Core Insights - The company, China Shipbuilding, reported that its revenue primarily comes from shipbuilding and offshore engineering construction, with a backlog of orders scheduled until 2029 [1] - The company aims to enhance production efficiency to deliver more ships and meet revenue targets based on its order delivery plan and production schedule [1] - The global shipbuilding market is entering a new development cycle, with China's shipbuilding industry showing robust growth across all three major indicators, maintaining a leading position in the international market share [1]

日本首席贸易谈判代表赤泽亮正周二表示，东京在双边贸易谈判中要求美国取消关税的立场没有改变。 他说，如果达成协议会损害国家利益，日本不会急于达成贸易协议。 由于最初的快速达成协议的希望破灭，《日本经济新闻》上周报道称，日本可能会放宽要求，改为要求 美国削减而非取消关税。 一位知情谈判的知情人士告诉表示，日本正在考虑一揽子提案以获得美国的让步，这可能包括增加美国 玉米和大豆的进口、造船领域的技术合作，以及修订进口汽车的检验标准。 赤泽亮正周二在一次例行记者会上说："包括对等关税以及针对汽车、汽车零部件、钢铁和铝等产品在 内的美国一系列关税令人遗憾。我们寻求审查并取消这些关税的立场没有改变。" 赤泽亮正表示，两国已于周一在华盛顿举行了工作层面的贸易谈判。他补充说，第三轮部长级谈判的日 程尚未确定。 日本共同社周二报道称，赤泽亮正将于本周前往华盛顿，参加可能于周五开始的第三轮谈判。 共同社援引未具名消息人士的话说，美国贸易代表格里尔（Jamieson Greer）预计将出席会谈，而财政 部长贝森特将缺席。 4月2日，美国总统特朗普对几乎所有国家征收了10%的关税，并对包括日本在内的许多主要贸易伙伴征 收了更高的关税。 ...

Group 1: Report Industry Investment Rating - The investment rating for the steel products in the black building materials sector is "Oscillating and Slightly Weak" [1] Group 2: Core View of the Report - After the short - term macro - stimulus, the futures prices of rebar and hot - rolled coil have returned to the previous oscillation range. The market is currently dominated by industry logic and expectations, and the market expectations are not optimistic. The supply of steel has increased recently, the export of steel in April continued to grow at a high rate, and the demand for construction steel and plate has shown a differentiation [1] Group 3: Summary According to the Report's Content Market Conditions - On Friday, the main contract of rebar 2510 closed at 3082, down 1.15%. The main contract of hot - rolled coil closed at 3226, down 0.95%. The main contract of stainless steel closed at 12925, down 0.54%. All closed down at night [1] Important Information - China's steel demand will remain in the peak platform range for a long time. It is predicted that the crude steel output will be 800 - 900 million tons in 2035 and about 800 million tons after 2050 [1] - In April 2025, China exported 1.59 million tons of steel bars, a year - on - year increase of 47.1%; from January to April, the cumulative export was 5.71 million tons, a year - on - year increase of 48.1% [1] - From January to April, the national water conservancy construction investment reached 294.36 billion yuan, and the water conservancy investment scale remained at a high level [1] - Russia's government has introduced a new shipbuilding industry development strategy, planning to build more than 1634 ships by 2036 and another 2637 ships by 2050 [1] - As of this week, the capacity utilization rate of independent electric furnace enterprises in the country was 56.57%, a month - on - month increase of 1.49 percentage points, basically the same as the same period last year [1] - From January to April 2025, the national shipbuilding completion volume was 15.32 million deadweight tons, a year - on - year decrease of 8.4%; the new order volume was 30.69 million deadweight tons, a year - on - year decrease of 11.1%. As of the end of April, the order - on - hand volume was 229.78 million deadweight tons, a year - on - year increase of 43.6% [1] Market Logic - On Friday, the spot prices of rebar and hot - rolled coil fluctuated, and the trading volume was average. The impact of macro - factors on the market has weakened, and the market has returned to industry logic and expectations. The fundamentals show that last week, the output and apparent demand of rebar increased, and the inventory decreased. The output and inventory of hot - rolled coil decreased, and the apparent demand increased. Recently, the output of electric furnaces has increased significantly, and the supply of steel has increased. The export of steel in April continued to grow at a high rate, and after the relaxation of Sino - US tariffs, the export is expected to perform well. The ship orders have continued to grow at a high rate, and the demand for medium and heavy plates is good. There is a differentiation in the demand for construction steel and plate [1] Trading Strategy - Wait for the direction to become clearer or conduct short - term operations [1]

Core Viewpoint - The merger and acquisition case involving *ST Songfa is seen as a benchmark for capital market support for industrial upgrades, marking the first approved cross-border acquisition following the new "six merger rules" in September 2024 [2] Group 1: Transaction Details - *ST Songfa plans to swap all its assets and liabilities, valued at 513 million yuan, for 50% equity in Hengli Heavy Industry, with the remaining 50% acquired through issuing shares at 10.16 yuan per share and raising 4 billion yuan, resulting in a total transaction value of 8 billion yuan [3] - The restructuring coincides with the release of revised merger regulations by the CSRC, which emphasizes support for listed companies to enhance quality and efficiency through mergers and acquisitions [3] - Hengli Heavy Industry's net asset book value was only 2.988 billion yuan as of September 30, 2024, yet it was appraised at 8 billion yuan, reflecting a 167.84% increase in value [5] Group 2: Financial Performance - Hengli Heavy Industry, which started its shipbuilding business in 2023, achieved a new order volume of 3.994 million deadweight tons, ranking ninth globally, with revenue soaring from 663 million yuan in 2023 to 5.496 billion yuan in 2024, and net profit skyrocketing 263 times to 301 million yuan [5][7] - The company's total liabilities increased significantly, with current liabilities rising from 4.094 million yuan in 2023 to 12.129 million yuan in 2024, and total liabilities reaching 155.955 million yuan [6] Group 3: Strategic Implications - The transaction is backed by a stringent profit guarantee, with Hengli Heavy Industry committing to a cumulative net profit of no less than 4.8 billion yuan from 2025 to 2027, requiring an average annual growth of over 60% from a 2024 baseline of 300 million yuan [8] - The restructuring approval aligns with an improved regulatory environment, including simplified review processes and relaxed restrictions on industry competition [8] - The case of *ST Songfa serves as an important model for the market, indicating that cross-border mergers with clear industrial logic and compliant targets are likely to receive support [9]

韩国造船业两巨头——HD现代和韩华海洋高层16日在济州分别同美国贸易代表贾米森·格里尔举行双边 会谈，就韩美造船业合作事宜进行讨论。 ...

【文/观察者网 齐倩】近日，中国制造的两艘新型汽车运输船同日开启首航，满载着中国汽车驶向欧 洲，其中一艘为9500车位，创下全球最大汽车运输船记录。 香港《南华早报》5月16日报道称，这彰显出中国汽车出口的雄心壮志。 据报道，5月15日晚，中国自主制造、9500车位的超大型汽车滚装船"安吉安盛"轮开启首航，装载7000 辆中国制造汽车从上海出发前往欧洲。 公开资料显示，"安吉安盛"轮由上汽集团安吉物流投资建造，从设计到施工全方位融合全球最新前沿技 术。该船型总长228米、型宽37.8米，是目前全球最大装载量的低碳智能超大型汽车滚装船，打破了4月 底由比亚迪公司运输船创造的9200车位的运力记录。 清华大学公共管理学院副院长高宇宁认为，中国运输船不到一个月连创纪录，不仅展现中高端制造业蓬 勃发展，也折射了中国外贸在复杂的国际环境下的强劲韧性与活力。"超级巨轮满载中国制造汽车驶向 远洋，未来也将装载着跨国车企的进口汽车来到中国，见证中国汽车工业与世界汽车工业的'双向奔 赴'。" 据悉，上汽旗下安吉物流已建成全球领先的整车物流运输自营船队。预计在明年，安吉物流远洋船队规 模将达22艘，航线资源将覆盖西欧、墨西哥、东 ...

Economic Growth and Achievements - The "14th Five-Year Plan" has seen 99% of its 102 major projects and over 5,000 specific projects completed ahead of schedule [1] - China's GDP reached 134.91 trillion yuan in 2024, an increase of 31.42 trillion yuan from 2020, with an expected economic increment exceeding 30 trillion yuan during the "14th Five-Year Plan" [3] - The average GDP growth rates from 2021 to 2024 were 8.6%, 3.1%, 5.4%, and 5.0%, consistently higher than the global average [2] Industrial Development - The modern industrial system has made significant progress, with the primary industry maintaining steady growth and the secondary and tertiary industries contributing the most to GDP [4] - The added value of the equipment manufacturing and high-tech manufacturing industries grew by 7.7% and 8.9% respectively in 2024, surpassing the overall industrial growth rates [4] Emerging Industries - The "Three New" economy (new industries, new business formats, and new models) accounted for over 18% of GDP in 2024, with China leading globally in several sectors, including electric vehicles and renewable energy installations [5][6] - The digital economy's core industries contributed approximately 10% to GDP, achieving the targets set in the "14th Five-Year Plan" ahead of schedule [5][6] Trade and Export Performance - In 2024, China's total goods import and export volume reached 43.85 trillion yuan, marking a historical high and maintaining its position as the world's largest goods trader for eight consecutive years [7] - The export of mechanical and electrical products amounted to 15.12 trillion yuan in 2024, accounting for 59.43% of total exports, with significant growth in high-end equipment exports [7] - Cross-border e-commerce saw explosive growth, with imports and exports reaching 2.63 trillion yuan in 2024, a 55% increase from 2020 [8] Regional Trade Dynamics - ASEAN has become China's largest trading partner, with a trade surplus of 190.71 billion USD in 2024, reflecting a shift in trade dynamics and alignment with the "14th Five-Year Plan" goals [8]

Group 1 - The US and UK have reached a tariff agreement covering automobiles, steel, and agricultural products, allowing the UK to reduce tariffs on exports to the US [1] - UK tariffs on car exports to the US will decrease from 27.5% to 10%, and steel and aluminum tariffs will drop from 25% to zero, applicable to 100,000 UK cars, nearly covering last year's total exports [1] - In exchange, the UK will open its markets further for US products, providing $5 billion in export opportunities for the US and planning to purchase $10 billion worth of Boeing aircraft [1] Group 2 - South Korea is studying the US-UK trade agreement to find negotiation breakthroughs, particularly focusing on the automotive sector, which accounted for $34.2 billion in exports to the US in 2024, making up 26.8% of total exports [2] - Experts suggest South Korea could adopt a "conditional reciprocity" approach to achieve tariff reductions, leveraging US cooperation needs in shipbuilding and LNG projects [2] - The Korean government is exploring the possibility of a low tariff quota mechanism to secure a 10% preferential tariff for its automobiles [2] Group 3 - South Korea faces significant negotiation challenges, with projected car exports to the US reaching 1.43 million units in 2024, compared to the UK's 100,000 units [3] - The US may demand more concessions from South Korea in agricultural imports, digital trade, and other non-tariff barriers, aiming to maintain a 10% basic tariff while reducing trade deficits [3] - The Korean government aims to balance interests across multiple areas to maximize national benefits in negotiations, with plans to monitor US negotiation strategies and finalize their approach after the new government takes office [3]

美国港口费重锤先砸碎的是自家供应链。中国国际海事和船舶工业的崛起，并非"非市场手 段"产物，而是全球化浪潮下要素优化配置与技术迭代的必然结果 近年来，美国对中国的国际海事行业关注热度超乎想象，专门针对中国的国际海事相关产业链开展了 301调查，各项海事制裁连环叠加。 通过立法、关税、港口并购等一系列手段，尤以对停靠美国港口的中国制造船舶以及中国航运企业征收 的天价港口费为代表，美国试图削弱中国企业竞争力、破坏全球港航布局，并限制中美贸易，重塑其主 导的供应链秩序。 美国在制定相关政策过程中，强化了对中国企业的限制措施，这种做法与全球自由市场规则存在一定偏 离，并引发对公平竞争原则的质疑。 历史早已证明，将经济问题政治化，既无法掩盖美国《琼斯法案》、货载保留等造成的本国船舶和海运 成本黑洞，也不能通过保护主义来振兴其船舶和海运经济，更难以逆转中国船舶制造和海运服务业依托 技术和产业优势形成的创新发展势能。 美国对华海事制裁的终局会走向何方，本文提出三个预言。 针对中国的海事制裁连环叠加 美国频繁对中国实施海事制裁，核心在于遏制中国在全球海运和造船业的主导地位，维护其自身及盟友 利益。美国针对中国施展了多重海事制 ...

Core Viewpoint - The merger of China Shipbuilding and China Heavy Industry marks the largest restructuring in the global shipbuilding industry, with a transaction value of 115.15 billion yuan, signifying a major step towards high-end and international development in China's shipbuilding sector [1] Group 1: Strategic Synergy - The merger aims to eliminate historical competition between the two companies, enhancing the overall industry chain synergy [2] - Post-merger, the new entity will integrate key shipyards, optimizing production capacity and potentially increasing utilization rates from 72% and 53% to over 85%, reducing unit costs by approximately 12% [3] Group 2: Technological Collaboration - The merger will leverage the complementary technological strengths of both companies, accelerating the commercialization of advanced technologies such as smart ships and green power systems [4] - Shared R&D resources will enhance capabilities in high-value ship types, with significant improvements in production processes [4] Group 3: Management Efficiency - Unified management will reduce redundant investments and optimize order management, potentially decreasing production switching costs by about 15% and shortening delivery times by 10-20% [5] - The merger is expected to lower the total debt ratio from 69% to 58%, with annual interest savings exceeding 1 billion yuan [5] Group 4: Global Competitive Landscape - The merger positions the new company as the largest shipbuilding entity globally, with total assets of 401.5 billion yuan and a market share increase from 11% to 18% [7] - The company is set to dominate high-end ship types, capturing over 50% of global LNG dual-fuel orders and leading in the delivery of large vessels [9] Group 5: National Strategy Alignment - The merger exemplifies a significant case of state-owned enterprise reform, focusing on strategic security and high-end industrial development [10] - The new company will play a crucial role in national defense, handling over 90% of military shipbuilding tasks and enhancing domestic production capabilities [11] Group 6: Future Development - A 20 billion yuan technology fund will be established to focus on advanced technologies, with expectations for smart ships to increase from 5% to 30% by 2030 [12] - The restructuring is anticipated to improve the return on equity from 8.34% to 12%, aligning with international standards for leading shipbuilding firms [13] Conclusion - The restructuring is a systematic transformation aimed at enhancing global competitiveness, eliminating internal inefficiencies, and positioning the new company as a key player in China's transition from a shipbuilding power to a shipbuilding stronghold [14]