作为全球海工装备领域的新锐，FLNG在海洋能源开发中扮演着不可或缺的关键角色。虽商业化未满十 年，但FLNG作为技术壁垒最高、造价最高昂、附加值最大的高端海工装备之一，被誉为"皇冠上的新 明珠"。在这个曾被国际海工巨头长期垄断的领域，惠生清能以超30%的全球份额强势破局，不仅是中 国唯一具备FLNG总包承建能力和拥有交付记录的企业，更是跻身全球第一梯队，成为全球唯一实现独 立总包交付FLNG项目的企业，彻底重塑全球市场格局。 在碧波浩渺的西非海域，一座钢铁巨构静立洋面。它没有破浪的螺旋桨，也非流线型船身，却藏着"海 上超级工厂"的硬核实力，这便是全球仅7艘在运营的FLNG（浮式液化天然气生产储卸装置）之 一"Tango FLNG"。它隶属于意大利油气巨头ENI，其建造者则是一家来自中国的高端海工装备企业—— 惠生清洁能源科技集团股份有限公司（以下简称"惠生清能"）。 惠生清能不仅是破局者，更是协同者和引领者：带领国内供应链企业协同出海，让中国海工装备产业在 全球竞争中从单个企业突围升级为产业集群作战，大幅提升了全球市场话语权；以技术溢价替代价格竞 争的新范式打破内卷，引领国内海工装备产业形成向上突破的良性生态 ...

在碧波浩渺的西非海域，一座钢铁巨构静立洋面。它没有破浪的螺旋桨，也非流线型船身，却藏着"海 上超级工厂"的硬核实力，这便是全球仅7艘在运营的FLNG（浮式液化天然气生产储卸装置）之 一"Tango FLNG"。它隶属于意大利油气巨头ENI，其建造者则是一家来自中国的高端海工装备企业—— 惠生清洁能源科技集团股份有限公司（以下简称"惠生清能"）。 作为全球海工装备领域的新锐，FLNG在海洋能源开发中扮演着不可或缺的关键角色。虽商业化未满十 年，但FLNG作为技术壁垒最高、造价最高昂、附加值最大的高端海工装备之一，被誉为"皇冠上的新 明珠"。在这个曾被国际海工巨头长期垄断的领域，惠生清能以超30%的全球份额强势破局，不仅是中 国唯一具备FLNG总包承建能力和拥有交付记录的企业，更是跻身全球第一梯队，成为全球唯一实现独 立总包交付FLNG项目的企业，彻底重塑全球市场格局。 惠生清能不仅是破局者，更是协同者和引领者：带领国内供应链企业协同出海，让中国海工装备产业在 全球竞争中从单个企业突围升级为产业集群作战，大幅提升了全球市场话语权；以技术溢价替代价格竞 争的新范式打破内卷，引领国内海工装备产业形成向上突破的良性生态 ...

·2004年，惠生（南通）重工有限公司正式注册成立，南通基地同步启动建设； ·2006年，首个项目墨西哥PEMEX-COSL4钻机模块项目成功入驻，标志着公司业务正式落地运转； ·2009年，惠生清能美国公司成立，公司业务版图延伸至海外，国际市场拓展迈出重要一步； ·2024年，签约马来西亚云顶集团FLNG EPCIC合同，启东基地也开始投建，为未来发展储备了新的产能 和动能； ·2025年，中标并签约了土耳其国家石油公司FPU EPCIC合同，在手订单金额稳步增长； ·2025年8月底，惠生清能总包的第二艘FLNG发运仪式在江苏启东举办。 （本报记者 任明杰 整理） ·2016年，成功交付世界首艘驳船FLNG及首艘驳船FSRU，将之前的技术突破转化为实际成果； ·2017年，获得世界单体最大裂解炉模块建造项目； ·2021年，交付了三峡集团的中国首个浮式风电半潜式基础平台项目，顺利切入风电新能源装备领域， 实现了业务的重要拓展； ·2022年，再次斩获国际大单，获得意大利石油公司ENI的"Nguya"号FLNG EPCIC合同，总金额达几十 亿美金，国际竞争力持续提升； ·2023年，公司正式更名为"惠生清 ...

国防军工行业 行业研究 | 深度报告 深海科技锻造战略新引擎 ——深海产业研究系列报告（1） 核心观点 投资建议与投资标的 ⚫ 深海产业兼具战略高度和科技属性，商业化周期长、技术壁垒高，是典型的"长坡 厚雪"赛道。当前阶段建议优先关注以下方向：（1）存在卡脖子风险的关键材料和 部件，如高端传感器（中国海防、中科海讯、长盈通等）、高强度钛合金（西部材 料、宝钛股份、金天钛业、派克新材、航宇科技）、碳纤维复合材料（光威复材、 中简科技、中复神鹰等）；（2）军工应用核心赛道，重点突破水下无人作战装备 （中国船舶、中国动力、湘电股份、天海防务等）；（3）商业化进程最快的深水油 气开发领域（海油工程、迪威尔、杰瑞股份）；（4）通信、数字基础设施建设，如 海底光缆、海底观测网、海底数据中心（中天科技、海兰信等）。 风险提示 ⚫ 政策支持不及预期；技术发展不及预期；生态环境破坏风险；国际法规与地缘政治 风险。 | | 看好（维持） | | --- | --- | | 国家/地区 | 中国 | | 行业 | 国防军工行业 | | 报告发布日期 | 2025 年 08 月 23 日 | | 罗楠 | 021-63325888* ...

Group 1 - The Weifang Municipal Procuratorate has implemented measures to optimize the legal business environment, focusing on the protection of enterprises' legal rights and interests [1] - A total of 137 cases related to illegal business operations, contract fraud, and financial fraud have been handled, ensuring equal legal protection for various ownership economies [1] - The Procuratorate has conducted 12 "Law into Enterprises" activities, providing 38 legal consultations to businesses, promoting a dual prevention mechanism [1] Group 2 - The focus on intellectual property protection has led to the handling of 15 criminal cases involving 20 individuals, particularly in the fields of medical devices and marine engineering equipment [2] - A new supervision mechanism has been established to restore over 30 acres of coastal areas, enhancing the management of marine resources [2] - The Weifang Municipal Procuratorate aims to enhance the legal business environment through effective measures, contributing to high-quality economic development [2]

Core Viewpoint - Yancheng, located by the Yellow Sea, has transformed its historical significance into a modern economic hub, focusing on high-quality development and leveraging its geographical advantages [1][2] Group 1: Historical Significance - Yancheng was the site of the New Fourth Army's military headquarters during the Anti-Japanese War, marking its importance in Chinese history [1] - The New Fourth Army, with over 90,000 troops, played a crucial role in the resistance against Japanese forces, establishing a new phase in the war in Central China [1] Group 2: Economic Development - Since the 18th National Congress, Yancheng has actively developed a modern industrial system, particularly emphasizing marine economy [1] - The city has the longest coastline in Jiangsu and is focusing on nine major marine economic industries, including marine fisheries, marine engineering equipment, and marine tourism [1] - Yancheng is implementing marine ecological protection and restoration projects, creating a network of protected areas along its 580 km coastline [1] Group 3: Green Industry Growth - Yancheng has seen significant growth in the green industry, particularly in offshore wind power, with installed capacity nearing one-eighth of the national total [2] - The city accounts for over 40% of the national offshore wind turbine manufacturing capacity and approximately 20% of blade production, making it one of the largest bases for offshore wind power equipment globally [2]

Group 1 - The marine equipment sector experienced a significant surge, with companies like JuLi Rigging hitting the daily limit up [1] - Other companies such as Fangsheng Co., Jinpan Technology, Dongfang Cable, and Zhongyu Technology also saw increases in their stock prices [1]

Group 1 - The city of Weihai has recognized 29 individuals as national and provincial moral models, 257 as municipal moral models, and 83 as "Chinese Good People" [2] - Weihai's construction and marine equipment industry generated a revenue of 208.1 billion yuan, with five advanced manufacturing clusters recognized at the national level [2] - The "Shan Port Tong" intelligent transfer model has been launched at the Weihai Port, aiming for provincial coverage to enhance logistics efficiency and promote green, low-carbon transportation [3] Group 2 - Weihai is transitioning from attracting enterprises to creating an ecological environment for sustainable development, with significant projects like the high-end marine oil and gas pipeline manufacturing project underway [4][5] - The city has signed multiple agreements for new energy and aviation manufacturing bases, indicating a strong focus on industrial cooperation and attracting leading enterprises [5][12] - The "first store economy" in Weihai has seen a surge, with 81 new stores opening, contributing to local consumption and economic growth [6] Group 3 - The "Love Shandong" app has launched 910 high-frequency service items, covering education, healthcare, social security, and business registration, facilitating easier access for citizens [13][15] - The app has streamlined enterprise registration processes, allowing for online applications and reducing the need for physical paperwork, thus enhancing service efficiency [14] - The app's features include real-time updates and automated verification for various personal and business services, significantly improving user experience [14][15]

Core Insights - The marine economy in China has shown resilience and positive growth in the first half of the year, with a marine GDP of 5.1 trillion yuan, reflecting a year-on-year increase of 5.8% [1] Marine Industry Performance - The shipbuilding sector continues to lead globally, with ship completion volume increasing by 4.7% year-on-year. China's market share in new ship orders, completed ships, and hand-held orders stands at 64.0%, 47.2%, and 57.6% respectively [2] - The marine transportation industry has demonstrated strong resilience, with marine cargo volume and turnover increasing by 5.2% and 6.9% year-on-year [2] Emerging Marine Industries - The marine engineering equipment construction market has rebounded, with new orders, delivered orders, and hand-held orders capturing 64.6%, 43.3%, and 62.6% of the international market share respectively [3] - The marine tourism sector has seen a significant increase in value added, reaching 771.8 billion yuan, a growth of 8.0% year-on-year, driven by favorable policies and rising travel demand [2] Marine Resource Development - The area approved for marine and island projects has increased by 25.2% year-on-year, involving investments exceeding 500 billion yuan, which supports major project needs [4] - The marine clean energy supply capacity has improved, with offshore wind power generation increasing by 2.2% and new grid-connected capacity rising by 199.4% [4] Business Outlook - Nearly 90% of marine-related enterprises expect stable or growing average employment numbers in the second half of the year, with 73.8% anticipating stable or increased profits [5] - The technological innovation capabilities of marine enterprises are on the rise, with over 57% of companies reporting growth in R&D funding and personnel [5] Marine Technology and Infrastructure - The establishment of the National Marine Comprehensive Test Field in Hainan aims to support deep-sea scientific research and technology innovation [6] - The construction of automated container and bulk cargo terminals is progressing, with 23 automated container terminals and 29 automated bulk terminals completed [7] Trade and Export Performance - The total import and export volume of marine shipping increased by 1.1% year-on-year, with significant growth in high-end, intelligent, and green marine products [7] - The expansion of foreign trade shipping routes continues, with new direct shipping lines established to Southeast Asia, Ecuador, and the Middle East [7]

Core Viewpoint - Fujian Province is actively promoting the "blue economy" under the policy of "driving high-quality development of the marine economy" [1][4] Group 1: Marine Economic Development - Fujian Province has formed two marine industry clusters worth 500 billion yuan each in green petrochemicals and marine tourism, and three clusters worth 100 billion yuan each in marine fisheries, shipping logistics, and marine information [1] - The marine production value of Xiamen City is expected to reach 258.8 billion yuan in 2024, with a year-on-year growth of 8.95%, accounting for 30.1% of the city's GDP [1] - The marine emerging industries in Xiamen, such as marine biomedicine and high-end marine equipment, contribute nearly 40% to the marine production value [1] Group 2: Strategic Planning and Goals - The "14th Five-Year Plan" for building a strong marine province aims to achieve significant progress by 2025 and elevate the marine economy's comprehensive strength by 2035 [2] - The development of the marine economy enhances the resilience, innovation, and inclusiveness of Fujian's economy, injecting new momentum for high-quality development [2] Group 3: Advantages and Challenges - Fujian Province has four core advantages for developing the marine economy: leading resource endowment, solid marine industry foundation, unique "multi-zone overlap" policy advantages, and strong marine technological innovation momentum [5][6] - Despite these advantages, challenges include a low proportion of emerging marine industries and weak marine technological innovation capabilities [2][8] Group 4: Recommendations for Development - To convert advantages into economic output, Fujian should strengthen port hubs and coastal industries, activate the value of island resources, and drive the transformation and upgrading of marine industries [6][7] - Key emerging industries to focus on include marine biomedicine, marine engineering equipment, marine renewable energy, marine electronic information, marine environmental protection, and modern marine services [9]