报告指全球海洋城市呈四大梯队分化，亚洲力量崛起明显 中新社深圳10月11日电 (记者 索有为)由综合开发研究院(中国·深圳)可持续发展与海洋经济研究所与广 东粤港澳大湾区研究院联合编制的《全球海洋城市竞争力指数报告(2025)》(下称"报告")11日在深圳发 布。报告显示，全球海洋城市呈四大梯队分化，亚洲力量崛起明显。 报告主编、经济学家樊纲表示，当前，人工智能、深海开发、蓝碳交易等新技术新业态正重塑海洋竞争 逻辑，中国海洋城市在保持"硬基建"优势的同时，需在规则制定、生态构建等"软实力"方面实现突破。 (完) 来源：中国新闻网 编辑：徐世明 报告基于经贸活力、科技创新、海事服务、国际影响和城市治理五大维度，对全球60个海洋城市进行了 系统评估。 广告等商务合作，请点击这里 报告显示，伦敦、新加坡、纽约凭借其综合优势稳居第一梯队，成为全球海洋发展的标杆。东京、上 海、香港和悉尼等城市也跻身前列，共同组成了全球海洋经济的"头部力量"。亚太城市集体崛起，在第 二、三梯队中占比显著，中国城市表现尤为活跃。深圳(全球第11)、青岛(全球第16)等城市凭借在科技 创新、经贸活力等领域的优势，已成为全球海洋竞争中不可忽视 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% within the next six months [7][15]. Core Insights - The company reported a significant revenue growth of 39.21% year-on-year, reaching 6.901 billion yuan in H1 2025, with a net profit increase of 14.04% to 1.241 billion yuan [3][4]. - All business segments showed rapid growth, particularly the oil and gas engineering and technology services, which saw an impressive revenue increase of 88.14% [4]. - The company has effectively managed its cash flow, with a net cash flow from operating activities of 3.144 billion yuan, a year-on-year increase of 20.83% [6]. Financial Performance - The company achieved a gross margin of 32.19% in H1 2025, a decrease of 3.64 percentage points compared to the previous year [4]. - The company’s revenue projections for 2025-2027 are 16.289 billion, 18.973 billion, and 21.508 billion yuan, with expected growth rates of 21.97%, 16.48%, and 13.36% respectively [7][11]. - The estimated PE ratios for 2025-2027 are 15.11, 13.03, and 11.47, indicating a favorable valuation trend [7][11]. Business Development - The natural gas business has shown remarkable growth, with a revenue increase of 112.69% in H1 2025, contributing to the overall expansion of the company [5]. - The company has successfully expanded its overseas market presence, achieving a revenue of 3.295 billion yuan from international operations, a year-on-year increase of 38.38% [5]. - New orders totaled 9.881 billion yuan in H1 2025, reflecting a growth of 37.65%, ensuring a robust order backlog of 12.386 billion yuan [5].

Group 1 - The 2025 Yellow River International Friendship Cities Cooperation Exchange Conference was held in Dongying, with representatives from friendly cities and associations from countries including Kenya, Laos, Uzbekistan, and South Korea attending [2][7] - A total of over 130 participants, including 47 foreign guests, local departments, and business representatives, gathered to discuss multi-field cooperation [2] - The conference aims to deepen international friendship city exchanges and cooperation, promoting collaboration in trade, culture, tourism, education, and agriculture [7] Group 2 - A signing ceremony took place where Dongying signed a letter of intent to establish friendly cooperative relations with Laos' Phongsaly Province and Uzbekistan's Nukus City [4] - Foreign guests visited various sites, including the Yellow River Cultural Museum and the Economic Development Zone, to explore local culture and industry [6] - The event is part of Dongying's efforts to integrate into international initiatives and build broader platforms for city cooperation [7]

Core Viewpoint - Jiangsu Harbin Intelligent Robot Co., Ltd. (*ST Gongzhi) is facing potential delisting as it has received a notice from the Shenzhen Stock Exchange due to consecutive years of receiving non-standard audit reports, indicating significant financial and operational issues [1][2]. Financial Reporting Issues - *ST Gongzhi has received non-standard audit reports for three consecutive years since 2022, with the 2024 report indicating a lack of opinion on the financial statements and a negative opinion on internal controls [1][2]. - The company reported a revenue of 1.936 billion yuan for 2024, primarily from high-end equipment manufacturing, but the revenue recognition methods used have raised concerns [3][4]. Audit Findings - The audit firm highlighted issues related to equity investments in four platforms, with an initial investment cost totaling 650 million yuan, and noted the inability to confirm the accuracy of various financial statement items due to limited audit scope [2][4]. - The company has attempted to address these issues by liquidating the equity investments, with total proceeds of 309 million yuan, but has not fully completed the disposals as of December 31, 2024 [2][3]. Management's Response - The management claims to have taken steps to mitigate the negative impacts of the non-standard audit opinions and is actively working on the exit strategies for the equity investment platforms [3][5]. - Despite the audit firm's concerns regarding the company's ability to continue as a going concern, *ST Gongzhi asserts that it does not foresee significant uncertainties in its operational capabilities over the next twelve months [5]. Independent Directors' Opinions - Three independent directors have expressed doubts about the accuracy and completeness of the financial reports for 2024, citing frequent personnel changes and inadequate documentation as reasons for their inability to support the reports [6][7]. - Previous years have also seen independent directors raise objections to the annual reports, indicating ongoing governance issues within the company [7].

Core Viewpoint - *ST Gongzhi (formerly known as Harbin Intelligent) faces potential delisting as it received an audit report with no opinion from the auditing firm, Unitaizhenqing, for its 2024 financial statements, alongside a negative opinion on internal controls [1][2] Financial Reporting Issues - The audit firm was unable to obtain sufficient and appropriate audit evidence regarding the financial statements, particularly concerning equity investment platforms and revenue recognition [2][4] - The total initial investment cost in four equity investment platforms amounts to 650 million yuan, while the total transfer price from these platforms is only 309 million yuan [2] - As of December 31, 2024, the company has not completed the disposal of these four platforms, with a total impairment provision of 51.8571 million yuan recorded [3] Revenue Recognition Concerns - In 2024, *ST Gongzhi reported operating revenue of 1.93596 billion yuan, primarily from high-end equipment manufacturing [4] - The company plans to change its revenue recognition method from the time period method to the point in time method, but has not completed the necessary adjustments for previous years [4][5] Independent Directors' Opinions - Three independent directors expressed concerns about the company's financial reporting, citing frequent changes in management, incomplete rectification of previous issues, and lack of clarity in financial data [1][6] - Independent director Wang Liang noted the uncertainty surrounding the audit due to incomplete rectification efforts, while Du Yiliang highlighted issues with the company's financial data integrity [5][6] - All three independent directors abstained from voting on the annual report due to these concerns [6]

Macro Strategy - The report suggests that the depreciation of the RMB against the USD may be a response to overseas risk events and a proactive measure to release risks in currency management, with a gradual approach expected in the depreciation process [1][12] - The expected range for USDCNY is projected to gradually rise to 7.40-7.50, indicating a controlled release of risks while maintaining a stable exchange rate [12] Fixed Income - The report on Weicai Convertible Bond indicates an expected listing price range of 112.72 to 125.13 RMB, with a subscription rate of 0.0046% and a conversion premium of approximately 35% [2][14] - The report on Anji Convertible Bond anticipates a listing price range of 109.63 to 122.00 RMB, with a subscription rate of 0.0037% and a conversion premium of around 28% [3][15] - The report on Qingyuan Convertible Bond expects a listing price range of 100.22 to 111.65 RMB, with a subscription rate of 0.0020% and a conversion premium of about 25% [3][17] Industry Analysis - The engineering machinery sector is entering an upward cycle, with a projected 2-3 years of growth ahead, supported by significant share buybacks from major companies like Sany Heavy Industry and XCMG [20][21] - The report highlights a 38% year-on-year increase in domestic excavator sales in Q1 2025, indicating strong market demand and potential for upward valuation adjustments [21] - The engineering machinery companies have low exposure to the US market, with Sany's exposure at approximately 3%, making the overall risk manageable [21] Company Insights - Pengding Holdings reported a revenue of 35.14 billion RMB and a net profit of 3.62 billion RMB for 2024, with significant growth in the automotive and server sectors [5][22] - The company is expanding its production capacity with a projected capital expenditure of 5 billion RMB in 2025, reflecting confidence in future market demand [6][22] - The report on Jerey Co. indicates a projected net profit of 3.03 billion RMB for 2025, with a focus on overseas expansion despite tariff risks [7][8]