<P><FONT face=黑体 size=6><STRONG>36页 优于大市 2007 年5 月31 日</STRONG></FONT></P>
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<P><FONT size=3><STRONG> 目录<BR>投资概要......................................................................................................... 3<BR>造船业:竞争格局演化,中国造船业崛起........................................... 7<BR>世界船舶行业景气度将长期维持........................................................... 16<BR>风险因素:产能过剩和船价波动的可能............................................. 23<BR>关注行业整合带来的投资机会............................................................... 24<BR>公司信息<BR>沪东重机 (600150.SS) ........................................................................................... 25<BR>广船国际 (600685.SS/0317.HK) ............................................................................ 28<BR>江南重工 (600072.SS) ........................................................................................... 31<BR>附录一、我国主要造船基地................................................................... 33<BR>研究报告中所提及的有关上市公司...................................................... 34</STRONG></FONT></P>