“深海”行业事件点评：“两会”首提“深海科技”；新质生产力蓄势待发

Investment Rating - The report maintains a "Recommendation" rating for the deep-sea technology industry, indicating a potential increase in stock prices relative to benchmark indices [5]. Core Insights - The introduction of "Deep Sea Technology" in the 2025 government work report highlights its importance as a new productive force, suggesting favorable development opportunities for the industry [1]. - The marine economy has surpassed 10 trillion yuan, with deep-sea technology expected to play a significant role in future growth, as evidenced by a 5.9% increase in marine GDP from the previous year [2]. - Deep-sea capabilities are becoming a crucial component of new domain combat forces, with significant investments from both the U.S. military and China's advancements in deep-sea exploration technologies [3]. Summary by Sections Government Policy - The 2025 government work report emphasizes the development of deep-sea technology as part of new productive forces, indicating a shift towards resource development and advanced communication technologies [1]. Economic Growth - The marine economy's total output reached 10.5438 trillion yuan in 2024, marking a 5.9% year-on-year growth, which is higher than the overall GDP growth rate [2]. Military and Strategic Importance - The U.S. military is investing heavily in deep-sea capabilities, with projected expenditures of approximately 110 billion USD for new submarines and advanced underwater drones [3]. - China is also focusing on deep-sea capabilities, with successful deep-sea exploration missions showcasing its technological advancements [3]. Investment Opportunities - The report identifies several segments within deep-sea technology for potential investment, including deep-sea information technology, engineering equipment, corrosion-resistant materials, and specialized material processing [4]. - Key companies in these segments include China Shipbuilding Group, China Aerospace Science and Technology Corporation, and various specialized material manufacturers [4].