方正证券：国家战略新引擎驱动 深海产业迎1-10跨越式发展

Group 1 - The core viewpoint is that deep-sea technology has been recognized as a strategic emerging industry in China's 2025 government work report, alongside commercial aerospace and low-altitude economy, highlighting its potential for economic growth and resource security [1][3] - The deep-sea area covers 65% of the ocean and 49% of the Earth's surface, containing abundant energy and resources, making it crucial for China's economic strategy and international standing [2][3] - The deep-sea technology sector is expected to experience rapid development, with a market potential in the trillion-level range, driven by government policies and financing opportunities [3] Group 2 - The construction of underwater defense systems is accelerating, with military-civilian integration expected to drive growth in the deep-sea industry, enhancing the application and commercialization of deep-sea equipment [4] - The upstream sector, including sonar and titanium alloy production, is anticipated to see early growth, while midstream and downstream applications are expanding into various deep-sea scenarios [5] - Key companies in the upstream sector include China Marine Defense, West Materials, and Xiangdian Co., while midstream and downstream players include China Shipbuilding, CNOOC, and China Petroleum [5]