Shipbuilding industry, "the 12th Five-Year" development plan "has been officially released. "Planning" requirements, "12" period of marine engineering equipment manufacturing sales income reached 200 billion yuan, the shipbuilding industry sales revenue doubled compared with 2010. Ship plate of favorable policies hit yesterday afternoon, the ship plate was pulled up, and led the two cities. How, then, to grasp the market outlook, investment opportunities? To see how the interpretation.

Huatai Securities (601,688): The shipbuilding industry will enter a long period of adjustment

Huatai Securities researcher Chen Yaobang, recently released research report pointed out that the world shipping market is still in the doldrums, the domestic shipbuilding overcapacity in the shipbuilding industry may be about to enter a longer time period of adjustment, but taking into account the development of China's naval forces as well as marine engineering equipment manufacturing just started might give the shipbuilding industry to bring new opportunities to give the shipbuilding industry to "neutral" investment rating.

The research report recommends that the focus of military products, a higher proportion of Chinese Heavy Industry (601989), the field of marine COSL (601808), the leading yacht manufacturing industry sunbirds (300,123), as well as private ship design leading Shanghai Jia Hao (300 008).

CSC: marine orders continued to be active

The world's marine orders continued to be active

Since October last year, the order of the world's marine explosive growth, but also showing a clear trend of "Deep"; the first half of this year, the main marine product orders over a business cycle (2005 to 2007) the whole year levels. 7-8 months, affected by oil price volatility and other factors such as marine engineering orders fell slightly; September, the world's marine orders to return to active.

September orders for marine-based deep-water equipment

The world's marine new orders in September include: 3 +2 seater semi-submersible drilling platform, 4 + 2 drilling rigs, FPSO and of LNG-FSRU conversion contract one, two workover vessels, 10 marine support vessels . Structural point of view from the orders, orders in September, mainly in semi-submersible platforms, drilling ships and deep-sea equipment, much better than in August, mainly to the jack-up platforms, marine support vessels; amount of point of view, due to the drilling vessel higher unit price, total amount of orders in September also significantly higher than in August.

Marine orders to production equipment, auxiliary ship in October

The world's marine orders continues to be active in October, the cumulative signed: 5 +2 seater jack-up drilling platforms, two offshore platform module, a gas refinery platform, four FSO / FSU / the FPSO conversion contract 1 +1 shuttle tanker 16 + ships, marine auxiliary ship orders, and an LNG-FSRU. Quantity orders in October more than in September; due to structural factors, the amount of orders in October were unchanged last month, Daewoo Shipbuilding was a Chevron gas refinery platform orders, valued at $ 1.4 billion.

Rapid promotion of the share of domestic marine

In September, the Shanghai Shipyard 2 + 2 drilling rigs orders, domestic shipyards to obtain a semi-submersible drilling platform order, Wuxi Shipyard, Fujian Southeast Shipyard won four marine auxiliary ship orders, Nantong COSCO Shipyard won two ships Shop barge orders; In October RSHI get one +1 shuttle tanker orders, China Merchants Holdings International 2 +2 seater orders jack-up drilling platform, wide new Marine Heavy two AHTS orders. And the "Eleventh Five-Year", the share of marine enterprises in China increased more significantly; expected future share will continue to improve.

Competitive enterprises continue to focus on the marine

We have always believed that the Marine is a long-cycle industry, the explosive growth of this year's order is not a flash in the pan; We expect that the sea-work order in the next few years will remain at a high level, although next year is likely lower than the previous, but in absolute terms will be less than big. We are still R & D strength, the point of view of historical performance and orders on hand, suggests that the focus on China Heavy Industries, CIMC (000039) (buy rating), China Shipping (600150) (Overweight).

Shipbuilding industry: industry boom bottom policy confidence

Yesterday morning, the Ministry of Industry website shipbuilding industry of the 12th Five-Year Plan ". The plan pointed out that the 12th Five-Year period, China will form 50 more than meet the latest international regulatory requirements, leading the international market demand for well-known brand products. Planning requirements, the Bohai Bay, Yangtze River Delta and Pearl River Shipbuilding Base to become a world-class shipbuilding base, the top 10 shipbuilding enterprises shipbuilding accounted for 70 percent of the national total, into the top ten enterprises in the world shipbuilding 5 . At the same time, nurturing the 5-6 marine equipment general contractor with international influence and a number of specialized subcontractors. Marine engineering and equipment manufacturing sales income reached 200 billion yuan more than the international market share of over 20%. The formation of a number of brands with strong international competitiveness of the ship repair business. Shipbuilding industry sales revenue reached 1.2 trillion yuan in 2015, exports totaled over 80 billion U.S. dollars.

The bottom of the global shipbuilding industry boom of the shipbuilding industry the second Five-Year Plan "to bring confidence to the A shares of the shipbuilding industry. In addition, since last Thursday, the news about the Chinese Navy aircraft carrier is about to enter service and the establishment of the carrier battle group came the navy deputy commander of the naval task confirmed that the aircraft carrier commissioned by the Navy this year's plan, which also give the carrier manufacturing The shipbuilding industry listed companies to bring more market attention. At present, Chinese ship (600 150) has come out of the wave of continuous move up market, Sainty ship (002,608) rose nearly 5 percent yesterday, Shipbuilding shares (600,072), Guangzhou Shipyard International (600 685) also turned up trend.