In 2023, the A-share market was turbulent, with four unsuccessful attempts to defend the 3000-point mark. However, the shipbuilding industry performed exceptionally well, with listed shipbuilding companies achieving significant annual gains.

The capital market serves as a barometer of the real economy. The data reflects the rise and fall of various industries and the joys and sorrows of investors. The excellent performance of listed shipbuilding companies in 2023 in the capital market reflects China's shipbuilding industry seizing opportunities during the upswing of the shipping market, making inroads in the international shipbuilding market, achieving breakthroughs in technological innovation, and significantly enhancing its competitiveness.

In 2023, the Shanghai Composite Index struggled, with its annual growth rate turning negative in the third quarter and remaining sluggish in the fourth quarter, ultimately closing down 3.7% for the year. Listed shipbuilding companies outperformed the broader market trend. In the first half of the year, while the broader market struggled and gradually declined, listed shipbuilding companies experienced a jump in growth, ending the first half with a 52.8% increase in market capitalization. In the second half of 2023, despite the continued weakness of the broader market, listed shipbuilding companies quickly stabilized after a temporary correction, achieving a 28.3% increase in market capitalization.

Compared to the broader market trend and the -9.3% annual increase in the manufacturing sector index, the shipbuilding industry was one of the most outstanding sectors in the 2023 capital market, delivering good returns for investors. In terms of individual stocks, Guorui Technology led the way with a 56.6% increase, while Jianglong Shipbuilding and China Shipbuilding Corporation both rose by over 30%, reaching 32.7% and 32.1% respectively. China Heavy Industry, China Power, CSSC Defence, Yaguan Technology, and Yaxing Anchor Chain all saw increases of over 10%.

Why were listed shipbuilding companies able to outperform the market? This is closely related to the strong performance of China's shipbuilding industry. In 2023, the completed shipbuilding volume, new orders, and order backlog reached 45 million, 72.946 million, and 153.753 million deadweight tons respectively, accounting for 52.1%, 67.2%, and 57.8% of the global market share. In 2023, China's shipbuilding industry's "three jewels" took the lead. The delivery of the "Aida-Modu" marked China's ability to build aircraft carriers, large liquefied natural gas (LNG) carriers, and large cruise ships, making it the only country in the world capable of doing so. China Shipbuilding Corporation also became the only global company to successfully achieve this three times. China Shipbuilding Corporation is actively promoting the domestic production of large cruise ships, providing new ideas and opportunities for the creation and realization of value for listed companies. In 2023, the shipbuilding industry led development through technological research and development, with numerous "world's first" and "China's first" achievements, further upgrading high-end ship types and achieving remarkable results in market development. China Shipbuilding Corporation released the world's first 24,000 TEU nuclear-powered container ship design, marking a revolutionary achievement in the research and development of near-zero-emission ships; it won the first order in China's shipbuilding industry for ultra-large liquid ammonia carriers (VLAC), involving four 93,000 cubic meter VLACs, which are currently the largest liquid ammonia carriers in the world; and signed a contract for "6+4" global large car carriers (PCTC) - 10,800-car PCTC. Yangzijiang Shipbuilding (listed in Singapore) delivered the 24,346 TEU ultra-large container ship "MSCNA", setting a new world record for the delivery of large container ships. The naming and trial voyage of China's first ultra-deepwater oceanographic research and exploration vessel, built by CSSC Defence, marks a key step forward in China's deep-sea exploration capabilities and marine technology equipment research and development. China Heavy Industry delivered the world's first M350 floating liquefied natural gas production, storage, and offloading unit (FPSO), marking a major breakthrough for China's FPSO shipbuilding industry; and jointly with China Shipbuilding Corporation, set a record for the largest single order of container ships in China's shipbuilding history, including 16 ultra-large container ships of two types, with a total value of over 21 billion yuan.