5月16日晚间，广东松发陶瓷股份有限公司发布《关于重大资产置换及发行股份购买资产并募集配套资金暨关联交易事项获 得中国证监会同意注册批复的公告》。该批复的取得，意味着备受业界关注的恒力重工集团有限公司上市一事又取得实质 性进展，中国造船业距离再添一家上市民营船企又进一步。 根据公告，松发股份拟以重大资产置换及发行股份购买资产的方式购买苏州中坤投资有限公司、苏州恒能供应链管理有限 公司、恒能投资（大连）有限公司及陈建华持有的恒力重工集团有限公司100%股权，并向不超过35名特定投资者发行股份 募集配套资金。 此次交易完成后，中坤投资将持有上市公司39.86%股份，恒能投资将持有上市公司15.24%股份，苏州恒能将持有上市公司 15.24%股份，陈建华将持有上市公司15.24%股份，恒力集团将持有上市公司4.34%股份，前述主体将合计持有上市公司 89.93%股份。通过本次交易，上市公司将战略性退出日用陶瓷制品制造行业，恒力重工将成为上市公司之全资子公司，主 营业务为船舶及高端装备的研发、生产及销售。 据了解，此次重大资产置换、发行股份购买资产互为前提，同时生效；募集配套资金以重大资产置换、发行股份购买资产 的成 ...

Group 1 - China has announced export restrictions on seven key rare earth elements, including dysprosium, terbium, samarium, and gadolinium, requiring exporters to obtain permits from the Ministry of Commerce, with approval processes taking from six weeks to several months [1] - China dominates the rare earth production sector, accounting for approximately 90% of global supply, raising concerns in advanced manufacturing sectors, including shipbuilding [3] - Delays in procurement of rare earth materials are hindering equipment suppliers' delivery schedules to shipyards, potentially affecting the outfitting progress of vessels and leading to delayed deliveries [3] Group 2 - Rare earth elements are critical in various technological fields, including electric and hybrid vehicle batteries, wind turbines, advanced ceramics, displays, lighting, fiber optics, superconductors, and glass polishing [4] - The U.S. is particularly vulnerable to supply chain disruptions due to its heavy reliance on China for rare earth compounds and metals, with 70% of imports from China between 2020 and 2023 [4]

韩国韩华海洋：就韩国与美国的造船合作进行了深入讨论。 ...

Core Viewpoint - The shipbuilding industry is experiencing a significant supply-demand gap, with a robust order backlog and expected growth in delivery volumes, indicating a positive outlook for the sector [1][3]. Group 1: Order Backlog and Delivery Expectations - As of the end of Q1 2025, global shipyards have a total order backlog of 381 million deadweight tons (DWT) / 162 million compensated gross tons (CGT), representing a 2% / 1% increase from the end of 2024 [1][3]. - The expected global ship delivery volume for 2025 is 97.28 million DWT / 44.63 million CGT, reflecting a year-on-year growth of 9% for both metrics [1][3]. - The order coverage ratio for global shipyards is projected to reach 3.8 years in 2024, marking a historical high, while the proportion of order capacity held is at a relatively low level of 12% [1][3]. Group 2: Financial Performance and Profitability - The shipbuilding sector is anticipated to achieve revenues of 210.3 billion yuan in 2024, a 12% year-on-year increase, driven by high industry demand and order fulfillment [2]. - Net profit attributable to shareholders is expected to reach 7.2 billion yuan, representing a substantial 103% increase year-on-year, supported by an improved delivery structure with a higher proportion of high-priced, low-cost orders [2]. - The ship price index remains elevated, with a slight decline of 1% to 187 at the end of Q1 2025, indicating stable pricing across various ship types [3]. Group 3: Market Dynamics and Future Outlook - The global new ship market saw a significant decline in new orders in Q1 2025, with a total of 19.8 million DWT / 8.95 million CGT, down 56% / 46% year-on-year, attributed to pre-emptive demand and market uncertainties [4]. - Despite the drop in new orders, the long delivery times (18-24 months) suggest that shipyards will still fulfill existing orders, potentially leading to a recovery in new ship demand starting in 2026 [4]. - The average age of the global fleet reached 13.1 years as of Q1 2025, with an expected increase in aging vessels driving replacement demand over the next decade [5]. Group 4: Investment Recommendations - The company recommends investing in China State Shipbuilding Corporation (CSSC) and paying attention to key players like China Power (600482.SH) and Songfa Co., Ltd. (603268.SH) for their quality shipbuilding assets [7].

Group 1 - Japan's Prime Minister Shigeru Ishiba stated that increasing corn imports from the U.S. is one of the options in trade negotiations, but Japan will not sacrifice its agriculture for reduced auto tariffs [1][3] - Japan has had two rounds of trade talks with the U.S., with little progress on seeking exemptions from U.S. tariffs, particularly the 25% tariff on Japanese automobiles, which has severely impacted the Japanese auto industry [1][6] - The U.S. exported $2.8 billion worth of corn to Japan in 2024 to compensate for an 80% drop in exports to China [5] Group 2 - Japan's Chief Trade Negotiator Ryosei Akazawa insisted on the complete removal of tariffs imposed by the Trump administration, emphasizing that without the elimination of the 25% auto import tariff, any agreement with the U.S. would be meaningless [5][6] - Mazda reported a 45.1% drop in net profit for the fiscal year ending in March, highlighting the significant impact of tariffs on the Japanese auto industry [6] - Japan may propose technical cooperation with the U.S. in the shipbuilding sector, indicating a potential diversification in trade discussions [6]

贸易谈判的"破冰"时刻：追踪框架和资产展望 20250511 摘要 • 美国贸易政策调整：维持对英 10%关税底线，预计每年为美国带来 60 亿 美元收入，为减税方案提供补充，但可能加剧与其他经济体的贸易摩擦。 • 全球贸易谈判挑战：主要经济体在与美国谈判时面临平衡自身利益与满足 美国要求的难题，如日本在农产品进口方面态度坚决，欧盟则采取反制措 施。 • 美国贸易政策的博弈影响：美国贸易政策不仅影响双边关系，还引发非美 经济体之间的博弈，例如中欧若坚持立场，可能迫使美国妥协，反之中国 先达成协议可能对欧洲施压。 • 美日欧贸易协议前景：若美国与欧盟和日本达成协议，将对中国不利，可 能形成围堵联盟；若未能达成，则美国对外政策受挫，或转向国内政策， 如减税和降息。 • 中国关税谈判策略：中美关税谈判涉及 145 项关税，可分三部分处理，相 对容易取消的是 20%加征和部分 91%报复性加征，而 34%的对等关税涉 及复杂诉求，需高层定调。 Q&A 当前中美贸易谈判的进展情况及其影响如何？ 目前中美在瑞士的贸易谈判进展较为缓慢，市场对此次谈判结果并不抱太大希 望。尽管如此，我们仍需从长计议，关注未来的发展。美国与英 ...

Core Viewpoint - Japan is negotiating with the U.S. to adjust tariffs in exchange for technical support and assistance in building new ships, emphasizing contributions to U.S. domestic industry revival and security [1][4]. Group 1: Negotiation Strategies - Japan is preparing to leverage its shipbuilding capabilities as a bargaining chip in tariff negotiations with the U.S., focusing on investments in U.S. shipbuilding companies [1][3]. - Japanese Prime Minister Kishida emphasized the importance of integrating agriculture, energy, shipbuilding, and automotive sectors in negotiations [1][4]. - A special task force led by Akizawa and Chief Cabinet Secretary Matsuno is formulating specific proposals for negotiations [1]. Group 2: U.S.-Japan Defense Cooperation - U.S. Navy Secretary John F. Kirby urged Japan to assist in shipbuilding, including the construction of military-capable commercial vessels [2]. - Japan's shipbuilding industry, holding nearly 20% of the global market share, is recognized for its quality and technology, particularly in energy efficiency and automation [3][4]. - The collaboration aims to enhance the deterrence and response capabilities of the U.S.-Japan alliance through joint production and maintenance of defense equipment [4]. Group 3: Strategic Implications - Japan's shipbuilding technology is gaining attention beyond the U.S., with its Mogami-class frigate being shortlisted for Australia's new frigate program [4]. - The U.S. administration's focus on revitalizing domestic shipbuilding is driven by the need to counter China's maritime expansion and strengthen national security [4]. - Japan is advancing the development of new fuel ships powered by LNG and hydrogen as part of its green transition strategy, which could benefit from U.S. collaboration [3]. Group 4: Challenges and Considerations - While Japan aims to reduce the time U.S. vessels spend returning to the U.S. for repairs, the direct impact of shipbuilding cooperation on trade deficit reduction remains uncertain [5]. - The shipbuilding topic has emerged in negotiations, but a standalone agreement has not yet been reached [5].

Group 1: Impact of Tariffs on Shipping Industry - The first batch of ships carrying goods subject to a 145% tariff is arriving in the U.S., indicating a significant impact on the shipping industry [1] - The Port of Los Angeles, which relies heavily on trade with China, has seen a 35% decrease in business volume compared to the same period last year, affecting truck drivers and dock workers [1][2] - The decline in imports is expected to lead to product shortages and rising prices, exacerbating inflation in the U.S. economy [1][2] Group 2: Economic Consequences - The shipping slowdown is anticipated to affect the broader economy, leading to empty store shelves and a halt in hiring and investment [2] - The U.S. consumer price index (CPI) has risen from 257.97 in January 2020 to 308.41 by December 2024, reflecting ongoing inflationary pressures [2] Group 3: Customs Warehousing Trends - Customs warehouses near ports are experiencing increased activity as U.S. importers store goods there to potentially avoid high tariffs in the short term [3] - These warehouses, typically used for transshipment or duty-free stores, are now being utilized to navigate the uncertainties of U.S. trade policies [3] Group 4: Shipbuilding Industry Developments - The U.S. is attempting to revitalize its nearly non-existent shipbuilding industry, with Hanwha Marine acquiring the Philly Shipyard for $100 million [4] - Hanwha plans to build LNG carriers in the U.S., marking the first such construction in American shipyards since the 1970s [5] Group 5: Challenges in LNG Shipbuilding - Building LNG carriers is considered one of the most complex and technically demanding projects in shipbuilding, requiring significant investment and long-term industry experience [6] - The U.S. currently lacks any compliant LNG carriers, and the construction of such vessels is projected to take decades and substantial capital [6] - The cost of building LNG ships in the U.S. is significantly higher than in countries like South Korea or China, posing profitability challenges for projects [6]

Core Viewpoint - The U.S. Navy is willing to deepen collaboration with South Korean shipbuilding companies in the areas of warship construction and maintenance, repair, and overhaul (MRO) [1] Group 1 - The U.S. Navy Secretary, John Ferlaine, emphasized the importance of South Korean companies contributing to the revitalization of the U.S. shipbuilding industry [1]

Group 1 - HD Hyundai Heavy Industries announced a contract for the construction of two Suezmax oil tankers with a total value of 251.1 billion KRW (approximately 180 million USD) [2] - The unit price for each tanker is approximately 90 million USD, which has increased by 2 million USD compared to a previous contract due to the appreciation of the Korean won against the US dollar [2] - The company has secured a total of 53 new ship orders worth 6.49 billion USD (approximately 47.2 billion RMB) this year, achieving about 36% of its annual order target of 18.05 billion USD (approximately 132 billion RMB) [3] Group 2 - The global oil tanker market is expected to strengthen by 2025, with a projected 2.7% increase in global seaborne oil trade volume [3] - The demand for oil tanker capacity is anticipated to grow by 3.2% due to factors such as increased oil exports from the Atlantic region to Asia and ongoing shipping reroutes caused by geopolitical events [3] - HD Hyundai Heavy Industries has extensive experience in building oil tankers, with its Suezmax tankers recognized as "world-class products" in South Korea since 2007 [3]