Core Viewpoint - The global new ship market is entering an adjustment period, with a significant decline in new ship orders due to geopolitical risks, high shipbuilding prices, and a normalization of previously high order volumes [1][2]. Group 1: New Ship Market Trends - In May, global new ship orders totaled 71 vessels and 1.66 million CGT, representing a 55% year-on-year decline and a 64% month-on-month decline [1]. - Chinese shipyards secured 42 vessels and 0.64 million CGT, maintaining a 39% global market share [1]. - From January to April, China's shipbuilding completion was 15.32 million deadweight tons, down 8.4% year-on-year, while new ship orders were 30.69 million deadweight tons, down 11.1% year-on-year [1]. Group 2: Factors Influencing the Market - The decline in new ship orders is seen as a normal phenomenon following a high demand period, with geopolitical risks affecting international shipowners' willingness to place orders [2]. - Despite a significant drop in steel prices since 2021, new ship prices have surged by approximately 50% from 2020 to 2024 due to strong order volumes, although they have started to decrease this year [2]. Group 3: Green Ship Development - The green ship market is gaining momentum, with the global fleet's green ratio currently below 10%, but expected to exceed 20% by 2030 [1]. - China’s new orders for green-powered vessels have increased from 31.5% in 2021 to an anticipated 78.5% in 2024 in the international market [3]. - The International Maritime Organization (IMO) has approved a framework combining mandatory emission limits and greenhouse gas pricing, which is expected to impact new ship orders and investments [4][5].

Emerging Markets Dynamics - Vietnam has officially joined the BRICS cooperation mechanism as a partner country, welcomed by the Brazilian government, which currently holds the rotating presidency of BRICS [1] - The BRICS partner countries now include Nigeria, Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Thailand, Uganda, and Uzbekistan, expanding the total number of BRICS members to 11 [1] Financial Cooperation - The People's Bank of China and the Central Bank of Turkey have renewed a bilateral currency swap agreement with a scale of 350 billion RMB (approximately 189 billion Turkish Lira), effective for three years [2] - A memorandum of cooperation was signed to establish a RMB clearing arrangement in Turkey, enhancing financial cooperation and facilitating cross-border trade and investment [2] Platform Developments - TikTok announced an investment expansion in the UK to approximately £140 million (around 1.36 billion RMB), including the establishment of a new office in London and an increase in employee numbers to 3,000 [3] - TikTok Shop in Southeast Asia has relaxed entry policies for businesses, removing e-commerce experience requirements, allowing individual sellers to enter the market more easily [4] - TikTok Shop has launched a "Hot Product Takeoff Plan" in the US and Europe, providing various support resources to help merchants boost sales during the summer season [5] Industry Observations - Vietnam's commercial air conditioning market is projected to reach $600 million in 2024, with a year-on-year growth of 14.9%, while the first quarter of 2025 is expected to see a market size of $123 million, growing by 13.9% [9] - In Indonesia, the commercial air conditioning market is expected to reach $218 million in the first quarter of 2025, reflecting a year-on-year growth of 7.2% [10] - The Chinese mobile gaming industry accounted for 36.6% of global revenue in May 2025, with 33 Chinese companies making it to the top 100 global mobile game publishers [11] Shipping and Logistics - In the first five months of the year, Chinese shipbuilders secured 274 new ship orders, accounting for approximately 49% of the global market share, while global new ship orders have dropped to a near four-year low [12][13] - The demand for OLED display panels is expected to grow significantly, with a projected annual growth rate of 69% in 2025, driven by strong demand in the gaming sector [14] Policy Changes - Starting July 1, Vietnam will require e-commerce platforms to withhold and pay taxes on behalf of sellers, including VAT and personal income tax, with specific rates outlined for different types of transactions [21]

Group 1 - Japan's Economic Revitalization Minister, Akizawa Ryozo, is negotiating with the U.S. regarding tariffs, focusing on a package plan targeting China's rare earth regulations and U.S. liquefied natural gas exports [1][3] - Japan believes it has advantages in rare earth processing, recycling, and reduced usage, proposing to assist the U.S. with technology in these areas, as well as in graphite and gallium [3] - Japan plans to increase imports of U.S. liquefied natural gas and purchase billions of dollars in semiconductors from U.S. companies, while also offering support for U.S. chip manufacturing [3] Group 2 - Japan's trade surplus with the U.S. is approximately $60 billion annually, making it difficult for Japan to solely reduce this surplus to satisfy U.S. demands [5] - Japan's strategy involves sacrificing third-party interests, particularly China, to maintain its own trade benefits, reflecting a form of diplomatic opportunism [5] - The U.S. has conflicting views among its officials regarding trade negotiations, complicating Japan's efforts to secure favorable terms [5][7] Group 3 - The chaotic negotiation environment, including disputes among U.S. officials, significantly reduces the likelihood of Japan reaching an agreement before the G7 summit [7] - Japan's attempts to appease the U.S. at the expense of its trade relations with China are viewed as a poor strategy, with China firmly opposing such actions [7]

Group 1: Support for Private Economy in Shandong - Shandong province has introduced 50 new fiscal policies to support the high-quality development of the private economy, which constitutes 99% of the market entities in the region [2] - The policies focus on five key areas: innovation development, transformation support, financing channel expansion, fair government procurement, and improving policy accessibility [2] - The initiative aims to enhance financial collaboration and guide increased credit and investment for private enterprises, particularly small and medium-sized ones facing cash flow challenges [2] Group 2: Investment in Artificial Intelligence - Shandong has approved the establishment of a 1 billion yuan (approximately 10 million) fund focused on artificial intelligence and integrated circuits, targeting "hard technology" sectors [2][3] - The fund aims to invest in upstream foundational technologies and core components, as well as midstream hardware manufacturing, to drive high-quality development in the AI industry [3] - The AI sector in Shandong has been growing at over 30% annually, with nearly 1,000 key enterprises contributing to a related industry scale exceeding 100 billion yuan [3] Group 3: Qingdao's State-Owned Enterprise Management - Qingdao has introduced a management approach for state-owned enterprises to clarify strategic positioning and focus on core responsibilities, supporting the city's "10+1" innovative industrial system [4][5] - The city plans to implement a coordinated industrial cultivation model involving state-level coordination, enterprise guidance, fund leadership, and park support [4] - A total of 87 major projects are planned for investment of approximately 30 billion yuan in the current year [4] Group 4: Housing Fund Policy in Qingdao - Qingdao has expanded the scope of housing provident fund withdrawals to include down payments for second-hand homes, enhancing support for housing consumption [6] - The policy allows for additional scenarios for fund withdrawal, such as for elevator upgrades in residential buildings, to improve living conditions [6] Group 5: International Tea Industry Expo - The 19th International Tea Industry Expo will be held in Jinan, featuring 1,500 exhibition booths and participation from over 800 tea enterprises [7] - The event highlights Jinan's position as a major tea distribution center in northern China, attracting numerous tea companies [7] Group 6: Green Shipping Initiatives - Qingdao Port has successfully completed the first international ship biofuel oil refueling operation in northern China, marking a significant step towards green shipping [10] - The biofuel used is a blend of 24% sustainable biodiesel and 76% low-sulfur fuel oil, which can reduce carbon emissions by approximately 20% [10] - A pure electric inland container ship is being constructed for a French shipping group, expected to operate on a green route by 2026, significantly reducing CO2 emissions [12] Group 7: Oil and Gas Platform Installation - The largest oil and gas platform in the Bohai Sea has been successfully installed, setting new records for size and weight in the region [13] - The platform is part of a project aimed at increasing production capacity in China's largest offshore oil field, with an expected annual output target of 40 million tons [13] Group 8: Digital Energy Solutions - Qingdao Teread Electric has launched a digital energy solution covering various applications in the new power system, showcasing innovative products at the SNEC International Photovoltaic & Energy Storage Exhibition [14] - The company aims to integrate smart manufacturing and services to support the transition of the power system [14] Group 9: Battery Recycling Industry - Qingdao has established a new company focused on battery recycling, marking a significant collaboration between state-owned and private enterprises [15][16] - The initiative aims to create a comprehensive platform for battery recycling and reuse, addressing the growing market for retired electric vehicle batteries [16]

Group 1 - China's first geophysical field detection satellite "Zhang Heng No. 1" 02 successfully launched, enhancing the country's monitoring capabilities for natural disasters [1] - GAC Aion's new flying car GOVY AirCab received nearly 1,000 pre-orders within 24 hours, with a market price not exceeding 1.68 million [2] - Hainan plans to build over 100 basic-level smart factories by 2027, aiming to establish a tiered cultivation system for smart factories [3] Group 2 - The delivery of the domestically produced high-end "green giant" methanol reserve car carrier "Anji Hongsheng" in Jiangsu can transport 9,500 vehicles, marking a significant upgrade in the shipbuilding industry towards high-end, intelligent, and green development [4]

Core Viewpoint - The article discusses the significance of China's first domestically designed and built aircraft carrier, Fujian, and the implications of entering a three-carrier era for national defense and maritime security [1][2]. Group 1: Development and Features of Fujian Aircraft Carrier - Fujian is the world's first conventionally powered aircraft carrier equipped with electromagnetic catapults, with a full displacement of over 80,000 tons [1]. - The sea trials of Fujian are progressing as planned, with the first sea trial scheduled for May 1, 2024, lasting eight days to test various systems [5]. - The transition from ski-jump carriers to catapult carriers represents a significant technological advancement, with Fujian's electromagnetic launch technology potentially surpassing that of the United States [13]. Group 2: Strategic Implications of Three-Carrier Era - The establishment of a three-carrier operational system enhances China's maritime defense capabilities and allows for simultaneous deployment in three major directions, increasing operational flexibility [6]. - The ability to rotate carriers ensures that one carrier can be in maintenance while another is on standby, providing a continuous operational presence [8]. - The three-carrier fleet will enable a more robust and versatile maritime defense strategy, with potential for innovative operational models [2][4]. Group 3: Technological and Economic Factors - The development of large surface combat platforms is attributed to the overall improvement in national strength and defense funding, allowing for advanced shipbuilding capabilities [14]. - China's shipbuilding industry is recognized for its world-class capabilities, skilled workforce, and substantial financial resources, which support the independent design and construction of advanced aircraft carriers [14]. - The successful transition from the refitted Liaoning to the independently built Shandong and now to the innovative Fujian reflects a significant leap in indigenous technological capabilities [11][14].

Core Viewpoint - The article highlights the advancements in China's aircraft carrier development, particularly focusing on the Fujian carrier, which is the first fully domestically designed and built catapult aircraft carrier in China, showcasing significant technological progress in naval capabilities [3][4]. Group 1: Aircraft Carrier Development - The Fujian carrier is China's third aircraft carrier, following the Liaoning and Shandong carriers, with the latter being developed based on the former [3]. - The Fujian carrier features a full-length flat deck and is equipped with electromagnetic catapults and arrestor wires, with a full displacement of over 80,000 tons, making it the world's first conventionally powered aircraft carrier to utilize electromagnetic launch technology [3][4]. - The transition from ski-jump carriers to catapult carriers represents a significant leap in China's naval technology, with only two countries, the United States and China, possessing such advanced capabilities [4]. Group 2: Testing and Training - The Fujian carrier was launched on June 17, 2022, and has been undergoing systematic testing, including mooring tests and sea trials, with the first sea trial occurring on May 1, 2024, lasting eight days and meeting expected performance targets [6]. - As of June 14, 2023, the sea trials for the Fujian carrier are progressing as planned, indicating a steady advancement in its operational readiness [2][6]. - The Liaoning and Shandong carriers conducted joint training exercises in the Western Pacific for the first time, testing their long-range defense and joint operational capabilities [5].

Core Viewpoint - The article highlights the advancements in China's aircraft carrier development, particularly focusing on the Fujian aircraft carrier, which represents a significant leap in technology and capabilities compared to its predecessors [3][4]. Group 1: Aircraft Carrier Development - The Fujian aircraft carrier is China's first fully domestically designed and built catapult aircraft carrier, featuring a flat-deck design and equipped with electromagnetic catapults and arrestor wires, with a full displacement of over 80,000 tons [3][4]. - The progression from the Liaoning (a refurbished foreign carrier) to the Shandong (indigenously developed based on the Liaoning) and now to the Fujian demonstrates China's growing capabilities in aircraft carrier construction [3][4]. - The Fujian carrier is noted to potentially have more advanced electromagnetic catapult technology than that of the United States, with only two countries in the world currently possessing such technology [4]. Group 2: Sea Trials and Military Exercises - As of June 10, 2023, the Liaoning and Shandong aircraft carrier groups conducted joint training exercises in the Western Pacific, marking the first time both carriers trained simultaneously in this region [5]. - The Fujian carrier's sea trials began on May 1, 2024, lasting for eight days to test various systems, which met expected targets, indicating that its sea trial progress is on schedule [6].

2024年12月，上海发布全国首个地方政府贯彻落实"并购六条"的政策文件《上海市 支持上市公司并购重组行动方案(2025—2027年)》(以下简称《上海行动方案》)，方案明 确提出力争到2027年，努力将上海打造成为产业能级显著提升、并购生态更加健全、协 作机制多元长效的上市公司并购重组先行区和示范区。 上海证监局与上海市多部门、沪深交易所协同，不断推进"并购六条"各项举措落 地，多家上市公司披露重大重组计划。据了解，已披露的13单重大资产重组中，3单为上 市公司吸收合并，2单为收购未盈利资产，2单支付方式创新采用定向可转债方式。 "并购六条"明确提出通过并购重组助力新质生产力发展，支持上市公司围绕科技创 新、产业升级布局，引导更多资源要素向新质生产力方向聚集。在上海新增的并购交易 中，新质生产力相关行业占比超七成。在新披露的重大资产重组中，集成电路、生物医 药、人工智能等上海三大先导产业领域的交易占比超过六成，8单由科创板上市公司发 起，科创企业聚焦行业及上下游进一步补链强链的意愿强烈。 丨 来源：中国新闻网 2025-06-12 中新网上海6月12日电 上海并购重组市场规模和活跃度持续攀升，并购重组服务科 ...

Core Viewpoint - The company has provided a guarantee of 30 million yuan for its wholly-owned subsidiary, Dalian Shipbuilding Industry Co., Ltd., to support its operations through non-financing activities such as bank acceptance bills and guarantees [1][2]. Summary by Sections New Guarantee Overview - In May 2025, the company provided a guarantee of 30 million yuan for Dalian Shipbuilding Industry Co., Ltd. to issue bank acceptance bills and guarantees, with a counter-guarantee from the subsidiary [2]. - The total amount of guarantees provided by the company to its subsidiaries as of May 31, 2025, is 1.561 billion yuan, accounting for 1.86% of the company's most recent audited net assets [1][7]. New Guarantee Progress - The new guarantee is within the limit approved by the company's board and shareholders, which allows for a cumulative guarantee limit of 1.92 billion yuan for subsidiaries [2][7]. Guarantee Agreement Details - The guarantee provided is a joint liability guarantee, with the duration determined through negotiation with creditors based on actual operational needs [6]. Reasonableness and Necessity of the Guarantee - The new guarantee is aimed at meeting the daily operational needs of the subsidiary, facilitating normal business operations without harming the interests of the company and its shareholders [6]. Board of Directors' Opinion - The board has confirmed that all guarantees provided are within the approved limits and do not pose risks to the company's operations [7]. Cumulative External Guarantee Amount - As of May 31, 2025, the total external guarantees provided by the company amount to 1.561 billion yuan, with no overdue guarantees reported [7].