Core Insights - The industrial profit data for January to May 2025 shows significant growth in China's aerospace, aviation, and maritime industries, indicating a robust high-quality development in the industrial sector [1] Industry Performance - The "three航" industries (aerospace, aviation, and maritime) have experienced a profit increase of 56.0% year-on-year [1] - The aircraft manufacturing sector saw a remarkable profit growth of 120.7%, driven by the successful commercial operation of domestic large aircraft and advancements in manned lunar exploration [1] - Profits in the spacecraft and launch vehicle manufacturing sectors increased by 28.6%, while related aerospace equipment manufacturing profits rose by 68.1% [1] Maritime Sector Growth - The maritime economy's development has led to an 85.0% profit increase in shipbuilding and related equipment manufacturing [1] - Metal ship manufacturing profits surged by 111.8%, with profits from ship auxiliary equipment manufacturing and marine engineering equipment manufacturing growing by 63.2% and 15.4%, respectively [1]

1—5月份规模以上工业企业实现利润总额2.7万亿元 ——国家统计局工业司统计师于卫宁解读2025年1—5月份工业企业利润数据 1—5月份，规模以上工业企业实现利润总额2.72万亿元，同比有所下降，呈现以下特点： "上天入海"尽显工业高质量发展活力。1—5月份，我国航天、航空、航海等"三航"产业快速发展， 带动铁路船舶航空航天行业利润同比增长56.0%。其中，在国产大飞机成功商业运营两周年、载人月球 探测工程登月阶段任务启动以及商业航天企业不断取得新成果推动下，飞机制造、航天器及运载火箭制 造等行业利润分别增长120.7%、28.6%，同时带动航空航天相关设备制造行业利润增长68.1%。在海洋 经济大力发展背景下，船舶及相关装置制造行业利润增长85.0%，其中金属船舶制造利润增长111.8%， 相关的船用配套设备制造、海洋工程装备制造利润分别增长63.2%、15.4%。 "两新"政策效应持续显现。1—5月份，各地区各有关部门加大力度推动"两新"政策落地实施，有效 释放内需活力。在大规模设备更新相关政策带动下，通用设备、专用设备行业利润同比分别增长 10.6%、7.1%，合计拉动规模以上工业利润增长0.6个百分点 ...

Core Insights - The "Suhai 1" is the world's first self-propelled closed-type salmon farming vessel, integrating breeding, fishing, and processing functions into a mobile marine aquaculture facility [1][10] - The vessel is designed to enhance the safety and stability of salmon farming by allowing for rapid relocation in adverse environmental conditions [1][3] Group 1: Vessel Features and Technology - "Suhai 1" can reach a maximum speed of 18 kilometers per hour, enabling it to move to safer waters during adverse weather conditions [1] - The vessel has a displacement of 132,000 tons, equivalent to that of two medium-sized aircraft carriers, and features 15 breeding compartments with a total water capacity of 83,000 cubic meters [7] - It employs a centralized automated feeding system that manages the entire feeding process through automation, enhancing operational efficiency [9] Group 2: Market Potential and Production Capacity - China is projected to become the fastest-growing market for salmon consumption globally, with the market size expected to reach 12.6 billion in 2024, reflecting a 21% year-on-year growth [10] - Current domestic salmon production is insufficient to meet rising consumer demand, with less than 50,000 tons produced annually [12] - "Suhai 1" aims to significantly increase production capacity and stabilize supply, thereby mitigating market price fluctuations [12] Group 3: Future Prospects and Versatility - The vessel is designed to accommodate various high-value fish species, not just salmon, thanks to its intelligent adjustment systems for water, oxygen, feed, light, and waste [15] - The first batch of salmon from "Suhai 1" is expected to be available for sale by the Dragon Boat Festival in 2024, following its operational launch in the Yellow Sea [14]

广深"创新之矛"继续领跑 南方财经记者在会议现场了解到，作为南部海洋经济圈的核心城市，广州、深圳两市2024年 海洋经济体量仍然保持强势领先。 其中，广州市2024年海洋生产总值达到4979亿元、占全省25%，单位岸线海洋经济产值超33 亿元/公里、居全国第二，全市海洋经济活动单位超3万家、位居全省第一。其中，广州全市船 舶制造业总产值已超500亿元、同比增长8%，现代化船舶订单已排期到2029年。 同期深圳市海洋经济体量也进一步扩大，2024年全市海洋生产总值达到5409亿元、占GDP比 重14.7%、增长5.8%，领跑广东全省。其中，深圳市海洋信息服务业增加值达1061亿元、增长 10.1%，海洋旅游业增加值增长11.6%。 作 者丨郑玮 编 辑丨洪晓文 图 源丨2 1世纪经济报道 6月26日，广东全省海洋经济工作会议在广州举行。会议现场，广州、深圳、东莞、湛江等14 座沿海城市均发布2024年海洋经济发展"成绩单"。作为海洋生产总值在全国率先突破2万亿元 的海洋经济大省，广东"蓝色经济"版图也在沿海14城的转型探索中进一步清晰。 其中，广州、深圳两市海洋经济规模仍然保持大幅领先，2024年两市海洋生产总 ...

Core Viewpoint - The Zhejiang Maritime Financial Service Platform has significantly improved the efficiency of ship mortgage registration in Zhoushan, completing 10 registrations with a total guarantee amount of 233 million yuan since its launch on June 17, 2023, ranking first in the province [1][18]. Group 1: Service Efficiency Improvements - The platform has implemented three innovative measures to enhance service efficiency, including "Express Mode," which reduces average processing time to within one working day through mechanisms like acceptance with deficiencies and green channels [4]. - Since June 20, the platform has completed mortgage registration for 10 ships, involving a total financing amount exceeding 200 million yuan and a financial credit limit exceeding 400 million yuan [5]. - The "One Ship, Multiple Certificates at Once" initiative allows for simultaneous processing of multiple procedures, increasing operational efficiency by 90% for enterprises [6]. Group 2: Financial Support for Transformation - The mortgage business for the "Minsheng ***" ship provided 7.99 million yuan in general mortgage loan support, specifically aimed at upgrading the company from traditional tugboats to research vessels [9]. - The Zhoushan Rural Commercial Bank's Water Product City branch utilized maritime information data from the platform to implement tailored financial solutions, offering a combination of "ship modification project loans + working capital loans" and a 50 basis points interest rate reduction [9][11]. Group 3: Data Sharing and Collaboration - The platform resolves the issue of obtaining authoritative data required for bank risk control and significantly enhances the quality and efficiency of services for small and micro enterprises through online collaboration [11]. - The Zhoushan Maritime Bureau has coordinated with the Zhoushan Rural Commercial Bank to develop the platform, focusing on maritime financial model construction and data interface development [16]. Group 4: Performance Metrics - In 2023, Zhoushan has completed 210 ship mortgage registrations with a total debt amount of 6.536 billion yuan, leading the Zhejiang Maritime Bureau in both registration numbers and financial credit limits [18]. - The Zhoushan Rural Commercial Bank has served 202 financial credit clients, accounting for 88.6% of the province, with a total credit amount of 6.502 billion yuan, representing 89.18% of the province's total [18].

Market Overview - The Hong Kong stock market failed to maintain its previous day's gains, with all three major indices declining. The Hang Seng Index closed down 0.61% at 24,325.4 points, with a total turnover of HKD 261.73 billion [1] - Industry expert Zhang Yidong from Industrial Securities predicts that the Hong Kong stock market will experience a volatile upward trend in the second half of 2025, with potential new highs in the autumn [1] Blue-Chip Stocks Performance - Kuaishou-W (01024) saw a moderate increase of 3.26%, closing at HKD 61.75, contributing 9.26 points to the Hang Seng Index. CICC estimates Kuaishou AI's valuation could reach USD 6 billion due to its technological leadership and growth potential [2] - Other notable blue-chip performances include China Hongqiao (01378) up 4.2% to HKD 17.88, and Chow Tai Fook (01929) up 3.72% to HKD 13.4. Conversely, China Shenhua (01088) fell 4.25% to HKD 30.4, negatively impacting the index [2] Sector Highlights - The large technology stocks showed mixed results, with Kuaishou rising over 3% while Alibaba fell 2.86%. The cryptocurrency sector saw significant activity, with Victory Securities surging 150% before a sharp decline [3] - Precious metals stocks performed well, with Shandong Gold (01787) rising 6.7% to HKD 28.65, and China Hongqiao (01378) up 4.2% [4] - The military sector saw gains, with China Shipbuilding Industry (00317) up 6.16% and Aerospace Science and Industry (00031) up 4.88%, driven by upcoming military parades showcasing domestic equipment [6] New Listings and IPOs - Saint Bella (02508) had a strong debut, rising 33.74% to HKD 8.8, with a net fundraising of approximately HKD 630 million. The company is recognized as Asia's largest postpartum care group [11] - Chow Tai Fook (06168) also performed well, increasing 25% to HKD 30, with a net fundraising of approximately HKD 1.193 billion [13]

Core Viewpoint - The delivery of the world's first self-propelled closed salmon farming vessel "Suhai No. 1" in Guangzhou marks a significant advancement in China's seafood consumption market, reducing reliance on imported fresh salmon [1]. Group 1: Vessel Specifications and Capabilities - "Suhai No. 1" has a length of 249.8 meters, a width of 45 meters, and a depth of 21.6 meters, with a farming water capacity of 83,000 cubic meters and a displacement of 132,000 tons [1]. - The vessel is equipped with four 2,800 kW main generator sets, enabling various operational modes such as anchorage and mobile farming, with a full-load speed of 10.3 knots and a range of 20,000 nautical miles [1]. - It has a self-sustaining capability of 90 days and can accommodate 50 crew members [1]. Group 2: Innovative Farming Technology - "Suhai No. 1" integrates functions for breeding, fishing, and processing high-value fish species, distinguishing itself from traditional fixed deep-water net cage farming by its mobile production characteristics [1]. - The vessel can quickly relocate to safe waters in adverse conditions such as typhoons and red tides, significantly enhancing farming safety and stability [1]. - It features 15 closed cabins for intelligent control and management of the five essential elements for salmon farming: water, oxygen, feed, light, and waste [1]. Group 3: Processing and Market Impact - The vessel operates as a floating salmon farming and processing factory, equipped with a globally leading automated processing workshop for salmon [2]. - It can achieve automated processing of fish products for both fresh and refrigerated options, delivering products to major Chinese consumer markets within 24 hours [2].

Industry Overview Investment Rating The report does not mention the industry investment rating. Core View The report provides an overview of various industries, including production, service, upstream,中游, downstream, and market pricing, highlighting recent trends and developments in each sector. Summary by Category Production and Service Industries - Shanghai plans to build a world - class ship and offshore engineering equipment industrial cluster, aiming for an industry added - value of over 45 billion yuan by 2030 and a localisation rate of over 85% for large LNG carriers [1]. - The memory market, led by DDR4, is rapidly warming up, with DDR4 particle prices doubling in just two weeks [1]. - Six departments have issued a guidance on financial support for consumption, setting up a 500 - billion - yuan re - loan for service consumption and elderly care [1]. - Retirement pensions are exempt from personal income tax in Beijing [1]. Upstream - International oil prices decreased significantly compared to the previous day [2]. - Coal inventory in Qinhuangdao decreased [2]. - Egg prices have rebounded recently [2]. Midstream - The polyester operating rate declined, while the PX operating rate increased [3]. - The coal consumption of power plants dropped to a three - year low, and the power plant operating rate decreased [3]. Downstream - The sales of commercial housing in first - and second - tier cities have seasonally declined to a near - three - year low [4]. - The number of domestic flights has decreased cyclically [4]. Market Pricing - The credit spread of the entire industry has slightly declined recently [5]. Industry Credit Spread - The credit spreads of multiple industries, such as agriculture, forestry, animal husbandry and fishery, mining, and chemical industry, have declined this week [48]. Key Industry Price Indicators - The prices of various commodities, including agricultural products, metals, energy, and chemicals, have shown different trends, with some rising and some falling [49].

Overview - Tianhai Defense intends to apply for a bank comprehensive credit line for its wholly-owned subsidiary, with a limit not exceeding 400 million RMB, primarily for operational turnover needs [1] - The company will provide a joint liability guarantee of up to 440 million RMB for this credit line, which includes an additional guarantee amount of 220 million RMB [1] Approval Status - On April 25, 2025, the company’s board approved the external guarantee plan for 2025, which was submitted for shareholder approval [2] - The total external guarantee amount available for 2025 is set at 3.4 billion RMB, with the chairman and general manager authorized to adjust the guarantee limits based on operational needs [2] Subsidiary Information - The subsidiary, Jiangsu Dajin Heavy Industry Co., Ltd., was established on December 24, 2012, with a registered capital of 500 million RMB [3] - The main business includes shipbuilding, marine engineering, and related technical services [3] Financial Indicators - As of March 31, 2025, the total assets of Tianhai Defense were approximately 3.72 billion RMB, with total liabilities of about 2.61 billion RMB [4] - The net assets stood at approximately 1.10 billion RMB, with a net profit of about 66.06 million RMB for the first quarter of 2025 [4] Guarantee Contract Details - The guarantee contracts involve multiple banks, including Hengfeng Bank and Suzhou Bank, with guarantee periods typically lasting three years from the debt performance deadline [5][6] - The company assumes joint liability for any costs arising from the guarantees, including legal fees and damages [6][7] Cumulative External Guarantees - As of the announcement date, the company has provided external guarantees totaling approximately 3.03 billion RMB, which represents 144.84% of the audited net assets as of December 31, 2024 [7] - After the new guarantees take effect, the total will rise to approximately 3.28 billion RMB, equating to 156.54% of the audited net assets [7]

金十数据6月25日讯，工业和信息化部总工程师谢少锋在北京会见意大利企业与"意大利制造"部副部长 瓦伦蒂诺·瓦伦蒂尼，双方就深化中意产业合作进行交流。谢少锋表示，中方愿同意方一道，落实好双 方工业领域合作谅解备忘录，进一步深化汽车、船舶、中小企业、工业绿色发展等领域合作，实现互利 共赢，为中意、中欧关系发展增添新动力。中方支持中国企业赴海外投资兴业，希望意方为中国企业赴 意发展提供公平、透明、开放、非歧视的营商环境。瓦伦蒂诺·瓦伦蒂尼表示，意方高度重视两国全面 战略伙伴关系，愿在两国政府《关于加强全面战略伙伴关系的行动计划（2024—2027）》框架下，携手 推动包括中小企业在内的产业合作和谐发展。 工信部总工程师谢少锋会见意大利企业与"意大利制造"部副部长瓦伦蒂诺·瓦伦蒂尼 ...