深海产业研究系列报告（1）：深海科技锻造战略新引擎

Investment Rating - The report maintains a "Positive" outlook for the defense and military industry in China [5] Core Insights - The deep-sea industry possesses significant strategic value, impacting national energy security, technological self-reliance, and the establishment of a maritime power status [6][10] - The development of deep-sea technology is increasingly recognized as a strategic emerging industry, with government policies driving its growth [6][23] - The deep-sea sector is characterized by long commercialization cycles and high technological barriers, making it a typical "long slope, thick snow" investment track [3] Summary by Sections National Strategy and Policy - The Chinese government has significantly elevated the importance of deep-sea technology, integrating it into national strategies and policies since 2012 [23][26] - Recent policies emphasize the need for technological innovation and the development of a modern marine industry system [25][26] Resource Endowment and Industrial Foundation - China's deep-sea areas are rich in resources, with significant oil and gas reserves identified, particularly in the South China Sea [28][29] - The country has established a solid industrial foundation for deep-sea development, contributing approximately 8% to the national economy [30] Technological Development and Challenges - China has made substantial progress in deep-sea technology, particularly in manned submersibles and deep-sea drilling capabilities, achieving world-class standards [36][37][40] - However, there are still gaps in core component localization and foundational research, which need to be addressed to enhance self-sufficiency [46][49] Industry Structure and Components - The deep-sea industry comprises upstream raw materials and key components, midstream equipment manufacturing, and downstream resource development applications [50] - Key materials include high-strength metals and specialized composites, with a significant demand for domestic alternatives due to low localization rates [52] Investment Recommendations - Focus on critical materials and components with "bottleneck" risks, military applications, and the fastest commercial progress in deep-water oil and gas development [3][6] - Highlight potential investment targets such as high-end sensors, titanium alloys, and underwater unmanned combat equipment [3]