Core Insights - China's marine economy is entering a new phase of high-quality development, focusing on sustainable practices and technological advancements [1] Group 1: Marine Economy Development - The development of modern marine ranching and deep-sea food production is being emphasized, with initiatives like "耕海牧渔" and the creation of "deep blue granaries" [1] - The scale of offshore wind power in China is leading globally, contributing to the transition of ecological value in marine carbon sinks [1] - The manufacturing of marine engineering equipment is advancing towards high-end technology, with significant breakthroughs in technical barriers [1] Group 2: Policy and Industry Integration - Continuous policy benefits are being released under the goal of becoming a maritime power, promoting deep integration of industry, academia, and research in deep-sea technology [1] - Industries such as energy development, high-end equipment, biomedicine, and cultural tourism are experiencing rapid growth [1] Group 3: Infrastructure and Logistics - The intelligent transformation of ports and the upgrade of shipping service systems are enhancing global marine logistics connectivity [1] - The successful launch of China's first large cruise ship, "爱达·魔都," marks a new high in passenger traffic at the Qingdao cruise home port [13]

Core Viewpoint - Guangdong is reshaping its marine economy through three new driving forces, focusing on marine engineering equipment, offshore wind power, and marine pharmaceuticals, which are becoming key contributors to the province's economic growth [5][12][90]. Group 1: Marine Engineering Equipment - The "Bay Area Lingding" is the world's first deep-sea aquaculture vessel utilizing natural water exchange, showcasing Guangdong's advancements in marine engineering [3][20]. - Jiangmen is rapidly developing into the largest marine engineering manufacturing base in the province, with a complete industrial chain from research and development to manufacturing [24]. - The shipbuilding industry in Jiangmen has seen a remarkable increase in added value, with a growth rate of 59.7% in 2024, and ship exports have risen by 23.1% [25][26]. Group 2: Offshore Wind Power - Guangdong's offshore wind power projects are expected to provide approximately 54 million kilowatt-hours of green electricity annually, sufficient to meet the needs of 30,000 households [50]. - As of June 2025, Guangdong's installed offshore wind power capacity has surpassed 12.51 million kilowatts, ranking first in the country [80]. - The province has established a comprehensive industrial chain for offshore wind power, including research, manufacturing, installation, and maintenance [76]. Group 3: Marine Pharmaceuticals - Guangdong's marine pharmaceutical sector is witnessing significant breakthroughs, with new drugs derived from marine microorganisms entering clinical trials [100][114]. - The province has established over 100 marine-related laboratories and engineering research centers, leading to a 21.3% increase in patent publications in marine pharmaceuticals and biotechnology in 2024 [115][137]. - The development of marine pharmaceuticals is expected to provide effective treatment options for millions of patients with cardiovascular diseases and other conditions [101][112]. Group 4: Economic Impact - Since 2018, Guangdong has allocated nearly 2 billion yuan in special funds for marine economic development, supporting 315 marine projects and driving an industrial output value of 25.2 billion yuan [10][138]. - The marine economy's contribution to Guangdong's GDP is significant, with the marine manufacturing industry expected to reach an added value of 501.24 billion yuan in 2024, reflecting a nominal growth of 4.9% [130]. - The province's marine oil production is projected to reach 20.68 million tons in 2024, marking a 3.5% increase year-on-year [133].

Core Viewpoint - The launch of the "Tongjun" and "Junguang" vessels marks a significant advancement in China's dredging capabilities, filling a gap in the market for ultra-large dredging vessels with a capacity of 35,000 cubic meters, and enhancing China's position in the international high-end dredging market [1][12]. Group 1: Vessel Specifications and Capabilities - The "Tongjun" and "Junguang" vessels have a design length of 198 meters, a width of 38.5 meters, a depth of 18 meters, and a maximum dredging depth of 120 meters, making them the largest in Asia with a mud hold capacity of 35,000 cubic meters [9]. - These vessels can operate in conditions of up to level 8 wind and waves, with a dredging capability that allows the dredge head to reach depths equivalent to approximately 40 stories [9]. - The vessels are equipped with a high-pressure water jet system capable of exerting a force equivalent to that of a 5-ton elephant on a palm, enhancing their ability to excavate hard soil [9]. Group 2: Technological Innovations - The vessels feature an independently developed intelligent dredging system that combines artificial intelligence with dredging mechanics, allowing for automated operation and adaptability to various soil types and seabed conditions [10]. - This system significantly reduces the need for manual operation, increasing efficiency and accuracy in dredging tasks [10]. Group 3: Market Implications and Future Prospects - The introduction of these vessels is expected to propel China from a dredging power to a dredging stronghold, enhancing its influence in the international high-end dredging market [11][12]. - The vessels are designed to meet the growing demand for infrastructure development in countries involved in the Belt and Road Initiative, particularly in Southeast Asia, the Middle East, and Africa [12]. - The successful deployment of these vessels is anticipated to optimize the structure of domestic dredging fleets, promoting specialization and international competitiveness [13].

Core Insights - The National Development and Reform Commission of China is working on the "14th Five-Year" marine economic development plan, aiming to break through key core technologies in the marine sector, marking a new chapter in building a marine power [3] - In 2024, China's marine GDP is expected to exceed 10 trillion yuan, growing at a rate 0.9 percentage points higher than the overall GDP, with international shipping accounting for about one-third of the global total [3][7] - Guangdong province is projected to be the first in the country to surpass 2 trillion yuan in marine GDP, followed by Shandong, Fujian, Zhejiang, Shanghai, and Jiangsu, which are also significant marine economies [7][8] Marine Economic Development - Guangdong has established a Marine Strong Province Committee, aiming for innovation in mechanisms and systems to enhance marine economic growth [4] - The marine economy in Guangdong has maintained its position as the largest in the country for 30 consecutive years, with a marine GDP share of 14.1% in 2024 [6][8] - The marine economy's scale in the top three provinces accounts for half of the national total, showcasing distinct development characteristics and advantages [8] Key Statistics - In 2024, the marine GDP of China is projected to reach 10.54 trillion yuan, with Guangdong contributing significantly [5][7] - Guangdong's marine industry added value is expected to be 739.51 billion yuan in 2024, with a nominal growth rate of 7.4% [10] - The marine tourism sector is projected to see a decline of 110.01% in 2024, while other sectors like marine engineering and marine power are expected to grow [10][11] Emerging Industries - Guangdong has over 80,000 marine-related enterprises, with a stable growth of high-tech marine enterprises, contributing to the province's new productive forces in the marine economy [13] - The offshore wind power capacity in Guangdong is expected to exceed 12 million kilowatts in 2024, leading to double-digit growth in the marine power sector [14] - Significant advancements in deep-sea technology include the launch of the "Dream" deep-sea drilling vessel and the construction of the world's first deep-sea ecological system research facility [15][17]

Core Insights - The first intelligent coating production line for offshore oil and gas equipment in China has been launched at CNOOC Engineering's Zhuhai deepwater equipment manufacturing base [1][2] - The coating process is crucial for protecting offshore oil and gas equipment from corrosion, extending structural life, and reducing maintenance costs [1] Group 1: Technology and Innovation - The intelligent coating production line is optimized for ultra-large tower structures and includes components such as roller frames, external and internal wall spraying robots, and AGV intelligent track vehicles [1] - The system features full intelligent control, point-to-point precise spraying, autonomous programming, and obstacle avoidance, improving work efficiency by 4 to 8 times compared to traditional manual methods [1] Group 2: Industry Challenges and Solutions - Traditional spraying operations in marine industrial manufacturing rely heavily on manual and machine spraying, leading to issues such as unstable paint film thickness, low efficiency, and high energy consumption [1] - CNOOC Engineering has developed the AGV intelligent track vehicle to achieve full coverage automatic spraying of the inner wall of the tower, addressing these challenges [1] Group 3: Future Developments - The company plans to explore the introduction of AI autonomous learning algorithms to dynamically optimize paths and paint film thickness, enhancing precision and material utilization for complex curved surfaces [2]

Group 1 - The establishment of China Communications Construction Company Zhenhua Offshore Lifting and Pipeline Core Equipment Engineering Technology (Shanghai) Co., Ltd. has been officially registered with a capital of 100 million RMB [1] - The company is wholly owned by Zhenhua Heavy Industries (stock code: 600320) [1] - The business scope includes ship design, marine engineering equipment research and development, key supporting system development for marine engineering, and marine engineering design and modular design manufacturing services [1]

Core Insights - A new company named China Communications Construction Company Zhenhua Offshore Heavy Lift and Pipe-laying Core Equipment Engineering Technology (Shanghai) Co., Ltd. has been established with a registered capital of 100 million yuan [1] - The company's business scope includes ship design, marine engineering equipment research and development, key supporting system development for marine engineering, and marine engineering design and modular design manufacturing services [1] - The company is wholly owned by Zhenhua Heavy Industries (stock code: 600320) [1]

Group 1 - The stock of Jushi Holdings has increased by 10.01%, achieving a consecutive two-day limit-up, with the latest price at 9.12 yuan and a total market capitalization of 8.755 billion yuan [1] - The company plans to establish a wholly-owned subsidiary, Jushi Marine Technology (Tianjin) Co., Ltd., focusing on the manufacturing and sales of marine engineering equipment, thereby strengthening its presence in the marine economy sector [2] - The National Development and Reform Commission is advancing the "14th Five-Year" marine economy development plan, which includes breakthroughs in key core technologies, benefiting suppliers of core components like rigging [2] Group 2 - The marine mooring system products have received international certification and are being applied in floating wind turbine projects, enhancing technical cooperation and market expansion in the offshore wind power sector [2] - Jushi Holdings is primarily involved in marine engineering, deep-sea technology, offshore wind power, marine economy, and new energy sectors [2]

Investment Overview - The company plans to invest 100 million RMB to establish a wholly-owned subsidiary, Giant Lifting Marine Technology (Tianjin) Co., Ltd. [1] - The investment decision was approved during the 36th meeting of the 7th Board of Directors on August 14, 2025, and does not require shareholder approval [1][5]. Investment Target Basic Information - The subsidiary will focus on various sectors including marine engineering equipment development, manufacturing, and sales, as well as environmental protection equipment and underwater systems [2][3]. Purpose and Impact of the Investment - The investment aligns with the growing global demand for marine resource development, particularly in offshore oil and gas extraction, renewable energy, and marine aquaculture [3][4]. - The government has recognized "deep-sea technology" as a key area for industrial development, indicating a strategic shift towards the commercialization of deep-sea technologies [3]. - Local governments in coastal regions are also implementing policies to promote marine economic development, which supports the company's strategic direction [3]. Company's Competitive Position - The company has established a strong foundation in the lifting equipment sector and has been addressing key technological challenges in marine engineering equipment [4]. - The establishment of the subsidiary is expected to enhance the company's sustainable development capabilities without negatively impacting its financial status or shareholder interests [5]. Current Status and Future Plans - The subsidiary is still in the planning stage and will require approval from relevant regulatory authorities before commencing operations [5]. - The company will continue to disclose updates regarding the establishment and operational plans of the new subsidiary [5].

Core Viewpoint - The successful completion of the land construction phase of the Huizhou 25-8 oil field comprehensive adjustment project marks a significant advancement in the South China Sea's eastern oil field capacity construction, transitioning to the offshore installation phase [1] Group 1: Project Overview - The Huizhou 25-8 DPPB platform is a large-scale offshore oil and gas production facility, measuring 81 meters in length, 44.5 meters in width, and 81.2 meters in height, with a total weight of approximately 14,370 tons [3] - The platform will serve as the largest water injection development platform in the eastern South China Sea, equipped with 107 sets of equipment for various functions including intelligent oil extraction and gas recovery [3] Group 2: Environmental and Technological Innovations - The project promotes the application of green low-carbon advanced technologies, including the first production water waste heat power generation device developed by China National Offshore Oil Corporation (CNOOC), which can reduce carbon dioxide emissions by approximately 11,800 tons annually [5] - The use of TMCP high-strength steel in the construction process contributes to a 10% reduction in metallurgical process emissions and a 5% reduction in processing emissions, supporting the green transformation of China's marine engineering equipment manufacturing industry [5] Group 3: Construction Efficiency and Techniques - The project team adopted a "land-based to sea, land-sea interaction" principle, achieving a 33% reduction in the high-altitude assembly workload by dividing the entire structure into nine large sections for assembly [7] - Innovative construction methods, such as double-layer prefabrication and the use of SPMT for transportation, significantly improved efficiency, allowing for the completion of over 6,000 pipelines and 280,000 meters of cable installation within 9.5 months [9] - The platform's upper block is scheduled for transportation to the Pearl River Estuary for installation by the end of August, which will enhance the oil recovery rate and extend the oil field's lifespan [9]