航海装备Ⅱ行业：2024年我国造船业三大指数蝉联全球第一，2025年交付量将进一步提升

Investment Rating - The industry rating is maintained at "Overweight" [6] Core Insights - In 2024, China's shipbuilding industry maintained its global leadership for the 15th consecutive year, with completion volume, new orders, and hand-held orders accounting for 55.7%, 74.1%, and 63.1% of the global market share respectively, showing steady growth [6] - The new orders and hand-held orders in 2024 reached historical highs, with completion volume at 48.18 million deadweight tons (DWT), up 13.8% year-on-year, new orders at 113.05 million DWT, up 58.8%, and hand-held orders at 208.72 million DWT, up 49.7% [9] - The global new ship market remains robust, with an increasing aging issue for dry bulk and oil tanker fleets, leading to heightened pressure for fleet renewal [9] - In 2024, orders for alternative fuel vessels reached record levels, with a total of 65.325 million DWT, up 68.0% year-on-year, indicating a strong trend towards green ship transformation [9] Summary by Sections Industry Performance - The industry has shown relative returns of -4.58% over one month, -9.98% over three months, and -8.73% over twelve months compared to the CSI 300 index [3] Market Dynamics - The shipbuilding market is expected to maintain high prosperity, with the delivery volume of new ships anticipated to increase further in 2025 [9] - The aging of the global fleet, particularly in dry bulk and oil tankers, is projected to accelerate, necessitating a shift in strategies for leasing older vessels [9] Future Outlook - The demand for green ships is expected to rise due to ongoing environmental policies, with China positioned to leverage its technological and production advantages in the shipbuilding sector [9]