机械设备行业点评报告：政府工作报告首提“深海科技”，聚焦装备制造等

Investment Rating - The industry investment rating is "Positive" (maintained) [5] Core Insights - The government work report for 2025 first introduced the concept of "Deep Sea Technology," emphasizing its importance alongside commercial aerospace and low-altitude economy, indicating strong policy support for emerging industries [1] - Deep sea technology is seen as a strategic shift from a "maritime power" to a "maritime strong power," focusing on the comprehensive application of advanced technologies in deep sea exploration, resource development, and environmental research [1][2] - The deep sea technology sector is projected to contribute significantly to China's marine economy, with an expected market size exceeding 3.25 trillion yuan by 2025, accounting for over 25% of the marine production value [2] Summary by Sections Deep Sea Equipment Manufacturing - Deep sea equipment is crucial for technology implementation, with a high dependency on imports, making domestic substitution a key focus area. There is expected growth in demand for manned submersibles, underwater robots, and deep sea sensors [3] Deep Sea Resource Development - The deep sea holds vast resources such as combustible ice and polymetallic nodules. Current pilot projects for resource extraction technologies are underway, with a focus on mineral extraction, oil and gas exploration, and biomedicine [3] Marine New Infrastructure - Undersea data centers benefit from natural cooling, reducing energy consumption by 40% compared to land-based facilities. Innovations in deep sea communication and floating wind power platforms are also highlighted as areas of growth [3] Investment Recommendations - For deep sea equipment, recommended companies include China Shipbuilding, China Power, and China Heavy Industry, with additional attention to firms like CIMC and Tianhai Defense [4] - In deep sea information technology, key recommendations include China Marine Defense and Oriental Cable, with a focus on companies like Hengtong Optic-Electric [4] - For deep sea resource development and technical services, companies such as CNOOC Services and Offshore Engineering are recommended [4]