格隆汇1月22日｜中国船舶租赁(3877.HK)拟发行于2031年到期的23.38亿港元0.75厘有担保可转换债券， 所得款项净额约23.22亿港元，将用作营运资金及一般企业用途，包括偿还现有贷款、支付船舶购置费 用及其他借贷成本。债券的初始转换价为每股2.39港元，较昨日收市价2.23港元溢价7.17%。若悉数转 换，债券可转换为约9.78亿股股份，相当于扩大后股本总额约13.63%。 ...

Core Viewpoint - China Shipbuilding Leasing (03877) has announced the issuance of HKD 2.338 billion guaranteed convertible bonds due in 2031, which will be backed by the company [1] Group 1: Bond Issuance Details - The issuer, CSSC Capital 2015 Limited, has entered into a subscription agreement to issue the bonds, which are subject to certain conditions [1] - The bonds will be convertible into approximately 978 million shares at an initial conversion price of HKD 2.39 per share, representing about 15.78% of the company's existing share capital as of the announcement date [1] - Upon full conversion of the bonds, the enlarged issued share capital will increase by approximately 13.63% [1] Group 2: Use of Proceeds - The net proceeds from the bond issuance are expected to be approximately HKD 2.322 billion [1] - The company plans to use the net proceeds for working capital and general corporate purposes, including but not limited to repaying existing loans, paying for vessel acquisition costs, and covering other borrowing costs [1]

智通财经APP讯，中国船舶租赁(03877)发布公告，于2026年1月21日，发行人(CSSC Capital 2015 Limited)、公司及经办人订立认购协议，据此，发行人同意向经办人(或按其指示)发行由公司担保的债 券(于2031年到期的23.38亿港元0.75厘有担保可转换债券)。经办人个别且并非共同地已同意认购及支付 或促使认购人认购及支付本金额为23.38亿港元的债券，但须待认购协议所载的若干条件获达成后方可 作实。 假设所有债券均按每股股份2.39港元的初始转换价获悉数转换，则债券可转换为约9.78亿股股份，相当 于公司于本公告日期已发行股本总额约15.78%，及债券获悉数转换后公司经扩大已发行股本总额约 13.63%。待发行债券完成后，发行债券的所得款项净额将约为23.22亿港元。发行人拟将所得款项净额 用作营运资金及一般企业用途，包括但不限于偿还现有贷款、支付船舶购置费用及其他借贷成本。 ...

格隆汇1月22日丨中国船舶租赁(03877.HK)发布公告，2026年1月21日，发行人(即CSSC Capital 2015 Limited)、公司及经办人(即中金公司与中信证券)订立认购协议，据此，发行人同意向经办人(或按其指 示)发行由公司担保的债券(即于2031年到期的23.38亿港元0.75厘有担保可转换债券)。经办人个别且并非 共同地已同意认购及支付或促使认购人认购及支付本金额为23.38亿港元的债券，惟须待认购协议所载 的若干条件获达成后方可作实。 假设所有债券均按每股股份2.39港元的初始转换价获悉数转换，则债券可转换为约9.78亿股股份，相当 于公司于本公告日期已发行股本总额约15.78%。待发行债券完成后，发行债券的所得款项净额将约为 23.22亿港元。发行人拟将所得款项净额用作营运资金及一般企业用途，包括但不限于偿还现有贷款、 支付船舶购置费用及其他借贷成本。转换股份将根据一般授权配发及发行。 ...

Core Viewpoint - The maritime equipment sector experienced a slight decline of 0.41% on January 21, with China Shipbuilding Defense leading the drop, while the Shanghai Composite Index rose by 0.08% and the Shenzhen Component Index increased by 0.7% [1] Group 1: Market Performance - The closing price of HaiLanXin was 22.35, with a rise of 4.98% and a trading volume of 907,300 shares, amounting to a transaction value of 2.008 billion yuan [1] - China Shipbuilding closed at 35.27, down 0.84%, with a trading volume of 798,200 shares and a transaction value of 2.833 billion yuan [1] - The overall net inflow of main funds in the maritime equipment sector was 379 million yuan, while retail investors saw a net outflow of 301 million yuan [1] Group 2: Fund Flow Analysis - HaiLanXin had a net inflow of main funds amounting to 165 million yuan, representing 8.19% of its total, while retail investors experienced a net outflow of 168 million yuan [2] - China Shipbuilding saw a net inflow of main funds of 158 million yuan, with retail investors facing a net outflow of 52.4 million yuan [2] - The net inflow of main funds for Tianhai Defense was 59.03 million yuan, while retail investors had a net outflow of 55.82 million yuan [2]

Core Viewpoint - The development of deep-sea materials is crucial for advancing deep-sea technology and unlocking the potential of the trillion-dollar deep-sea mineral resources market, supporting the entire industry chain from equipment manufacturing to resource utilization [1][3]. Group 1: Deep-Sea Materials Overview - Deep-sea materials are essential for operations in extreme environments characterized by high pressure, low temperature, and strong corrosion, directly influencing development capabilities [1]. - These materials can be categorized by function into pressure-resistant structural materials, buoyancy materials, sealing materials, protective materials, and lighting materials, and by properties into high-strength metal materials, polymer composites, and ceramic-based composites [1][3]. Group 2: Pressure-Resistant Structural Materials - Pressure-resistant structural materials are divided into metal and non-metal categories, with metal systems being more mature, including high-strength alloy steel, titanium alloys, and aluminum alloys [3]. - Non-metal materials are also making progress, with composite materials showing significant potential due to their lightweight and corrosion-resistant properties [3][4]. Group 3: Titanium Alloys - Titanium alloys, known as "marine metals," are favored for their high strength, excellent corrosion resistance, and low density (60% of steel), making them ideal for marine engineering and deep-sea pressure vessels [5]. - Companies like BaoTi Co., Ltd. and Western Materials are leading in titanium alloy production, with BaoTi being the largest global producer and achieving mass production of deep-sea titanium alloy components [7]. Group 4: Sealing Materials - Deep-sea sealing materials include rubber sealing materials, metal sealing materials, and special engineering plastics, with rubber materials currently dominating the market [9]. - Metal seals, particularly titanium and nickel-based alloys, are gaining attention for their superior durability and temperature adaptability in deep-sea applications [9]. Group 5: Corrosion-Resistant Materials - Corrosion-resistant materials are critical in deep-sea environments, with methods to reduce corrosion including the development of new materials and the application of protective coatings [11]. - Common anti-corrosion coatings used in marine applications include rubber-based, epoxy-based, fluorocarbon, and organic silicone coatings, each with specific advantages and limitations [11].

Investment Rating - The report indicates a positive outlook for the shipbuilding industry, with a focus on the recovery of new orders in the second half of 2025, driven by the stabilization of second-hand ship prices ahead of new ship prices [2][3]. Core Insights - The second-hand ship prices have stabilized before new ship prices, with a notable increase in new orders in the latter half of 2025 [2]. - As of the end of 2025, the newbuilding price index stands at 184.65 points, reflecting a year-on-year decline of 2.4%, while the second-hand price index is at 191.07 points, showing an increase of 8.6% year-on-year [2][53]. - The global shipbuilding orderbook has reached 395 million DWT, marking a 37% year-on-year increase, with significant contributions from various ship types [2][60]. - The report highlights that the demand side is gradually strengthening, indicating a long-term upward trend in the shipbuilding cycle [50]. Summary by Sections Ship Price Trends - The new ship price index decreased by 2.4% year-on-year, while the second-hand ship price index increased by 8.6% year-on-year [53][57]. - Specific new ship price indices for container ships, oil tankers, bulk carriers, and LNG ships have shown declines ranging from 3% to 5% [57]. Order Backlog - The global shipbuilding orderbook has increased to 395 million DWT, with container ships, LNG ships, bulk carriers, oil tankers, and other vessels contributing to this growth [60]. - The orderbook's capacity ratio remains low, with only 17.1% of the total capacity accounted for by the orderbook, indicating potential for future growth [60]. New Orders Analysis - In 2025, the total new orders amounted to 56.43 million CGT, a decrease of 27% year-on-year, with container ships making up the largest share at 41% [61]. - The total value of new orders was $18.13 billion, reflecting a 21% year-on-year decline, with container ships again leading in terms of order value [64]. Country-Specific Insights - China remains the dominant player in new orders, accounting for 69% of the total deadweight tonnage and 50% of the total order value in 2025 [68]. - South Korea has seen an increase in its share of new orders, indicating a shift in competitive dynamics within the industry [68]. Market Dynamics - The report notes that the recovery in new orders is expected to accelerate due to rising charter rates and increased optimism among shipowners regarding future market conditions [22][24]. - The container shipping segment is projected to continue its growth trajectory, with sustained demand for new vessels [25][28].

中国船舶租赁发布公告，该公司将于3月16日派发特别股息每股0.06港元。 香港联交所最新资料显示，1月20日，中国船舶租赁(03877)股东将股票由中国国际金融香港证券转入中 信里昂证券，转仓市值11.33亿港元，占比8.13%。 ...

中国船舶租赁发布公告，该公司将于3月16日派发特别股息每股0.06港元。 智通财经APP获悉，香港联交所最新资料显示，1月20日，中国船舶租赁(03877)股东将股票由中国国际 金融香港证券转入中信里昂证券，转仓市值11.33亿港元，占比8.13%。 ...

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