Core Viewpoint - China Cosco Shipping Energy Transportation Co., Ltd. (中远海能) announced a shipbuilding contract for one ethylene carrier and eighteen oil tankers with a total value of RMB 7.882 billion, scheduled for December 12, 2025 [1] Group 1 - The company has entered into shipbuilding contracts with Dalian Cosco Shipping Heavy Industry, Yangzhou Cosco Shipping Heavy Industry, and Guangdong Cosco Shipping Heavy Industry [1] - The total contract value amounts to RMB 7.882 billion [1] - The contract includes the construction of one ethylene ship and eighteen oil tankers [1]

Core Insights - The shipbuilding industry is entering a recovery phase, with a significant increase in new orders for bulk carriers and oil tankers, indicating a demand acceleration [5][13][34] - The overall new ship orders in November showed a year-on-year growth of 3.5% in CGT, 37.6% in DWT, and 20.1% in monetary value, marking the first positive growth of the year [5][13] - The demand for Capesize bulk carriers is expected to rise due to the commencement of the Simandou iron ore project, which will significantly impact global shipping patterns [34][35] Section Summaries 1. Recent Updates: Recovery in Bulk Carrier and Oil Tanker Orders - November saw the first year-on-year increase in new ship orders, primarily driven by bulk carriers and oil tankers, with significant growth rates observed [5][13] - The total new ship orders reached 116 million DWT, with a notable acceleration in the second half of the year due to improved market conditions [5][13] 2. Bulk Carriers: Changes in Iron Ore Shipping Dynamics - The Simandou iron ore project is expected to alter the shipping landscape, with its production capacity potentially accounting for 10% of China's iron ore imports in 2024 [34][35] - The demand for Capesize vessels is projected to increase significantly, with estimates suggesting a need for an additional 22-23 Capesize ships in the near term [35] 3. Oil Tankers: Long-term Supply Shortages and Renewal Demand - The average age of the oil tanker fleet exceeds 14 years, with a significant portion of the fleet being over 20 years old, leading to a long-term supply shortage [65][71] - The current order book for oil tankers is insufficient to meet the renewal needs of aging vessels, indicating a tightening supply situation [65][71] 4. Container Ships: Changes Under Pressure, Support for Feeder Vessels - The container ship market has been influenced by geopolitical factors, with the Red Sea conflict causing rerouting and impacting effective capacity [79][82] - The demand for feeder vessels remains strong despite uncertainties surrounding the full restoration of Red Sea shipping routes [79][82] 5. LNG Ships: Natural Gas Capacity Expansion Driving New Orders - The expansion of natural gas production capacity is expected to drive an increase in new LNG ship orders, reflecting a growing demand for cleaner energy transportation [5][19]

Core Viewpoint - The signing of a new shipbuilding project between China Shipbuilding Group and China COSCO Shipping Group marks a historic moment for China's shipbuilding industry, involving 87 vessels with a total value of approximately 50 billion RMB, making it the highest single contract amount in the domestic shipbuilding sector [2][4]. Group 1: Project Details - The cooperation involves 87 vessels across various types, with a total contract value of about 500 billion RMB, of which approximately 470 billion RMB will be settled in cross-border RMB [2][3]. - The project will be undertaken by subsidiaries of China Shipbuilding, including Jiangnan Shipyard, Dalian Shipbuilding Industry, and others [4][5]. Group 2: Financial Performance - In the first three quarters of 2025, China Shipbuilding achieved a revenue of 107.4 billion RMB, representing a year-on-year growth of 17.96%, and a net profit attributable to shareholders of 5.85 billion RMB, up 115.41% year-on-year [8][9]. - The company has seen a significant increase in revenue and profit due to an optimized order structure and improved delivery of civil ship products [9]. Group 3: Future Outlook - The long-term contract is expected to positively impact the company's future revenue and profitability, enhancing its market competitiveness and profitability [5]. - The company plans to engage in futures and derivatives trading to mitigate risks associated with currency fluctuations and commodity price volatility, with a projected trading limit of up to 24 billion USD for 2026 [10]. Group 4: Industry Trends - The shipbuilding industry is moving towards green and intelligent development, with a focus on technological innovation and low-carbon solutions [6].

Core Insights - South Korea's top ten manufacturing industries are projected to invest 122 trillion won in domestic equipment this year, reflecting a year-on-year growth trend [1] Group 1: Investment Overview - The investment plan for the top ten manufacturing industries has been increased by 3 trillion won from the beginning of the year, reaching 122 trillion won [1] - The investment amounts for 2023 and 2024 are set at 100 trillion won and 110 trillion won, respectively, indicating a consistent upward trajectory [1] - The investment execution rate for the first three quarters of this year stands at 68%, maintaining a stable development momentum compared to the same period last year [1] Group 2: Sector-Specific Insights - The semiconductor and automotive sectors dominate the investment landscape, accounting for approximately 80% of the total investment plan [1] - Investment in the semiconductor sector is focused on high-end memory chips to meet the rising global demand driven by artificial intelligence [1] - The automotive industry is expanding investments to facilitate the transition to electric vehicles [1] Group 3: Government and Industry Collaboration - Participating companies have urged the government to expedite the implementation of electric vehicle subsidies, expand policy financial support, introduce investment tax credits, and reduce electricity costs [1]

"面向未来，双方将以此次签约为新起点，在科技创新、绿色低碳、智能船舶和智能制造等领域开展更 深层次合作，共同构建安全、高效、绿色和韧性的全球海运体系。"上述中船集团人士表示。 国际海事数据机构Alphaliner发布的最新数据显示，截止到12月9日，全球班轮公司运力排行中，最高的 为地中海航运，合计运力709.75万标准箱（TEU），市场占比达21.3%，马士基和法国达飞轮船分别位 列第二和第三，市场占比为13.9%和12.3%。中远海运排名第四，运力约355.54万TEU，市场占比为 10.7%。 近两年来，全球主要航运企业均在大手笔下单新船。全球最大集装箱航运公司地中海航运就是其中的典 型，2024年，地中海航运共签订56艘、约110万TEU集装箱船新造订单，合计1121.2万载重吨，以载重 吨计，成为当年订单量最大的航运企业。2025年，地中海航运也在不断签订新船订单，如6月在招商工 业海门基地，订造6艘22000TEULNG双燃料集装箱船，订单总价值超过12亿美元；7月在中国船厂下单6 艘22000TEU集装箱船，总价值超过13亿美元。通过近两年持续下单买船，地中海航运运力与排名第二 的马士基已拉开差 ...

港股點評 2025年12月9日9:30 a.m 京東(09618.HK) 旗下京東七鮮石家莊首家京東七鮮超市將於 19 日在裕華萬達 廣場 2 層正式開業。京東七鮮自 11 月 28 日起便在石家莊率先開啟線上配送。 京東七鮮在裕華萬達店開業前，將在石家莊陸續增設更多衛星小店，進一步擴 大配送範圍。 重要通知及免責聲明 恒指跌 319 點，滬指升 21 點，標普 500 跌 23 點 本報告所載的資料及意見由寶通證券亞洲有限公司（證券及期貨條例下的持牌法團(中央編號AGG778)）擬備。本報告 旨在由獲寶通證券亞洲有限公司提供本報告者收取﹐而不是旨在向在有關分發或使用會抵觸當地法律及規例的､或使 任何寶通證券亞洲有限公司､其控股公司及其控股公司的其他附屬公司､其聯屬公司及其另外的關聯公司受當地任何監 管規定限制的任何司法管轄區或國家的任何人士或實體分發或由其使用。任何管有本報告或打算作出行動或依賴其所 載的資料的人士或實體﹐必須確保其本身不受任何對其作出有關行動有所限制或禁止的本地規定所限制。本報告所載 的任何資料或任何意見均不構成寶通證券亞洲有限公司集團的任何成員､其董事､代表及／或雇員（不論作為委託人或 ...

今日提示 ·美国联邦储备委员会定于12月9日和10日，举行货币政策例会并公布议息决定。市场普遍认为，美联储 再次降息可能性较大。 ·谷歌官宣将于北京时间12月9日凌晨2点，举行AndroidXR特别发布会。根据发布会直播简介，收看者将 了解有关XR的所有内容，包括眼镜、头戴式设备以及所有中间设备。 ·2025年海上丝绸之路国际文化旅游节12月9日至12月15日在福建泉州举办。 ·普冉股份拟通过发行股份、可转换公司债券及支付现金的方式购买诺亚长天49%股权，并发行股份募 集配套资金。本次交易完成后，公司将持有诺亚长天100%股权。本次交易不设置业绩补偿承诺和减值 补偿承诺。公司股票将于2025年12月9日开市起复牌。 ·太龙药业控股股东郑州泰容产业投资有限公司正在筹划的可能导致公司控制权变更事项，已与相关方 达成一致并签署协议。公司股票将于2025年12月9日开市起复牌。 ·元创股份代码001325，发行价24.75元，申购上限1.95万股，市盈率12.93倍，主营橡胶履带。 上证聚焦 ○A股成交额重返2万亿元核心赛道领涨 12月8日，A股三大指数集体走强，创业板指领涨。截至收盘，上证指数报3924.08点，涨 ...

中新社上海12月8日电 (谢梦圆)中国远洋海运集团与中国船舶集团8日在上海举行新造船签约活动。当日 签约的新造船订单涵盖各型船舶共计87艘，合同总金额约500亿元人民币，成为中国造船企业签订的国 内单次合作签约最高金额的订单。 当前，全球航运与造船业正面临深刻变革，绿色低碳与数智技术深度融合，成为产业发展的重要方向。 对中国船舶集团而言，这批新船订单将为旗下多家造船基地带来体量可观、技术含量较高的优质在手订 单，为集团在新燃料动力、智能系统集成、数字化交付等关键领域的技术迭代提供了"实船场景"和规模 化应用平台。 据悉，2024年，上述两大集团已在上海签署战略合作框架协议，将绿色转型、数字化建设、智能船舶与 智能制造等确立为优先合作方向。 此次，双方将以签约为新起点，在科技创新、绿色低碳、智能制造等领域开展更深层次合作。(完)【编 辑:刘阳禾】 对中国远洋海运集团而言，本次新造船是集团顺应当前航运业大型化、绿色化、智能化发展方向，持续 推进船队结构优化，保持规模优势，致力于保障全球贸易物流供应链稳定的重要举措。 ...

★ 宏观动态 ★ 中共中央政治局召开会议 分析研究2026年经济工作 据新华社，中共中央政治局12月8日召开会议，分析研究2026年经济工作，审议《中国共产党领导全面依法 治国工作条例》。其中会议 会议指出，明年经济工作要坚持稳中求进、提质增效，继续实施更加积极的财政 政策和适度宽松的货币政策，发挥存量政策和增量政策集成效应，加大逆周期和跨周期调节力度，切实提升宏 观经济治理效能。要坚持内需主导，建设强大国内市场；坚持创新驱动，加紧培育壮大新动能；坚持改革攻 坚，增强高质量发展动力活力；坚持对外开放，推动多领域合作共赢；坚持协调发展，促进城乡融合和区域联 动；坚持"双碳"引领，推动全面绿色转型；坚持民生为大，努力为人民群众多办实事；坚持守牢底线，积极 稳妥化解重点领域风险。 海关总署：11月份出口2.35万亿元，同比增长5.7% 12月8日，海关总署对外公布，今年前11个月，我国货物贸易保持增长，进出口总值41.21万亿元，同比增长 3.6 %。其中：出口24.46万亿元，增长6.2%；进口16.75万亿元，增长0.2%；对共建"一带一路"国家进出 口21.33万亿元，增长6%，占我国外贸总值的51.8%；我 ...

今天（8日），中船集团与中国远洋海运集团在上海完成了新造船项目的合作签约，金额超500亿元人民币，这是我国船企签订的国内单次合作签约最高金额 的订单。 在今天签约的新造船项目订单中，新造船合作涉及各型船舶87艘。 中船集团相关负责人表示，随着全球能源技术革命、5G物流网基础设施完善以及AI人工智能的叠加作用，当前，航运和造船业正朝着绿色化、智能化融合 发展。接下来，中国船舶集团将与中国远洋海运集团在科技创新、绿色低碳、智能船舶等领域开展更深层次的合作，为全球贸易提供更安全、高效、绿色的 运输保障。 ...