本报记者 梁傲男 据记者了解，7月4日，本次合并重组交易获上交所并购重组审核委员会审核通过，7月8日完成向中国证 监会提交重组方案注册稿。目前，本次合并重组交易尚待中国证监会签发注册批文，并由上交所完成发 行上市安排后，才可正式实施。 中国重工是国内产业链最完整的船舶及海洋装备制造企业之一，也是国内海军舰船装备的主要研制和供 应商。公司主要业务涵盖海洋防务及海洋开发装备、海洋运输装备、深海装备及舰船修理改装、舰船配 套及机电装备、战略性新兴产业及其他等五大业务板块。 中国船舶是全球唯一一家同时在建大型LNG船、大型邮轮的上市公司，在造船国际市场份额持续领 先，公司在手集装箱船、油轮、超大型乙烷运输船（VLEC）、汽车运输船（PCTC）、多用途船、自 卸船等细分船型订单数量均居全球前列。 长江证券研报显示，两家企业合并将助力中国造船业进入高质量发展阶段。重组完成后，中国船舶将成 为全球最大造船上市公司，根据中国船舶、中国重工2024年年报数据，合并后公司手持订单量占全球总 量约15%，造船完工量全球占比超过14%，新签订单量全球占比超过16%。中国船舶合并中国重工后将 减少同业竞争，优化船舶制造板块产业布局，并 ...

Core Viewpoint - Both China Shipbuilding (SH600150) and China State Shipbuilding Corporation (SH601989) are expected to report significant year-on-year growth in net profit for the first half of 2025, with China Shipbuilding's profit scale projected to be higher than that of China State Shipbuilding, while the latter's growth rate is anticipated to be faster [1][8]. Group 1: Profit Forecasts - China Shipbuilding anticipates a net profit of between 2.8 billion to 3.1 billion yuan, representing a year-on-year increase of 98.25% to 119.49% [8]. - China State Shipbuilding expects a net profit of between 1.5 billion to 1.8 billion yuan, with a year-on-year growth of 181.73% to 238.08% [8]. Group 2: Reasons for Profit Growth - The profit growth for China Shipbuilding is attributed to increased prices and quantities of delivered civil ships, along with effective cost control [8]. - China State Shipbuilding's profit increase is due to its ability to leverage the shipbuilding industry's development trends, enhance efficiency, and significantly increase the number of civil ship deliveries [9]. Group 3: Industry Trends and Strategic Moves - The shipbuilding industry is experiencing a positive development trend, with both companies optimizing their order structures and improving operational performance [9]. - China Shipbuilding is set to absorb high-quality assets from China State Shipbuilding, aiming to become the largest and most technologically advanced shipbuilding company in China [10]. - The company plans to enhance its deep-sea technology capabilities, which are expected to create new demands in exploration, communication, equipment, materials, and services [11]. Group 4: Future Goals - China Shipbuilding aims to achieve an operating revenue of 80.5 billion yuan in 2025, with specific targets including the completion of 89 civil ships and 270 repair ships [11]. - The company is focusing on high-demand ship types such as large LNG carriers and VLCCs, while also enhancing its capabilities in deep-sea equipment development [11].

Economic Development - The economic strength of the country has significantly increased, with the total economic volume expected to reach around 140 trillion yuan this year, contributing approximately 30% to global economic growth [3][9] - The average economic growth rate over the past four years has been around 5.5%, demonstrating resilience against various risks and challenges [3][9] Innovation Drive - The "14th Five-Year Plan" emphasizes innovation, with R&D investment reaching a new high, increasing nearly 50% compared to the end of the "13th Five-Year Plan," amounting to 1.2 trillion yuan [4][5] - Major technological breakthroughs include the launch of the first domestically produced aircraft carrier and the first Chinese space station, showcasing advancements in various sectors [4][5] Green Development - The country has established the world's largest clean power generation system, with renewable energy generation capacity historically surpassing coal power [8][10] - The forest coverage rate has increased to over 25%, contributing to a significant portion of global greening efforts [7][8] Safety Assurance - The country has built the largest power infrastructure system globally, with installed capacity accounting for one-third of the world's total, ensuring energy security during peak demand periods [9][10] - The establishment of over 10 million acres of high-standard farmland has strengthened food security [9] Governance Efficiency - The business environment has improved significantly, with the number of private enterprises increasing by over 40% compared to the end of the "13th Five-Year Plan" [6] - The ability to mobilize resources and respond to emergencies has been enhanced, as demonstrated by rapid disaster response efforts [6] Social Welfare - The country has built the largest education, social security, and healthcare systems globally, with participation rates in basic insurance exceeding 95% [5] - The average life expectancy has reached 79 years, reflecting improvements in public health and welfare [5]

Group 1 - The company, COSCO SHIPPING Energy Transportation Co., Ltd., plans to issue A-shares to specific investors in 2025, subject to approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission [1][2][3] - The total number of shares to be issued will not exceed 1,431,232,918 shares, with the final number to be determined based on subscription conditions and regulatory approvals [1][2] - The company aims to raise funds primarily for the construction of six Very Large Crude Carriers (VLCCs), two LNG carriers, and three Aframax oil tankers [2][3] Group 2 - The company will initially invest its own funds in the projects until the raised funds are available, and any shortfall in the net amount raised will be covered by the company's own or self-raised funds [2][3] - The company has committed to ensuring that the issuance does not dilute the immediate returns for existing shareholders, with measures in place to address any potential dilution [2][3] - The company’s major shareholders include China Ocean Shipping Group, which holds 46.45% of the shares, making it the indirect controlling shareholder [6][7] Group 3 - The global oil transportation industry is expected to maintain growth, driven by increasing demand in the Asia-Pacific region, which accounts for over 50% of global oil imports [12][13] - The company operates primarily in the maritime transportation of liquid bulk hazardous goods, including crude oil, refined oil, LNG, LPG, and chemicals [6][11] - The international maritime industry is regulated by various organizations, including the International Maritime Organization, which sets standards for safety and environmental protection [8][9]

天刚破晓，长江入海口的一座岛屿便热闹起来。沪东中华造船（集团）有限公司（以下简称"沪东中 华"）船坞内，LNG（液化天然气）运输船的钢铁骨架初显，橘红与铁灰的船体分段静卧坞中，等待合 拢。放眼全岛，龙门吊群矗立，智能车间灯火通明，这里是我国规模最大、技术最尖端的造船基地—— 上海长兴岛。 从历史船坞到现代基地，上海已形成世界级船舶与海洋工程装备产业集群。作为核心引擎的长兴岛，更 是汇聚了沪东中华、江南造船（集团）有限责任公司（以下简称"江南造船"）等巨头。这座曾铸就中国 近代工业"第一炉钢""第一艘船"的城市，如今承载着引领中国从造船大国迈向强国、在绿色智能浪潮中 探索先进制造业未来路径的使命。 近日，《证券日报》记者走进上海船舶产业集群区，上码头、进船坞、看基地、谈技术、聊产业，一窥 上海船舶产业从建造"钢铁巨鲸"向打造"零碳舰队"转型的密码与基因。 "工业摇篮"攀登产业新高地 上海是中国现代船舶工业的摇篮。1865年，江南机器制造总局在黄浦江畔落下第一块船坞基石，开启中 国近代工业与造船业的先河。历经新中国成立后数十年的重建与发展，上海造船业已从历史起点跃升为 全球版图核心力量。 据船舶经纪公司克拉克森统 ...

招商轮船 20250703 摘要 中东局势恶化，包括以色列和伊朗之间的武装冲突，使得油运价格指数从 3 万 美元跳涨至 5 万美元。然而，这种涨幅对公司的业绩影响预计将在第三季度显 现，因为事件发生在 6 月份。 招商轮船的业务布局和市场覆盖情况如何？ 招商轮船 2024 年全年 ROE 为 13%，经营活动现金流量达 84.76 亿元， 并派发现金股息 20.8 亿元，分红比例占归母净利润的 40%，股息率约 为 4%。 2025 年第一季度，招商轮船营收同比减少 10%，归母净利润同比下降 37%至 8.65 亿元，主要受 1 月份船型运输价格波动影响。 中东局势恶化导致油运价格指数上涨，但对招商轮船业绩的影响预计将 在第三季度显现。 招商轮船专注于国际货运，以油气运输和干散货为双主业，辅以集装箱、 汽车改装等业务。2024 年混量接近 2 亿吨，周转量增长 11%，受益于 散货船长航线比例上升及重载提高。 2024 年，油船业务贡献招商轮船 50.6%的利润，干散货占比接近 30%，集装箱占比 25%，滚装占比 6%，LNG 运输队伍贡献度 11.6%。 招商轮船通过调控仓租租金降低成本，扩张运力订购 ...

Group 1 - The core viewpoint emphasizes the need for enhanced top-level design and increased policy support to catalyze the marine economy sector, with significant stock price increases observed in related companies [1][2] - The marine economy in China is projected to exceed 10 trillion yuan for the first time in 2024, reaching 10,543.8 billion yuan, representing a 5.9% increase from the previous year and accounting for 7.8% of the national GDP [3][5] - Recent policies have been frequently issued in the marine economy sector, with various provinces implementing measures to promote marine new energy, marine equipment, and marine biomedicine [4][5] Group 2 - The marine economy is characterized by a focus on deep-sea infrastructure and resource development, with key areas including shipbuilding, underwater robotics, and oil and gas extraction [2][5] - The marine economy is divided into deep-sea technology and marine consumption, with deep-sea technology encompassing advanced techniques for exploring and utilizing deep-sea resources [6] - The focus on high-end equipment manufacturing in the marine economy includes shipbuilding capabilities for LNG carriers and research vessels, as well as marine engineering equipment for deep-sea aquaculture and wind power installation [6][8]

Oil Market - Citigroup predicts that oil prices may face downward pressure in the second half of the year [1] Natural Gas - LNG carriers have been spotted near Russia's Arctic LNG 2 project for the first time in months [2] - The EIA reported that as of the week ending June 20, U.S. natural gas inventories totaled 28,980 billion cubic feet, an increase of 960 billion cubic feet from the previous week, with a year-on-year decline of 6.3% and a 6.6% increase compared to the five-year average [2] Precious Metals and Mining - Supply concerns have driven spot platinum prices to their highest level since 2014 [3] - The London Metal Exchange's key daily copper price spread reached its highest level since 2021 [3] - The Hong Kong government reported that gold exports to mainland China in May totaled 57.76 tons, down from 58.61 tons, with net gold exports of 48.127 tons, up from 43.462 tons [3] Other Commodities - Weak coal prices are putting pressure on the credit status of Asian coal producers [4] - The U.S. Energy Secretary stated that the tax legislation will ultimately lead to higher energy prices [5] - Reports indicate that Trump is leveraging U.S.-EU trade negotiations to pressure the EU and prevent oil giants from being constrained by climate regulations [5] - Due to declining Brent crude prices, the price of Ural crude oil at Russian ports has reportedly fallen below the price cap [5] - The U.S. is not expected to complete the planned delivery of strategic petroleum reserves before December, with only about 8.8 million barrels delivered out of a planned 15.8 million barrels by May [5] Agriculture - Thailand's Ministry of Commerce anticipates that rice exports will reach the target of 7.5 million tons this year [6]

宏观日报 | 2025-06-26 关注运输业产业集群建设 中观事件总览 生产行业：上海将建设世界级船舶与海工装备产业集群。 1）《上海市海洋产业发展规划（2025-2035）（征求意见 稿）》公开征求意见。其中提到，建设世界级船舶与海工装备产业集群。到2030年，船舶与海工装备产业增加值超 450亿元，大型LNG运输船本土化率提升到85%以上，基本建成原创技术策源和绿色智能引领的世界级船舶与海洋 工程装备产业体系。2）在存储晶圆原厂陆续宣布减产计划背景下，近期存储市场加速回暖，以DDR4为代表的内 存条领涨市场，在传统的IC淡季急速升温。仅间隔两周，DDR4颗粒价格翻倍，甚至部分型号价格已经追平新一代 DDR5。 服务行业：退休金无需缴纳个人所得税。 1）六部门联合印发《关于金融支持提振和扩大消费的指导意见》。其中 提出，强化结构性货币政策工具激励。设立服务消费与养老再贷款，额度5000亿元，对21家全国性金融机构以及5 家属于系统重要性金融机构的城市商业银行发放的服务消费重点领域贷款，可按照贷款本金的100%申请再贷款。2） 6月24日，北京市税务局12366纳税缴费服务热线回应纳税人咨询，表示退休金无需 ...

海洋经济迎来政策利好。 6月25日消息，《上海市海洋产业发展规划（2025—2035）（征求意见稿）》公开征求意见。其中提到，建设世界级船舶与海工装备产业集群。到2030年，船舶与 海工装备产业增加值超450亿元，大型LNG运输船本土化率提升到85%以上，基本建成原创技术策源和绿色智能引领的世界级船舶与海洋工程装备产业体系。 有分析称，海洋经济市场规模庞大，发展空间广阔。经济合作与发展组织（OECD）预测，到2030年，海洋的经济价值将超过3万亿美元。从国内来看，今年以来， 海洋经济呈现向新向好发展前景，一季度海洋生产总值达2.5万亿元，同比增长5.7%。 《意见稿》提出，到2030年，船舶与海工装备产业增加值超450亿元，大型LNG运输船本土化率提升到85%以上，基本建成原创技术策源和绿色智能引领的世界级船 舶与海洋工程装备产业体系。到2035年，船舶与海工装备产业增加值超700亿元，建成综合实力领先、国际影响力强的世界级船舶与海工装备产业集群。到2030 年，上海港集装箱吞吐量、港口连通性指数全球排名稳居第一，海洋交通运输业增加值超1800亿元，新增国际性、国家级航运专业组织和功能性机构1—2家，数智 化 ...