Core Insights - China COSCO Shipping Group's subsidiary, COSCO Shipping Energy Transportation Co., Ltd., announced the signing of contracts for the construction of 19 vessels with a total contract price of RMB 7.88198 billion, with total investment including capitalized costs around RMB 8.124 billion [1][8] - In a week, COSCO Shipping Group and its subsidiaries ordered a total of 106 new ships, all to be built by Chinese shipyards, with a significant order of 87 vessels worth over RMB 50 billion signed with China Shipbuilding Group [1][8] Summary by Category Contract Details - COSCO Shipping Heavy Industry's subsidiaries received orders for various types of vessels, including 10 new ships from Dalian COSCO Shipping Heavy Industry Co., Ltd., 4 new ships from Yangzhou COSCO Shipping Heavy Industry Co., Ltd., and 5 new ships from Guangdong COSCO Shipping Heavy Industry Co., Ltd. [3][11] - Specific contracts include one 9,000 cubic meter LNG dual-fuel ethylene carrier priced at RMB 327.98 million, two LR I product/oil tankers at RMB 912 million each, three MR product/oil tankers at RMB 1.047 billion each, and four MR crude oil tankers at RMB 1.37 billion each [3][11] Environmental and Operational Strategy - The new vessels will utilize clean energy systems such as LNG and methanol dual-fuel, aligning with global shipping decarbonization trends and enhancing the competitiveness of the vessels throughout their lifecycle [4][12] - The addition of new shipping capacity aims to improve the operational flexibility and efficiency of COSCO Shipping Group's fleet, thereby solidifying market share and sustainable profitability [4][12] Broader Industry Context - The 87 new ship projects signed with China Shipbuilding Group involve multiple subsidiaries and include various vessel types such as ultra-large container ships, bulk carriers, and oil tankers, indicating a robust demand in the shipbuilding sector [4][13]

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].

丨证券研究报告丨 [Table_scodeMsg1] 联合研究丨公司点评丨中国船舶（600150.SH） [Table_Title] 中国船舶：与中国远洋海运集团签订 500 亿元 新造船订单，全年新签订单有望持续提升 报告要点 %% %% [Table_Summary] 中国船舶集团与中国远洋海运集团在上海完成新造船项目的合作签约，合作涉及各型船舶 87 艘，金额约 500 亿元人民币，成为我国船企国内单次合作签约金额最高订单，且订单均由中国 船舶下属子公司承建。公司合并中国重工后，综合造船实力增强，手持订单饱满，全年来看新 签订单有望持续释放。当前美国 301 调查措施暂停实施一年，板块最大压制因素解除，11 月全 球新签订单同环比均有较大幅度提升。下游航运景气叠加油轮运力紧张，后续油轮订单有望接 力集装箱船订单释放。长期来看，行业在旧船更新+绿色环保驱动下向上趋势明确。 分析师及联系人 [Table_Author] 赵智勇 韩轶超 王贺嘉 臧雄 屈奇 SAC：S0490517110001 SAC：S0490512020001 SAC：S0490520110004 SAC：S0490518070005 S ...

| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3924 | 0.54 | -1.84 | 0.26 | | 深证综指 | 2499 | 1.22 | -0.81 | 0.81 | | 风格指数 (％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 大盘指数 | 0.84 | -1.02 | 19.8 | | 中盘指数 | 1.13 | -1.94 | 26.38 | | 小盘指数 | 1.22 | -1.44 | 21.86 | | 涨幅居前 行业(％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 通信设备 | 5.96 | 12.58 | 122.51 | | 其他电子Ⅱ | 4.77 | -4.33 | 50.79 | | 元件Ⅱ | 4.08 | -4.02 | 85.89 | | 综合Ⅱ | 3.03 | 3.48 | 46.56 | | ...

智通财经APP讯，中国船舶(600150.SH)公告，公司实际控制人中国船舶集团有限公司与中国远洋海运 集团有限公司在上海完成新造船项目的合作签约，合作涉及各型船舶87艘，金额约500亿元人民币，其 中跨境人民币结算约470亿元，均由公司下属相关子公司承建。 上述新造船项目涉及公司下属子公司江南造船(集团)有限责任公司、大连船舶重工集团有限公司、武昌 船舶重工集团有限公司、广船国际有限公司、中船澄西船舶修造有限公司、中国船舶集团青岛北海造船 有限公司，相关船型包括超大型集装箱船、超大型散货船、超大型油轮、粮食运输船、多用途重吊船、 MR油轮、客滚船、小型箱船等。 ...

Core Insights - The Shanghai Municipal Government has released the "Shanghai Marine Industry Development Plan (2026-2035)", aiming for significant growth in marine industries and enhanced innovation capabilities by 2030, with a comprehensive marine industry system established by 2035 [1] Group 1: Marine Industry Development - By 2030, Shanghai aims to see steady growth in major marine industries, with a focus on self-innovation in marine technology and the cultivation of new productive forces [1] - The plan outlines a "3+5+X" marine industry system and a spatial layout characterized by "two cores leading, one belt linking, one corridor radiating, and multi-point support" [1] - The plan emphasizes the importance of policies that encourage the development and innovation of the marine economy, with emerging industries like offshore wind power and marine biomedicine driving structural optimization [1][7] Group 2: Key Industry Focus Areas - In the shipbuilding and offshore engineering sector, the plan calls for accelerated development of high-tech vessels such as large LNG carriers and cruise ships, as well as a robust system for high-end marine equipment [2] - The marine renewable energy sector will focus on the development of offshore wind turbines and photovoltaic technologies, promoting diverse and integrated development of marine renewable energy [2] - Future marine industries will include deep-sea resource industries and innovative sectors, with an emphasis on deep-sea oil and gas development and marine nuclear power vessels [2][3] Group 3: Strategic Tasks and Infrastructure - The plan outlines five strategic areas: building high-energy clusters, leading with high-efficiency innovation, ensuring high-quality infrastructure, advancing digital intelligence, and fostering high-level cooperation [3][4] - To create a world-class shipbuilding and offshore equipment industry cluster, the plan encourages the cultivation of globally leading marine groups and innovation across the entire industry chain [3] - The development of a modern shipping service system includes building international hub ports and enhancing shipping insurance capabilities, alongside establishing a green fuel supply center for shipping [4] Group 4: New Productive Forces in Marine Economy - The "China Marine Economic Development Report 2025" indicates that the national marine production value reached 10.5 trillion yuan, reflecting continuous expansion of the marine economy [6] - The report highlights that cities like Shanghai, Shenzhen, and Qingdao are enhancing their international competitiveness in marine sectors, while others are focusing on specialized marine development [6] - The marine economy is identified as a key area for cultivating new productive forces, with sectors like offshore wind power and marine biomedicine leading the way in structural optimization and traditional industry upgrades [7]

印度的造船业正在以令人惊叹的速度发展。印度总理莫迪在10月底于孟买举行的国际海事展上表示，印度的造船业正在迅速崛起，这番话让许多印度人感到 非常振奋和鼓舞。 即便如此，印度即使得到了韩国的支持，仍然不可能在未来22年内赶超中国，成为全球领先的造船大国。这不仅仅是因为技术差距，更因为两国的政治体制 和发展路径截然不同。 那么，为什么中国能够超越韩国和日本，成为世界最大的造船大国呢？中国造船业之所以能够取得如此成就，主要有以下几点原因： 目前全球的主要造船大国是中国、韩国和日本，三者的造船产量占到了全球的九成，而印度的市场份额仅占1%。印度政府的目标是在2047年，即印度建国 百年的时候，将其造船业产量提升至全球市场的20%。如果印度能够达成这一目标，也许能超过日本，但超越韩国几乎不可能，至于超过中国更是遥不可 及，因为到那时，中国的造船业依然有很大的优势，仍将保持全球领先地位。 值得注意的是，印度的造船业实际上依赖于外国的支持，尤其是韩国和日本。位于印度的科钦造船基地，得到了日本三菱重工的帮助，经过10年的建设，才 打造出一个主要生产小型船只的造船厂。根据规划，从2019年到2024年，这个造船厂每年将建造5艘 ...

Core Viewpoint - The recent escalation of Sino-U.S. trade tensions has led to the implementation of new port fees by China on U.S. vessels, significantly impacting the shipping industry and increasing operational costs for American shipowners [1][4][7]. Group 1: New Regulations and Their Impacts - On October 14, 2025, China's Ministry of Transport implemented new port fees for U.S.-related vessels, which were a direct response to the U.S. imposing additional port service fees on Chinese vessels [1][4]. - The new fees start at 400 RMB per net ton and will increase to 1120 RMB by 2028, leading to substantial costs for large vessels, such as a 16,000-ton oil tanker incurring fees of 64 million RMB in 2025 and potentially 179 million RMB by 2028 [4][7]. - The U.S. has been conducting investigations into China's maritime and logistics sectors since April 2025, aiming to curb China's dominance in shipbuilding, which accounts for over 60% of global new ship orders [4][7]. Group 2: Reactions from the Shipping Industry - American shipowners are facing severe financial strain due to the new fees, with some reporting losses that could consume nearly half of their annual profits [11][13]. - The shipping industry is experiencing a shift, with companies considering various strategies to mitigate costs, including changing vessel flags and ownership structures to avoid the new fees [13][15]. - Major shipping companies, including Matson and Hapag-Lloyd, have begun rerouting vessels to avoid Chinese ports, leading to increased operational costs and delays [15][17]. Group 3: Broader Economic Implications - The new port fees are expected to increase consumer prices in the U.S., with estimates suggesting a 3% to 5% rise in retail prices due to higher shipping costs being passed on to consumers [15][20]. - The shipping fee conflict has led to a shift in global shipping patterns, with Southeast Asian ports experiencing increased activity as cargo is rerouted away from China [17][20]. - The situation highlights the vulnerabilities in U.S. maritime interests and the potential for increased competition from South Korean and Japanese shipbuilders, who are benefiting from the sanctions against China [18][22].

Core Insights - China Shipbuilding Group launched its brand promotion week and open day event, showcasing advancements in smart shipbuilding and innovations in the LNG sector [1][2] - The event included media interactions with frontline employees and technology achievements, highlighting the company's role in the LNG industry and its commitment to green energy solutions [1] Group 1: Company Achievements - China Shipbuilding Group has developed a world-class advanced industrial cluster for marine equipment, including large cruise ships, very large crude carriers (VLCCs), large LNG carriers, and ultra-large container ships [2] - The company is continuously extending its reach into the high-end global industrial and value chains, enhancing its international competitiveness [2] Group 2: Technological Innovations - The event featured various technological advancements, including breakthroughs in optical, navigation, quantum measurement, and semiconductor manufacturing [1] - The company is focusing on low-carbon and zero-carbon ship engines, aiming to lead in green energy and drive the "Deep Blue" vision [1] - The Shanghai Shipbuilding Research Institute is leading the development of green low-carbon ship design and smart ship trends [1]

Core Viewpoint - The significant drop in Hanwha Ocean's stock price is attributed to a trade conflict between China and the U.S., leading to a ban on transactions with its U.S. subsidiaries by the Chinese Ministry of Commerce [1][3]. Stock Price Decline - On October 14, Hanwha Ocean's stock fell sharply, with an intraday drop exceeding 10% and closing down 8.3%, marking a rare volatility for a large shipbuilding company [3]. - The entire Hanwha Group's stocks showed weakness, with Hanwha Aerospace also declining over 3%, indicating market concerns about the group's overall risk [3]. Global Strategy of Hanwha Group - Hanwha Group, established in 1952, has built a global business network, with Hanwha Ocean being a key player in the shipbuilding industry, holding a market share of 5%-8% globally [3]. - Hanwha Ocean has focused on high-tech, high-value-added shipbuilding, particularly in the LNG carrier and ultra-large container ship markets [3]. - The company has accelerated its global expansion, establishing eight overseas entities in various countries last year and continuing to expand in India and Brazil in the first half of this year [3][5]. U.S.-China Relations Impact - Hanwha Ocean's challenges are closely linked to its deep ties with the U.S., particularly in defense and energy sectors, where it plays a crucial role in supplying military systems and supporting U.S. LNG exports [4]. - The company has made significant investments in the U.S., including a $100 million acquisition of a shipyard and taking on U.S. Navy ship repair contracts, which complicates its position in the U.S.-China trade conflict [4]. Ambitions in Emerging Markets - Hanwha Ocean is actively pursuing opportunities in emerging markets, establishing a global engineering center in India to cater to the growing offshore equipment market [5]. - In Brazil, the company has formed a subsidiary to engage in offshore equipment projects, including bidding for a significant FPSO project with Petrobras [5][6]. Control and Governance - Despite U.S. investments, Hanwha Ocean's control remains firmly in the hands of Korean stakeholders, with the Kumho Global investment company, owned by the Kim family, being the largest shareholder [8][9]. - The presence of U.S. funds in Hanwha Group is primarily as passive investors, without influence over governance or strategic decisions [9]. Complexity of Global Trade Dynamics - The intricate global network of Hanwha Group means that trade tensions can have widespread implications, affecting not just shipbuilding but also its solar panel factories and military industries [10][11]. - The stock price decline of Hanwha Ocean is a visible indicator of the broader impacts of global trade dynamics [11].