Core Viewpoint - The establishment of new projects will further strengthen the green shipbuilding industry cluster in Yichang, consolidating its first-mover advantage in the "Electrification of the Yangtze River" sector [1]. Group 1: Project Details - Hainan Shengmao New Energy Technology Co., Ltd. and Chongqing Minglang Industrial Group Co., Ltd. signed cooperation agreements with the Yidu municipal government to invest in a new energy shipbuilding base in the Yidu Green Intelligent Shipbuilding Industrial Park [1][3]. - The Yidu Green Intelligent Shipbuilding Industrial Park is a core project of Yichang's "Electrification of the Yangtze River" initiative, with a total investment of 5 billion yuan and a planned area of 1,588 acres [3]. - The park is equipped with internationally leading intelligent equipment and a domestically innovative reverse pull slipway launching system, with an expected annual output value of 10 billion yuan upon full production [3]. Group 2: Investment Plans - Hainan Shengmao New Energy Technology Co., Ltd. plans to invest 1.5 billion yuan to establish a base for manufacturing 20 large ships annually [5]. - Chongqing Minglang Group intends to invest 1 billion yuan to create a new energy shipbuilding base capable of producing 20 ships with a deadweight tonnage of 200,000, with an anticipated annual output value exceeding 1.5 billion yuan and creating over 1,000 jobs [5]. - The Yidu municipal government aims to attract more upstream and downstream enterprises to build a regionally influential and competitive new energy shipbuilding industry cluster [5].

Core Viewpoint - The Qinwei Machinery Heavy Industry green new energy ship supporting project, with a total investment of 350 million yuan, has officially commenced construction, marking the start of a new year of project development in the Dalian Lushun Economic and Technological Development Zone [1] Group 1: Project Overview - The project focuses on the research and manufacturing of high-tech ship supporting equipment and is one of the first projects to settle in the high-tech ship manufacturing industrial park [1] - The project aims to significantly enhance the localization rate of the shipbuilding industry and improve supply chain collaboration in the region, which is strategically important for attracting upstream and downstream enterprises [1] Group 2: Economic Development Strategy - The successful launch and rapid commencement of the project reflect the Economic Development Zone's commitment to optimizing the business environment through the "Three Numbers and Three Hearts" philosophy [2] - The Economic Development Zone has provided comprehensive services, including "full-process agency" support, to address key project needs and facilitate smooth project implementation [2] Group 3: Future Prospects - The Qinwei project is the starting point of a "project tide" in the Lushun Economic Development Zone, with four more key industrial projects scheduled to commence in the first quarter, covering high-end manufacturing and rail transit [3] - The Economic Development Zone plans to continue promoting the "Qinwei-style" service experience, ensuring a rolling development pattern of "starting a batch, constructing a batch, and putting into production a batch" to support high-quality development [3]

Core Viewpoint - The rapid development of LNG (liquefied natural gas) transportation vessels in China is highlighted, with a focus on the delivery of the "Tianshan" vessel, which features advanced dual-fuel propulsion technology and significant cargo capacity [1][2]. Group 1: Vessel Specifications and Capabilities - The "Tianshan" vessel has a capacity of 174,000 cubic meters, measuring 295 meters in length and 45 meters in width, with a deck area equivalent to three standard football fields [1]. - This vessel can transport enough LNG to meet the monthly gas needs of 3.3 million households, showcasing its importance for China's energy import strategy [1]. - The vessel is equipped with a state-of-the-art liquid cargo containment system that minimizes evaporation losses during long-distance voyages [1]. Group 2: Industry Achievements and Orders - In the previous year, the company delivered 11 LNG vessels, setting a new industry record and gaining international recognition [2]. - The current order book includes over 80 vessels, with delivery schedules extending to 2030, of which 80% are green ship orders [3]. Group 3: Future Trends and Technologies - The company is focusing on the development of new ship types that incorporate green technologies related to methanol and LNG, aiming to meet international carbon emission standards [4]. - Mastery of green technology is seen as a key factor for market leadership in the future shipping industry [4].

1月9日9时许，在上海边检总站外高桥边检站保障下，上海港今年首艘新造油船——"海洋双子星"轮在上海外高桥口岸鸣笛起航。 据悉，"海洋双子星"轮是上海外高桥造船有限公司自主设计建造的大型油船，该船通过水动力等技术创新，满足船舶能效设计指数要求，充分体现了节 能、安全与经济性。 为保障新船顺利首航，外高桥边检站提前部署，"量身定制"服务清单，组建专项勤务小组，为新造船舶交付手续申办、船体检查等提供"一船一策"精细 化查验举措，通过窗口前移一线、优化查验流程等，大幅压缩通关时间，保障船舶高效出境。 "海洋双子星"轮。外高桥造船供图 ...

Core Viewpoint - The rapid development of LNG (liquefied natural gas) transportation vessels in China is highlighted, with a focus on the delivery of the "Tianshan" vessel, which features advanced dual-fuel propulsion technology and significant cargo capacity [1][3]. Group 1: Vessel Specifications and Capabilities - The "Tianshan" vessel has a capacity of 174,000 cubic meters, measuring 295 meters in length and 45 meters in width, with a deck area equivalent to three standard football fields [1]. - This vessel can transport enough LNG to meet the monthly gas needs of 3.3 million households, showcasing its importance in China's energy import strategy [1]. Group 2: Technological Advancements - The vessel is equipped with a leading liquid cargo containment system that allows for safe navigation at temperatures as low as -163°C, minimizing evaporation losses during long-distance voyages [3]. - The dual-fuel propulsion system reduces carbon emissions by over 10 tons per day compared to traditional fuel systems [3]. Group 3: Industry Performance and Orders - In the previous year, the company delivered 11 LNG vessels, setting a new industry record and gaining international recognition [5]. - The current order book includes over 80 vessels, with delivery schedules extending to 2030, of which 80% are green ship orders [8]. Group 4: Future Trends in Green Shipping - The company is focusing on the development of new ship types that incorporate clean energy technologies such as methanol and LNG, aiming to meet the latest international carbon emission standards [11]. - Mastery of green technologies is seen as crucial for market leadership in the future shipping industry [11].

Core Viewpoint - The article highlights the construction of a new generation dual-fuel LNG transport vessel in Shanghai, which is set to be delivered by the end of January. This vessel is crucial for China's natural gas importation, as it can efficiently transport liquefied natural gas (LNG) to meet the energy needs of millions of households [1]. Group 1: Vessel Specifications and Capabilities - The LNG transport vessel is designed to meet the energy demands of 3.3 million households for one month with a single trip [1]. - It features a state-of-the-art cargo containment system that allows for safe transportation of LNG at temperatures as low as -163°C [1]. - The vessel employs a dual-fuel propulsion system, which reduces carbon emissions by over 10 tons per day compared to traditional fuel-driven vessels [1]. Group 2: Industry Context and Development - China has developed the capability to independently design and construct this type of LNG transport vessel, positioning it alongside large cruise ships and aircraft carriers as a key achievement in shipbuilding [1]. - The vessel is part of a broader strategy to enhance China's capabilities in the maritime transport of natural gas, which is essential given the country's status as a major natural gas importer [1].

Core Viewpoint - China Shipbuilding Defense (中船防务) is expected to see significant growth in net profit for the year 2025, with projections indicating an increase of 149.61% to 196.88% compared to the previous year [1] Financial Performance - The company anticipates a net profit attributable to shareholders of the parent company ranging from RMB 9.4 billion to 11.2 billion for 2025 [1] - The expected net profit, excluding non-recurring gains and losses, is projected to be between RMB 8.5 billion and 10.2 billion, reflecting a year-on-year increase of 153.27% to 203.93% [1] Revenue Drivers - The growth in operating performance is attributed to increased revenue from shipbuilding products and improved production efficiency [1] - There has been a notable improvement in product gross margins year-on-year [1] - Significant enhancement in the operating performance of joint ventures has led to increased dividend income from associated companies, resulting in a substantial rise in investment income year-on-year [1]

Core Viewpoint - China Shipbuilding Defense (00317) has shown a significant increase in stock price, with a projected net profit for 2025 expected to rise substantially compared to the previous year [1] Financial Performance - The company anticipates a net profit attributable to shareholders of RMB 940 million to RMB 1.12 billion for the year 2025, representing a year-on-year increase of 149.61% to 196.88% [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between RMB 850 million and RMB 1.02 billion, indicating a year-on-year growth of 153.27% to 203.93% [1] Operational Highlights - The company's operational performance has steadily improved, driven by increased revenue from shipbuilding products and enhanced production efficiency [1] - There has been a notable improvement in product gross margins year-on-year, alongside significant gains in the performance of joint ventures, leading to increased dividend income from associated companies [1] - The corresponding investment income has seen a substantial year-on-year increase due to these factors [1]

Core Viewpoint - The shipbuilding industry in Jiangsu is experiencing a strong start to the year with multiple new vessels being delivered and exported, indicating a positive trend in the sector's growth and international competitiveness [1][2]. Group 1: Ship Delivery and Export Performance - Jiangsu's shipbuilding sector achieved a record high of 4 vessels exported in a single day on January 7, with a total value exceeding 1.2 billion yuan [1]. - The shipbuilding capacity in Yangzhou is projected to reach 8 million deadweight tons by 2025, with an expected annual delivery of 90 new vessels, marking a 7% year-on-year increase [1]. - The largest new vessel in Zhenjiang, a 31.9 million-ton "green" super-large oil tanker, was successfully launched, featuring the highest international emission standards and energy-saving devices [1]. Group 2: Order Backlog and Future Plans - Five shipyards, including Zhenjiang and Xin Hantong, currently hold an order backlog of approximately 251 vessels, with construction plans extending to 2029 [2]. - In Qidong, the first vessel of the year, a 12,500 cubic meter LNG bunkering ship, has been delivered, along with two 40,000 cubic meter LPG ammonia transport vessels set for delivery soon [2]. - In Nantong, three new offshore vessels have successfully completed trials within two days, showcasing a range of high-end ship types including offshore service platforms and large car roll-on/roll-off ships [2].

Core Insights - The Chinese shipbuilding industry is experiencing growth, with a completion volume of 38.53 million deadweight tons from January to September 2025, representing a year-on-year increase of 6.0% [1] - As of the end of September, the hand-held order volume reached 242.24 million deadweight tons, marking a year-on-year growth of 25.3% [1] - The three major indicators of China's shipbuilding industry accounted for 53.8%, 67.3%, and 65.2% of the global total, maintaining a leading position worldwide [1] Industry Overview - The shipbuilding ETF (Fund Code: 560710, Subscription Code: 560713) is the first index fund focused on shipbuilding, tracking the CSI Smart Shipbuilding Industry Index, which includes 40 representative listed companies in shipbuilding-related fields [2] - The top three weighted sectors in the index are Marine Equipment III (45.06%), Other Power Equipment III (13.62%), and Energy Heavy Equipment III (9.52%), providing a comprehensive capture of the industry ecosystem [2] - The index heavily focuses on core assets, with companies under the China Shipbuilding Group accounting for 56% of the index, indicating strong coverage of industry leaders [2] Market Dynamics - The shipbuilding industry is in an upward trajectory due to multiple favorable factors, including global economic recovery, increased shipping demand, and urgent replacement needs due to an aging global fleet [2] - The industry has entered a new long-cycle starting point, supported by policies promoting "renewal and replacement," leading to sustained upward momentum in market conditions [2] - The CSI Smart Shipbuilding Industry Index has shown strong historical performance, with a growth of 56.70% since its base date (December 31, 2019), outperforming traditional shipbuilding indices and the CSI 300 Index [2] Fund Management - The shipbuilding ETF will be managed by experienced fund manager Su Huaqing, who has 7 years of experience in the securities industry [3] - The fund benefits from the quantitative research capabilities of the established investment team at the fund company, which has been active since 2009 [3] - The launch of the shipbuilding ETF aligns with national strategies for marine economic development and aims to attract social capital into sustainable marine sectors [3]