Core Viewpoint - China's marine economy shows a stable and progressive trend with a marine GDP of 7.9 trillion yuan, reflecting a year-on-year growth of 5.6% in the first three quarters of the year [1] Marine Shipbuilding Industry - The overall development of China's marine shipbuilding industry remains stable, with the completion of marine vessels and the volume of orders on hand increasing by 6.7% and 25.7% year-on-year, respectively [1] - China's market shares in newly received orders, completed shipbuilding, and orders on hand are 63.5%, 47.3%, and 58.6%, respectively, maintaining a global leading position [1] Green Ship Technology - Continuous improvement in the innovation and supply capacity of green ship products, with China's share of newly received green ship orders in the international market reaching 70.6% [1] - The first carbon capture system (OCCS) for newly built ships has successfully completed trials on an 82,000-ton bulk carrier, contributing to emissions reduction in the shipping industry [1] Marine Engineering Equipment - China continues to lead the world in new orders, delivered orders, and orders on hand for marine engineering equipment [1] - The marine engineering equipment manufacturing sector is developing steadily, with positive progress in the research and development of marine pharmaceuticals and biological products [1] Maritime Trade - The competitive advantages of high-end, intelligent, and green marine products are evident, aiding in the optimization of foreign trade structure [1] - Exports of wind turbine generators and parts, as well as ships, have increased by 23.9% and 22.4% year-on-year, respectively, showcasing the resilience of China's marine foreign trade [1]

Core Insights - The marine economy in China achieved a production value of 7.9 trillion yuan in the first three quarters, growing by 5.6% year-on-year, which is 0.4 percentage points higher than the GDP growth rate [1] Marine Resource Supply - The approved marine and island area reached 262,000 hectares, a year-on-year increase of 19.2%, with investments exceeding 641.9 billion yuan [1] - Significant breakthroughs in oil and gas exploration were reported, including a 211-meter oil and gas layer in the Weizhou 10-5 South oil field and high-yield oil and gas wells in the Bohai Bay Basin [1] - Marine oil and gas production saw increases of 3.0% for crude oil and 17.7% for natural gas in the first three quarters [1] Marine Renewable Energy - Offshore wind power generation increased by 3.7%, with new grid-connected capacity rising by 42.1% [2] - Major offshore wind projects, such as the Jiangsu Dafeng (800 MW) and the Jinshan Offshore Wind Farm (306 MW), achieved significant milestones in grid connection [2] Traditional Marine Industries - The shipbuilding industry showed stable growth, with completed ship volumes and hand-held orders increasing by 6.7% and 25.7% respectively [2] - The marine transportation sector experienced growth in cargo volume (5.7%) and cargo turnover (6.2%), with total maritime import and export value rising by 1.7% [2] Marine Tourism - The marine tourism sector saw a value-added increase of 7.0%, with passenger transport volume and turnover rising by 3.0% and 3.8% respectively [2] - Cruise tourism gained popularity, with a 17% increase in cruise ship arrivals and a 28% increase in total passengers [2] Emerging Marine Industries - The marine engineering equipment manufacturing sector maintained a strong position, with new orders, delivered orders, and hand-held orders accounting for 60.0%, 50.8%, and 61.9% of the international market share respectively [3] - Progress was made in marine pharmaceuticals, with the approval of LY104 injection for clinical trials, marking a significant development in marine small molecule drugs [3] - The resilience of marine foreign trade was evident, with a 1.7% increase in maritime import and export value, and notable growth in exports of wind turbine generators and ships by 23.9% and 22.4% respectively [3]