Core Viewpoint - Samsung Heavy Industries has secured two LNG shipbuilding contracts with an Oceania shipowner, totaling 721.1 billion KRW (approximately 500 million USD) and marking the second batch of LNG orders within ten days [2] Group 1: Contract Details - The two new LNG ships are scheduled for delivery by the end of September 2028, with a unit price of 250 million USD each [2] - Samsung Heavy Industries previously signed a contract for two additional LNG ships on December 23, 2022, also at a unit price of 250 million USD, with delivery planned by the end of March 2029 [2] - The total number of new ship orders for Samsung Heavy Industries in 2025 is projected to reach 43 vessels, amounting to 7.9 billion USD (approximately 55.5 billion RMB), surpassing the 2024 order volume of 36 vessels and 7.3 billion USD [2] Group 2: Market Performance - In the commercial ship sector, Samsung Heavy Industries has achieved an order amount of 7.2 billion USD (approximately 50.6 billion RMB), exceeding the annual target of 5.8 billion USD [3] - As of the end of 2025, Samsung Heavy Industries holds orders for 133 vessels valued at 28.6 billion USD (approximately 201 billion RMB) [4] - The company aims for a shipbuilding and offshore business order value of 9.8 billion USD in 2025, which is 33% higher than the actual order amount of 7.3 billion USD in 2024 [4] Group 3: Industry Outlook - The global LNG ship market has seen a significant decline due to a sluggish shipping market and policy uncertainties, with a reported 82.9% year-on-year drop in LNG ship orders in the first half of the previous year [5] - The Korean shipbuilding industry anticipates that LNG ships will become a core area for orders in 2026, driven by increasing transportation demand as LNG projects in the U.S. commence [5] - Clarkson predicts that global LNG ship orders will reach 115 vessels in 2026, representing a 24% increase compared to 2025 [5]

来源：进出口银行 1月4日，进出口银行董事长陈怀宇与恒力集团有限公司（以下简称恒力集团）董事长陈建华在京举行会 谈，共同见证双方签署战略合作协议。进出口银行副行长王康，恒力集团副董事长范红卫参加会谈。 来源：进出口银行 1月4日，进出口银行董事长陈怀宇与恒力集团有限公司（以下简称恒力集团）董事长陈建华在京举行会 谈，共同见证双方签署战略合作协议。进出口银行副行长王康，恒力集团副董事长范红卫参加会谈。 陈怀宇董事长表示，进出口银行与恒力集团互为重要合作伙伴，双方在对外贸易、先进制造、境外投资 等领域合作紧密，取得了务实成果。进出口银行将深入学习贯彻党的二十届四中全会和中央经济工作会 议精神，依托在支持制造业高质量"出海"等方面的专业优势，通过多元化金融服务助力恒力集团以科技 创新驱动转型升级，扩大船舶等高技术含量产品出口，共同为培育新质生产力、扩大高水平对外开放作 出贡献。 陈建华董事长对进出口银行长期以来给予恒力集团的支持表示感谢，并介绍了集团各业务板块特别是造 船领域的经营情况和发展规划。他表示，恒力集团将积极响应国家政策，持续推进产业转型升级，着力 布局绿色高端装备制造项目，稳步拓展国际合作空间。希望双方 ...

Core Insights - The bull market in 2025 has not benefited the company as expected, reflecting a lack of structural opportunities and strategic missteps [1][2][32] - The company acknowledges the need for continuous improvement and adaptation in investment strategies despite the cyclical nature of markets [1][2] Market Review - The global stock market in 2025 saw significant gains, with major indices in developed and emerging markets reaching historical highs, particularly in South Korea with a 76% annual increase [2][32] - The Chinese stock market also performed well, with both A-shares and Hong Kong stocks experiencing double-digit growth, yet the company's relative performance was disappointing [2][32] - The technology sector, especially in computing power, was identified as a missed opportunity, contributing to lower overall portfolio returns [2][33] Historical Context - The company reflects on past market conditions, particularly the extreme differentiation seen in 2013-2015 and 2020-2021, which led to significant investment challenges [3][34][35] - In 2013, the company faced difficulties due to a lack of adjustment in investment logic amidst changing economic conditions, resulting in poor performance [3][34] - The 2020-2021 period saw a focus on high-growth sectors, which, despite being viewed as overvalued, still yielded positive returns due to strategic positioning in certain stocks [3][35] Strategic Insights - The company recognizes the need to prioritize corporate governance in weak-cycle assets, particularly in state-owned enterprises, which may have lower efficiency compared to private firms [6][37] - A strategy to differentiate between strong and weak cycle assets is proposed, emphasizing the importance of governance in investment decisions [6][38] Overseas Investment - The company has made initial strides in overseas investments, particularly in Japan and Southeast Asia, although it acknowledges the need for deeper understanding of these markets [8][39] - Currency fluctuations are highlighted as a significant risk in overseas investments, necessitating careful consideration as investment scales increase [8][39] Future Outlook - The company anticipates a potential systemic revaluation of undervalued stocks in 2026, driven by ongoing liquidity support [10][42] - The AI computing bubble is expected to burst, with a focus on application and edge computing remaining crucial for future investment strategies [14][46][48] - The company emphasizes the importance of distinguishing between short-term market trends and long-term value creation, particularly in the context of consumer spending and economic recovery [19][21][43]

唐 纳德·特朗普重返白宫之后发起的对中国造船业的遏制行动 看上去 并没有如预期的那样顺利推进，勉强算得上的政策成果 乏善可陈，以至于一向 喜欢自矜自夸的总统 本人 都 选择性忘记 在自我表扬时对此 过多 着墨。 2025年中国造船业在继续收获全球大多数订单之外，技术方面取得的值得记录在案的成就接连浮出水面，这无疑会让特朗普总统产生更深焦虑与更多不 安。 图片来源：视觉中国 全球造船第一大国的桂冠已经坚固地"焊死"在中国头上超过10年。2024年中国船企新接订单接近全球总订单量的70%，手持订单最远一直排到2029年。 这一领先毫无悬念地持续到2025年，尽管2025年下半年受到国际政治因素影响，部分月份订单数量稍有波动，但中国造船业在散货船、集装箱船和油船三 大主流船型上依然保持了压倒性优势。 截至2025年11月，中国造船企业在手订单和新接订单的各项指标仍旧稳居世界第一，其中新接订单量占全球市场份额的接近六成，手持订单量超过全球市 场份额的65%。 在数量上保持领先之外，中国造船业的高端制造升级也已经卓有成效。 2025年11月下旬正式投入运营的"比亚迪·深圳"号（BYD SHENZHEN）不仅是比亚迪作为 ...

星标★IPO日报 精彩文章第一时间推送 经历数年的波动与调整，全球并购市场在2025年展现出全面回温迹象。其中，我国并购市场迎来根本性的规则重塑，迸发活力，并购上会家数接近翻倍， 重大重组交易量超前六年总和。 步入2026年，随着宏观经济周期的可能转向、科技革命深化、地缘政治格局演变及监管环境持续优化，并购活动有望迎来更具结构性的增长机遇。 张力制图 政策持续优化 在"十五五"规划关于并购重组的政策表述中，对上市公司并购重组的定位更为积极，其中提出要持续深化并购重组市场改革，支持上市公司转型升级、做 优做强，以服务新质生产力发展与培育世界一流企业。 自2024年新"国九条"定调后，"并购六条"（《关于深化上市公司并购重组市场改革的意见》）及新版《上市公司重大资产重组管理办法》在2025年相继落 地，形成了一套鼓励产业并购、提升市场效率的"政策组合拳"。 2025年，中国并购市场在数量和规模上均实现了显著增长。 Wind数据显示，年内A股公司披露的并购重组事件总计达4044单，其中构成重大资产重组的项目有147单，同比激增44.12%；且2025年全年重大资产重组 上会次数为29次，涉及28家公司，值得注意的是 ...

星标 ★ IPO日报 精彩文章第一时间推送 经历数年的波动与调整，全球并购市场在2025年展现出全面回温迹象。其中，我国并购市场迎来根本性的规则重塑，迸发活力，并购上会家数接近翻倍， 重大重组交易量超前六年总和。 步入2026年，随着宏观经济周期的可能转向、科技革命深化、地缘政治格局演变及监管环境持续优化，并购活动有望迎 来更具结构性的增长机遇。 张力制图 政策持续优化 在"十五五"规划关于并购重组的政策表述中，对上市公司并购重组的定位更为积极，其中提出要持续深化并购重组市场改革，支持上市公司转型升级、做 优做强，以服务新质生产力发展与培育世界一流企业。 "十五五"规划还强调，进一步提升制度的包容性与适配度，健全与并购相关的科创企业识别筛选、资产定价等机制，完善市场生态，促进并购与产业整合 的市场化、法治化开展。有市场相关人士表示，2026年政策环境有望持续优化。 自2024年新"国九条"定调后，"并购六条"（《关于深化上市公司并购重组市场改革的意见》）及新版《上市公司重大资产重组管理办法》在2025年相继落 地，形成了一套鼓励产业并购、提升市场效率的"政策组合拳"。 2025年，中国并购市场在数量和规模上均 ...

【江苏：新增A股上市公司全国第一】 铜锣一响，黄金万两。12月31日上午9:30分，苏州市新广益电子股份有限公司正式登陆深交所。至此，江苏全年新增A股上市公司 达到29家，数量位居全国第一。 岁末年终，江苏各行各业也传来"捷报"：全年新增A股上市公司数量全国第一、创新药获批数连续三年领跑全国……一项项亮眼数 据描绘出江苏高质量发展"多点开花"的生动图景。 回顾整个2025年，江苏月月有企业上市。从区域来看，苏州（12家）、无锡（5家）、常州（3家）分列前三。从行业来看，以制 造业为主，其中27家为战略性新兴产业。截至目前，苏企在科创板（115家）、北交所（56家）数量保持全国第一。 江苏省金融研究院副院长骆祖春说："上市企业代表着一个地方区域经济发展健康的水平。江苏全省都对企业上市工作非常重视， 对进入上市企业培育库的企业提供全生命周期的服务，推动创新链产业链资金链人才链深度融合，最终更好提升区域经济活力。" 正大天晴药业集团总裁助理刘亮说："'库莫西利'胶囊获批，向外界证明了中国有能力在乳腺癌治疗的前沿机制上跑出'全球首创'， 完成了从'跟随式竞争'到'机制突破的引领'关键转变。" 【乘风破浪 江苏造船业加 ...

中央广播电视总台华语环球节目中心系列纪录片《中国商帮之薪火甬传》，将于2026年1月1日（周四） 22:00档在CCTV4首播，1月5日（周一）至1月8日（周四）22:00档连续播出。 纪录片《中国商帮之薪火甬传》聚焦中国商业文明的重要地标"宁波"，以《向海而生》《开放包容》 《敢为人先》《文武相济》《情系家国》五集篇幅，深度挖掘这片土地千年来孕育的商业基因——民营 经济如何在当代实现创造性转化与创新性发展。 一部商业群体的奋斗史诗在此书写，一幅彰显中国式现代化进程中民营经济精神底色的生动画卷就此打 开。 千载传承的商业基因 潮头逐浪的生存史诗 在东海之滨宁波，409米高的宁波中心大厦如含苞欲放的莲花，见证着这座城市攀登商业高峰的雄心， 也牵引着人们回望千年商脉的起点。 从唐代宁波跻身中国和世界的大港，到明清浙东学派"工商皆本"思想的浸润，再到近代宁波人怀揣梦想 闯荡上海滩，直至始终活跃在每一个时代潮头的宁波商帮开创了中国近代工商业100多项第一…… 实业报国的磅礴力量在这过程中得到发挥，"无宁不成市"的传奇美誉也就此获得，融入血脉中的海洋基 因，已经成为代代相传的商业密码。 如果说"海"是宁波人的魂，那么" ...

Group 1: Market Overview - The global M&A market shows signs of recovery in 2025, with China's M&A market experiencing a fundamental reshaping of rules, leading to a near doubling of the number of M&A approvals and a significant increase in major restructuring transaction volume compared to the past six years [1] - In 2025, the number of disclosed M&A events by A-share companies reached 4,044, with 147 major asset restructuring projects, a year-on-year increase of 44.12%, and the number of major asset restructuring approvals was 29, nearly doubling from 2024 [3] - The global M&A market in 2025 saw a transaction value of approximately $4.5 trillion, a nearly 50% year-on-year increase, marking the second-highest in history [7] Group 2: Policy Environment - The "14th Five-Year Plan" emphasizes a positive positioning for M&A and restructuring, aiming to support listed companies in transformation and upgrading, enhancing market efficiency through a set of policy measures [2] - The new "National Nine Articles" and "M&A Six Articles" are expected to create a policy environment that encourages industrial mergers and enhances market efficiency [2] Group 3: Sector Trends - The technology sector is becoming a focal point for M&A, with significant activity in areas such as AI, quantum computing, and advanced materials, driven by the need for companies to enhance operational efficiency and innovate [6] - The healthcare sector is also seeing increased M&A activity, particularly in biotech companies with breakthrough therapies, as well as in digital health and telemedicine, driven by rising demand for innovative treatments [9] Group 4: Future Outlook - In 2026, the M&A market is expected to benefit from continued policy optimization, with a focus on technology empowerment and industrial integration, particularly in traditional industries undergoing digital transformation [5][6] - The capital market is anticipated to support M&A activities through improved refinancing mechanisms, with a focus on high-quality assets and sectors such as new energy, innovative pharmaceuticals, and infrastructure [10][11]

全国50强城市"排位赛"，新鲜出炉了。 根据各地发布的最新数据，1-9月的GDP总量已经冲破了10150亿元，约占国际GDP总量的12%。 这体量相当于一个中等发达国家全年的GDP总量，经济实力有多强大，我想不用多说了。 作为全球的经济老二，国内这些头部城市的GDP表现，那自然是备受瞩目的。 以至于有很多人好奇：哪些城市冲进了前50强，又有哪些城市的GDP增速跑出了惊人的加速度。 | 排名 | | | | 2025年前三季度GDP五十强城市(亿元) | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 城市 | | 2025 Q1-Q3 | 2024 Q1-Q3 | 增量 | 名义增长 | 实际增长 | | | 全国 | | 1015036. 1 | 975357. 4 | 39678. 7 | 4.07% | 5.2% | | - | E | 30 | 40721. 17 | 38716 | 2005. 17 | 5, 18% | 5. 5% | | 2 | 北 | 玩 | 38415. 9 | 36393. 2 | 2022. 7 | ...