Core Viewpoint - The China Shipbuilding Group Co., Ltd. is making significant strides in fulfilling its military responsibilities and achieving technological innovation, laying a solid foundation for high-quality sustainable development in the 14th Five-Year Plan period [1] Group 1: Company Developments - The Fujian aircraft carrier has officially been commissioned, and the Sichuan ship is undergoing sea trials, indicating advancements in naval capabilities [1] - The "Dream" ship has been selected as part of the second batch of achievements in the Central Enterprises Brand Leadership Action, showcasing the company's commitment to brand development [1] Group 2: Technological Innovation - The company has achieved new breakthroughs in technological innovation, which are essential for its strategic goals and operational efficiency [1] - The recent media interview utilized digital human technology, employing multiple AI models for real-time interaction, demonstrating the company's exploration of human-machine collaboration in program production [1]

1月30日，中国船舶集团有限公司召开2026年党风廉政建设和反腐败工作会议。会议以习近平新时代中国特色社会主义思想为指导，总结2025年党风廉政建 设和反腐败工作，部署2026年重点任务，纵深推进全面从严治党、党风廉政建设和反腐败工作，为"十五五"开好局起好步提供坚强保障。 集团公司党组书记、董事长徐鹏出席会议并讲话。集团公司党组副书记、董事、总经理王国强主持会议，传达学习二十届中央纪委五次全会精神、国务院国 资委2026年党风廉政建设和反腐败工作会议精神，并就贯彻落实会议精神提出要求。党组副书记、董事贾海英通报2025年集团公司违纪违法案件，派驻中国 船舶纪检监察组组长、党组成员彭宏出席会议并讲话，党组成员、总会计师朱永红，党组成员、副总经理彭原璞、胡贤甫、赵同宾出席会议。 徐鹏表示，集团公司各级党组织要深刻认识过去一年党风廉政建设和反腐败斗争取得的显著成效，进一步增强反腐败斗争的坚定性自觉性；要深刻认识当前 反腐败斗争严峻复杂形势，进一步增强纵深推进全面从严治党的坚定性自觉性；要深刻认识党中央关于推进全面从严治党的战略部署，进一步增强实现"十 五五"时期目标任务的坚定性自觉性。 | 二 审：项 丽 | 三 ...

Market Overview - The marine equipment sector experienced a decline of 2.54% on January 30, with Zhongke Haixun leading the drop [1] - The Shanghai Composite Index closed at 4117.95, down 0.96%, while the Shenzhen Component Index closed at 14205.89, down 0.66% [1] Stock Performance - Key stocks in the marine equipment sector showed varied performance, with Hailanxin rising by 4.75% to a closing price of 25.14, while other stocks like China Shipbuilding and Tianhai Defense saw declines of 2.98% and 3.34%, respectively [1] - The trading volume and turnover for major stocks were significant, with China Shipbuilding recording a turnover of 3.576 billion yuan [1] Capital Flow - The marine equipment sector saw a net outflow of 435 million yuan from main funds, while retail investors contributed a net inflow of 281 million yuan [1] - Detailed capital flow data indicates that Hailanxin had a net inflow of 4.36 billion yuan from main funds, while stocks like China Shipbuilding and Tianhai Defense experienced significant net outflows of 6.32 billion yuan and 1.15 billion yuan, respectively [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [5]. Core Insights - The company, China Shipbuilding, has announced a profit forecast for 2025, expecting a net profit attributable to shareholders of 7-8.4 billion yuan, representing a year-on-year growth of 66%-99% [3][5]. - The company completed its merger with China Shipbuilding Industry Corporation in September 2025, and the profit forecast aligns with previous quarterly reports, confirming expectations [3]. - The report highlights a positive trend in the shipbuilding industry, with rising demand for new ships and stable pricing, which is expected to drive future growth [5]. Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2024: 78.584 billion yuan - 2025: 143.564 billion yuan (82.7% growth) - 2026: 173.576 billion yuan (20.9% growth) - 2027: 203.461 billion yuan (17.2% growth) [4][6] - Net profit forecasts are: - 2024: 3.614 billion yuan - 2025: 7.710 billion yuan (113.3% growth) - 2026: 17.711 billion yuan (129.7% growth) - 2027: 23.510 billion yuan (32.7% growth) [4][6] - The report also notes an increase in gross margin from 10.2% in 2024 to 21.1% by 2027, indicating improved profitability [4]. Market Dynamics - The report discusses the upward trend in shipping rates, particularly for oil tankers, which is expected to positively influence the shipbuilding sector [5]. - The demand for container ships is projected to increase, with new orders expected to grow by 11% compared to 2024, driven by a focus on scale expansion among major shipping companies [5]. - The report mentions that the second-hand ship price index has been rising for 11 consecutive months, indicating a recovery in ship asset values, which could enhance the attractiveness of new ship orders [5].

南方财经1月30日电，据央视财经，1月30日上午，由中船集团沪东中华自主研发建造的17.4万立方米大 型LNG运输船"天山"轮在边检机关等口岸单位的保障下，于上海长兴岛沪东中华码头顺利交付。这条船 配备了全球领先的液货围护系统，能够在零下163℃的低温下装载液化天然气安全航行。我国作为天然 气进口大国，除管道运输外，巨量天然气的运输大多要依靠这类"海上超级冷冻车"——它可通过低温液 化高效运输，单次运输量能满足330万个家庭一个月的用气需求。我国已具备该船型的自主研发建造能 力，大型LNG运输船与大型邮轮、航空母舰并称为船舶工业造船领域"皇冠上的三颗明珠"。 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company, China Shipbuilding, has announced a profit forecast for 2025, expecting a net profit attributable to shareholders of 7 to 8.4 billion yuan, representing a year-on-year growth of 66% to 99%. The profit forecast aligns with expectations, considering the calculation method used [4] - The company is set to complete its merger with China Shipbuilding Industry Corporation by September 2025, which is factored into the profit calculations [4] - The report highlights an upward trend in the oil and bulk shipping market, with container ship demand being underestimated, indicating strong downstream demand for shipbuilding [6] - The second-hand ship price index has risen for 11 consecutive months, and new ship prices have stabilized, suggesting a potential recovery in the shipbuilding market [6] - The report notes that the company has a current order backlog valued at approximately 61.3 billion USD, with a price-to-order ratio of only 0.61, indicating significant upside potential if new ship prices continue to rise [6] Financial Data and Earnings Forecast - The total revenue for 2025 is projected to be 143.564 billion yuan, with a year-on-year growth rate of 82.7% [5] - The net profit attributable to shareholders for 2025 is estimated at 7.71 billion yuan, reflecting a 113.3% increase compared to the previous year [5] - Earnings per share for 2025 is forecasted to be 1.02 yuan, with a projected price-to-earnings ratio of 34 [5] - The gross profit margin is expected to improve from 10.2% in 2024 to 15.6% in 2025 [5]

业绩简评 2026 年 1 月 29 日，公司发布 2025 年业绩预告，公司预计 2025 年 实现归母净利润 70-84 亿元，与上年同期（按合并完成后重述口 径）相比，增加 27.8-41.8 亿元，同比增加约 65.89%至 99.07%， 业绩显著改善。 经营分析 行业基本面近期边际改善，新造船价格回升，中国造船全球份额 提升。根据克拉克森，2025 年 12 月全球新船价格指数达 184.65， 环比+0.17%，是 25 年 7 月份以来首次实现月度环比提升。此外， 从订单量上看，25 年 12 月全球新接订单 2488.5 万 DWT，中国新 接订单 2153.3 万 DWT，新接订单全球份额达 86.5%，环比 11 月提 升 20.1pcts，中国造船竞争力提升。 行业周期持续上行，公司订单饱满，叠加前期高价船陆续交付，看 好公司未来利润率持续提升。我们认为本轮船舶周期仍处于上行 阶段，全球造船产能供不应求，同时叠加 2025 年低基数因素，2026 年全球造船订单有望实现量价齐升。公司作为全球造船龙头，在手 订单充足。2025 年 12 月 8 日，公司实际控制人中国船舶集团与中 国远洋 ...

【隔夜行情】 •周四（2026年1月29日），A股市场三大指数涨跌不一，截至收盘，沪指报4157.98点，涨0.16%；深证 成指报14300.08点，跌0.3%；创业板指报3304.51点，跌0.57%。总体来看，个股跌多涨少，下跌个股超 3500只。沪深两市全天成交额3.23万亿元，较上个交易日放量2600亿元。 【中国银行：调整白银延期合约业务参数 保证金比例由48.26%调整为50.80%】1月29日，为保护投资者 权益，防范市场风险，根据上海黄金交易所（简称"上金所"）发布的《关于调整白银延期合约保证金水 平和涨跌停板的通知》，中国银行将对代理个人上金所业务项下白银延期合约的交易保证金比例、涨跌 幅度限制进行相应调整。具体如下：自2026年1月30日（星期五）收盘清算时起，上金所白银延期合约 保证金比例从19%调整为20%，中国银行白银延期合约客户保证金比例由48.26%调整为50.80%，上金所 下一交易日（1月30日20:00）起涨跌幅度限制从18%调整为19%。请您做好风险防范工作，提高风险意 识，合理控制仓位，理性投资。 新股申购： 电科蓝天，科创板证券代码688818，发行价格9.47元/ ...

Group 1: Key Insights from the Reports - The report on the banking industry indicates that 2026 is expected to be a year where the fundamentals of banks improve, with revenue pressure less than in 2025 and a stronger elasticity of revenue improvement compared to profit [13] - The banking sector is anticipated to experience a shift from a focus on liquidity to a focus on fundamentals, with expectations of economic recovery and a more favorable environment for growth premiums [13] - The report highlights that credit demand is expected to remain stable, but the structure of demand needs optimization, with state-owned banks and quality regional city commercial banks likely to perform better [13] Group 2: Industry Performance and Trends - The metal and new materials industry report notes a significant increase in metal prices due to geopolitical tensions, with precious metals rising by 18.46% and aluminum by 4.16% in the recent week [5][16] - The report emphasizes that the copper market is expected to remain strong due to increased investment in power grids and AI data centers, with a projected price increase [15] - The report on Anta Sports highlights the acquisition of a 29% stake in PUMA, which is seen as a strategic move to enhance its global multi-brand strategy, with the transaction valued at approximately 15 billion euros [19] Group 3: Company-Specific Developments - China Shipbuilding's earnings forecast for 2025 indicates a significant increase in net profit, expected to be between 7 billion to 8.4 billion yuan, driven by rising demand in the shipbuilding sector [21] - New Oriental's revenue for the second quarter of FY26 reached 1.191 billion USD, reflecting a year-on-year growth of 14.7%, with a notable improvement in operating profit margins [22] - Dongfang Zhenxuan reported a revenue increase of 5.7% in the first half of FY26, driven by self-operated product sales and improved profit margins [24]

Core Insights - The article highlights significant profit forecasts for various companies in 2025, indicating a trend of recovery and growth across multiple sectors, with some companies projecting substantial increases in net profit compared to the previous year. Company Performance Forecasts - **Beimo High-Tech**: Expected net profit for 2025 is between 190 million to 220 million yuan, a year-on-year increase of 1076.16% to 1261.87% [2] - **Jiangfeng Electronics**: Plans to acquire control of Kaide Quartz, with stock suspension starting January 30 [3] - **ST Aowei**: Received a notice of termination of listing due to market capitalization falling below 500 million yuan for 20 consecutive trading days [4] - **GaoDe Infrared**: Forecasted net profit of 700 million to 900 million yuan for 2025, recovering from a loss of 447 million yuan in the previous year [6] - **Bingchuan Network**: Expected net profit of 436 million to 516 million yuan, recovering from a loss of 247 million yuan [6] - **BlueFocus**: Anticipated net profit of 180 million to 220 million yuan, recovering from a loss of 291 million yuan [7] - **Godewei**: Projected net profit of 125 million to 162 million yuan, turning from loss to profit [6] - **Zhongyida**: Expected net profit of 51.23 million yuan, recovering from a loss [8] - **Helin Micro-Nano**: Forecasted net profit of 26 million to 33 million yuan, turning from loss to profit [8] - **Zhongke Sanhuan**: Expected net profit of 80 million to 120 million yuan, a year-on-year increase of 566.23% to 899.35% [9] - **Beilu Pharmaceutical**: Projected net profit of 87 million to 130 million yuan, a year-on-year increase of 537.28% to 852.26% [9] - **Light Media**: Expected net profit of 1.5 billion to 1.9 billion yuan, a year-on-year increase of 413.67% to 550.66% [9] - **Zhezhong Co.**: Forecasted net profit of 360 million to 500 million yuan, a year-on-year increase of 392.14% to 583.53% [10] - **Hailanxin**: Expected net profit of 40 million to 60 million yuan, a year-on-year increase of 387.47% to 631.2% [10] - **Jin Control Power**: Projected net profit of 155 million to 195 million yuan, a year-on-year increase of 383.21% to 507.9% [11] - **Century Huatong**: Expected net profit of 5.55 billion to 6.98 billion yuan, a year-on-year increase of 357.47% to 475.34% [12] - **Chunxue Food**: Forecasted net profit of 36 million to 43 million yuan, a year-on-year increase of 340.90% to 426.63% [13] - **Shirong Zhaoye**: Expected net profit of 126 million to 186 million yuan, a year-on-year increase of 236.77% to 397.13% [13] - **Ningbo Yunsheng**: Projected net profit of 280 million to 380 million yuan, a year-on-year increase of 194.49% to 299.67% [14] - **Jiangbolong**: Expected net profit of 1.25 billion to 1.55 billion yuan, a year-on-year increase of 150.66% to 210.82% [16] - **China Shipbuilding**: Forecasted net profit of 7 billion to 8.4 billion yuan, a year-on-year increase of 65.89% to 99.07% [17] Fundraising and Restructuring - **Beijing Lier**: Plans to raise no more than 1.034 billion yuan through a private placement [21] - **Tongfei Co.**: Plans to raise no more than 1.2 billion yuan through a private placement [21] - **Muxi Co.**: Plans to provide up to 200 million yuan in loans to its subsidiary for GPU development [23] - **Wanhua High-Tech**: Haihua Group will become an indirect controlling shareholder through a cash increase of 4.998 billion yuan [23]