholder meetings [42][54] - The company has established rules for the responsibilities and obligations of shareholders, including compliance with laws and regulations [48][49] - The company’s governance structure includes provisions for the board of directors and audit committees to ensure accountability and transparency [20][21]

Core Points - The company is holding its second extraordinary general meeting of shareholders in 2025 to discuss various amendments to its governance documents and operational procedures [1][2][3] Group 1: Governance Changes - The proposal includes the cancellation of the supervisory board, with its functions to be assumed by the audit committee of the board of directors, ensuring the internal supervision mechanism remains intact [1][2] - Amendments to the company's articles of association will be made to reflect the cancellation of the supervisory board and to clarify the roles and responsibilities of the board of directors and the audit committee [1][2][3] - The company will revise its rules regarding related party transactions, external guarantees, and fundraising management to align with the new governance structure [1][2][3] Group 2: Shareholder Rights and Responsibilities - Shareholders will retain rights to supervise the company's operations, propose suggestions, and request information as stipulated in the revised articles of association [4][5] - The company emphasizes that shareholders must comply with laws and regulations, and any abuse of shareholder rights that harms the company or other shareholders will result in liability [5][6] - The company will ensure that all shareholders have equal rights regarding the distribution of profits and other benefits [4][5] Group 3: Financial Management and Capital Structure - The company will implement stricter regulations on external guarantees, requiring shareholder approval for guarantees exceeding certain thresholds related to net assets and total assets [7][8] - The company will also revise its capital increase procedures, allowing for various methods of capital raising while ensuring compliance with legal requirements [7][8] - The company will maintain transparency in its financial dealings and ensure that any significant asset transactions are subject to shareholder approval [7][8]

Group 1 - Guangdong Songfa Ceramics Co., Ltd. announced that its subsidiary, Hengli Shipbuilding (Dalian) Co., Ltd., received government infrastructure fee allocation totaling 260 million RMB on July 18, 2025, which will be recognized as deferred income [2] - This is the second government subsidy received by Hengli Heavy Industry, following a previous allocation of 120 million RMB on June 16, 2025, bringing the total to 380 million RMB [2] - Hengli Heavy Industry was established to revitalize idle assets and expand effective investment, acquiring the former STX Dalian shipyard for 2.11 billion RMB to create a world-class high-end shipbuilding base [2] Group 2 - Hengli Heavy Industry's first phase project, "Ocean Factory," commenced production in January 2023, followed by the second phase project, "Future Factory," which focuses on high-value green ships and advanced marine equipment manufacturing [3] - Upon full production, Hengli Heavy Industry is expected to process 2.3 million tons of steel annually, produce 180 marine engines, and achieve an annual output value exceeding 70 billion RMB [3] - The company is currently a wholly-owned subsidiary of Songfa Co., which is raising up to 4 billion RMB to support Hengli Heavy Industry's strategic development, enhancing production efficiency and technological innovation [3] Group 3 - In 2024, Hengli Heavy Industry ranked fifth globally and fourth in China for new orders, with over 60 ships under construction and approximately 170 orders scheduled through 2029 [4] - The company aims to leverage its platform advantages to deepen its focus on high-end equipment research and manufacturing, enhancing its core competitiveness through technological innovation and lean management [4]

Core Viewpoint - The military industry has shown a downward trend since the second half of 2024, primarily driven by valuation factors. The defense and military index rose by 37.24% from September 24, 2024, to July 21, 2025, outperforming the Shanghai and Shenzhen 300 index, which increased by 27.17% during the same period [1]. Group 1: Market Performance - The military sector has experienced heightened activity in themes such as low-altitude economy, large aircraft, and military intelligence, driven by ongoing geopolitical conflicts [1]. - The performance of military-related funds has also improved, with the Fangzheng Fubon Core Advantage Mixed Fund heavily investing in core enterprises within the military industry chain [1]. Group 2: Fund Holdings - The top ten holdings of the Fangzheng Fubon Core Advantage Mixed Fund include companies like Zhong无人机 (8.95%), 中航沈飞 (7.97%), and 中航成飞 (7.94%), all within the aerospace sector, reflecting a focus on the military supply chain [2]. - New additions to the fund's holdings include 中兵红箭 (7.34%) and 北方导航 (7.26%), with significant year-to-date price increases of 51.49% and 60.01%, respectively [2]. Group 3: Future Outlook - The fund manager believes that the military sector holds explosive growth opportunities, especially with the upcoming military parade on September 3 potentially boosting military stocks [3]. - The military industry is expected to see a recovery in demand as the "14th Five-Year Plan" approaches its final year, with a clear long-term development goal set for 2035 and 2050 [3].

Core Points - The company, China Shipbuilding Emergency (中船应急), announced the early redemption of its "Emergency Convertible Bonds" due to the stock price meeting the conditions for redemption [1][2] - The redemption price is set at 100.77 yuan per bond, including accrued interest at an annual rate of 2.00% [1] - The redemption process includes specific dates for trading suspension, redemption registration, and fund arrival [1] Summary by Sections - **Redemption Announcement** - The third board meeting of the company approved the early redemption of "Emergency Convertible Bonds" on July 21, 2025, as the stock price met the required conditions [1] - **Redemption Details** - The redemption price is 100.77 yuan per bond, which includes accrued interest [1] - Key dates include: - Redemption condition satisfaction date: July 21, 2025 - Trading suspension date: August 25, 2025 - Redemption registration date: August 27, 2025 - Redemption date: August 28, 2025 - Fund arrival date: September 2, 2025 - Investor fund arrival date: September 4, 2025 [1] - **Mandatory Redemption** - Any "Emergency Convertible Bonds" not converted by the close of trading on August 27, 2025, will be forcibly redeemed [1] - The bonds will be delisted from the Shenzhen Stock Exchange after the redemption [1] - **Investor Considerations** - Investors must open trading permissions for the ChiNext board to convert bonds into stocks [2] - There is a significant price difference between the secondary market price of the bonds and the redemption price, highlighting the importance of timely conversion to avoid potential losses [2]

Core Viewpoint - The A-share market saw a significant rise in the China Shipbuilding Industry sector, with notable gains in several companies, particularly China Shipbuilding Emergency, which surged over 11% [1] Company Summary - China Shipbuilding Emergency experienced a rise of more than 11% in its stock price [1] - Other companies in the sector, including China Shipbuilding Han Guang, Kunshan Intelligent, China Shipbuilding Technology, and Jiu Zhi Yang, also saw increases in their stock prices [1]

Group 1: Macro Insights - The Japanese ruling coalition lost its majority in the recent Senate elections, marking the first time since 1955 that it has lost control of both houses, raising concerns about future fiscal policy changes [2] Group 2: Mechanical Equipment - The Yarlung Zangbo River downstream hydropower project has officially commenced, with a total investment of approximately 1.2 trillion yuan, significantly exceeding many major infrastructure projects in China [2][5] - The project is expected to generate about 300 billion kilowatt-hours annually, which is three times the output of the Three Gorges project, and will create substantial demand for related mechanical equipment [5][7] Group 3: Power Equipment and New Energy - In June 2025, China's inverter exports reached 6.59 billion yuan, a month-on-month increase of 10.3%, with a total of 5.129 million units exported [4] - The Yarlung Zangbo project is anticipated to drive approximately 720 billion yuan in new orders for hydropower equipment and 500 billion yuan for transmission and transformation equipment, benefiting leading companies in these sectors [5][7] Group 4: Construction and Building Materials - The Yarlung Zangbo hydropower project is expected to boost demand for construction materials such as cement and functional materials due to its high technical requirements and standards [7] - The project is the largest planned hydropower station globally, with a total investment of around 1.2 trillion yuan, which will likely enhance the construction sector's activity [7] Group 5: Consumer Goods - The dairy industry in China is currently experiencing a restructuring phase, with expectations of a return to supply-demand balance by 2026, driven by a decrease in raw milk production and moderate improvement in terminal demand [9] - Major dairy companies like Yili and Mengniu are focusing on improving profit margins as they navigate through the current market conditions [9][10] Group 6: Key Companies - Huaxin Cement is expanding its global footprint through acquisitions, which is expected to enhance its scale and profitability [10] - China Shipbuilding Industry Corporation's merger with China Shipbuilding Heavy Industry is progressing smoothly, which is anticipated to improve operational efficiency and competitiveness in shipbuilding [10]

Core Viewpoint - The article highlights various government initiatives and industry developments aimed at stabilizing growth in key sectors, addressing competition issues in the automotive industry, and promoting foreign investment in China. Macro News - The Ministry of Industry and Information Technology announced that a work plan for stabilizing growth in ten key industries, including steel and non-ferrous metals, will be released soon [1][8] - The National Development and Reform Commission, along with six other departments, issued measures to encourage foreign investment and reinvestment in China, focusing on advanced manufacturing and high-tech sectors [6] - The Ministry of Industry and Information Technology plans to accelerate 6G technology research and development and promote new industries such as bio-manufacturing and low-altitude industries [6][9] Market Highlights - The China Securities Regulatory Commission is working on improving accounting regulations to enhance the quality of financial disclosures in the capital market [11] - As of July 18, 211 companies are in the process of filing for overseas listings, with 165 planning to list on the Hong Kong Stock Exchange [11] - The 2025 China (Shenzhen) Unicorn Enterprise Conference reported that the number of unicorn companies in China is expected to reach 372 by 2024, with a total valuation exceeding $1.2 trillion [11] Major Company Developments - NIO issued a statement addressing malicious rumors about the company and its employees, emphasizing its commitment to lawful operations [16] - China Unicom and Huawei signed a strategic cooperation agreement to enhance collaboration in network and technology services [16] - Oriental Hope Group released a statement defending its operations in the polysilicon industry against false information and reaffirming compliance with market regulations [17] - ChipLink Integration announced plans to acquire a 72.33% stake in ChipLink Yuezhou for approximately 5.897 billion yuan, which constitutes a related party transaction [12]