分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：Wind,中原证券 -14% -8% -3% 2% 8% 13% 19% 24% 2024.06 2024.10 2025.02 2025.06 上证指数 深证成指 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 3,384.82 | -0.44 | | 深证成指 | | 10,162.18 | -0.86 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 3,865.47 | -0.51 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 3,678.67 | -0.58 | | 中证 | 500 | 5,757.99 | -0.82 | | 中证 | 100 ...

Core Viewpoint - The shipbuilding industry in Huaiyin County, Henan Province, is experiencing significant growth and transformation, with advancements in technology and an increase in shipbuilding capacity, particularly in the construction of larger vessels such as the 5000-ton dual-purpose cargo ships [2][5][6]. Group 1: Industry Development - Huaiyin County has successfully launched the first 5000-ton steel dual-purpose cargo ship in Henan, marking a milestone in local shipbuilding capabilities [2]. - The region has evolved from building small wooden boats to constructing large steel vessels, with a notable increase in ship sizes from 500 tons to 5000 tons and beyond [5][6]. - The local shipbuilding industry is now recognized as the largest in the Huai River basin, with a focus on green and intelligent manufacturing practices [6][9]. Group 2: Economic Impact - The shipbuilding sector is contributing to the economic development of Henan, with significant investments and projects underway, including a recent signing of 16 projects worth nearly 20 billion yuan at a promotional event [7]. - The development of the Huaiyin shipbuilding industry is closely linked to the enhancement of inland waterway transportation, which is expected to lower logistics costs and improve shipping efficiency [12][13]. Group 3: Technological Advancements - Companies in Huaiyin are adopting advanced technologies such as laser cutting and automated welding, significantly reducing the time required to build vessels [11]. - The integration of new technologies and materials is driving the transformation of the shipbuilding industry towards more sustainable and efficient practices [10][18]. Group 4: Future Prospects - The local government is actively promoting the development of the shipbuilding industry as part of a broader strategy to enhance the regional economy and establish Henan as a key player in the national maritime industry [16][18]. - The establishment of a shipbuilding research institute and partnerships with leading design and research institutions are expected to further boost innovation and competitiveness in the sector [10][17].

证券代码：300008 证券简称：天海防务 公告编号：2025-049 天海融合防务装备技术股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、概述 （一）基本情况 因经营需要，近日，天海融合防务装备技术股份有限公司（以下简称"天海防务"或"公 司"）拟为全资子公司委外开具保函事项提供反担保，及为全资子公司申请银行综合授信提供 担保。具体情况如下： 海有限公司（以下简称"中船贸"）签署了 2 艘 5900DWT 多用途杂货船项目（NAVI NORDIC 和 NAVI SCANDIC）建造合同及对应的《船舶出口合作协议》（以下简称"主合同"）。公 司拟为大津重工就上述主合同涉及保函事项向中船贸提供合计不超过 1,171 万美元的反担保， 预计担保总额折合人民币约为 8,412.46 万元（以 2025 年 6 月 10 日汇率折算，实际担保金额将 以担保发生时汇率进行折算），并与中船贸签署了《担保（保证）合同》。该反担保生效情况 将根据实际保函生效日逐笔生效。 公司于 2025 年 4 月 25 日召开了第六届董事会第十一次会议，审议通过了《关于 ...

证 券 研 究 报 告 【宏观快评】 "β、α"二分法看 5 月出口 ——5 月进出口数据点评 事 项 5 月，中国美元计价出口同比 4.8%，基本符合彭博一致预期 5%，4 月同比 8.1%； 美元计价进口同比-3.4%，弱于彭博一致预期-0.9%，4 月同比-0.2%。 主要观点 ❖ 核心观点：5 月出口整体来看，考虑到前期抢出口以及 5 月上半月高关税的压 力，全月同比 4.8%，并不算低。按照《出口不确定性的"β、α"二分法—— 4 月进出口数据点评》分析框架，5 月贸易数据反映出的或是： 1）对于β风险，通俗来说即美国进口崩盘的风险。目前从美国进口数据来看， 还暂看不出风险的爆发，但是景气前瞻指标和高频都指向美国进口或面临持续 趋弱的压力。 2）对于α风险，即中国市场份额损失风险。目前，①从有关区域占美国进口 比例来看，确实体现一定α风险，但背后可能受到美国抢进口行业结构差异的 影响，程度或还需进一步观察。②本轮美国从泛华圈进口增速快于中国对泛美 圈出口增速，或反映转港不完全的风险（图 8），今年以来，后者仅有前者约一 半。 3）后续从高频来看，6 月整体出口量增速或边际回落，仍具韧性，中国对美国 ...

改革开放的号角吹响了中国城市化的浩荡征程。四十余年间，一线城市引领风骚，新一线与二线城市群雄并起，而无数中小城市也在各自轨道上默默发力， 共同绘制着国家经济版图的深度与广度。 近日，权威机构新一线城市研究所揭晓了2025年度全国五线城市综合魅力排行榜，128座城市登上榜单，呈现了新一轮城市发展格局的微妙变化。 从榜单来看，榜单前十强座次分明：盘锦（第2名）、丹东、延边、酒泉、阿克苏、梧州、牡丹江、池州、伊犁、葫芦岛（第11名）。这份名单背后，是研 究机构对城市商业活力、生活方式多样性、未来可塑性等多维度的深入考量。 盘锦以全国第二名的位置，成为东北地区在五线城市梯队中的耀眼存在。这座辽河三角洲上的城市，曾以辽河油田闻名。 如今，其发展路径已不再局限于地下资源的开采。依托盘锦港的物流优势与临港产业区的集聚效应，精细化工、装备制造等产业正焕发勃勃生机。 同时，盘锦凭借广袤的滨海湿地资源，生态农业与生态旅游亦成为其转型发展中的亮丽名片。其稳健的经济基础与持续优化的产业结构，成为其高居第二的 坚实支撑。 葫芦岛作为东北重要门户，此次位居第11名。其核心优势在于得天独厚的地理位置——扼守渤海湾北岸。 | ーテリ | 檔 ...

Group 1 - Paris Saint-Germain achieved a historic 5-0 victory over Inter Milan in the UEFA Champions League final, marking the largest margin in the history of the finals [1] - The attendance for the Champions League final was 64,500, while the Jiangsu Provincial City Football League, known as "Su Super," had a combined attendance of 22,200 for matches in Xuzhou and Lianyungang [1] - The total market value of Paris Saint-Germain's team exceeded €900 million, while the "Su Super" featured 516 players, with only 29 being professional athletes [1] Group 2 - The popularity of "Su Super" on domestic social media has surpassed that of the Champions League final, with various memes and discussions highlighting local rivalries and cultural references [1] - The economic strength of Jiangsu Province is a key factor in the success of "Su Super," with local teams relying on sponsorships and city subsidies to cover operational costs, which can reach around tens of millions annually [4][5] - Jiangsu Province's GDP is projected to exceed ¥13 trillion in 2024, with all 13 prefecture-level cities achieving GDPs over ¥450 billion, showcasing a balanced economic development across the region [5][8] Group 3 - Nantong and Nanjing are leading in the "Su Super" standings, with Nantong's team achieving three consecutive victories, while Nanjing ranks third with two wins and one loss [9] - Nantong has developed a modern industrial system with six major trillion-yuan industry clusters, including textiles and shipbuilding, contributing to its economic growth [11][15] - Nanjing has established a comprehensive power grid industry chain, with significant advancements in software and information technology, ranking high in both sectors [20][29] Group 4 - Yancheng's automotive manufacturing sector saw a 44% increase in output value in 2024, with a 5.9-fold growth in new energy vehicle production [40] - The competition among mid-tier cities like Xuzhou, Yangzhou, and Taizhou is intense, with each city striving for economic advancement and industrial development [41] - Zhenjiang is recognized for its eyewear industry, producing 400 million pairs of glasses annually, accounting for 75% of the national market [47] Group 5 - Suzhou's GDP reached ¥2.67 trillion in 2024, leading the province with strong growth in electronic information and equipment manufacturing sectors [81] - Wuxi is focusing on traditional manufacturing while also developing emerging industries like IoT and integrated circuits, with the latter expected to exceed ¥200 billion in scale [92][100] - Changzhou is emerging as a leader in green energy and carbon materials, with significant contributions from companies like CATL and BYD [100][102]

《工业互联网与船舶行业融合应用参考指南（2025年）》聚焦工业互联网与船舶行业融合，旨在推动船舶行业数字化转型与高 质量发展，核心内容如下： 今天分享的是：工信部：工业互联网与船舶行业融合应用参考指南（2025年） 报告共计：122页 一、融合背景与意义 工业互联网作为新一代信息技术与实体经济融合的产物，是产业数字化转型的核心方法论。船舶行业信息化基础扎实、转型需 求迫切，是工业互联网融合应用的重点领域。近年来，我国船舶行业在数字化车间、"5G+工业互联网"等方面取得积极成效，但 整体应用仍处于发展阶段，需通过工业互联网优化研发、生产、管理等全流程，提升行业高端化、智能化、绿色化水平。 二、行业现状与需求 当前，船舶行业在智能装备部署、车间数据互通、虚拟仿真应用等方面已取得一定进展，但面临数字化转型支撑体系不完善、 数据孤岛普遍、上下游数字化水平不同步等挑战。工业互联网需在以下方面赋能： - 研发设计：通过协同设计、工艺仿真和智能设计，解决专业协同不足、建模重复等问题，提升研发效率。 - 生产制造：借助生产流程数字化管理、设备实时监控和工艺优化，应对工序复杂、制造离散等挑战，提高生产效率与质量。 - 安全与绿 ...

Core Viewpoint - The company, Nantong CIMC Pacific Ocean Engineering Co., Ltd., has successfully signed a contract for 1+1 units of 20,000 cubic meter LNG bunkering vessels with a European shipowner, marking its sixth order for this type of vessel, which is among the largest LNG bunkering ships globally [1][2]. Group 1: Orders and Deliveries - The new LNG bunkering vessels are scheduled for delivery in September 2027, with an optional order expected to be confirmed for December 2027 [1]. - This order represents the second of the same type signed by the shipowner within two months, indicating strong confidence in the company's design and construction capabilities [2]. Group 2: Vessel Specifications and Technology - The 20,000 cubic meter LNG bunkering vessel measures 160 meters in length and 25 meters in width, with a design speed of 15.5 knots [2]. - Equipped with iCER technology and a WINGD dual-fuel main engine, the vessel can also be fitted with a high-voltage shore power system to significantly reduce pollution and greenhouse gas emissions during its lifecycle [2]. Group 3: Market Position and Future Outlook - The signing of the sixth order further solidifies the company's leading position in the international market for small to medium-sized liquefied gas transport and bunkering vessels [3]. - The company currently holds a total of 41 vessels in its order book, with 12 LNG bunkering vessels, reflecting the growing demand for green fuels in the global shipping industry [3].

Core Viewpoint - The glass fiber reinforced plastic (GFRP) fishing boats industry in China is poised for significant growth due to the aging of existing wooden and small steel fishing vessels, with government initiatives promoting the replacement and modernization of fishing equipment. The number of GFRP fishing boats is expected to increase to 12,000 by 2025, representing a 20% year-on-year growth [1][14]. Industry Overview - GFRP fishing boats account for only about 2% of the total fishing vessels in China, compared to 80-90% in developed fishing nations [1][14]. - The existing wooden and small steel fishing vessels are over 50% aged, necessitating urgent updates and replacements [1][14]. - The Liaoning province has initiated a plan to promote large-scale equipment updates in the fishing industry, focusing on phasing out old wooden boats and enhancing subsidies for new steel or composite material boats [1][14]. Economic Aspects - GFRP fishing boats exhibit excellent energy-saving capabilities, with insulation performance leading to ice-saving rates of 20% to 40% and fuel savings of 10% to 15% compared to steel boats [4][5]. - The lifespan of GFRP boats can reach up to 50 years, significantly longer than the 10-15 years typical for steel boats, which require regular maintenance [4][5]. Industry Development History - The development of GFRP fishing boats in China began in the 1970s, with the first boat constructed in 1974 [7][8]. - The industry faced challenges in the 2000s due to quality issues and incidents, but recent government support has led to significant advancements in construction capabilities [7][8]. Industry Chain - The upstream of the GFRP fishing boat industry includes raw materials such as liquid synthetic resins and glass fibers, which are crucial for the durability and safety of the boats [8]. - The midstream involves the production and manufacturing of GFRP boats, while the downstream encompasses their applications in freshwater and marine aquaculture, marine capture, and seedling production [8]. Competitive Landscape - The GFRP fishing boat market in China is primarily dominated by state-owned enterprises, followed by military and private enterprises, with the former holding the largest market share [16][17]. - Key players in the industry include Jianglong Shipbuilding, Weihai Zhongfu Xigang Shipbuilding, and Qinhuangdao Yaohua Equipment Group [16][17]. Future Trends - The demand for GFRP fishing boats is expected to grow continuously due to the booming marine economy and increasing consumer interest in marine tourism [21]. - The industry is moving towards automation and smart technology integration, enhancing production efficiency and product quality [22]. - There is a growing emphasis on green development, with a focus on using recyclable materials and renewable energy technologies to reduce environmental impact [23][24].

Core Viewpoint - The article emphasizes the strong resilience and international competitiveness of China's foreign trade in the face of external shocks, highlighting the increased support from financial institutions to ensure stable growth in foreign trade [1]. Group 1: Financial Support Measures - Financial institutions are intensifying support for foreign trade, implementing various measures to assist struggling enterprises, enhance financing support, and promote the integration of domestic and foreign trade [2][3]. - The Export-Import Bank has issued 37 billion yuan in financial bonds specifically for foreign trade credit, with 460 billion yuan in loans allocated to the foreign trade sector in the first five months of the year [3]. Group 2: Product Innovation - Banks are innovating products to cater to the unique needs of small and micro foreign trade enterprises, such as the "Yi Payment Credit Loan" which provides quick financing based on foreign exchange settlement records [4]. - Digitalization is enhancing loan efficiency, with banks like Citic Bank and the Export-Import Bank launching fully online financing products tailored for small and micro foreign trade enterprises [4]. Group 3: Trade Facilitation - Recent measures have improved trade facilitation, significantly reducing the time and effort required for processing trade commission payments, as evidenced by a cross-border trade enterprise in Fuzhou [5]. Group 4: Collaborative Efforts - Collaborative efforts between banks, government, and enterprises are strengthening financial services for foreign trade, with initiatives like the partnership between the Export-Import Bank and retail giants to support the domestic sales of export products [6]. - From January to April, China's total goods import and export volume increased by 2.4% year-on-year, indicating the resilience of foreign trade amid supportive measures [6]. Group 5: Future Policy Directions - The People's Bank of China is focusing on precise measures to stabilize foreign trade, including the creation of new structural monetary policy tools to support investment in technology innovation and consumption [7].