机械行业深度：海洋经济风起，关注海洋高端装备制造

Investment Rating - The report recommends investment in the marine high-end equipment manufacturing industry, specifically highlighting companies such as CIMC (drilling platforms, aquaculture vessels), China Shipbuilding (drilling platforms, FPSO), and CRRC (underwater robots) [3]. Core Insights - The marine economy in China is projected to reach 10.5 trillion yuan in 2024, with a year-on-year growth of 5.9%, accounting for 7.8% of GDP. The marine manufacturing sector's added value is expected to be 3.2 trillion yuan, representing over 30% of the marine production value [5][14]. - Recent government policies have been introduced to support the development of the marine economy, including a focus on deep-sea technology as a key future industry [5][23]. - The marine equipment sector is experiencing a cyclical upturn, with global marine engineering equipment transactions expected to reach $27.2 billion in 2024, a year-on-year increase of 85% [5][39]. - China is projected to secure 106 marine engineering equipment orders in 2024, amounting to $11.6 billion, which constitutes 42.6% of the global total, maintaining its position as the world's leading supplier [5][43]. Summary by Sections Marine Economy - The marine economy encompasses various industries related to the development, utilization, and protection of marine resources, including marine fisheries, shipbuilding, marine engineering equipment manufacturing, oil and gas, transportation, and tourism [11]. - The marine manufacturing sector has shown significant growth, with the shipbuilding industry achieving an added value of 137 billion yuan in 2024, a 14.9% increase from the previous year [17]. Marine Engineering Equipment - The marine engineering equipment sector is currently in a cyclical upturn, with strong demand for drilling platforms and FPSOs driven by increased capital expenditure in offshore oil and gas exploration [29]. - Major Chinese companies in this sector include Zhenhua Heavy Industries, CIMC, and China Shipbuilding, which dominate the market with their specialized capabilities [46]. Underwater Operations Equipment - The development of underwater operations equipment is crucial for national maritime sovereignty and resource exploration, with the global UUV market expected to grow from 57 billion yuan in 2023 to 85 billion yuan by 2028, at a CAGR of 8.32% [5][19]. - Key players in the domestic market include CRRC and Zhenhua Heavy Industries, which are expected to see increased orders due to supportive government policies [5][50]. Marine New Infrastructure - The underwater observation network and underwater data centers are emerging as critical components of marine new infrastructure, with the market for underwater observation networks estimated at approximately 20.2 billion yuan annually [5][22]. - Companies like Hailanxin are leading in the development of underwater data centers, which offer advantages in energy efficiency and low latency compared to land-based data centers [5][26].