海洋经济专题：深耕蔚蓝，海洋渔业迎来转型升级机遇

Investment Rating - The report provides an investment rating of "Outperform the Market" for the marine economy sector, particularly focusing on marine fisheries [47]. Core Insights - The report emphasizes the transformation and upgrading opportunities in marine fisheries, driven by the government's focus on "deep-sea technology" as highlighted in the 2025 government work report [4]. - The marine fisheries sector is expected to see continuous growth in total output value, with the potential emergence of leading companies due to innovations in breeding models and the shift from nearshore to offshore fishing [6][36]. - The report identifies various innovative development models in marine aquaculture, including "Fisheries+", "Marine Engineering+", "Ecological+", "Leisure+", and "New Energy+" [5][18][21][24][33]. Summary by Sections Marine Economy Overview - The domestic marine production value has surpassed 10 trillion yuan, becoming a significant driver of GDP growth, with a reported value of 10.54 trillion yuan in 2024, reflecting a year-on-year growth of 5.9% [9]. - The marine fisheries sector's annual output value is nearing 800 billion yuan, with marine aquaculture contributing 488.5 billion yuan and marine capture fisheries contributing 261.8 billion yuan in 2023 [12]. Development Trends - The report outlines the historical development phases of marine fisheries, indicating a shift towards sustainable practices and ecological protection since 2012 [15][16]. - The future transformation of domestic marine fisheries is anticipated to accelerate, with a focus on optimizing resource utilization and enhancing offshore fishing capabilities [39]. Innovative Models in Marine Aquaculture - The "Fisheries+" model focuses on value-added aquaculture, utilizing artificial reefs and ecological farming methods [18]. - The "Marine Engineering+" model aims to integrate high-end equipment and technology into marine ranching, promoting collaboration with tourism and new energy sectors [21]. - The "Ecological+" model emphasizes environmental protection and restoration, facilitating the development of tourism and public services [24]. - The "Leisure+" model combines recreational fishing with tourism and cultural experiences [28]. - The "New Energy+" model integrates renewable energy projects with aquaculture activities, promoting sustainable development [33]. Offshore Fishing Trends - The report notes a significant trend of moving from nearshore to offshore fishing due to the depletion of nearshore resources, with large specialized fishing companies expected to lead this transition [36]. - The implementation of fishing moratoriums and policies to protect marine resources is highlighted as a strategic goal for the development of offshore fisheries [39]. Potential Investment Targets - The report suggests focusing on leading companies in marine aquaculture and capture fisheries, which are well-positioned to benefit from the ongoing transformation in the industry [7][44].