Group 1 - The signing of multiple important agreements at the Tianjin International Shipping Industry Expo, with a total value of 1.96 billion RMB, aims to inject strong momentum into the construction of the Northern International Shipping Hub in Tianjin [1] - Shandong Shengrun Shipping Co., Ltd. will establish a shipping subsidiary in Tianjin, marking the city's first professional ocean refrigerated shipping company, with plans to invest approximately 360 million RMB in four advanced refrigerated ships by 2025 [2] - Ping An International Financial Leasing (Tianjin) Co., Ltd. will increase its investment in Tianjin by 1.6 billion RMB by 2025, actively exploring ship leasing business in the East Jiang Comprehensive Bonded Zone [2][3] Group 2 - A collaborative memorandum was signed by the Tianjin Maritime Bureau, Tianjin Port and Shipping Administration, East Jiang Comprehensive Bonded Zone Management Committee, and China Classification Society Tianjin Branch to streamline ship registration processes, allowing for "one application, multiple certificates" [4] - The new approval process is expected to speed up by 70%, significantly reducing the time required for businesses to obtain necessary ship operation certificates [5] - The four parties will focus on enhancing domestic ship transfer efficiency, optimizing foreign ship import procedures, addressing policy restrictions on oversized ship introductions, and innovating ship financing leasing services [6] Group 3 - The collaborative efforts aim to create a better environment for shipping operations, attract shipping elements to Tianjin, and contribute to national strategic goals and regional economic development [7][9] - The signing marks a significant and innovative step in Tianjin's journey to establish itself as a core area for international shipping in the North, with ongoing efforts to optimize the business environment and enhance service efficiency [9]

Summary of Key Points from the Conference Call Industry Overview - The global shipping trade volume is expected to continue growing, with an estimated growth rate of approximately 2.4% from 2025 to 2029, driven by global economic growth and the cost advantages of maritime transport [2][3] - The International Maritime Organization (IMO) has set carbon reduction targets for the shipping industry, requiring a minimum 20% reduction in greenhouse gas emissions by 2030, and achieving net-zero emissions by 2050 [2][4] Regulatory Requirements - The IMO has established a comprehensive regulatory framework, including the Greenhouse Gas Fuel Intensity (GFA) indicator, which mandates a 43% reduction in GFA by 2035 compared to 2008 levels [2][5][6] - New ships must meet the Energy Efficiency Design Index (EEDI), requiring a 30% reduction in carbon emissions for ships built from 2025 onwards compared to the 2000-2010 average [7][9] Market Demand and Trends - The demand for ship leasing is stable, supported by steady global economic growth and increasing international trade, with global merchandise trade growth projected at 5% to 6% from 2000 to 2024 [3][4] - The average age of the global fleet is currently 17.4 years, the highest in nearly 40 years, indicating a forthcoming peak in new shipbuilding demand from 2028 to 2032 to replace aging vessels [11][12][13] Ship Leasing Insights - The penetration rate of ship leasing has significantly increased, with container ship leasing penetration expected to reach approximately 47.7% by the end of 2024, a 20 percentage point increase since 2012 [14][15] - Chinese leasing companies have gained market share, with energy-efficient fleets comprising 66% of their total, significantly higher than the global average of 11% [14][15] Company Performance and Strategy - China Shipbuilding Group is the largest shipbuilding group globally, with a completion volume exceeding 55% of the global total in 2024 and new orders accounting for 74% of the global market [4][18] - The company has achieved over HKD 600 million in revenue and profit from short-term operations, representing over 30% of its net profit [4][23] - The company has adopted a flexible strategy by increasing short-term leases during market upswings, resulting in significant revenue growth [22][23] Financial Health and Growth Potential - From 2018 to 2024, the company experienced a compound annual growth rate (CAGR) of 13.8% in revenue and over 20% in net profit, with a stable leverage ratio of around 70% [27] - The company's current valuation is approximately 0.87 to 0.88 times its assets, indicating substantial growth potential compared to peers [28] Environmental Leadership - The company leads the industry in green transformation, with 89% of its fleet being energy-efficient, significantly higher than its top ten domestic competitors [25] - The company has no vessels rated E or D in its Carbon Intensity Indicator (CII) assessments, minimizing pressure to meet environmental standards [25] Conclusion - The shipping industry is poised for growth driven by regulatory changes and increasing demand for eco-friendly vessels, with China Shipbuilding Group positioned to capitalize on these trends through its robust market presence and strategic initiatives [2][4][18][27]

机构：国联民生证券 研究员：刘雨辰/陈昌涛 行业：船舶需求有较强支撑，租赁渗透率有望提升 从行业来看，1）全球经济稳步增长带动贸易量增长，从而进一步推动对新增运力的需求提升；2）当前 IMO 环保规定逐步趋严，存量船舶大多无法满足碳排放相关要求；3）同时全球船队船龄较高，当前全 球船队船龄已达17.4 年，而船舶经济使用年限通常只有20 年左右，故后续几年将进入老旧船舶更新替 换的高峰期。多方因素作用下船舶需求有较强支撑，而绿色船舶造价高、全球主要经济体处于降息周期 叠加租赁商方案更加灵活，因此预计后续船舶租赁渗透率有望进一步提升。 公司为全球领先的船厂系租赁公司 中国船舶租赁第一大股东为中国船舶集团，持股比例74.38%。而中国船舶集团为全球最大的造船集 团，2024 年中国船舶集团交付量为1638 万载重吨，占全球份额18.40%。中国船舶租赁凭借股东深厚的 产业背景与产业资源精准识别产业周期，从而帮助公司实现逆周期投资，以较低成本获取船舶资产，放 大公司利润空间。 固定+弹性收益模式增强公司成长性 公司凭借高专业度根据周期情况将部分船舶资产投入即期或短期市场运营，由此保证公司能够更好享受 到周期上行带来 ...

Market Overview - The market is experiencing volatility, with many investors selling U.S. Treasury bonds, leading to a 30-year Treasury yield of 5.089%, the highest level since October 2023, and a 10-year yield of 4.595%, the highest since February 2023 [1] - The Hang Seng Index closed down 1.19% amid these developments [1] Geopolitical Events - A shooting incident involving Israeli embassy staff in Washington has heightened concerns among the Jewish community, potentially leading to increased investment in safe-haven assets like Bitcoin and gold [2] - Domestic gold jewelry prices have surged, with prices for gold jewelry from Chow Tai Fook and Lao Miao rising to 1008 CNY and 1004 CNY per gram, respectively, reflecting a significant increase due to international gold price movements [2] ASEAN and Logistics Sector - The ASEAN concept is gaining traction, with Chinese Premier Li Qiang set to visit Indonesia and attend the ASEAN-China-GCC summit, highlighting Indonesia's market potential [3] - J&T Express has captured a 30% market share in Indonesia, with plans for network expansion, indicating a competitive edge in logistics due to lower cost structures compared to self-operated logistics by e-commerce platforms [3] Retail Sector Dynamics - U.S. high tariff policies are creating challenges for retailers like Sam's Club, which has seen a 40% increase in domestic beef procurement to mitigate tariff impacts, yet still faces significant cost pressures due to over 35% of imported goods [4] - Local retailers like Hema are positioned to benefit, with their M membership store brand accounting for 30% of sales and offering lower prices compared to Sam's Club, potentially capturing price-sensitive customers [4] Gaming and Entertainment Sector - Pop Mart's Labubu toy gained global attention after being featured by David Beckham, leading to a surge in sales and stock price [5] - The company reported a significant increase in sales in Europe and North America, with TikTok followers rising by 68% [5] Steel Industry Insights - The integration of steel and financial markets is deepening, with the China Steel Industry Association noting the growing influence of futures markets on the steel industry [8] - Major steel companies like Ansteel and Maanshan Steel are expected to benefit from this trend as futures trading becomes more prominent [8] Corporate Developments - Dongfeng Motor and Changan Automobile are progressing with a restructuring plan, which is anticipated to enhance operational synergies [6] - Pharmaceutical stocks are performing well ahead of the upcoming listing of Hengrui Medicine's H shares, which are priced at 44.05 HKD, indicating strong market interest [6] Dividend Stocks - Following interest rate cuts, there is a shift towards high-dividend stocks, with banks and public utilities like Jiangsu Ninghu Expressway announcing dividend payouts [7] Gaming Collaboration - Zhongxu Future has signed a three-year cooperation memorandum with Kaiying Network, focusing on overseas business growth and the development of popular IP games [9] - The company reported a 44.9% year-on-year increase in overseas revenue, indicating strong international market performance [10]

中国船舶租赁公布2024年度业绩：市场表现亮眼 业 绩指标再攀新高 2025年3月26日晚，中国船舶集团(香港)航运租赁有限公司(股份代号：3877.HK)宣布其截至2024年12月 31日止年度之经审核综合年度业绩。2024年全年，公司实现营业收入40.34亿港元，实现净利润21.55亿 港元，同比分别上涨11.3%及12.7%。截至2024年12月31日止，公司的平均净资产回报率为15.7%，与 2023年末持平；平均资产回报率达4.8%，较2023年末增长0.3个百分点；净资产为142.98亿港元，较 2023年末增长11.4%；资产负债比率控制在67.5%，较2023年末下降4.1个百分点。同时，公司权益持有 人应占年内溢利为21.06亿港元，同比增长10.7%；每股基本盈利为0.342港元，同比增长10.3%；董事会 宣派末期股息每股10.4港仙。 积极应对航运租赁市场竞争，经营业绩保持稳健增长趋势 年内，中国船舶租赁通过科学的租约安排、准确的时机选择及良好的成本管控，实现了较基准市场更优 的收益。截至2024年12月31日，公司共有35艘自营及合营船舶于短期及即期市场运营，覆盖油散集气四 大主流船 ...