Industry Overview Investment Rating The report does not mention the industry investment rating. Core View The report provides an overview of various industries, including production, service, upstream,中游, downstream, and market pricing, highlighting recent trends and developments in each sector. Summary by Category Production and Service Industries - Shanghai plans to build a world - class ship and offshore engineering equipment industrial cluster, aiming for an industry added - value of over 45 billion yuan by 2030 and a localisation rate of over 85% for large LNG carriers [1]. - The memory market, led by DDR4, is rapidly warming up, with DDR4 particle prices doubling in just two weeks [1]. - Six departments have issued a guidance on financial support for consumption, setting up a 500 - billion - yuan re - loan for service consumption and elderly care [1]. - Retirement pensions are exempt from personal income tax in Beijing [1]. Upstream - International oil prices decreased significantly compared to the previous day [2]. - Coal inventory in Qinhuangdao decreased [2]. - Egg prices have rebounded recently [2]. Midstream - The polyester operating rate declined, while the PX operating rate increased [3]. - The coal consumption of power plants dropped to a three - year low, and the power plant operating rate decreased [3]. Downstream - The sales of commercial housing in first - and second - tier cities have seasonally declined to a near - three - year low [4]. - The number of domestic flights has decreased cyclically [4]. Market Pricing - The credit spread of the entire industry has slightly declined recently [5]. Industry Credit Spread - The credit spreads of multiple industries, such as agriculture, forestry, animal husbandry and fishery, mining, and chemical industry, have declined this week [48]. Key Industry Price Indicators - The prices of various commodities, including agricultural products, metals, energy, and chemicals, have shown different trends, with some rising and some falling [49].

Core Insights - Shanghai's marine industry development plan aims for the shipbuilding and marine engineering equipment sector to exceed 45 billion yuan in added value by 2030 [1] - The localization rate of large LNG carriers is expected to increase to over 85% by 2030, indicating a significant push towards domestic production [1] - By 2035, the added value of the shipbuilding and marine engineering equipment industry is projected to surpass 70 billion yuan, establishing a world-class industrial cluster with strong international influence [1] Industry Development Goals - The plan outlines a vision for a world-class shipbuilding and marine engineering equipment industry system characterized by original technology and green intelligence by 2030 [1] - The comprehensive strength and international influence of the shipbuilding and marine engineering equipment industry cluster are targeted to be leading by 2035 [1]

Core Viewpoint - The Shanghai Marine Industry Development Plan (2025-2035) aims to establish a world-class shipbuilding and marine engineering equipment industry cluster, enhance competitiveness in high-end marine equipment, and create a globally leading marine group [1] Group 1: Shipbuilding and Marine Engineering - The plan emphasizes the creation of a world-class shipbuilding manufacturing ecosystem [1] - It aims to improve the competitiveness of high-end marine engineering equipment [1] - The goal is to construct a globally leading marine group [1] Group 2: Emerging Marine Industries - The initiative includes a full-chain innovation cultivation program for emerging marine industries [1] - It plans to implement a core technology breakthrough program [1] - The construction of new marine digital infrastructure is a key focus [1] - The plan aims to strengthen application scenarios for emerging marine industries [1] Group 3: Modern Shipping Services - The development of a world-class modern shipping service cluster is a priority [1] - The plan seeks to lead the green transformation of the shipping service industry [1] - It aims to enhance green fuel certification service capabilities [1] - The initiative includes accelerating the construction of a smart shipping ecosystem [1] - The plan promotes innovation in the shipping insurance industry [1]

Group 1: Regional Development Strategy - Shandong is positioned as a crucial link connecting northern and southern China, aiming to become an important economic growth pole in the northern region [1] - The province is integrating into national development strategies, focusing on ecological protection and high-quality development in the Yellow River basin [1][9] - The emergence of the Jinan and Qingdao metropolitan areas is enhancing regional economic development and connectivity [2][4] Group 2: Transportation and Infrastructure - The Jinan metropolitan area is developing a comprehensive highway network and a "米字型" high-speed rail system, facilitating daily connections to 366 cities [3] - The Qingdao metropolitan area is constructing a robust highway network and has achieved near rail-bus integration between Qingdao and Weifang [3] - The "济青快线" significantly reduces travel time between Jinan and Qingdao, enhancing inter-city collaboration [4] Group 3: Industrial Collaboration - The Jinan and Qingdao metropolitan areas are forming advanced manufacturing clusters, with specific focus on shipbuilding and industrial machinery [3] - Collaborative efforts in technology innovation and digital economy are being fostered between the two metropolitan areas [4] - Shandong's county-level economies are being strengthened through specialized industries, with significant contributions from the rubber tire industry in GuoRao [6][7] Group 4: Economic Integration with Other Regions - Shandong is enhancing its connections with the Yangtze River Delta, facilitating industrial cooperation and project signings [8] - The province is also focusing on ecological protection and high-quality development in the Yellow River basin, promoting inter-regional collaboration [9] - Shandong's strategic location is pivotal for national economic development, serving as a bridge for both domestic and international trade [1][8]

Group 1: Zhejiang Province Initiatives - The Zhejiang Provincial Market Supervision Administration is set to implement a comprehensive measurement system for the high-end shipbuilding and marine engineering equipment industry by 2025, addressing the lack of specialized measurement equipment and methods [1][2] - The three-year action plan includes over 10 initiatives across various advanced manufacturing clusters, such as green petrochemicals and new energy vehicles, aiming to enhance the core competitiveness of the shipbuilding and marine engineering sectors [1][2] Group 2: Measurement Capability Development - Zhejiang has established 14 national and provincial measurement testing centers and developed 3,947 public measurement standards, showcasing significant advancements in measurement capabilities [2][3] - The action plan outlines specific tasks, including the establishment of national/provincial measurement committees and testing centers, and aims to enhance measurement standards and capabilities across 19 areas [3] Group 3: Beijing's Measurement Innovations - Beijing's measurement testing centers have made strides in developing measurement devices and standards for graphene materials and biomedicine, contributing to the city's high-quality development [4][5] - The city has launched initiatives to improve energy and carbon measurement, supporting green development and helping over 5,000 small and medium-sized enterprises through measurement services [5] Group 4: Anhui Province's Strategic Focus - Anhui Province has invested 55 million yuan in building six measurement testing centers focused on strategic emerging industries, including new energy vehicles and advanced photovoltaics [6][7] - The province has established partnerships with research institutions to enhance measurement capabilities and has successfully addressed 79.6% of identified measurement needs [8] Group 5: Inner Mongolia's Carbon Measurement System - The National Carbon Measurement Center in Inner Mongolia is developing a comprehensive carbon measurement system to ensure accurate and reliable carbon monitoring data [10][11] - The center has initiated several key projects to enhance carbon data quality and is working on establishing a unified carbon labeling certification system [11][12] Group 6: Shaanxi Province's Aerospace Measurement Solutions - Shaanxi Province is focusing on improving measurement technologies for the aerospace industry, addressing challenges in measuring large aircraft components [13][14] - The collaboration between the Shaanxi Market Supervision Administration and aviation companies has led to the development of a multi-system measurement and calibration technology, enhancing measurement efficiency for large components [15][16]

Core Viewpoint - Weihai is leveraging technological innovation to enhance the development of new quality productivity while upgrading traditional industries and expanding emerging sectors [1][2]. Group 1: High-tech Industry Development - In the previous year, Weihai's high-tech industry output value accounted for 73.47% of the total, maintaining the top position in the province [2]. - The city has implemented an innovation-driven development strategy, enhancing the effectiveness of its technological innovation system and promoting deep integration of technological and industrial innovation [2]. Group 2: Traditional Industries - Traditional industries such as shipbuilding, textiles, and tire manufacturing play a crucial role in Weihai's economic development, serving as a foundation for new industries and quality productivity [4]. - The launch of the digital green smart factory project by China Merchants Industry in Weihai marks a significant advancement in the shipbuilding sector, with a total contract value of 15 billion yuan and production plans extending to 2028 [3]. Group 3: New Quality Productivity - Weihai is focusing on both consolidating traditional industries and fostering new ones, with significant advancements in the carbon fiber and composite materials sector led by Guangwei Group [5]. - The carbon fiber industry park in Weihai has attracted over 40 projects, forming a complete industrial chain that extends into high-end civilian fields [5]. Group 4: Strategic Emerging Industries - Weihai has established four provincial-level strategic emerging industry clusters, including new generation information technology and high-end equipment for offshore wind power [6]. - The city is actively enhancing its industrial clusters through innovation chain deployment and increasing financial support for technological innovation [6]. Group 5: Future Industry Planning - Weihai is proactively planning for future industries, focusing on life sciences and artificial intelligence, with specific attention to unmanned equipment manufacturing and industrial internet [8]. - The city aims to develop a smart manufacturing base for unmanned equipment and promote differentiated development across five digital economy parks [8].