邝展婷 特约记者 彭永桂 12月19日，中国船舶集团有限公司旗下广船国际有限公司在广州南沙举办2025年全球合作伙伴大会。大会以"广聚智链，船领深蓝"为主题，汇聚了来自全 球的船东、供应商及服务商等近700名业界精英，共同探讨绿色船舶、智能造船及产业链建设等议题，为船舶工业的高质量发展贡献智慧与力量。 2. 凡本微信号发布注明来源的转载稿件或翻译稿件，转载或翻译目的在于传递及交流更多信息，并不代表本报赞同文章观点，亦不对文章真实性、数据科 学性等负责。如有单位或个人对本报转载或翻译稿件的上述内容存在质疑，请直接联系原著作权机构或个人。 3. 如因文章内容、版权和其它问题需要同本微信号联系的，请在30日内进行。 邝展婷 特约记者 彭永桂 12月19日，中国船舶集团有限公司旗下广船国际有限公司在广州南沙举办2025年全球合作伙伴大会。大会以"广聚智链，船领深蓝"为主题，汇聚了来自全 球的船东、供应商及服务商等近700名业界精英，共同探讨绿色船舶、智能造船及产业链建设等议题，为船舶工业的高质量发展贡献智慧与力量。 大会上，中船集团经济运行部、广州市南沙开发区管委会等单位代表进行了致辞。广船国际党委副书记、董事、总经 ...

广州作为国家现代船舶工业的重要基地，产能基础雄厚。以南沙中船龙穴造船基地为核心，形成了年造船产能超550万载重吨的产业集群，单船造船能力突 破30万吨。中国船舶集团旗下广船国际、黄埔文冲两大骨干企业坐落于此，产品覆盖全系列液散货船、滚装船、半潜船、可燃冰开采船等，并在高端豪华客 滚船、PCTC汽车滚装船、支线集装箱船等产品市场占据全球领先地位。 为推动产业升级，广州在今年9月印发实施了《广州市推动船舶与海洋工程产业高质量发展行动方案》，目标到2027年船舶与海工产业产值突破600亿元；到 2035年争取实现规模效益双倍增，规模超1000亿元的目标，全市将重点在船舶产业推动实施"强链补链""自立自强""智改数转""制造+服务""生态育成"等行 动，加快构建覆盖研发、制造、配套、服务等的全链条产业体系。 作为核心承载区，南沙集成了显著的政策与区位优势。企业可享受《南沙方案》税收优惠及多项区级扶持政策。同时，背靠广州港这一世界级枢纽港，大型 海工装备可获得高效的通关与引航服务。目前，南沙区船舶企业新接订单、完工量和手持订单三大指标，分别占珠三角基地的45.3%、63.3%和56.4%，优势 突出。 广州重点船企手持 ...

格隆汇12月18日丨中国能建(601868.SH)在投资者互动平台表示，葛洲坝船厂属于本公司资产。葛洲坝 船厂原为宜昌市葛洲坝船业公司，2004年9月重组整合至中国葛洲坝集团机械船舶有限公司。中国葛洲 坝集团机械船舶有限公司先后为中外客户建造了200余艘长江客轮、货轮、油轮、化学品船、滚装船、 沥青船、LPG船、江海直达货轮和远洋货轮等。随着市场环境变化和公司业务结构调整，目前主要开展 差异化的船舶加工业务。 ...

土国防部发表声明说，这架无人机"在例行程序中被（土军）探测和追踪到"，并被确认为"一架失 控的无人机"。土军随后出动F-16战斗机，"为避免任何不良后果，在远离人口稠密区的安全地带将其击 落"。 针对近日黑海海域频繁发生民用船只遭袭事件，土耳其总统埃尔多安13日警告说，"黑海不应被视 为对抗区域。这样做对俄罗斯和乌克兰都没有好处。黑海需要安全的航行环境"。 一艘土耳其滚装船12日下午在乌克兰敖德萨港遭不明来源的导弹袭击。土耳其外交部随后发表声明 证实滚装船遇袭一事，强调俄乌双方立即停火的重要性，重申有必要达成一项协议以防止黑海局势升 级，呼吁冲突各方就"保障黑海航运安全并暂停袭击能源和港口基础设施"达成协议。 新华社安卡拉12月15日电（记者熊思浩）土耳其国防部15日表示，土军方当天击落一架从黑海方向 接近土领空的"失控"无人机。 ...

Group 1: Financial Performance - The company's net profit attributable to shareholders significantly increased in the first half of 2025, driven by improved profitability in energy-related and logistics-related businesses [3][4]. - The gross margin for the offshore engineering segment rose by 5.84 percentage points to 10.88%, while the energy chemical segment's gross margin increased by 1.91 percentage points to 15.12% [3]. - Despite a slight decline in revenue compared to the previous year, the overall profitability and net profit saw substantial growth [3]. Group 2: Order and Revenue Outlook - The offshore engineering segment's order intake decreased compared to the previous year due to delays, but the focus remains on high-quality orders, particularly FPSO projects [4]. - As of June 2025, the offshore engineering segment had a backlog of approximately $5.55 billion, with production scheduled through 2027/2028, indicating strong revenue and profit growth potential [4]. - The company anticipates a stable and clear medium to long-term market demand for FPSO and FLNG contracts, with an expected average of 10 new FPSO contracts awarded annually from 2025 to 2029 [6]. Group 3: Container Industry Trends - The container supply chain index remains in a healthy range, supported by global trade resilience and domestic market dynamics [6]. - Long-term demand for container manufacturing is expected to rise, potentially exceeding the recent annual demand of around 4 million TEUs, driven by global population growth and increased wealth [6]. - The global container fleet of over 50 million TEUs will lead to an annual potential renewal demand of 200,000 to 300,000 TEUs, further supporting steady growth in the container industry [6]. Group 4: Investor Relations and Market Confidence - The company's stock repurchase program has positively impacted investor confidence, with ongoing efforts to enhance shareholder returns through effective market communication and value transmission [7]. - The company is committed to maintaining high-quality growth and exploring various market-driven strategies to enhance its market value management [7]. - The A-share and H-share price discrepancies have been narrowing, reflecting the market's increasing recognition of the company's value [7].

Core Insights - The signing and groundbreaking ceremony for the Yizheng Shipbuilding Supporting Industry Park took place on September 25, with a total investment of approximately 5 billion yuan and a planned area of about 900 acres [2] - The project aims to establish a "world-class shipbuilding and marine engineering equipment advanced manufacturing industry cluster" in collaboration with major state-owned enterprises [2][3] - The Yizheng Shipbuilding Supporting Industry Park is expected to produce nearly 20 ships annually, generating an output value of 10 billion yuan [2] Company Developments - The project is a collaboration between the Jiangsu provincial government and China Merchants Group, which has a long-standing partnership with Yangzhou [3] - The Jiangsu Jinling Shipyard, a core member of China Merchants Industry, has a strong reputation in the roll-on/roll-off ship manufacturing sector, recognized as a national manufacturing "single champion" [4] - The Jinling Shipyard has recently returned to the container shipbuilding market, securing multiple orders for new generation container ships, including 6 units of 1800TEU and 2+2 units of 2280TEU dual-fuel container ships [5] Industry Context - Yangzhou is positioning itself as a modern industrial city, focusing on a modern industrial system characterized by "6 clusters and 13 chains" [2] - The shipbuilding industry in Yangzhou has seen significant growth, with the shipbuilding industrial chain's output value increasing at the highest rate among 13 emerging industrial chains last year [2] - The establishment of the Yizheng Shipbuilding Supporting Industry Park is part of a broader strategy to enhance the competitiveness and brand reputation of Yangzhou's shipbuilding sector [3]

Core Insights - The article highlights the significant growth and competitiveness of China's automotive exports, particularly through the Haitong (Taicang) automobile terminal, which has seen record export volumes in 2023 [1][3]. Group 1: Port and Transportation Infrastructure - Taicang Port is recognized as a world-class port with unique advantages, including a 38.8 km coastline and a -12.5 meter deep-water channel, making it a crucial hub for international shipping and container transport [2]. - The Haitong (Taicang) automobile terminal has successfully loaded over 500 vessels and handled more than 600,000 vehicles from January to August 2023, with over 400,000 vehicles exported, surpassing the total export volume of the previous year [3]. Group 2: Automotive Export Trends - The export structure of vehicles has shifted, with a growing proportion of new energy vehicles (NEVs) being exported, now accounting for a ratio of 4:6 compared to traditional fuel vehicles [3]. - The recognition of Chinese automotive quality in international markets, particularly in Europe, has contributed to the increase in exports, supported by competitive manufacturing costs [3]. Group 3: Technological Advancements - The Taicang Port is implementing automation and digital technologies to enhance operational efficiency, including the use of automated cranes and AI for logistics management, which can reduce labor needs by approximately 70% and improve efficiency by 20% [5]. - The port aims to achieve a fully automated and environmentally friendly operation, with 100% coverage of green areas and wastewater management [5].

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but showed signs of recovery in Q2, particularly in the oil transportation segment, with expectations for improved performance in the latter half of the year [1][2][3]. Financial Performance - Revenue for H1 2025 was 12.58 billion, a year-on-year decrease of 4.9%, while Q2 revenue was 6.99 billion, showing a slight increase of 0.1% year-on-year and a 24.9% increase quarter-on-quarter [1]. - Net profit attributable to shareholders for H1 2025 was 2.12 billion, down 14.9% year-on-year, with Q2 net profit at 1.26 billion, up 12.3% year-on-year and 45.5% quarter-on-quarter [1]. - Non-recurring net profit for H1 was 1.91 billion, a decrease of 22% year-on-year, with Q2 at 1.05 billion, down 3% year-on-year but up 23.4% quarter-on-quarter [1]. - The company declared a cash dividend of 0.7 per 10 shares, with cash dividends and buybacks accounting for 41.2% of net profit [1]. Oil Transportation Segment - In Q2, oil transportation revenue was 2.31 billion, down 4.3% year-on-year, while net profit was 0.81 billion, showing a slight increase of 0.1% year-on-year and a significant increase of 65.5% quarter-on-quarter [1]. - The VLCC fleet outperformed the industry, benefiting from a strong market driven by OPEC's production increase and tightening sanctions on non-compliant trade [1][2]. - The TCE (Time Charter Equivalent) for the company's fleet continued to exceed market indices, with expectations for a strong Q4 due to seasonal demand [2]. Bulk Shipping and Container Shipping - Bulk shipping revenue for Q2 was 2.02 billion, down 2% year-on-year, with net profit at 0.26 billion, down 40.6% year-on-year but up 65.4% quarter-on-quarter [3]. - The company’s fleet outperformed market indices in various categories, with expectations for steady growth in bulk shipping driven by increased demand for commodities [3]. - Container shipping revenue for Q2 was 1.88 billion, up 11.8% year-on-year, with net profit at 0.29 billion, up 115.4% year-on-year but down 12.5% quarter-on-quarter [3]. Investment Outlook - The company maintains a strong recommendation based on current valuation and the expected upward trend in the oil transportation market and stable growth in bulk shipping [4]. - Profit forecasts for 2025-2027 are set at 6.48 billion, 7.66 billion, and 8.18 billion, with corresponding PE ratios of 8, 7, and 7, and PB ratios of 1.2, 1.1, and 1.0 [3].

Core Viewpoint - 中集集团 reported a decline in revenue but a significant increase in net profit for the first half of 2025, indicating a strong performance in profitability despite challenging market conditions [1] Group 1: Financial Performance - 中集集团's revenue for the first half of 2025 was 760.90 billion yuan, a year-on-year decrease of 3.82% [1] - The net profit attributable to shareholders reached 12.78 billion yuan, reflecting a year-on-year increase of 47.63% [1] - The company reduced its interest-bearing debt by over 5 billion yuan compared to the same period last year, leading to a significant decrease in financing costs [1] Group 2: Container Business - The sales volume of dry cargo containers was 1.1259 million TEU, a year-on-year decrease of approximately 18.57% due to a high base from the previous year [2] - The demand for refrigerated containers grew, with sales reaching 92,000 TEU, a year-on-year increase of approximately 105.82% [2] - The container manufacturing segment generated revenue of 21.735 billion yuan, a year-on-year decline of 12.88%, while net profit increased by 13.20% to 1.444 billion yuan [2] - The company benefited from lower steel prices and focused on intelligent manufacturing to control costs, contributing to the growth in gross margin [2] Group 3: Marine Engineering Business - The marine engineering segment achieved revenue of 8.014 billion yuan in the first half of 2025, a year-on-year increase of 2.95%, with a net profit of 281 million yuan compared to a loss of 84 million yuan in the previous year [3] - The segment includes oil and gas equipment manufacturing, offshore wind power installation vessels, and special ship manufacturing [3] - The company secured new orders worth 106 million yuan during the reporting period, down from 1.79 billion yuan in the same period last year [3] - The marine engineering business is expected to continue growing, with a backlog of orders amounting to 5.55 billion yuan, indicating strong demand in the industry [3]

Core Viewpoint - 中集集团's mid-year performance shows a decline in revenue but a significant increase in net profit, indicating effective cost management and strategic focus on profitable segments [1][2]. Financial Performance - In the first half of 2025, 中集集团 reported revenue of 760.90 billion yuan, a year-on-year decrease of 3.82% [1]. - The net profit attributable to shareholders reached 12.78 billion yuan, marking a year-on-year increase of 47.63% [1]. - The company’s interest-bearing debt decreased by over 5 billion yuan compared to the same period last year, leading to lower financing costs [2]. Business Segments - The container business saw a gross profit margin increase of 3.95 percentage points year-on-year, contributing to an overall gross margin increase of 1.94 percentage points [1]. - Container sales volume reached 1.1259 million TEU, a decline of approximately 18.57% year-on-year due to high base effects from the previous year [4]. - Cold container demand grew significantly, with sales of 92,000 TEU, reflecting a year-on-year increase of approximately 105.82% [4]. - The container manufacturing segment generated revenue of 21.735 billion yuan, down 12.88% year-on-year, but net profit increased by 13.20% to 1.444 billion yuan [4]. Market Outlook - The global trade volume is expected to increase by 300 billion USD in the first half of 2025, with 230 billion USD attributed to goods trade growth [4]. - The company anticipates steady development in the container logistics sector, supported by cost advantages from large-scale steel procurement and smart manufacturing initiatives [4]. Marine Engineering Business - The marine engineering segment achieved revenue of 8.014 billion yuan, a year-on-year increase of 2.95%, with a net profit of 281 million yuan, recovering from a loss of 84 million yuan in the previous year [4]. - The segment includes oil and gas equipment manufacturing, offshore wind power installation vessels, and special shipbuilding [5]. - New orders in the marine engineering sector totaled 10.6 million USD, down from 1.79 billion USD in the same period last year [5]. - The company has a backlog of orders amounting to 5.55 billion USD, with projects extending into 2028, indicating strong future demand [7].