司局 ना 2019.12.17-2025.12.17 日前，刚刚完成年度最后一次海上训练任务的中国海军山东舰，顺利返回海南三亚某军港。 央视 新闻 责编：黄之安、姚凯红 0:00 大国巨舰劈波斩浪 回顾山东舰硬核名场面 今天是我国首艘国产航母山东舰正式加入人民海军序列6周年。一起回顾山东舰硬核名场面。 ...

Summary of China Power's Conference Call Company Overview - **Company**: China Power, a subsidiary of China Shipbuilding Industry Corporation (CSIC), focuses on marine power equipment, including gas, steam, and diesel engines, as well as integrated power and chemical power systems [4][12]. Industry Insights - **Global Shipping Cycle**: The current shipping cycle, which began in 2021, is characterized by a demand for replacement rather than new orders, with newbuilding prices rising significantly from an index of 120 in 2021 to nearly 190 in 2024 [14]. - **Market Dynamics**: The shipbuilding industry has shifted from oversupply to undersupply, with the China Shipbuilding Industry Association Index (CCI) surpassing 700 points in 2022, indicating a robust market environment [16]. Key Financial Metrics - **Market Valuation**: China Power's market capitalization is approximately 40 billion yuan, with a price-to-book (PB) ratio of about 1.1 and an expected price-to-earnings (PE) ratio in the teens by 2026, indicating a low valuation [2][6]. - **Revenue and Profit Growth**: In the first three quarters of 2025, revenue grew by 12% and profit increased by 63%, driven by rising prices and declining raw material costs [4][12]. Competitive Position - **Market Share**: China Power holds a 40%-50% market share in the marine diesel engine manufacturing sector, with a production capacity nearing 10 million horsepower [7][10]. - **Core Competitiveness**: The company benefits from its integration of multiple subsidiaries, enhancing its competitive edge in the marine diesel engine market [4][12]. Supply and Demand Dynamics - **Supply Constraints**: Limited expansion capacity in coastal workshops and high costs of dual-fuel engines restrict supply, while aging bulk carriers and tankers create new demand [8][10]. - **Future Demand**: The demand for new ships is expected to grow, supported by the operational commencement of the Simandou iron ore project and the Federal Reserve's interest rate cuts [2][5]. Pricing Trends - **Price Increases**: Since 2021, the price per horsepower has increased annually, with a projected average increase of about 6% in 2024. The gross margin has improved from 12.9% in 2021 to 21% in 2024 due to declining steel costs [9][11]. Strategic Outlook - **Future Capital Operations**: With substantial cash reserves, China Power may pursue acquisitions, including the remaining stake in China Shipbuilding Diesel Engine and WGD, to enhance profit elasticity and capitalize on the shipping cycle [13][15]. - **Long-term Growth Potential**: The company is expected to benefit from the ongoing shipbuilding cycle and the demand for dual-fuel engines driven by new environmental regulations [22]. Regulatory Impact - **IMO Environmental Regulations**: New regulations from the International Maritime Organization (IMO) are expected to drive demand for more environmentally friendly engines, further stimulating new orders [19][20]. Conclusion - **Investment Recommendation**: Given the favorable market conditions, strong financial performance, and significant growth potential, China Power is recommended as a strong investment opportunity, with a projected market value increase to 65-70 billion yuan or higher [22].

Core Insights - Financial leasing companies are playing a significant role in supporting the construction and operation of green and intelligent ships, contributing to the development of the marine economy and the implementation of national strategies [1][2][3] Group 1: Financial Leasing in Marine Industry - The first 7,500-car LNG dual-fuel car carrier "Liaohai Kou" successfully set sail, marking a milestone in shipbuilding and operation [1] - Financial leasing companies are actively involved in various marine-related industries, particularly in green and intelligent ship sectors, providing financial support through diverse models such as direct leasing and sale-leaseback [1] - A new 82,000-ton bulk carrier named "Classic Night Light" was delivered, representing a significant project for a financial leasing company focused on green ship design [2] Group 2: Recent Developments in Ship Leasing - Several new ship leasing projects have been launched in the second half of the year, including the delivery of two 18,500 DWT oil chemical ships and the first LNG dual-fuel oil tanker by different financial leasing companies [3] - Minsheng Financial Leasing has placed orders for 22 modern high-value-added ships with a total value of nearly 20 billion yuan [3] - According to Clarksons Research, as of early October 2025, Chinese leasing companies have a fleet and order book totaling 3,143 vessels, with 122 new ship projects added in the first three quarters of 2025 [3] Group 3: Challenges and Opportunities in Marine Equipment - Financial leasing companies are expanding their business into oil and gas exploration and marine engineering equipment, addressing technical challenges in deep-sea oil and gas exploration [4] - Financial leasing companies are providing funding to high-tech enterprises in the marine oil pipe sector to help overcome material and process challenges [4] - The development of marine energy equipment requires balancing energy security and green transition demands, necessitating collaboration across the supply chain and enhancing international competitiveness [4] Group 4: Future Directions for Financial Leasing - Industry experts suggest that financial leasing companies should seize opportunities in the global market for upgrading and replacing old vessels, promoting integrated leasing solutions [5] - There is a call for financial leasing to connect shipbuilding and marine engineering equipment manufacturers with shipowners, facilitating comprehensive development across the value chain [5]

财信证券认为，周二，A股大盘缩量调整。盘面上，零售板块逆势走强，无人驾驶板块活跃，数字货币 板块反弹；而科创方向继续调整，贵金属板块表现靠后。近期，海外两大利空反复冲击市场：一是市场 对AI产业链泡沫担忧加剧，导致全球科技线普遍调整；二是日本央行利率决议事件尚未落地，加息预 期升温持续扰动市场。这两大事件使得市场风险偏好受到压制，隔夜美股再度调整，当日包括日本、韩 国在内的亚太主要市场也延续调整。从技术面上看，沪指已经调整至前期低点，若无法及时企稳，指数 层面可能仍有小幅下探风险。因此短期内，适当控制仓位，等待大盘放量上涨信号出现，在此之前可围 绕近期强势方向轮动的思路适当参与市场。中长期而言，在"反内卷"改善上市公司业绩、居民储蓄资产 入市、全球流动性缓和、科技产业趋势加持下，2026年A股"慢牛"行情大概率延续。 中原证券认为，周二，A股市场低开低走，震荡整理，盘中消费、多元金融、汽车以及房地产等行业表 现较好；贵金属、船舶制造、电源设备以及风电设备等行业表现较弱。上周A股市场在国内外诸多事件 相继落地后呈现显著分化与震荡格局。中长期支撑本轮A股上涨的基础并未发生转变。预计上证指数围 绕4000点附近蓄势 ...

Group 1 - The "Hai Xun 176," a large navigation support vessel designed and built by China, has officially joined the South China Sea Navigation Guarantee Center, marking it as the largest and most advanced navigation support vessel in China's transportation system [1] - The vessel measures 75.2 meters in length, 14 meters in width, has a full-load displacement of 2360 tons, a range of 5000 nautical miles, and a maximum speed exceeding 15 knots, enhancing maritime navigation support and emergency response capabilities in the South China Sea [1] - China Shipbuilding Group has developed a world-class marine equipment industry cluster, delivering various vessels including the world's first self-propelled closed salmon farming vessel and China's first ocean-grade intelligent research vessel, with improving operational performance and positive economic indicators [1] Group 2 - China Shipbuilding Group has achieved significant advancements in core technologies through independent innovation, particularly in the development of laser gyroscopes, which are critical for navigation quality [2] - The company has established a first-class precision laser gyroscope production line, with products widely used in various platforms including land, sea, air, high-speed rail, and drones [2] - The digital operation support system developed by the Shanghai Shipbuilding Research Institute enhances operational efficiency, safety, and economic benefits for fleets, while intelligent driving cabins simplify navigation [3] Group 3 - China Shipbuilding Group is optimizing its new energy technology system to address environmental concerns associated with traditional fuel engines, which emit harmful pollutants [4] - Since 2021, the company has delivered multi-fuel main engines to the market, with methanol dual-fuel engines reducing carbon emissions by 11% and LNG dual-fuel engines by 24% compared to traditional engines [4] - Future applications of ammonia fuel could potentially reduce carbon dioxide emissions by over 95% [4]

Group 1 - The core point of the news is the commissioning of the large buoy tender "Hai Xun 176," which enhances maritime navigation support in the South China Sea, marking a significant advancement in China's transportation system [1] - "Hai Xun 176" is designed and built by China Shipbuilding Group, measuring 75.2 meters in length, 14 meters in width, with a full load displacement of 2360 tons and a range of 5000 nautical miles, capable of speeds exceeding 15 knots [1] - The commissioning of "Hai Xun 176" is expected to improve the comprehensive service level and emergency response capabilities for maritime navigation in the South China Sea [1] Group 2 - China Shipbuilding Group has developed a world-class advanced industrial cluster for marine equipment, including large cruise ships, LNG carriers, and ultra-large container ships, integrating research, manufacturing, and supporting services [1] - The company has delivered several significant vessels this year, including the world's first self-propelled closed-type salmon farming vessel and China's first ocean-grade intelligent scientific research vessel, indicating continuous improvement in operational performance and positive economic indicators [1] Group 3 - The company emphasizes independent innovation and has overcome key core technologies, such as the development of laser gyroscopes, which are critical for ship navigation quality [2] - The production line for laser gyroscopes has been established, with applications across various platforms, including land, sea, air, high-speed rail, and drones [2] Group 4 - The digital transformation of the company includes the development of a digital operation support system that enhances operational efficiency, safety, and economic benefits for fleets [3] - The company has also created intelligent driving cabins that integrate AI interaction and decision-making assistance, simplifying the operation of ships [3] Group 5 - The company is optimizing its new energy technology system to address environmental concerns associated with traditional fuel engines, which emit harmful pollutants [4] - Since 2021, the company has delivered multi-fuel main engines to the market, with methanol dual-fuel engines reducing carbon emissions by 11% and LNG dual-fuel engines by 24% compared to traditional engines [4] - Future applications of ammonia fuel could potentially reduce carbon dioxide emissions by over 95% [4]

Group 1 - The Bahama 93.5K floating dock "EAST END" project, contracted by China Shipbuilding Group's CSSC Ninth Design and Research Institute, has successfully arrived at the Bahama shipyard and completed its international delivery, enhancing efficiency and cost optimization for the North American and global shipping industry [1][7] - The dock wall vehicle developed by CSSC Ninth Institute features dual advantages of "intelligence and high stability," significantly improving operational efficiency and reducing reliance on manual labor, while its robust stability design ensures reliable maintenance support in complex marine environments [1][9] - CSSC Ninth Institute has established a product matrix of dock wall vehicles covering various tonnages and types, fully adapting to different ship maintenance scenario requirements [1][9] Group 2 - The first unit of the 28 MW heavy oil power station project in Asmara, Eritrea, undertaken by China Shipbuilding Group's CSSC Shenlong, has successfully started generating power, with full capacity expected to be achieved by early 2026, addressing the long-standing electricity shortage in the region [3][11] - This project marks CSSC Shenlong's first overseas design, procurement, and construction (EPC) contract, encompassing eight sets of SXD-MAN9L32/40 diesel generator sets and all supporting auxiliary equipment, representing a key transition from a pure equipment supplier to a comprehensive energy solution provider [5][14] - The project team overcame numerous challenges to meet the power generation target for the first unit as planned, demonstrating CSSC Shenlong's capability for complete project delivery in the international market [5][14]

12月16日，中国船舶集团有限公司（简称"中船集团"）与中国诚通控股集团有限公司在上海签署战略合 作框架协议。中船集团党组书记、董事长徐鹏表示，希望双方发挥各自优势，加强在资本运作、金融服 务、科技创新等方面的合作，携手打造央企合作新典范。中国诚通集团党委书记、董事长奚正平表示， 中国诚通将进一步加强与中船集团战略对接，以项目合作为纽带，不断完善对接机制，大力拓展合作广 度及深度，实现资源整合、优势互补，共同为落实国家战略作出新的贡献。 ...

Group 1 - Shandong Port Rizhao Port set a record for soybean throughput in September, marking a historical high for the same period [1] - China's marine production value is expected to exceed 10 trillion yuan for the first time in 2024, with marine fishery output leading globally and new ship orders accounting for 63.5% of the world market [1] - The marine economy plays an irreplaceable role in expanding domestic demand, ensuring food and energy security, and accelerating the transformation of old and new growth drivers [1] Group 2 - The successful deployment of China's first fully autonomous automated grain unloading machine at Shandong Port Rizhao Port breaks a 30-year foreign technology monopoly, achieving 100% localization of core components and improving unloading efficiency by 20% compared to international counterparts [2] - The delivery of the world's first 100,000-ton smart fishery large breeding vessel "Guoxin No. 1" in 2022 marks a significant advancement in China's deep-sea large breeding vessel industry, creating new opportunities for high-quality aquatic protein supply [2] - The operational addition of "Guoxin No. 1-1" and "Guoxin No. 1-2" will establish a "three-vessel linkage" model, capable of producing over 10,000 tons of high-quality seawater fish annually [2] Group 3 - Protecting the marine ecological environment is fundamental for the sustainable use of marine resources, exemplified by the 28-kilometer Sunshine Coast Greenway in Rizhao, which enhances local quality of life and promotes economic value [3] - Emphasizing innovation, industry renewal, and harmonious human-ocean relationships is crucial for driving high-quality development of the marine economy and advancing the construction of a marine power [3]

Group 1 - The core viewpoint emphasizes the significant growth of China's marine economy, with the marine production value expected to exceed 10 trillion yuan for the first time in 2024, and the marine fishery output continuing to lead globally [2][3] - In the first three quarters of the year, China's new ship orders accounted for 63.5% of the global market, indicating a strong position in the maritime industry [2] - The marine economy is playing an irreplaceable role in expanding domestic demand, ensuring food and energy security, and accelerating the transformation of old and new growth drivers [2] Group 2 - The "14th Five-Year Plan" suggests strengthening marine development and protection, indicating a strategic direction for the marine economy and signaling new policy benefits for the sector [3] - The successful deployment of China's first fully autonomous grain unloading machine at Shandong Port marks a breakthrough in technology, achieving 100% domestic production of core components and improving unloading efficiency by 20% compared to international counterparts [3] - The introduction of the "Guoxin 1-2" and "Guoxin 1-2-2" smart fishery vessels is expected to enhance the production capacity of high-quality marine fish, contributing to the development of deep-sea aquaculture [4] Group 3 - Protecting the marine ecological environment is essential for the sustainable use of marine resources, as demonstrated by the development of the Sunshine Coast Greenway in Rizhao, which promotes both ecological and economic benefits [5] - The focus on innovation, industrial upgrading, and harmonious human-ocean relationships is crucial for driving high-quality development in the marine economy, aligning with the goal of building a strong marine nation [5]