北京金融法院审理后认为，案涉行为构成虚假陈述。考虑到某上市公司股价波动与大盘同步，虚假陈述 行为对市场无独立影响，所涉金额整体占比较小且未改变盈亏性质，对投资者决策造成影响的可能性极 小，北京金融法院认为案涉虚假陈述不具有重大性。 在法官看来，案涉会计差错的发生存在部分客观因素。本案中，某上市公司的下属子公司制造的某船， 是为了打破国外技术垄断和封锁、填补国家技术空白的新型深潜水工作母船。该艘船系全球首制，并无 先例可以借鉴。正是由于建造周期长，随着技术的研发和投入，造船成本和最终订单结算价格可能会由 此上涨，导致存货减值数据出现差错。由此可见，某上市公司的存货减值数据出现差错并非出于主观恶 意，更多的原因在于技术创新过程中存在的客观不确定性因素，且考虑该差错整体占比较小，也并未导 致某上市公司当年的盈亏性质发生根本性的改变。 值得关注的是，法院认为，案涉的全球首制船，属于新质生产力。新质生产力是以科技创新为主导、实 现关键性颠覆性技术突破而产生的生产力。科技创新是新质生产力发展的核心要素，科技创新通过技术 突破和产业升级为新质生产力的发展提供高质量的平台和增长点。因此，应当对技术创新过程中的非主 观恶意轻微 ...

癌周研选 本周避险情绪主导全球金融市场，风险资产普遍遭遇抛售。全球主要股市（尤其是科技股）和大宗商品（原油、基本金属）普遍下跌。在这一传导效应 下，A股市场同样经历调整，上证指数失守3900点。新能源、光伏、电力设备等板块回调明显，银行、船舶制造、消费等少数概念相对抗跌。 11.23 2025 星期日 如何看待近期市场的调整？前期热门科技股的估值消化是否已经到位？请看本周机构研判。 解 锁 市场 最 强 音,把 握 投 资 机 会! 本周避险情绪主导全球金融市 场,风险资产普遍遭遇抛售。 全球主要股市(尤其是科技股) 和大宗商品(原油、基本金属) 普遍下跌。在这一传导效应下, A股市场同样经历调整,上证指 数失守3900点。新能源、光伏、 电力设备等板块回调明显,银 行、船舶制造、消费等少数概念 相对抗跌。 如何看待近期市场的调整?前期 热门科技股的估值消化是否已经 申万宏源：调整后春季行情更值得期待 9月以来AI产业链已处于高位震荡阶段。与此同时，近期美联储货币宽松低于预期，这进一步引发了全球高风险资产普跌。调整背后的本质还是资产性价 比降低，脆弱性提高，对流动性冲击的敏感度提升。对比2014年初的创业板、 ...

Group 1 - The mechanical industry is experiencing dual opportunities from technological iteration and demand expansion, becoming a core pillar for high-quality development of the real economy [2] - Domestic companies are accelerating breakthroughs in key technologies such as high-end machine tools and industrial robots, leading to a simultaneous increase in volume and price, providing rich investment targets for the capital market [3] - The "14th Five-Year Plan" emphasizes high-level technological self-reliance and the autonomy of the industrial chain, indicating strong policy support for the basic components industry over the next five years, significantly accelerating the process of domestic substitution [3] Group 2 - The engineering machinery sector has significant cyclical attributes, with core demand drivers being the replacement of existing equipment and export expansion, especially as the previous investment cycle from 2016-2021 will lead to a new equipment replacement cycle starting in 2025 [5] - The engineering machinery industry is expected to enter an upward cycle starting in 2024, with major products showing continuous positive growth, confirming the recovery trend in the industry [10] Group 3 - The shipbuilding industry is in a recovery cycle, with significant improvements in corporate profitability, as evidenced by a 17.57% year-on-year increase in revenue to 1191.5 billion yuan in Q3 2025, and a substantial 88.5% increase in net profit [15] - China's shipbuilding industry maintains a leading global position, with a completion volume of 38.53 million deadweight tons in the first nine months of 2025, accounting for 53.8% of the global market [12] Group 4 - The lithium battery equipment sector is witnessing a recovery, with a revenue increase of 8.75% year-on-year to 263.32 billion yuan in Q3 2025, and a significant turnaround in net profit [25] - The industry has completed a bottoming out and is entering a recovery phase, with leading companies experiencing nearly doubled net profit growth [28] Group 5 - The investment outlook for the mechanical industry indicates a new cycle of investment and growth, with engineering machinery, shipbuilding, and lithium battery equipment sectors all showing signs of recovery and demand improvement [30]

Core Viewpoint - The global capital markets experienced a significant sell-off of risk assets, with the A-share market also declining sharply, indicating a shift in investor sentiment towards defensive sectors [1] Market Performance - The Shanghai Composite Index fell by 3.90%, the Shenzhen Component dropped by 5.13%, and the ChiNext Index decreased by 6.15%, all reaching new lows [1] - Over 5,000 stocks declined, with nearly 100 hitting the daily limit down, reflecting extreme market pessimism [1] - Defensive sectors such as shipbuilding, cultural media, and agriculture showed resilience, while previously popular sectors like energy metals, batteries, and photovoltaic equipment faced significant losses [1] Global Market Context - The Hang Seng Index fell by 5.09%, the S&P 500 dropped by 1.95%, and the Nasdaq decreased by 2.74%, influenced by cooling expectations for interest rate cuts from the Federal Reserve and instability in the U.S. AI narrative [1] - Federal Reserve officials began to signal dovish stances, with New York Fed President Williams stating there is still room for rate cuts, potentially alleviating liquidity concerns [1] Technical Analysis - The Shanghai Composite Index has broken below the lower Bollinger Band, indicating significant short-term overselling [2] - Following the panic selling, some institutional funds are starting to position themselves against the trend, increasing the likelihood of a technical and emotional market recovery [2] Key Factors to Watch - Upcoming U.S. economic data, including September retail sales and PPI, could influence market sentiment, especially if they underperform, potentially reinforcing expectations for a December rate cut [3] - International events such as the progress of the Russia-Ukraine peace plan and the UK's autumn budget may also impact market emotions [4] Sector Opportunities - Performance certainty will remain a core theme, with technology sectors like AI applications, robotics, and storage chips showing potential for recovery due to their recent declines and technological advancements [4] - Low-valuation, high-dividend sectors like banks and utilities are suitable for risk-averse investors [4] Investment Strategy - Prioritize high-quality stocks with solid performance and significant pullbacks while avoiding speculative stocks [5] - Continuous monitoring of Federal Reserve policy and global economic data is crucial, as these will be key variables determining market direction [6] Market Signals - A successful market rebound, even if limited, would indicate the market's self-repair mechanism is functioning, suggesting underlying resilience [6] - Conversely, a failure to rebound would signal that market confidence is still fragile and that a trend reversal is not yet imminent [6][7] Observational Approach - Investors should remain vigilant, recognizing that the market may still be searching for a true bottom, requiring patience and careful observation [7] - Quality rebounds should be accompanied by increasing trading volume and orderly rotation of market hotspots, while weak performance may indicate deeper adjustment pressures [8]

Market Overview - The A-share market experienced a collective decline in the past week (November 17-21), with the Shanghai Composite Index closing at 3834.89 points, down 3.90%, the Shenzhen Component Index at 12538.07 points, down 5.13%, and the ChiNext Index at 2920.08 points, down 6.15% [1] - Only 9.5% of stocks rose during the week, with 57 stocks increasing over 15% and 259 stocks decreasing over 15%. No sectors recorded gains, with the power equipment, comprehensive, and basic chemicals sectors leading the decline [1] Top Performing Stocks - Jianglong Shipbuilding (300589.SZ) topped the weekly gainers with a 64.97% increase, followed by Rongji Software (002474.SZ) and Zhongshui Fishery (000798.SZ) with gains of 61.06% and 61.05% respectively. Several stocks related to military, aquaculture, or AI applications also saw significant increases [3][4] - Jianglong Shipbuilding specializes in the design, development, production, and sales of various types of vessels, including law enforcement and special operation boats, and has a total market capitalization of approximately 8.5 billion yuan [3][5] Business Performance - Jianglong Shipbuilding reported a 59.03% year-on-year decline in revenue for the first three quarters of 2025, totaling 509 million yuan, and a net loss of 36.86 million yuan, a 252.17% decrease year-on-year. The company also reported a basic earnings per share of -0.10 yuan [5] - The company secured new orders worth 507 million yuan, a 9.03% increase year-on-year, with a backlog of orders amounting to 1.491 billion yuan, up 2.47% year-on-year [5] Military and Aquaculture Business - Jianglong Shipbuilding's law enforcement vessel business accounted for 56.43% of its operations, with multiple product orders in Fujian Province, including law enforcement vessels for various agencies [7] - The company has established a long-term strategic partnership with Moen Marine, a leading supplier in the global aquaculture industry, and has renewed contracts for the construction of 12 aquaculture workboats [7] Underperforming Stocks - Huasheng Lithium Battery (688353.SH) was the worst performer of the week, with a decline of 33.19%. Other stocks like Shanshui Bide (300844.SZ) and Zhongneng Electric (300062.SZ) also saw significant drops [10][11] - Huasheng Lithium Battery specializes in lithium battery electrolyte additives and had previously reached a historical high before experiencing a sharp decline [11][12] Industry Trends - The electrolyte additive market is experiencing a recovery, with prices for key products like vinylene carbonate (VC) and fluorinated ethylene carbonate (FEC) rising due to increased demand from energy storage and power batteries [12] - Despite the positive market trends, Huasheng Lithium Battery faces uncertainties regarding its performance, with a reported net loss of 102.97 million yuan for the first three quarters of 2025 [12]

"在设计阶段我们就考虑到运输限制，图纸提前报送中国船级社（CCS）预审，并邀请客户实地考 察自动化产线。"新能船业总工程师丁明师说，经过三轮技术磋商，紫金矿业最终认可了这一方案。 首艘船舶顺利下水，比合同节点提前9天完成，不仅体现了中国速度，也为解决内陆地区大型船舶 运输难题提供了可复制的样本。据介绍，"金航一号"总长70.08米，型宽15米，续航能力达1000海里。 为保障船舶长期稳定运营，新能船业还在坦桑尼亚设立了海外办事处，构建本地服务网络，并派驻 技术团队长期支援。 在国家"双碳"战略指引下，济宁能源集团依托京杭大运河"黄金水道"和内河航运全产业链优势，抢 抓内河船舶更新换代新机遇，与武汉理工大学、宁德时代等合作，建成投产全国首个集研发设计、智能 制造于一体的新能船业内河新能源船舶示范基地，开启"气化运河""电化运河"新赛道。目前，公司已具 备2000—5000吨级内河新能源船舶大规模批量化建造能力，在手各类订单船舶185艘，成功交付61艘。 （记者 吕光社 通讯员 冯劲舸） "所有单位，准备脱钩放船！"北京时间11月21日21：50，伴随着指挥的号令，由山东新能船业有限 公司（以下简称"新能船业"） ...

在智能装备领域，国家级专精特新"小巨人"企业震兑工业智能科技有限公司表现亮眼。其为全球首艘10 万吨级智慧渔业养殖工船"国信1号"打造的智能系统，通过2108个测点实现养殖舱内水、氧、光、饲、 鱼的全流程控制与监测，借助数字链路实现远程监控。 深圳船舶产业正不断以全球首创产品为标签，为全市海洋经济高质量发展树立了标杆。数据显示，2024 年海洋经济规模达5409亿元，深圳拥有11万家涉海经营主体、2500余家高新技术涉海企业，成为大湾区 海洋产业高质量发展的核心区域。 2025年上半年，中集海洋工程业务营收达80.14亿元，船舶建造业务是海洋工程业务的重要组成。以中 集来福士为核心载体，船舶产业今年以来更持续刷新全球纪录，形成密集成果矩阵。 今年1月，全球最大风电安装船"BOREAS"交付，作为全球首艘油电混动+甲醇双燃料风电安装船，实现 中国在深远海装备领域"从跟跑到领跑"的跨越；9月，为国际航运巨头Zodiac Maritime建造的10艘7000 车位双燃料汽车运输船完成交付，彰显规模化建造实力；10月，全球首座3000吨级全直流风电安装 船"北欧之风"号交付，全直流供电系统实现国产化，能耗较传统船舶降 ...

Core Viewpoint - The company *ST Songfa has experienced a decline in stock price, with significant contracts signed for shipbuilding, indicating ongoing operational activities despite market fluctuations [1][2][3]. Group 1: Stock Performance - As of November 21, 2025, *ST Songfa's stock closed at 68.4 yuan, down 3.8% from 71.1 yuan the previous week [1]. - The stock reached a high of 75.0 yuan and a low of 67.55 yuan during the week [1]. - The company's current total market capitalization is 66.401 billion yuan, ranking 2nd in the home goods sector and 248th among all A-shares [1]. Group 2: Recent Contracts - The subsidiary, Hengli Shipbuilding (Dalian) Co., Ltd., signed contracts for the construction of two VLCC super-large crude oil tankers, with a total contract value of approximately 200-300 million USD, expected to be delivered in the first half of 2028 [2][4]. - Additionally, six contracts for 11.4 million deadweight ton oil/product tankers were signed, with a total value of about 400-600 million USD, planned for delivery in 2027 [2][4]. Group 3: Shareholder Meeting Outcomes - On November 20, 2025, the company held its sixth extraordinary general meeting, where several proposals were approved, including capital increases to subsidiaries and adjustments to routine related-party transactions for 2025 [3][4]. - The meeting had a quorum with shareholders representing 91.7006% of the total share capital, and all proposals were passed, with related shareholders abstaining from voting [3].

本文自南都·湾财社。 采写 | 南都·湾财社记者 赵元 编辑 | 柴华 A股震荡调整持续，截至11月21日收盘，上证指数报3834.89，较上日下跌96.16，跌2.45%，深证成指报 12538.07，跌3.41%，创业板指报2920.08，跌4.02%。全市场超5000只个股下跌。三市全天成交额19836 亿元，较上日放量2610亿元。 业内分析 多空分歧加大，需阶段调整确认趋势 近期，大盘出现了反复震荡调整的走势，对此，前海开源基金首席经济学家杨德龙认为，临近年底，部 分投资者出于兑现全年收益的考虑，出现一定程度的获利了结行为，这在情理之中。因此，年底市场往 往呈现反复震荡的特征，但这并不意味着本轮结构性行情的结束。短期市场走势是无法预测的，但这轮 调整不会持续太久，因为场外还有很多资金等待这个调整来进行布局。 同时，杨德龙指出近期权益类基金销售明显回暖，出现了很多日光基，说明在牛市启动之后，市场的赚 钱效应逐步体现出来，已经开始吸引居民存款流入，越来越多投资者来股市找机会，特别是现在银行理 财、余额宝、银行定期存款利率都很低。日光基的出现并不意味着市场见顶的信号，只有出现一天销售 上百亿的基金，买基金 ...

Group 1 - The core viewpoint of the news is that the China Shipbuilding System concept has seen a significant increase of 3.24%, leading the concept sector in terms of growth [1][2] - Within the China Shipbuilding System concept, six stocks experienced gains, with Jiuzhiyang, China Ship Defense, and Kunshan Intelligent showing the highest increases of 15.63%, 6.37%, and 6.18% respectively [1][2] - Conversely, the stocks that faced the largest declines included China Ship Special Gas, China Power, and ST Emergency, which fell by 3.47%, 1.28%, and 0.68% respectively [1][2] Group 2 - The main funds flow into the China Shipbuilding System concept amounted to a net inflow of 129 million yuan, with significant contributions from stocks like China Ship Defense, which saw a net inflow of 199 million yuan [2][3] - The net inflow ratios for Jiuzhiyang, China Ship Defense, and China Ship Technology were 8.44%, 7.41%, and 5.84% respectively, indicating strong investor interest [3] - The trading volume and turnover rates for the leading stocks in the China Shipbuilding System concept were notable, with Jiuzhiyang having a turnover rate of 15.15% and China Ship Defense at 10.99% [3][4]