分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com 021-50586775 ⚫ 11 月中信机械板块下跌 5.02%，跑输沪深 300 指数（-3.24%）1.78 个百分点，在 30 个中信一级行业中排名第 26 名：截至 2025 年 11 月 25 日收盘，11 月中信机械板块下跌 5.02%，跑输沪深 300 指数（-3.24%）1.78 个百分点，在 30 个中信一级行业中排名第 26 名。11 月三级子行业中高空作业车、其他运输设备、船舶制造 涨幅三个子行业取得正涨幅，分别上涨 2.22%、1.35%、0.31%； 锂电设备、叉车、光伏设备跌幅居前。 机械 十五五规划强调科技自立，未来产业引 领，重点关注周期复苏和未来产业投资机 遇 ——机械行业月报 证券研究报告-行业月报 强于大市(维持) 机械相对沪深 300 指数表现 资料来源：中原证券 -7% -1% 5% 12% 18% 25% 31% 37% 2024.11 2025.03 2025.07 2025.11 机械 沪深300 相关报告 《机械行业月报：持续关注工程机械、船舶、 机器人、AIDC 等高景 ...

齐鲁晚报.齐鲁壹点于洋通讯员刘婷 为确保这艘"巨无霸"出海任务万无一失，接到作业指令后，烟台港迅速响应，第一时间成立由技术骨干、引航专家、资深船员组成的专项工作小组，召开 专题部署会拆解任务难点。团队全面对接船舶核心参数，结合港池实际条件、潮汐变化规律及48小时精准气象预报数据，通过多轮模拟推演优化作业细 节，明确"双轮协同、分区管控、动态调整"的作业方案，细化拖轮分工、带缆位置、航行路线及应急处置预案，为作业安全高效开展筑牢基础。 作业启动后，"龙港拖23"轮、"龙港拖26"轮两艘拖轮按既定方案迅速抵达指定区域。"龙港拖23"轮精准停靠左舷船艏完成带缆，牢牢把控船舶转向核 心；"龙港拖26"轮同步在左舷船艉就位，协同调整船舶姿态。船员们严格遵循引航员指令，凭借娴熟技能有序开展顶推校准、减速控速、稳固船身等操 作，通过高频通讯保持实时联动，整套流程规范有序、衔接顺畅。历经两小时奋战，拖轮团队成功克服各项不利因素，确保"NOCC PACIFIC"号平稳完成 交付离港，专业水准赢得船方、中集来福士及各方高度赞誉。 此次任务的圆满完成，是烟台港深入推进"三区互融"、深度服务大型高端装备制造业的生动实践，更是专业服务 ...

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index down by 0.15% closing at 3864 points, while the Shenzhen Component Index rose by 1.02% and the ChiNext Index increased by 2.14% [1] - The total market turnover was 1.8 trillion yuan, a decrease of 29 billion yuan compared to the previous trading day, with nearly 3600 stocks declining [1] Sector Performance - The pharmaceutical retail sector saw gains, with companies like Huaren Health and Ruikang Pharmaceutical hitting the daily limit [1] - The commercial retail and tax refund store sectors also performed well, with Dongbai Group and Sanjiang Shopping both reaching the daily limit [1] - The CPO concept remained active, with Yongding Co. hitting the daily limit and Zhongji Xuchuang rising over 13% to a new high [1] - Other sectors with notable gains included duty-free concepts, cultivated diamonds, and innovative drugs [1] Declining Sectors - The shipbuilding sector experienced a downturn, with Jianglong Shipbuilding dropping over 12% [1] - The aerospace sector also fell, with Chenxi Aviation declining by over 11% [1] - The nuclear pollution prevention sector showed weak performance, with Rongji Software hitting the daily limit down [1] - The aquaculture sector faced volatility, with Zhongshui Fishery hitting the daily limit down [1] - Other sectors with significant declines included aircraft carrier concepts, digital watermarking, and offshore engineering equipment [1] Top Gainers - The top gainers included sectors such as communication equipment, electronic components, and motorcycles, with respective increases of 2.30%, 2.249%, and 2.57% [2] - Other sectors with positive performance included engineering machinery, retail, and computer hardware, with increases of 2.22%, 1.67%, and 1.45% respectively [2]

Market Performance - The Hang Seng Index increased by 0.46% at midday on November 26 [1] - The Hang Seng Tech Index rose by 0.51% [1] Sector Performance - Pharmaceutical stocks, paper stocks, innovative drugs, and electric equipment stocks showed significant gains [1] - China Eastern Airlines shares rose over 6% [1] - Meituan shares increased nearly 6% [1] - Hengrui Medicine shares rose over 5% [1] - Smoore International shares increased nearly 5% [1] - CSPC Pharmaceutical shares rose over 3% [1] Declining Stocks - NIO shares fell over 7% [1] - Chow Tai Fook and Huayi Brothers shares dropped over 6% [1] - China Shipbuilding Defense shares declined over 4% [1] - Bilibili shares decreased over 2% [1]

Core Viewpoint - The China Shipbuilding Industry experienced a decline in stock prices, particularly in the China Shipbuilding Defense sector, indicating potential market concerns or negative sentiment towards the industry [1] Group 1: Company Performance - China Shipbuilding Defense saw a drop of over 4% in its stock price [1] - Jiuzhiyang's stock fell by more than 2% [1] - Other companies in the sector, including China Shipbuilding Han Guang, China Marine Defense, and Kunshan Intelligent, also showed weakness in their stock performance [1]

Group 1 - The core point of the news highlights the successful early delivery of the first LNG carrier "Qingcheng" by Hudong Zhonghua Shipbuilding, marking the seventh large LNG ship delivered for the COSCO Shipping and PetroChina project, contributing to a record total of nine LNG ships delivered by the company this year [1] - The Chinese shipbuilding industry is experiencing high prosperity, with a completion volume of 38.53 million deadweight tons in the first three quarters of the year, representing a year-on-year increase of 6.0% [1] - New orders received in the same period totaled 66.6 million deadweight tons, showing a year-on-year decline of 23.5%, while the hand-held order volume reached 242.24 million deadweight tons, up 25.3% year-on-year [1] Group 2 - The Chinese shipbuilding industry has made significant advancements in quality and technology, showcasing strong innovation capabilities and competitiveness across various high-tech and high-value ship types, including luxury cruise ships and large container ships [1] - The continuous prosperity of the industry has positively impacted the performance of related companies, with China Shipbuilding Industry Co., Ltd. reporting a revenue and net profit growth of 17.96% and 115.41% year-on-year, respectively, in the first three quarters [2] - A recent report from Shenwan Hongyuan Securities indicates a divergence between new ship price indices and second-hand ship price indices, with second-hand prices surpassing new ship prices, suggesting a potential initiation of a super cycle in the shipping market that could boost shipbuilding demand and industry prosperity [2]

Core Viewpoint - The delivery of the LNG carrier "Qingcheng" marks a significant achievement for Hudong-Zhonghua Shipbuilding, setting a new record for LNG ship deliveries in China this year with a total of 9 vessels delivered [1][3]. Group 1: Company Achievements - Hudong-Zhonghua has delivered the 7th large LNG ship for the COSCO Shipping and PetroChina national LNG transportation project [1]. - The "Qingcheng" vessel is 295 meters long, 45 meters wide, and has a service speed of 19.5 knots, featuring low evaporation rates and energy consumption [1]. - The ship utilizes the latest generation of dual-fuel low-speed propulsion systems and has optimized the matching of "ship, engine, and propeller," resulting in a 1.25% reduction in main engine power and further lowering fuel consumption [1]. Group 2: Industry Collaboration - The project involves collaboration among COSCO Shipping Energy, PetroChina, Hudong-Zhonghua, and Kunlun Jinzu, establishing a benchmark project for RMB financing in LNG transportation [3]. - The project has successfully implemented a full-chain RMB settlement for chartering, shipbuilding, and financing, contributing to the financial ecosystem of the LNG industry [3]. - Hudong-Zhonghua has completed the first two phases of the project, delivering six LNG vessels named "Shaolin," "Wudang," "Kunlun," "Emei," "Huashan," and "Kongtong" [3].

通讯员刘乃光于波 江苏扬子江船业集团在2021年与瑞士地中海航运公司签订21艘16000TEU集装箱船建造订单，2023年9月 23日首制船"鑫福109"轮拖带出江，此次拖航的"鑫福135"为该系列船型最后一艘，船长366米、型宽51 米、型深30.2米，建成后龙骨以上最大高度75.2米，累计创汇达32.4亿美元。 此次"鑫福135"采用"两吊四绑"的方式拖带出江，拖带编队长度706米、宽度72米，长江江苏段拖带里程 达125公里，航行途经长江多条水道，水域船舶密度大、通航环境复杂，航行、靠离泊过程中存在较大 的安全风险；且当前正值秋冬交替期，寒潮大风、气温骤降、大雾等恶劣天气频发，极易引发船舶航行 险情事故，给船舶拖航带来很大挑战，给海事部门安全监管也带来较大压力。 泰州海事局坚持每一次都是第一次原则，每次试航维护任务都精心策划、科学部署。提前组织召开航前 会，制定通航安全保障方案，对试航过程中的各项工作进行细致的策划和安排；严格检查新造试航船 舶、拖带船舶的技术状况、船员配备、消防救生设备等，确保船舶具备安全航行条件，拖航过程实时动 态监控；在江苏海事局统一指挥下，泰州海事局协同常州、江阴、张家港、南通、 ...

Core Viewpoint - The market experienced a "rise then fall" pattern, with significant movements in the computing hardware sector and structural opportunities in gaming and Hainan stocks [1] Group 1: Computing Hardware Sector - The computing hardware sector was the standout performer, with stocks like Dekoli and Changguang Huaxin hitting the daily limit up, driven by the release of Google's seventh-generation TPU and Amazon's $50 billion investment in expanding AI government services [3] - Institutional funds are returning, with a net inflow of 16.97 billion yuan in the morning session, particularly in semiconductor equipment and communication services [3] Group 2: Gaming Sector - The gaming sector saw a short-term surge, with Giant Network hitting the daily limit up, attributed to valuation recovery and AI empowerment [3] - The dynamic price-to-earnings ratio of the gaming sector has returned to a relatively reasonable range, encouraging funds to replenish positions [3] Group 3: Market Dynamics - The total trading volume in the Shanghai and Shenzhen markets reached 1.17 trillion yuan, an increase of 149.3 billion yuan from the previous trading day, but afternoon trading volume did not sustain, indicating a lack of enthusiasm for chasing higher prices [3] - The current market pattern of "increased volume on the rise, decreased volume on consolidation" is seen as a healthy market behavior [3] Group 4: Investment Strategy - Recommendations include accumulating positions in leading optical modules and optical chips if they pull back to near the 5-day moving average [4] - Caution is advised in the gaming sector, focusing on companies with new product launches and AI technology implementation, while avoiding purely speculative stocks [4] - High-position thematic stocks, such as those in aquaculture and the shipbuilding sector, should be avoided as adjustments are just beginning [4]

11月25日，我国自主设计建造的新一代超大型耙吸挖泥船"通浚"轮，在中国黄海海域顺利完成全部海上 试验项目。 此次海试的圆满成功，标志着这艘填补我国35000立方米以上舱容等级耙吸挖泥船空白的"国之重器"， 已具备正式投产条件。 本次"通浚"轮的海试自11月21日正式启航，历时5天，围绕船舶核心性能开展30个大项、91个子项的严 格测试。其间，该船先后开展挖泥装舱、挖泥航速等系列试验，其搭载的两台9000千瓦舱内泥泵展现出 强劲性能，可实现12千米超远排距作业，单船一次疏浚量可将标准足球场填高5米，充分印证了其"强破 土、远运距、长吹距"的优异性能。 在复杂海况下，"通浚"轮"智慧、高效、全能、环保"的先进特性得到验证，各项关键指标均达到或优于 设计标准。其中，为验证"通浚"轮无限航区航行能力及恶劣海况作业适应性，本次海试重点开展了航速 测定、回转、航向稳定性等操纵性试验，船舶均展现出卓越的航行稳定性与机动性。主推进系统、发电 机组等关键设备顺利完成长时间耐久试验，"动力心脏"强劲可靠。这些都进一步印证了船舶可广泛适用 于港航疏浚等多元施工作业场景。 这是记者从总部位于天津的中交天津航道局获悉的。"通浚"轮由 ...